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

Launched yesterday, the new Seafarer Workforce Report from BIMCO and the International Chamber of Shipping warns that the industry must significantly increase training and recruitment levels if it is to avoid a serious shortage in the total supply of officers by 2026. Given the growing demand for STCW certified officers, the Report predicts that there will be a need for an additional 89,510 officers by 2026 to operate the world merchant fleet. The report estimates that 1.89 million seafarers currently serve the world merchant fleet, operating over 74,000 vessels around ...

Small- to medium-sized exporters by shipping container to the US are increasingly having to rely on financing solutions as port congestion, ship delays and blank sailings keep their capital out at sea for longer periods. Many shippers are also struggling to cover escalating freight rates that have climbed by 165% over the past year to $8,600/FEU on July 27 for the North Asia-to-East Coast North America route, according to S&P Global Platts data. Small companies that export lower-margin goods to the US are often unable to take on the risk ...

Costamare Inc. reported unaudited financial results for the second quarter (“Q2 2021”) and six-months ended June 30, 2021. I. PROFITABILITY • Q2 2021 Net Income available to common stockholders of $82.8 million. • Q2 2021 Earnings per Share of $0.67. • Q2 2021 Adjusted Net Income available to common stockholders(1) of $58.3 million. • Q2 2021 Adjusted Earnings per Share(1) of $0.47. II. SALE AND PURCHASE ACTIVITY • Agreed to acquire an additional 21 dry bulk vessels. • Total fleet of 37 committed dry bulk vessels, 14 of which have ...

In response to concerns expressed by its members, the trade association that represents UK freight forwarding and logistics companies has been monitoring conditions in the global container market for some time, liaising with international organisations in order to compare market conditions around the world. BIFA has now prepared a report for all of its members, to help them highlight and explain to their clients how the present difficult position has arisen; the impact the current issues are having on the container market and wider economy; why it is so difficult ...

GoodBulk Ltd., a leading owner and operator of dry bulk vessels, today announcesits financial results for the second quarter 2021. 2nd Quarter Highlights • Generated $20.6 million profit, resulting in EPS $0.69, after $10.3 million depreciation; generated $32.8 million EBITDA. • On 26 April 2021 the Board of Directors authorized the payment to Shareholders of $10.2 million ($0.34 per share) as capital repatriation. • Ended the period with a cash balance of $38.7 million and net working capital of $23.0 million, totaling $61.7 million. • Earned an average gross Time ...

ARA’s independent fuel oil inventories were drawn again last week, bringing them down to their lowest levels since March last year, Insights Global data showed. The hub’s gasoil inventories dropped to two-month lows and below the five-year average. Despite the weekly stock draws, bunker supply of VLSFO and LSMGO continues to be readily available in the three ports, while three days of lead time are still recommended for HSFO380 stems. VLSFO supply remains ample in Mediterranean ports amid low demand, and suppliers in the Gibraltar Strait have been pricing the ...

When will the container capacity crunch finally ease? For an early indicator, keep an eye on production of the humble 40-foot dry cargo box. If the volume and cost of new containers pull back, supply chain pressures are abating. Unfortunately for beleaguered cargo shippers, these bellwethers now imply the opposite: that the scramble for container capacity is growing even more intense. New container prices still rising On Tuesday, the world’s largest container-equipment leasing company, Triton International (NYSE: TRTN), announced record results and provided the latest intel on box production. The ...

DNV, the world’s leading classification society and risk management expert, is embarking on an instrumental role in helping to facilitate safe crew changes amid South East Asia’s COVID crisis as an auditor in the multi-party backed CrewSafe programme. CrewSafe is the creation of the Singapore Shipping Tripartite Alliance Resilience (SG-STAR) Fund Task Force (SFTF), which was established by the Singapore Shipping Association (SSA), the Maritime and Port Authority of Singapore (MPA), Singapore Maritime Officer’s Union (SMOU) and the Singapore Organisation of Seamen (SOS) and later joined by the International Transport ...

Great Scott! It’s been 36 years since “Back to the Future” blasted into cinema theaters and became a pop culture phenomenon, and with the

The World Health Organisation has included seafarers that should be prioritised for Covid-19 vaccination in the context of limited supplies. On July 16, the World Health Organization (WHO) has released its updated guidance for the organisation’s vaccine roadmap in order to provide a framework for overall programme priorities, listing seafarers on cargo ships as a key group that should be prioritised in the case of limited supplies. The International Maritime Organization (IMO) – which had repeatedly advocated for a fair global distribution of vaccines as to include seafarers – praised ...

China on Tuesday denied imposing an unofficial ban on commercial ships with Indian crew to berth in its ports, saying that Beijing has never imposed such restrictions and the reports were “not true”. Asked about the reports of the unofficial ban, Chinese Foreign Ministry spokesman Zhao Lijian told a media briefing here that after consulting relevant departments, it has been found that China has never imposed such restrictions. “We can confirm after verification that China has never imposed the so-called ”unofficial ban” you mentioned. Relevant reports by Indian media are ...

A few years ago, NAT winnowed its fleet from 33 vessels to 23 vessels. Last year the company ordered two newbuildings from South Korea. These two ships will be delivered to NAT in 2022. As described below the path forward is expansion. We have concrete projects to sell at least two ships built in 2000 and 2002. These sales are a part of a process to increase the fleet by purchasing at least two or more additional ships of a more recent vintage than the ones that will be sold. ...

Tight supply for naphtha in both Asia and Europe has seen a tug of war between the regions for US-origin cargoes, resulting in US naphtha shipments to Europe reaching a multi-year high for July arrivals while diminishing supplies to Asia. Asia is typically the outlet for excess European and US naphtha cargoes, however, a tight European segment and low refining runs has left Asia and Europe competing for US Gulf Coast naphtha cargoes in recent weeks. Shipping fixtures showed US Gulf Coast to Asia shipments decreased to around 532,000 mt ...

The offshore drilling sector – challenged by managing an oversupplied, highly competitive market combined with over-leveraged balance sheets, weak liquidity and stressed financials – is ripe for consolidation. The latest MODU Market Report* from Maritime Strategies International (MSI) analyses the sector’s current malaise and concludes that the OFS supply chain should emulate the consolidation trend in E&P and downstream sectors and seek consolidation as soon as possible in order to secure their long term future. M&A activity dwindled in 2020. Amongst the key components of the oil and gas value ...

Samsung Heavy Industries announced on July 27 that it has won an order for one LNG carrier worth 223.6 billion won. The order was placed by an Oceania shipping company and the ship will be delivered by April 2024. Including this order, Samsung Heavy Industries won orders for 52 ships worth US$6.7 billion in 2021, reaching 74 percent of its annual target of US$9.1 billion. By ship type, the company won seven LNG carriers, 38 container ships and seven crude oil carriers. “There is a high possibility that our company ...