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Bullish Tanker Market Makes it Harder to Spot Potential Downward Risk

The tanker market’s bullish nature lately, is making it harder to spot potential downward trends. In its latest weekly report, shipbroker Allied said that “a closer look at the TD3C route (MEG/China) could help us argue that trend patterns look fairly consistent with those being noted in other size segments and types of trade (i.e. LR2 TC20 analysis a couple of weeks back). Year-to-date, this route indicates less upward potential too, as the short-term spikes being noted periodically have met lower resistance levels at the same time. Around 2 loadings ...

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Genco Shipping & Trading Issues Statement Regarding George Economou’s Withdrawal of his Nominee

Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”) the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today issued the following statement regarding George Economou’s withdrawal of the nomination of Robert Pons for election to the Genco Board of Directors. Genco issued the following statement: We are pleased that George Economou has withdrawn from the proxy fight that he started. We note that to the very end, Economou continued to disseminate statements about Genco, our Board and our performance that we believe are inaccurate ...

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Ship Recycling Market Sees Steady Flow of Ships

The ship recycling market has seen a steady flow of vessels over the course of the past week, mainly from the container and dry bulk segments. In its latest market report, Best Oasis (www.best-oasis.com), one of leading cash buyers of ships worldwide, said that “the recycling market across various regions exhibits varying trends and challenges. In India, the market is experiencing a robust upward trajectory, driven by strong local demand and a consistently healthy demand for steel, which bolsters the market’s overall health and maintains its growth. Conversely, in Bangladesh, ...

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Tanker Newbuilding Orders Dominating Activity

Tanker newbuilding orders have been dominating this week’s “charts”. In its latest weekly report, shipbroker Banchero Costa said that “tankers maintain their dominance in the order book. This week, an option for 2x 75,000 dwt LR1 (scrubber-fitted + LNGready) was exercised by International Seaways at K Shipbulding, elevating the owner’s commitment to 6 x LR1 with deliveries starting in the second half of 2025. The last two, costed $ 57 mln per vessel, will be delivered in Q3 2026. At same yard, Greek shipowner Sea Pioneer Shipping secured 2x MR2 ...

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Seanergy Maritime Reports Record First Quarter Net Income of $10.2 Million

Seanergy Maritime Holdings Corp., announced yesterday its financial results for the first quarter ended March 31, 2024. The Company also declared a quarterly cash dividend of $0.025 per common share and a special cash dividend of $0.125 per common share for the first quarter of 2024. For the quarter ended March 31, 2024, the Company generated Net Revenues of $38.3 million, compared to $18.0 million in the first quarter of 2023. Net Income and Adjusted Net Income for the quarter were $10.2 million and $11.6 million, respectively, compared to Net ...

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Greece’s Harbor Lab Raises $16M to Streamline Port Call Cost Management for the $14T Shipping Industry

Harbor Lab, the maritime software company modernising the outdated accounting practices hampering the $14 trillion shipping industry, has raised a $16m Series A funding round led by European VC Atomico. With participation from existing investors Notion Capital, Venture Friends, SpeedInvest and The Dock, and new investors Endeavor Catalyst and maritime VC TMV, the round follows a Seed round of €6.1m and takes total funding for the Greek startup to some $22.5m. Atomico Partner Ben Blume will join the board. There is a longstanding bottleneck at the heart of the shipping ...

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High Tanker Prices Dent Sales Transaction Volume

High tanker prices appear to be acting as a block to more agreements moving forward, despite the fact that demand is evident. In a recent weekly report, shipbroker Xclusiv said that “the tanker sale and purchase market present an interesting contrast between buying activity and charter rates the first four months of 2024. While sales volume for tankers (>10,000 dwt) in the first four months of 2024 (187) is down 34% from the peak in 2023 (285), it’s still 6% higher compared to 2022 (177). This suggests a wait-and-see approach ...

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Navios Maritime Partners L.P. Reports Solid First Quarter Results

Navios Maritime Partners L.P., an international owner and operator of dry cargo and tanker vessels, reported its financial results for the first quarter ended March 31, 2024. Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for the first quarter of 2024. We reported revenue of $318.6 million and net income of $73.4 million. Earnings per common unit were $2.38.” Angeliki Frangou continued, “In the first quarter of 2024, regional conflict, particularly in the Middle East, continued to drive transportation. The US ...

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Is a closure in the Strait of Hormuz on the cards?

In a recent weekly report, shipbroker Intermodal said that “the Strait of Hormuz represents a vital artery for global trade, especially in the oil and gas industry. In this report, we will focus on how a potential blockage of the Strait of Hormuz (with its narrowest points at only 29 nautical miles) amidst increasing tensions in the Middle East could affect the gas industry and the extent to which such an event could occur. To provide a better perspective on the importance of this choke point, 20.0% of the global ...

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Go Shipping supports the Hellenic Olympic Team

Go Shipping, the leader in cargo transportation and logistics in the Eastern Mediterranean, is proud to announce its sponsorship of the Hellenic Olympic Committee (HOC), cementing its commitment to sport and its promotion at the highest level. Through this partnership, Go Shipping becomes an official supporter of the Hellenic Olympic Team, reinforcing its commitment to promoting excellence and the spirit of Olympism. The cooperation between Go Shipping and the Hellenic Olympic Committee underlines the common values of both organizations, namely determination, integrity and teamwork. By supporting the Greek Olympic Team, ...

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Tankers: Are VLCCs Overpriced?

The price for a modern VLCC has been hovering near record levels over the past few months.In its latest weekly report, shipbroker Gibson said that “VLCC asset prices appear to be caught in a paradoxical market scenario. While conventional market sentiment and pricing models would suggest that prices are reaching overheated levels, mirroring the peaks seen in 2008, the underlying supply dynamics seem to justify these increases for now.A key indicator signaling that the secondhand asset market might be overheating is the price differential between the five-year-old benchmark and the ...

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First Quarter Australian LNG Exports Rose Along With the Rest of the Market

Global seaborne LNG trade kept its upwards momentum during the first quarter of 2024, with Australia retaining its no2 spot, among the biggest exporters. In its latest weekly report, shipbroker Banchero Costa said that “global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russian pipeline gas, but slowed down somewhat compared to previous years. In the full 12 months of 2023, global shipments of LNG increased by +1.7% y-o-y to 409.9 mln t, based on ...

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Costamare Inc. Reports Strong First Quarter Results

Costamare Inc. today reported unaudited financial results for the first quarter ended March 31, 2024 (“Q1 2024”). I. PROFITABILITY AND LIQUIDITY Q1 2024 Net Income available to common stockholders of $94.2 million ($0.79 per share). Q1 2024 Adjusted Net Income available to common stockholders1 of $75.2 million ($0.63 per share). Q1 2024 liquidity of $1,106.0 million2. II. OWNED FLEET CHARTER UPDATE3 – FULLY EMPLOYED CONTAINERSHIP FLEET FOR THE YEAR AHEAD 97% and 80% of the containership fleet4 fixed for 2024 and 2025, respectively. Contracted revenues for the containership fleet of ...

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LNG Newbuildings Take Center Stage

Demand for LNG newbuildings rose last week, with more orders being reported. In its latest weekly report, shipbroker Banchero Costa said that it was a “very busy week for LNGs with the third phase of the Qatar Energy building program. The Chinese shipyard HudongZhounghua was awarded the construction of 18 of the so called QC-MAX, the largest LNG carriers ever ordered with a capacity of up to 270,000 cbm. Deliveries are expected between 2028 and 2031 and price per ship was reported around $330 mln. There were several companies involved ...

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EVs and Tanker Shipping: A Cooling Market Could Lengthen Peak Oil Projections

A cooling of EV sales globally, could move peak oil projections further down the line, thus lengthening the existing tanker fleet’s lifespan. In its latest weekly report, shipbroker Gibson said that “in recent months we have seen some gloomy developments in the electric vehicles (EV) market. Rental company Hertz has already announced its plans to sell 20,000 EVs and now plans to offload another 10,000 due to waning demand. Tesla has abruptly dismissed the team running its electric vehicle charging business, raising doubts about the future of one of the ...

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