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Tankers: Oil Market’s Balancing Act Will Require More Cuts

With the next OPEC meeting soon underway, tanker owners are looking for the next oil market’s direction. In its latest weekly report, shipbroker Gibson said that “in just a few weeks’ time OPEC and its allies will meet again to discuss the oil markets. Analysts are mixed on what the decision will be, with the next few weeks having the potential to influence OPEC’s final decision. At this stage it would seem likely that the current agreement, which expires in March 2020, will be maintained. However, several events taking place ...

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China bought most of Greece’s main port and now it wants to make it the biggest in Europe

China is looking to transform Greece’s Piraeus port into the biggest harbor in Europe — making it the most crucial transit hub for trade between Asia and Europe. In 2016, China’s shipping firm Cosco purchased a majority stake in Piraeus port. Situated in the Saronic Gulf, Greece’s largest harbor — and Europe’s seventh biggest — is at a strategic location between the Asian and European continents. Chinese President Xi Jinping and Greece’s Prime Minister Kyriakos Mitsotakis announced earlier this week that Cosco would be investing about 600 million euros ($660 ...

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October Marks Record Month for the Tanker Market

The tanker market was quite the ride for ship owners. In its latest monthly report, OPEC said that a host of factors in the tanker market in October pushed rates to the highest on record on all major routes. The market had been expecting a seasonal pickup in demand and some tightness on the tanker availability side as tankers were scheduled to be taken out of service to have scrubbers installed ahead of IMO 2020. However, geopolitical developments, such as the announcement of sanctions on two subsidiaries of one of ...

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Official visit of the Ambassador of Ukraine to PPA S.A.

The Ambassador of Ukraine Mr. Sergii Shutenko had a meeting with the Deputy CEO Capt. Weng Lin and Mr. Athanasios Liagkos, BoD Member of PPA S.A. at the headquarters of the Company. During the meeting the PPA activities and the Company’s development plans were presented. Mr. Shutenko paid attention to the developments at the port of Piraeus, was informed about the Company’s investment plan and toured the port facilities. Source: Piraeus Port Authority

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GasLog Ltd. : Successful placing of NOK 900 million of Senior Unsecured Bonds due 2024, and partial buy-back of existing GLOG02 bonds

GasLog Ltd. (the “Company”) has successfully placed NOK 900 million of senior unsecured bonds due November 2024 (“GLOG03”). The bonds will carry a coupon of 3 months NIBOR + 6.25% which represents a reduction of 0.65% compared to the margin of 6.90% on the current GLOG02 bond (ISIN number NO0010767858), with maturity date 27 May 2021. The GLOG03 bonds will accordingly mature 3.5 years later than the GLOG02 bond at a time when we anticipate that the LNG market will be going through a period of strong growth, with approximately ...

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Reborn Piraeus Port testimony of China-Greece friendship, win-win BRI cooperation

Passing through the gates into the Mediterranean’s busiest terminals near the Greek capital of Athens, mountains of perfectly stacked containers immediately filled the sight. With huge cranes precisely maneuvering over fully loaded super container ships, and cargo trucks shuttling back and forth through the “mountains” delivering iron boxes directly between the vessels and the China-Europe Land-Sea Express trains, it is difficult to remember what the Piraeus Port was like during the Greek debt crisis. TRUE MEANING OF “FRIENDS” Greece has come to a deep understanding of the true meaning of ...

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Ship Owners Adopting “Defensive” Tactics

Ship owners are adopting a rather conservative approach, when it comes to their new investments in the market, given the amount of uncertainty there is on the market. In its latest weekly report, shipbroker Intermodal said that “the improvements seen in the dry bulk market during the unexpectedly strong Q3 brought enthusiasm and optimism for a last quarter rally. Indeed as the BDI surpassed the 2,500 points level at the beginning of September, everyone in the market got excited about what was coming next, with the upcoming low sulphur regulations ...

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Pyxis Tankers Inc. Expects Product Tanker Market Upward Cycle to Begin in Fourth Quarter

Pyxis Tankers Inc. an emerging growth pure play product tanker company, announced unaudited results for the three and nine months ended September 30, 2019. Summary For the three months ended September 30, 2019, our Revenues, net were $7.3 million. For the same period our time charter equivalent revenues (see “Non-GAAP Measures and Definitions” section below) increased by approximately $3.6 million, or 140%, to $6.2 million compared to the same period in the prior year. For the three months ended September 30, 2019, our net loss was reduced by $3.3 million ...

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Diana Shipping Inc. Announces Direct Continuation of Time Charter Contract for m/v Medusa with Cargill

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Medusa. The gross charter rate is US$11,000 per day, minus a 4.75% commission paid to third parties, for a period of about eleven (11) months to maximum thirteen (13) months. The new charter period is expected to commence on November 15, 2019. The “Medusa” is ...

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Volatility Reigns in the S&P Market, as Newbuilding Orders Dry Up

The second-hand market for ships is quite volatile at the moment, as many owners are actively looking for investment opportunities, in a time when the majority of them refrain from newbuilding orders. In its latest weekly report, shipbroker Allied noted that “on the dry bulk side, we experience a rather volatile market at this point, with activity trends changing rapidly even on a weekly basis. During the past week, very few transactions came to light, a situation that put some sort of doubt in regards to the firm buying interest ...

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SQLearn welcomes its new partnership with Kyklades Maritime Corporation

SQLearn is delighted to announce its new partnership with Kyklades Maritime Corporation by providing e-learning services for its entire fleet of 19 vessels via the Dolphin System. The Dolphin System is a web-based e-learning system specifically designed for the shipping industry and it comprises of the ashore and vessel installation as well as the Training Management System. Kyklades Maritime Corporation through the Dolphin Library will use for the training of its crew the Resilience Training Programme, a library of e-learning modules available to improve the crew’s ability to successfully manage ...

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“Change of Guard” in Demolition Market as Bangladesh Loses Top Spot

With activity in the ships’ recycling market still far and apart, the tables are turned, also among scrapyards. In a report this week, GMS, the world’s leading cash buyer of ships said that “for the first time this year, the top spot on the subcontinent demo rankings was relinquished as a beleaguered Bangladeshi market plummeted from first place down to last. Collapsing local steel plate prices have been the primary contributor to such a fall from grace and the BSBA (Bangladesh Shipbreakers Association) has tried to restrict all purchases for ...

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Diana Shipping Inc. Commences Self Tender to Purchase up to 2,739,726 Shares

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced the commencement of a tender offer to purchase up to 2,739,726 shares, or about 2.9%, of its outstanding common stock using funds available from cash and cash equivalents at a price of $3.65 per share. The tender offer will expire at the end of the day, 5:00 P.M., Eastern Time, on December 11, 2019, unless extended or withdrawn. The Board of Directors determined that it is in the Company’s best interest to repurchase ...

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China, Greece agree to push ahead with COSCO’s Piraeus Port investment

China and Greece agreed on Monday to push ahead with a 600 million euros investment by COSCO Shipping into Greece’s largest port, Piraeus, as part of efforts to boost its role as a hub in rapidly growing trade between Asia and Europe. The agreement, part of 16 trade deals signed between Greece and China, came during an official visit by Chinese President Xi Jinping to Athens on Monday. The two countries have drawn closer since 2009 when COSCO won a 35-year concession to upgrade and run container cargo piers in ...

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Chemical Tanker Segment Well Positioned for Growth

The chemical tanker segment, often difficult to distinguish from the product tanker one, is poised for growth over the next few months, on the back of increased demolitions and a slowdown in net fleet growth, as well as new export markets coming into play. In a recent report, shipbroker Banchero Costa said that “charter rates for IMO I/II chemical tankers have remained relatively steady over the last 12 months, despite last year seeing the highest newbuilding deliveries since 2011. Benchmark newbuilding prices in Oct 2019 were estimated at about 28 ...

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