The changing dynamics of the tanker trade in the Mediterranean Sea seem to be a constant, rather than an exception. In a recent weekly report, Poten said that the Mediterranean, or the “Med” as it is known in shipping circles, is one of the most important bodies of water in maritime history. The Mediterranean played a central role in the history of Western civilization. The empires of the Greeks, Egyptians, Romans and the Ottomans were all concentrated around the Mediterranean. The Roman Empire dominated the Med for centuries and is ...

Demand for second hand dry bulk carriers remained in high demand during the past week. In its latest weekly report, shipbroker Xclusiv said that “despite the northern hemisphere approaching the “heart” of the summer, dry bulk S&P activity remains robust. Chinese buyers were quite active on the Capesize sector this week. The “Cape Mathilde” – 179K/2010 Mitsui was sold for USD 30 mills to Chinese buyers, while the 2-year older Scrubber fitted “Genco Hadrian” – 169K/2008 Sungdong was sold for USD 25 mills. Moreover, Chinese buyers seem to have acquired ...

ThPA S.A. is bolstering its reefer container handling capabilities by incorporating RTE’s GRASP automated reefer monitoring platform. This advanced system, coupled with WRAD II Bluetooth® wireless devices, revolutionizes the port’s reefer operations, ensuring even more efficient and effective handling of reefer containers. ThPA S.A. is the multi-gateway intermodal network and logistics solutions provider for the Balkans and the broader Southeast, Central and Eastern European region, strategically located in Northern Greece close to the major Trans-European motorway and railway networks with direct access to the Southeastern European countries. The company has ...

The lack of tonnage persisted in the ship recycling markets this past week. In its latest weekly report, Best Oasis (www.best-oasis.com), the world’s leading cash buyer of ships said that “the ship recycling sectors in four key destinations faced challenges this week. In India, the industry continues to struggle with disruptions from the monsoon season, with no immediate improvement in sight as recyclers await the budget announcement. Bangladesh saw no progress, with ongoing issues like Letters of Credit difficulties and unrest from protests exacerbating the situation. Pakistan’s market is inactive, ...

Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Stone Shipping Ltd, for one of its Ultramax dry bulk vessels, the m/v DSI Polaris. The gross charter rate is US$15,400 per day, minus a 5.00% commission paid to third parties, for a period until minimum June 1, 2025 up to maximum August 15, 2025. The charter commenced retroactively as of July 20, 2024. The ...

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, today announced that Alliance Global Partners (AGP) has initiated analyst coverage of the Company with a “Buy” rating and US$6.50 price target. All reports prepared by analysts represent the views of those analysts and not necessarily those of the Company. The Company is not responsible for the content, accuracy, or timing of analyst reports. Source: Performance Shipping Inc.

More and more shipyards are coming back online, or are expanding their existing facilities, in order to cope with growing demand for new ships. In its latest weekly report, shipbroker Xclusiv said that “newbuilding activity remains robust with vessel deliveries extending to 2028 for bulkers, tankers, and containers, and up to 2030 for gas carriers. Consequently, many shipyards previously idled for years are now either reopening or expanding. Although China has expanded its shipyard capacity through reactivation and expansion, a significant labour shortage could impede its growth rate. As of ...

The inclusion of shipping in the ETS regulatory framework and the implementation of the EEXI and CII indices, has led to a significant slowdown of vessels’ average sailing speeds. In its latest weekly report, shipbroker Intermodal said that “in February 2024, we discussed the impact of the integration of the Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Indicator (CII) regulations, alongside the Emissions Trading System (ETS), on the availability of shipping tonnage by influencing vessel speeds in 2023. By December 2023, we observed that the average speed of ...

Capital-Executive Ship Management Corp. is pleased to announce the successful delivery of the 2,862 TEU newly built container vessels C/V ‘Acastos’ C/V ‘Adonis’, C/V ‘Anaxagoras’, C/V ‘Acheloos’ from HD Hyundai Mipo Dockyard Co. Ltd., South Korea. Each sister vessel features a single-tier lashing bridge for increased stack-weights and to facilitate the 604 refrigerated containers. The vessels’ deck house has been lifted to increase visibility and nominal intake. These 2,862 TEU container vessels incorporate optimized hull designs and integrate smart ship technologies to boost energy efficiency and minimize environmental impact. The ...

Piraeus Port Authority S.A. received two prestigious distinctions for its significant contribution to the Greece’s economy at the “Protagonists of the Greek Economy” awards, organized by the Direction Business Network under the auspices of the Ministry of Development. PPA S.A. was honored with the “Industry Leader in Port Authorities” recognizing its position in the sector based on its turnover, profits before taxes and cash reserves for the fiscal year 2022. Additionally, the Company received the “Greek Business Champions” award, which is given to companies with a turnover exceeding 10 million ...

The hurricane season has always been a period of increased freight rate volatility, especially in the tanker market and this time is no exception. In its latest weekly report, shipbroker Gibson said that “with Hurricane Beryl recently striking the Caribbean and United States, making headlines worldwide for being the earliest category 5 Hurricane in history, many clients have been asking us what impact Hurricanes have on the tanker markets. The NOAA predicts a record number of tropical storms and hurricanes this year, expecting a quick transition to La Niña conditions ...

US crude oil exports have kept growing during the first half of 2024, with European and Asian destinations dominating the trade. In its latest weekly report, shipbroker Banchero Costa said that “2023 has been another positive period for crude oil trade, despite the high oil prices and risks of economic recession. In Jan-Dec 2023, global crude oil loadings went up +4.7% y-o-y to 2186.8 mln tonnes, excluding all cabotage trade, according to vessels tracking data from Refinitiv. The positive trend continued in Jan-Jun 2024, when global loadings increased by +0.8% ...

The tanker market is expected to benefit from further growth in ton-mile demand. In its latest weekly report, shipbroker Xclusiv said that “the International Energy Agency (IEA) has reported a significant slowdown in global oil demand growth, with the second quarter of 2024 seeing the lowest increase in over a year (710kb/day). Despite a temporary uptick in OECD oil demand, primarily due to increased gasoil and naphtha deliveries, overall global demand growth is projected to remain subdued in 2024 and 2025 at 970kb/d and 980kb/day respectively. Conversely, global oil supply ...

Bluferries, the company of the FS Italiane Group’s Polo Logistica operating in maritime transportation in the Strait of Messina, Italy, C.T.E. Perdikaris Engineering, Architectural & Technical Services Ltd., and RINA, a multinational inspection, certification, and engineering consultancy, announce the launch of a state-of-the-art hybrid Ro-Ro passenger ship, Sikania II Hybrid. This innovative vessel is set to revolutionize passenger travel between Villa San Giovanni (Reggio Calabria) and Messina, Italy. Designed by the Greek company C.T.E. Perdikaris and built in Greece by Celt under RINA surveillance, this vessel represents a significant leap ...

Orders for newbuilding bulkers are still among the main choice by ship owners. In its latest weekly report, shipbroker Banchero Costa said that “interesting activity reported in the dry bulk newbuilding market: Singapore based Owner Winning International Group booked an order for 6 x 325,000 dwt ore carriers at Hengli Heavy Industries, the former STX Dalian. The Vessel, which will be employed for W Africa-China bauxite trade, will be dual fuel methanol ready and should be delivered from 2026 to 2027. The estimated price should be of around $118 mln ...