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Tanker Market On the Back Foot in August

The tanker market faced downward pressure during the month of August. According to the latest monthly report from OPEC, “dirty tanker rates in August settled into the lower levels seen since the end of June and are likely to remain for the coming months amid ample tonnage and sluggish demand for tankers. Floating storage continued to unwind, removing a factor supporting rates in recent months. Clean tanker freight rates picked up from the poor performance seen in the previous month, but remained below levels seen in the same month last ...

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WISTA Hellas new Board visits the Minister of Maritime Affairs and Insular Policy

The new Board of WISTA Hellas paid a customary visit to the Minister of Maritime Affairs and Insular Policy, Mr. Ioannis Plakiotakis, on Tuesday 15th September. At the presence also of the Secretary General of the Aegean and Island Policy, Ms Christiana Kalogirou, the President, Ms Elpi Petraki presented in brief the mission and activities of the association as well as the goals of the new Board, among them to enhance the engagement of women serving in the Hellenic Coast Guard and to recognize their contribution to recent challenges faced ...

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Dry Bulk Orderbook Almost Half than What it Was Back in 2016

With the world trade expected to heavily contract this year, it’s no surprise that the dry bulk orderbook has diminished quite heavily. In its latest weekly report, shipbroker Allied Shipbroking said that “it is undoubtedly a period in which investment sentiment across the whole spectrum of economic activity has been severely hit. A global recession for 2020 is now a certainty, with the only question and debate being as to its scale. At this point and in line with all this, global trade has posted a massive decline this year, ...

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New date: Glyfada Maritime Golf Event is postponed for October 10

With a high sense of responsibility for the safety of participants and attendees and due to the severe and extreme weather conditions that have been announced, the organizing committee of the Glyfada Maritime Golf Event has decided to postpone the shipping community tournament for Saturday, October 10, 2020. From the tee and the par of the course, to the birdie, the eagle and, why not, the hole-in-one… Greek shipping executives will learn everything and apply them during the new Glyfada Maritime Golf Event that will be held at the beautiful ...

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Demolition Market in Pre-Covid Levels

The ship recycling market has kept up its recovery pace, with prices rising to the levels close to the pre-Covid period. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “the market continues to encourage with further improvement in price levels being indicated this week as some privately concluded sales have reached levels not seen since the Coronavirus outbreak emerged which naturally depressed rates and sentiment across the sub-continent. This has come from a mini resurgence in Bangladesh where demand has returned as the local waterfront comes to ...

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Diana Shipping Inc. Announces the Sale of a Panamax Dry Bulk Vessel, the m/v Coronis

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, 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 “Coronis”, with delivery to the buyer latest by January 20, 2021, for a sale price of US$7.1 million before commissions. Upon completion of the aforementioned sale, Diana Shipping Inc.’s fleet will consist of 39 dry bulk vessels (4 Newcastlemax, 13 Capesize, 5 Post-Panamax, 5 Kamsarmax and ...

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Newbuilding Orders Pick Up Pace

Newbuilding activity has picked up pace during the course of the past week. In its latest weekly report, shipbroker Allied Shipbroking said that it was “a rather positive week for the newbuilding market, with a limited though number of fresh orders coming to light. More specifically, in the dry bulk sector, activity was narrowed to the Kamsarmax size segment, with a single (but strong) 4 + optional 4 order being placed. Partially at least, this can be attributed to the downward pressure of late in terms of freight earnings, with ...

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Indonesia Coal Exports Retreat As a Result of the Pandemic

In a recent weekly report, shipbroker Banchero Costa said that “the coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand due to global shift towards cleaner energy. Indonesia, the world’s secondlargest exporter of coal, is gradually deviating away from its major coal customer due to the effects of COVID-19 and their continually changing import requirements. According to the shipbroker, “in the first 8 months of 2020, Indonesia exported 217.4 mln tonnes of coal (excluding Lignite), based on Refinitiv ...

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Tankers: A Vaccine Would Boost Oil Demand

The rebound of the tanker market is mostly dependent on the release of a vaccine to combat COVID-19, as this will prove to be the determining factor towards unlocking the global economy and with it, oil demand. In its latest weekly report, shipbroker Gibson said that “the list of industries that have been hit hard by Covid-19 is long, with shipping being just one of the many casualties. Although in spring tanker rates surged to unprecedented highs amid discharging delays and floating storage demand, today’s market is very different, with ...

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Newbuilding Activity Heavily Impacted by the Pandemic and Environmental Regulations

The newbuilding activity has been severely impacted by the effects of the pandemic on global trade and shipping in general, with owners scaling back their investments. It’s a situation, in which one has to include the already high uncertainty caused by the environmental regulations. In its latest weekly report, shipbroker Intermodal said that “the uneventful summer lull which is coming to an end soon has left its stigma on the newbuilding market, which has already been devastated by the global social and economic effects of Covid-19 pandemic during the first ...

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Castor Maritime Inc. Doubles Revenues Despite Challenging Market Conditions

Castor Maritime Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced its results for the three months and six months ended June 30, 2020. Highlights of the Three Months Ended June 30, 2020: Revenues, net: $2.6 million for the three months ended June 30, 2020, as compared to $1.0 million for the three months ended June 30, 2019, or a 160% period to period increase; Net (loss)/income: Net loss of $144,600 for the three months ended June 30, 2020, as compared to net income ...

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CARMAR Maritime Services and DynaRep Shipping Consultants join forces

DynaRep Shipping Consultants expands the services that it provides to the Greek and Cypriot maritime sectors via its collaboration with CARMAR Maritime Services, that offers supplies, provisions and other logistical services at Spain. CARMAR is a member of Pérez y Cía. Group, established in the maritime sector in 1853, with more than 165 years of non-stop maritime experience. The company has established its main logistics 3000 m2 warehouse in Madrid (8 hours maximum drive to any port in Spain and Portugal), strategically located 10 minutes from the Madrid international airport, ...

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Seanergy Maritime Holdings Corp. Announces Open-Market Stock Purchase Plan by the CEO and Additional Shareholder Updates

Seanergy Maritime Holdings Corp. announced that its Chairman and Chief Executive Officer, Mr. Stamatis Tsantanis, intends to purchase an aggregate of up to 500,000 common shares of the Company in the open market. In addition, for at least the next 12 months, Mr. Tsantanis does not intend to sell any newly acquired shares of the Company or any of the shares he currently holds, which were acquired in previous years. Stamatis Tsantanis, Seanergy’s Chairman & Chief Executive Officer, stated: “My intention to purchase Seanergy’s shares reflects my strong confidence in ...

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Pakistan Leading Demolition Market Price-Wise

Ship owners looking to scrap their older vessels, are more likely to find a good deal in the Pakistani scrapyard market. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “it has been a week emphasizing how this market is ever changing and volatile, ensuring it always difficult to know a vessels true market value. This has come about following a change in sentiment this week with some conservatism on rates coming into force again. It has been reported that the domestic steel markets are quivering at the ...

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Key industry media to host a programme of web events 26-30 October

Following the cancellation of the Posidonia Exhibition this October, the organisers are bringing together leading maritime media and organisations during what would have been Posidonia exhibition week for a series of web conferences and forums under the banner “It’s time to talk”. At this critical time, it is an initiative that creates an opportunity for the maritime community to debate the crucial issues and the many challenges it is facing. The global disruption of COVID-19 has had a significant impact on the shipping industry, compounded by the cancellation of conferences ...

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