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Globus Maritime Limited Secured Capital Ahead of Ship Acquisitions, as Market Rates Improved

Globus Maritime Limited, a dry bulk shipping company, reported its unaudited consolidated operating and financial results for the six-month period ended June 30, 2020. Current Fleet Deployment All our vessels are currently operating on short-term time charters (“on spot”). Management Commentary The first half of 2020 was a challenging period because the Company experienced a weak spot market due to a mixture of seasonal weakness as well as the effects of the coronavirus pandemic that affected the shipping industry. The dry bulk market started improving in later part of the ...

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Australian Iron Ore Exports are Still Mostly China-Bound

The Capesize market’s dominant route is inevitably the Australian iron ore export to China. In its latest weekly report, shipbroker Banchero Costa said that “seaborne iron ore prices reached a six-year high due to China’s insatiable demand for steel amidst the corona pandemic and slow recovery in steel production in many countries. Iron ore prices in the global market, are affected by the supply shortage and high Chinese steel demand. The demand for Australian iron ore has been boosted by China’s infrastructure boom, along with weaker Australian dollar, providing the ...

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Marshall Islands Registry: Greek Office Adds Value During Pandemic

A major registry office in the heart of the world’s largest ship owning cluster has helped support Greek owners through the past six months of difficulties. The Registry’s Piraeus office is home to a strong team of experts who have been available to provide advice and guidance throughout the COVID-19 pandemic as well as the transition to IMO 2020. Theo Xenakoudis, Director Worldwide Business Operations and Managing Director of the Piraeus office explains that life in Athens has begun to return to a degree of normality. “Business is going well,” ...

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Seanergy Maritime Holdings Corp. Announces Fleet Commercial Guidance and Other Shareholder Updates

Seanergy Maritime Holdings Corp. announced its third quarter 2020 commercial guidance and update on the purchase of shares by its Chairman and CEO. Fleet commercial update and Third Quarter 2020 TCE Guidance As of today, approximately 94% of our fleet operating days in the third quarter have been fixed at a time charter equivalent (“TCE”) of approximately $16,3001 per ship per day, which is calculated on a load-to-discharge method of accounting2. This follows (i) the improved earnings environment in the third quarter of 2020 when compared to the first half ...

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Tanker Owners Could See Market Improve Until Year-End

Tanker owners could find some relief in the market as the year draws to a close. In its latest weekly report, shipbroker Intermodal said that “undoubtedly, this year (ongoing) will never be forgotten because in a matter of months it has managed to severely affect and shape our day to day personal and professional lives. All industrial markets have been influenced by the coronavirus pandemic and the tanker market is no exception. The spread of COVID-19 coupled with the IMO 2020 regulations have caused noticeable fluctuations in bunker prices and ...

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TEN Ltd Reports Record Profits For The Second Quarter And Six Months Ended June 30, 2020

TEN, Ltd (TEN) reported results (unaudited) for the quarter and six months ended June 30, 2020. SIX MONTHS 2020 SUMMARY RESULTS Net income in the first half of 2020 amounted to $69.2 million excluding non-cash one-off charges or $52.7 million if such non-cash charges are included. Earnings per share for this six-month period were $1.64 compared to a $(0.66) loss per share for the same period of 2019. Gross revenues in the first half of 2020 amounted to $369.7 million, 27.0% higher than in the first half of 2019, mainly ...

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Competition Heats up in the Demolition Market

The ship recycling market in Southeast Asia has picked up pace over the course of the past week, as more ship breaking yards entered the foray. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “the recyclers from Bangladesh have finally come back to the table this week offering competitively against their counterparts from Pakistan. The indications have been there for a while now having struggled to purchase tonnage in the market due to the firm prices being offered by the Indian and Pakistani breakers. With yards emptier, ...

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Diana Shipping Inc. Announces the Sale of a Capesize Dry Bulk Vessel, the m/v Sideris GS

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party, the 2006-built vessel “Sideris GS”, with delivery to the buyer latest by January 20, 2021, for a sale price of US$11.5 million before commissions. Upon completion of the aforementioned sale and the previously announced sale of a Panamax dry bulk vessel, the m/v Coronis, Diana Shipping Inc.’s fleet will consist of 38 dry bulk ...

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Dry Bulk Newbuilding Orders Pick Up Pace

Newbuilding orders for dry bulk carriers seem to be on the up. In its latest weekly report, shipbroker Allied Shipbroking said that “it was an interesting week in the newbuilding front, with news over a fair number of fresh orders emerging especially in the dry bulk sector. It has certainly been a positive period for the dry bulk market, with buyers’ sentiment having improved significantly during the last couple of months due to the resilience of freight rates, which has shaped a promising outlook for the coming quarters. Last week, ...

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Euroseas Ltd. Announces Charter for its Intermediate-size Container Vessel, C/V Akinada Bridge, Declaration of Option for the C/V Synergy Oakland and Sale of C/V Ninos

Euroseas Ltd., an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today its container vessel, C/V “Akinada Bridge”, with capacity of about 5,600 teu and built in 2001, has extended her time charter contract for a minimum duration of twelve months and maximum duration of thirteen months and an additional ten to twelve months in charterers option, at a daily rate of $17,250 and $20,000 respectively. The new rate will commence on October 30th 2020. Furthermore, the charterers of C/V Synergy Oakland ...

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Ship Owners Looking for More Deals in the Dry Bulk Segment

Ship owners are actively looking for more deals in the dry bulk S&P market. In its latest weekly report, Intermodal said that it was “another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction in dry trade freight rates, there is still ample purchasing appetite displayed from interested parties, while vessel values – more or less – remain stable”. According to Mr. Vasilis Moiris, Intermodal’s SnP Broker, “in the Capesize front, clients of Berge Bulk are ...

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Greek shipowners intrigued by marine atomic power

Greek shipowners are intrigued by a new marine atomic power technology, according to Mikal Bøe , CEO of Core Power following meetings in Athens. “During our meetings with some of the world’s leading owners, the discussions were about how atomic power can be used as a safe, clean, affordable, long-term solution to meeting IMO emission targets in the coming years,” said Bøe. The scale of the challenge is there are some 60,000 cargo ships plying their trade on the oceans of the world and they all need to meet IMO ...

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Tanker Market Volatility Could be on the Cards Until the end of 2020

The tanker market could be facing some volatile months ahead, especially in the Aframax and Suezmax segments. In its latest weekly report, shipbroker Gibson said that “as with most crude tanker markets, the Aframax and Suezmax sectors have remained under pressure since June. Part of this downside is not too dissimilar to the typical seasonal weakness seen during the summer months, although in most cases the downside has been caused by a lack of crude demand and falling seaborne trade, whilst these vessels have not benefitted to the same extent ...

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Tanker Market On the Back Foot in August

The tanker market faced downward pressure during the month of August. According to the latest monthly report from OPEC, “dirty tanker rates in August settled into the lower levels seen since the end of June and are likely to remain for the coming months amid ample tonnage and sluggish demand for tankers. Floating storage continued to unwind, removing a factor supporting rates in recent months. Clean tanker freight rates picked up from the poor performance seen in the previous month, but remained below levels seen in the same month last ...

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WISTA Hellas new Board visits the Minister of Maritime Affairs and Insular Policy

The new Board of WISTA Hellas paid a customary visit to the Minister of Maritime Affairs and Insular Policy, Mr. Ioannis Plakiotakis, on Tuesday 15th September. At the presence also of the Secretary General of the Aegean and Island Policy, Ms Christiana Kalogirou, the President, Ms Elpi Petraki presented in brief the mission and activities of the association as well as the goals of the new Board, among them to enhance the engagement of women serving in the Hellenic Coast Guard and to recognize their contribution to recent challenges faced ...

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