India is now the third biggest importer of crude oil, with a market share of 11% of global crude oil imports. In its latest weekly report, shipbroker Banchero Costa said that “2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession. In the full 12 months of 2022, global crude oil loadings went up +8.7% yo-y to 2,049.8 mln tonnes, excluding all cabotage trade, according to vessels tracking data from Refinitiv. This was well above the ...

TOP Ships Inc., an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced today its unaudited financial results for the year ended December 31, 2022. As of and for the year ended December 31, 2022, the Company reported: Total revenues of $80.7 million (43% increase from the year ended December 31, 2021) Net Income of $18.9 million (120% increase from the year ended December 31, 2021) EBITDA* of $46.6 million (100% increase from the year ended December 31, 2021) Total Assets of $469.3 million (42% increase from ...

Russia’s invasion in Ukraine, a year and a few days ago, has had a profound impact on shipping. In its latest weekly report, shipbroker Xclusiv Shipbrokers said that “the disruption in oil and natural gas trade has been significant. Russia, the second largest oil exporter in the world, lost its largest customer, Europe. Most of Russia’s oil infrastructure was designed to send the oil west. European sanctions have forced Russia to turn towards east for a new oil consumer base, despite its infrastructures being inadequate to transfer major quantities. This ...

Ship owners have returned to shipyards this past week, with more deals in the container and LNG/LPG shipping segments. In its latest weekly report, shipbroker Allied said that “last week saw orders in line with the trends seen over the year so far. CMA CGM returned with an order for six methanol fueled 16,000 TEU container vessels, slightly larger than the twelve ordered at the end of last month. So far this year, CMA CGM has accounted for around half of container vessels contracted so far this year and around ...

The work to develop Greece’s first Floating Storage Regasification Unit (FSRU) commenced recently at the Keppel shipyard in Singapore with the conversion of GasLog’s DNV classed LNGC Gaslog Chelsea, recently renamed as Alexandroupoli. Following conversion, the FSRU Alexandroupoli will serve as an offshore storage and regasification facility and will be part of the Alexandroupolis Independent Natural Gas System (INGS). The 155,000-cbm LNG carrier, recently reflagged to the Greek flag, is the first FSRU conversion under the Greek Flag for operation in the Aegean Sea. The project’s owner, Gastrade, is a ...

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, announced today that it has entered into a securities purchase agreement with several institutional investors to purchase approximately 5,556,000 of its common shares, Series A warrants to purchase 3,611,400 common shares, and Series B warrants to purchase 4,167,000 common shares at a purchase price of $2.25 per common share together with the accompanying warrants in a registered direct offering (the “Offering”). The warrants will be immediately exercisable, will expire five years from the date of issuance, ...

The ship recycling market is seemingly on the rise again, despite the fact that not too many candidates are available. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “market supply remains thin on the ground, however we are certainly seeing more inquiry and facing more questions from ship owners relating to the ship recycling industry. More supply looks set to come from the container feeder type sector, although the actual deluge of such tonnage that parties are predicting will not materialise for many months yet in our ...

Performance Shipping Inc. , a global shipping company specializing in the ownership of tanker vessels, today announced that it has provided notice of termination of the ATM Sales Agreement with Virtu Americas LLC dated December 9, 2022 (the “ATM Agreement”). The Company is terminating the ATM Agreement because it does not intend to raise additional capital or sell additional shares under the ATM Agreement. Prior to termination, the Company issued and sold 365,196 shares of its common stock under the ATM Agreement at an average price per share of US$3.30, ...

Okeanis Eco Tankers Corp. reported unaudited interim condensed results for the fourth quarter and twelve month period ended December 31, 2022. Q4 2022 Highlights: • Time charter equivalent (“TCE”, a non-IFRS measure) revenue and Adjusted EBITDA (a non-IFRS measure) of $82.2 million and $69.8 million, respectively. Adjusted profit and Adjusted earnings per share (non-IFRS measures) for the period of $48.6 million or $1.51 per basic & diluted share. • Fleetwide daily TCE rate of $63,800 per operating day; VLCC and Suezmax TCE rates of $65,400 and $61,600 per operating day, ...

The tanker trade has been turned on its back, one year after Russia’s invasion of Ukraine. In its latest weekly report, shipbroker Gibson said that “it now marks one year since the Russian invasion of Ukraine. Instead of being a short military operation, it has evolved into a protracted war with thousands dead and injured on both sides, severe devastation to Ukraine and no sign of de-escalation. For the tanker market, the last twelve months have seen a dramatic reorientation of long-established trade patterns and fuelled a strong rate environment. ...

The seaborne coal market showed a significant increase of 5.8% during 2022, despite the fact that the world’s largest importer, China, was down compared to 2021. In its latest weekly report, shipbroker Banchero Costa said that “after a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the full 12 months of 2022, total global seaborne coal loadings increased by +5.8% y-o-y to 1204.8 mln t (excluding cabotage), from 1138.3 mln t in the ...

A tanker with Wind-Assisted Ready and HVSC-Ready ABS notations, one of six LNG fuel ready sister ships with eco-friendly design delivered to Capital in 2023. Piraeus, Greece, February 24, 2023. Capital Ship Management Corp. (‘Capital’) took successful delivery of the newbuilding vessel M/T ‘Agisilaos’, a 50,000 dwt, eco-type Chemical/Product MR tanker, built by Hyundai Vietnam Shipyard Co Ltd, Vietnam. It is assigned with Wind-Assisted Ready and HVSC-Ready notations by ABS, while it is the second of six LNG Fuel Ready sister ships with eco-friendly design delivered to Capital in 2023. ...

Meadway Shipping & Trading Inc has engaged Seafair to build customized software to improve seafarer management. The engagement aims at helping the company’s crew, accounting & training departments make more informed decisions on seafarer selection and monitoring. The outcomes are in line with the company’s long term commitment to retain, enable and develop its seafarers. “We were looking for a platform that could reflect our users’ needs and be intuitive & easy to use. We are excited that Seafair’s platform helps our management be aligned with manning offices and vessels ...

The use of methanol as an alternative and future-proof low emission fuel is gaining ground among newbuildings. In its latest weekly report, shipbroker Xclusiv Shipbrokers said that “in these first 2 months of 2023, the newbuilding highlights are about methanol as alternative fuel and the investment in it by some major players. Already an undisclosed shipowner has put an order for a methanol dual-fuel Ultramax bulk carrier in Tsuneishi Shipbuilding basis delivery within 2025, while South Korean flagship carrier HMM has ordered 9x 9,000 TEU methanol fuelled vessels in Hyundai ...

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, today reported a record quarterly net income from continuing and discontinued operations of $23.8 million and net income from continuing and discontinued operations attributable to common stockholders of $9.4 million for the fourth quarter of 2022. This compared to a net loss from continuing and discontinued operations and net loss from continuing and discontinued operations attributable to common stockholders of $2.1 million for the same period in 2021. Earnings per share, basic and diluted, for the ...