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Performance Shipping Inc. Announces Delivery Of The Aframax Tanker Vessel

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has taken delivery of the M/T P. Sophia (formerly “Maran Sagitta”), a 2009-built Aframax tanker of 105,071 dwt that the Company entered into an agreement to purchase in June 2022. Commenting on the delivery, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “We are pleased to announce the delivery of the M/T P. Sophia, which increases our fleet to a total of six Aframax Tankers, all currently ...

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Demolition Market in Disarray

The ship demolition market appears to be in disarray, with prices collapsing. In its latest weekly report, shipbroker Clarkson Platou Hellas commented that “the recycling market has taken a disastrous turn for the worse this week on the back of a distinct lack of faith in the industry in Bangladesh. Price levels from the Bangladeshi domestic market collapsed this week as cheap imports of the domestic mills took stock of cheap finished products from China, contributing to a major correction for ship scrap. The import of finished scrap is now ...

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Star Bulk Carriers: Industry Tailwinds to Drive Huge Dividends

Star Bulk Carriers (SBLK) is a multinational shipping corporation providing transnational seaborne transportation services in the dry bulk industry. Star Bulk’s vessels carry large bulks, including iron ore, grain, and minerals. Additionally, they carry minor bulks, among others, such as fertilizers, bauxite, and steel and its by-products. The company runs a fleet of 128 vessels, boasting an aggregate capacity of 14.1 million dwt (deadweight tonnage), including 17 Newcastlemax, seven Post Panamax, 22 Capesize, 41 Kamsarmax, two Panamax, two Mini Capesize, 20 Ultramax, and 17 Supramax vessels. Their holding capacities range ...

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Tankers: Ton/Mile Demand Expected to Increase

With Russian crude banned from EU, it’s already evident that BRICS members are bound to make up the bulk of Russia’s energy exports in the near future. In its latest weekly report, shipbroker Gibson said that “in response to Western sanctions, President Putin announced a move to pursue deeper economic and political ties within the BRICS group of economies, of which it is a member. BRICS comprises Brazil, Russia, India, China, and South Africa. All countries have not followed the path of the Western nations by sanctioning Russia. On offer ...

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Iranian-flagged tanker in Greece tugged to Piraeus port

An Iranian-flagged tanker seized by Greece in April, part of whose cargo was confiscated by the United States, was being towed to the port of Piraeus on Saturday, Greek coast guard officials said, after Greek authorities approved its release. For over two months the Iranian-flagged Lana has been anchored off the Greek island of Evia in a diplomatic impasse which strained Athens’ relations with Tehran amid growing tensions between Iran and the United States. “It left Karystos at 06:30 am (0330 GMT) and is expected to reach Piraeus around 10:00 ...

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CMA D. ARGOUDELIS & CO S.A. announces the cooperation with Cosmos Nautical Training Centre!

CMA D. ARGOUDELIS & CO S.A. is pleased to announce the signature of a memorandum of understanding (MOU) with COSMOS NAUTICAL TRAINING CENTRE, a fully equipped Maritime Training Facility to sealing the cooperation of many years. Cosmos Nautical Training Centre a maritime training company & CMA D. ARGOUDELIS & CO S.A. a marine and industrial automation company, listen attentively the market needs for continuous education. Following that trend, CMA will provide COSMOS high level Seminars, from experienced trainers in order to meet the new standards of shipping industry and strengthen ...

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Dry Bulk Market: Coal Imports Making Their Way Into Europe

In a clear sign of the turbulent times we’re experiencing, coal imports have began making their way into Europe with more cargoes entering the EU market. It’s a response to the scramble to offset the losses of Russian gas. In its latest weekly report, shipbroker Allied Shipbroking said that “amidst the significant energy squeeze being felt in Europe and Asia, coal has once again found a foothold to expand its presence in the energy mix of many economies worldwide. With most energy commodity prices having already started off the year ...

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Performance Shipping Inc. Announces New Loan Facility With Piraeus Bank S.A. to Finance Acquisition of Sixth Aframax Tanker

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, today announced that it has entered into an agreement for a new amortizing term loan facility of up to approximately US$31.9 million with Piraeus Bank S.A. (the “Facility”) through two separate wholly-owned subsidiaries of the Company. Proceeds from the Facility will be used to refinance approximately US$7.3 million of the existing term loan facility with Piraeus Bank S.A. secured by the M/T P. Yanbu and to partially finance the previously-announced acquisition of the Company’s sixth Aframax ...

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TEN, Ltd. Reports Over 200% increase in Net Income

TEN, Ltd. (TEN) (NYSE: TNP) (the “Company”) today reported results (unaudited) for the quarter ended March 31, 2022. Q1 2022 SUMMARY RESULTS In the first quarter of 2022, and after six vessels going through dry-docking for survey or upgrade purposes, TEN generated $150 million in gross revenues and $9.6 million in operating income, the latter more than four times higher than the one in the 2021 first quarter. A net income of $5.5 million was achieved, approximately a $10 million improvement from the first quarter of 2021, as several of ...

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LNG Market Still Facing Serious Challenges

The existing supply/demand imbalance of the LNG market is expected to continue unabated in the coming months, with producers expected to face significant challenges to keep the market well supplied. In its latest weekly report, shipbroker Intermodal said that “the LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall of gas flows to Europe from Russia, resulting in whipsaw patterns in gas prices in the EU/US. The EU/US Taskforce to reduce Europe’s dependence on ...

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The Signal Group launches a tech enabled bunker procurement company

The Signal Group has launched Shipergy, an innovative bunker procurement company. The new company is led by former LQM CEO, Daniel Rose and operates from offices in London and Athens. Shipergy will initiate operations with the bunker requirements of the Signal Maritime pools. Taking advantage of economies of scale and operational efficiencies, the new entity will also look to extend procurement services to selected third parties. Using its team’s deep expertise, Shipergy will place immediate emphasis on the quality of the procured bunkers and the sourcing process. Leveraging the Signal ...

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Harbor Lab recognised by Best Workplaces and appoints People & Culture Director

Greek disbursements software company Harbor Lab, augmented its position as an employee-centred business last month, when it received the Best Workplaces™ Hellas 2022 certification. The Athens-based startup is the only maritime-affiliated company in Greece to be recognised as one of the top five Best Workplaces in the small-sized category (20 to 49 employees). The award presentation coincided with the appointment of Cristy Panagiotopoulou as Harbor Lab’s People & Culture Director. Cristy Panagiotopoulou will cooperate with the senior management team to foster and promote the company’s culture and values. Its application ...

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Performance Shipping Inc. Reports First Quarter Net Loss

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, yesterday reported a net loss from continuing and discontinued operations of $2.1 million and net loss from continuing and discontinued operations attributable to common stockholders of $11.5 million for the first quarter of 2022, compared to a net loss from continuing and discontinued operations and net loss from continuing and discontinued operations attributable to common stockholders of $2.9 million for the same period in 2021. Net loss from continuing and discontinued operations attributable to common stockholders ...

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Newbuilding Activity Picks Up Pace

Ship owners have sped up their newbuilding contracting activity, opting for more modern tonnage. In its latest weekly report, shipbroker Allied Shipbroking said that “the impressive performance of the newbuilding market continued for yet another week. A large part of the buying interest continues to focus for yet another week on gas carriers and more specifically LNG units, as we are still seeing a flow of orders being made on behalf of the major Qatar LNG Project that is in the works. It seems that the good feeling that exists ...

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Ship Recycling Market in Turmoil

The ship recycling market remained in a state of disarray for another week. In its latest weekly report, shipbroker Clarkson Platou Hellas commented that “the stagnant market has continued this week which has once again seen price indications to weaken from the three recycling destinations in the Indian sub. Continent. The summer months have certainly kicked in and there is certainly nothing from the recycling industry to tempt parties away from their holiday dreams. The interesting scenario is that there remains a distinct lack of tonnage yet, price levels sink ...

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