Costamare Inc. yesterday reported unaudited financial results for the fourth quarter (“Q4 2023”) and year ended December 31, 2023. I. PROFITABILITY AND LIQUIDITY FY 2023 Net Income available to common stockholders of $354.7 million ($2.95 per share). FY 2023 Adjusted Net Income available to common stockholders1 of $249.0 million ($2.07 per share). Q4 2023 Net Income available to common stockholders of $96.6 million ($0.82 per share). Q4 2023 Adjusted Net Income available to common stockholders1 of $80.0 million ($0.68 per share). 2023 Year-end liquidity2 of $989.0 million. II. DRY BULK ...

The inauguration ceremony for the project “Completion of the Expansion of RoRo – Heracleous Port” took place today at the Car Terminal of PPA S.A. It is a project with a total investment of €20 million which is included in the Mandatory Investments of PPA S.A., within the framework of the agreement with the Greek State. This project will further improve the competitiveness and attractiveness of the port as a vehicle transshipment hub in the Mediterranean. The expansion of the Car Terminal by approximately 40,000 m2 towards the northern side ...

A lack of tonnage and sluggish activity throughout, has continued to be the norm in the ship recycling market over the past week, although there has been a slight shift of momentum in some markets. In its latest weekly report, Best Oasis (www.best-oasis.com), one of the leading global cash buyers of ships, said that “this week, there has been a slight improvement in the ship recycling industry in India. However, the demand is still lacking, leading to a state of confusion and uncertainty about how long this situation will persist. ...

ERMA FIRST, a leading sustainable maritime solutions provider, has become a signatory of the EU Mission Charter targeting the protection and restoration of regional waters by 2030. The Mission – one of five EU Missions within the Horizon Europe research and innovation programme – aims to “protect and restore the health of our ocean and waters through research and innovation, citizen engagement and blue investments”. As a signatory to the Mission Charter, ERMA FIRST will attend the Mission’s meetings and events while pledging actions that contribute to its objectives. Commitment ...

Aurora Marine Fuels (AMF), a key player in the marine fuel sector and a proud member of the Borealis Group, is excited to announce the appointment of P. Bastas as the Head of its Greek office. This significant move is part of a strategic effort to enhance the group’s presence in the maritime industry, leveraging the extensive experience and leadership of P. Bastas. The Borealis Group, with its impressive mixed fleet of approximately 80 vessels and multiple companies under its umbrella, is a major force in the maritime sector. The ...

The LNG shipping market could be headed towards a softer era, in terms of the level of freight rates, as supply dynamics are expected to make an impact. In its latest weekly report, shipbroker Intermodal said that “the Biden administration’s decision to temporarily halt new LNG export approvals has injected new uncertainty into global gas markets. With America emerging as the top LNG exporter in 2023 ahead of Australia and Qatar, the policy shift clouds projections of future supply, demand and price dynamics. While currently operating US projects can continue ...

In the ever-changing seas of the marine insurance industry, foresight and preparedness are the beacons that guide a ship through uncharted waters. Marine insurance, particularly Protection and Indemnity (P&I) clubs, is at a crossroads, facing challenges and opportunities alike. As risk managers and client-centric service providers, working to ensure competitive fairness, Marasco Marine Ltd offers a comprehensive analysis of the current landscape, helping shipowners and managers navigate these turbulent waters. At Marasco Marine Ltd, we understand that while no one can predict the future, being well-prepared and alert to emerging ...

Posidonia 2024 is already on track to be the biggest ever in the long history of the world’s most prestigious shipping exhibition, as the safety and resilience of the international maritime community take centre stage during a crucial year underpinned by a complex volatile backdrop of widespread ongoing geopolitical conflicts and the enforcement of environmental regulations. For an industry that is responsible for over 80% of the volume of global trade, the issues are hot, the stakes are high, but the mood is optimistic, as decision-makers ponder about the impact ...

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 ...