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:
XRTC Business Consultants, Financial Advisor of China Development Bank in shipping finance, announces the signing of the loan agreement between China Development Bank and Paragon Shipping Inc. took place on May, 17th 2013 in Beijing during the auspices of Greek Prime Minister’s Antonis Samaras official visit in China, who was accompanied by a large
Ship owners of clean product tankers have much to cheer for as of late, since most of rates on clean product routes, are at least trading at viable levels, despite the general low season that the tanker market is traditionally going through this time of year. According to the latest weekly report from shipbroker Intermodal, "most of the clean product routes for MR and LR vessels have
Three emerging trends -- falling US oil imports, the return of some manufacturing capacity to rich industrialised nations and advances in vessel design -- could significantly change the competitive landscape for global shipping companies and affect their creditworthiness over the next five years, says Moody's Investors Service in a report on the
Shipping and aviation represented around 3.2% and 2.1% respectively of global CO2 emissions in the mid-2000s. A wide range of projections and scenarios shows that both sectors are likely to grow over the coming decades with a resultant increase in CO2 emissions by 2050,
despite mitigation efforts through technology, operations, and usage
Ship financing towards Hellenic ship owners showed a slight fall by the end of 2012, as the total loan portfolio held by both foreign and domestic banks stood at $65.78 billion, versus $67.694 billion at the end of 2011. According to the latest annual research from Petrofin Bank Research, the main reasons for this fall were the continuously depressed shipping markets, except offshore, the
Aegean Marine Petroleum Network Inc. yesterday announced financial and operating results for the first quarter ended March 31, 2013.
First Quarter and Full Year Highlights:
• Recorded sales volumes of 2,367,077 metric tons in Q1 2013.
• Reported gross profit of $70.7 million.