In the third week of September, freight rates in the various ship categories increased significantly, indicating a robust upward trend. At the same time, there is a noticeable optimism in Chinese economic activity, supported by a number of strategic stimulus measures by policy makers. In recent weeks, policymakers in China have introduced a comprehensive package of measures to boost economic growth and support the real estate market and the national currency. Most notably, the People’s Bank of China took decisive action on Thursday, cutting the reserve requirement ratio for banks ...

After the Group’s first move in dry cargo in 2016 when it acquired four second hand supramaxes, now the company is expanding its dry cargo fleet further. This is in accordance with Latsco’s strategic plan of further diversifying the Group by having a stronger presence in the dry bulk segment. Latsco now controls a fleet of LNG, LPG, tankers, bulkers and containers. Also, this is a historical milestone as it marks the company’s first dry bulk newbuildings in Japan in its 70 year history. Company officials noted that the aforementioned ...

The ship recycling market is in a state of flux, as more offers are being presented to ship owners compared to the previous weeks. However, many yards are still absent from the market, in anticipation of more tonnage, most notably container ships, being available for demolition. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “despite slight falls this week with the local steel markets in India, offers from buyers for any available tonnage has seen an increase this week, most likely as recyclers look to fill their ...

The diesel trade in ton-miles demand is a totally different “animal”, after Brazil has significantly increased Russian diesel imports. In its latest weekly report, shipbroker Intermodal said that “the diesel import landscape in Brazil has undergone a significant transformation with a surge in Russian diesel imports, impacting the energy and shipping sectors. Diesel prices in Brazil experienced significant fluctuations lately, driven by the breach of the Russian price cap. Russia strategically increased exports of petroleum products to Brazil following EU and G7 embargoes and price caps. This reshuffled the global ...

LNG dual fuel powered very large crude carrier (VLCC) Antonis I. Angelicoussis is now certified by the Green Award Foundation. The Greek-flagged ship is the first LNG dual fuel VLCC to join the Green Award programme. The certification includes the Green Award greenhouse gas labels CO2 (level 1) and CH4. The 330-meter-long and 60-meter-wide tanker, with a DWT of 320,916 tons, sets a course in its sector towards energy transition. The Antonis I. Angelicoussis is managed by Maran Tankers Management, the oil shipping arm of Greece’s Angelicoussis Group (over 140 ...

Pyxis Tankers Inc., an international shipping company, yesterday reported that on September 14, 2023, the Company closed on its previously announced newly formed drybulk joint venture with an entity related to our Chairman and Chief Executive Officer, to acquire, own and operate a 2016 Japanese built 63,250 dwt Ultramax carrier. The Company invested approximately $6.8 million in cash for a 60% ownership interest in the joint venture. It is expected that the scrubber-fitted, eco-efficient vessel, which has been re-named the “ Konkar Ormi ”, will be initially chartered in the ...

Consistent with its commitment to strengthening the positive footprint on society and the environment, PCT S.A (Piraeus Container Terminal) on Saturday, September 16, 2023, in collaboration with the NGO We4all, proceeded with the cleaning of the coast of Peace and Friendship Stadium at Neo Faliro. More than 100 of company employees along with their families and We4all team members voluntarily participated in this action. PCT is now a proud member of the We4all environmental alliance at the level, actively contributing to the wider effort to protect the environment. The results ...

The delays in Panama Canal crossings, as a result of the low water levels in the area, are starting to cause a major “headache” among the supply chain industry ahead of the Holiday season. However, there are also implication in the tanker shipping markets as well. In its latest weekly report, shipbroker Gibson said that “the Panama Canal has received much attention recently as low water levels have led to both an increase in transit waiting days as well as the number of vessels waiting to cross. The implications of ...

The tanker market showed a mixed performance in August, OPEC said in its latest monthly report, which was released this week. Dirty tanker freight rates continued to decline across all monitored routes as long tonnage lists and reduced activities weighed on rates. In the very large crude carriers (VLCC) market, spot freight rates on the Middle East-to-East route declined 12% m-o-m and were down 16% on the Middle East-to-West route. In the Suezmax market, rates on the US to Europe route fell 20%, despite the region seeing slightly more activity. ...

The maritime industry is no stranger to risks and uncertainties. From marine accidents due to human error and natural disasters, to geopolitical conflicts, the challenges faced by shipowners, operators, and cargo owners are diverse and complex. One crucial aspect of risk management in this arena is the War Risks insurance policies. As conflicts and tensions continue to arise around the world and the excluded from the standard marine Hull insurance cover war risks zones increase, the role of Marine War Insurance becomes increasingly vital. So, let’s delve into the significance ...

Dynagas LNG Partners LP, an owner and operator of liquefied natural gas (“LNG”) carriers, today announced its results for the three and six months ended June 30, 2023. Half year Highlights: Net Income and Earnings per common unit (basic and diluted) of $24.0 million and $0.50, respectively; Adjusted Net Income(1) of $12.4 million and Adjusted Earnings(1) per common unit (basic and diluted) of $0.18; Adjusted EBITDA(1) $46.6 million; 95.8% fleet utilization(2). Quarter Highlights: Net Income and Earnings per common unit (basic and diluted) of $14.4 million and $0.31, respectively; Adjusted ...

The tanker market has been in a constant state of flux, with cargoes destined to derive from various locations, not so active in the past and vice versa. In its latest weekly report, shipbroker Xclusiv Shipbrokers said that “oil markets were very busy during the previous week. Oil prices have been rising to levels not seen since November due to expectations of tight supplies. WTI crude futures rebounded to over USD 87/barrel, when back on 24th August 2023, the price was about USD 78 and Brent crude futures are at ...

ThPA S.A expands its role as a port of international importance through a new cooperation with the Port of Gdańsk Authority SA, the operator of the Port of Gdańsk in Poland. The cooperation between the two ports was signed during the 87th Thessaloniki International Fair, in the presence of the Ambassador of Poland to Greece, Mr. Artur Lompart and executives of both ports, by Mr. Lukasz Malinowski, President of the Board of Port of Gdansk Authority SA and Mr. Thanos Liagkos, Executive Chairman of the BoD of ThPA S.A. The ...

Ship owners have been quite active in the newbuilding and S&P markets this past week. In its latest weekly report, shipbroker Allied Shipbroking said that “a substantial number of newbuilding orders have come to light over the past week, with bulk carrier orders at the fore, with 11 orders across the Handysize, Panamax and Capesize size segments. Chinese yards continue to lead the number bulker contracts, holding in excess of 75% of the number of vessels contracted this year, although dry bulk contracting over all remains below the pace of ...

Globus Maritime Limited, a dry bulk shipping company, today reported its unaudited consolidated financial results for the second quarter and six-month period ended June 30, 2023. Revenue $7.8 million in Q2 2023 $16.4 million in H1 2023 Net income/(loss) $1.2 million net loss in Q2 2023 $1.4 million net income in H1 2023 Adjusted EBITDA $0.9 million in Q2 2023 $2.2 million in H1 2023 Time Charter Equivalent $8,244 per day in Q2 2023 $8,518 per day in H1 2023 Current Fleet Profile As of the date of this press ...