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Dry Bulk FFA: Capesize Index Looking Upwards

We noted last week that the Capesize index was due an upward move, we also noted that US$ 6,570 was a key level, as a close above here would suggest the longer term downward move has run its course, and this has been the case. The weekly index is once again back above the 55 period MA and the Ichimuko cloud which puts it back into bullish territory. Momentum in the form of the stochastic is currently below 30 and this would support a basing/bullish move within the Capesize market. ...

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Dry bulk: Panamax freight rates rise as South American grains season approaches

Freight rates on the grains route from Santos, Brazil to the Far East have increased by $1.50/mt from the beginning of the week to $25.25/mt ahead of the imminent start of the main South American grains export season in March. According to market sources, a surge in freight prices is likely to put shipowners in the driver’s seat, who are already seeing deals being done at $10,000/day plus $500,000 ballast bonus for a Kamsarmax from Brazil to China. This is a considerable improvement from $9,250/day plus $425,000 bb at the ...

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Oil sold out of tanker storage in Asia as market slowly tightens

Traders are selling oil held in tankers anchored off Malaysia, Singapore and Indonesia in a sign that the production cut led by OPEC is starting to have the desired effect of drawing down bloated inventories. Yet in the short-term, the crude released from tankers will weigh on markets and possibly undermine OPEC’s goal of achieving a balanced market by mid-2017. The Organization of the Petroleum Exporting Countries (OPEC) and other producers outside the group, including Russia, announced late last year that they would cut output by almost 1.8 million barrels ...

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Singapore MPA speeds up bunker mass-flow-meter re-validation process

The Maritime and Port Authority of Singapore has moved to address the concerns of bunker barge operators in Singapore whose tankers were fitted with mass flow meters three years ago and were scheduled for a re-calibration by granting shorter validation extensions through a quicker process. Barge operators were initially worried that re-calibrating the meters would mean putting their barges out of operation for a few weeks as the meters would have to be sent to the manufacturers’ laboratories in Europe. Under the current Technical Reference for bunker mass flow metering ...

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MOL to Restructure Organization

Mitsui O.S.K. Lines, Ltd. announced that it will restructure the organization effective April 1, 2017. 1. Establishment of the Product Transport Business Unit The Dry Bulk Business Unit and the Energy Transport Business Unit were established effective April 1, 2016. (*1) The company will establish the Product Transport Business Unit to create the cross-sectional system “One MOL” to promote businesses in the product transport field and further meet customer needs. (*1) Press release on February 26, 2016 (http://www.mol.co.jp/en/pr/2016/img/16011.pdf (*2) Renamed from the Group Business Division (refer to No.4 below) 2. ...

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Hyundai Merchant set to receive fresh funding

Hyundai Merchant Marine Co., South Korea’s top shipping firm, said Friday that its shareholders approved a proposal to raise the number of stocks and bonds to be sold, paving the way to get fresh funding from a state-backed firm. Earlier, Korea Shipping Co. said it would buy stocks and debt to be sold by Hyundai Merchant, as part of efforts to help jack up its financial status. Established earlier this month, Korea Shipping helps local shipping lines buy new vessels with the aim to support local shipping firms, as well ...

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Asia Fuel Oil-Time spreads hold firm, cash discounts narrow

Fuel oil front-month time spreads were steady on Friday having widened slightly since the start of the week, while discounts on the 380-cst grade for prompt delivery narrowed on firmer bids. The March/April time spread for the 380-cst fuel was unchanged from Thursday at a $2.25 a tonne premium, but was slightly up from the $2 a tonne premium at the start of the week, Reuters data showed. Because fuel oil supplies in Singapore are on the rise, reaching a seven-month high on Thursday, coupled with sluggish bunker fuel demand ...

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New safety initiative to drive performance improvements on board

V.Group has signed an agreement with Lloyds Register to run an initiative on port state control performance improvement on board our V.Ships and ITM managed vessels over the next six months. Drawing on 2016 data of port state control inspections and vetting analysis, Lloyd’s Register has developed the initiative to help ship and shore based teams quickly identify problems and manage the root cause. The data collated will be confidential and only used by V.Group’s compliance team to identify how we continuously improve our safety culture at sea. Matt Dunlop, ...

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Latvian Shipping Company Sees Losses on Fleet Value Reduction

The Latvian Shipping Company (“LSC”) and its subsidiaries (“LSC Group” or “Group”) unaudited financial result for 2016 realised a net loss of USD 25.18 million (2015: net loss USD 7.22 million). The result was mainly attributable to the steady erosion in the value of the LSC Group’s fleet throughout 2016 in the amount of USD 24.13 million. The balance of the net loss – USD 3.67 million – in USD report was influenced by changes in USD/EURO exchange rate. Total revenue increased to USD 99.71 million (2015: USD 92.84 million) ...

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FSL Trust reports an increase in Cash and Cash Equivalents from US$28.8 Million (FY2015) to US$42.9 Million (FY2016) and Impairment of US$44.1 Million

FSL Trust Management Pte. Ltd. (“FSLTM”), as trustee- manager of First Ship Lease Trust (“FSL Trust” or “the Trust”), announced today its results for the fourth quarter and the financial year ended 31 December 2016 (“4QFY16” and “FY2016” respectively). The Trust reported lower revenue of US$23.2 million for 4QFY16 and US$98.1 million for FY2016, which is 10.6% and 7.9% lower than in the previous year respectively (4QFY15 Revenue: US$25.9 million, FY2015 Revenue: US$106.6 million). This is largely attributable to a reduced fleet following the disposal of two panamax containerships in ...

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”Nigeria lacks indigenous participation in vessels’ movement, cargo handling”

The Managing Director, Oceangate Engineering and Geophysics Ltd., Taiwo Magbojuri,on Thursday says Nigeria lacks indigenous participation in maritime industry, in terms of vessels, cargo, ship liners and others. Magbojuri, a maritime expert, said in an interview with the News Agency of Nigeria (NAN) in Lagos that stakeholders in the maritime industry should ensure compliance with the Cabotage law to provide employment. He said that Nigerian youths could not be looking for jobs when opportunities abound in the maritime industry; which was mopped up by foreign professionals at the detriment of ...

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Baltic index rises on increased demand across segments

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday on stronger demand across all vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 19 points, or 2.22 percent, at 875 points. The capesize index gained 31 points, or 2.73 percent, to close at 1,165 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $264 at $9,358. The panamax index was up ...

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New Interferry CEO to make funding call at European Shipping Week

Mike Corrigan, the incoming CEO of global trade association Interferry, is to advocate greater European Union involvement and investment in the ferry sector during an address on the opening day of European Shipping Week, which takes place in Brussels from February 27-March 3. Interferry is hosting a reception that immediately follows a short sea shipping seminar organised in conjunction with the shipowners’ associations of The Netherlands, France, Greece, Sweden, Spain and Croatia. Corrigan, currently president & CEO of Canada’s BC Ferries and who assumes his new role on April 1, ...

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Sevan Marine secures long term framework agreement with ExxonMobil

Sevan Marine ASA is pleased to announce that it has entered into a long term framework agreement with ExxonMobil for the provision of services and use of Sevan Marine’s cylindrical hull technology. Sevan Marine has worked with ExxonMobil since 2015, when the company was awarded a feasibility study to explore the use of Sevan Marine’s cylindrical hull for a FLNG development. Sevan Marine is currently working on a follow up study focusing on the hull and marine aspects of Sevan Marine’s unique cylindrical design. The total value of the framework ...

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Nordic American Offshore Ltd. Announces Upsizing and Pricing of Public Offering

Nordic American Offshore Ltd. (the “Company”) today announced the upsizing and pricing of its previously announced underwritten public offering pursuant to the Company’s effective shelf registration statement. The Company agreed to sell 40,000,000 common shares at a public offering price of $1.25 per share. At the Company’s request, the underwriters have reserved common shares to the Company’s largest shareholder and certain members of the Company’s board of directors, management and advisors at the public offering price. Specifically, the underwriters have reserved for sale approximately $10.0 million worth of common shares ...

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