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A Major Driver for LPG Sea Trade

Many ship owners have invested heavily in the LPG tanker trade. As such, India, the UAE and USA are expected to be among the main trades to generate demand. In a recent weekly report, ship owner Bancosta Research said that “India is the second largest net importer of propane and butane in the world after China. The Indian government’s push to provide clean cooking fuel to every household also in rural areas, as well as a rising population, will drive LPG consumption in the country to grow to 30.3 mln ...

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Tanker Market and Canada’s Keystone Pipeline

The tanker market could be in for a “rough ride” during the second half of the year. So, what implications could the Canadian market have? In its latest weekly report, shipbroker Gibson said that “Canada has the third largest oil reserve behind Venezuela and Saudi Arabia. Since the 1960’s Canada has been producing oil from the large oil sands reserves that are deposited around Edmonton. However, due to the geographical location of the sites located in Alberta, the land locked reserves are predominantly exported from the region via pipeline to ...

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Major Gridlock Expected in Ship Repair Yards

Ship owners are expected to face huge delays and congestion in their attempts to book future retrofitting or ship repair projects in the various yards around the world. In its latest weekly report, shipbroker Intermodal said that “it was beginning of 2020 – close to 6 months from now – when we first experienced the huge impact of the COVID 19 outbreak on Ship Repair sector. At that time, in February 2020, COVID existed only in China, where almost all ship repair activities were frozen, just a few days after ...

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Dry Bulk Market’s Rebound Not Directly Linked to Demand Growth

The dry bulk market’s latest rally, most notably in the Capesize market, while welcome, isn’t entirely down to fundamentals and as such, could be short-lived. In its latest weekly report, shipbroker Allied Shipbroking noted that “while the Covid-19 pandemic seems to be escalating once more, the global markets seem to be heading back into shock and uncertainty. Despite though the overall disarray in global economic conditions, the dry bulk sector has set upon it a completely different trajectory during the past month or so. Has this been down to a ...

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TEN Ltd. Declares Dividend on its Series C and Series F Cumulative Redeemable Perpetual Preferred Shares

TEN Ltd., a leading diversified crude, product and LNG tanker operator, yesterday announced that its Board of Directors declared the regular quarterly cash dividend of approximately $0.5547 per share for its Series C Cumulative Redeemable Perpetual Preferred Shares (the “Series C Preferred Shares”; NYSE; TNPPRC) and $0.59375 per share for its Series F Cumulative Redeemable Perpetual Preferred Shares (the “Series F Preferred Shares”; NYSE; TNPPRF). Each dividend of the Series C and F Preferred Shares is for the period from the most recent dividend payment date on April 30, 2020 ...

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Second Hand Bulkers In Demand But Few Deals Are Being Concluded

Demand for second hand bulkers has been strong, on the back of a strong freight market. However, deals are hard to conclude with sellers reluctant to let go of their assets in current pricing. In its latest weekly report, shipbroker Banchero Costa said that “in the dry bulk segment, with the ongoing spike in the Capesize market, few units were sold and many were under negotiations. ‘Great Challenger’ 176,000 dwt built in 2005 at Universal was sold to Chinese buyers for $11.3 mln. The older ‘Alpha Era’ 171,000 dwt built ...

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UK Ship Register announces dedicated Greece support

The UK Ship Register (UKSR), part of the Maritime & Coastguard Agency, has announced it is to open its first overseas sales hub as part of ambitious growth plans for the UK Flag. The new venture, which will see the launch of a sales office in Piraeus, Greece – a country with a rich Maritime heritage – will allow UKSR to build valuable long-term partnerships with local ship owners as well as strengthen the presence of the Flag in the Greek shipping industry. Late last year, UKSR launched a brand-new ...

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Seanergy Maritime Holdings Corp. Announces Agreement for the Refinancing of $29.1 Million of Maturing Indebtedness

Seanergy Maritime Holdings Corp. announced that the Company received approval, in the form of a commitment letter, from one of its existing lenders to refinance a loan facility that was originally maturing on June 30, 2020 (the “Existing Facility”). The Existing Facility is secured by two of the Company’s Capesize vessels, the 2010 built M/V Geniuship and the 2004 built M/V Gloriuship, which will also secure the new loan facility (the “New Facility”). The New Facility will have a five-year term, expiring in July 2025, and its underlying repayment terms ...

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Green Award welcomes Maritech Group

Maritech Group joins the Green Award Incentive Provider program by offering 7-10% discount on all its maintenance services to Green Award certified ships. By being proactive and going beyond compliance with regulatory requirements, the shipping industry and its stakeholders substantially contribute to the general welfare and at the same time invest in sustainability. Acting preventatively is no simple task; hence responsible behaviors and actions must be acknowledged and rewarded in order for frontrunners to remain ahead of the game. Green Award’s values, philosophy and work motivate all companies and institutions ...

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Reopening of Economies Triggers More Demolition Activity But Only Just

The ship recycling market seems set for a rebound of activity, as more and more economies reopen after lockdown measures. However, things are still pretty tentative. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “with the start of summer now officially upon us, much needed positive sentiment has emanated across Europe in particular as the battles against the Virus has improved dramatically, but there still remains caution in the hope of no ‘second wave’ taking place, but the rest of the world still sadly battles Covid-19 and ...

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Diana Shipping Inc. Announces Signing of a Supplemental Agreement with BNP Paribas for a 2.5 Year Extension of the Maturity of the Existing Facility with the Bank

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that on June 29, 2020, it signed, through two wholly-owned subsidiaries owning the m/v G. P. Zafirakis and m/v P. S. Palios, a supplemental agreement to the existing secured loan agreement with BNP Paribas, to extend by 2.5 years the maturity of the existing secured loan facility until May 19, 2024. The Company also announced that today it signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third ...

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China’s Influence on Global Shipping Now More Important Than Ever

During the past two decades, China’s rise as an economic powerhouse has also triggered a massive expansion of the shipping industry, both in China, but also globally. So, with the country coming to terms with the first major economic crisis of its recent history, shipping is bound to be rocked. In its latest weekly report, shipbroker Allied Shipbroking noted that “shipping may well make claim of carrying 90% of world trade, yet its China that accounts for 30% of the world’s key commodity imports that really makes for a big ...

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Tanker Market Looking for Lifelines Ahead of Tough Second Half

The tanker market is about to enter the “eye of the storm” in the weeks and months to come, as a result of lower oil demand and heightened tonnage supply. As such, any good news from a specific trade could provide a lifeline, but things aren’t that rosy. In its latest weekly report, shipbroker Gibson said that “in early June the US Treasury department added several tankers to its Venezuela sanctions lists for allegedly lifting oil from the country between mid-February and late April this year. It does appear, however, ...

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Shipping is Waiting for the Global Economy to Bounce Back

The recession currently underway globally is bound to have a negative impact on demand for ships. However, the scale of the recovery will also be key for the shipping industry, as some countries will bounce back quicker than others. Which ones will manage to do this, could be key for shipping. “The World Bank estimates that the global economy will fall by 5.2% this year, underlining that the Covid-19 pandemic has had rapid and massive consequences despite the implementation of unprecedented programs to support local economies”, Intermodal said in its ...

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Seanergy Maritime Holdings Corp. Expects Much Stronger Capesize Market in the Rest of 2020

Seanergy Maritime Holdings Corp., announced its financial results for the first quarter ended March 31, 2020. For the quarter ended March 31, 2020, the Company generated net revenues of $13.3 million, a 17% decrease compared to the first quarter of 2019. EBITDA for the quarter was approximately $1 million, compared to EBITDA of $0.4 million in the same period of 2019 . Net loss for the first quarter was $8.3 million compared to net loss of $8.6 million in the first quarter of 2019. The daily Time Charter Equivalent (“TCE”)1 ...

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