The IMO2020 rule for the use of low-sulphur fuels from the beginning of 2020 is expected to offer a boost in the product tanker market, triggering demand for more cargoes. However, a lot is still dependant on if “the price is right”. In its latest weekly report, Gibson said that “over the past few weeks, the West – East High Sulphur Fuel Oil (HSFO) arbitrage has firmed substantially from a fairly range bound $30/tonne to a bullish $46/tonne, briefly touching a four year high of $50/tonne last week. Several factors ...

Ecochlor is pleased to announce a contract to supply seven Euronav Suezmax and VLCC tankers with a ballast water management system (BWMS). The agreement comes with an option for Euronav to purchase an additional 30 Ecochlor systems for their vessels between 2020 – 2024. Euronav’s fleet consists of ULCCs, VLCCs and Suezmaxes with some of these vessels having the highest ballast water flow rates in the tanker sector. Three of the Euronav ships to be retrofit with the Ecochlor BWMS have flow rates at 8,000 m3 /hr., but will still ...

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 Myrto. The gross charter rate is US$14,000 per day, minus a 4.75% commission paid to third parties, for a period of about nine (9) months to maximum eleven (11) months. The new charter period commenced on July 18, 2019. The “Myrto” is a 82,131 dwt ...

Zacks Investment Research upgraded shares of Safe Bulkers (NYSE:SB) from a hold rating to a buy rating in a research note issued to investors on Wednesday, Zacks.com reports. The brokerage currently has $2.25 price target on the shipping company’s stock. According to Zacks, “SAFE BULKERS is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly grain, iron ore and coal, along worldwide shipping routes for some of the world’s largest consumers of marine drybulk transportation services. “ Other equities research analysts have also issued reports about the ...

Seanergy Maritime Holdings Corp. reported that as of July 18, 2019 it has 24,393,314 common shares issued and outstanding. In addition, as of July 18, 2019 the Company has 974,489 Class C Warrants remaining (out of 4,830,000 Class C Warrants issued in the public offering of units which closed on May 13, 2019). Based on the current market price of the Company’s common shares and assuming the exercise of all remaining outstanding Class C warrants in an alternate cashless exercise under the terms of the warrant agreement, the total number ...

Things aren’t all that rosy when it comes to the tanker market these days. Besides the issues surrounding the long-term viability of older vessels, as a result of the new set of environmental restrictions, owners will have to think twice about which part of the sea world is currently risk-free. In its latest weekly report, shipbroker Intermodal commented that “the Strait of Hormuz is one of the most important waterways in the world, connecting crude producers in the Middle East with key markets in the rest of the world. It ...

TOP Ships Inc., an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products, announced that it has concluded a Financing Agreement with a major Chinese Financier. The gross proceeds from the new financing amount to $25.6m and will be used mainly to refinance the facility of M/T Stena Weco Excellence with Nord LB. The tenor of the new facility is 10 years. The company also announced that it intends to enter into 2 additional Financing Agreements with ...

2019 won’t go down in the record books when it comes to ship recycling, despite the fact that, according to some market delegates, it should. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “it has been an unusual week where there appears to be no real function in the market with sentiment from the actual recyclers appearing to be wavering. Reports suggest that the recyclers are reluctant to offer any significant rate and seemingly, a standoff has emerged between the recyclers and the cash buyers who hold ...

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 Ausca Shipping Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Selina. The gross charter rate is US$11,750 per day, minus a 5% commission paid to third parties, for a period of minimum seven (7) months to maximum nine (9) months. The charter commenced on July 15, 2019. The “Selina” is a 75,700 dwt ...

First of all, we would like to express our gratitude to all Members, Sponsors, Participants and Guests for their sincere and warm support of Pireas 2019. During the last 12 months, the Board of Directors of the Hellenic Shipbrokers Association and the organising committee have spared no effort in organising an impeccable Pireas 2019, the traditional gathering of shipping professionals with appeal and presence in the Greek and International maritime sector, which is being held every second year since 1995. This year’s two-day event started with the Global Shipbrokers’ Forum ...

Despite the latest surge in the dry bulk market, ship owners seem to prefer the short-term gains, opting for second hand tonnage, rather than investing in more newbuildings. In its latest weekly report, shipbroker Allied Shipbroking said that “new ordering activity seems to have slowed for dry bulkers for now, with a mere 3 units being added to the global orderbook this past week. Interestingly enough, all 3 vessels were Capesizes, reflecting the revived appetite for this specific segment, in line somehow with the improved earnings being noted of late. ...

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced that the first scrubber was successfully installed and commissioned on MV Martine, a Japanese, Post-Panamax class vessel, built in 2009. The scrubber is open loop, U-Type, Alfa Laval PureSOx and during commissioning has been tested in several loads complying comfortably with the stricter 0.1% sulphur fuel content limit applicable in Environmentally Controlled Areas, (“ECA”). The installation of scrubber was done concurrently with ballast water treatment system during the scheduled dry-docking of the vessel, as part of vessel’s second ...

The dry bulk market has been on a rollercoaster ride over the past few months, in a further testament that the Post-Lehman era for shipping and the global economy will be dominated by very big market fluctuations. Amid such a freight rate market, things are more than tricky in terms of valuations in the S&P market for ships as well. In its latest weekly report, shipbroker Intermodal said that “in contrast with the general expectations for the dry bulk market, the sector was not positive or even stable during the ...

This past week saw the latest reports from OPEC, EIA and IEA alike. In its latest weekly report, shipbroker Gibson noted that “it is official. After weeks of speculation and some minor reshuffling in terms of meeting dates, in early July OPEC+ announced the extension of their production cuts for another nine months until the end of the 1st quarter of 2020. On its own and keeping everything else equal, OPEC output cuts, particularly those coming out of the Middle East, are bad news for the crude tanker market, most ...

Piraeus Bank is looking into a strategic partnership with a major Asian Pacific financial conglomerate that will help it provide financing to Greek shipping companies, Greece’s largest lender by assets said on Friday. Piraeus did not name the Asian partner, nor provide details of what form such a deal would take. “This pioneering initiative forms part of Piraeus Bank’s continued commitment to the shipping community, through investment of international capital into existing opportunities and new financing to the shipping industry,” the bank said. Piraeus, like its Greek peers, is saddled ...