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Star Bulk Carriers Corp. reports net profit of $74.9 million for the first quarter of 2024, and declares quarterly dividend of $0.75 per share

Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced its unaudited financial and operating results for the first quarter of 2024. Unless otherwise indicated or unless the context requires otherwise, all references in this press release to “we,” “us,” “our,” or similar references, mean Star Bulk Carriers Corp. and, where applicable, its consolidated subsidiaries. Petros Pappas, Chief Executive Officer of Star Bulk, commented: “During Q1 2024, Star Bulk successfully leveraged a counter seasonally strong ...

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California can lead the world to reduce emissions from ocean cargo ships, lower climate impacts, and improve air quality around ports

Two reports co-released by Goldman School of Public Policy, University of California Berkeley and Energy & Environmental Research Associates delve into policy changes and technology to decarbonize ocean going vessels. Non-profit Pacific Environment commissioned these reports. This set of reports seeks to inform stakeholders and policymakers on potential to reduce greenhouse gas (GHG) and other air pollutants from the maritime sector. These reports describe: decarbonization technologies for ships, including low and zero carbon fuels, engine and operational efficiencies; and, the policy landscape – what’s happening nationally and internationally, along with ...

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Euroseas Ltd. Reports Results for the Quarter Ended March 31, 2024 and Declares Quarterly Common Stock Dividend

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, 2024 and declared a common stock dividend. First Quarter 2024 Financial Highlights: •Total net revenues of $46.7 million. Net income of $20.0 million or $2.89 and $2.87 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $18.5 million or $2.67 and $2.66 per share basic and diluted. •Adjusted EBITDA1 was ...

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Stealthgas inc. reports first quarter 2024 financial and operating results

STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the first quarter ended March 31, 2024. OPERATIONAL AND FINANCIAL HIGHLIGHTS All-time record quarterly Net Income of $17.7 million for the first quarter of 2024, a 5.4% increase compared to last year’s first quarter, corresponding to a basic EPS of $0.49. Revenues increased by 9.2% compared to the same period of last year to $41.6 million. Voyage and operating expenses decreased by ...

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MOL Group-managed Vessels Recognized for Excellence in Weather Observation and Reporting for 9th Consecutive Year- Esshu Maru and Suzukasan Receive 2024 Director-General Award from Japan Meteorological Agency

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced that two vessels managed by its group company MOL LNG Transport Co., Ltd. (President: Toshihiko Ota; Headquarters: Minato-ku, Tokyo) and MOL Tankship Management Pte. Ltd. (President: Yoshiro Maruta; Headquarters: Singapore), received the Director-General Award from the Japan Meteorological Agency (JMA) for the vessels’ significant contribution to development of meteorological service by observation and reporting of weather and sea conditions. The JMA presents the Minister Award from Japan’s Ministry of Land, Infrastructure, Transport and Tourism Commendation and the Director-General ...

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Steamship Mutual: 2023/24 Financial Year Highlights

To the Members At the Board meeting, held in Geneva on 21 May 2024, the following developments were reported in respect of the Steamship Mutual group of companies. 2023/24 Financial Year Highlights: · A financial year surplus of US$110 million, after adjustment for capital returns, resulted in Free Reserves increasing to US$540 million, up from US$454 million at the same time last year. · The Club remains one of the best capitalised in the International Group and is S&P “A” rated with a stable outlook. · US$24 million of capital ...

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What is OPEC+ and how does it affect oil prices?

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia are known collectively as OPEC+ and will meet on June 2 to discuss their joint oil production policy. Below are key facts about OPEC+ and its role. WHAT ARE OPEC AND OPEC+? OPEC was founded in 1960 in Baghdad by Iraq, Iran, Kuwait, Saudi Arabia and Venezuela with an aim of coordinating petroleum policies and securing fair and stable prices. Now it includes 12 countries, mainly from the Middle East and Africa, accounting for about 30% of the ...

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Intelligence Brief: War in Gaza Reshaping the Middle East

The war in Gaza is reshaping the politics of the Middle East. Negotiations between the U.S. and Saudi Arabia toward increased security commitments in exchange for the diplomatic recognition of Israel are ongoing but have become more difficult after October 7th. A path toward Palestinian statehood will remain a roadblock with the current Israeli government. However, a US-Saudi security accord with Israel added later could be possible under a new Israeli government coalition. US-Saudi Negotiations Continue But Palestinian State Remains a Sticking Point The war in Gaza and the war ...

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What OPEC+ oil output cuts are currently in place?

OPEC+ oil producers are scheduled to meet on June 2 to decide their next output policy steps, including whether to extend voluntary production cuts totalling about 2.2 million barrels per day (bpd), which expire in the first half of 2024. These voluntary cuts from the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, come on top of earlier reductions of 3.66 million bpd that were announced in various steps since late 2022 and which are valid until the end of 2024. Total pledged cuts therefore currently amount ...

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Sterling holds near two-month highs in volatile week

The pound eased on Friday after data showed wet weather hit UK consumer spending far more than expected in April, but evidence of sticky inflation, and the surprise announcement this week of a July general election kept sterling near two-month highs. Sales volumes dropped by 2.3% in April after a 0.2% fall in March, which was downwardly revised from a flat reading, the Office for National Statistics said. The data was worse than any economist predicted in a Reuters poll, which had pointed to a drop of around 0.4% on ...

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Rates Spark: ECB rate cuts pricing more in balance

ECB rates pricing in between two and three cuts for 2024 Rates started out higher in yesterday’s session, in part due to the upside surprise in UK inflation. While that pushed back the market’s Bank of England rate cut expectations away from June towards a first cut in August or September and shifted Gilt yields up by more than 10bp at the front end, the elevated inflation print also resonated with more global concerns about sticky prices. Be it for spill-over effects or domestic reasons, European Central Bank pricing for ...

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Castor Maritime Inc. Announces the Completion of the Sale of the M/V Magic Vela

Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company, announces that on May 23, 2024, it completed the previously announced sale of the M/V Magic Vela, a 2011-built Panamax bulk carrier vessel, for a price of $16.4 million, by delivering the vessel to its new owner. The Company expects to record a net gain of approximately $2.7 million from the above- mentioned sale, excluding any transaction-related costs, during the second quarter of 2024. Source: Castor Maritime Inc.

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A.P. Møller – Mærsk A/S – Registration of capital decrease in connection with cancellation of treasury shares completed

Further to the announcement of 14 March 2024 regarding the decision to decrease the share capital with nominally DKK 1,740,773,000 by cancellation of treasury shares it is hereby confirmed that the capital decrease has been registered with the Danish Business Authority today. The capital decrease is divided into 350,555 A shares of nominally DKK 1,000 and 1,390,218 B shares of nominally DKK 1,000. After registration of the capital decrease, A.P. Møller – Mærsk A/S’ share capital amounts to nominally DKK 15,828,942,000 with DKK 9,756,491,000 as A share capital and DKK ...

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Wind Challenger to be Installed on Coal Carrier for J-Power – World’s 1st Retrofit on an In-service Vessel –

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced that MOL and Electric Power Development Co., Ltd. (J-Power; President and CEO: Hitoshi Kanno; Head Office: Chuo-ku, Tokyo) have agreed to install the Wind Challenger hard sail wind power propulsion system (Note 1), which converts wind energy to propulsive force, on the coal carrier Kurotakisan Maru Ⅲ (Note 2), which transports steaming coal to J-Power’s power stations. The installation is scheduled for the second half of 2025. This marks the first installation of the Wind Challenger on a ...

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ICS Publications releases sixth edition of ‘Guidelines on the Application of the IMO International Safety Management (ISM) Code’

International Chamber of Shipping (ICS) Publications has announced the launch of the sixth edition of ‘Guidelines on the Application of the IMO International Safety Management (ISM) Code’. This latest edition offers new and updated guidance to help shipping companies fulfil their safety and environmental obligations, and to comply with the International Maritime Organization (IMO) International Management Code for the Safe Operation of Ships and for Pollution Prevention (ISM Code). The sixth edition aims to help shipping companies operating ships in all sectors and trades develop, implement, maintain and improve their ...

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