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Tanker Market Remained Soft in September

The dirty tanker market remained soft in September amid a continued imbalance between tonnage supply and demand, keeping rates at low or even loss-making levels, OPEC said in its latest weekly report. However, there has been a definite pickup in sentiment amid hopes for a good – or certainly better – performance in the final quarter of the year. Loading schedules for both Russian and North Sea grades show noticeable increases in tonnage demand at a time of steadily higher flows from the Middle East. As a result, ship owners ...

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Dry Bulk Futures at Multi Year Highs

The dry bulk market could be looking for at least two more quarters of solid performance, should the futures market prove to be correct. In its latest weekly report, shipbroker Intermodal said that “following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to see that dry bulk Q4 high seasonality has returned after at least 3 years of underperformance, driving also the Q4’21 and Q1’22 FFA curve to multi year highs. Back in ...

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PPA S.A.: Top Priority the environmental protection and climate change measures Significant quality, environmental and energy certifications

On the occasion of the World Standards Day is highlighted that PPA S.A. places great value on improving the quality of services, alongside energy and environmental efficiency, and therefore invests heavily in global recognized management systems and certifications such as the ISO standards. The modernization and upgrading strategy for the Port of Piraeus has as main priority the environmental respect and care as well as dealing with the effects of climate change. P.P.A. holds significant ISO certifications on quality, environment and energy management involving all port activities, delivering real evidence ...

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Lloyd’s List Greek Shipping Awards returns on December 3, 2021

Shipping’s largest awards event, the Lloyd’s List Greek Shipping Awards, is headed for an in-person return this December as the organisers continue preparations for the traditional end-of-year presentation dinner In Athens. Yearly since 2004, the Greek Shipping Awards has attracted audiences of 1,000 guests or more but last year the event was held virtually, to exciting effect, attracting an audience of more than 5,000 people online. Strong support for this year’s Awards is led by overall Event Sponsor ClassNK. The welcome drinks are sponsored by Erma First while China Classification ...

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Dry Bulk Carriers in High Demand as Rates Keep Rallying

Demand for dry bulk tonnage has remained high in the S&P market. In its latest weekly report, shipbroker Allied Shipbroking said that “on the dry bulk side, interest for SnP transactions remained vivid for yet another week, with several units of different size classes changing hands. However, it is worth stating that a strong number of capes were reported as sold last week. The firm freight market and the robust sentiment amongst buyers led to a rise of deals in the segment as a whole. Given the persistent strong buying ...

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Export-Import Bank signs MOU with Angelicoussis Group to finance new orders

The Export-Import Bank of Korea said Wednesday it signed an memorandum of understanding with Angelicoussis to provide financial assistance for South Korean shipbuilders securing fresh orders of eco-friendly fleets from the Greek shipping company. Aimed at supporting Korean shipbuilders in securing overseas orders, Korea Exim Bank Chairman Bang Moon-kyu visited Angelicoussis headquarters in Kallithea on Friday, according to officials. The financial assistance will be carried out to Korean builders on condition of Angelicoussis ordering eco-friendly ships powered by dual fuel or ammonia fuel, which produce less pollution. The agreement came ...

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ThPA S.A. and Amazon Web Services (AWS) coordinate to drive innovation at the Port of Thessaloniki

During 85th Thessaloniki International Fair, a meeting between Executives of both ThPA S.A. – Port of Thessaloniki and Amazon Web Services (AWS) took place with a focus on the transformation of the Port of Thessaloniki into a “smart port” through the use of smart technologies and the digitization of systems, to provide efficient and reliable quality services. ThPA S.A and AWS discussed technological solutions that can enhance efficiency and agility, and drive innovation, through the use of the most comprehensive hyper scale cloud computing platform. The Executive Chairman of the ...

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GasLog Ltd. Announces Sale and Leaseback of GasLog Salem

GasLog Ltd. announced the completion of the sale of GasLog Salem to a wholly owned subsidiary of China Development Bank Leasing (“CDBL”) for $128 million, releasing approximately $22 million of incremental liquidity. Concurrent with the sale, GasLog will bareboat charter-in the vessel from CDBL for a period of 5 years, ending in October 2026, with no obligation to purchase the vessel at the end of the lease. The GasLog Salem is a 155,000 cubic meter LNG carrier with tri-fuel diesel electric propulsion built in 2015. The vessel is currently on ...

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Danaos Shipping chooses Navarino to roll out Fleet Xpress with Infinity across its fleet of 69 container ships

Danaos Shipping is working with Navarino on a major project to install Inmarsat Fleet Xpress (FX) across its fleet of 69 vessels, using Sailor 100 GX terminals. The company has chosen to use CIR (Committed Information Rate) FX plans in order to guarantee connectivity speeds even in congested areas and it is combining the connectivity of FX with the bandwidth management and optimization of Navarino’s Infinity Plus service. Vasilis Fotinias, IT Manager for Danaos, said ‘We chose to partner with Navarino because they have a proven track record of being ...

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Tanker Tonnage Gaining More Ground in the Demolition Market

Wet tonnage has been feeding towards the demolition market over the past few weeks. In its latest weekly report, shipbroker Allied Shipbroking commented that “the tanker units were once again in the spotlight of the ship recycling market, with owners trying to restructure their fleet in an attempt to avoid further losses in a sector that has not seen any significant improvement in freight rates in the year so far. At the same time though, the rest of the key segments (dry bulk, containers, gas) continue witnessing favorable freight market ...

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GasLog Ltd. Announces New Credit Facility

GasLog Ltd. (“GasLog” or “Company”) today announced that it has entered into a Note Purchase Agreement with The Carlyle Group (“Carlyle”) and EIG for an amount of up to $325 million of 7.75% Notes due 2029 (the “Facility”). Carlyle’s Global Credit platform made the investment with capital primarily from its Infrastructure Credit Fund. EIG made the investment through Global Project Fund V and other funds and accounts in EIG’s direct lending platform. The Company anticipates drawing down the Facility in March 2022. The proceeds of the Facility will be used ...

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Rising US Crude Oil Production Expected to Help the Tanker Market

An increased crude oil production in the U.S. could offer additional support to the tanker market. In its latest weekly report, shipbroker Gibson said that “US crude production has averaged this summer some 600,000 bpd above the level seen in summer 2020. However, on an annual average basis, US crude output in 2021 is still likely to average at slightly lower levels compared to 2020, in part due to disruptions caused by Hurricane Ida. Another key factor why the US is not seeing a greater increase in output is the ...

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Paula Lazopoulou joins Glafka Capital

Mrs Paula Lazopoulou has joined Glafka Capital as Partner from 1/10/2021. Paula will lead the already most successful shipping operations of Glafka in both sell side and buy side efforts. In addition, will provide invaluable insight in corporate structuring and restructuring advisory. The addition, of Paula validates Glafka’s strong commitment to grow exponentially, and provide stellar client services. Paula, has more than 18 years of experience in shipping , having previously held senior management positions in the shipping finance/restructuring and structured finance departments of several major European banks in London ...

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Tanker Market: Iraq’s Third Quarter Oil Exports Provide Reason for Optimism

An improvement in third quarter crude loadings from Iraq, could offer some scope for optimism among tanker owners. In its latest weekly report, shipbroker Banchero Costa said that “2020 was overall a very negative year for crude oil trade. Total loadings in the 12 months of 2020 were down -6.2% y-o-y to 2032 million tonnes, according to vessels tracking data from Refinitiv. 2021 so far is faring even worse. In the first 8 months of 2021, global seaborne crude oil trade declined by -6.5% y-o-y to 1294 mln tonnes. What’s ...

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Safe Bulkers, Inc. Announces a 3 Year Period Time Charter for a Capesize-Class Vessel at Gross Daily Rate of $22,500 plus $3.0 million upon charter commencement

Safe Bulkers, Inc. (the Company) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has entered into a new long-term period time charter for its 2014-built Japanese Capesize class vessel MV Lake Despina, with forward delivery date, for a duration of 3 years at a gross daily charter rate of $22,500 plus an once off $3.0 million payment upon charter commencement, scheduled for end January to end May 2022, whilst till the end of January 2022 the vessel is earning a gross daily charter rate ...

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