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Ship owners want more newbuildings

Shipowners’ appetite for newbuildings seems to be on the rise as we head into the summer. In its latest weekly report, shipbroker Allied Shipbroking noted that “this week may well have shown a slight drop in the volume of activity noted, against what we were seeing one week prior. Yet, it looks as though the levels of appetite being shown amongst ship owners is on the rise. Counter to the rumors circulating last week, we only had one new order emerge on the dry bulk front, though given the overall ...

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Greece offers to boost resurgence of Russian shipbuilding

Athens is ready to create joint ventures for the construction and servicing of Russian ships in Greek shipyards, according to Greek prime ministerial adviser Dimitrios Velanis. Velanis, who’s an adviser on cooperation with Russia, talked to RIA Novosti ahead of the St. Petersburg International Economic Forum (SPIEF 2018). He’s a member of the Greek delegation which will participate at the forum on May 24-26. According to the official, Greece expects to ink a range of agreements on cooperation in the area of shipping, agriculture and various joint ventures. Greece has ...

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Diana Shipping Inc. Announces Time Charter Contract for m/v P. S. Palios with Koch

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 Koch Shipping Pte. Ltd., Singapore, for one of its Capesize dry bulk vessels, the m/v P. S. Palios. The gross charter rate is US$17,350 per day, minus a 5% commission paid to third parties, for a period of about thirteen (13) months to maximum fifteen (15) months. The charter is expected to commence on May 24, 2018. The m/v ...

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Aframaxes in the North Sea the Silver Lining of the Tanker Market

The tanker market has been facing the doldrums for quite some time now. But if one could attempt to find a silver lining in the market since the start of 2018, this would be the Aframax segment in the North Sea. In its latest weekly report, shipbroker Gibson said that “it goes without saying that crude tanker earnings across all size groups have been at very depressed levels this year. However, if one is to choose the “winner” in terms of the worst performance, it probably will be Aframaxes trading ...

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Diana Containerships Inc. Announces the Sale of Another Post-Panamax Container Vessel, the m/v Puelo

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, today announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party the 2006-built vessel “Puelo”, with delivery to the buyer by latest June 30, 2018, for a sale price of US$20.5 million before commissions. The Company expects to use the whole or part of the net proceeds from the sale of the vessel to prepay existing indebtedness based on the outstanding amount of such indebtedness upon ...

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Tanker Market Looking For More Upside Momentum This Week

With the geopolitical side of the oil markets taking over, the tanker freight market is looking for more signs of a sustained recovery. In its latest weekly report, shipbroker Affinity Research said that “this week has been off to a good start, as we are seeing both steady and firming trends across the board. In Suezmax markets, we have seen positive momentum yesterday with fixing down in West Africa. Sentiment is firming up nicely, and we are now looking at an average WS 65 as a representative market base for ...

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Making a splash at Posidonia

Visitors to the 2018 Posidonia Exhibition, one of the world’s largest tradeshows for the international maritime industry, will be able to see live port calls on a huge set of interactive screens thanks to a tie-up between global ship tracking intelligence company MarineTraffic and the show organisers. Located in the main thoroughfare between Halls 2 & 3, the screens will display live port calls in the style of an airport departures board as well as allowing the visitors to interact with the screen to show vessels’ live positions by flag ...

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Dry Bulkers In High Demand

Up to 230 second hand bulkers have been traded so dar in the year, in what appears to be rather dynamic demand from ship owners. In its latest weekly report, shipbroker Intermodal noted that “half-way through the second quarter of the year and as the Posidonia week approaches everyone is getting ready for this unique gathering that besides the exhibition includes a number of conferences, receptions and events that will once again be attended by a truly international crowd. While the preparation fever is expected to hold, market developments keep ...

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Join the Greek Maritime Cluster

Hellenic Chamber of Shipping, the Union of Greek Shipowners and the Piraeus Chamber of Commerce & Industry, jointly decided early in the summer of 2016 to promote in a systematic and coordinated manner the Greek Maritime Cluster and appointed NAFS, a non profit HCS subsidiary, to organise this website which aims to include members of all sectors of Greek Shipping and the Maritime Community as well all related fields. The structure and design of this site is meant to facilitate visitors. The level of entry and subscription fees has been ...

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Turmoil on the Oil Markets and the Tanker Conundrum

The oil market is experienced the full force of the Iran sanctions and shipping is next in line. In its latest weekly report, shipbroker Allied Shipbroking said that “we are following through from last week’s insight on the crude oil market jump, as developments rock the validity of this new 4-year high mark in its price. As previously discussed, these latest advances in the price of crude oil have been heavily fueled by the abandonment of the nuclear deal with Iran by the US, bringing the potential of shortage in ...

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Diana Containerships Inc. Announces the Sale of a Post-Panamax Container Vessel, the m/v Hamburg

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, today announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party the 2009-built vessel “Hamburg”, with delivery to the buyer latest by July 31, 2018, for a sale price of US$21.0 million before commissions. Net proceeds from the sale of the vessel are expected to be used by the Company to prepay part of the existing indebtedness. Upon completion of the aforementioned sale, Diana Containerships Inc.’s ...

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Dynagas LNG Partners LP Reports Lower First Quarter Results

Dynagas LNG Partners LP, an owner and operator of liquefied natural gas (“LNG”) carriers, yesterday announced its results for the three months ended March 31, 2018. Highlights: Net income of $4.8 million for the three months ended March 31, 2018; Earnings per common unit of $0.09 for the three months ended March 31, 2018; Adjusted Net Income(1) of $7.2 million for the three months ended March 31, 2018; Adjusted Earnings per common unit(1) (2) of $0.16 for the three months ended March 31, 2018; Distributable Cash Flow(1) of $11.3 million ...

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VLCC Still the Main Demolition Candidates

The ships’ demolition market has been dominated by wet tonnage so far in 2018, with the past week proving no exception to the norm set since the beginning of the year. In its latest weekly report, Clarkson Platou Hellas siad that “last week had seen some firmer prices return to the market with once again VLCC’s being the main tonnage being offered by Owners whilst the Tanker market continues to remain in a depressed state. As cash buyers look to have offloaded the bulk of their larger wet tonnage previously ...

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Gener8 Maritime Shareholders To Vote On Merger On 11 June

Euronav NV notes the announcement by Gener8 Maritime, Inc. (NYSE: GNRT) (“Gener8”) of their special shareholders’ meeting on 11 June 2018 to vote on the proposed merger with Euronav (the “Merger”) as contemplated by the previously announced merger agreement. Provided that the Gener8 shareholders vote positively on the proposed Merger, and the Merger is consummated pursuant to the terms and conditions of the merger agreement, Gener8 would become a wholly-owned subsidiary of Euronav (the Merger to form the “Combined Entity”). The Euronav board of directors has unanimously approved the transaction ...

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Dry Bulk Newbuilding Activity Picks Up

The level of activity in the newbuilding market for bulkers has picked up of late. In its latest weekly report, shipbroker Allied Shipbroking noted that it was “an interesting week for the newbuilding market, following through from the bullish face of late, with plenty of new orders coming into light. In the dry bulk sector, after a week of complete absence of activity, we have seen a very firm flow of new ordering emerge, inline somehow with the positive sentiment in terms of earnings, though not necessarily focused on the ...

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