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Product Tanker Market: Cargo Demand Could Shift to New Markets

The product tanker market could be line for some shift in cargo flows, as new refineries enter the foray. In its latest weekly report, shipbroker Gibson said that “refining margins across the world surged to record levels in 2022, following Russia’s invasion of Ukraine. Although margins have declined since then, they have generally remained healthy, even in Europe, where the structural shortage of middle distillates prevailed over the competitive disadvantage of relatively simple and ageing refineries compared to large and sophisticated plants in the Middle East and Asia”. “However, going ...

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Tanker Market Shows Improved Performance During February

The tanker market has had a positive month of February, OPEC said in its latest monthly report. VLCC spot rates recovered further in February on all monitored routes, with the Middle East-to-East route leading gains. On average, VLCC spot freight rates rose 11%, m-o-m. Compared with the same month of 2023, VLCC rates were 19% higher. Suezmax spot freight rates gave up the gains of the previous month, dropping 19%, m-o-m, in February, while Aframax rates saw a large decline of 18%, m-o-m, across all routes. Clean tanker spot freight ...

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Fleet Upgrades Enabled Seanergy Maritime To Navigate Capesize Market Volatility During 2023

Seanergy Maritime Holdings Corp., announced today its financial results for the fourth quarter and twelve months ended December 31, 2023. The Company also declared a regular quarterly cash dividend of $0.025 per common share and a special cash dividend of $0.075 per common share for the fourth quarter of 2023. For the quarter ended December 31, 2023, the Company generated Net Revenues of $39.4 million, compared to $28.5 million in the fourth quarter of 2022. Net Income and Adjusted Net Income for the quarter were $10.8 million and $11.4 million, ...

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Strong Product Tanker Chartering Activity Boosts Pyxis Tankers’ Financial Results

Pyxis Tankers Inc., an international shipping company, yesterday announced unaudited results for the three months and year ended December 31, 2023. Summary For the three months ended December 31, 2023, our Revenues, net were $13.2 million. For the same period, our time charter equivalent (“TCE”) revenues were $12.0 million, a decrease of $1.9 million, or 13.6%, over the comparable period in 2022 when we operated more vessels. Our net income attributable to common shareholders for the fourth quarter ended December 31, 2023, was $21.6 million, an increase of $15.1 million ...

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High Seas for PSV Spot Market in the North Sea

The PSV market has been on the rise since the start of the year. In its latest weekly report, shipbroker Intermodal said that “the beginning of 2024 has marked one of the strongest openings of the last decade on the North Sea PSV spot market, especially on the larger sizes, as vessels were getting fixed for over 60% to what they did on the first quarter of the record-breaking 2023. Contrary to the first 2-months of the year, March has not managed to meet the market expectations yet, as PSV ...

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Interunity Group launches charity endurance cycling event ahead of Posidonia 2024

Interunity Group, a leading maritime services provider, has launched the first iteration of IG Cycling – THERMO2024, a new sporting challenge held across the Southern Pindos mountain range, Greece on June 1. The ride will raise important and much needed funds for its primary charity Elpida, as well as the Common Seas charity, ahead of the prestigious shipping event, Posidonia 2024. More than 100 riders will take part in the challenging touring race over courses of 80km or 160km, reaching summits of around 1400 meters, and with over 4,000 metres ...

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Ship Recycling: Lack of Available Tonnage the Norm

A lack of large vessels, available for demolition, has remained the norm over the past week. In its latest weekly report, shipbroker Best Oasis (www.best-oasis.com), said that “the ship recycling markets across India, Bangladesh, Pakistan, and Turkey showcased varied dynamics. India’s market initially displayed stability but soon faced a downturn, indicating a decreasing trend in performance. Bangladesh’s market continued its phase of cautious buying, with buyers preferring to negotiate for vessels at lower prices, leading to a lull in aggressive buying activities. Pakistan observed a period of calm, marked by ...

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Ship Owners Keep Piling Up Tanker Newbuildings

Tanker newbuildings remained in high demand among ship owners over the past week. In its latest weekly report, shipbroker Banchero Costa said that “tankers remained the most active sector on the Newbuilding scene with Greek Owners still in the spotlights. Cardiff Ship Management booked an order at Jiangsu New Hantong for 2 x 157,000 dwt Suezmax tankers at $83 mln, deliveries starting end of 2026 and 2027. Tsakos placed an order for a 154,000 dwt shuttle tanker at Samsung, for delivery in August 2026. Polembros added a third Suezmax to ...

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Performance Shipping Inc. Secures Five-Year Time Charter Contracts With Clearlake for Three Newbuilding Vessels at US$31,000 Per Vessel Per Day

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, today announced that, through separate wholly-owned subsidiaries, it has entered into time charter contracts with Clearlake Shipping Pte Ltd (the “Charterer”) for the previously announced three newbuilding LNG-ready, scrubber-fitted, LR2 Aframax tanker vessels. Each employment will be for a firm period of 5 years with the option to extend for a 6th and 7th year. The optional periods are to be declared by the Charterer 12 months in advance. The gross charter rate will be US$31,000 ...

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Product Tankers: Gasosline Flows Set for a Change

The product tanker market could see a rebalancing, as a result of shift in gasoline flows. In its latest weekly report, shipbroker Intermodal said that “the global gasoline market is in flux as major producers take steps to manage supply and prices. At the forefront of these efforts is Russia’s decision to impose a temporary ban on gasoline exports from 1 March to 31 August 2024. Russia, a major player in the energy industry, has taken this step to address concerns about potential gasoline shortages and rising prices in its ...

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Dynagas LNG’s Investors Rejoice following Its New Contracts

New contracts On March 31, 2016, Dynagas LNG Partners (DLNG) entered into two new long-term time charter agreements. Gazprom extended its current charter for the 2007 LNG (liquefied natural gas) carrier Ob River to May 2018. All the contract terms remained the same. Dynagas also entered into a long-term time charter agreement for its 2013 LNG carrier Lena River for the Yamal LNG project. The Yamal LNG Project is an LNG production terminal that is currently being constructed on the Yamal Peninsula in Northern Russia. The Lena River is currently ...

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Tanker Market Could Shift Again

The tanker market could be set for another shift, if Russia’s oil exports force buyers in China and India to look elsewhere. In its latest weekly report, shipbroker Gibson said that “with OPEC+ set to roll over existing production cuts into Q2, the case of Russia is increasingly more complex. On top of a tightening sanctions regime, Russia is expected to make additional cuts of 471kbd on top of existing cuts of 500kbd, while current output levels stand at 9.5mbd for February according to government officials. These cuts are expected ...

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Cyprus shipping registry commemorated in Athens

The Cyprus Registry marked its 60th anniversary of participation in global shipping activities earlier this week, highlighting its journey towards becoming a key player through a strategy focused on responsible and sustainable growth. Celebrated at the Great Britain Hotel in Athens, Greece, the event underscored the strong connection between Greek and Cypriot maritime sectors. The gathering was attended by numerous Greek shipowners, who have been instrumental in enhancing the Cypriot shipping network, highlighting the strong ties between the two naval communities. Ioannis Koustas has further enriched this legacy by registering ...

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China’s Demand Fuelling LPG Shipping Market

The LPG shipping market has seen a boost in demand from China during 2023. In its latest weekly report, shipbroker Banchero Costa said that “global LPG (liquified petroleum gas) trade has been steadily recovering in the past two years, following a very disappointing 2021. Total seaborne exports of LPG in 2023 increased by +3.9% year-onyear to 144.9 mln tonnes, according to vessel tracking data from Refinitiv. This was only slightly slower than the +4.4% y-o-y growth recorded in 2022, which followed a -6.0% y-o-y decline in 2021. Nevertheless, these totals ...

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Coal Demand Keeps Large Bulkers In High Demand

Despite the efforts towards the global economy’s decarbonization, coal still remains a key component, still feeding demand for large bulkers. In its latest weekly report, shipbroker Xclusiv said that “despite widespread discussions of green energy and zero emissions, coal remains a major economic force in the coming years. In the United States, coal mining companies are expanding production and investing in new mines, particularly for metallurgical-grade coal. Demand for this type of coal, used in steelmaking, is increasing, while demand for power generation coal is declining. Although U.S. coal imports ...

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