Asian shipyards have kept on filling up their orderbooks with more contracting activity being reported. In its latest weekly report, shipbroker Banchero Costa said that “the new building market remains vibrant, spanning multiple segments and showcasing significant investments. Starting from tankers, Eastern Pacific Shipping has placed an order for 4 x 113,600 dwt LR2s at Xiamen Shipyard. The vessels are expected to be delivered in 2027, with each unit costing around $74 mln. Seatankers has exercised an option for an additional VLCC at Dalian Shipbuilding Industry, bringing their total order ...

Seanergy Maritime Holdings Corp., announced yesterday its financial results for the second quarter and six months ended June 30, 2024. The Company also declared a quarterly cash dividend of $0.25 per common share for the second quarter of 2024 and announced an updated dividend policy targeting the distribution of approximately 50% of operating cash flow after debt service. For the quarter ended June 30, 2024, the Company generated Net Revenues of $43.1 million, compared to $28.3 million in the second quarter of 2023, representing an increase of 52%. Adjusted EBITDA ...

United Maritime Corporation, announced yesterday its financial results for the second quarter and six months ended June 30, 2024. The Company also declared a quarterly dividend of $0.075 per common share for the second quarter of 2024. For the quarter ended June 30, 2024, the Company generated Net Revenues of $12.4 million compared to $10.0 million in the second quarter of 2023. Net Income and Adjusted Net Income for the quarter were $0.7 million and $0.9 million, respectively, compared to Net Loss of $3.0 million and Adjusted Net Loss of ...

Danaos Corporation, one of the world’s largest independent owners of container vessels and drybulk vessels, today reported unaudited results for the period ended June 30, 2024. During the second quarter of 2024, we took delivery of the first three newbuilding containerships, namely one 7,165 TEU and two 8,010 TEU vessels that have commenced their three-year charters. Additionally, during the second quarter of 2024 and through the date of this release, we added 6 newbuilding containerships to our orderbook. These six newbuilding orders comprise of one additional 8,258 container vessel to ...

Capital Gas Ship Management Corp. took successful delivery of the newbuilding LNG carriers “Assos”, “Apostolos” and “Aktoras” from Hyundai Heavy Industries, S. Korea. The sister vessels with a cargo capacity of 174,000 m3 are highly efficient, propelled with MAN MEGA engines, and equipped with the latest technologies, including an air lubrication system, shaft generators, and increased filling limits (above 99%). The vessels represent the vanguard of the new generation of LNG carriers, setting an industry benchmark with their exceptionally low environmental impact. They achieve this by employing cutting-edge technologies designed ...

Middle East tensions and a threat of war escalating is definitely on the cards, after recent events. But, unlike recent examples, it seems that this time around oil prices aren’t going much higher, with most of this already priced in. So, unless there’s a closure of the Hormuz Strait, the tanker market will be “business as usual” for the time being. In its latest weekly analysis, Poten commented that 
“ever since October 2023, when the Hamas attack on Israel ignited a major conflict in that region, tensions in the Middle ...

After four and a half years since the implementation of the IMO rules on low sulphur fuels, it’s more than evident that larger tanker sizes have chosen the retrofitting of scrubbers, to become compliant. In its latest weekly report, shipbroker Gibson said that “it has been over four years since the IMO’s global sulphur rules were introduced. Prior to implementation, there had been much speculation about potential lack of compliant 0.5% sulphur bunker fuel, the economics of installing exhaust gas cleaning technology and the future direction of Hi5 spread – ...

EU crude oil imports rose during the first half of 2024, as the “bloc” remained the second largest importer globally. In its latest weekly report, shipbroker Banchero Costa said that “2023 has been another positive period for crude oil trade, despite the high oil prices and risks of economic recession. In Jan-Dec 2023, global crude oil loadings went up +4.7% y-o-y to 2186.8 mln tonnes, excluding all cabotage trade, according to vessels tracking data from Refinitiv. The positive trend continued in JanJun 2024, when global loadings increased by +0.8% y-o-y ...

Capital Product Partners L.P., an international owner of ocean-going vessels, Friday released its financial results for the second quarter ended June 30, 2024. Operating Surplus and Operating Surplus after the quarterly allocation to the capital reserve for the second quarter of 2024 were $49.3 million and $5.6 million, respectively. Announced common unit distribution of $0.15 for the second quarter of 2024. Announced a $756.0 million investment in 10 gas carriers (“Gas Fleet”), to be delivered between the first quarter of 2026 and the third quarter of 2027. Six vessels are ...

Dorian LPG Ltd., a leading owner and operator of modern very large gas carriers (“VLGCs”), reported its financial results for the three months ended June 30, 2024. Key Recent Development Declared an irregular dividend totaling $42.6 million to be paid on or about August 21, 2024 to shareholders of record as of August 8, 2024. Highlights for the First Quarter Fiscal Year 2025 Revenues of $114.4 million. Time Charter Equivalent (“TCE”) (1) rate per operating day for our fleet of $55,228. Net income of $51.3 million, or $1.25 earnings per ...

Demand for seaborne iron ore imports from China, could be heading for a slowdown in the coming weeks and months. In its latest weekly report, shipbroker Xclusiv said that “the iron ore market is navigating a complex landscape, with important factors prevailing such as weakening of the Chinese demand growth, evolving steel mill margins, and shifting supply dynamics impacting prices. The increasing dominance of rail-borne supply from Mongolia, coupled with rising Russian imports, is reshaping trade flows and exerting downward pressure on seaborne freight rates. The Capesize segment, traditionally reliant ...

Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, reported a net loss of $2.8 million and a net loss attributed to common stockholders of $4.2 million for the second quarter of 2024. This compares to net income of $10.4 million and net income attributed to common stockholders of $8.9 million for the second quarter of 2023. Loss per share for the second quarter of 2024 was $0.04 basic and diluted, compared to earnings per share of $0.09 basic and diluted ...

The ship recycling has remained weak for yet another week. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships said that “this week, ship recycling industry faced significant challenges across multiple regions. In India, the market has experienced a consistent decline over recent weeks, intensified by a pronounced lack of local demand and a shortage of available tonnage. Additionally, extensive and persistent rainfall has further hindered market activities. In Bangladesh, recycling activities have remained sluggish since last month, even before the recent emergency. The impact ...

Greece has held a prominent place in shipping for many decades. What makes this more significant is that the country’s considerable role on the international maritime stage is disproportionate to its size. The capacity of the Greek merchant fleet, at more than 5,000 vessels, makes Greece the largest shipowning nation, and its shipping sector (including ships that are Greek owned and Greek managed) collectively accounts for 20 percent of global deadweight tonnage. How does a nation that represents less than 0.5 percent of global GDP come to oversee 20 percent ...

Costamare Inc. reported unaudited financial results for the second quarter (“Q2 2024”) and six-months ended June 30, 2024. I. PROFITABILITY AND LIQUIDITY Q2 2024 Net Income available to common stockholders of $91.3 million ($0.77 per share). Q2 2024 Adjusted Net Income available to common stockholders1 of $91.4 million ($0.77 per share). Q2 2024 liquidity of $1,118.3 million II.   FULL REDEMPTION OF 8.875% SERIES E CUMULATIVE REDEEMABLE PERPETUAL PREFERRED STOCK Full redemption with cash on hand on July 15, 2024. Annual cash flow savings of ca. $10.1 million. III.   OWNED FLEET ...