Hellenic Shipping News Worldwide Hellenic Shipping News Worldwide, Online Daily Newspaper on Hellenic and International Shipping

The CMA CGM Group, a world leader in shipping and logistics, continues the simplification of its container trade offering. As part of its continuous drive to offer the most relevant product to its customers, the CMA CGM Group seeks to permanently adjust its operating setup and network. Thanks to its operational efficiency and business agility, the CMA CGM Group is positioned to achieve superior growth while optimizing its cost base. This long-standing strategy allows the Group to adapt to the economic and trade environment. From 1st October, CMA CGM will ...

Ardmore Shipping Corporation confirmed that on June 19, 2020 it received an unsolicited acquisition proposal from Hafnia Limited (“Hafnia” OSE ticker code “HAFNIA”) to acquire all of the outstanding shares of Ardmore in an all-stock transaction. Under the terms of Hafnia’s proposal, each Ardmore share would be exchanged for 2.4 shares of Hafnia common stock (“the proposed exchange ratio”). Ardmore’s Board of Directors thoroughly reviewed the proposal, including consulting with independent legal and financial advisors, and unanimously determined that the proposal was highly opportunistic, substantially undervalued Ardmore and its future ...

Oil futures ended largely steady on Monday as positive economic data supported prices, while a spike in coronavirus cases in the United States that could curb fuel demand pressured prices. “The competing forces in the oil market right now are the reopening of economies around the world, increasing oil demand, countered by concerns about economies closing around the world due to a resurgence in the number of virus cases,” Andy Lipow, president of consultants Lipow Oil Associates. U.S. services industry activity rebounded sharply in June, almost returning to its pre-COVID-19 ...

A significant step has been made to protect seafarers’ health and safety amid the COVID-19 pandemic, with IMO Secretary-General Kitack Lim’s endorsement of a series of recommendations designed to ensure seafarers can access medical care ashore quickly and safely. Receiving medical care ashore can be a matter of life or death for seafarers who fall ill while working on ships. But since the beginning of the pandemic, there have been cases of seafarers being denied permission to go ashore, even when they presented medical issues that were life-threatening but not ...

The slump in MR tanker rates have wiped away most of the additional anti-piracy payment and war risk insurance coverage, which charterers have been paying for voyages through the Red Sea region, market participants said July 6. With rates at an all time low, and in what marks a significant departure from the usual Charter Party Agreements, or CPAs, these costs have been included in the freight itself for most of the recent MR tanker fixtures, market participants in the UK, Denmark, UAE, South Korea and Singapore said. For several ...

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

Many ship owners have invested heavily in the LPG tanker trade. As such, India, the UAE and USA are expected to be among the main trades to generate demand. In a recent weekly report, ship owner Bancosta Research said that “India is the second largest net importer of propane and butane in the world after China. The Indian government’s push to provide clean cooking fuel to every household also in rural areas, as well as a rising population, will drive LPG consumption in the country to grow to 30.3 mln ...

Container lines have done well during the global pandemic, but are they profiteering from the crisis and can anything be done to prevent more carrier-shipper animosity? Container shipping lines are one of the few sectors that can be said to be having a good pandemic. Perversely, despite a sudden fall off in demand for their services, lines look set this year to make more money than they have in a long time as their crisis-management tactics (essentially blanking voyages) has paid off handsomely. In our latest Container Forecaster report, published ...

The international shipping industry will fail to tackle their global greenhouse gas emissions unless they put in place rules that truly reflect the climate impact of shipping fuels, according to a report released by Environmental Defense Fund and University Maritime Advisory Services today. The report is the first of its kind to explore whether the processes for delivering rules for sustainable marine fuels can be sped up using lessons learnt from aviation, a sector facing similar challenges in transitioning to sustainable alternative fuels. Shipping is the life blood of the ...

With the first half of the year now concluded, it has undoubtedly been a period of high shocks for the dry bulk market

Subcontinent markets finally started to display some encouraging signs this week, as positive movements on prices

In the following table you will find the total ship sales for last week.

Oil demand destruction, reduced refinery run rates and overall economic slowdowns amid the coronavirus pandemic have intensified the typical slow period in the Americas tanker markets and positioned the third quarter to be bearish, as barrels sold out of floating storage will increase global tonnage avails. The VLCC, or Very Large Crude Carrier, freight market has been on a downward trajectory since mid-April, when OPEC+ made the decision to implement crude production cuts of 9.7 million b/d over May and June. Freight for the benchmark VLCC 270,000 mt USGC-China route ...

China is almost out of space to hold the oil that domestic traders bought at bargain-basement prices earlier this year when the Covid-19 pandemic crushed global crude demand. As of Wednesday, China had used up 69% of its crude oil storage capacity with the 33.4 million tons it had stockpiled, up by 24% from the previous year, according to data from energy information provider Oilchem China. That’s only 1 percentage point away from the 70% threshold that experts view as the country’s capacity limit. The dwindling storage space is a ...

Following an incident where a crew member was diagnosed with COVID-19 upon arrival in Singapore, the Singapore Shipowners Association is reiterating the importance of self-quarantine. Facilitating crew change in Singapore has been possible with various restrictions since 22 May. Since the release of the new crew change regulation, 14 days of self-quarantine has been a requirement for all crew arriving in Singapore due to the perceived incubation period of COVID-19. Recently, a crew member was diagnosed with COVID-19 upon arrival and the health authorities in Singapore were engaged to trace ...