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Capesize Market Suffering, Drags Dry Bulk Rates Lower

The dry bulk market has been in correction mode for the most part of the past few weeks and the start of 2022 has been no exception. However, this period of lean earnings, could also be a good time to invest more in the segment, as rates are bound to recover after the Chinese holidays next month. In its latest weekly report, shipbroker Intermodal noted that “since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels were ...

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Diana Shipping Inc. Announces Direct Continuation of Time Charter Contract for m/v Polymnia With CLdN Cobelfret

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 extended the time charter contract with CLdN Cobelfret SA, Luxembourg, for one of its Post-Panamax dry bulk vessels, the m/v Polymnia. The gross charter rate is US$24,750 per day, minus a 5% commission paid to third parties, for a period until minimum January 15, 2023 up to maximum March 15, 2023. The new charter period is expected to commence on February 2, 2022. The m/v Polymnia ...

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TEN Ltd. Announces Delivery and Long-Term Charter of LNG Carrier TENERGY

TEN Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the delivery of the 174,000cbm LNG carrier “TENERGY” in South Korea and immediate charter to a major end-user. The employment, of minimum five years at an accretive floor rate with market-related upside is expected to generate minimum gross revenues of about $100 million. “We are excited to continue expanding our presence in the ever-developing LNG space with the delivery and charter of this latest technology and environmentally friendly vessel,” Mr. George Saroglou, COO of TEN commented. ...

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Newbuilding Orders Slowdown to Moderate Pace

After a positive start to the new year, newbuilding ordering activity has slowed down during the past few days. In its latest weekly report, shipbroker Allied noted that “overall activity in the newbuilding market has seemingly taken a small step back as of the past few days, with the general flow in fresh projects that have been coming to light being sustained though at relatively modest levels. The previous week’s overachiever –the Gas sector– was in clampdown during the last couple of days or so, nourishing the pressure in the ...

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Kyriakos Papapolydorou joins Dualog: Underlines the commitment to the Greek and Cypriot markets

Leading maritime software provider Dualog has hired Kyriakos Papapolydorou to head up the activities in the growing Greek and Cypriot markets. Kyriakos is a shipping industry professional with over 17 years’ experience in providing solutions that are supporting the digital shift in the industry. According to Dualog CEO, Morten Lind-Olsen, the new appointment brings in the high-level resource needed to directly serve customers in the region. “We are delighted to have Kyriakos as part of the Dualog team. His appointment, and our plans for future expansion, are in direct response ...

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ABS Brings Together Greek Technical Leaders to Discuss Advanced Maritime Technologies

More than 30 leaders from the Greek Shipping Industry heard about ABS’ work on the latest marine technologies at the seventh annual ABS Hellenic Technical Committee meeting. Participants heard about the innovative joint development project between ABS, CSSC-SDARI, Thordon Bearings Inc. and National Technical University of Athens on Sterntubeless vessels with water lubricated bearings powertrain and without a Barred Speed Range. The committee also heard a presentation from Wärtsilä on carbon capture technologies, and the use of remote surveys during the pandemic were explained by the Marshall Islands Registry’s technical ...

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Ship Recycling Market Starts Heating Up

After a long “hiatus” period, things are starting to heat up in the ship recycling market. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “increased optimism has returned to the market this week with various reports that the recyclers themselves have strong demand and desire to acquire any available unit that comes for sale, therefore the general feeling is that price indications should pull up once again. A slight reverse of the currency woes experienced in India is benefitting sentiment again on the waterfront at Alang as ...

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Tanker Market Supercycle Unlikely, But There Is Reason for Optimism

The tanker market hasn’t witnessed the supercycle that every other shipping segment has experienced over the past 12 months and is unlikely to do so in the near future. However, there is reason for cautious optimism ahead. In its latest weekly report, shipbroker Gibson said that “for tankers, it feels like every other shipping sector has experienced some form of super cycle over the past 12-18 months. Whilst tanker owners witnessed record low earnings, rates in the container and LNG sectors soared to record highs. Even dry cargo rates touched ...

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Dry Bulk Market Could Be in For Another “Hit” Year

The dry bulk market had one of its best years in 2021 and the success story could repeat itself in 2022 as well. In its latest weekly report, shipbroker Allied said that “the dry bulk sector, undoubtedly, began the new year with a strong start. We are at 12-year high levels in average returns for all dry segments, with Panamax, Supramax and Handysize finishing the year well above their respective levels of 2009. At the same time, asset price levels reached 10-year highs, as a result of the rally in ...

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Simpson Spence Young acquires Anchor Shipbroking Inc.

Simpson Spence Young (SSY), the largest independent shipbroker in the world has today announced the acquisition of Anchor Shipbroking Inc. Based in Piraeus, Greece, Anchor Shipbroking are specialists in Sale & Purchase, offering a full range of services to their global network of clients. This acquisition further strengthens SSY’s S&P offering and is part of a long-term investment strategy to build out their forward order book, combining newbuildings and S&P with long-term period and projects. Expanding their S&P division has been a key focus for the organisation and in 2021 ...

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Motor Oil sets in operation largest multi-buoy tanker ship mooring in Greece

The new mooring “is a landmark in specialized port facilities in Greece and Europe, and develops the wider region’s economic activity. Motor Oil announced the start of operations of the largest open sea multi-buoy tanker mooring in Greece at its premises in Agii Theodorii, Corinthia, it said on Wednesday. In a statement, the petroleum refinery company said that the moorings are the largest in Greece in terms of size of ships accomodated and of depth, and said the investment allows greater flexibility to the refinery and can serve tankers with ...

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Newbuilding: 2022 Starts With a Bang

Newbuilding activity was elevated during the first week of 2022, in what could be a positive sign for the rest of the year. In its latest weekly report, shipbroker Allied said that “a strong start took place for the newbuilding market during the first few days of the new year, given the plethora of fresh projects coming to light as of late. At this point, we see a hefty boost in the gas sector, with numerous new orders emerging, the majority of which are being placed at Chinese Shipyards. At ...

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Performance Shipping Inc. Announces Extension of Its Offer to Exchange up to 4,066,181 Common Shares for Shares of Series B Convertible Cumulative Perpetual Preferred Stock

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, announced yesterday that it has extended the expiration date of its offer to exchange up to 4,066,181 of its currently issued and outstanding common shares of the Company, par value $0.01 per share (the “Common Shares”), for newly issued shares of the Company’s Series B Convertible Cumulative Perpetual Preferred Stock, par value $0.01 and liquidation preference $25.00 (the “Series B Preferred Shares”) at a ratio of 0.28 Series B Preferred Shares for each Common Share. The ...

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2021 Was a Year of “Ressurection” for Many Vessels Deemed Obsolete Just a Couple of Years Back

Vessels classes deemed out of favor and obsolete a few years back, made their glorious return during 2021, riding the wave of favorable market conditions, both in the dry bulk and the container segments. In its latest weekly report, shipbroker Intermodal noted that “back in early June 2021, the weekly brokers’ insight ended with the well-known quote “A rising tide lifts all boats.” Today, comparing the pre COVID times with how things have turned on dry and container during the pandemic it is interesting to see how the sizes deemed ...

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Lack of Tonnage Still Plagues Ship Recycling Market

The ship recycling market has started 2022, right where it left 2021, i.e. in a constant “hunger” for more tonnage. In its latest weekly report, shipbroker Clarkson Platou Hellas noted that “as we enter the New Year, activity in the market has continued its slow progress from last year. However, we understand smaller units are starting to be circulated into the market place, so we will soon start to know the true ship values when these sales reach fruition. Supply of tonnage is expected to remain slow for the time ...

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