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Tankers: Saudi Arabia’s Seaborne Crude Oil Exports Up 17.2% in 2022

The shift in seaborne crude oil volumes was rather obvious during 2022, with the surge of exports from Saudi Arabia quite notable. In its latest weekly report, shipbroker Banchero Costa said that “2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession. In the full 12 months of 2022, global crude oil loadings went up +8.5% yo-y to 2,047.3 mln tonnes, excluding all cabotage trade, according to vessels tracking data from Refinitiv. This was well above ...

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Capital Product Partners L.P. Expects Another Positive 2023 Year For the LNG Market

Capital Product Partners L.P., an international owner of ocean-going vessels, today released its financial results for the fourth quarter ended December 31, 2022. Operating Surplus2 and Operating Surplus after the quarterly allocation to the capital reserve for the fourth quarter of 2022 were $37.3 million and $6.3 million, respectively. Announced common unit distribution of $0.15 for the fourth quarter of 2022. In October 2022 and January 2023 respectively, the Partnership took delivery of the M/V Manzanillo Express and the M/V Itajai Express. Upon delivery both commenced their respective ten-year charters ...

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China Return to Action Could Trigger a Freight Market Rebound

China’s reopening after the Lunar New Year celebrations, is expected to offer a boost in the freight rate market. In its latest weekly report, shipbroker Xclusiv Shipbrokers said that “as the Lunar New Year was celebrated in China, the dry bulk and tanker markets continued moving south. Since the beginning of 2023, the BCI has lost 66%, while the BPI, BSI, and BHSI have reduced by around 30% touching levels not seen since June/July 2020. Furthermore, in the tanker market, the BCTI is down by around 44%, whilst the BDTI ...

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OceanPal Inc. Announces Entry Into Agreement to Acquire a Panamax Dry Bulk Vessel

OceanPal Inc., a global shipping company specializing in the ownership of vessels, today announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement dated February 1, 2023, to acquire the m/v Melia from Diana Shipping Inc., a related party of the Company, for an aggregate purchase price of US$14.0 million. Of the purchase price, US$4.0 million was paid in cash upon the signing of the Memorandum of Agreement and the remaining amount is expected to be paid upon delivery of the vessel to OceanPal Inc. in ...

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Newbuilding Ordering Activity Picks Up

Ship owners have returned to shipyards for new orders, as evidenced by the volume of ordering activity reported. In its latest weekly report, shipbroker Allied Shipbroking said that “this week saw continued interest in PCTC vessels, with four new orders being placed at Chinese shipyards and Grimaldi Group declaring the options for 5 vessels originally reported last year. News has almost spread of a unique sailing cargo ship with a budget, according to the Neoline press release, of over 60 million euros. Considering its capacity of just 1200 linear metres ...

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

Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell one of its dry bulk vessels, the m/v Melia, to OceanPal Inc., a related party. The aggregate sale price of the vessel is US$14.0 million. Of the sale price, US$4.0 million was paid upon signing of the Memorandum of Agreement and the remaining amount will be paid upon the delivery of the vessel in the form ...

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Chinese Lunar Holiday Brings More Lull in Ship Recycling Market

Activity in the ship recycling market has retreated even further during the past week, as the New Year celebrations in China, curbed demand. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “a quiet week has been experienced due mainly to the Lunar New Year holidays that have taken place, but with dry and wet freight markets earning more positive plaudits from analysts, the supply side for ship recyclers looks set to continue to frustrate”. “Whilst there remains much confusion surrounding the actual sale of the 10 Wan ...

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Olympic Shipping and Management SA is GCMD’s first Greek ship owner / manager centre-level partner

The Global Centre for Maritime Decarbonisation (GCMD) and Olympic Shipping and Management SA (OSM) have signed an Impact Partnership Agreement, committing to a five-year collaboration to accelerate shipping’s decarbonisation across geographies. Onassis Foundation-controlled Greek owner OSM is the first Greek ship owner and manager to come onboard GCMD as a centre-level partner. OSM’s current fleet comprises 18 crude oil tankers. As an Impact Partner, OSM will provide a cash contribution towards pooled resources for GCMD’s projects, as well as in-kind contributions in terms of technical expertise and data and access ...

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PPA SA: Main transit hub for car transportations from China to Europe, North Africa and Near East, in new special containers. The first vehicles already arrived at the port of Piraeus

Piraeus Port Authority S.A. had jointly launched a new car shipment route and service based on the advantage of port of Piraeus and innovation in carrying mode by multipurpose vessel with COSCO SHIPPING SPECIALIZED CARRIERS CO., LTD,targeted to provide high quality service car logistics in EMEA area. The new service concerns the transportation of vehicles in special containers, with a capacity of 3 vehicles, called Flat Rack, equipped with built-in ramps for easier transportation and placement of the vehicles. These platforms have been certified and can be stacked to a ...

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Diana Shipping Inc. Announces Delivery Of The Ultramax Dry Bulk Vessel m/v DSI Aquarius And Her Entry Into Time Charter Contract With Engelhart CTP

Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v DSI Aquarius (formerly “STH Kure”), a 2016 built Ultramax dry bulk vessel of 60,309 dwt. The vessel is one of nine modern Ultramax dry bulk vessels that the Company entered into an agreement to purchase in August 2022. The Company also announced that, through the same wholly-owned subsidiary, it entered into a time charter contract with Engelhart ...

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China’s Iron Ore Imports Market Share Reached 71.3% in 2022

China’s iron ore imports retreated by an additional 1% during 2022. In its latest weekly report, shipbroker Banchero Costa said that “2022 was a rather negative year for global iron ore trade, primarily due to weaker demand worldwide and supply issues in Brazil. In January-December 2022, global iron ore loadings declined by -2.3% y-o-y to 1,519.4 mln tonnes, excluding cabotage, from 1,554.4 mln t in 2021, according to vessels tracking data from Refinitiv. Volumes were almost at par with the 1,525.6 mln tonnes shipped in 2019, but below the 1,557.2 ...

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Hellas on the Forefront of Quality Flags: ICS publishes annual Shipping Industry Flag State Performance Table

The annual Shipping Industry Flag State Performance Table, published today from the International Chamber of Shipping (ICS), highlights a 25% increase in flag states reporting on seafarer labour standards compared to last year. Each year flag states must report on labour standards as part of their ILO audit commitments. Some of the labour standards specific to seafarers include repatriation of seafarers, accommodation provision, health protection and medical care. This year 67.6% of flag states reported on their ILO audit commitments, an increase of 25% on the previous year where only ...

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Hellenic Decarbonization Committee: A Practical Approach to Decarbonization

The third meeting of the Hellenic Decarbonization Committee (HDC) was held at the end of the year. The committee was set up to give a vital discussion forum to shipowners and other stakeholders on the way forward to meet decarbonization targets. From the start of 2023 each ship will require an approved Ship Energy Efficiency Management Plan (SEEMP) on board and the Carbon Intensity Indicator (CII) regulation will come into force. The impact of both were key focusses for the attendees. Shipping will remain the core means of transport for ...

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Methanol: A Strong Candidate for Green Marine Fuel of the Future?

In its latest weekly report, shipbroker Gibson said that “the past couple of years have marked an increase in orders of methanol-fueled vessels, particularly in the container segment. AP Moller Maersk is a clear pioneer and a front runner, having ordered 19 container vessels capable of running on methanol, whilst over 30 vessels have been ordered by other prominent container lines. Although the focus has been on box ships, the tanker industry is certainly not a newcomer. There are 24 MR sized tankers (including chemicals) currently in operation, with most ...

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Fafalios: “If Only We Knew Which Fuel, We Will Be Using Over The Next 20-30 Years”

The GSCC welcomes the New Year with its traditional Vassilopitta reception. Following is the speech of Mr. Haralambos Fafalios, Chairman of the Greek Shipping Cooperation Committee “Dear all, It is three years since we were together in London celebrating our New Year Vassilopitta cutting. It seems a very long time with the word’s pandemic, war and inflation suddenly entering our daily vocabulary. Since last year Ukraine has become a war zone and the effects of this conflict have been more far reaching than we would have ever imagined. All of ...

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