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More Ship Owners Eye Wall Street Via Direct Listings, Not IPOs

Golar LNG Ltd. (NYSE: GLNG) has confirmed plans to spin off its liquefied natural gas (LNG) carrier business into a separate public vehicle, signaling the entry of yet another player into an already very crowded field. Despite a total collapse in the industry’s initial public offering (IPO) prospects, Wall Street’s shipping cadre keeps expanding as more owners opt for the ‘direct listing’ path popularized by Spotify (NYSE: SPOT), wherein shares become tradable but no proceeds are raised. Before market open on May 21, Golar reported a net loss of $41.7 ...

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Dry Bulk Owner Golden Ocean “Endures” Weaker Market Conditions During First Quarter

Golden Ocean Group Limited, a leading dry bulk shipping company, yesterday announced its results for the quarter ended March 31, 2019. Highlights Net loss of $7.5 million and loss per share of $0.05 for the first quarter of 2019, compared with net income of $23.6 million and earnings per share of $0.16 for the fourth quarter of 2018 Adjusted EBITDA of $36.0 million for the first quarter of 2019, compared with $70.4 million for the fourth quarter of 2018 Refinanced the non-recourse loans for 14 vessels, reducing interest expense and ...

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IMO Accelerates Efficiency Goals

The Marine Environmental Protection Committee (MEPC) strengthened Energy Efficiency Design Indexes (EEDI) for Phase 3 for certain ship types by increasing the reduction rate and/or bringing forward the start date. Phase 3 was initially covering the period from 2025 and onwards, mandating reduction rates of a 30% reduction calculated from a reference line representing the average efficiency for ships built between 2000 and 2010. MEPC approved the accelerated entry into force by moving the date from 1 January 2025 to 1 January 2022 for some ship types, targeting LNG carriers, ...

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Fearnleys Week 21 2019

Owners persistency has paid off to some extent as VLCC rates are now in the low 40’s for Meg/East voyages. Earnings are still barely covering

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How to Invest in Shipping Stocks

The international maritime shipping industry is crucial to the global economy. Shipping vessels transport essential energy commodities like crude oil and diesel, dry bulk goods such as iron ore and grains, and finished manufactured products like autos and electronics. Overall, the maritime shipping industry carries out a staggering 90% of world trade flows, according to the International Chamber of Shipping. Despite its vital role in moving the global economy forward, the shipping sector can be quite challenging for investors. Even a slight economic slowdown can have an outsized impact on ...

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Iron ore is surging, but not all producers are joining the party

While iron ore prices have surged to a five-year high above $100 a tonne, not all producers of the steel-making ingredient are sharing in the bounty. It’s no surprise that Brazil’s Vale is struggling. After all, it is largely the reason for iron ore’s stellar run, with the spot price of 62 percent ore delivered to China MT-IO-QIN62=ARG, as assessed by Argus Media, ending at $100.65 a tonne on Tuesday, up 38.1% this year. It was the fatal tailings dam burst at Vale’s Córrego do Feijão iron ore mine, near ...

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ZIM: Total revenues in Q1 2019 were $796.2 million, reflecting an increase of 6.0%

The container shipping industry is dynamic and volatile and has been marked in recent years by instability, characterized by volatility in freight rates and bunker prices, as a result of ever-changing market environment and the extensive activity of mergers and acquisitions that also led to reorganization of the global alliances. The instability and volatility in the market, including significant uncertainties in the global trade, continue to affect the market environment. Since the fourth quarter of 2017 and until the second quarter of 2018, freight rates have decreased while bunker prices, ...

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Nordic Shipholding Group Gains From 23% Higher Time Charter Rates During First Quarter

The comparison figures for period ended 31 March 2018 are stated in parenthesis. The Group started 2019 on a positive note as the average daily Time Charter Equivalent (“TCE”) rate in Q1 2019 for the 6 vessels was approximately 23% higher than the average TCE rate in Q4 2018. For the 3 months ended 31 March 2019, the Group generated a profit after tax of USD 0.4 million (loss of USD 0.9 million) primarily due to improved TCE revenue generated in Q1 2019. TCE earnings rose 20.4% to USD 7.1 ...

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Vitol exec sees China as main buyer for dirty Russian oil cargoes

Oil traders and refiners with cargoes of contaminated Russian oil may be forced to find buyers for the unwanted shipments in China or Japan where the corrosive crude can be blended with large volumes of government-controlled strategic crude stocks, Vitol director Mike Muller said. Around 15 million barrels of Urals crude contaminated with organic chloride were loaded into tankers from Russia’s Baltic Sea port of Ust-Luga around the end of April and early May, according to market sources, with independent oil traders such as Vitol and Glencore among the key ...

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Maduro Is Turning Oil Tankers into Warships to Evade US Blockade

Nicolás Maduro has launched a new plan to convert oil tankers into warships, guarding them with active personnel of the Venezuelan Armed Forces (FANB), faced with the possibility that the United States may try to block the shipment of crude oil to Cuba. “PDVSA ships under the control of the Maduro regime will now be ‘accompanied’ by active personnel of the Venezuelan Armed Forces. This notification was made through email by Ramon Sosa, Manager of the Fleet of Oil Tankers.” The ships used by state oil company, PDVSA, some of ...

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NAPA announced as first service provider for Ship Data Center’s IoS Open Platform

NAPA the leading provider of maritime software, services and data analysis, announced that it has become the first service provider for ClassNK-owned Ship Data Center’s Internet of Ships Open Platform (ShipDC IoS-OP). NAPA will provide ship performance analytics and voyage optimization capabilities for this universal platform developed to share vessel operational data between stakeholders. The aim of the ShipDC IoS-OP is to create a new, digital maritime cluster by securely minimizing the costs of data ownership and portability for owners and operators, while allowing yards and manufacturers to access the ...

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West Africa Container Terminal makes further investment in equipment

In response to continued volume growth in the Eastern Nigerian market, the West Africa Container Terminal (WACT) located in Onne Port, has invested in two new Mobile Harbor Cranes. This is in addition to an investment of approximately USD2.5 million already made this year. The two Liebherr LHM 550 Mobile Harbor Cranes (MHCs) are due for deployment in July this year and will further boost the efficiency and cargo handling operation of the terminal, improving service delivery and reducing vessel waiting time. This year, WACT has already invested around USD2.5 ...

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BHP dark on thermal coal’s future

BHP says it has no appetite for new investments in thermal coal, regardless of how lucrative those investments may be, but has also signalled it is unlikely to invest in commodities like lithium and cobalt. The hardening of BHP’s attitude toward the type of coal used for power generation was revealed in a slide pack published ahead of a strategy briefing by chief financial officer Peter Beaven. BHP chief financial officer Peter Beaven. Wayne Taylor The presentation declares that the decarbonisation of the energy sector will see thermal coal ”phased ...

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Pole Star & Dow Jones Risk & Compliance partner on vessel tracking solution

The partnership enables users of Dow Jones’ trade compliance solution to access additional intelligence for vessel screening and monitoring via Pole Star’s award-winning PurpleTRAC software. PurpleTRAC provides a vessel’s complete voyage history and screening checks for advanced auditing, combining Transponder signals with Inmarsat Satellite tracking. “Assessing the risk associated with a trade transaction — from the goods themselves to the vessel and counterparties involved — is increasingly important given regulatory pressures around international trade,” said Guy Harrison, General Manager of Dow Jones Risk & Compliance. “By combining Dow Jones’ highly ...

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MAN Energy Solutions Announces Development of Low-Pressure, Two-Stroke, Gas Engine

MAN Energy Solutions Two-Stroke Business Unit has announced that it has initiated the development of a low-pressure gas engine as a supplement to its existing, successful dual-fuel ME-GI engine. The company cites market demand as the rationale behind the move. Bjarne Foldager – Senior Vice President, Head of Two-Stroke Business at MAN Energy Solutions – said: “We already offer the most sophisticated and technologically-advanced gas engine on the two-stroke market with our ME-GI type, and we are hungry for more. With this announcement, we expect to cater for the segment ...

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