Once again, the loss of Iranian oil for the international market is an eventuality, which is bound to alter fundamentals in the tanker market. In its latest weekly report, shipbroker Gibson commented that “as we move closer to the November 5th re-imposition of sanctions against Iran, the impact is starting to become more noticeable for the tanker market. The IEA reported this week that Iranian crude production had fallen by 150,000 b/d to 3.63 million b/d in August, the lowest since July 2016. Ship tracking data suggests that exports have ...

Leading global marine insurer North P&I Club has opened a new, larger office in Piraeus. The move to the new office in Piraeus is fully in line with the Club’s long-term growth strategy, which is being promoted not only on a global but also on a national level. Centrally located in Piraeus, the new office, which has over 560 square feet of office space, is designed to hold more than double the current number of staff and reflects the Club’s commitment to future growth in the region. The Club announced ...

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Ausca Shipping Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Artemis. The gross charter rate is US$12,600 per day, minus a 5% commission paid to third parties, for a period of minimum twelve (12) months to maximum fifteen (15) months. The charter is expected to commence on September 18, 2018. The m/v Artemis is ...

With traditional banks cutting back on ship financing and owners increasingly looking to alternative ways of financing their fleet renewal and investment programmes, loan portfolios have been tumbling down. In its latest annual survey, Petrofin Bank Research said that “another $10bn has been knocked off the portfolios of the top 40 banks over the last year. Bearing in mind the previous year’s reduction of 42.5bn, it would appear that the rate of decline is slowing down. It is yet early days to conclude if banks will continue reducing their exposure ...

In its latest monthly report, OPEC painted a pretty picture on the course of the tanker shipping market. It said that average dirty spot freight rates in the tanker market increased in August from the previous month by 7%. The average increase was driven mainly by gains registered for the VLCC and Aframax classes, while Suezmax freight rates showed negative developments. VLCC rates registered gains compared with the previous month. Several markets showed higher freight rates in August despite frequent fluctuations. Rates in the Caribbean, West Africa and the Middle ...

Shares of Diana Shipping Inc (NYSE:DSX) have earned an average rating of “Hold” from the ten analysts that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $4.75. Several equities research analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Diana ...

While it’s a bit difficult to expect this trend persisting, it’s becoming clear that the trade war between the US and China hasn’t dented the dry bulk market’s upwards momentum, thanks, in part to a boom in soybeans trade involving Brazil and the balance between tonnage supply and demand. In its latest weekly report, shipbroker Allied Shipbroking said that “it has been a rather turbulent week, with emerging markets having taken a considerable hit in the midst of the recent strength noted in US Dollar and the still bleakish view ...

TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of petroleum products, announced that on September 7, 2018 it took delivery of 49,703 dwt newbuilding product/chemical tanker M/T Eco Palm Desert, constructed at the Hyundai Mipo Vinashin shipyard and that on September 12, 2018 the vessel commenced its preannounced time charter employment. Source: Top Ships Inc.

Ship owners have gone back to the scrapyards over the past couple of weeks, selling more overaged tonnage, in a bid to compensate for the newbuildings entering the global fleet in an already overburdened market. In its latest weekly report, Clarkson Platou Hellas commented that “the market has shown some strong signs of recovery following the reduced buying appetite and lack of tonnage during the summer months with all three Indian Sub-continent markets finally looking evenly balanced creating healthy competition. This has been evidenced by the amount of various types ...

Genco Shipping & Trading Limited announced that it has taken delivery of the Genco Defender and the Genco Liberty, two 2016-built 180,000 dwt Capesize vessels, as well as the Genco Columbia, a 2016-built 60,000 dwt Ultramax vessel in September 2018. These deliveries complete the two vessel acquisitions that Genco announced in the second and third quarters of 2018. The Genco Defender and the Genco Liberty are the two Capesize vessels that Genco agreed to acquire in July 2018, while the Genco Columbia is the last of four vessels that Genco ...

TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of petroleum products, announced today that it has obtained non-binding credit committee approval from a major Chinese leasing company for up to $92.5 million via sale and leaseback agreements (the “Financing Agreements”) for its Suezmax newbuilding vessels with hull numbers 874 and 875, currently under construction at Hyundai Samho Heavy Industries Co., Ltd. in South Korea. The Company is currently negotiating the final terms of the Financing Agreements. ...

Newbuilding ordering activity is gaining pace over the course of the past few days, as ship owners are looking to push forward with their fleet modernization and expansion plans. In its latest weekly report, shipbroker Allied Shipbroking said that “with the summer lull period having come to an end, interest for new contracts is starting to gain pace, with several new orders coming to light this past week. However, this increasing activity seems to have focused in its majority right now on the containership sector, where 7 new contracts emerged ...

Dorian LPG issued the following statement in response to quotes in the press from representatives of BW LPG about Dorian’s level of engagement following BW’s unsolicited proposal: “We welcome input and feedback from all of our shareholders. The board and management team are singularly focused on maximizing value for Dorian shareholders. “It is in this spirit that Dorian has met multiple times with BW’s leadership team, including an in-person meeting with the entire Dorian board and BW. We also requested information regarding BW’s net asset values since July — we ...

Navios Maritime Containers (NMCI) intends to raise gross proceeds of $100 million from a U.S. IPO, according to an F-1/A registration statement. The firm is an owner and operator of intermediate-sized container ships for charter. NMCI is growing quickly but is subject to a high degree of trade environment uncertainty with U.S, China, and the E.U. at odds over trade relations. Company & Technology Monte Carlo, Monaco-based NMCI was founded in 2017 to acquire and operate container ships for short-term and long-term charter. Management is headed by Chairman and CEO ...

Safe Bulkers, Inc. (the Company) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has agreed with Cosco Shipping Heavy Industry Co. Ltd., (Cosco), a detailed schedule within 2019 for the installation of Alfa Laval PureSOx scrubbers in about half of the Company’s fleet mainly in medium size vessels, Kamsarmax to Post-Panamax class. More specifically the Company will install scrubbers in five Kamsarmax class vessels, in thirteen Post-Panamax class vessels and in the recently acquired Cape-size class vessel while it maintains an option for an ...