The recent trip of Hellas' Prime Minister to China proved to be a rather beneficial one for Chinese shipyards, as the company of Hellenic ship owners which were escorting the Prime Minister, took advantage of the opportunity to secure more deals. According to shipbrokers' reports which have surfaced during the course of the week, Hellenic
Shipping News Worldwide estimates that a total of
Tsakos Energy Navigation Limited Friday reported results (unaudited) for the first quarter ended March 31, 2013. The first quarter of 2013 ended with net income of $1.0 million and represents a considerable turnaround and improvement over the 2012 first quarter for which we reported a net loss of $8.8 million. The results are mainly due to increases in product carrier
While Chinese gas demand stood at relatively limited levels a decade ago, domestic gas consumption has since grown rapidly. China’s rising energy use and desire to diversify its energy mix has driven this increase and boosted natural gas imports.
On an Expedition:
Ten years ago, China’s domestic gas output stood at 24mt, as
The dry bulk market was once again down on Thursday's session, as the Baltic Dry Index (BDI) closed marginally lower to 828 points, or 0,12% lower on the day. The main reason was the dip of the Baltic Panamax Index, which was down by 17 points or 1.93 percent to 863 points. As a result, average daily earnings of Panamaxes
were down to $6,878. By contrast, the Capesize
Ocean carriers are still paying a heavy price for not withdrawing vessel capacity between Asia and the Mediterranean since January.
Cargo shipped from Asia to the Mediterranean in March reached 362,000 teu, taking the monthly average for the first quarter up to 366,000 teu, which was only just above
the previous quarter’s
STEALTHGAS INC., a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced yesterday its unaudited financial and operating results for the first quarter ended March 31, 2013.
First Quarter 2013 Results:
• Revenues for the three months ended March 31, 2013,
It appears that the tide could be shifting for tanker owners, as things are starting to change for the better, day-in-day-out. According to the latest report from shipbroker Intermodal, this positive trend is exhibited week by week, by the firming prices noted in the second hand market as Asian buyers' interest mounts. According to the report, "most market players
Bulker demolition has surged in recent years as the market has weakened. While scrapping volumes are still significantly lower than deliveries, the rise in recycling has nonetheless slowed fleet growth somewhat. Given that the average age at which ships are scrapped has also trended downwards in recent years, this increase in demolition has con-tributed to a change in the bulker
DryShips Inc. (NASDAQ: DRYS), or DryShips or the Company, an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, yesterday announced its unaudited financial and operating results for
The dry bulk segment has kept on dominating newbuilding ordering activity during the course of the past week, but this time around, shipowners' focus has revolved more around the smaller in size, but more agile and versatile Handysize and Supramax classes. According to the latest weekly report from shipbroker
The Marine Environment Protection Committee (MEPC) of the International Maritime Organization (IMO) met for its 65th session from 13 to 17 May 2013, at IMO Headquarters in London.
The Committee made significant progress in its work on further developing energy-efficiency regulations; adopted an MEPC
Navios Maritime Holdings Inc., a global, vertically integrated seaborne shipping and logistics company, yesterday reported financial results for the quarter ended March 31, 2013.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Holdings, stated, "We are pleased with our results for the first
Tanker trades appear to be rather vulnerable to the different rates of economic recovery around the world, which has led to major swings of oil product demand. According to the latest weekly report by Poten & Partners, "the “three speed” recovery – a phrase of choice of the IMF – refers to varying rates of economic
The freight rate war currently taking place between Asia and Europe, and between Asia and the US, and the further addition of new ships, will force carriers to resort to more slow steaming.
Although slow steaming continues to be a contentious issue with shippers, more is on the way as fuel prices remain stubbornly high and ocean carriers can no longer absorb the bill due to the
become China's gateway into Europe as well as the opposite said Prime Minister
Antonis Samaras, speaking last night on the occasion of the Mechant Navy's Day
and the European Day of Sea. The event was organized by the Union of Greek
Shipowners and the Hellenic Chamber of Shipping.
In its latest weekly report, London-based shipbroker Gibson noted that India could soon emerge as a decisive factor in providing a boost in the tanker market. According to the shipbroker,"over the past ten years, India’s crude oil imports have more than doubled to accommodate the country’s growing population and expanding economy. This has driven
Shipowners pleas for greater clarity on what to do when there are no adequate port reception facilities to receive residues including Hold Washing Water (HWW) from cargoes deemed “Harmful to the Marine Environment” (HME), have been substantially answered after an important decision at the IMO Marine Environment Protection Committee held on 13-17 May. With effect from 1
In recessions shipping sentiment can sometimes have a slightly schizophrenic feel. The more demolition mantra crops up again and again at conferences, which is fair enough. But it makes a strange bedfellow for the buy low sell high brigade who are desperately searching for cheap ships. Ultimately these philosophies collide at the bottom of the market
In the tanker market, the month of April was unkind to tanker owners in all sectors, as both clean and dirty vessels saw a decline in market activity and freight rates. In the clean tanker market in particular, both East and West of Suez freight rates dropped in monthly terms by 4% and 5%, respectively said OPEC in its latest monthly report. The
clean tanker market lacked activity in
Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced Friday its results for the three month period ended March 31, 2013.
First Quarter 2013 Highlights: