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Morgan Stanley Raises Ship Finance International (SFL) Price Target to $14.50

Ship Finance International (NYSE:SFL) had its target price increased by stock analysts at Morgan Stanley from $13.50 to $14.50 in a research note issued to investors on Monday, February 12th. The firm presently has an “equal weight” rating on the shipping company’s stock. Morgan Stanley’s price target would suggest a potential downside of 3.65% from the company’s previous close. Other equities analysts have also recently issued reports about the stock. Zacks Investment Research cut shares of Ship Finance International from a “hold” rating to a “sell” rating in a research ...

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Macroeconomics: Economic Growth Around The World Is Supporting Shipping

The International Monetary Fund (IMF) has published its World Economic Outlook for January 2018 and has subsequently revised its original forecast for global growth in 2018 and 2019 – up by 0.2 to 3.9% for both years. The development in global growth is driven by a higher growth from advanced economies than first anticipated. The IMF now expects the GDP for advanced economies to grow by 2.3% in 2018 and 2.2% in 2019, which is an upward revision of 0.3 percentage points for 2018 and 0.4 for 2019. This is ...

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Commodities Shipper Seeks $150 Million to Start Digital Coin

The shipping agency that struck the first freight deal settled in Bitcoin is now seeking $150 million to launch its own cryptocurrency. Prime Shipping Foundation, a partnership between Gibraltar-based Quorum Capital Ltd. and ship broker Interchart LLC, is looking to raise the funds by midyear in a so-called initial coin offering. Using its own cryptocurrency would ease conversions into and out of traditional currencies, speeding settlement, according to Chief Executive Officer Ivan Vikulov. The company was the first to execute a freight deal in Bitcoin, shipping 3,000 tons of Russian ...

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Dry Bulk FFA: Capesize Market Still On a High

Capesize FFA Commentary: An active day for paper market as rates lifted in early trading. The C5 fixed steadily up with 6.75-6.85 being concluded for early march laydays while an End Feb loader seemingly achieved $6.90. The Atlantic was quieter in terms of volumes fixed but rates here too, were on the move up with tc and voyage rates for fronthaul marked sharply higher. The paper market seems very comfortable trading at such a high premium to the physical market. Is the paper tail going to wag the physical dog ...

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Turkey’s GSD Boosts Shipping Exposure on Global Economy Recovery

Betting that a strong global economic recovery will benefit the shipping industry, Turkey’s GSD Holding plans to invest further in the acquisition of new vessels. The company’s five dry bulk vessels are “fully employed,” with daily rental income reaching $11,000 per ship, Chief Executive Officer Akgun Turer said in an interview last week in Istanbul. A sixth is due to be delivered in May from Japan’s Imabari Shipyard. Turer, 49, said GSD is looking into entering the tanker market. Tankers generally carry crude oil, petroleum products or petrochemicals, while dry ...

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Stellar Acquisition III Inc. To Extend Period to Consummate Acquisition

Stellar Acquisition III Inc. announced that the Company’s sponsors (the “Sponsors”) have notified the Company of their intention to deposit into the Company’s trust account (the “Trust Account”), an aggregate of $402,536 (less interest earned on the funds in the Trust Account available for withdrawal), representing $0.058 per public share, by February 24, 2018, in order to extend the period of time the Company has to consummate a business combination by three months to May 24, 2018. The Company intends to announce by Monday, February 27, 2018 whether such funds ...

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Over 8,000 Vessels Automatically Alerted To Hazardous Wreck In Singapore Strait By Vesper Marine Solution

Brand Marine Consultants (bMC) and Hanseatic Underwriters use Vesper Marine’s Innovative Technology During Salvage Operations at the World’s Second Busiest Port Auckland, New Zealand – Vesper Marine announced today its innovative Guardian solution successfully helped alert more than 8,000 vessels over 9 months to navigate around a dangerous shipwreck in the port of Singapore. The salvage operation team was able to conduct a safe and cost-effective salvage in the busy waterways managed by the Maritime and Port Authority of Singapore (MPA). At the same time, Vesper Marine also helped Hanseatic ...

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Dry Bulk Shipping: Q1 Requires Careful Handling As Seasonal Cargo Demand Drops

Demand The first quarter of any year always represents a challenge for the shipping industry, with fewer cargoes being tendered and Chinese New Year in February creating recurring business issues. In terms of freight rates, the positive development that characterised most of the second half of 2017 came to a sudden end on 12 December 2017, once capesize earnings peaked at USD 30,475 per day. On 29 January 2018, average capesize earnings were quoted at just USD 14,065 per day. By the end of January, the freight rates for all ...

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Platform publishes list of ships dismantled worldwide in 2017

According to new data released today by the NGO Shipbreaking Platform, 835 large ocean-going commercial vessels were sold to the scrap yards in 2017. 543 were broken down – by hand – on the tidal beaches of Bangladesh, India and Pakistan: amounting to 80,3% of all tonnage dismantled globally. “The figures of 2017 are a sad testimony of the shipping industry’s unwillingness to act responsibly. The reality is that yards with infrastructure fit for the heavy and hazardous industry that ship recycling is, and that can ensure safe working conditions ...

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Global Grain Trade: A Multiplayer Game

Global grain trade, including wheat, coarse grains and soybeans, is set to exceed 500mt in the 2017/18 crop year, having grown by a CAGR of 4% since 2000/01. While exports are dominated by a small number of countries (the US and Brazil accounted for c.50% in 2016/17), imports are regionally very diverse. As in other dry bulk trades, Asia is a key source of growth, but is not the only interesting player… The Seasoned Pros Global grain trade is notably diverse, and since 2000, grain imports into all major regions ...

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Number of bunker alerts ‘increased significantly’ in 2017; may surge on current trends: VPS

Global fuel testing company Veritas Petroleum Services said the number of bunker alerts it issued in 2017 was the highest since 2014 and the number of marine fuel quality issues detected was expected to surge going forward if current trends continued. This comes less than two years before the International Maritime Organization’s 0.5% global sulfur cap regulation kicks in, which is expected to lead to extensive blending and treatment of residual fuels. The high degree of processing of residual fuel to comply with the rule could in turn lead to ...

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Dry bulk shipper Golden Ocean boosts dividend after Q4 beat

Dry bulk shipper Golden Ocean proposed a bigger than expected dividend for the fourth quarter on the back of forecast-beating results on Tuesday, and reiterated the market was getting better. The company, controlled by Norwegian-born billionaire John Fredriksen, returned to profit in the third quarter thanks to improving market conditions and demand for renting ships. On Tuesday, Golden Ocean said it would pay a dividend of $0.10 per share against expectations for $0.02 in a Reuters poll of analysts. Day rates are expected to improve further, the company said, as ...

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From stamp to screen: DNV GL issues over 50,000 electronic certificates

Hamburg, 20 February 2018: With the introduction of IMO compliant electronic class and statutory certificates DNV GL took classification into new territory. Now, just four months after the launch of this new service, more than 50,000 certificates have been issued. “We have been overwhelmed by the positive response from our customers and the industry as a whole,” says Knut Ørbeck-Nilssen, CEO of DNV GL – Maritime. “Many owners have opted not to wait for their first scheduled survey to shift vessels to the new certificates, but have asked to move ...

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Shell to charter and fuel two LNG powered Aframax tankers

SCF Group (PAO Sovcomflot) has signed time-charter agreements with Shell for two dual-fuelled Aframax tankers, which mark a historic turning point that set new environmental standards for the global tanker industry. At a ceremony held yesterday during International Petroleum Week in London, the time charter agreements were signed by Evgeny Ambrosov, Senior Executive Vice-President of SCF Group, and Mark Quartermain, Vice-President of Crude Trading for Shell. The vessels are part of a series of six SCF Group tankers currently under construction and due for delivery between Q3 2018 and Q1 ...

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Total Lubmarine Introduces Newest Environmentally Acceptable Lubricant

Global marine lubricant provider Total Lubmarine has announced the introduction of a new grease product: BIO OG PLUS – an innovative addition to an already comprehensive Environmentally Acceptable Lubricant (EAL) range. Specifically formulated for sensitive applications such as open gears and chains under high load, BIO OG PLUS mitigates the challenges of working in environments where water contamination is common. On top of being an extreme pressure and adhesive grease, BIO OG PLUS’s biodegradable qualities allow owners, managers and operators of vessels to take a more environmentally considerate approach to ...

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