It's been a rather turbulent 2013 year for tanker owners, one which can be summarized in the following key wordings: oversupply, weak freight rates and continued poor earnings. Of course, there have been bright spots, like for instance in the Medium Range Product Tanker markets, but all in all, the year won't be one to be remembered. According to a recent
The Greek administration is coming under increasing pressure over it foot-dragging regarding its meeting international
Chinese ship owners have scaled back their ship purchasing activity as the year nears its end, with the total S&P activity recorded, deemed on a slower pace than the one noted in the first half of the year. According to a recent report from shipbroker Intermodal, most Chinese owners are of the notion that market prices will soften after the Chinese New Year,
It's all been about newbuilding ordering this year, mainly in the rebounding dry bulk segment, as well as in the more specialized, yet quite promising sectors of gas carriers (LNG, LPG), as well as in the container business. In the tanker segment, ship owners have shied away from the crude tanker ordering activity, with product tankers proving to be the "weapon of choice".
The Worldscale Association has set lower flat tanker rates for 2014, i.e. rates for port-to-port tanker routes, considered as nominal freight rates. Flat rates are published on a dollar per metric ton basis, reflecting the various costs associated with calling a particular combination of ports. The spot market convention of Worldscale rate is a percentage of the
DryShips Inc., a global provider of marine transportation services for drybulk and petroleum
Navios Europe Inc. announced yesterday that it has taken delivery of four additional vessels out of the ten vessel acquisition from
In a surprise turn of events, despite 2013 been considered a very weak year for the crude tanker sector, it has managed to put a strong finish for ship owners. According to the latest weekly report from shipbroker Gibson, "VLCC earnings at ‘market speed’ for Middle East-Japan (TD3) achieved around $55,000/day in November, but were at their lowest in February at only
In its latest analysis of the 2014 trends of the tanker markets, based on Worldscale data issued for next year, Mcquillinig Services said that it expects the flat rates on benchmark voyages to fall by an average of 4% compared to 2013. This contrasts to the 9% jump between 2012 and 2013. This was largely driven by the base bunker price declining 8% for the 2014 calculation.
Diana Containerships Inc., a global shipping company specializing in the ownership of
As has been the case in recent years, the dry bulk market has been on a downward trend ahead of the Holiday Season for a large part of the world. The industry's benchmark, the Baltic Dry Index (BDI) has been falling over the past few days, but has still managed to remain above the 2,000-point mark, ending yesterday's session down by 22 points to 2,134 points.
Aegean Marine Petroleum Network Inc. (NYSE: ANW) announced the completion of the previously announced acquisition of the U.S. East Coast bunkering business of Hess Corporation (NYSE: HES). The transaction, which includes bunkering operations that averaged 1.8 million metric tons in annual sales over the past three years, is valued at $30 million plus the value of the
The 2013 year could be regarded as a turnaround point of the downward cycle of the dry bulk freight market, one which started in a rather violent fashion back in late 2008, but was in any case an expected one, even it wasn't due for a couple of years, i.e. at around 2010. after all, most shipbrokers and market delegates were expecting a supply overhang, as a result of
NewLead Holdings Ltd. announced today that it recently completed the acquisition of a coal wash plant
Navios Europe Inc. today announced the closing of the transaction for the acquisition of ten vessels from debtors of
We reaffirm our long-term Neutral recommendation on DryShips Inc. ( DRYS ). The company reported mixed financial results for the third quarter of 2013. While net loss was wider than the
THE Cyprus shipping registry is marking 50 years since its establishment.
Aegean Marine Petroleum Network Inc. announced that it was honored with the award for achievement
It's always been the case that each time we witness a spike in freight rates, demolition activity is decreasing, as owners are looking for more cargoes and are more keen to keeping debt-free older carriers out at sea, since they're generating the most amount of profits. This trend has prevailed once more, as both the dry bulk and the tanker markets, especially for larger
Natural gas reserves the Exclusive Economic Zone (EEZ) and the prospect of the island evolving into a regional energy centre with an