The Atlantic crude tanker market has seen increased supply boost over the past few months, a trend which could be set to continue. In its latest weekly report, shipbroker Gibson said that “Brazilian crude production has been posting strong performance in recent months as the key Latin American producer is expected to see crude output this year increase by 380kbd to 3.5mbd and a further 300kbd in 2024 to reach 3.8mbd. Crude exports have also been growing, with Q3-23 averaging 1.8mbd according to the latest IEA data helping to boost ...

India has confirmed its position as the second largest importer of coal, during 2023. In its latest weekly report, shipbroker Banchero Costa said that “global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Nov 2023, total global seaborne coal loadings increased by +5.8% y-o-y to 1,224.5 mln t (excluding cabotage), based on vessel tracking data from AXS Marine. This was well above the 1,157.1 mln t loaded in Jan-Nov 2022, the 1,154.9 mln t in Jan-Nov 2021, and the ...

TOP Ships Inc., an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced today that it has issued 2,930,718 common shares pursuant to an exercise notice for the conversion of 100% of the Series E preferred shares held by a trust for the benefit of family members of the Company’s CEO. Following this issuance, as of the date hereof, the total number of common shares outstanding is 4,626,224, and the CEO together with his family trust owns 3,377,164 common shares, or 73.0% of the outstanding common shares. ...

The product tanker market has been on the rise lately, as trade conditions are favoring ship rates. In a recent weekly report, shipbroker Intermodal said that “in Europe, refiners have faced challenges accumulating diesel inventories following the ban on Russian oil products despite notable diesel yields, while production has consistently remained below the average in Q2 and Q3. Insights Global reports that as of the week ending November 16, diesel and gasoil stocks in the ARA region fell by 39,000 mt to 1.684 million mt. This trend of declining inventories, ...

Seanergy Maritime Holdings Corp. announced today the release of its Environmental, Social and Governance Report (the “ESG Report”), for the year ended December 31, 2022. The ESG Report outlines Seanergy’s strategy and commitments related to ESG and reflects on the Company’s performance using sustainability-related Key Performance Indicators. It has been developed in accordance with the Global Reporting Initiative (GRI 2021) Standards and follows the Sustainability Accounting Standards Board (SASB) for Marine Transportation. Specific GRI disclosures and SASB indicators have received limited level of assurance from CSE North America. Source: Seanergy ...

OceanPal Inc., a global shipping company specializing in the ownership of vessels, today reported a net loss of $3.4 million and a net loss attributed to common stockholders of $3.9 million for the third quarter of 2023. Time charter revenues for the same period were $3.9 million. This compares to net income of $1.1 million and net income attributed to common stockholders of $403 thousand for the third quarter of 2022. Time charter revenues for the same period were $5.1 million. Net loss for the nine months ended September 30, ...

The heart of seamanship takes center stage at this year’s AMVER Awards Gala Dinner, a major tradition of our industry. Set to unfold on December 15, 2023, at Athens’ Athenaeum Intercontinental Hotel, the event is organized by the International Propeller Club of the United States, Port of Piraeus, in collaboration with the United States Embassy in Greece and the United States Coast Guard, marking another milestone in honoring Greek seafarers’ exceptional commitment to seamanship. Over 800 distinguished guests are expected to attend the 31st edition of the event, including the ...

More dry bulk carriers have been on the shipowners’ radar over the past week. In its latest weekly report, shipbroker Allied said that “on the dry side, we can report an order from Akmar for an Ultramax vessel with DACKS, bringing its total at the yard to three such vessels, and up to 2 firm vessels from Greek buyers at Nantong Xiangyu. Despite the fairly consistent contracting seen within the Ultramax sector over the quarter so far, around 20 vessels, bulker newbuilding orders have seen a decline year on year ...

The dry bulk market has logged eight consecutive increases, prior to yesterday’s halt. In its latest weekly report, shipbroker Xclusiv commented that “everyone is watching the “crazy” rally in the dry market. On Friday 1st December 2023, Baltic Dry Index stood at 3,192 points, the highest point since 24th May 2022, having a more than double increase of 128% since the 1st of November. Baltic Panamax and Supramax indices have 20 and 18 consecutive positive closings, risen by 57% and 33% respectively month to date, while the Handysize index counts ...

ERMA FIRST, a leading sustainable maritime solutions provider, has received Approval in Principle (AiP) from DNV for its amine absorption-based Onboard Carbon Capture (OCC) system. DNV issued the AiP to ERMA FIRST following the successful completion of a technical review, risk assessment and review of the company’s feasibility study for Onboard Carbon Capture (OCC) on RoRo vessels. In doing so, the world’s leading classification society confirms that the proposed design is approved for installation onboard seagoing vessels. The ERMA FIRST CCS system uses amine absorption technology and a proprietary amine ...

A potential increase in EU-approved ship recycling capacity in India’s Alang region, could be a significant shift in the market next year. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “the ‘possible positive’ report circulating this week was the EU considering once again to put some selected yards in Alang (India) on to the approved EU list of recycling facilities. This would be a huge step to help capacity for EU approved facilities as currently, we are heavily relying on Turkey to absorb the larger tonnage that ...

A smartship partnership bringing together ship management company Laskaridis Shipping, digital technology provider METIS Cyberspace Technology and classification society Bureau Veritas (BV) has developed new notations reflecting the latest advances in digitalisation, and in particular the use of augmented data to optimise the efficiency of shipping operations and reduce greenhouse gas emissions. The results of this partnership were made official during a meeting at the offices of Laskaridis Shipping Co. LTD. on the 17th of November 2023. The project, which was launched in June 2022, led to BV delivering an ...

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, today announced that on December 1, 2023, they closed the previously announced repurchase of 10 million of its common shares from Oaktree Shareholders (as defined below and such transaction, the “December Share Repurchase”). As a result of the closing of the December Share Repurchase, (i) the aggregate ownership of Oaktree Dry Bulk Holding LLC and its affiliated funds (collectively, the “Oaktree Shareholders”) in the Company was reduced from approximately 17.1% of the Company’s outstanding ...

METIS Cyberspace Technology has appointed Panos Theodossopoulos as its new Chief Executive Officer, in a move designed to consolidate the company’s position as a leader in maritime digitalisation and extend market penetration. An expert in driving business development through technological innovation, Theodossopoulos has considerable experience in leadership roles in the ICT and maritime sectors. In recent years, he has specialised in maritime digitalisation, co-founding a successful maritime tech start-up in 2015 and later serving as Chief Digital Officer at OceanKing, a leading marine technical and commercial group. Previous positions include ...

Tanker ordering has picked up this year, however it seems that supply will remain low, compared to demand. In its latest weekly report, shipbroker Gibson said that “2023 has seen a notable increase in new tanker ordering activity and as the year slowly draws to its end, it is perhaps time to reflect on where investment in new tonnage has been the strongest and where it is still lacking”. According to Gibson, “for the year to date, ordering activity has been the strongest in the Aframax/LR2 segment, with the focus ...