Castor Maritime Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced its results for the three months ended March 31, 2020. Earnings Highlights of the Three Months Ended March 31, 2020: Revenues, net: $2.7 million for the three months ended March 31, 2020, as compared to $0.9 million for the three months ended March 31, 2019, respectively; Net (loss)/income: Net loss of $259,868 for the three months ended March 31, 2020, as compared to net income of $55,969 for the three months ended March 31, ...

After the quiet start to the week the big ships finally came alive. The improved rates in the physical has clearly got the bulls very excited. Subsequently paper rallied significantly from the open and was firm until the close. Atlantic cargoes are the driving force behind the move and bunker rates jumped which added fuel to the fire but with the larger picture still looking negative it remains to be seen how long this positivity will last. Panamax It was a relatively active days trading on panamax paper which despite ...

The Covid-19 crisis has painfully demonstrated the heterogeneous landscape that currently exists across ports worldwide. With the world’s attention now focused on exiting from lockdowns and preparing for a ‘new normal’, there is an urgent need to co-operate and accelerate the pace of digitalisation, according to a number of leading maritime associations, including BIMCO. While some port communities seized the opportunities of the fourth industrial revolution and developed into full-fledged ‘smart’ ports, many others have barely grasped the essentials of digitalisation. The latter continue to struggle with larger reliance on ...

Our Chairman and CEO participated in the UN Global Compact online conference and announced new steps to define the shipping and logistics of tomorrow. He also recalled his commitment for a more balanced globalization. On 2 June, Rodolphe Saadé was a key speaker at the UN Global Compact. Other speakers participated including Deputy UN Secretary-General Amina Mohammed, Prime Minister of Norway Erna Solberg, UN Secretary-General’s Special Envoy for the Ocean Peter Thomson, the Secretary General of the International Maritime Organization Kitack Lim, and Director General of WWF International Marco Lambertini. ...

Nautilus Labs, the technology firm advancing the efficiency of ocean commerce through artificial intelligence, and OCEANKING, the leading marine engineering and commercial group serving the Greek and International maritime community—today announced their partnership to jointly expand access to Nautilus Platform in the Greek and Cypriot market to support ship owners and operators as they elevate their focus on operational excellence. Nautilus serves the global maritime industry by building decision support software that surfaces smart alerts and actionable insights that maximize voyage profitability and vessel yield. “Given our deep commitment to ...

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs continued to increase on June, 02: 380 HSFO – USD/MT – 265.74 (+6.18) VLSFO – USD/MT – 309.00 (+8.00) MGO – USD/MT – 380.27 (+6.03) Meantime, world oil indexes also demonstrated upward changes on June, 02 as OPEC and key ally Russia moved a conference call to discuss future output cuts to Thursday, June 4, from an original June 9 schedule. Brent for August settlement increased by $1.25 ...

Korean Register (KR) has signed a five-year agreement with German ship management company Held, to provide ISO 9001 Certification, ISM Company Audit (DOC), ISM Ship Audits (SMC) and ISPS and MLC compliance services for the company’s fleet of more than 30 vessels. Held Shipping classed its first vessel the “Maria Francisca” IMO 9235361 with KR in 2018. Since then the trusted business relationship between the two companies has grown, with five more vessels being transferred to KR since then – “ABB Bentje” IMO 9283954, “BBC Newcastle” IMO 9484209, “BBC Nagasaki” ...

Ferry shipping company Stena Line continues to reduce CO2 emissions and is now ten years ahead of the international shipping targets for reducing emissions. In the newly published sustainability overview “A Sustainable Journey” Stena Line reports a reduction of both total CO2 emissions and per transported ton onboard the ferries. New, larger and more energy efficient vessels, AI assisted captains and an increased punctuality are some important measures. Despite a tough situation for the ferry industry due to COVID-19 ferry shipping company Stena Line continues its sustainable journey. In the ...

LUKOIL’s NAVIGO MCL Ultra remains one of few low BN cylinder oils that still have a valid ‘No Objection Letter (NOL)’ with all major OEMs. Recently a leading OEM withdrew their approvals for almost all low BN oils in the market, while NAVIGO MCL Ultra has retained its status, and continues to be fully approved by all other major OEMs. LUKOIL’s NAVIGO MCL Ultra is a 20 BN cylinder oil developed specifically for vessels operating in Emission Control Areas (ECA). “To comply with emission regulations, ships in ECAs run on ...

The above named vessel was detained in Port of Kastelli Kissamou Crete (Greece) on 13 May 2020. This is the third detention in the Paris MoU region within the last 36 months. The ship flies the flag of Union Comoros (ex-Palau) which is black on the current Paris MoU WGB list. Therefore under the provisions of section 4 of the Paris MoU, Article 16 of EU Council Directive 2009/16/EC, the ship will be refused further access to any port and anchorage in the Paris MOU region, except a port and ...

Strong underwriting performance reflected in a combined ratio of 99.8%. Average combined ratio for last six years of 92.1% The Club distributed US$ 16.3 million to mutual renewing members on 20 March 2020. Renewal rates at the 2020/21 renewal for mutual owned tonnage increased by an average of approximately 5% overall. Post renewal total entered tonnage stood at 157 million GT, with 3.5 million GT of new owned tonnage during the year. Investment return of US$ 66.9 million (5.9%). Free Reserves increased by US$ 48.3 million after the capital distribution ...

South Korea’s ailing shipbuilders have been thrown a lifeline in an increasingly tough market with a $19 billion order from Qatar Petroleum (QP) for liquefied natural gas (LNG) ships, analysts said on Tuesday. Qatar’s state-run LNG producer signed agreements with South Korea’s “Big 3” shipyards on Monday to secure more than 100 ships through 2027, in the largest-ever single LNG vessel order. With a steep market downturn on the horizon, the orders had come at the right time for Daewoo Shipbuilding & Marine Engineering Co Ltd, Hyundai Heavy Industries Holdings ...

Brazil’s May soybean exports jumped 45% on the year to reach 15.5 million mt, the second-highest monthly soy shipment ever, the latest foreign trade department data released on June 1 showed, with a hefty 74% of this volume bound for China, as Chinese crushers chose the more competitively priced Brazilian beans over US-origin supply, despite the US-China Phase 1 trade deal inked in January. The main reason underpinning China’s strong demand for Brazilian soybeans is its weakened currency. The real has lost over 40% of its value since January, boosting ...

Brazil’s Vale SA expects iron ore shipments to China to rise in 2020 versus 2019 due to falling demand in other countries hurt by the coronavirus pandemic, the China Iron and Steel Association said after a telephone call with the miner. Vale, which shipped 190 million tonnes of iron ore and pellets to China in 2019, gave no further details. While steel mills in other countries have idled blast furnaces due to sluggish demand, steel production in China, the world’s top steelmaker, has been robust, fuelled by healthy profit margins ...

Global grain exports could see less intervention by major agriculture producers in 2020-21, despite the food supply chain risks in the event of a second wave of the coronavirus pandemic, Abdolreza Abbassian, senior economist with the Food and Agriculture Organization, told S&P Global Platts in an interview. “Putting export restrictions in the current environment and in the 2020-21 season [by major producers] is quite unlikely. I don’t see a problem there. What I do see a major issue is in some countries, [especially which are price-sensitive and economically weak], may ...