The tanker market could be impacted by Venezuela’s oil supply moving forward. In its latest weekly report, shipbroker Gibson said that “despite a partial lifting of sanctions against Venezuela in October last year, the US is now set to reimpose sanctions on the country’s oil industry in April, due to insufficient progress towards holding free and fair presidential elections; a key condition of sustained sanctions relief. The original deal which was to last for a period of six months, saw the return of Venezuelan crude to the mainstream market and ...

The dry bulk market benefited from an increase in Chinese iron ore imports, most notably an increase in ton-mile demand. In its latest weekly report, shipbroker Banchero Costa said that “2023 was a very positive year for global iron ore trade. In Jan-Dec 2023, global loadings of iron ore increased by +4.9% y-o-y to 1,628.4 mln tonnes, from 1,552.2 in the same period of 2022, based on AXS Marine vessel tracking data. It is also just above the 1,594.3 mln tonnes loaded in Jan-Dec 2021, which was the last all-time ...

Capital Product Partners L.P., an international owner of ocean-going vessels, Friday released its financial results for the fourth quarter ended December 31, 2023. Operating Surplus and Operating Surplus after the quarterly allocation to the capital reserve for the fourth quarter of 2023 were $40.5 million and $1.5 million, respectively. Announced common unit distribution of $0.15 for the fourth quarter of 2023. Concluded a $500.0 million rights offering (the “Rights Offering”) and successfully closed a transaction to acquire 11 latest generation two-stroke (MEGA) Liquefied Natural Gas Carriers (“LNG/C”) to be delivered ...

Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Nippon Yusen Kabushiki Kaisha, Tokyo, for one of its Newcastlemax dry bulk vessels, the m/v Philadelphia. The gross charter rate is US$22,500, minus a 5% commission paid to third parties, for a period until minimum April 20, 2025 up to maximum July 20, 2025. The charter is expected to commence on February 5, 2024. The ...

The tanker market is headed for a strong period ahead, in terms of freight rates. In its latest weekly report, shipbroker Xclusiv said that “2024’s early signs suggest a very promising start for the tanker market, particularly in the product sector. Contrary to the previous 6 years’ trends, which indicated a downward trajectory for product markets during the first months of the year, 2024 has bucked the trend. Since the beginning of January 2024, the MR Pacific Basket has experienced a remarkable doubling of its earnings to USD 56,707/day, climbing ...

Dorian LPG Ltd., a leading owner and operator of modern very large gas carriers (“VLGCs”), yesterday reported its financial results for the three months ended December 31, 2023. Key Recent Development Declared an irregular cash dividend totaling $40.6 million to be paid on or about February 27, 2024. Highlights for the Third Quarter Fiscal Year 2024 Revenues of $163.1 million. Time Charter Equivalent (“TCE”)(1) rate per operating day for our fleet of $76,337. Net income of $100.0 million, or $2.47 earnings per diluted share (“EPS”), and adjusted net income(1) of ...

The newbuilding market’s positive momentum fizzled out last week, with fewer contracts being reported, as opposed to the activity in the S&P market. In its latest weekly report, shipbroker Allied Shipbroking said that there were “fewer sales to report than last week, though by no means a quiet week with contacting across the dry bulk, tanker, and ammonia/ LPG sectors. Wanlong Shipbuilding has received an order for up to 4 Kamsarmax vessels from compatriot owner Zhoulian Shipping, and the ships will be among the largest built by the yard, which ...

A lack of vintage tonnage on offer, is the reason behind the weakness of the ship recycling market. In its latest weekly analysis, Best Oasis (www.best-oasis.com), one of the leading cash buyer of ships, said that “we observed this week that India’s ship recycling activity is continuing to decline, with the country demonstrating little interest and low demand. Bangladesh continued as it had the week prior, but it still managed to secure a limited number of deals. In the same way that Pakistan reflected the sentiment it had the week ...

Seanergy Maritime Holdings Corp., through its wholly-owned subsidiary Seanergy Shipmanagement Corp., is the first Greek-based shipping company to accomplish a strategic partnership in the European Union Funded SAFeCRAFT Project Consortium (“Safecraft”), a breakthrough initiative concerning the utilization of alternative fuels. Safecraft aims to demonstrate the safety and viability of Sustainable Alternative Fuels (SAFs) in seaborne transportation, accelerating the adoption of SAFs technologies. Seanergy will provide one of its existing, conventionally fueled Capesize vessels as the demonstrating vessel under Safecraft which will be retrofitted to utilize hydrogen (H2) as the main ...

The feeder sector is expected to benefit from a lower orderbook, compared to the rest of the container segment. In its latest weekly report, shipbroker Intermodal said that “the container shipping market is currently navigating through a period of significant transformation, marked by divergent trends in vessel orders. While there is a growing demand for large container ships, expected to boost vessel capacity substantially by 2025, orders for smaller feeder vessels are on the decline, presenting a complex mix of challenges and opportunities for regional carriers. Amidst these shifts, the ...

The product tanker market is a major beneficiary of the ongoing Red Sea crisis, with diesel and fuels supply into the EU now being sourced from other regions. In its latest weekly report, shipbroker Gibson said that “as Europe steps into spring having survived its first full winter without Russian diesel, the Continents fuel supply is once again disrupted. Ultimately, the world appears sufficiently supplied with refined products, however, with freight costs, delivery times and product prices all being dramatically impacted by the Red Sea crisis, the clean trade is ...

The crude tanker market benefitted from a surge in crude oil exports from the US with the EU accounting for more than 20% of demand. In its latest weekly report, shipbroker Banchero Costa said that “2023 has been another positive period for crude oil trade, despite the high oil prices and risks of economic recession. In Jan-Dec 2023, global crude oil loadings went up +5.3% y-o-y to 2160.6 mln tonnes, excluding all cabotage trade, according to vessels tracking data from Refinitiv. This was well above the 2050.9 mln tonnes in ...

Supplies, cargoes and ships have turned on their heads over the past few weeks, as a result of the crisis in the Red Sea. In its latest weekly report, shipbroker Xclusiv said that “in its widely monitored monthly oil market report, the Organization of the Petroleum Exporting Countries (OPEC) projects global oil demand to increase by 2.25 million barrels per day (b/d) in 2024, followed by an additional 1.8 million b/d in 2025, driven by a strengthening Chinese economy. In contrast, the growth of non-OPEC liquids production is expected to ...

Newbuilding activity has remained in healthy levels as more owners are “dipping their toes” in the market. In its latest weekly report, shipbroker Allied Shipbroking said that “2024 continues with another week of healthy newbuilding activity across the key shipping sectors. Fewer tankers were contracted versus last week’s number, although high-value deals include Maran’s order for 3 shuttle tankers, which is reportedly near to signing. Seatankers have been linked to another deal in progress, and are reportedly at the LOI stage for up to 4 scrubber-fitted VLCCs. If this comes ...

Scrapyards are looking to more vintage tonnage, as supply is scarce. In its latest weekly report, Best Oasis (www.best-oasis.com), one of the leading cash buyer of ships said that “in the evaluation of the ship recycling sector this week, the Indian market continued to decline, and there appears to be no demand for either the vessels or the scrap; the future of this recycling destination is still largely uncertain. The market for Bangladesh continues to be modest despite buyers presenting higher price offers. This price hike is attributed to their ...