Ships’ decommissioning and sold for scrap in East Asia’s scrapyards are expected to slow down over the next month or so, on religious holidays. In its latest weekly report, shipbroker Clarkson Platou Hellas commented that “with the holy month of Ramadan having now started, it is anticipated that activity and inquiry could slow down as the appetite from the waterfront begins to subdue in the forthcoming weeks as production on the recycling yards dwindles down. Having said this, the week leading up to this holy month generally sees an active ...

ABS completed an in-depth techno-economic evaluation commissioned by Dorian LPG, evaluating compliance options for impending global sulfur cap requirements. Dorian LPG owns and operates a fleet of very large gas carriers (VLGCs), transporting liquefied petroleum gas around the world. “As owners and operators evaluate their compliance options for the impending 2020 Global Sulfur Cap, it is critical to understand how each option will impact their fleet and operations,” said ABS Senior Vice President for Engineering and Technology, Derek Novak. “We worked closely with Dorian LPG throughout this evaluation to demonstrate ...

Aegean Marine Petroleum Network Inc., a leading international marine fuel logistics company, provided updates on its business and issued the following statement: Aegean has reinvigorated its Board of Directors with the addition of three new independent directors, and today announced the appointment of Donald Moore to serve as Chairman of the Board. The Board of Directors has also directed management to conduct a comprehensive strategic and operational review focused on maximizing profitability and return on capital. This includes an evaluation of the Company’s physical assets, existing footprint, and the capital ...

Shipowners’ appetite for newbuildings seems to be on the rise as we head into the summer. In its latest weekly report, shipbroker Allied Shipbroking noted that “this week may well have shown a slight drop in the volume of activity noted, against what we were seeing one week prior. Yet, it looks as though the levels of appetite being shown amongst ship owners is on the rise. Counter to the rumors circulating last week, we only had one new order emerge on the dry bulk front, though given the overall ...

Athens is ready to create joint ventures for the construction and servicing of Russian ships in Greek shipyards, according to Greek prime ministerial adviser Dimitrios Velanis. Velanis, who’s an adviser on cooperation with Russia, talked to RIA Novosti ahead of the St. Petersburg International Economic Forum (SPIEF 2018). He’s a member of the Greek delegation which will participate at the forum on May 24-26. According to the official, Greece expects to ink a range of agreements on cooperation in the area of shipping, agriculture and various joint ventures. Greece has ...

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 Koch Shipping Pte. Ltd., Singapore, for one of its Capesize dry bulk vessels, the m/v P. S. Palios. The gross charter rate is US$17,350 per day, minus a 5% commission paid to third parties, for a period of about thirteen (13) months to maximum fifteen (15) months. The charter is expected to commence on May 24, 2018. The m/v ...

The tanker market has been facing the doldrums for quite some time now. But if one could attempt to find a silver lining in the market since the start of 2018, this would be the Aframax segment in the North Sea. In its latest weekly report, shipbroker Gibson said that “it goes without saying that crude tanker earnings across all size groups have been at very depressed levels this year. However, if one is to choose the “winner” in terms of the worst performance, it probably will be Aframaxes trading ...

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, 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 “Puelo”, with delivery to the buyer by latest June 30, 2018, for a sale price of US$20.5 million before commissions. The Company expects to use the whole or part of the net proceeds from the sale of the vessel to prepay existing indebtedness based on the outstanding amount of such indebtedness upon ...

With the geopolitical side of the oil markets taking over, the tanker freight market is looking for more signs of a sustained recovery. In its latest weekly report, shipbroker Affinity Research said that “this week has been off to a good start, as we are seeing both steady and firming trends across the board. In Suezmax markets, we have seen positive momentum yesterday with fixing down in West Africa. Sentiment is firming up nicely, and we are now looking at an average WS 65 as a representative market base for ...

Visitors to the 2018 Posidonia Exhibition, one of the world’s largest tradeshows for the international maritime industry, will be able to see live port calls on a huge set of interactive screens thanks to a tie-up between global ship tracking intelligence company MarineTraffic and the show organisers. Located in the main thoroughfare between Halls 2 & 3, the screens will display live port calls in the style of an airport departures board as well as allowing the visitors to interact with the screen to show vessels’ live positions by flag ...

Up to 230 second hand bulkers have been traded so dar in the year, in what appears to be rather dynamic demand from ship owners. In its latest weekly report, shipbroker Intermodal noted that “half-way through the second quarter of the year and as the Posidonia week approaches everyone is getting ready for this unique gathering that besides the exhibition includes a number of conferences, receptions and events that will once again be attended by a truly international crowd. While the preparation fever is expected to hold, market developments keep ...

Hellenic Chamber of Shipping, the Union of Greek Shipowners and the Piraeus Chamber of Commerce & Industry, jointly decided early in the summer of 2016 to promote in a systematic and coordinated manner the Greek Maritime Cluster and appointed NAFS, a non profit HCS subsidiary, to organise this website which aims to include members of all sectors of Greek Shipping and the Maritime Community as well all related fields. The structure and design of this site is meant to facilitate visitors. The level of entry and subscription fees has been ...

The oil market is experienced the full force of the Iran sanctions and shipping is next in line. In its latest weekly report, shipbroker Allied Shipbroking said that “we are following through from last week’s insight on the crude oil market jump, as developments rock the validity of this new 4-year high mark in its price. As previously discussed, these latest advances in the price of crude oil have been heavily fueled by the abandonment of the nuclear deal with Iran by the US, bringing the potential of shortage in ...

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, today announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party the 2009-built vessel “Hamburg”, with delivery to the buyer latest by July 31, 2018, for a sale price of US$21.0 million before commissions. Net proceeds from the sale of the vessel are expected to be used by the Company to prepay part of the existing indebtedness. Upon completion of the aforementioned sale, Diana Containerships Inc.’s ...

Dynagas LNG Partners LP, an owner and operator of liquefied natural gas (“LNG”) carriers, yesterday announced its results for the three months ended March 31, 2018. Highlights: Net income of $4.8 million for the three months ended March 31, 2018; Earnings per common unit of $0.09 for the three months ended March 31, 2018; Adjusted Net Income(1) of $7.2 million for the three months ended March 31, 2018; Adjusted Earnings per common unit(1) (2) of $0.16 for the three months ended March 31, 2018; Distributable Cash Flow(1) of $11.3 million ...