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Tanker Trade Still Underwhelming

The tanker market is still rather undewhelming, as demand hasn’t yet rebounded to a level, sufficient to generate positive momentum. Examining North-West Europe crude oil export trade, shipbroker Banchero Costa said in a recent report that “2020 was overall a very negative year for crude oil trade, although of course the tanker market was partially shielded by the increased demand for floating storage. Total loadings in the 12 months of 2020 were down -5.6% year-on-year to 2027 million tonnes, according to vessels tracking data from Refinitiv. Some exporters were more ...

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Diana Shipping Inc. Announces Time Charter Contract for m/v Myrsini with Bocimar

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Bocimar International N.V., for one of its Kamsarmax dry bulk vessels, the m/v Myrsini. The gross charter rate is US$27,750 per day, minus a 5% commission paid to third parties, for a time charter period until minimum October 15, 2021 up to maximum November 30, 2021. The charter is expected to commence on May 10, 2021. The m/v ...

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Euroseas Ltd. Announces New Charter for One Of Its Vessels, M/V “EM Hydra”

Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced yesterday a new time charter contract for its container vessel M/V “EM Hydra”. Specifically: • M/V “EM Hydra”, a 1,740 TEU vessel built in 2005, entered into a new time charter contract for a period between a minimum of twenty three and a maximum of twenty five months at the option of the charterer, at a gross daily rate of $20,000. The new rate will commence ...

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Ship Owners Active in Both the Newbuilding and S&P Markets

With rates steadily on a high, in both the container and dry bulk market, it seems that owners are rather active to “fish out” the best deals available in both the newbuilding and S&P markets. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “the major news this month is CSSC Group announcement at the very end of the month, the signing of 22 Vessels with CMA CGM. These consist of six 13,000 TEU D/F at Hudong Zhonghua, six 15,000 TEU D/F at Jiangnan SY and ten gearless ...

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Strong LNG Sport Market Provides Boost to GasLog Partners’ First Quarter Results

GasLog Partners LP, an international owner and operator of liquefied natural gas (“LNG”) carriers, yesterday reported its financial results for the three-month period ended March 31, 2021. Highlights Repaid $36.0 million of debt during the first quarter of 2021. Quarterly Revenues, Profit, Adjusted Profit(1) and Adjusted EBITDA(1) of $87.1 million, $35.4 million, $31.8 million and $64.1 million, respectively. Quarterly Earnings per unit (“EPU”) of $0.57 and Adjusted EPU(1) of $0.50. Declared cash distribution of $0.01 per common unit for the first quarter of 2021. CEO Statement Paul Wogan, Chief Executive ...

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Seanergy Maritime Holdings Corp. Announces Delivery of Capesize M/V Hellasship and Time Charter Agreement with NYK Line

Seanergy Maritime Holdings Corp. announced today that it has taken delivery of the 181,325 dwt Capesize bulk carrier, built in 2012 by Imabari Shipbuilding Co. in Japan, which was renamed M/V Hellasship (the “Vessel”). The delivery of the M/V Hellasship is the first of the four Capesize acquisitions performed already in 2021. The Vessel has been fixed on a time charter (“T/C”) with NYK Line, a leading Japanese shipping company and operator. The T/C is expected to commence immediately, upon finalization of the customary transition process and will have a ...

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Safe Bulkers, Inc. Reports Stronger First Quarter 2021 Results As Market Improves

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced yesterday its unaudited financial results for the three month period ended March 31, 2021. Management Commentary Dr. Loukas Barmparis, President of the Company, said: “During the first quarter of 2021 we increased our profitability and strengthened our balance sheet. We intend to continue our efforts to gradually renew our fleet through selective sales of older vessels and new acquisitions. We are focused on our environmental performance and will continue to invest to improve our operations in this area. ...

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DNV Marks its 100-Year Presence in the Greek Market in Commanding Fashion, Despite the Challenges of the Pandemic

With 19% of the market share in Greece in terms of million GT and over 28% of the newbuilding orderbook, DNV – Greece is further consolidating its leading position in the largest ship owning nation. In an exclusive interview with Hellenic Shipping News Worldwide (www.hellenicshippingnews.com), Mr. Ioannis Chiotopoulos, DNV Senior V-P & Regional Manager South East Europe, Middle East & Africa, analyses the challenges that the classification society had to deal with during a pandemic-laden 2020, the path towards shipping’s decarbonization and the shipowners’ initiatives towards compliance. Shipping’s path towards ...

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Lockdowns and Holidays Plague Ship Recycling Activity

The demolition market is at a standstill for the time being. The raging pandemic in India and holidays around the world have limited activity to a significant degree. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “various holidays now being celebrated globally have ensured a quieter period this week as Golden Week (Far East), Orthodox Easter (Greece) and the midst of Ramadan have slowed activity. The recycling yards in India have now ceased cutting operations due to the pandemic as all available oxygen bottles are being diverted ...

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Is the Worst Over for the Tanker Market?

The tanker market could be about to turn a corner, as demand is expected to grow in the coming months. In its latest weekly report, shipbroker Gibson said that “in its April 2021 World Economic Outlook, the International Monetary Fund (IMF) lifted global economic growth projections for 2021 and 2022 by 0.8% and 0.2% to 6% and 4.4% respectively due to the anticipated vaccine-driven recovery in the 2nd half of this year and additional fiscal support in some major economies, most notably the $1.9 new fiscal package in the US. ...

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Dry Bulk: Fundamentals Support Market’s Further Momentum

Existing market fundamentals appear to be supportive of the dry bulk market’s further momentum, in what appears to be rather positive news for ship owners. In its latest weekly report, shipbroker Intermodal said that “despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot prices for the steel making commodity last week surpassing their February 2011 high of $US188 per tonne. Better Chinese steel prices have also allowed iron ore prices to float ...

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Navios Maritime Partners L.P. To Offer Some Insulation Against Cyclicality Says Angeliki Frangou

Navios Maritime Partners L.P., an international owner and operator of dry cargo vessels, today reported its financial results for the first quarter ended 2021. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated, “I am pleased with the results for the first quarter of 2021. During the first quarter, total revenue of Navios Partners and Navios Containers, was $108.8 million and total adjusted EBITDA was $56.4 million.” Angeliki Frangou continued, “Navios Partners today is a top-ten publicly listed dry cargo fleet company with 89 vessels comprised of 51 ...

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Capital Product Partners L.P. Benefits From 55% Fleet Growth

Capital Product Partners L.P., an international owner of ocean-going vessels, released its financial results for the first quarter ended March 31, 2021. • Operating Surplus1 and Operating Surplus after the quarterly allocation to the capital reserve for the first quarter of 2021 were $24.5 million and $14.4 million respectively. • Announced common unit distribution of $0.10 for the first quarter of 2021. • Repurchased 133,423 of the Partnership’s common units, at an average cost of $10.46 per unit. • Took delivery of three 5,100 TEU container vessels with long term ...

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RINA launches Hellenic Decarbonization Committee

RINA will inaugurate the first Hellenic Decarbonization Committee (HDC) on May 6th, 2021. The initiative falls within the broader decarbonization program RINA is pursuing to support the shipping industry in achieving CO2 emissions reduction objectives established by IMO. The RINA Hellenic Decarbonization Committee will be chaired by Mrs. Ioanna Procopiou, Prominence Maritime Managing Director and will be made up of a selected group of representatives among shipowners, technical managers, shipyards, designers, fuel suppliers and charterers. The dialogue between the stakeholders will target improvements in technology, regulatory changes, digitally enabled services ...

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Ship Owners Are Snapping up Bulkers in the Newbuilding Market

Ship owners are contracting more bulkers in the newbuilding market. In its latest weekly report, shipbroker Allied Shipbroking said that it was “another week with few dry bulk transactions coming to light in the newbuilding market, but with some very interesting underlining trends being shown. The main focus shifted this week on the order for 5+5 Kamsarmaxes placed by Nisshin Shipping, a size segment that has seen vivid interest from several buyers in the year so far. Despite the positive trends being noted in terms of freight rates over the ...

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