Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today its results for the three-month period ended March 31, 2022 and a share repurchase program and declared a common stock dividend. First Quarter 2022 Financial Highlights: Total net revenues of $45.4 million. Net income and net income attributable to common shareholders of $29.9 million or $4.15 and $4.13 earnings per share basic and diluted, respectively. Adjusted net income attributable to common shareholders1 for the ...

A warning that the shipping industry will soon face the potential impact on General Average recoveries of tighter rules on emission prevention has been delivered in the chairman’s address to the Association of Average Adjusters. Michiel Starmans (chairman for the 2020-2022 term) called for heightened awareness of what planned new levies under green transition measures could mean for assessing allowances in ship casualties. He devoted much of his address to the Association’s annual conference in London on May 12, 2022, to considering such consequences of what he called “the biggest ...

A tanker carrying about 1 million barrels on Iranian heavy crude arrived in recent days in Venezuelan waters for delivery to the country’s largest refinery, according to a shipping report seen by Reuters on Monday and vessel tracking data. Iran and Venezuela have recently expanded a swap agreement signed last year, adding the supply of Iranian heavy crude to Venezuela’s El Palito refinery and Paraguana Refining Center (CRP), part of an effort to revamp the dilapidated facilities. The South American country urgently needs to ramp up fuel production to avoid ...

Global LPG (liquified petroleum gas) trade has been very disappointing in 2021, owing to the economic impact from COVID-19.

The UP World LNG Shipping Index, the world’s only stock index focused on LNG shipping companies, gained 2.32% last week. U.S. stocks represented by the S&P 500 Index lost 3.05%. LNG shipping stocks continue rising, as the chart of the UP Index shows. Volatility remains high as global markets continue downward. UP Index moves near the resistance, tested two times in the last months. The most successful LNG shipper of the past week was Dynagas LNG Partners (NYSE: DLNG), which gained over 14%, followed by Höegh LNG Partners (NYSE: HMLP). ...

Back in the late 1980s until mid-1990s, fans of Def Leppard used to sing “Love Bites”, their only number-one single on the US Billboard Hot 100

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) demonstrated slight irregular changes on May 23: 380 HSFO – USD/MT – 735.46 (+0.08) VLSFO – USD/MT – 973.08 (-1.71) MGO – USD/MT – 1221.1 (-7.59) As of May 23, a correlation of MABUX MBP Index (Market Bunker Prices) vs MABUX DBP Index (Digital Bunker Prices Benchmark) in four largest global hubs showed that 380 HSFO fuel grade was overvalued in three out of four selected ports: Rotterdam – ...

NYK Line, IHI Power Systems Co., Ltd., and Nippon Kaiji Kyokai (ClassNK) (i.e., “the Parties”) have signed a memorandum of understanding (MoU) with City of Yokohama for the acceptance of an ammonia-fueled tugboat (A-Tug) at the port of Yokohama. The conclusion of this MoU is part of the Green Innovation Fund project within Japan’s New Energy and Industrial Technology Development Organization (NEDO) for the development of vessels equipped with a domestically produced ammonia-fueled engine, adopted in October 2021 for NYK Line and IHI Power Systems Co., Ltd.* The MoU includes ...

We maintain BUY and raise our TP by 8.0% (KRW125,000→KRW135,000; 12m fwd BVPS x 2.05x target P/B) for HHI to reflect changes to earnings estimates, ROE, 12m fwd base period and 1y MSB/30y KTB yields (used as RFR/TGR). Our TP offers 17.4% upside. After short-term fluctuations, stock price has returned to levels seen two months ago From Mar 21 to Apr 20, the stock surged 50.2%. The increase was linked to supply-demand dynamics, not fundamentals, thanks to inclusion to the MSCI Index, and the effect would dissipate between end-April and ...

China’s ports saw a slight expansion of cargo throughput in the first four months of the year despite COVID-19 disruptions, official data showed. Cargo throughput at the country’s ports neared 4.91 billion tonnes in the period, edging up 0.2 percent year on year, according to the Ministry of Transport. During the January-April period, the container handling volume at China’s ports rose 1.7 percent from a year ago to 91.04 million twenty-foot equivalent units (TEUs), the data showed. In April alone, China’s ports handled more than 1.27 billion tonnes of cargo, ...

Hefty discounts on Russian crude are increasingly whetting the appetite of China’s independent refineries, but Beijing may not rush into shipping in plentiful cargoes from the non-OPEC supplier at current prices for strategic petroleum reserves, analysts said. China’s SPR stock stood at 325.71 million barrels as of May to account for 67% of the state crude reserve storage capacity that Kpler monitors. That was 6.12 million barrels lower than the historical high of 341.83 million barrels in June 2020, Kpler’s data showed. “China won’t be violating rules by building SPR ...

The share of coal in India’s power generation will fall from 74% to about 54% by 2030, but the exponential growth in the size of the country’s power market would mean that the sector would still be consuming more coal 10 years from now than at present, Prashant Jain, managing director of GE Power India Ltd., told S&P Global Commodity Insights. In absolute terms, electricity generation from coal will be higher than present levels by 2030. The incremental demand growth will be met by renewable energy, but existing coal-fired assets ...

U.S. wheat futures extended gains on Tuesday, supported by a slower pace of spring wheat planting and amid fears over yield for the winter crop in the United States, while corn fell after output concerns in key producer Brazil eased with minor frost. The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.21% at $11.92-1/2 a bushel, as of 0348 GMT. As wheat supplies from Black Sea region have been curtailed, buyers are looking for other producers, which are also hit by bad weather, said a ...

India’s heavy duties on iron ore exports are expected to have a “tiny” impact on Chinese steel supply as the country is reducing its heavy reliance on Indian iron ore while diversifying its domestic and international supplies. The Indian government raised export tariffs on May 22 with a hike to 50 percent, from 30 percent, on exports of iron ore and concentrates and a 45 percent duty imposed on iron pellets to increase domestic availability, the Economic Times reported on Saturday. While India has been a source of iron ore ...

The increase in export taxes on iron ore, announced by the Indian government over the weekend, will lead to large surpluses at home, and mainly hit producers of low grade ores that depend on overseas markets, a mining industry body said. On Saturday, the government announced that with effect from Sunday export tariffs on new iron ores and concentrates would be raised to 50% from 30%, and duties on pellets would be hiked to 45% from zero. The government also removed import tariffs for coking coal and coke. Benchmark iron ...