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Demolition Market Expected to Slow Down on Ramadan

Ships’ decommissioning and sold for scrap in East Asia’s scrapyards are expected to slow down over the next month or so, on religious holidays. In its latest weekly report, shipbroker Clarkson Platou Hellas commented that “with the holy month of Ramadan having now started, it is anticipated that activity and inquiry could slow down as the appetite from the waterfront begins to subdue in the forthcoming weeks as production on the recycling yards dwindles down. Having said this, the week leading up to this holy month generally sees an active ...

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ABS Evaluation Demonstrates Feasibility of LPG as Fuel Strategy for Dorian LPG

ABS completed an in-depth techno-economic evaluation commissioned by Dorian LPG, evaluating compliance options for impending global sulfur cap requirements. Dorian LPG owns and operates a fleet of very large gas carriers (VLGCs), transporting liquefied petroleum gas around the world. “As owners and operators evaluate their compliance options for the impending 2020 Global Sulfur Cap, it is critical to understand how each option will impact their fleet and operations,” said ABS Senior Vice President for Engineering and Technology, Derek Novak. “We worked closely with Dorian LPG throughout this evaluation to demonstrate ...

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International Convention for the Control and Management of Ships’ Ballast Water and Sediments ratified

Cyprus has ratified the International Convention for the Control and Management of Ships’ Ballast Water and Sediments 2004 (the BWM Convention).(1) The law ratifying and implementing the convention took effect on its publication in the Official Gazette on May 4 2018. The BWM Convention entered into force on September 8 2017 and covers more than three-quarters of the world’s merchant shipping tonnage. Its objective is to prevent, reduce and control pollution of the marine environment –especially the spread of harmful aquatic organisms from one region to another – and the ...

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American Oil Boom Seen Tempting Ships to Steer Clear of Iran

The latest standoff between the U.S. and Iran may be leaving oil-tanker owners in more of a bind than in previous years. As the U.S. reimposes sanctions on the Islamic Republic, firms that help ferry Iranian oil risk losing access to the American financial system, similar to earlier in the decade when such measures were enforced. Additionally, this time around, they’ll have to contend with being cut off from the booming business of transporting crude pumped from shale fields in Texas or wells in the Gulf of Mexico, according to ...

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China signals to state giants: ‘Buy American’ oil and grains

China will import record volumes of U.S. oil and is likely to ship more U.S. soy after Beijing signalled to state-run refiners and grains purchasers they should buy more to help ease tensions between the two top economies, trade sources said on Wednesday. China pledged at the weekend to increase imports from its top trading partner to avert a trade war that could damage the global economy. Energy and commodities were high on Washington’s list of products for sale. As the two sides stepped back from a full-blown trade war, ...

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Nordic Shipholding Reports 25% Increase in Time Charter Revenues

The Group started 2018 on a positive note as the average daily Time Charter Equivalent (“TCE”) rate in January 2018 and February 2018 for the 6 vessels was approximately 25% higher than the average TCE rate in Q4 2017. However, the TCEs earned in March 2018 fell short of expectations and were generally below the average TCEs earned in the previous 2 months. As a result, the average TCEs earned by the 6 vessels in Q1 2018 came in below the forecasted rates. Compared to the same quarter last year, ...

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Fearnleys Week 21 2018

Another week with relatively high activity for the VLCC’s for all the major VLCC – routes. Owners have tried hard to push rates up to cover at least

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Dry Bulk FFA: Capesize Market’s Downside Momentum Looks to Be Slowing Down

Highlights: The Capesize index has broken support and is now in a corrective phase having made a fresh market low. Downside momentum is showing signs of slowing as we approach the technical support zone. Remains corrective below USD 20,801 unless the index produces a lower high. The June futures have now made a lower low and entered bearish territory. The stochastic is now oversold, a close above USD 16,040 would create a fresh market high indicating bull momentum is gaining, however price would remain below moving averages. The Q3 futures ...

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EU’s Corn-Buying Spree Is Boosting Rare Trade With South Africa

Europe’s hunger for corn is giving South Africa a surprising destination to sell more of its record crop. Africa’s top corn grower typically doesn’t export much to the European Union due to the long shipping distance and uncompetitive cost. But last year’s big harvest has cut prices, and should help South Africa ship more to the EU than in the previous six years combined, according to Strategie Grains. The increased trade comes as EU imports surged 41 percent this season amid strong demand for animal feed and cheap grain from ...

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A new scenario in maritime safety

The Final Conference of the Picasso Project has been held today (May 23) at the Jovellanos Centre in Gijón. The main theoretical and practical outcomes developed within Picasso were presented. After the welcoming speeches given by the director of the Jovellanos Centre, Julián Camus;Gijón mayoress, Carmen Moriyón; the representative of the Spanish Merchant Navy Directorate, Ignacio Fernández; and Asturias Government Representative, Mariano Marín; the main results of almost two years of work within the project were presented, namely: the Improvement of Safety and Security responses using unmanned vehicles and other ...

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Bright outlook for Marorka after management buyout: Customers positive towards changes in the company

German investment group and parent company Mayfair recently decided to part with Marorka, the leading producer of energy management solutions for the maritime industry, based in Reykjavik, Iceland. Following this decision, a management team acquired all the shares in Marorka. The company’s core Icelandic operation continues to work normally along with Marorka Singapore, but the German and Danish offices have been closed. All intellectual property rights, brand names, contracts and technical know-how now belong to the Iceland and Singapore entities. The new owners and the management team are delighted with ...

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China Inc returns to U.S. soybean market as trade tensions ease

China’s state grain stockpiler has returned this week to the U.S. soybean market for the first time since early April, a sign Beijing is preparing to resume purchases as trade tensions between the world’s top two economies ease, two sources said. The renewed interest in the oilseed, used in animal feed, follows Beijing’s pledge at the weekend to buy more U.S. goods from its top trading partner, including agricultural products. China made the pledge to avert a trade war that could damage the global economy. As the two sides stepped ...

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American Shipping Company Announces Stable First Quarter Bareboat Revenue

Lysaker, 23 May 2018, American Shipping Company ASA (“AMSC or the “Company”) announces results for first quarter ending 31 March 2018. HIGHLIGHTS • Stable Q1 bareboat revenue of USD 21.6 million and backlog of secured bareboat revenue of USD 204 million with average weighted tenor of 2.3 years • Normalized EBITDA for Q1 of USD 21.8 million • Adjusted net profit for Q1 of USD 2.4 million • Crude transportation volumes to the U.S. Northeast remains strong as a result of widening oil price spreads • Accelerated scrapping of older ...

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Class 1 And Class 2 Policy Year Balances And Financial Position

The Board reviewed the policy year balances and the Club’s overall financial position as at 20 February 2018 at their meeting on 16 May 2018. FINANCIAL POSITION Underwriting result Closed policy years continued to develop favourably and within expectations. For 2017, whilst attritional claims remained at similar levels as were recorded for 2012-2016, the number of large claims above $3m was unprecedented. At the same time, costs for other Clubs’ Pool claims also experienced an increase from the exceptionally low levels reported in 2016 with two large claims notified in ...

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MPC Container Ships: Acquisition Of Three 2,500 TEU Feeder Container Vessels / USD 200 Million Bond Proceeds Fully Invested

MPC Container Ships ASA (“MPCC”) is pleased to announce that it has entered into agreements with Triton Debt Opportunities S.C.A. and its subsidiary Victoria Schulte Shipping Ltd. regarding the acquisition of MV Victoria Schulte, a geared 2,500 TEU vessel built in 2005 at Aker MTW Werft, Germany (tbr “AS Paola”). The deal has been structured as a combined cash and share deal. MPCC will pay a total consideration of USD 11,800,000 and may at its discretion settle up to USD 2,990,000 of this amount by way of delivering new common ...

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