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Tankers Are Looking at More Uncertainty Moving Forward

The end of the oil storage play, together with uncertainty over crude oil demand in the months to come, are expected to exert pressure on the tanker market in the weeks to come. In its latest weekly report, shipbroker Allied Shipbroking said that “during the peak of the COVID-19 pandemic there was but one freight market to be hindered by what was going on. Market participants witnessed skyrocketing volumes being traded during the March-April period, driven by the monumental drop in oil prices which reached levels not seen since 2003. ...

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Navios Maritime Acquisition Corporation Reports Second Quarter Net Income of $32.4 Million

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, reported its financial results yesterday for the second quarter and six months ended June 30, 2020. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, “I am pleased with our results for the second quarter of 2020. During the quarter, Navios Acquisition recorded revenue of $112.2 million, adjusted EBITDA of $72.7 million and adjusted net income of $32.4 million, or $2.03 per share. Our chartering strategy focuses on capturing upside and we earned $20.7 million in profit ...

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YES Forum Sets New Standards Once Again In Shipping Expertise

On Monday 27th June 2020, the 10th online open dialogue of YES Forum took place via Zoom summing up in view of summer the initiative of our team which was generated because of the ongoing COVID-19 crisis aiming at the uninterrupted communication between young people and professionals even under these circumstances. These online discussions are definitely here to stay, therefore the next discussion will take place again from September 2020. It was a great honor for us having as guest speakers Secretary General of Ports, Port Policy and Maritime Investments ...

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Demolition Activity On “Holiday Mode”

The ships’ recycling market has slowed down over the course of the past week, as a holiday slowdown has apparently had an impact. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “the market feels stale at this current time as the holiday season kicks in and the tonnage supply appears to have slowed from the frenzy of recent weeks. The freight rates in the dry sector continue to reward Owners daily, ensuring that the contribution of bulk carriers for recycling remains minimal. From the tanker sector, rates ...

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Navios Maritime Partners “Persevered Through the Pandemic” Claims Frangou

Navios Maritime Partners L.P., an international owner and operator of dry cargo vessels, reported its financial results for the second quarter and six month periods ended June 30, 2020. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated, “While the Pandemic greatly affected businesses, countries, and people all over the world, the Navios family continues to persevere. For the second quarter of 2020, Navios Partners reported $46.5 million in revenue and $14.3 million in Adjusted EBITDA. Navios Partners also declared a quarterly distribution of $0.05 cents per unit, ...

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Madero Amarres SA (Svitzer in Argentina) and DynaRep Shipping Consultants announce their collaboration

Madero Amarres SA (Svitzer in Argentina) and DynaRep Shipping Consultants announce their collaboration. Staying true to its vision of creating a representation company that collaborates with important and reputable maritime related service providers from around the globe, DynaRep Shipping Consultants is happy to collaborate with Madero Amarres SA (Svitzer in Argentina), that offers port towage services at Bahia Blanca, Buenos Aires, Necochea and up river – Parana – ports (from San Lorenzo to Campana), as well as the river itself in case of an emergency. Svitzer has been offering its ...

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Euploia Drydocks & Services Ltd announces Collaboration with Shangai Fengchang Ship Engineering Co Ltd

Euploia Drydocks & Services Ltd is proud to announce a new cooperation in the field of Marine Boiler Repairs, with one of the most well-established companies in China, Shangai Fengchang Ship Engineering Co Ltd. Euploia Drydocks and Services Ltd wish to expand the range of services by representing exclusively in Greece the Shangai Fengchang Ship Engineering Co Ltd, the subsidiary of Cosco Group, with ultimate purpose to provide a wide range of quality services to our clients. Shangai Fengchang Ship Engineering Co Ltd is specialized on Marine Boiler Repairs. The ...

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Ship Owners Starting to Make Waves in the Market

Ship owners have been rather active both in the newbuilding and the second hand market for ships over the past week. In its latest weekly report, shipbroker Banchero Costa said that “several sales took place in the dry segment during the week although several countries such as Singapore, Hong Kong, etc. imposed stricter rules for crew change and this may affect future transactions. S Korean controlled Kamsarmax bulker “Wise Young” 82,000 dwt built in 2011 at Daewoo with SS/DD due in November (out-of-sync) 2020 will end up in Greek hands ...

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Costamare Inc.: Vessel Impairments Hit Second Quarter Results

Costamare Inc. reported unaudited financial results for the second quarter (“Q2 2020”) and six-months ended June 30, 2020. Liquidity of $220.7 million as of end Q2 2020 (including our share of cash amounting to $19.6 million held in subsidiaries co-owned with York Capital Management Global Advisors LLC and an affiliated fund (collectively, together with the funds it manages or advises, “York”)). Voyage Revenues of $111.9 million in Q2 2020. Delivery on July 24, 2020 of the 12,690 TEU containership YM Triumph (ex Hull Nr YZJ2015-2057) the first of a series ...

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Iraq’s Oil Exports To China Up 27.5% During First Half of 2020

Despite the turmoil of 2020 in the crude oil market, Iraq has managed to increase its oil exports to China, its main customer. In its latest weekly report, shipbroker Banchero Costa said that “oil prices began to recover after the Organization of Petroleum Export Countries (OPEC) and its allies agreed to end a price war and make their biggest-ever production cut. The deal has helped oil prices to double in the past two months by withdrawing about 10 percent of global supplies from the market. Under the OPEC+ deal, Iraq ...

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Diana Shipping Inc. Reports Wider Losses

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $10.8 million and a net loss attributed to common stockholders of $12.2 million for the second quarter of 2020, including a $2.6 million impairment loss. This compares to a net loss of $1.3 million and net loss attributed to common stockholders of $2.7 million reported in the second quarter of 2019. Time charter revenues were $41.0 million for the second quarter of 2020, compared to $55.4 million for the ...

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NextWave Hellas receives certification from Classification Society RINA for remote inspections with the use of drones

Greek drone inspection services provider, NextWave Hellas, has received its certification for remote inspection techniques through the use of drones from RINA. This is the first of its kind certification issued by RINA for drones in Greece and will allow NextWave Hellas and its team of skilled pilots, to reduce safety risks associated with inspections while simultaneously offering a more cost-efficient solution for clients. Manolis Chochlakis, Head of Business Development, said “We are proud to be the first company in Greece to receive this certification from RINA. One of the ...

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Tankers Looking for New Support

The tanker market could find a new supporting pillar in the recent China-Iran deal. In its latest weekly report, shipbroker Gibson said that “China is set to sign a deal that will see $400 billion invested in Iran over a 25-year period. The deal will include massive infrastructure projects, largescale spending on defence and closer ties between the two countries. The deal will initially see China invest $280 billion in Iran’s oil, gas and petrochemical sectors over the next five years. The understanding is that further amounts will be available ...

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Shipping: Getting the Timing of Investment Decisions Right Proves Elusive in Today’s Market Conditions

It’s been a year few will forget anytime soon and the same goes for shipping as well, where making the right decision at the right time, is proving to be more and more elusive. In its latest weekly report, shipbroker Allied Shipbroking said that “since the outbreak of the pandemic, we have been overwhelmed by a plethora of unknown parameters, which have left for limited (if any) room for any firm assumptions to be made. Volatility along with the general high-risk nature of shipping markets are nothing new. Modern markets ...

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Αmbassador Pyatt’s Remarks at Alexandroupoli Port

Καλημέρα σας. I’ll start this morning by thanking my friend and travel partner, Defense Minister Panagiotopoulos, for coming up to Alexandroupoli today, but also for everything that you do, Minister, to strengthen our alliance. I also want to acknowledge our allies from the Hellenic Armed Forces, in particular our collaborator Admiral Leloudas, who flew up with us also this morning, as well as the other officials here today: Deputy Governor Petrovits, Mayor Zamboukis, Bishop Anthimos, and Port President Chatzimichail for joining us. I also want to say a special thank ...

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