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Strong Test for Shipping and the World Economy

The effect and the aftermath of the Covid-19 pandemic will be a strong test for both the shipping industry, but also the world economy and trade. In a recent weekly report, Allied Shipbroking noted that “it might be already overstated, but it seems to be important to point out once again how peculiar the current circumstances are. Before the start of the year, it was one of the favorite topics amongst participants in the shipping industry how challenging 2020 would be. However, no one could have guessed the level of ...

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SQLearn’s e-learning solutions help shipping companies to ensure business continuity and minimize risk during the COVID-19 pandemic

SQLearn’s e-learning system and courses allow shipping companies to continue their training schedule without interruptions by providing ABS certified e-learning system and courses for onboard and ashore safety training on STCW topics. Thanks to SQLearn’s e-learning services, ashore and onboard personnel can be trained quickly and efficiently, without any location restrictions. SQLearn’s Dolphin System, a web-based e-learning system specifically designed for the shipping industry, is offered via a hardware solution for onboard training, while the ashore installation allows the training manager to manage and monitor the training process across the ...

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Low Oil Price Environment Could Alter Tanker Market Fundamentals

Oil prices could remain low for a number of months, a scenario which could alter tanker demand and shift trade routes. In its latest weekly report, shipbroker Intermodal said that “there is no doubt that the Covid-19 pandemic crisis is a world-shattering event that will change the world as we know it. Societies are facing challenging moments, markets have been violently disrupted and it will become even more visible later on that governments around the world will experience major shifts in their respective political and economic power. As we have ...

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A World Economy in Strain

The shock in the global economy from the current COVID-19 pandemic is quickly escalating, threatening the pace of recovery, once this situation subsides. In its latest weekly report, Allied Shipbroking said that “as countries around the world struggle to take back control of the ongoing COVID-19 pandemic the global economy shuts down bit by bit, leaving only the mere essentials still in operation across some of the world’s biggest economies. Most stock markets have seen their steepest decline (comparable to the time frame) witnessed since world war II, while at ...

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Ship Owners Scramble to Close New Deals

The newbuilding and S&P markets remain in flux, as ship owners are pondering how they should react in the COVID-19 pandemic, which is wreaking havoc in the global supply chains. In its latest weekly report, shipbroker Allied Shipbroking said that “on the dry bulk side, another quiet week was due, establishing even more emphatically the relatively poor appetite surrounding the market at this point. This is far from surprising, given the turbulent trajectory from the side of earnings and perplexed feeling among investors since the Covid-19 outbreak. Despite the modest ...

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Donation of PPA S.A. to the TZANEIO Hospital in Piraeus

PPA S.A. offered a donation of sanitary material to the “TZANEIO” General Hospital in Piraeus in order to support the new beds operation in the new ICU (Intensive Care Unit) for patients with COVID-19. The material was delivered by the CEO of PPA S.A. Capt. Fu Chengqiu to the Chairwoman Mrs. Maria Arvaniti, expressing to all the doctors, nurses and all the hospital staff his best wishes for their strong efforts and he noted that “we should all join our forces to support their work”. It is reminded that a ...

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Diamond S Shipping Inc. Announces Changes to Its Board of Directors

Diamond S Shipping Inc. (NYSE: DSSI) (the “Company”) announced yesterday that Mr. Gerasimos Ventouris has resigned from the Company’s Board of Directors (the “Board”), effective March 23, 2020. Mr. Ventouris had been designated as a director pursuant to the Director Designation Agreement dated March 27, 2019 (the “Director Designation Agreement”) between the Company, Capital Maritime & Trading Corp., Crude Carriers Investments Corp. and Capital GP L.L.C. (together, the “Former CPLP Holders”). Pursuant to the Director Designation Agreement, the Former CPLP Holders have the right to nominate a replacement director to ...

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Diana Shipping Inc. Announces Time Charter Contract for Amphitrite with SwissMarine

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 SwissMarine Pte Ltd., Singapore, for one of its Post-Panamax dry bulk vessels, the m/v Amphitrite. The gross charter rate is US$10,250 per day, minus a 5% commission paid to third parties, for a period of about thirteen (13) months to maximum fifteen (15) months. The charter commenced on March 21, 2020. The “Amphitrite” is a 98,697 dwt Post-Panamax ...

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Where to Next for Demolition Activity?

In today’s market conditions, it may wise to remove some older tonnage, although there are still many market unknowns. In its latest weekly report, shipbroker Clarkson Platou Hellas said that ‘with each week bringing new port restrictions and regulations in response to the Covid-19 virus, we have now entered a period of the unknown, can vessels be allowed into certain ports and can deliveries/change of crew take place at specific anchorages. Many of these questions remain difficult to give a precise answer as each day brings about new changes. Pakistan ...

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GasLog Picks Nippon Marine Paints’ A-LF Sea

Piraeus-based gas carrier vessel operator Gaslog Ltd has opted to apply Nippon Paint Marine’s A-LF Sea hull coating as part of its current drydocking programme. The shipowner strives to limit the impact of its operations on the marine environment and pursue optimal operational efficiency across its fleet. With this in mind, anything proven to reduce fuel consumption has a direct impact on environmental and operational costs. A-LF Sea minimises significantly biofouling and hull resistance and, consequently, results in reduced fuel consumption and engine emissions. Gaslog operates a fleet of 27 ...

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Oil: Where to Next?

The latest trends in crude oil production, after the latest OPEC and Russian talks took place, make for an interesting reading. In its latest weekly report, shipbroker Gibson said that “this week global crude benchmarks plummeted to their lowest levels in 18 years, as Saudi Arabia and Russia became embroiled in an oil price war coinciding with a period of colossal demand destruction, threatening the future of the growing US shale industry. Expectations now are that global inventories will rise very fast and concerns are emerging that the world could ...

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Trade Patterns Mixing Up Russian Crude Oil Exports

Russian crude oil exports could exhibit yet more trade shifting patterns in the months to come, as a result of the Coronavirus effect. In its latest weekly report, shipbroker Banchero Costa said that “in the 12 months of 2019, Russia exported 225.3 mln tonnes of crude oil by sea, according to vessel tracking data from Refinitiv. This represents an increase of +6.2% y-o-y, compared to the 212.1 mln tonnes of 2018. There continues to be a reshuffling in the trade patterns. Seaborne exports from Russia to the European Union declined ...

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Pyxis Tankers Inc. Says impact of Covid-19 on the MR Product Tanker Market Has Been Limited So Far

Pyxis Tankers Inc. a growth-oriented pure play product tanker company, yesterday announced unaudited results for the three months and year ended December 31, 2019. Summary For the three months ended December 31, 2019, our Revenues, net were $7.3 million and our time charter equivalent revenues increased by $1.8 million, or 39.5%, to $6.2 million compared to the same period in 2018. For the quarter ended December 31, 2019, our net loss was $3.6 million, or a loss per share (basic and diluted) of $0.17, which was primarily due to a ...

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M/T ‘Andronikos’ (IMO No: 9830812) released from arrest in Singapore

Capital Ship Management Corp. announced that the M/T Andronikos (ex ‘Anbar’) was promptly released from arrest in Singapore after the Owners’ P&I Club posted security and has resumed trading. As previously disclosed, the M/T Andronikos, together with an additional five vessels, were redelivered after Al-Iraqia Shipping Services & Oil Trading (‘AISSOT’ or ‘Charterers’) gave notice of termination of the bareboat charters for those vessels on 22 February 2020 in what were then dire spot market conditions. At the time AISSOT terminated the charter, the M/T Andronikos had approximately another six ...

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Ships’ Prices Will Come Down

Ships’ prices are bound to retreat in the coming weeks, under pressure from a global economical slowdown and the negative impact it will have on shipping. Amid this development, shipbroker Intermodal expects new investment opportunities to arise for bold owners. In its latest weekly report, the shipbroker said that “despite we all knew about the Covid-19 weeks ago, few could realize the size of the thread until the last few days. The examples of China and Italy weren’t enough to prepare us for what we would face. While strict measures ...

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