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New Regulations in China Bring Havoc in Ships’ S&P Market

Recent regulatory changes in China regarding the use of modern vessels has brought about mayhem in the market for second hand ships, as ship onwers are scrambling to comply to the new rules. In its latest weekly report, shipbroker Intermodal said that “the new regulations for Chinese flag restricting import of Tier I ships have dominated market sentiment during the past days as buyers have been trying to secure vessels with very prompt delivery (by end of July). We have seen a number of reported deals not going through in ...

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Much work remains on IMO’s implementation guidelines for 2020 sulphur limit

Many issues remain unresolved following last week’s intersessional working group (ISWG) meeting at the IMO to develop guidelines to support the consistent implementation of the 0.50% sulphur from 1 January 2020. The meeting made good progress on planning and preparatory issues, having developed a ship implementation plan and informative annexes that will be sent to the Marine Environment Protection Committee (MEPC 73) in October this year for approval. The ISWG, under the auspices of the Sub-Committee on Pollution Prevention and Response (PPR), also developed draft text for regulatory amendments under ...

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The Greek Maritime Golf event: The ultimate maritime golf tournament is back!

The best golf tournament for the shipping community has grown a year older and this year is a two-day tournament on the 29th-30th of September 2018. The «Greek Maritime Golf Event», an initiative of P.G.A. Professionals Panos and Thanos Karantzias, is the ultimate golf tournament exclusively designated for distinguished members of the shipping community. After three years of continuous success (2015-2017), and upon the demand of the Greek shipping community, the sponsors decided this year to extend its duration to a two-day tournament, which will take place at The Dunes ...

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UBS Group AG Raises Holdings in Capital Product Partners L.P. (CPLP)

UBS Group AG grew its stake in shares of Capital Product Partners L.P. (NASDAQ:CPLP) by 2.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 727,571 shares of the shipping company’s stock after acquiring an additional 18,712 shares during the period. UBS Group AG owned 0.56% of Capital Product Partners worth $2,270,000 at the end of the most recent quarter. Other hedge funds also recently modified their holdings of the company. Jane Street Group LLC acquired a new ...

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Dry Bulk Market: Net Fleet Growth Keeps Falling in Boom Sign for Rates

In what seems to be a very healthy development for the future potential of the dry bulk market, shipbroker Allied reported this week, that during the first half of 2018, the net fleet growth was significantly lower than even the respective period of 2017. In its latest weekly report, Allied Shipbroking said that “despite being right in the midst of the summer period, the dry bulk freight market has continued to gain ground and at a relatively fast pace, with Baltic Dry Index (BDI) climbing to 1,666 basis points, a ...

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Demolition Activity Still Far From Perfect to Have an Positive Impact on Freight Rates

Demolition activity in Southeast Asia has tumbled over the course of the past few weeks. As a result, tonnage overcapacity still remains to be addressed. In it latest weekly report, shipbroker Clarkson Platou Hellas said that “we witnessed yet another quiet and subdued market last week as the monsoon rains start to take their toll upon the market locally, slowing production and persuading many of the local labourers to retreat to their homes in safer areas. The supply of new tonnage has dried too as we begin to enter the ...

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Greek Shipowners Applaud Imo Decision To Consider Safety Implications Associated With The 2020 Marine Fuels And Their Respective Challenges

The Union of Greek Shipowners warmly welcomes the decision by the recent IMO Intersessional Working Group (London, July 9-13, 2018) to take into account several valid safety concerns linked to the transition to new low-sulphur fuels, especially blended fuels. These are expected to be widely used to ensure compliance with the 0.5% global sulphur cap for marine fuels, which enters into force on 1st January 2020. These safety concerns relate to fuel stability, incompatibility between different batches of blended fuels, lower flashpoints than the minimum required by SOLAS, inadequate safety ...

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TOP Ships Inc. Announces New Bank Financing

TOP Ships Inc., an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of petroleum products, announced today that it has entered into a senior debt facility, with a European bank, for $10.1 million to finance in full the remaining five pre-delivery installments of M/T Eco Marina Del Ray (Hull No. 8242) currently under construction at the Hyundai Mipo shipyard in South Korea. This facility together with the previously announced financing transaction with Cargill secures all of the required shipyard installments for taking ...

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Newbuilding Activity Quietens Down

The newbuilding market has been gearing up for the summer lull, as vacations near and ship owners are reluctant to commit more capital, amid a trade war of global proportions. In its latest weekly report, shipbroker Allied Shipbroking noted that it was “another quiet week in the newbuilding market was due, with market participants remaining inactive as we approach the mid-summer period. Few new contracts were to be seen in the dry bulk segment, and those that did emerge were focused mainly on the larger sizes, as freight rates continue ...

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Hyundai Heavy Confirms Marinakis’ Newbuildings As It Wins 836.5 Bln Won LNG ship order

Hyundai Heavy Industries Co. said Tuesday it has received a 836.5 billion won (US$744 million) order to build four liquefied natural gas carriers for a European company. The world’s biggest shipbuilder by sales obtained the order to build four LNG ships for Capital Gas Carrier Corp. by June 30, 2021, the company said in a regulatory filing. In the January-June period, Hyundai Heavy bagged $2.87 billion worth of orders as offshore facility contracts plunged 99 percent on-year to $200 million. Source: Yonhap

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Navios Maritime Acquisition (NNA) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research cut shares of Navios Maritime Acquisition (NYSE:NNA) from a hold rating to a sell rating in a research note. According to Zacks, “Navios Maritime Acquisition Corporation provides marine transportation services. It is an owner and operator of tanker vessels focusing in the transportation of petroleum products and bulk liquid chemicals. The company focuses on chartering its vessels to international oil companies, refiners, and vessel operators under long, medium, and short-term charters. Navios Maritime Acquisition Corporation is headquartered in Piraeus, Greece. “ NNA has been the subject of ...

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Posidonia 2018 exhibition, the world’s most prestigious shipping trade event

Posidonia is the world’s most prestigious biennial international shipping exhibition and one of the longest standing maritime

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VLCC Market Finds it Hard to Catch a Break

Tanker owners are finding it hard to catch a break these days, as a mere rise in freight rates is quickly compounded by increasing bunker costs and a lull in demolition activity, due to the monsoon season. In its latest weekly report, shipbroker Charles R. Weber said that “demand was muted across all key global VLCC markets this week, leading to a moderate softening of rates amid a corresponding rise in surplus availability. The Middle East market yielded 25 fixtures, off 39% w/w while demand in the West Africa market ...

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Diana Shipping Inc. Announces Signing and Drawdown of a US$75 Million Term Loan Facility with BNP Paribas

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that on July 13, 2018, it signed a term loan facility with BNP Paribas for up to US$75 million with maturity date on July 16, 2023. Yesterday, it completed a drawdown of US$75 million, secured by the vessels m/v Alcmene, m/v Seattle, m/v Electra, m/v Phaidra, m/v Astarte, m/v G. P. Zafirakis and m/v P. S. Palios. The proceeds from the loan facility together with available cash were used to voluntarily prepay in full ...

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Dorian LPG Confirms Receipt Of Director Nominations From BW LPG

Dorian LPG Ltd. today confirmed that BW LPG has submitted the names of three director candidates to stand for election at Dorian’s 2018 Annual General Meeting of Shareholders (the “2018 Annual Meeting”). Dorian has previously received a revised unsolicited proposal from BW LPG to combine with Dorian. The Company’s Board of Directors will review all of BW LPG’s actions and respond as appropriate in due course. Dorian shareholders are not required to take any action at this time. John Hadjipateras, Dorian Chairman and CEO, said: “The Company’s Board of Directors ...

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