TEN Ltd., a leading diversified crude, product and LNG tanker operator, today announced that its Board of Directors declared the regular quarterly cash dividend of $0.546875 per share for its Series D Cumulative Perpetual Preferred Shares (the “Series D Preferred Shares”; NYSE; TNPPRD) and the regular quarterly cash dividend of $0.578125 per share for its Series E Cumulative Perpetual Preferred Shares (the “Series E Preferred Shares”; NYSE; TNPPRE). The dividend on the Series D and Series E is for the period from the most recent dividend payment date of May ...

Capital Ship Management Corp. took successful delivery recently of the newbuilding vessel M/T ‘Amore Mio’, a 300,000 dwt, eco-type crude oil, scrubber fitted VLCC tanker, built by Hyundai Samho Heavy Industries, South Korea. It is the first of two ammonia and LNG fuel ready sister ships to be delivered in 2022. The vessels are Tier III compliant for reduced Nox emissions, assigned ABS ENVIRO notation as well as ABS Ammonia Fuel Ready and LNG Fuel Ready Notations and equipped with IHM notation for safe recycling, thus becoming two of the ...

The tanker market is facing significant crossroads in the weeks and months to come. In its latest weekly report, shipbroker Allied said that “the crude oil tanker market has managed to make successive gains these past few months, with a fair improvement having been noted in freight rates across all the different size segments since the beginning of June. Even the larger VLCCs showed a remarkable recovery path during this 2 months period, with hopes starting to emerge that even their rates would be able to reach impressive levels before ...

Pyxis Tankers Inc., an international pure play product tanker company, today announced its unaudited results for the three and six month periods ended June 30, 2022. Summary For the three months ended June 30, 2022, our Revenues, net were $16.1 million. For the same period, our time charter equivalent (“TCE”) revenues were $11.3 million, representing an increase of approximately $7.2 million or 173.2% over the comparable period in 2021. Our net income attributable to common shareholders for the three months ended June 30, 2022 was $4.6 million, representing an increase ...

The tanker market’s biggest threat at present could be a looming recession, which could further hurt oil demand. On the other hand, an increase in ton-mile demand, at least for the short and mid-term could act as a counterbalance, with slowsteaming entering the foray from 2023 onwards. In its latest weekly report, shipbroker Gibson said that “bearish economic news has recently dominated headlines, increasing fears of a global recession. According to S&P Global, Eurozone manufacturing activity contracted in July, with the Purchasing Managers’ Index (PMI), the leading indicator of manufacturing ...

A structural market shift in the tanker market, could lead to long-lasting effects in ton-mile demand, helping freight rates to sustain a higher level. In its latest market outlook, ship owner Teekay Tankers noted that “crude tanker spot rates increased during the second quarter of 2022 to the highest level in two years. The increase was largely due to ongoing trade route disruption and longer voyage distances resulting from Russia’s invasion of Ukraine, coupled with positive underlying tanker supply and demand fundamentals. The increase in tanker tonne-mile demand due to ...

On July 22, Ukraine and Russia agreed that exports of grain and other agricultural products from selected Ukrainian Black Sea ports could resume after months of Russian blockade. The agreement comes at a time when storage capacity is reaching its limits, as much of the 2022 wheat crop and some 20 million tons of 2021 grain and oilseeds cannot be shipped due to the blockade. The latest news is a relief for grain exports to developing countries already suffering from severe grain shortages and higher food prices. Delegations from Ukraine, ...

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced its unaudited financial and operating results for the second quarter of 2022. Unless otherwise indicated or unless the context requires otherwise, all references in this press release to “we,” “us,” “our,” or similar references, mean Star Bulk Carriers Corp. and, where applicable, its consolidated subsidiaries. Petros Pappas, Chief Executive Officer of Star Bulk, commented: “Star Bulk continued its strong performance in 2022, reporting for the second quarter a Net Income of $200.1 million, ...

Bahri, formally known as the National Shipping Co. of Saudi Arabia, has signed two initial agreements with Greek maritime firms Dynacom and SeaTraders. Both deals are effective for one year, according to a statement. The agreements will assist the firms’ existing capabilities and establish avenues to transfer technology and services. “With the signing of these two significant agreements, Bahri has taken yet another major leap toward improving the operational efficiency of our fleet and further establishing our organization both regionally and globally,” CEO of Bahri Ahmed Ali Alsubaie said. During ...

The LNG tanker market is expected to ride the existing “wave” of increased demand throughout the second half of the year. In its latest weekly report, shipbroker Intermodal said that “amid Europe’s effort to cut its dependence on Russian gas, LNG has currently become the most geopolitically important fuel. As of July 27th, Gazprom shipments on the Nord Stream pipeline flow to 20% of its capacity, plummeting to 33cbm. TTF Forward 1 Month price has been rallying, following Gazprom’s announcement, to reach €208.5/MWh on August 2nd, +126% m-o-m, +493% y-o-y. ...

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, today reported net income from continuing and discontinued operations of $3.9 million and net income from continuing and discontinued operations attributable to common stockholders of $3.7 million for the second quarter of 2022, compared to a net loss from continuing and discontinued operations and a net loss from continuing and discontinued operations attributable to common stockholders of $2.6 million for the same period in 2021. Revenue from continuing and discontinued operations was $16.7 million ($11.3 million ...

The ship recycling market has remained in a difficult state with very few demolition candidates. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “there was more upheaval to report this week, this time coming from Bangladesh, where despite price levels showing signs of improving, the Bangladeshi Government introduced new restrictions to limit the outgoing volume of U.S. Dollars for ‘essential’ purchases only. This will now pose serious questions concerning these improved levels for any available tonnage in the foreseeable future. As such, the government announced that any ...

Dorian LPG Ltd., a leading owner and operator of modern very large gas carriers (“VLGCs”), today reported its financial results for the three months ended June 30, 2022, and announced that its Board of Directors has declared an irregular cash dividend of $1.00 per share of the Company’s common stock, returning over $40.1 million of capital to shareholders. The dividend is payable on or about September 2, 2022 to all shareholders of record as of the close of business on August 15, 2022. Key Recent Developments Declared an irregular cash ...

OceanPal Inc., a global shipping company specializing in the ownership of vessels, reported net income of $648 thousand and net income attributed to common stockholders of $157 thousand for the second quarter of 2022. Time charter revenues for the same period were $4.6 million. Net income for the six months ended June 30, 2022 amounted to $1.1 million and net loss attributed to common stockholders amounted to $277 thousand. Time charter revenues for the same period were $8.3 million. Dividend Declaration The Company declared a cash dividend on its common ...

Dry bulk carriers in the secondhand market have been among the most popular choices from shipowners over the past week. In its latest weekly report, shipbroker Allied Shipbroking said that “on the dry bulk side, things appeared more vivid as of the past week, given the fair numbers of transactions taking place, especially when taking account the fact that we are approach the peak of the summer holiday period. On the other hand, as the recent downward momentum in terms of freight earnings keeps hold, it will continue being a ...