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A Glimmer of Hope for Tankers?

The tanker market could find support from the potential return to the market of Iran, Venezuela and of course shale oil in the US. In its latest weekly report, shipbroker Gibson said that “despite recent cold weather in Texas disrupting oil and gas production, a comeback in US shale may already be on the horizon given the increasingly bullish fundamentals of the global oil market. Goldman Sachs have revised up their 2021 oil forecasts to around $72/bbl WTI and $75/bbl Brent by Q3. This is significantly higher than the EIA ...

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Israel clears Greek tanker over Mediterranean oil spill

Israeli authorities said Sunday they had cleared a Greek tanker of suspicion in relation to an oil spill that caused massive tar pollution on the Mediterranean coastline, devastating marine life. It is seen as Israel’s worst maritime pollution incident in decades. Powerful winds and unusually high waves pummelled Israel’s entire Mediterranean coastline on February 17, with tonnes of tar staining 160 kilometres (96 miles) of beach from its borders with the Gaza Strip to Lebanon. Volunteers have teamed up with authorities to clean the beaches, while officials from the environmental ...

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Tanker owner expects “challenging months ahead” for the market

The tanker market is expected to keep facing headwinds, at least for the next few months. In a market analysis by ship owner Teekay Tankers this week, it was noted that “crude tanker spot rates declined during the fourth quarter of 2020, due to a combination of lower oil demand as a result of COVID-19, persistent OPEC+ supply cuts, and the return of ships to the spot trading fleet from floating storage”. “Renewed lockdowns in many parts of the world due to a second wave of COVID-19 and the emergence ...

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Diana Shipping Inc. Announces Time Charter Contract for M/V Ismene

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 Tongli Shipping Pte. Ltd., for one of its Panamax dry bulk vessels, the m/v Ismene. The gross charter rate is US$16,500 per day, minus a 5% commission paid to third parties, for a period until minimum October 15, 2021 up to maximum December 15, 2021. The charter is expected to commence on March 7, 2021. The m/v Ismene ...

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The Piraeus Port Users’ Council convened

The 1st meeting for this year of the Piraeus Port Users’ Council was held via teleconference, on Thursday 25.02.2021, as provided by the article 104 of Law 4504/2017, under the chairmanship of the Deputy CEO of PPA S.A. Mr. Angelos Karakostas. The meeting attended 20 representatives from 16 institutions – users of port activities (cruise, coastal shipping, ship repair, etc.), professional and trade unions and also the Deputy Regional Governor of Piraeus Ms. Stavroula Antonakou. During the meeting, various operational issues of the port were discussed and a fruitful dialogue ...

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Listed Dry Bulk Shipping Companies Revel in the Limelight

Dry bulk ship owners are once again enjoying a bit of “love” from investors, as the dry bulk market has managed to escape any potential impact from the pandemic, going from strength to strength. In its latest weekly report, shipbroker Intermodal said that “with yields of up to 563%, the shares of Greek shipping companies listed on Wall Street are recorded. The Coronavirus pandemic has not significantly affected the dry bulk industry compared to other industries. Castor Maritime stars in stock performance, with Seanergy Maritime, which operates in the Capesize ...

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Stealthgas Inc. Says Market Turbulence Could Last Throughout 2021, as Company Reports Steady 2020 Revenues of $145 Million

STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the twelve months ended December 31, 2020. OPERATIONAL AND FINANCIAL HIGHLIGHTS1 • Fleet utilization of 98.5% with 60 days of technical off hire mainly as a result of two drydockings completed within Q4 2020. • Fleet operational utilization of 93.6% mainly due to a number of our ships having a presence in the spot market – equivalent to 28.7% of calendar ...

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Ship Recycling Activity on Hold

The ship recycling market was halted over the past week, as holidays in the Far East meant a lull in sales. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “with the holidays in the Far East continuing into this week, the market was never able to get off the ground as a result and subsequently, an absence of activity has been seen. Little, if any, tonnage at all was even circulated in the market with buyer’s ‘inbox’ threadbare and all finding it hard to source any vessels ...

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Dry Bulk Tonnage in High Demand

A bullish sentiment is prevalent in the dry bulk market, leading to an increased demand for second hand tonnage. In its latest weekly report, shipbroker Allied Shipbroking said that “on the dry bulk side, the market seems to be overflowing with bullish sentiment at this point. Overall activity was sustained for yet another at week at the firm levels that we have become accustomed to of late. Moreover, given the rising trajectory in both freight returns and asset price levels, it may well seems that a robust direction is taking ...

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No Strategic Autonomy for Europe without its own Maritime Technology Industry

On 18 February, the European Commission adopted its new Trade Policy review. This review sets the course for “An Open, Sustainable and Assertive Trade Policy” in the coming years in order to foster an “Open Strategic Autonomy’s model” for Europe. Transport, defence and security, access to trade and sea, food and energy supplies and many more activities at sea not only depend on complex ships and offshore platforms but also require advanced maritime systems, equipment and technologies. Europe’s maritime manufacturing capabilities are therefore essential to Europe’s (maritime) strategic autonomy as ...

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Another one bites the dust: LNG shipping’s GasLog to delist

More shipowners have come to Wall Street than have left over the past half decade. Yet most of the new arrivals have been micro-cap stocks and some of the recent departures have been big names. On Monday, liquefied natural gas (LNG) shipping giant GasLog Ltd. (NYSE: GLOG) announced plans to go private. The delisting of GasLog follows on the heels of January’s definitive agreement to fold Navios Containers (NYSE: NMCI) into Navios Partners (NMM), December’s “take private” announcement by Seacor (NYSE: CKH), the delisting of Teekay Offshore’s common (but not ...

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Diana Shipping Inc. Announces Management Succession

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that its Board of Directors has approved a series of senior management appointments intended to provide for an orderly succession and to ensure the continued sound strategic management of the Company. The management appointments described below will be effective as of March 1, 2021. The appointments were made by the unanimous decision of the Board of Directors. Ms. Semiramis Paliou has been appointed Chief Executive Officer of the Company. ...

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GasLog Partners LP Reports Financial Results for the Three-Month Period and the Year Ended December 31, 2020

GasLog Partners LP, an international owner and operator of liquefied natural gas (“LNG”) carriers, yesterday reported its financial results for the three-month period and the year ended December 31, 2020. Highlights • Following the completion of the Partnership’s strategic review, GasLog Partners will maintain its current corporate structure and will continue to pursue its own independent strategy of owning, operating and acquiring LNG carriers. • During the quarter, signed a new two-year time charter for the 15-year old steam turbine propulsion (“Steam”) vessel, Methane Jane Elizabeth, with a wholly owned ...

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Piraeus Port Reports Drop In Revenues During 2020

PPA S.A. announces the Annual Financial Results 2020, according to which: The turnover amounted to € 132.9 million compared to € 149.2 million in the financial year 2019, showing a decrease of € 16.3 million or -10.9%. This change is mainly due to the significant decrease in revenues attributed to the pandemic at the Cruise and Coastal Shipping sector by 84.0% and 26.4% or amounting to € 10.5 million and € 3.0 million respectively, as well as in the Ro-Ro sector by 20.3% or amounting to € 2.8 million. There ...

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Tankers: Growing Optimism Ahead?

With oil prices taking a turn upwards and demand expected to pick in the second half of the year, shipbrokers are examining whether this trend is a sign of a more bullish market ahead, which could benefit tankers as well. In its latest weekly report, shipbroker Gibson said that “oil prices are back above $60/bbl, their highest level since January 2020, before the Wuhan lockdown. In normal times rising prices typically suggest robust oil demand and growing trade requirements, but of course these are not ordinary times. The upward trend ...

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