Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today 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 Newcastlemax dry bulk vessels, the m/v Newport News. The gross charter rate is US$18,400 per day, minus a 5% commission paid to third parties, for a period until minimum 16 October 2021 up to maximum 30 December 2021. The charter is expected to commence later today. The m/v Newport ...

USA crude oil imports have been emerging, together with its export trade, into a major play for tanker owners, as the country remains a net importer of crude oil. In its latest weekly report, shipbroker Banchero Costa said that “driven by the shale oil boom of the last decade, the United States have rapidly increased both the production and the export of crude oil and oil products. Despite the media headlines, the country was still a net importer of crude oil last year. However, based on current trends this is ...

With Turkey escalating tensions in the Eastern Mediterranean and Greece responding accordingly, it seems that this spat is bound to continue and could potentially have an impact in tanker trade in the region, especially if EU imposes sanctions towards Turkey, as has been suggested in the past few days. In its latest weekly report, shipbroker Gibson said that “its been simmering for a while, but the spat between Turkey, Greece and Cyprus, seems to be escalating. How has this situation come about? Turkey sent a drill ship to the Mediterranean ...

The dry bulk market could be set for a more sustainable rebound in the coming months, aided by the stagnation of the global bulker fleet during most of 2020. However, if a second lockdown of the world’s major economies occurs, then obviously, shipping and the dry bulk market could be set for yet more turbulence. In its latest weekly report, shipbroker Allied Shipbroking said that “in 2020, across the spectrum of industrial commodities, we have seen markets have their limits tested numerous times as the pandemic disruptions gradually took hold. ...

Dynagas LNG Partners LP, an owner and operator of liquefied natural gas (“LNG”) carriers, announced its results for the three and six months ended June 30, 2020. Quarter Highlights: Net income of $6.4 million and earnings per common unit of $0.10, after accounting for $3.4 million of non-cash market to market interest rate swap losses; Adjusted Net Income(1) of $9.9 million and Adjusted Earnings per common unit of $0.20 excluding the non-cash mark to market interest rate swap losses; Adjusted EBITDA(1) of $24.1 million; 100% fleet utilization; Declared and paid ...

Shipping’s decarbonization plan is underway, but the way to get there, could be a challenge. In its latest weekly report, shipbroker Intermodal said that “the imminent global shift towards eco-friendliness has caused divide among the shipping community because there is no outlined, clear-cut way via which shipowners can start approaching the future IMO targets. In 2018, the Marine Environmental Protection Committee adopted a greenhouse gas (GHG) emissions reduction strategy entailing (among others): reduction of CO2 emissions by at least 40% by 2030 and by at least 50% by 2050, compared ...

Moody’s Investors Service (“Moody’s”) has completed a periodic review of the ratings of Navios Maritime Partners L.P. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody’s reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody’s practice has been to issue a press release following ...

Demolition activity has failed to maintain the gains of the past couple of weeks, which came as a result of higher pricing, which enticed ship owners to allocate more tonnage for scrap. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “it has been a week emphasizing how this market is ever changing and volatile, ensuring it always difficult to know a vessels true market value. This has come about following a change in sentiment this week with some conservatism on rates coming into force again. It has ...

Newbuilding orders for dry bulk carriers could pick up pace in the coming weeks, despite last week’s pause. In its latest weekly report, shipbroker Allied Shipbroking said that “interest for newbuilding projects in the dry bulk sector seems to have paused this past week, with most enquiries failing to materialized into transactions. However, overall sentiment has improved as of late, with market fundamentals enhanced, while concerns over the global economy starting to subside. Given the improved environment, we do expect some fresh transactions to take place during the following weeks. ...

The dry bulk market has staged a rebound over the past few weeks, but more positive news are required from the demand side of things, in order for a more sustainable recovery to take center stage. To this extent, China’s soybean imports could provide some assistance. In its latest weekly report, shipbroker Banchero Costa said that “record soybean arrivals to Mainland China since May have made up for the weak imports early this year due to the impact of COVID-19, and brought year-todate imports back above the average of the ...

Shifts in refinery usage around the globe, is expected to make waves in the product tanker market. In its latest weekly report, shipbroker Gibson said that “refinery rationalisation is back on the agenda. With a prolonged weakness in refinery margins due to Covid-19 related demand destruction and an uncertain future for hydrocarbon consumption, many refiners have decided to throw in the towel, choosing to either sell, close, or convert their refining assets. The impact is not just in Europe, but global. Aging capacity in the United States, Asia and Australia ...

A slowdown of dry bulk ordering activity, combined with more demolition is beginning to improve market fundamentals, especially in the smaller classes. In its latest weekly report, shipbroker Intermodal noted that “a step back from the intense everyday transactional reality of the SnP market is necessary from time to time to analyze and capture how fundamentals are influencing the dry bulk sector”. According to Intermodal’s SnP Broker, Mr. Nassos Soulakis, “the Handysize sector has the healthiest newbuilding (NB) tonnage supply levels among dry bulkers; their newbuilding orderbook (OB) to fleet ...

A potential rebound in trade and freight rates is hinging on a successful dealing with the pandemic, which, as of today, is rather elusive. In its latest weekly report, shipbroker Allied Shipbroking said that “reaching the end of the summer period and entering the final stretch of 2020, it is clear that the year has undoubtedly been “interesting” so far, with very distinctive black swan events taking place and shaking the global economy as a whole and in turn shipping markets. However, what can we expect in the final months? ...

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 and the first half of 2020. Petros Pappas, Chief Executive Officer of Star Bulk, commented: “Star Bulk announced today its second quarter 2020 financial results, reporting TCE Revenues of $97.1 million, Adjusted EBITDA of $35.1 million, Net loss of $44.1 million and Adjusted Net Loss of $18.1 million during a period of unprecedented volatility. Our average TCE for the quarter, decreased to $9,402/ ...

Cash buyers have gradually returned to the demolition market and with few tonnage readily available, prices have picked up. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “with many owners and stakeholders in the industry still enjoying their Summer vacations, there has been only a trickle of tonnage circulating for sale lately which has naturally increased competition and price levels. Willing Sellers in this market have been met with an aggressive Buying attitude and capitalised on this improved sentiment with all three Indian sub-continent recycling locations firming ...