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Ship Recycling Market On “Pause Mode”

The demolition market has been at a near standstill over the past few days, with deals few and far apart, in what signals a slow period. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “as anticipated, activity this week has really slowed with only a handful of units reportedly negotiating and a lack of new candidates being placed in the market. Pakistani and Indian breakers, unlike their counterparts from Bangladesh at this present time, do have interest to acquire tonnage but not at any increased levels, they ...

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The Digital Age of Shipping is Here — The IMO Mandatory Electronic Information Exchange is Now in Effect

The International Maritime Organization (“IMO”) Convention on Facilitation of International Maritime Traffic (the “FAL Convention”) was adopted in 1965 for the purpose of implementing a more streamlined logistics process for the transport of passengers, ships, and cargo in international trade. The FAL Convention has 121 Contracting Governments. The FAL Convention was adopted by maritime Contracting Governments, in part, as a response to increasing local requirements of maritime nations that created a burden on the shipping industry. The IMO’s stated objective underlying the FAL Convention’s was to avoid marine traffic delays, ...

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Navios Maritime Partners L.P. Completes Previously Announced Reverse Split

Navios Maritime Partners L.P., an international owner and operator of dry cargo vessels, announced that the previously disclosed one-for-fifteen reverse split of its common units is completed, effective before the market opens on May 21, 2019. Based on approximately 164.7 million common units currently issued and outstanding, following the reverse split, the Company expects it will have approximately 11.0 million common units issued and outstanding. Source: Navios Maritime Partners L.P.

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Diana Shipping Inc. Announces Time Charter Contract for M/V Baltimore with Koch

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 Baltimore. The gross charter rate is US$15,000 per day, minus a 5% commission paid to third parties, for a period of about nineteen (19) months to about twenty-two (22) months. The charter commenced on May 19, 2019. The “Baltimore” is a 177,243 dwt Capesize ...

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The UGS Welcomes The Progress Made At The UN IMO MEPC74 Towards A Safe And Consistent Implementation Of The 2020 Global Sulphur Cap On Marine Fuels And Sustainable Environmental Policies

The Union of Greek Shipowners warmly welcomes the significant progress made by the Marine Environment Protection Committee (MEPC 74) (London, May 13-17, 2019) of the United Nations International Maritime Organization (UN IMO) with regard to the outstanding issues related to the challenges stemming from the implementation of the new 0.5% sulphur limit on marine fuels. MEPC 74 made progress towards a robust data collection system and feedback mechanism on fuel oil quality and availability, adopted the revised template on the Fuel Oil Non-Availability Report (FONAR) in the 2019 Guidelines for ...

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Pyxis Tankers Inc. Reports Net Loss of $2.3 Million

Pyxis Tankers Inc. an emerging growth pure play product tanker company, today announced unaudited results for the three months ended March 31, 2019. Summary For the three months ended March 31, 2019, our time charter equivalent revenues were $4.8 million which contributed to a net loss of $2.3 million, or a loss per share (basic and diluted) of $0.11 and our Adjusted EBITDA (see “Non-GAAP Measures and Definitions” below) was $0.5 million. Valentios Valentis, our Chairman and CEO commented: “Our operating results for the first quarter of 2019 reflected the ...

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LNG Newbuildings The “Darlings” of the Market

While 2019 has proven to be quite a lackluster year for newbuilding orders, some sectors have managed to excel, with the most prominent example being the LNG shipping segment, but also the dry bulk one. In its latest weekly report, shipbroker Banchero Costa said that “the interests around LNG carriers persists with additional options being declared in South Korea. Japanese owners Mitsui confirmed and additional 174,000 cbm at Daewoo for dely June 2021, the same did Minerva who increased its commitment to with the fifth unit, at Samsung for delivery ...

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WISTA Med 2019

Key players from the Greek and international shipping community will come together for the WISTA MED 2019 Conference at the Costa Navarino Hotel in Pylos, from 23-25 May. The theme of the conference – “Turbulence or fair winds in the Med” – will be discussed and analyzed by four panels of industry experts. Delegates will be welcomed by Angie Hartmann, on behalf of the Board of WISTA Hellas. Held every two years, the WISTA MED Conference is a valuable platform that promotes networking and collaboration between the maritime professionals in ...

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Tanker Market: India crude oil imports outlook amid U.S. Sanctions

The Iranian sanctions is yet another factor to be considered in the tanker market these days. The repercussions are far and beyond, especially after the latest move by the US to end all waivers, in an attempt to achieve its goal of zero Iranian oil exports. Among the nations most affected is India. In a recent weekly report, shipbroker Banchero Costa started its analysis on the matter, by noting that “Govt has put in place a robust plan for adequate supply of crude oil to Indian refineries. There will be ...

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Tanker Markets In Geopolitical Peril

Tanker owners are having to cope with one of the most tense and complex geopolitical situations of recent times, when it comes to trading their fleet of vessels. Needless to say that uncertainty is prevailing at the moment. In its latest weekly report, shipbroker Gibson said that “not in a long time has the geopolitical situation in many of the worlds largest crude providers been so precarious. At the time of writing, many are still trying to understand the rationale behind the sabotage of vessels at Fujairah and drone attacks ...

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Tanker Market In April Still in Decline

Average dirty tanker spot freight rates in April continued to decline from the high levels seen at the end of last year. Fixtures were lower on seasonal factors with the start of refinery maintenance particularly pronounced this year as refiners gear up for the implementation of IMO 2020. Fleet growth weighed on the market as healthy freight rates in recent quarters discouraged scrapping and deliveries were concentrated in the 1H19, boosting availability. In April, dirty tanker freight rates for VLCCs and Aframax fell on average by 30% and 13%, respectively ...

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Euronav selects SQLearn’s e-learning courses and system for its training needs

SQLearn proudly announces its collaboration with the large tanker company Euronav, providing e-learning courses from its Dolphin Library and Dolphin System for the EURONAV Ship Management Hellas & SAS operating fleet of 52 vessels. “In our continuous effort to provide our crew with specialized training, we at Euronav are pleased to select SQLearn as one of our providers. Through its innovative suite of e-learning products and services, SQLearn adds to our ability of providing appropriate training to our staff and to operate in accordance with the highest standards of safety”, ...

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Oil Tanker Demand Solid, But Trade Tensions Could Change That

As if tanker owners needed another “headache” after a torrid couple of years, shipbrokers now warn that the latest trade tensions could offset the anticipated market rebound during the second half of 2019. In its latest weekly report, shipbroker Allied Shipbroking said that “taking into consideration the much-touted market improvement that is expected during the latter half of the year as part of the previously discussed IMO 2020 implications, questions are brewing over the current status of the crude oil market. Since the start of the year, oil prices have ...

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YES to Sea Tourism Forum 2019

YES Forum says YES to Sea Tourism on Wednesday, 29 May 2019, during the International Conference & Exhibition of the Posidonia Sea Tourism Forum 2019, at Domotel Kastri Conference Center – Kifissia, from 14.00 to 19.00. YES  Forum  is the leading platform for an open dialogue within the Greek Shipping and Sea Tourism Industries among principals, executives, university students, recent graduates and young executives. The main aim of YES Forum is the creation of a comprehensive connection and understanding between young people and our Greek shipping and tourism history. YES ...

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DryShips Inc. Reports First Quarter Net Income of $1.5 Million

DryShips Inc., a diversified owner and operator of ocean going cargo vessels, today announced its unaudited financial and operating results for the quarter ended March 31, 2019. First Quarter 2019 Financial Highlights • For the first quarter of 2019, the Company reported net income of $1.5 million, or 1.67 cents basic and diluted earnings per share. Included in the first quarter of 2019 results are: — Vessel dry-docking costs of $0.7 million, or 0.78 cents per share Excluding the above, the Company’s net results would have amounted to a net ...

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