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Navios Maritime Holdings Inc. Reports Revenues of $147.2 Million, Fleet’s Average Age Down by 26%

Navios Maritime Holdings Inc., a global seaborne shipping and logistics company, yesterday reported financial results for the second quarter and six month period ended June 30, 2019. Angeliki Frangou, Chairman and Chief Executive Officer, stated, “I am pleased with the results of the second quarter of 2019 for which we reported revenue of $147.2 million and Adjusted EBITDA of $62.6 million.” Angeliki Frangou continued, “Charter rates in the dry bulk sector have been robust lately. While NM earned a TCE rate of $10,500 per day for the second quarter of ...

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Asia fuel oil spot premium at record, market says last sputter before dying out

Asia’s spot premium for marine fuel benchmark 380-centistoke (cst) high-sulphur fuel oil (HSFO) has touched record highs this week as shippers clamoured for limited supplies ahead of a sulphur cap in shipping fuels that starts next year. The cash premium for 380-cst HSFO rose in the three consecutive sessions through Wednesday, hitting $41.01 a tonne above Singapore quotes, more than 10 times higher than a year ago. The HSFO premiums are expected to ease in coming months, though, as shippers from 2020 comply with the new International Maritime Organization (IMO) ...

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Euronav Bought 420,000 Metric Tons And Paid For VLSFO $447 Per Metric Ton Versus $400 Per Metric Ton HSFO In Preparation For IMO 2020 Rule

Euronav NV today announced details on its approach towards the new Sulphur fuel regulations coming in as part of IMO 2020. Hugo De Stoop, CEO of Euronav said: “The introduction of new Sulphur emissions regulations as part of “IMO 2020” is one of the most progressive and significant developments for all shipping segments over the past fifty years. Reducing shipping’s Sulphur footprint is a critical step forward for all seaborne transportation and Euronav wholeheartedly welcomes the new regulations and looks forward to fully complying with them. In summary, Euronav has ...

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Piraeus Port beefs up investment plan, awaits Greece’s approval

Piraeus Port Authority (PPA), operator of Greece’s largest port, has increased its investment plans to attract more business at one of Europe’s largest harbors, a government spokesman said. PPA, majority owned by China’s COSCO Shipping, has submitted to Greece’s shipping ministry an 800-million-euro plan, government spokesman Stelios Petsas told reporters. A PPA official told Reuters that a ministerial committee will discuss the plan on Sept. 25 and is likely to approve it, unblocking crucial investments for port infrastructure. China hopes to turn Piraeus port into its gateway to Europe. A ...

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Pakistan’s Orion Bunkers looks to boost bunker sales on LSFO supply ahead of IMO 2020

Pakistan’s Orion Bunkers Ltd. is currently in talks with local refineries to supply 0.5% sulfur-compliant fuels as the deadline for the International Maritime Organization’s global sulfur limit rule for marine fuels nears, the company’s bunker director Zishan Arshad said Wednesday. “HSFO demand will still be there and our price will remain competitive … [we are also] trying our best to have avails of low sulfur cargo,” Arshad said in a statement to S&P Global Platts. Orion Bunkers, which currently supplies marine fuels to vessels at the ports of Karachi and ...

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China’s Golden Week means cuts in ocean service

The two largest container shipping alliances outlined service cuts for the first week of October due to the closure of China’s factories during the nation’s Golden Week celebration. So far, the alliances have cut nine weekly sailings from Asia to the North America West Coast, four to the East Coast and two to the Gulf Coast. The voided sailings were scheduled to reach North America between October 20 and November 17. Orient Overseas Container Line (OOCL), a member of the OCEAN Alliance along with COSCO Shipping (HKEK: 1919) and CMA ...

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China, Singapore sign MOU on ship’s electronic certificate

China signed a memorandum of understanding (MOU) with Singapore on Sept 5 on enhancing cooperation on electronic certificates of ships to boost customs clearance efficiency, according to the Ministry of Transport. The adoption of an electronic certificate can reduce the burden of shipping enterprises and ships and effectively improve the efficiency of customs clearance and port law enforcement, said Cao Desheng, an official with the ministry. Maritime authorities of both sides agreed to cooperate in the issuance, use and acceptance of the electronic certificates and jointly explore ways to promote ...

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India: Ships plying in local waters may be spared IMO’s green norm

India is toying with the idea of not imposing the International Maritime Organisation (IMO)-mandated stringent green norms on ships plying in domestic waters, said a government official. The new norms will kick on in less than four months. The Indian shipping sector, however, is confused as to how this can be achieved as some other countries such as Indonesia, which tried this strategy, had to retreat within a few days. Starting January 1, 2020, ships globally have to use bunker or fuel oil with low sulphur content — set at ...

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Maersk and Koole Terminals to produce 0.5% sulphur marine fuel in Rotterdam

Maersk Oil Trading and Koole Terminals today announced the signing of an agreement to produce IMO 2020-compliant bunker fuel. The production will take place at the Petrochemical Industrial Distillation (PID) unit, located at Koole’s Botlek site in the heart of the Port of Rotterdam. The toll distillation deal allows Maersk to produce VLSFO bunker fuel and will enable Maersk to further expand its bunker supply volumes in Europe. Annual production is expected to cover 5-10% of Maersk’s annual fuel demand. “The fuel manufacturing process allows Maersk to produce compatible low ...

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Shanghai Shipping Exchange and CargoSmart Join Forces to Establish a New Shipping Index

Shanghai Shipping Exchange, a leading shipping index organization, and CargoSmart Limited, a leading global shipment management software solutions provider, have signed a Memorandum of Cooperation to develop a new shipping index for ocean carrier schedule reliability. Working together, Shanghai Shipping Exchange and CargoSmart will create a new methodology to calculate schedule reliability for key trade lanes to help shippers optimize their supply chains and for the industry as a whole to improve service quality. As an open, fair and unbiased platform, Shanghai Shipping Exchange has been playing a significant role ...

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North Europe Port Tracker: Trump’s “Art of the Deal” Creates Uncertainty and Anxiety

The Trumpian economic strategy of singling out individual countries for trade wars and economic aggression embodied in financial and trade sanctions was never going to work and we can now see the results in the global economy. There is no longer any doubt or room for optimism that a recession can be avoided. The tit for tat tariffs between the U.S. and China and the threat of sanctions of friend and foe alike have led the global economy to a downturn domestically and reduced global trade. We have been warning ...

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Yangzijiang inks order contracts to build five vessels

The five order contracts, along with two more last month, are worth $546.36m. Yangzijiang Shipbuilding entered order agreements to build three 82,000DWT and two 325,000DWT bulk carriers, according to a media release. One of the 82,000DWT vessels was ordered by Kambara Kisen from Japan, which has its own shipbuilding company under Tsuneishi Holdings Corporation. The customer for the two larger bulk carriers is also from Asia. The smaller bulk carriers will be built at the Group’s Taicang yard, where Jiangsu Yangzi-Mitsui Shipbuilding Co., Ltd is based. Also read: Chart of ...

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MacGregor designs innovative cargo system for the world’s largest containership, MSC Gülsün

MacGregor, part of Cargotec, has designed the cargo system for the world’s largest containership, MSC Gülsün, which was delivered in July 2019 by South Korea’s Samsung Heavy Industries. She is 400 m long, 61.5 m wide and is the first in a series of 11 ultra-large containerships with a capacity of more than 23,000 TEU. Six of the vessels are being built by Samsung Heavy Industries, and the other five by Daewoo Shipbuilding & Marine Engineering. The system was developed in close collaboration with MSC from an early stage of ...

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Spain could exit coal 5 years early in 2025 – Endesa CEO

Current market conditions in Spain could force the country to phase out coal-fired capacity five years earlier than originally planned in 2025, Jose Bogas, CEO of Spanish utility Endesa, said on Thursday. “Assuming coal-fired [capacity] should be reduced between 2025-2030 [under current energy policy], market conditions today say this has changed to 2020-2025, at least,” he told the El Economista conference in Madrid. The country has seen significant fuel switching from coal to gas this year, with record high carbon prices and low gas prices seeing the profitability of gas ...

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India’s BPCL, HPCL buy more gasoline to plug supply gaps

India’s Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd continue to import gasoline to plug a persistent supply gap as their refineries undergo maintenance and upgrade to produce cleaner fuels. BPCL on Wednesday bought 20,000 tonnes of gasoline for Sept. 16-18 arrival at Kandla at premiums of about $4 a barrel to Singapore quotes on a cost-and-freight (C&F) basis, industry sources who track the fuel said on Thursday. This has pushed its total purchases for cargoes scheduled for a seven-month delivery period over March to September to at least ...

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