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Dry Bulk Market Boom Still Has Plenty of Steam Left In It

The iron ore-led dry bulk market boom could still have enough steam to run, despite the recent negative pressure on iron ore prices. In its latest weekly report, shipbroker Allied Shipbroking said that “one of the major trades that has helped drive the rapid rise in the dry bulk market this year has undoubtedly been that of iron ore. The most prominent commodity in the dry bulk space has had an exceptional bull run since the end of 2020 and still seems to have plenty more gains to give moving ...

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China’s Crackdown on Excess Capacity to Impact Crude Oil Imports

China’s drive to lower emissions, is expected to have a negative impact on crude oil imports from private refineries. As a result, tanker demand growth could be lower in the months to come. In its latest weekly report, shipbroker Gibson said that “the Chinese refining sector has recently been under pressure, not so much from the extreme demand pressures of the past 18 months, but more driven by changes in domestic government policy. Independent refineries (often called Teapots) have become a major force in the sector; however, their presence has ...

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Diana Shipping Inc. Announces Signing of a Supplemental Agreement with Nordea Bank

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that on July 29, 2021, it signed, through seven wholly-owned subsidiaries, a supplemental agreement to the existing secured loan agreement with Nordea Bank Abp, filial i Norge, (i) to extend by 2 years the repayment of the existing secured loan facility from March 2022 to March 2024 and (ii) to increase the loan facility by an amount of US$460,000; all other terms to remain the same. Diana Shipping Inc.’s fleet currently consists of 36 ...

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Asia and South America Lead LNG Demand Growth

The LNG shipping market is poised for further growth in the coming months as the global economy is heading towards a swifter recovery rate and the shift to cleaner energy sources gathers more pace in more countries. In its latest market outlook, ship owner GasLog said that “LNG demand was 95 mt in the second quarter of 2021, according to Poten, compared to 86 mt in the second quarter of 2020, an increase of approximately 11%. Demand growth was particularly strong in Asia and South America. Specifically, demand increased, year-over-year, ...

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Capital Product Partners L.P. Quadruples its Second Quarter Net Income on Strong Container Market

Capital Product Partners L.P., an international owner of ocean-going vessels, Friday released its financial results for the second quarter ended June 30, 2021. Overview of Second Quarter 2021 Results Net income for the quarter ended June 30, 2021 was $35.4 million, compared with net income of $8.7 million for the second quarter of 2020. Net income for the second quarter of 2021 includes a gain on sale of $25.4 million from the sale of the M/V ‘CMA CGM Magdalena’ in May 2021. After taking into account the interest attributable to ...

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Historically-low Tanker Rates Hurt Performance Shipping’s Second Quarter Financial Results

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, Friday reported a net loss and net loss from continuing and discontinued operations attributable to common stockholders of $2.6 million for the second quarter of 2021, compared to net income and net income from continuing and discontinued operations attributable to common stockholders of $4.6 million for the same period in 2020. Loss per share, basic and diluted, for the second quarter of 2021 was $0.53, while earnings per share, basic and diluted, for the second quarter ...

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The schedule of Greek Maritime Golf Event 2021

The top maritime golf tournament, Greek Maritime Golf Event, is just around the corner and will be held for the 7th year on September 3-5, 2021, at Costa Navarino, Messinia. Greek Maritime Golf Event teams, consisting of distinguished executives from the Greek shipping community (four people in each team), will compete in the two signature 18-hole courses, The Dunes Course and The Bay Course, in an idyllic natural landscape full of centuries-old olive trees, stunning view of the historic Bay of Navarino, and the picturesque port of Pylos. The action ...

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Seanergy Maritime Holdings Corp. Reports Strong Second Quarter Results as Dry Bulk Market Recovers

Seanergy Maritime Holdings Corp., announced its financial results for the second quarter ended June 30, 2021. For the quarter ended June 30, 2021, the Company generated gross revenues of $28.9 million, a 209% increase compared to the second quarter of 2020. Adjusted EBITDA for the quarter was $11.3 million, from negative $1.8 million in the same period of 2020. Net income for the second quarter was $2.0 million compared to net loss of $11.3 million in the second quarter of 2020. The daily Time Charter Equivalent (“TCE”)1 of the fleet ...

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Ship Repairs and Maintenance Are a Major “Headache” for Ship Owners Looking to Capitalize on a Booming Freight Rate Market

Ship owners are looking to minimize time spent on ship repair/maintenance, in order to avoid losing out to a surging freight market. However, the task is extremely hard, given that COVID has wreaked havoc on yards’ scheduling and time frames. In its latest weekly report, shipbroker Intermodal said that “assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling the repair market and not letting it to stabilize. As we have seen in similar situations, any ...

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Inmarsat Maritime Ventures Signs Fleetbroadband Sale Agreement With SRH Connect

Inmarsat Maritime Ventures, a subsidiary of Inmarsat, the world leader in global, mobile satellite communications, has signed an agreement with SRH Connect (SRH) for SRH to acquire Inmarsat’s FleetBroadband customer base in Greece and Cyprus. The SRH acquisition involves customer contracts purchased by Inmarsat Maritime Ventures from Speedcast at the beginning of this year. SRH already provides customer support for Inmarsat’s Fleet Network Manager portfolio after signing a customer support agreement in March 2021. As part of the sale agreement, SRH will become a formal Inmarsat distribution partner for FleetBroadband ...

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Ship Owners Order more Container Ships and LNG Carriers

Newbuilding orders have been rather firm over the past week, with many owners committing funds to acquire more LNG and Container ships. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “in the gas carrier market, it was another busy week. Hyundai HI announced taking order for three firm 174k CBM LNG carriers from an unknown owner, with delivery of two vessels set for 2H 2024 and the final vessel with January 2025. Hyundai Samho announced contracting two firm 174k CBM LNG carriers, also from an unknown owner, ...

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Costamare Inc. Ready To Capitallize On Container Market Positive Dynamics With 15 Containerships Coming Off Charter Over The Next 18 Months

Costamare Inc. reported unaudited financial results for the second quarter (“Q2 2021”) and six-months ended June 30, 2021. I. PROFITABILITY • Q2 2021 Net Income available to common stockholders of $82.8 million. • Q2 2021 Earnings per Share of $0.67. • Q2 2021 Adjusted Net Income available to common stockholders(1) of $58.3 million. • Q2 2021 Adjusted Earnings per Share(1) of $0.47. II. SALE AND PURCHASE ACTIVITY • Agreed to acquire an additional 21 dry bulk vessels. • Total fleet of 37 committed dry bulk vessels, 14 of which have ...

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Visit by a delegation from the Association of ASEAN Committee in Athens (ACAT) at ThPA S.A.

The strategic role of the Port of Thessaloniki as the gateway port for South East and Central Europe as well as the development projects of the port, were among the issues discussed during the meeting of the diplomatic representatives from the ASEAN Committee in Athens (ACAT) and Executive Management members of ThPA S.A. that took place today, Tuesday July 27, 2021 at the Administration Building of the Company. More precisely, the delegation included representatives from the Embassies of Indonesia (H.E. Mr. Ferry Adamhar, Ambassador and Chair of ACAT), Philippines (H.E. ...

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Seanergy Announces Delivery & Immediate Period Employment of one Capesize Vessel and New Bank Loan Facility

Seanergy Maritime Holdings Corp. reported the delivery of a previously-announced Capesize vessel acquisition, the M/V Friendship (the “Vessel”). The Vessel is a 176,952 dwt Capesize bulk carrier, built in 2009 by Namura Shipbuilding Co., Ltd. in Japan. The M/V Friendship is the fifth Capesize delivery that Seanergy has successfully completed in 2021 to date. The Vessel has been fixed on a time charter (“T/C”) with NYK Line, a leading Japanese corporation, which is an existing charterer of Seanergy. The T/C is expected to commence immediately, upon finalization of the customary ...

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GasLog Partners LP Reports Strong Second Quarter Results

GasLog Partners LP, an international owner and operator of liquefied natural gas (“LNG”) carriers, reported its financial results for the three-month period ended June 30, 2021. Highlights Announced three new time charter agreements: a one-year charter for the GasLog Sydney with a subsidiary of TotalEnergies SE (“TotalEnergies”), an eight-month charter for the Solaris with a subsidiary of Royal Dutch Shell plc (“Shell”) and a charter with a minimum duration of one year (and a maximum of three years) for the Methane Heather Sally with a wholly owned subsidiary of Cheniere ...

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