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The Global Recovery’s Delay Will Impact The Shipping Market’s Recovery

As long as lockdown measures apply to many parts of the world, the recovery of global demand is bound to take much longer. In turn, this will hinder the recovery of the freight rate market, which has been nosediving for the most part, since the summer months. In its latest weekly report, shipbroker Allied Shipbrokingg said that “we are slowly coming to the end of what has been one of the toughest, most volatile and unpredictable years noted in over a decade for the global market economy. Any past trends ...

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First full-flow ballast water management system to receive Chinese Flag and CCS Type Approvals

ERMA FIRST has received an amended Type Approval from the China Classification Society (CCS) for its strong-selling FIT range of ballast water management systems and awarded Certificate under the Authority of the Government of the People’s Republic of China. The system, which uses advanced full-flow electro-chlorination technology, can now be used on Chinese flagged vessels and is the first such system to receive approval in China under IMO Resolution MEPC 300 (72). The approval is valid for the full range of models 75-3000 with the option of its three filter ...

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Diana Shipping Inc. Announces 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 entered into a 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$12,100 per day, minus a 5% commission paid to third parties, for a period until minimum October 15, 2021 up to maximum December 25, 2021. The charter commenced on November 22, 2020. The m/v Polymnia was chartered, as previously ...

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Owners of Vessel Stuck in China Respond to Allegations of Mistreatment

A couple of days prior, Hellenic Shipping News Worldwide published a letter sent to us and signed by the crew of the vessel M/V Knightship, alleging that the ship had been stuck for many months in anchor, laden with coal, due to the trade tensions between China and Australia. All this time, crew members have been unable to disembark. Today, we received the owner’s reply, which, of course, we will publish accordingly here. According to the owner, Seanergy Maritime Holdings, the information mentioned in the letter is misleading, because while ...

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Demolition Activity At a Standstill

Ships’ recycling activity took a nosedive over the past few days, as Diwali celebrations hindered the flow of sales. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “with Diwali celebrations continuing into the early part of this week, it meant that the week got off to a sluggish start and frustratingly never really recovered from this, with no new sales reported. This is due to many Owners still hanging onto their tonnage to reap the rewards of the freight market or still manage to find secondhand Buyers ...

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TMS Tankers: Agrari struck about 1m above vessel waterline on Wednesday

The tanker Agrari was struck on Wednesday about 1 metre above the waterline and suffered a breach while at berth in al-Shuqaiq in Saudi Arabia, its manager Athens-based shipping company TMS Tankers said in a statement. The incident happened at midnight GMT. It was “attacked by an unknown source … after completion of her discharging and preparing to depart”. No pollution has been reported, it added. Source: Reuters (Reporting by Jonathan Saul; Writing by Lisa Barrington; Editing by Alex Richardson)

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Digital Transformation in Shipping Operations – From planned to predictive maintenance

Transitioning to a predictive maintenance framework requires a holistic approach and a corporate culture shift which embraces collaboration amongst departments, people upskilling, technology, data analytics and processes’ redesign. PwC Greece addressed the important issue of digital transformation in shipping operations by presenting its insights during an online event titled “Digital Transformation in Shipping Operations. From Planned to Predictive Maintenance – A digital transformation framework for vessels” organised on 19 November 2020. The event was attended by shipowners, COOs, CFOs, Heads of Procurement and Heads of Technical departments of shipping companies ...

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Stealthgas Inc. Exhibits Resilience Against Adverse Market Conditions Amid COVID-19 Negative Impact

Stealthgas Inc., a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the third quarter and nine months ended September 30, 2020. OPERATIONAL AND FINANCIAL HIGHLIGHTS Fleet utilization of 96.9% – with 114 days of technical off hire, as a result of five drydockings – all completed within Q3 ‘20. Fleet operational utilization of 96.0%, mainly due to 10 of our ships being in the spot market – equivalent to 21.4% of voyage days. Fleet ...

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Ship Owners Turn to Second Hand Bulkers, Instead of Newbuildings

Ship owners have reverted to their year-old “habit” of opting for second hand dry bulk carriers, instead of newbuildings. In its latest weekly report, shipbroker Allied said that it was “a week with limited interest in the dry bulk newbuilding market, with just one fresh transaction taking place, a trend that is likely to hold as we are reach closer to the year’s close. This came as a continuation to the subdued action that we had noted in the year so far. Compared to the number of new contracts that ...

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Prevention at Sea signs “safe business & digitalisation in maritime” MoU with KPMG in Cyprus

Prevention at Sea Ltd ([email protected]) and KPMG in Cyprus have signed a Memorandum of Understanding (MoU) with an aim to jointly design, develop and promote services and products that reduce safety risk to the maritime industry and ensure a safe business environment. The MoU was signed by Mr. Petros Achtypis, CEO of [email protected] and Mr. George Tziortzis, Head of Management Consulting at KPMG in Cyprus. Under the MoU, both companies will work collaboratively to promote mutually agreed projects and initiatives that support the digitalisation of the maritime industry with a ...

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TEN Ltd Expects Strong Tanker Market Recovery After the Pandemic

TEN, Ltd. reported results (unaudited) for the quarter and nine months ended September 30, 2020. NINE MONTHS 2020 SUMMARY RESULTS TEN generated a net income of $70.6 million in the nine months ended September 30, 2020, before second-quarter 2020 reported non-cash charges of $16.5 million, compared to $2.0 million for the same nine-month period in 2019. Gross revenues amounted to $512.5 million, a $90.4 million, or 21.4%, increase over the 2019 equivalent nine-month period, despite three vessels undergoing dry-docking for survey and upgrading purposes. Adjusted EBITDA for the nine months ...

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Greek Owners Responsible for 36% of S&P Deals in the Dry Bulk Segment

Greek ship owners have been rather active in the dry bulk S&P Market this year, with the second half of the year, proving to be a much more active period for deals. In its latest weekly report, shipbroker Intermodal said that “as we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to date), offers a further analysis when it comes to comparison with the first. Specifically, the table below illustrates that the S&P ...

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Navios’ Frangou Optimistic About Dry Bulk Market’s Growth in 2021

Navios Maritime Holdings Inc. (“Navios Holdings” or “the Company”) (NYSE: NM), a global seaborne shipping and logistics company, today reported financial results for the third quarter and nine month period ended September 30, 2020. Angeliki Frangou, Chairman and Chief Executive Officer, stated, “I am pleased with our results for the third quarter of 2020. During the third quarter, Navios Holdings reported revenue of $126.2 million, adjusted EBITDA of $60.2 million and adjusted Net Income of $2.1 million.” Angeliki Frangou continued, “Drybulk demand in the first half of 2020 was adversely ...

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Diana Shipping Inc. Reported Net Loss of $13.2 Million For the Third Quarter of 2020

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $13.2 million and a net loss attributed to common stockholders of $14.6 million for the third quarter of 2020, including a $6.8 million impairment loss which resulted from the agreement to sell the vessels Sideris G.S. and Coronis. This compares to net income of $1.8 million and net income attributed to common stockholders of $0.3 million reported in the third quarter of 2019. Time charter revenues were $42.3 million ...

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Clarity is Still Lacking For Ship Owners After IMO Meeting

Ship owners have to contemplate their future plans after an inconclusive meeting last week at the IMO. While some issues were addressed, no major breakthrough took place in the fuels arena. In its latest weekly report, shipbroker Gibson said that “this week the IMO agreed short term measures to address climate change. For many, it was felt that these measures lacked the ambition needed to reach the IMO’s goal of reducing total GHG emissions by 50% and carbon emissions by 70% by 2050. The short-term measures will see even stricter ...

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