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Safe Bulkers, Inc. Bets on Newbuildings To Reduce CO2 Emmissions

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced its unaudited financial results for the three and six month periods ended June 30, 2022. The Board of Directors of the Company also declared a cash dividend of $0.05 per share of outstanding common stock. Management Commentary Dr. Loukas Barmparis, President of the Company, said: “Key highlights of the second quarter, were a very satisfactory financial performance of $0.40 per share and the delivery of our first Kamsarmax newbuild. We believe that this newbuild with the addition of ...

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Performance Shipping Inc. Announces Time Charter Contract for M/T Blue Moon With Teekay

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Teekay Chartering Limited (the “Charterer”), for one of its Aframax tanker vessels, the 2011-built, 104,623 DWT, M/T Blue Moon. The gross charter rate will be US$23,000 per day for a period of 24 months +/-30 days at the option of the Charterer. The new charter commenced yesterday and is expected to generate approximately US$16.8 million in gross revenue. Commenting on ...

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Dry Bulk Market: Coal Trade a Boon for Bulkers

Coal imports of up to 40 million tons, coming into the EU from Russia, need to be replaced from other sources. This could present a significant opportunity for the dry bulk market. In its latest weekly report, shipbroker Intermodal said tha “amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal imports as a direct reaction to the threat of a reduction in gas supply from Russia. The ban comes at a time when ...

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Costamare Inc. Reports Record Second Quarter Results

Costamare Inc. yesterday reported unaudited financial results for the second quarter (“Q2 2022”) and six-months ended June 30, 2022. I. RECORD PROFITABILITY IN A SECOND QUARTER SINCE NYSE LISTING Q2 2022 Net Income available to common stockholders of $114.1 million ($0.92 per share) vs $82.8 million ($0.67 per share) in Q2 2021. Q2 2022 Adjusted Net Income available to common stockholders1 of $118.6 million ($0.95 per share) vs $58.3 million ($0.47 per share) in Q2 2021. Q2 2022 liquidity of $854.1 million2 vs $564.6 million in Q2 2021. II. CLOSING ...

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LNG Spot Market Boosts GasLog Partners Financial Results for the Second Quarter

Highlights • Rechartered the Methane Rita Andrea, a steam turbine propulsion (“Steam”) LNG carrier, with an energy major for one year and signed a new multi-month time charter agreement for the GasLog Seattle, a tri-fuel diesel electric (“TFDE”) LNG carrier, with a major trading house • Entered into an agreement to sell, subject to customary and other closing conditions, the Steam LNG carrier Methane Shirley Elisabeth, to an unrelated third party for approximately $54.0 million, with the sale expected to be completed in the third quarter of 2022, while pursuing ...

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Diana Shipping Inc. Reports Second Quarter Net Income of $35.6 Million

Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of $35.6 million and net income attributed to common stockholders of $34.2 million for the second quarter of 2022. This compares to net income of $2.8 million and net income attributed to common stockholders of $1.4 million for the second quarter of 2021. Earnings per share for the second quarter of 2022 was $0.44 basic and $0.42 diluted, compared to earnings per share of $0.02 basic and diluted ...

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CLIA welcomes the completion of sustainability destination assessments in the Greek cities of Corfu and Heraklion

Cruise Lines International Association (CLIA), the world’s largest cruise industry trade association, welcomes the completion of sustainability destination assessments in the popular Greek cruise destinations of Corfu and Heraklion. The project, co-funded by CLIA in partnership with the two municipalities and port authorities, was conducted by the Global Sustainable Tourism Council (GSTC), using the GSTC Destination Criteria. The assessments will help the cities to identify key risks and set the foundation for an action plan for sustainable tourism. “I want to congratulate the cities of Corfu and Heraklion for this ...

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Navios Maritime Partners L.P. Reports Second Quarter Net Income of $118.2 Million

Navios Maritime Partners L.P., an international owner and operator of dry cargo and tanker vessels, reported its financial results for the second quarter and six month period ended June 30, 2022. Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “We are pleased to report our results for the second quarter of 2022 in which we recorded $280.7 million of revenue and $118.2 million of net income. Net income amounts to $3.84 per common unit for the quarter and $6.62 for the first six months of 2022.” Angeliki ...

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Navios Maritime Partners L.P. Announces Acquisition of a 36-Vessel Drybulk Fleet

Navios Maritime Partners L.P. an international owner and operator of dry cargo and tanker vessels, agreed to acquire a 36-vessel drybulk fleet for a gross purchase price of $835.0 million, including the assumption of $441.6 million of bank liabilities, bareboat obligations and finance leasing obligations, subject to debt and working capital adjustments (the “Transaction”), from Navios Maritime Holdings Inc. (“Navios Holdings”) (NYSE:NM). The 36-vessel drybulk fleet consists of 26 owned vessels and 10 chartered-in vessels (all with purchase options) with a total capacity of 3.9 million dwt and an average ...

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Ship Owners Keep Investing in Bigger Ships

Ship owners have kept on contracting newbuildings and secondhand vessels, opting for larger tonnage. In its latest weekly report, shipbroker Allied Shipbroking said that “things in the newbuilding market continued on a relatively fair mode for yet another week, given the modest number of fresh projects being pushed forward. In the separate sectors and specifically in the dry bulk one, we saw activity being skewed towards the bigger size segments. Given the recent trends from the side of freight earnings though, this may as well have come as a slight ...

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M/T SUVRETTA becomes the first vessel to include hull coating impact in EEXI Technical file approved by DNV

NEDA Maritime Agency has entrusted DNV assessing the effect of low friction paint on the reference speed for the purpose of EEXI at the aframax tanker M/T SUVRETTA. The 109,250MT M/T SUVRETTA, registered with Greek flag, recently became the first vessel to have the coating impact included in the EEXI assessment and approval. Initially the model test report of M/T SUVRETTA has been assessed if the criteria setup by DNV are fulfilled while the paint supplier, International Paint, has provided a ΔCF (reduction of the frictional resistance coefficients), valid for ...

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Dorian LPG Ltd. Provides Update for First Quarter 2023 and Announces First Quarter 2023 Earnings and Conference Call Date

Dorian LPG Ltd. (NYSE: LPG) (the “Company” or “Dorian LPG”), today updated its financial and operational outlook for the quarter ended June 30, 2022. The Company plans to issue a press release on Wednesday, August 3, 2022 prior to the market open, announcing its financial results for the quarter ended June 30, 2022. Outlook for the Quarter Ended June 30, 2022 The following unaudited financial data for the quarter ended June 30, 2022, is preliminary and based on information available to the Company at this time. The financial data has ...

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Summer “Lull” Ahead for Ship Recycling

Low recycling prices for vintage tonnage are expected to hinder any increase in the number of units sold over the next few weeks. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “we are trying to establish from where a concession will appear, the Sellers or the Buyers! On the outside we do not envisage many units to come for recycling for the next month at least and therefore it would need the actual recyclers to increase their rates to tempt any Owner contemplating a recycling sale. However, ...

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Dry Bulk Market: Stormy Weather Ahead?

The dry bulk market could be entering a more bearish period in the coming weeks. In its latest weekly report, shipbroker Allied Shipbroking said that “it is without question that the dry bulk sector has been on a gloomy path these past few months or so, with the main benchmark freight figures being under pressure and losing considerable ground. On the other hand, even during a booming market regime, it is still normal to expect to see time intervals in which the market corrects. The important question to answer is ...

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Posidonia sets new standards in Society, Economy, Health and Environment impact achievements

Posidonia Exhibitions S.A., the organisers of the most prestigious shipping exhibition, released their Event Sustainability Report for this year’s, 27th Posidonia, which was not only the biggest but also the most sustainable, environmentally and socially, in the 50-year history of the event. Next to breaking all previous records in exhibition space, number of visitors and publicity, with 1,964 exhibitors from 88 countries and territories, 24 national pavilions, 28,892 visitors from 103 countries and a total of 40,950 participants including exhibitors, visitors and media representatives, Posidonia 2022 set even higher sustainability ...

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