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International Shipping News

SFL – Second Quarter 2022 Results

SFL Corporation Ltd. (“SFL” or the “Company”) today announced its preliminary financial results for the quarter ended June 30, 2022. Highlights • 74th consecutive quarterly dividend declared, $0.23 per share • Net profit of $57.4 million, or $0.45 per share in the second quarter • Received charter hire1 of approximately $164.9 million in the quarter from the Company’s vessels and rigs, including $5.2 million of profit share • Adjusted EBITDA2 of $115.8 million from consolidated subsidiaries, plus an additional $7.8 million adjusted EBITDA2 from associated companies • Sale and delivery ...

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Intellian Signs Multi-Year Partnership Agreement with Speedcast to Meet Accelerated Satellite Communications Demand

Intellian, a leading provider of future-proof satellite communications technology solutions, has announced a multi-year partnership agreement with Speedcast, one of the world’s largest satellite communications service providers. The multi-million-dollar agreement will enable Intellian and Speedcast to collaborate in serving multiple markets with future-proof satellite connectivity, including the maritime and energy sectors. The partnership builds upon the success of the existing relationship between the two organizations in the energy, commercial maritime and cruise industries, and comes at a promising time for the industry, which has been experiencing a recent explosion in ...

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Cargo Care Solutions leads the way in market growth

Demand in the Deepwell cargo pump market is still being driven by cost and service support but owners and managers are reluctant to compromise on product quality or put up with poor after sales service, which is why companies like Cargo Care Solutions have seen a near tripling in business levels during the past three years. According to Peter Peltenburg, CEO of the Dutch-based company, strong growth in the shipping markets has been behind the surge in orders, however, products need to be priced at the correct level and the ...

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Caixabank joins the Poseidon principles as the first Spanish bank

The Poseidon Principles enable financial institutions to align their ship finance portfolios with responsible environmental behavior and incentivize international shipping decarbonization. As the latest Signatory, CaixaBank commits to collecting emissions data related to its ship finance portfolio, and to publicly reveal how its ship finance activities align with global climate goals. “As a leading player in the shipping industry, CaixaBank is extremely proud to be the first Spanish financial institution to adhere to Poseidon Principles. This initiative represents a major milestone in our sustainability strategy and provides testimony to our ...

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Full speed ahead! New E-Flexer ferry Stena Estelle takes up operation on 4 September

Stena Line´s newest addition to the fleet – Stena Estelle – has already sailed around half the world. Departing from its building shipyard in East China in June, the ferry passed through Singapore, India, the Middle East and Gibraltar, before setting course towards the Baltic Sea. Currently Stena Estelle stays at Remontowa shipyard in Gdansk for the final adjustments, so it can take up its regular service on Gdynia-Karlskrona. The first departure is planned for 4 September from Gdynia, and the new ship’s schedule is already available for bookings. “We ...

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Concordia Maritime: Strong market in an unstable world

Since the tragic invasion of Ukraine at the end of February, it has been a turbulent and shaky time in the tanker market. World leaders were quick to condemn Russia and most shipowners and operators, including Concordia Maritime, made their own decisions to exclude Russian ports and cargoes even before formal sanctions were in place. However, a small number of shipowners chose to continue trading with Russia – which has at times been very lucrative. Russian crude oil and oil products previously exported to Europe have started to find new ...

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Spring and summer might impact 2Q results, but LT expectations are solid

BW Epic Kosan reports next Tuesday. With the spot activity significantly lower during the warmer months of the year, we do not anticipate revenues to hit the record-high levels once again, still expect a solid overall report from the company. We project the LPG space to benefit from the energy crisis as the higher demand should lead to more shipments. Thus, we reiterate Buy recommendation with somewhat lower short-term estimates, but improved long-term expectations. Seasonality kicks in BW Epic Kosan posts its 2Q22 results next Tuesday. Following the monthly small ...

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Brazil silent as renegade aircraft carrier moves in 
defiance of injunction and international law


Environmental, human rights, and labor organisations from around the world are sounding the alarm over the former Brazilian aircraft carrier SÃO PAULO, now being towed across the Atlantic towards Turkey in defiance of international and Brazilian law. The SÃO PAULO, formerly known as French naval vessel FOCH and sister ship of the infamous French aircraft carrier CLEMENCEAU, departed Brazil on the 4th of August 2022 towed by the Dutch towing vessel ALP CENTRE on a 6,000-mile journey to Aliaga, Turkey, where it is intended to be scrapped. The ship is ...

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Designing the terawatt transition

In November 2021, political leaders, investors and industry stakeholders gathered at COP26 in Glasgow with the same mission: to try and accelerate action towards the goals of the Paris Agreement. In other words, continue the search for zero-carbon alternatives to today’s fossil fuels. At TerraPraxis, we gathered key industry stakeholders, representing several trillion dollars in potential market demand, who revealed new near-term climate-scale strategies to compete on price and performance with fossils fuels. This then saw customers, investors and political leaders announce strategies to accelerate the affordable repowering of two ...

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Concordia Maritime: 1 January–30 June 2022

• Total income Q2 SEK 180.8 (208.4) million HY1 SEK 304.9 (388.0) million • EBITDA Q2 SEK 102.7 (–16.7) HY1 SEK 132.4 (–62.4) • Result before tax Q2 SEK 36.5 (–88.4) HY1 SEK 6.0 (–208.6) • Result per share after tax Q2 SEK 0.75 (–1.88) HY1 SEK 0.11 (–4.42) Events in the second quarter Sale of Suezmax tanker Stena Supreme. The sale had a positive liquidity effect of approximately USD 4 million. Strong market. Result affected by profit-­sharing of USD 1.9 million for HY1, enabling accelerated loan repayments. Events after ...

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Crowley Secures Subcontract for Hybrid-Electric Ferry

Crowley has been selected by Senesco Marine to provide design verification and production packaging for a hybrid-electric passenger vehicle ferry for Casco Bay Lines of Portland, Maine. As part of an elite project team, Crowley brings expansive capabilities in sustainable, emissions-reducing design and construction services. Under the contract, Crowley will use its development experience in electric and hybrid propulsion systems to verify the contract design by Elliott Bay Design Group and develop the production package that is necessary for Senesco Marine to begin construction. The production package provides critical detail ...

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Wilmar joins Sea Cargo Charter as its 34th Signatory

The Sea Cargo Charter is a global framework for aligning chartering activities with responsible environmental behavior to promote international shipping decarbonization. One of the largest listed companies by market capitalization on the Singapore Exchange, Wilmar International is the seventh company headquartered in Asia to become a Signatory to the framework. “We take a holistic approach towards reducing our energy consumption, which is a key sustainability priority for Wilmar. It is therefore pivotal that we ensure our continued transparency to our stakeholders when reporting CO2 emissions data for our sea transportation. ...

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Indian Register of Shipping holds Advisory Committee Meeting and Customer Meet in Singapore

The Indian Register of Shipping (IRS), a leading classification society, is extending its commitment to the Asia Pacific region with new offices and an expanded service portfolio. The classification society held its Advisory Committee Meeting followed by a Customer Meet in Singapore and outlined its plans for the region. The advisory committee comprises of senior managers from leading shipyards, shipowners and ship managers from Singapore who provide strategic advice to the IRS top management. The committee members and IRS led by Mr Sharma exchanged views on strategic moves in the ...

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MABUX: Global bunker prices to continue firm downward trend on August 17

MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO in the main world hubs) continued firm downward movement on Aug. 16: 380 HSFO – USD/MT – 596.48 (-12.31) VLSFO – USD/MT – 835.56 (-15.27) MGO – USD/MT – 1 138.43 (-9.34) As of August 16, MABUX MBP/DBP Index (MDI) (a comparison of market bunker prices vs. MABUX digital bunker price benchmark) showed a decrease of underpricing and overpricing ratio in the HSFO segment, no firm overprice dynamics in the VLSFO segment and the ...

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Nordic American Tankers Ltd (NYSE: NAT) – Update on contracts

Dear Shareholders and Investors, Below are the latest contracts for our suezmax ships, showing the level of the market. The rates we experience now are far above recent quarters. 12th Aug.: Vessel fixed on subjects to US Oil Major for voyage from Mediterranean to Asia. Time Charter Equivalent (TCE) about USD 60,000 over 35 days 12th Aug.: Vessel fixed on subjects to Asian interests for voyage from AG to Singapore. Time Charter Equivalent (TCE) about USD 19,000 over 36 days 4th Aug.: Vessel fixed to Asian interests for voyage cross ...

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