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Dry Bulk Carriers On Demand

Demand for second hand dry bulk carriers has gone up, as was expected after the boost in sentiment over the past few months. In its latest weekly report, shipbroker Banchero Costa noted that “the week 37 in the second hand market has been dominated by the bulk segment with numerous sales. The “Azul Challenge” (203k/04 blt Universal) has been sold to Asian buyers (either Winning Shipping or Sinokor) for $16.8 mln. Two sisters capesize “Corsier” and “Celigny” (180k/2016 blt Imabari) have been sold en bloc for $42.5 mln each. Another ...

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Tanker Market in Limbo After Latest Attack on Oil Facilities

More tanker market turbulence should be expected in the coming weeks, as a result of the latest drone attacks, this time on Saudi Arabia’s oil facilities. In its latest weekly report, shipbroker Banchero Costa said that “on Saturday, September the 14th, a reported drone attack occurred on Saudi Arabian oil processing facilities at Abqaiq and oil production facilities at Khurais. Saudi Arabia is the world’s biggest oil exporter. The incident resulted in production suspension of 5.7 mln bpd of crude oil, which is almost 60% of the Kingdom’s 9.63 mln ...

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ChartCo Launches New Customer Support and Sales Office in Greece

ChartCo has expanded its global network of offices to Piraeus, Greece to help provide dedicated support for customers in this important, growing region for the shipping industries. The global leader in digital navigation services is currently supplying and supporting customers in commercial shipping, offshore, cruising and superyachts all around the world and has a prominent presence of offices in the UK, Europe and Southeast Asia. Over the past decade, ChartCo has established its footprint within the shipping industry in Greece and Cyprus, and now serves more than 100 companies and ...

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Dry Bulk Market’s Momentum Triggers More Investment

The rebound of the dry bulk market over the course of the past few months, has triggered a flurry of investment in second hand tonnage. In its latest weekly report, shipbroker Intermodal noted that “we are going through one of the rare instances where we see optimism building in the dry bulk industry and, as the momentum is still going, the belief that we will witness better rates in the industry. Within a short period of two to three months, this momentum of healthy rates has intrigued many ship-owners to ...

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Tanker Market “Hostage” of Financial Turmoil

The turmoil in the global economy is taking its toll in the tanker market, with demand for oil expected to take a turn for the worse. This is expected to have a negative impact in demand for crude oil tankers as well. In its latest weekly report, shipbroker Gibson said that “global oil demand looks set to grow at a slower pace than first anticipated, many energy analysts have concluded. Since the start of the year, many forecasts for the immediate future have frequently been downgraded as global trade wars ...

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Tanker Market Flat During August

The tanker market was broadly unchanged during the month August, according to the latest OPEC report. Dirty vessel spot freight rates were broadly flat in August as gains in VLCCs were outweighed by declines in average rates for Aframax and Suezmax. A pick up in tonne-mile demand and reduced deliveries supported the VLCC market at the start of the month before slowing activities allowed availability to build, capping gains. Clean tanker market spot freight rates remained under pressure with strong declines west of Suez offsetting an improvement east of Suez. ...

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The West of England P&I Club celebrates 50 years in Greece

The West of England, a leading mutual marine insurer, was this week celebrating the 50th Anniversary of its Greek office. To mark the event, an evening reception was held at Balux, Glyfada and was attended by current and previous Club Members along with representatives from the West of England Board of Directors. From relatively small beginnings, the Greek office grew steadily and began offering claims handling services in the late 1970s. Today, under the leadership of Ian Clarke, Head of Claims & Regional Director (Hellas), the office employs 15 members ...

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Ship Recycling Activity Held Back By Improved Freight Rates

With the freight rate market on a high note, especially in the dry bulk segment, demolition candidates have been scarce, not to mention the lack of buying appetite by scrapyards. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “with the market slowly coming to the end of its summer hibernation and industry stakeholders gradually returning to their desks, a trickle of small ldt tonnage have filtered into the market and resulted in some marginal activity. However, with the severe lack of tonnage and activity in the past ...

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Star Bulk Carriers Upgraded to “Buy” by BidaskClub

BidaskClub upgraded shares of Star Bulk Carriers from a hold rating to a buy rating in a report published on Friday, August 23rd, BidAskClub reports. Several other research analysts also recently issued reports on SBLK. TheStreet downgraded shares of Star Bulk Carriers from a c- rating to a d rating in a report on Friday, August 9th. Zacks Investment Research downgraded Star Bulk Carriers from a strong-buy rating to a hold rating in a report on Saturday, August 17th. Deutsche Bank set a $15.00 target price on Star Bulk Carriers ...

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Market Optimism Boosts Investment in Modern Tonnage

Ship owners are in full swing these days, when it comes to newbuilding and S&P investments alike. Over the course of the past few weeks, activity in the newbuilding ordering market has increased considerably and the same has occurred in the second hand market as well. In its latest weekly report, shipbroker Banchero Costa said that “in China, three Kamsarmaxes were ordered to the Yangzijiang shipyard, the price is unknown but it was reported that the buyer of one of the vessels is Kambara Kisen. It has emerged that the ...

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Performance Shipping Inc. Announces Receipt of NASDAQ Notice

Performance Shipping Inc. (DCIX), a global shipping company specializing in the ownership of vessels, yesterday announced that it has received written notification from The Nasdaq Stock Market LLC (“Nasdaq”) dated September 6, 2019, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from July 24, 2019 to September 5, 2019, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Global Select Market, the Company is not in compliance with Nasdaq Listing Rule 5450(a)(1). Pursuant to ...

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Is The Dry Bulk Market Rally Coming to an End?

The tide could be about to shift when it comes to the long-term sustainability of the dry bulk market’s rally, which has been ongoing over the course of the past few months. In its latest weekly report, shipbroker Allied Shipbroking noted that “it has been an impressive couple of months for the dry bulk Capesize market, with the market picking it self-up from the rock bottom of US$ 3,460 per day it reached in early April, to continually showing improvement each month and culminating with a market peak of just ...

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Growing Demand for Shipping Bodes Well for Future, As Tonnage Supply is Kept at Moderate Levels

Shipping’s future prospects seem to justify the current optimism, as it’s reflected in the freight rate market over the past couple of months. In its latest weekly report, shipbroker Intermodal said that “for yet another time, the market seems to have its own drivers. After a very disappointing first half, the recent recovery in the shipping market in the second half of this year has buoyed optimism amongst the people in the industry. Yet if you are to ask most shipowners if they are optimistic you will get a “yes…but…” ...

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DryShips Announces Special Meeting of Shareholders in Connection with Proposed Transaction

DryShips Inc., a diversified owner and operator of ocean going cargo vessels, today announced that it has called a special meeting of the Company’s shareholders (the “Special Meeting”) to be held on October 9, 2019, at 4 p.m. local time, at 80 Kifissias Avenue, GR 151 25, Marousi, Athens, Greece. At the Special Meeting, shareholders will be asked to consider and vote on a proposal to authorize and approve the previously announced Agreement and Plan of Merger, entered into on August 18, 2019 (the “Merger Agreement”), by and among the ...

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Petrochemical to Drive Future Tanker Demand

When deciding for the type of tanker to invest for in the next 20 years, ship owners should take a closer look at future demand for various oil-based products, as things are bound to differentiate considerably, compared to today’s conditions. In its latest weekly report, shipbroker Gibson said that “the so called ‘War on Plastics’ has been steadily gaining traction over the past few years, with major companies such as McDonald’s and Carlsberg, to name a few, seeking to reduce the presence of single use plastics in their businesses. Governments ...

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