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Long-Term Outlook Positive for Product Tankers

With big changes coming in the refinery landscape in the future, ship owners active in the clean tanker market stand to benefit from longer ton-mile demand. In its latest weekly report, shipbroker Gibson said that “over the next 5 years, the global refinery landscape will continue to evolve, with the IEA projecting that over 9 million b/d of new capacity will be added, roughly twice the level of refined products demand growth over the same time period. With over two thirds of new capacity being added East of Suez, pressure ...

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Dry Bulk Market: A Fall Was In Order, but Where is The Balance

The dry bulk market has entered into correction mode over the past 12 days, as demand has retreated. So, which is the future direction? In its latest weekly report, shipbroker Allied Shipbroking said that “under typical circumstances and on the basis of what we have seen during the summer months, one would be (theoretically) extra bullish in terms of what to expect for the final part of 2019. However, can the current positive dynamics be sustained over the next three months? Many views have been expressed in respect to the ...

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Dynagas LNG Partners LP Announces Entry Into $675 Million Senior Secured Term Loan

Dynagas LNG Partners LP, an international owner and operator of liquefied natural gas (LNG) carriers, announced yesterday that it has entered into definitive documentation with leading international banks (collectively, the “Lenders”) for a syndicated $675 million senior secured term loan (the “Credit Facility”). The Credit Facility will be secured by, among other things, first priority mortgages on the six LNG carriers in the Partnership’s fleet. Borrowings under the Credit Facility, together with cash on hand, will be utilized to repay in full the Partnership’s existing indebtedness, consisting of the Partnership’s ...

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Ships Aren’t Being Scrapped With Enough Pace

The activity in the ships’ recycling market has been lacklustre for a series of months now, in direct correlation with the rebound in freight rates. As a result things are starting to shift when it comes to market fundamentals, with tonnage supply showing early signs of a rebound. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “with September now in full swing, many felt that this was the time that we would experience a pickup in activity, after the summer lull witnessed, however, this has yet to ...

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Maritime Cyprus: Blue Growth Strategy Underway in Cyprus, as 4.5% of the World’s Fleet is Managed By the Country

Decarbonisation, technological transformation, increasing regulation and the tough markets of recent years are all increasing the complexity of the current business environment and challenging the effectiveness of traditional business models. With all this change affecting every aspect of our work from the strategic to the day-to-day, it is often difficult to gauge the extent and nature of change needed on the inside, in order to effectively deal with change coming in from the outside. Yet with change comes opportunity. The potential of blue growth is immense, and the opportunities for ...

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Dry Bulk Carriers On Demand

Demand for second hand dry bulk carriers has gone up, as was expected after the boost in sentiment over the past few months. In its latest weekly report, shipbroker Banchero Costa noted that “the week 37 in the second hand market has been dominated by the bulk segment with numerous sales. The “Azul Challenge” (203k/04 blt Universal) has been sold to Asian buyers (either Winning Shipping or Sinokor) for $16.8 mln. Two sisters capesize “Corsier” and “Celigny” (180k/2016 blt Imabari) have been sold en bloc for $42.5 mln each. Another ...

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Tanker Market in Limbo After Latest Attack on Oil Facilities

More tanker market turbulence should be expected in the coming weeks, as a result of the latest drone attacks, this time on Saudi Arabia’s oil facilities. In its latest weekly report, shipbroker Banchero Costa said that “on Saturday, September the 14th, a reported drone attack occurred on Saudi Arabian oil processing facilities at Abqaiq and oil production facilities at Khurais. Saudi Arabia is the world’s biggest oil exporter. The incident resulted in production suspension of 5.7 mln bpd of crude oil, which is almost 60% of the Kingdom’s 9.63 mln ...

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ChartCo Launches New Customer Support and Sales Office in Greece

ChartCo has expanded its global network of offices to Piraeus, Greece to help provide dedicated support for customers in this important, growing region for the shipping industries. The global leader in digital navigation services is currently supplying and supporting customers in commercial shipping, offshore, cruising and superyachts all around the world and has a prominent presence of offices in the UK, Europe and Southeast Asia. Over the past decade, ChartCo has established its footprint within the shipping industry in Greece and Cyprus, and now serves more than 100 companies and ...

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Dry Bulk Market’s Momentum Triggers More Investment

The rebound of the dry bulk market over the course of the past few months, has triggered a flurry of investment in second hand tonnage. In its latest weekly report, shipbroker Intermodal noted that “we are going through one of the rare instances where we see optimism building in the dry bulk industry and, as the momentum is still going, the belief that we will witness better rates in the industry. Within a short period of two to three months, this momentum of healthy rates has intrigued many ship-owners to ...

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Tanker Market “Hostage” of Financial Turmoil

The turmoil in the global economy is taking its toll in the tanker market, with demand for oil expected to take a turn for the worse. This is expected to have a negative impact in demand for crude oil tankers as well. In its latest weekly report, shipbroker Gibson said that “global oil demand looks set to grow at a slower pace than first anticipated, many energy analysts have concluded. Since the start of the year, many forecasts for the immediate future have frequently been downgraded as global trade wars ...

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Tanker Market Flat During August

The tanker market was broadly unchanged during the month August, according to the latest OPEC report. Dirty vessel spot freight rates were broadly flat in August as gains in VLCCs were outweighed by declines in average rates for Aframax and Suezmax. A pick up in tonne-mile demand and reduced deliveries supported the VLCC market at the start of the month before slowing activities allowed availability to build, capping gains. Clean tanker market spot freight rates remained under pressure with strong declines west of Suez offsetting an improvement east of Suez. ...

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The West of England P&I Club celebrates 50 years in Greece

The West of England, a leading mutual marine insurer, was this week celebrating the 50th Anniversary of its Greek office. To mark the event, an evening reception was held at Balux, Glyfada and was attended by current and previous Club Members along with representatives from the West of England Board of Directors. From relatively small beginnings, the Greek office grew steadily and began offering claims handling services in the late 1970s. Today, under the leadership of Ian Clarke, Head of Claims & Regional Director (Hellas), the office employs 15 members ...

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Ship Recycling Activity Held Back By Improved Freight Rates

With the freight rate market on a high note, especially in the dry bulk segment, demolition candidates have been scarce, not to mention the lack of buying appetite by scrapyards. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “with the market slowly coming to the end of its summer hibernation and industry stakeholders gradually returning to their desks, a trickle of small ldt tonnage have filtered into the market and resulted in some marginal activity. However, with the severe lack of tonnage and activity in the past ...

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Star Bulk Carriers Upgraded to “Buy” by BidaskClub

BidaskClub upgraded shares of Star Bulk Carriers from a hold rating to a buy rating in a report published on Friday, August 23rd, BidAskClub reports. Several other research analysts also recently issued reports on SBLK. TheStreet downgraded shares of Star Bulk Carriers from a c- rating to a d rating in a report on Friday, August 9th. Zacks Investment Research downgraded Star Bulk Carriers from a strong-buy rating to a hold rating in a report on Saturday, August 17th. Deutsche Bank set a $15.00 target price on Star Bulk Carriers ...

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Market Optimism Boosts Investment in Modern Tonnage

Ship owners are in full swing these days, when it comes to newbuilding and S&P investments alike. Over the course of the past few weeks, activity in the newbuilding ordering market has increased considerably and the same has occurred in the second hand market as well. In its latest weekly report, shipbroker Banchero Costa said that “in China, three Kamsarmaxes were ordered to the Yangzijiang shipyard, the price is unknown but it was reported that the buyer of one of the vessels is Kambara Kisen. It has emerged that the ...

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