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Demolition Activity At a Standstill

Ships’ recycling activity took a nosedive over the past few days, as Diwali celebrations hindered the flow of sales. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “with Diwali celebrations continuing into the early part of this week, it meant that the week got off to a sluggish start and frustratingly never really recovered from this, with no new sales reported. This is due to many Owners still hanging onto their tonnage to reap the rewards of the freight market or still manage to find secondhand Buyers ...

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TMS Tankers: Agrari struck about 1m above vessel waterline on Wednesday

The tanker Agrari was struck on Wednesday about 1 metre above the waterline and suffered a breach while at berth in al-Shuqaiq in Saudi Arabia, its manager Athens-based shipping company TMS Tankers said in a statement. The incident happened at midnight GMT. It was “attacked by an unknown source … after completion of her discharging and preparing to depart”. No pollution has been reported, it added. Source: Reuters (Reporting by Jonathan Saul; Writing by Lisa Barrington; Editing by Alex Richardson)

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Digital Transformation in Shipping Operations – From planned to predictive maintenance

Transitioning to a predictive maintenance framework requires a holistic approach and a corporate culture shift which embraces collaboration amongst departments, people upskilling, technology, data analytics and processes’ redesign. PwC Greece addressed the important issue of digital transformation in shipping operations by presenting its insights during an online event titled “Digital Transformation in Shipping Operations. From Planned to Predictive Maintenance – A digital transformation framework for vessels” organised on 19 November 2020. The event was attended by shipowners, COOs, CFOs, Heads of Procurement and Heads of Technical departments of shipping companies ...

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Stealthgas Inc. Exhibits Resilience Against Adverse Market Conditions Amid COVID-19 Negative Impact

Stealthgas Inc., a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the third quarter and nine months ended September 30, 2020. OPERATIONAL AND FINANCIAL HIGHLIGHTS Fleet utilization of 96.9% – with 114 days of technical off hire, as a result of five drydockings – all completed within Q3 ‘20. Fleet operational utilization of 96.0%, mainly due to 10 of our ships being in the spot market – equivalent to 21.4% of voyage days. Fleet ...

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Ship Owners Turn to Second Hand Bulkers, Instead of Newbuildings

Ship owners have reverted to their year-old “habit” of opting for second hand dry bulk carriers, instead of newbuildings. In its latest weekly report, shipbroker Allied said that it was “a week with limited interest in the dry bulk newbuilding market, with just one fresh transaction taking place, a trend that is likely to hold as we are reach closer to the year’s close. This came as a continuation to the subdued action that we had noted in the year so far. Compared to the number of new contracts that ...

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Prevention at Sea signs “safe business & digitalisation in maritime” MoU with KPMG in Cyprus

Prevention at Sea Ltd ([email protected]) and KPMG in Cyprus have signed a Memorandum of Understanding (MoU) with an aim to jointly design, develop and promote services and products that reduce safety risk to the maritime industry and ensure a safe business environment. The MoU was signed by Mr. Petros Achtypis, CEO of [email protected] and Mr. George Tziortzis, Head of Management Consulting at KPMG in Cyprus. Under the MoU, both companies will work collaboratively to promote mutually agreed projects and initiatives that support the digitalisation of the maritime industry with a ...

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TEN Ltd Expects Strong Tanker Market Recovery After the Pandemic

TEN, Ltd. reported results (unaudited) for the quarter and nine months ended September 30, 2020. NINE MONTHS 2020 SUMMARY RESULTS TEN generated a net income of $70.6 million in the nine months ended September 30, 2020, before second-quarter 2020 reported non-cash charges of $16.5 million, compared to $2.0 million for the same nine-month period in 2019. Gross revenues amounted to $512.5 million, a $90.4 million, or 21.4%, increase over the 2019 equivalent nine-month period, despite three vessels undergoing dry-docking for survey and upgrading purposes. Adjusted EBITDA for the nine months ...

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Greek Owners Responsible for 36% of S&P Deals in the Dry Bulk Segment

Greek ship owners have been rather active in the dry bulk S&P Market this year, with the second half of the year, proving to be a much more active period for deals. In its latest weekly report, shipbroker Intermodal said that “as we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to date), offers a further analysis when it comes to comparison with the first. Specifically, the table below illustrates that the S&P ...

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Navios’ Frangou Optimistic About Dry Bulk Market’s Growth in 2021

Navios Maritime Holdings Inc. (“Navios Holdings” or “the Company”) (NYSE: NM), a global seaborne shipping and logistics company, today reported financial results for the third quarter and nine month period ended September 30, 2020. Angeliki Frangou, Chairman and Chief Executive Officer, stated, “I am pleased with our results for the third quarter of 2020. During the third quarter, Navios Holdings reported revenue of $126.2 million, adjusted EBITDA of $60.2 million and adjusted Net Income of $2.1 million.” Angeliki Frangou continued, “Drybulk demand in the first half of 2020 was adversely ...

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Diana Shipping Inc. Reported Net Loss of $13.2 Million For the Third Quarter of 2020

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $13.2 million and a net loss attributed to common stockholders of $14.6 million for the third quarter of 2020, including a $6.8 million impairment loss which resulted from the agreement to sell the vessels Sideris G.S. and Coronis. This compares to net income of $1.8 million and net income attributed to common stockholders of $0.3 million reported in the third quarter of 2019. Time charter revenues were $42.3 million ...

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Clarity is Still Lacking For Ship Owners After IMO Meeting

Ship owners have to contemplate their future plans after an inconclusive meeting last week at the IMO. While some issues were addressed, no major breakthrough took place in the fuels arena. In its latest weekly report, shipbroker Gibson said that “this week the IMO agreed short term measures to address climate change. For many, it was felt that these measures lacked the ambition needed to reach the IMO’s goal of reducing total GHG emissions by 50% and carbon emissions by 70% by 2050. The short-term measures will see even stricter ...

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Could US Crude Oil Exports Provide a Boost to the Tanker Market?

The tanker market has suffered of late and doesn’t seem to be able to capitalize on this year’s seasonal demand in the Northern Hemisphere as usual. As such, could other trades like US crude oil exports, offer some sort of support to the freight market? In a recent weekly report, shipbroker Banchero Costa said that “crude oil exports from the United States surged spectacularly in recent years thanks to the shale revolution, but are now slowing down quite a bit. In the first 10 months of 2020, the USA exported ...

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Euroseas Ltd. Reports Net Income of $3.5 Million

Euroseas Ltd., an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced its results for the three and nine-month period ended September 30, 2020. Third Quarter 2020 Highlights: Total net revenues of $12.3 million. Net income of $0.2 million; net income attributable to common shareholders (after a $0.2 million dividend on Series B Preferred Shares) of $0.03 million or $0.01 earnings per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $1.5 million or $0.261 per share ...

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New Trade Agreement Could Herald New Growth Era For Ship Owners

The new RCEP trade agreement could become a boon for shipping in the coming years, at least according to market delegates. In its latest weekly report, shipbroker Allied Shipbroking said that “during a week where the developments regarding the pandemic and the aftermath of the US elections have monopolized market interest, news of a fresh trade agreement signed by 15 Asian Pacific nations may not have attracted the importance it deserved. However, this massive trade deal is expected to reshape a significant part of the global trade over the coming ...

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TEN Ltd. Reports Successful Delivery of Four-Vessel Series With Long-Term Employment to Oil Major

TEN, Ltd. (TEN) (NYSE: TNP) (the “Company”) today reported the delivery of the last vessel in a four-series newbuilding program, consisting of two suezmaxes and two aframaxes in South Korea, with five-year contracts to an oil major. The minimum Time-Charter Equivalent (“TCE”) revenues expected from these four purpose-built vessels over their minimum five-year employment is $200 million. The Company continues its current growth program with the construction of two vessels in the specialized shipping sectors, namely DP2 shuttle tankers and LNG, both with long term employment. “We are delighted to ...

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