Hellenic Shipping News Worldwide, Top Stories

India to provide support for dirty and clean tanker freight rates

Mon, 20 May 2013 00:00:25 GMT

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

Dry Bulk Shipowners, Cargo Interests and the Environment to Benefit from IMO Decision on Reception Facilities

Mon, 20 May 2013 00:00:24 GMT

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

Demolition: Check Out Our Make or Break Scenario

Mon, 20 May 2013 00:00:23 GMT

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

Clean tanker market outlook seen clouded

Sun, 19 May 2013 00:00:25 GMT

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. Reports Results for the Quarter Ended March 31, 2013

Sun, 19 May 2013 00:00:24 GMT

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:

Paragon Shipping signs $69 mil. loan with China Development Bank

Sun, 19 May 2013 00:00:23 GMT

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

Freight rate joy for clean tanker owners

Fri, 17 May 2013 00:00:27 GMT

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

Moody's: Global shipping sector faces risks from falling US oil imports and innovative vessel design

Fri, 17 May 2013 00:00:26 GMT

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 emissions in the context of a 2°C emission pathway

Fri, 17 May 2013 00:00:25 GMT

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

Greek ship finance shows an overall reduction in 2012 of -2.83% to $65.8 billion

Thu, 16 May 2013 00:00:26 GMT

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. Announces First Quarter 2013 Financial Results

Thu, 16 May 2013 00:00:25 GMT

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.

Eagle Bulk Shipping Inc. Reports First Quarter 2013 Results

Thu, 16 May 2013 00:00:24 GMT

Eagle Bulk Shipping Inc. announced its results for the first quarter ended March 31, 2013. For the First Quarter: • Net reported income of $1.4 million or $0.08 per share (based on a weighted average of 16,966,070 diluted shares outstanding for the quarter), compared with net loss of $17.4 million, or $1.11 per share, for the comparable quarter of 2012.

Crude tanker market outlook looking rosier than one would hope for

Wed, 15 May 2013 00:00:27 GMT

According to a series of recent reports, the crude tanker market could be headed for a rebound. In a recent note, Mcquilling Services, as US-based consultant stated its optimism for the beleaguered segment, especially for larger crude and residual tankers. The basis for this view is rooted on massively reduced ordering activity and relatively robust exit profiles.

A soft landing in the making for the shipyard industry

Wed, 15 May 2013 00:00:26 GMT

The shipyard industry seemed to head straight for the output-abyss just 15 months ago. Today the transition from recent years' record high shipyard output to a more sustainable level of output appears to soft-land with global shipyard output clearly slowing down. This BIMCO analysis compares data from December 2011 with data from March 2013, representing a

Who will save shrinking sub-3,000 teu fleet?

Wed, 15 May 2013 00:00:25 GMT

The collapse of the German KG ship financing system has left a hole in the small container vessel market which still needs to be filled, particularly as much of the fleet needs to be made more fuel efficient and environmentally friendly. Only 4% of the existing fleet of ships below 3,000 teu is on order. Though small, the vessels are the workhorses of intra-regional services, so

South Korean shipyards control lion's share of product tanker orderbook

Tue, 14 May 2013 00:00:27 GMT

With ship owners flocking into shipyards for a "piece of the pie" of the prosperous looking product tanker market, South Korean shipyards have taken the lion's share of the market. According to the latest report from London-based shipbroker Gibson, 86% of all tanker orders (ships above 25,000 dwt) during the past 16 months was for the

Supply/demand: Asia-North Europe-Urgent action still required between Asia and North Europe

Tue, 14 May 2013 00:00:26 GMT

Europe’s continuing economic recession remains badly timed for ocean carriers who still have an armada of ULCVs planned for delivery before the end of the year. The continuing collapse in westbound freight rates is worrying, but could be reversed by more radical changes on the supply side. Westbound:

The Changing Flow of Oil

Tue, 14 May 2013 00:00:25 GMT

As reported by the Arab News source late last month, the number of countries that are exporting refined oil products is threatening to affect export profitability. While there have been some refinery closures in the developed world in countries such as US, Britain, Germany, Canada, Japan and Australia, these closures have not kept pace with the decreased demand for oil

Clean tanker market fundamental forecasts not that rosy

Mon, 13 May 2013 00:00:25 GMT

During the course of the past few months, headlines in the tanker markets have been all about the positive trends in the clean tanker business, as opposed to the doom-and-gloom of the dirty tanker side of things. As a result, the product tanker orderbook has been swelling, with the focus been towards eco-design carriers. In its Tanker Market Outlook, issued at the start of 2013,

Look Back in Anger and Wonder...What's Next?

Mon, 13 May 2013 00:00:24 GMT

They say that hindsight is a great thing. But it really depends on what you're looking back at. In the 1950s young men wrote plays looking back in anger at what had gone before and not much liking what history had bequeathed them. More than fifty years later, the shipping industry is doing the same; looking at what it has inherited and wondering about where its

United Kingdom: Court Of Appeal Confirms Ship-Owners’ Rights To Intercept Freight

Mon, 13 May 2013 00:00:23 GMT

In our October 2012 Shipping E-brief, we reported on the Commercial Court decision in The Bulk Chile, which held that a ship-owner is entitled to redirect the payment of freight due under bills of lading and separately rely on a charterparty lien on sub-freights. The Court of Appeal has now upheld that decision. The prevailing view remains that

Tanker market unkind to ship owners during April

Sun, 12 May 2013 00:00:26 GMT

The latest OPEC monthly oil report noted that global fixtures in April declined by 2.4% compared with the previous month to average 17.44 mb/d. According to preliminary data, OPEC spot fixtures were stable from last month’s level to average12.81 mb/d. Middle East-to-East fixtures reported a decline of 11.1% or 0.30 mb/d from the previous month while Middle

How to stabilise Asia-Europe rates

Sun, 12 May 2013 00:00:25 GMT

Ocean carriers cannot afford to operate services from Asia to Europe at rates which are between 25% and 30% lower than in January. Although the recent collapse of rates was excessive, it will not be reversed until carriers withdraw at least two more loops to North Europe – preferably before the peak season. Last week’s dramatic escalation of the rate war between

Tighter discharge regulations should reduce damage to the marine environment

Sun, 12 May 2013 00:00:24 GMT

Recent amendments to Annex V of the International Convention for the Prevention of Pollution from Ships (MARPOL) have created a tougher regime for shippers and crews over discharges into the sea. The UK P&I Club has received numerous enquiries from members concerned about their obligations under the amended regulations. Accordingly, the Club has produced a

Availability of oil in the long term is dubious, as oil prices could in fact retreat, helping the tanker market

Fri, 10 May 2013 00:00:26 GMT

The finite supply of oil could result in a highly unstable market environment if the oil market reaches its peak. According to a recent report from market analyst's Poten & Partners, "conservationists and industry have been at odds over the ability of crude oil to continue to serve as a primary conduit for meeting the energy needs of

IMO Marine Environment Protection Committee

Fri, 10 May 2013 00:00:25 GMT

The Marine Environment Protection Committee (MEPC) of the International Maritime Organization (IMO) meets for its 65th session from 13 to 17 May 2013, at IMO Headquarters in London. Items on the busy agenda include the implementation of energy-efficiency regulations and the ballast water management and ship-recycling

Ballast Water Treatment: A “headache” for Ship Owners

Fri, 10 May 2013 00:00:24 GMT

Since the major technical concerns and the big challenge of harmonization between the performance standards for type approved systems and the procedures for testing, sampling and monitoring by Port State Control (PSC) have been overcome, the IMO BWM Convention is close to being ratified, maybe before the end of this

Dry bulk ship owners keep building new vessels on the back of lower prices and improved market prospects

Thu, 9 May 2013 00:00:24 GMT

Despite the doom and gloom that the dry bulk market has experienced during the past couple of years and especially during 2012, ship owners have increased the rate of their newbuilding orders in the sector, as they are looking for investment opportunities, trigerred by lower prices in various shipyards (close to historical lows), a factor which is difficult to be ignored by

Saving the HK Convention

Thu, 9 May 2013 00:00:23 GMT

The Hong Kong Convention on the recycling of ships has been described, by the International Maritime Organization’s (IMO) Stefan Micalef as “tailored to the needs of global shipping” and one which “takes account of commercial practicalities”. Ms. Cleopatra Doumbia-Henri of the International Labour Organisation suggests that in its sharing of responsibilities, the convention is

NATO Shipping Centre - Weekly Piracy Assessment

Thu, 9 May 2013 00:00:22 GMT

NATO Shipping Centre has issued its Weekly Piracy Assessment for the period 18 April to 24 April 2013. During this period, there were no significant events to report. Masters are advised to remain vigilant at all times in transit or at anchorage and fully implement protection measures, as set down in BMP4, across the entire High Risk Area (HRA). Sailing yachts should avoid

Panamax vessels prove to be "stars of the month" for the dry bulk market during April

Wed, 8 May 2013 00:00:27 GMT

They have taken a beating on various occasions during the past few years of the dry bulk market's crisis, but the fact remains, that despite the heavy orderbook, Panamax dry bulk carriers, are among the most versatile ship types and this comes in handy when seasonal demand picks up. According to the latest monthly report from shipbroker Intermodal, April was "a very positive

Supply/demand: Med-North America

Wed, 8 May 2013 00:00:26 GMT

Ocean carriers continued to lose money between the Mediterranean and North America in the first two months of the year, underlining the need for more rationalisation of services and greater use of transshipment. Westbound: There are still no clear signs yet of any improvement in

IMO seeks public input on administrative burdens

Wed, 8 May 2013 00:00:25 GMT

Yesterday (7 May 2013) marks the start of a six-month consultation period in which the International Maritime Organization (IMO) will seek widespread input on the administrative burdens that may result from compliance with IMO instruments. The intention is to gather data from a broad spectrum of stakeholders from which recommendations on

Russian oil production supporting Aframax tanker sector

Tue, 7 May 2013 00:00:27 GMT

Aframax tanker owners have found support in the Russian oil region, in order to keep their vessels going said the latest weekly report from shipbroker Gibson. According to the report, "healthy Aframax income has been hard to come by in recent years. Even the once guaranteed income generators of the winter season – poor weather, ice class

Why Empire Builders Must Make the Best of a Bad Job

Tue, 7 May 2013 00:00:26 GMT

In recessions companies with cash flow problems are under the microscope. Cash is king; survival of the fittest is the rule; and to the victor go the spoils. Although shipowners under pressure wake with a heavy heart, their colleagues with big balance sheets and small obligations are not necessarily any happier. For them recessions are for building future businesses, and that can

Harvesting energy from low velocity ocean and tidal currents multiplies the potential for marine energy

Tue, 7 May 2013 00:00:25 GMT

Marine energy – for instance energy from tidal and ocean currents – is the ‘best of the best’ amongst green energy sources: it has the greatest potential (in theory, the planet’s oceans could supply the entire world with renewable energy), tidal and ocean current power plants are under water and therefore completely invisible, they produce electricity from 100 per cent renewable energy

Supply/demand: North Europe-North America

Mon, 6 May 2013 00:00:03 GMT

US imports from North Europe continued to decline in January and February, making it difficult for ocean carriers to get westbound freight rates back up. The US economy is growing, but containerised cargo does not yet appear to be part of the equation. Westbound

Chinas Grain Imports: Behind The Boost

Mon, 6 May 2013 00:00:02 GMT

China has played a major role in the soybean trade for the last decade (importing 58mt in 2012, accounting for 61% of global imports and 80% of domestic soybean consumption), but has only recently emerged as an importer of increased volumes of wheat and coarse grain. While imports of these grains in 2011/12 still represented just 3% of domestic grain use,

Feature: Keeping faith in accident investigators

Mon, 6 May 2013 00:00:01 GMT

It might come as something of a relief to marine accident investigators to know that a majority of seafarers say they are willing to co-operate with them. In their line of work, any level of co-operation is to be welcomed, given that, as a former senior investigator recently noted, few are on their side, as everyone involved has a vested interest and some “have a

Ship owners are investing heavily in dry bulk carrier newbuildings once more: Is there any rationale?

Fri, 3 May 2013 00:00:26 GMT

Despite the fact that the dry bulk market remains heavily oversupplied and just as the orderbook of newbuildings had began to shrink, it seems that ship owners have made a significant come back to shipyards, investing once more in new orders. This has been the case so far in 2013 and one could become perplexed as to why owerns are

Navios Maritime Acquisition Corporation Reports Financial Results for the First Quarter Ended March 31, 2013

Fri, 3 May 2013 00:00:25 GMT

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, reported its financial results for the first quarter ended March 31, 2013. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, "I am pleased with our results, as we reported $28.0 million of EBITDA in the first quarter of 2013, reflecting 18% growth over the first quarter

Big ship orders keep focus on carrier supply pressures

Fri, 3 May 2013 00:00:24 GMT

Attempts by carriers to tackle the capacity overhang are being undone as new orders for Ultra Large Container Vessels (ULCVs) continue to make the headlines, according to Drewry’s monthly report Sea & Air Shipper Insight. The news that China Shipping Container Lines will join Maersk in the super-size containership club following board approval for five 18,000 teu ships

US turning into a major factor for product tanker increased demand

Thu, 2 May 2013 00:00:27 GMT

A combination of increased crude oil production and slumping refined product demand has shifted refinery marketing dynamics in the United States, resulting in a positive impact for product tankers and more specifically Medium-Range classed ones. According to a recent report from analysts Potern & Partners, "US distillate exports have increased from 1.01 million barrels per day

Genco Shipping & Trading Limited Announces First Quarter 2013 Financial Results

Thu, 2 May 2013 00:00:26 GMT

Genco Shipping & Trading Limited yesterday reported its financial results for the three months ended March 31, 2013. The following financial review discusses the results for the three months ended March 31, 2013 and March 31, 2012. First Quarter 2013 and Year-to-Date Highlights • Recorded net loss attributable to Genco for the first quarter

Baltic Trading Limited Announces First Quarter Financial Results

Thu, 2 May 2013 00:00:25 GMT

Baltic Trading Limited yesterday reported its financial results for the three months ended March 31, 2013. The following financial review discusses the results for the three months ended March 31, 2013 and March 31, 2012. First Quarter 2013 and Year-to-Date Highlights • Declared a $0.01 per share dividend payable on or about May

Smaller ship sizes and MR product tankers are ship owners' newbuilding focus

Wed, 1 May 2013 00:00:27 GMT

The latest trend observed during the past week in terms of newbuilding ordering activity appears to be the shipowners' focus towards smaller sizes in dry and containers and further orders in the MR sector. According to the latest report from shipbroker Clarkson Hellas, "Handysize ordering activity has been relatively subdued so far

Capital Product Partners L.P. Announces First Quarter 2013 Financial Results

Wed, 1 May 2013 00:00:26 GMT

Capital Product Partners L.P., an international owner of modern tanker, dry bulk and container vessels yesterday released its financial results for the first quarter ended March 31, 2013. The Partnership's net income for the quarter ended March 31, 2013, was $25.0 million, including a $17.5 million gain from bargain purchase,

Recent Meetings Held by the Marshall Islands Registry

Wed, 1 May 2013 00:00:25 GMT

More than 190 delegates from the greater Piraeus shipping community joined representatives of the Republic of the Marshall Islands (RMI) Registry for a seminar to hear and discuss further guidance on the provisions of the Maritime Labour Convention, 2006 (MLC, 2006), Ballast Water Management requirements of the International Maritime

OPEC's future actions could determine a lot about the prospects of the tanker market

Tue, 30 Apr 2013 00:00:27 GMT

In its latest report, London-based shipbroker Gibson noted that the latest headlines regarding "diminishing safe havens and doomed economies are still ringing in our ears, serving now as another reminder that current crude tanker market conditions in which we operate are dire. Price volatility in Brent crude brought levels below $100/bbl this

Niche players find East-West trades a closed shop

Tue, 30 Apr 2013 00:00:26 GMT

Smaller container shipping lines are pulling out of the East-West trades, no longer being able to compete in the closed-shop, big ship dominated markets. Shippers need to get used to living with less choice. Carriers ceasing liner operations or going bankrupt since 2008 The recent demise of Grand China Shipping (GCS) is a reminder of