The ship recycling market has shown signs of a strong recovery, as prices have increased and more owners have the financial incentive to sell their older ships. In its latest weekly report, shipbroker Clarkson Platou Hellas hailed the second HKC compliant yard in Bangladesh, announced this week. “The S.N. Corporation Bangladesh ship recycling yard has been rewarded for its efforts in upgrading their yard to regulatory standards by receiving certification by NK Class as being compliant for the Hong Kong Convention (HKC) under the IMO guidelines. An incredible achievement which ...

European LNG imports are expected to rapidly increase over the course of summer, boosting demand for LNG tankers. In its latest weekly report, shipbroker Intermodal said that “uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. Global LNG supply is expected to increase by 1% y-o-y this summer, to 200 million MT. Meanwhile, global LNG demand is seen at 192 million MT, also 1% higher y-o-y”. According to Ms. Chara Georgousi, Research Analyst with Intermodal, “in ...

The product tanker market flows have changed considerably since the EU ban on Russian imports. In its latest weekly report, shipbroker Gibson said that “with the refined products price cap now in place for just over a month, the changes in trade flows as a result are stark. Many longer haul voyages are yet to be completed, but this only points to a clear trend of Russia being forced to divert cargoes to distant markets in order to maintain export volumes. Until February, Europe had remained Russia’s primary market for ...

Demand for iron ore declined during 2022, bringing export volumes down in most major markets, Brazil included. 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 1,518.2 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 ...

China’s imports of Russian oil have been steadily growing, replacing Iranian crudes. In its latest weekly report, shipbroker Xclusiv said that “as the world economy is entering the second year of the Russian invasion in Ukraine, the US & EU place more and more sanctions against the Russian Economy. The sanctions have significantly affected the trade between EU and Russia as the European Union has imposed import and export restrictions on several products. Russia’s share in both EU imports and exports has dropped from 9.5% to 4.3% and from 4% ...

Navios Maritime Holdings Inc. reported its financial results for the fourth quarter and year ended December 31, 2022. Navios Holdings owns (i) a controlling equity stake in Navios South American Logistics Inc. (“Navios Logistics”), one of the largest infrastructure and logistics companies in the Hidrovia region of South America and (ii) an interest in Navios Maritime Partners L.P., a leading United States publicly listed shipping company that owns and operates dry cargo and tanker vessels. Angeliki Frangou, Chairwoman and Chief Executive Officer, stated, “We are pleased with the results for ...

Pyxis Tankers Inc., an international pure play product tanker company, today announced that it has agreed to sell the vessel Pyxis Malou, 2009 built 50,667 dwt. product tanker, for a sale price of $24.8 million in cash to an unaffiliated buyer located in the United Kingdom. Completion of the vessel sale, which is subject to customary closing conditions, is scheduled to occur by March 31, 2023. After the repayment of the outstanding indebtedness for this vessel and the payment of various transaction costs, the Company expects to receive cash proceeds ...

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, announced today that it has signed, through a separate wholly-owned subsidiary, a shipbuilding contract with China Shipbuilding Trading Company Limited and Shanghai Waigaoqiao Shipbuilding Company Limited for the construction of a 114,000 DWT LNG ready LR2 Aframax product/crude oil tanker for a contract price of US$62.6 million, net of commission to third party. 15% of the purchase price is payable upon receipt of a refund guarantee, expected to occur within 30 days; 10% of the purchase ...

Newbuilding activity has kept its momentum over the past week, while S&P deals seem to have dropped off. In its latest weekly report, shipbroker Allied Shipbroking said that “activity in the newbuilding sector remained on a similar level to the previous week, with deals concluded for around 15 new vessels. Dry bulk orders returned after two weeks of silence thanks to domestic orders placed with Chinese builder Nantong Xiangyu Shipbuilding. These orders are in-line with the preference for Ultramax vessels established throughout the first two months of year, in which ...

A bright future lies ahead for Sino-Greek cooperation in shipping, Chinese and Greek speakers told an event at Greece’s Piraeus port on Tuesday. “Cooperation between China and Greece came initially from the sea, and its future lies in the sea,” said the president of the Association of Banking and Financial Executives of Hellenic Shipping at the event. George Xiradakis said that Sino-Greek ties in maritime affairs are “strong and long-lasting,” and have benefited the whole world. Almost 50 percent of energy resources, and 20 percent of other products and goods ...

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, announced that it has signed, through a separate wholly-owned subsidiary, a shipbuilding contract with China Shipbuilding Trading Company Limited and Shanghai Waigaoqiao Shipbuilding Company Limited for the construction of a 114,000 DWT LNG ready LR2 Aframax product/crude oil tanker for a contract price of US$62.6 million, net of commission to third party. 15% of the purchase price is payable upon receipt of a refund guarantee, expected to occur within 30 days; 10% of the purchase price ...

Few sales have been completed in the ship recycling market this past week, despite the fact that there are more negotiations taking place. In its latest weekly report, shipbroker Allied Shipbroking said that “whilst there are certainly more units being talked around, actual concluded sales remain limited. Sentiment remains optimistic from both India and Bangladesh, the latter in particular, as their L/C issues ease further. Looking at the potential supply of tonnage, the container sector is certainly the area that we shall see more units (smaller feeder types mainly) arrive ...

HEMEXPO – Hellenic Marine Equipment Manufacturers and Exporters – a leading suppliers and exporters association for the international shipping sector, has welcomed ERGOMATIC as its 33rd member company. The move adds a new area of expertise to the broad cross-section of Greek equipment manufacturers and technology specialists already represented on HEMEXPO’s list of members. Headquartered in Athens, ERGOMATIC supplies high-quality components and integrated automation solutions, such as valves and piping, electrical automation systems, measurement and control instrumentation and pneumatic and hydraulic equipment to marine and industrial customers. The company also ...

The seaborne soybean trade could be set for a challenging short-term period, as harvest delays seem to be affecting available for export supply. In its latest weekly report, shipbroker Intermodal said that “the short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progress, as well as tensions in diplomatic relations between China and the US which could result in trade disruptions. According to USDA, global production of soybeans for the 2022/23 season is forecast at 385.04 million tons, ...

The tanker market could experience a healthy demand front during 2023. In its latest weekly report, shipbroker Gibson said that “oil prices have remained comfortably below $100/bbl over the past three months, with Brent largely trading between $80/bbl and $85/bbl, despite the imposition of the European ban on Russian crude and products imports. This relative stability is mostly attributable to the perceived success of the crude oil price cap and global coordinated SPR release last year. Urals exports have remained robust after the Dec 5th deadline, albeit travelling much longer ...