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Euroseas Ltd. Announces the Effectiveness of the Registration Statement and Approval for Listing on the NASDAQ Capital Market of EuroDry Ltd, its Drybulk Fleet Spin-Off

Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that the registration statement on Form F-1 of EuroDry Ltd., its drybulk fleet spin-off, has been declared effective by the Securities and Exchange Commission. The Company also announced that the application of EuroDry Ltd. for listing on the NASDAQ Capital Market under the symbol “EDRY” has been approved. Currently, EuroDry Ltd. is a wholly owned subsidiary of the Company. Shares of EuroDry Ltd. will be distributed on ...

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Mediterranean diesel at 32-month high amid lack of smaller vessels

Diesel in the Mediterranean hit a 32-month high at a $13.50/mt premium to ICE low sulfur gasoil futures Tuesday, as cargoes on Handysize vessels were in short supply, sources said. Vessels able to call at many of the Mediterranean ports have been lacking as a result of a closed arbitrage from the US Gulf Coast, regional refinery maintenance, and lower volumes being exported from the Black Sea due to Russian refinery maintenance. Diesel has been entering the region on Long Range vessels from east of Suez but these generally struggle ...

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The Ship Caught in the Middle as U.S. and China Zigzag on Trade

A ship carrying sorghum is literally riding the waves of the fractious relationship between China and the U.S. over trade. The bulk carrier RB Eden was loaded with the grain at Archer-Daniels-Midland Co.’s terminal in Corpus Christi, Texas, and was initially bound for Shanghai. When China announced a 179 percent tariff on imports of sorghum in mid-April, it performed a U-turn in the Indian Ocean, according to vessel data tracked by Bloomberg, and sailed back around southern Africa toward Europe. The vessel’s destination was changed to Cartagena, Spain, but according ...

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Pirate attacks grow in South America and Caribbean: report

Pirate attacks around South American and Caribbean waters are growing, and violence is increasingly used during robberies committed on vessels at anchor, a report showed on Wednesday. The Oceans Beyond Piracy (OBP) non-profit group recorded 71 incidents in Latin America and the Caribbean in 2017, a 163 percent increase over 2016. OBP said the majority of the attacks occurred in territorial waters, with around 59 percent of incidents involving robbery on yachts. Anchorages in Venezuela, Saint Vincent and the Grenadines, Colombia and St. Lucia were the regional hot spots during ...

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Inmarsat receives IMO approval to deliver most significant advance in maritime safety in a generation

The International Maritime Organization’s (IMO) Maritime Safety Committee (MSC) has formally approved Inmarsat’s ‘Fleet Safety’ solution as a new service to support the Global Maritime Distress & Safety System (GMDSS). Ship owners and operators will now be able to combine maritime safety and broadband data services in a single FleetBroadband or Fleet One terminal provided by Inmarsat. Tens of thousands of vessels are already equipped with FleetBroadband or Fleet One, making the adoption of Fleet Safety simple and hassle free. Ship owners and operators currently deploying FleetBroadband or Fleet One ...

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Korea Gas Corporation Expands LNG Bunkering Business

Korea Gas Corporation (KOGAS) is accelerating the expansion of its LNG bunkering business. LNG bunkering, which is to supply LNG to ships on the sea, is regarded as a future growth driver of the global maritime industry as it can help gas companies to effectively respond to regulations. KOGAS announced on May 22 that it would work with the Ministry of Trade, Industry & Energy and the Ministry of Oceans & Fisheries in the field of LNG bunkering so that related laws and regulations allow the use of LNG as ...

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India: Local shipping rules eased for global lines

In the biggest policy reform yet in the shipping sector, the Centre has allowed foreign-flagged container ships to carry export-import laden containers for transhipment and empty containers for re-positioning on local routes without a licence or conditions. A Shipping Ministry order, issued on Monday, follows intense lobbying by global container lines to ease the cabotage rule and allow them to operate along the country’s coast. This, according to the lines, was essential with India seeking to set up transhipment hubs to reduce dependence on neighbouring foreign hubs to send and ...

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New study says APM Terminals contributes N186bn annually to Nigeria’s economy

APM Terminals, one of the leading global port operators in Nigeria, created a total turnover of about $610 million (N186.05 billion) per year to the Nigerian economy from 2013 to 2016, an impact assessment study conducted by Quantifying Business Impacts on Society (QBIS), a Denmark-based consulting firm, has revealed. The study titled “Nigerian Trade Stimulator – How APM Terminals in Nigeria have Impacted Trade, Creating Jobs and Ensuring a Sustainable Business Environment,” was conducted by Mette Dalgliesh Olsen and Thomas Westergaard-Kabelmann. According to Olisen and Westergaard-Kabelmann, the objective of the ...

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Leading UAE port operator looking into Serbia’s river transport

Looking to develop its neglected water transport, Serbian government signed an agreement with one of the world’s biggest port operators from the United Arab Emirates (UAE) to cooperate on constructing new ports and privatization of the existing ones. The “Memorandum of Understanding and Cooperation on River Port Development projects” was signed between the Minister of Construction, Transport and Infrastructure Zorana Mihajlovic and the president of “Dubai Port World” Sultan Ahmed bin Sulayem. It foresees investments worth more than 200 million euros, government’s press release reads. “Water transport was so far ...

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Demolition Market Expected to Slow Down on Ramadan

Ships’ decommissioning and sold for scrap in East Asia’s scrapyards are expected to slow down over the next month or so, on religious holidays. In its latest weekly report, shipbroker Clarkson Platou Hellas commented that “with the holy month of Ramadan having now started, it is anticipated that activity and inquiry could slow down as the appetite from the waterfront begins to subdue in the forthcoming weeks as production on the recycling yards dwindles down. Having said this, the week leading up to this holy month generally sees an active ...

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ABS Evaluation Demonstrates Feasibility of LPG as Fuel Strategy for Dorian LPG

ABS completed an in-depth techno-economic evaluation commissioned by Dorian LPG, evaluating compliance options for impending global sulfur cap requirements. Dorian LPG owns and operates a fleet of very large gas carriers (VLGCs), transporting liquefied petroleum gas around the world. “As owners and operators evaluate their compliance options for the impending 2020 Global Sulfur Cap, it is critical to understand how each option will impact their fleet and operations,” said ABS Senior Vice President for Engineering and Technology, Derek Novak. “We worked closely with Dorian LPG throughout this evaluation to demonstrate ...

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American Oil Boom Seen Tempting Ships to Steer Clear of Iran

The latest standoff between the U.S. and Iran may be leaving oil-tanker owners in more of a bind than in previous years. As the U.S. reimposes sanctions on the Islamic Republic, firms that help ferry Iranian oil risk losing access to the American financial system, similar to earlier in the decade when such measures were enforced. Additionally, this time around, they’ll have to contend with being cut off from the booming business of transporting crude pumped from shale fields in Texas or wells in the Gulf of Mexico, according to ...

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International Convention for the Control and Management of Ships’ Ballast Water and Sediments ratified

Cyprus has ratified the International Convention for the Control and Management of Ships’ Ballast Water and Sediments 2004 (the BWM Convention).(1) The law ratifying and implementing the convention took effect on its publication in the Official Gazette on May 4 2018. The BWM Convention entered into force on September 8 2017 and covers more than three-quarters of the world’s merchant shipping tonnage. Its objective is to prevent, reduce and control pollution of the marine environment –especially the spread of harmful aquatic organisms from one region to another – and the ...

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China signals to state giants: ‘Buy American’ oil and grains

China will import record volumes of U.S. oil and is likely to ship more U.S. soy after Beijing signalled to state-run refiners and grains purchasers they should buy more to help ease tensions between the two top economies, trade sources said on Wednesday. China pledged at the weekend to increase imports from its top trading partner to avert a trade war that could damage the global economy. Energy and commodities were high on Washington’s list of products for sale. As the two sides stepped back from a full-blown trade war, ...

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Nordic Shipholding Reports 25% Increase in Time Charter Revenues

The Group started 2018 on a positive note as the average daily Time Charter Equivalent (“TCE”) rate in January 2018 and February 2018 for the 6 vessels was approximately 25% higher than the average TCE rate in Q4 2017. However, the TCEs earned in March 2018 fell short of expectations and were generally below the average TCEs earned in the previous 2 months. As a result, the average TCEs earned by the 6 vessels in Q1 2018 came in below the forecasted rates. Compared to the same quarter last year, ...

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