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Safe Bulkers, Inc. Entered into a Bareboat Charter Agreement with a Purchase Option for a Capesize Class Dry-bulk Vessel

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today that in relation to its fleet renewal strategy, it has entered into a twelve-month bareboat charter agreement, with a down payment by the Company of $4.5 million on signing, a payment of $4.5 million on delivery of the vessel to the Company scheduled for the fourth quarter of 2021, a payment of a daily charter rate of $14,500 over the period of the bareboat charter and a purchase option in favor of the Company at the end ...

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Fuel Consumption: IMCA And Its Members To Play Key Role

As a result of a submission by the International Marine Contractors Association (IMCA) to the International Maritime Organization’s (IMO) Marine Environment Protection Committee (MEPC 76/5/3) in June 2021, the MEPC has granted IMCA authority to: 1. Collect fuel consumption data from IMCA members’ offshore vessels which fall within the scope of the mandatory requirement under Regulation 22A of MARPOL*, Annex VI and applies to all vessels of 5,000 gross tonnage and above. 2. Use this data to calculate the two proxies IMCA proposed in its submission to MEPC 74 (MEPC ...

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Infinity Maritime announces partnership with Lloyd’s Register to boost maritime sustainability

Following on from the announcement of collaboration with leading international ship brokers, Infinity Maritime reflects the maritime ecosystem by announcing its partnership with world leading Classification Society Lloyd’s Register to verify the sustainability of its fleet and enhance their environmental and operational performance. Infinity Maritime, the first platform to provide alternative maritime finance through digitisation enabling fractional ownership of commercial ships, including tankers, bulkers and boxships, has a focus on building the most sustainable commercial fleet possible. Infinity Maritime is creating asset-backed MetaUnits for the ships it purchases and operates ...

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Nigerian Chamber of Shipping becomes full ICS member

The Nigerian Chamber of Shipping has today become a full member of the International Chamber of Shipping (ICS). Guy Platten, Secretary General of ICS, said: “We are delighted to welcome the Nigerian Chamber of Shipping as a full ICS member. This continues our goals to have a broad and truly global shipping community. We look forward to strengthening our connections and collaborations within the Nigerian maritime industry.” The Nigerian Chamber of Shipping, formed in 2002, has grown to not only represent the country’s domestic shipping industry but also all stakeholders ...

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SFL – Update on Seadrill Restructuring

SFL Corporation Ltd. announced that the Company has entered into an amendment to its existing charter agreement (the “amendment agreement”) with subsidiaries of Seadrill Limited (“Seadrill”) for the harsh environment semi-submersible rig West Hercules. Under the amendment agreement with Seadrill, the West Hercules is contracted to be employed with an oil major into the second half of 2022 (the “charter period”), prior to being redelivered to SFL in Norway. Pursuant to the amendment agreement, SFL has agreed to receive bareboat hire of (i) approximately $64,700 per day until Seadrill emerges ...

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CTRL Marine Solutions Ltd announce their acquisition by Campbell Johnston Clark (CJC)

CTRL Marine Solutions Ltd, a law firm and marine consultancy which provides bespoke Claims, Technical, Risk and Legal services at favourable rates and on flexible terms, has announced that it is to be acquired by Campbell Johnston Clark (CJC). CTRL Marine Solutions Ltd (which is wholly owned by The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg)) was one of the first of its kind, providing over stretched in-house legal and technical departments with the best Claims, Technical, Risk and Legal (CTRL) service for their clients and the Shipowners Club’s Members. ...

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Sembcorp to book $212 million impairment on Chinese coal venture in first-half results

Sembcorp Industries will book an impairment expense of $212 million in its first-half financial results, but it expects net profit to remain positive, the company announced before the market opened on Monday (Aug 2). In its profit guidance, Sembcorp said the impairment will be made on its 49 per cent stake in Chongqing Songzao Sembcorp Electric Power, which is a joint venture between Sembcorp and Chongqing Power Investment Group in the city of Chongqing, China. The impairment of $212 million represents the entire carrying value, or the original cost, of ...

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HHI Holdings: Good Time to Buy Undervalued Dividend Stock

HHI Holdings is a dividend stock that remains undervalued to NAV. The firm started paying out interim dividends this year. We expect the earnings improvement trend at subsidiaries to sustain thanks to favorable business environments. Undervalued for two years We raise our TP on HHI Holdings from W80,000 to W100,000, reflecting: 1) a 23% jump in NAV compared to our last report (Apr 13); and 2) a 30% discount as a holding company. Over the past two years, NAV has risen 54% thanks to share price hikes at subsidiaries, but ...

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HCMC port stops receiving bulk cargo amid container pileup

HCMC’s Cat Lai Terminal will not accept certain cargoes until August 16 since containers have piled up and there is little space left, its operator said. Saigon New Port Corporation said Sunday it has stopped taking in refrigerated cargoes, and would stop receiving oversized and overweight cargoes from August 5. It advised shipping companies to persuade customers to move their cargoes through other ports such as Tan Cang Hiep Phuoc in HCMC and Tan Cang-Cai Mep and Tan Cang-Cai Mep Thi Vai in the neighboring province of Ba Ria-Vung Tau. ...

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Baltic Dry Index remains at 3281 no change

Today, Tuesday, August 03 2021, the Baltic Dry Index showed no change, remaining at 3281 points.

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A.P. Møller – Mærsk A/S: Strong Container Market Expected Until at Least the End of 2021

A.P. Møller – Mærsk A/S (APMM) reports an unaudited revenue of USD 14.2bn, an underlying EBITDA of USD 5.1bn and an underlying EBIT of USD 4.1bn for Q2 2021. The strong quarterly performance is mainly driven by the continuation of the exceptional market situation with strong rebound in demand causing bottlenecks in the supply chains and equipment shortage. Volumes in Ocean increased by 15% and average freight rates improved 59% in Q2 2021 compared to previous year. Consequently, given the strong result in Q2 2021 and the exceptional market situation ...

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LNG shipping stocks: Decline continues after a refinance problem

The UP World LNG Shipping Index, the world’s only stock index focused on companies in the LNG shipping industry, lost 2.89% last week. US stocks represented by the S&P 500 (SPX) index lost 0.37%. Last week, the UP index was affected by a decline in two components listed in the US. GasLog Partners LP (NYSE: GLOP) sank on Tuesday after losing Q2 profit and the next day Höegh LNG Partners (NYSE:HMLP) lost more than 64% after reducing distribution by 98% due to problems with continuing refinancing of PGN FSRU Lampung. ...

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MABUX: Global bunker prices may drop on Aug.03 following sharp decline on crude market yesterday

380 HSFO – USD/MT – 462.07 (+1.43) VLSFO – USD/MT – 564.79 (+1.31) MGO – USD/MT – 657.73 (+0.92) The MABUX ARA LNG Bunker Index, calculated as the average price of LNG as a marine fuel in the ARA region, decreased slightly on August 03: 793.27 USD / MT (-0.34 USD). The LNG Bunker Index exceeds the cost of MGO LS in the Port of Rotterdam by 198.27 (595 USD/MT as of 02 August), the difference in price compared to the day before decreased by $ 1.84 and dropped below ...

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Can a lack of cyber security send cargo ships off course?

On the 23rd of March, strong winds whipped through the Suez Canal, spinning the Ever Given; one of the world’s largest container ships, causing its bow to become stuck on the shallow eastern banks, while the stern embedded itself in the west bank. The incident caused a backlog of cargo traffic to build up along the canal – a straight of water that creates a passageway between Europe and East Africa and the Middle East. The event caused a ricochet of backlogs throughout the logistics sector, costing around $10 billion ...

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AMERICAS BUNKERS: Key market indicators Aug. 2-6

Spot bunker pricing in the Americas registered a second consecutive week of increases with the aid of stable to heightened demand and bullish global oil prices. ICE Brent crude futures moved up 2.3% from July 26 to July 30 to $76.32/b although they were retreating early on Aug. 2 to around $74.20/b. The upward drivers have been forecasts of tightened oil world supplies during the rest of the year combined with expectations of increased success by vaccination campaigns, but concerns prevail about the coronavirus delta variant. LATIN AMERICA Retail bunker ...

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