Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced that it has completed its merger with Eagle Bulk Shipping Inc. (“Eagle”). Under the terms of the merger agreement, each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. Eagle common stock has ceased trading and will no longer be listed on the New York Stock Exchange. Petros Pappas, Chief Executive Officer of Star Bulk, said, “This is an exciting day for Star Bulk ...

The dry bulk fleet has aged as a result of minimal scrapping activity of late. In its latest weekly report, shipbroker Xclusiv said that “during Q1 2024, a total of 1.77 million DWT of bulk carriers and tankers were demolished. This is increased compared to Q4 of 2023, when a mere 1.16 million DWT were scrapped. More specifically, within the first 3-month period of 2024 around 0.5 million DWT of tankers and almost 1.27 million DWT of bulk carriers (examining the vessels >=10,000 DWT) were scrapped. In the dry market, ...

On Friday, April 5th, two cutting-edge double level luffing jib shipbuilding cranes arrived at the Port of Piraeus. They are soon to be unloaded and installed at positions 1 and 2 within the Perama Ship Repair Zone. Equipped with a lifting capacity of 40 tons each, these state-of-the-art cranes are reshaping service offerings within the ship repair zone. With the capability to accommodate vessels up to 55 meters in height, they mark a new era, ending decades of reliance on mobile cranes in the Perama zone, which previously lacked quayside ...

CMA D. ARGOUDELIS & CO S.A, a pioneering force in marine, industry & energy automation, has officially entered into a strategic Memorandum of Understanding (MOU) with TESCOM HELLAS, a renowned manufacturer of voltage stabilization and uninterruptible power systems. This collaboration marks a significant milestone in the advancement of automation solutions within the marine and industrial sectors. The MOU solidifies a partnership between two industry leaders, poised to provide cutting-edge products and customized solutions to meet the evolving standards of the shipping industry. Under this agreement, CMA D. ARGOUDELIS & CO ...

The tanker market is destined for further growth, as a supply/demand imbalance and geopolitical tensions, keep fuelling its further growth. In its latest weekly report, shipbroker Intermodal said that “the tanker shipping market is navigating through a period of significant change, driven by external pressures such as geopolitical tensions and environmental considerations, alongside internal industry dynamics like fleet aging and technological advancements. The next couple of years will likely be marked by strategic adjustments as companies strive to align with the evolving landscape, balancing economic opportunities with environmental responsibilities and ...

The tanker market could be set to benefit from a brand new market entering the foray over the next few years. In its latest weekly report, shipbroker Gibson said that “much of the focus over the past few years has been on the impressive ramp up of oil production in Guyana where production is on track to rise to 800kbd next year from zero in 2019. Yet in the years ahead, new frontiers in the oil market could emerge and one such region with potential is Namibia.The South West African ...

Seaborne coal exports from Indonesia were a driving force during 2023, with a 10.2% increase compared to 2022. In a recent weekly report, shipbroker Banchero Costa said that “global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Dec 2023, global seaborne coal loadings increased by +5.8% yo-y to 1,339.5 mln t (excluding cabotage), based on vessel tracking data from AXS Marine. This was well above the 1,265.5 mln t loaded in Jan-Dec 2022, the 1,254.2 mln t in Jan-Dec ...

The SnP market has been rising so far this year, both in terms of sales and prices. However, the latter could be starting to correct downwards, in the weeks to come. In its latest weekly report, shipbroker Allied said that “improving freight market conditions typically stimulates activity in the snp market, and results in upward pressure in the values of the assets as well. There are though many circumstances/market regimes where this cohesive response breaks. We can notice a solid number of sales and bullish pressure on prices, while freight ...

Shipping demand shifts could emerge from the U.S., West Africa and China in the coming months. The Baltimore bridge collapse is expected to disrupt coal and car carrier sea trade in the U.S. East coast area, bit also LNG export trade. In its latest weekly report, shipbroker Xclusiv said that “tragedy struck Baltimore earlier this week when the Francis Scott Key Bridge, a vital 1.6-mile long crossing over the Patapsco River, collapsed after being struck by the 9,962 TEU containership “Dali” (2015/HHI). Early reports suggest the ship may have lost ...

The dry bulk market has rebalanced itself, after a period of correction. In its latest report, Breakwave Advisors noted that “the correction in dry bulk is here as spot rates look for a bottom. Although the excitement in dry bulk shipping remains unabated, Capesize spot rates have now declined by about 40% from recent highs, but remain above comparable last year’s levels, at least at the time of writing. As we have discussed lately, the fundamentals of the dry bulk sector did not warrant the recent elevated spot rate levels, ...

Euroseas Ltd, an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today a time charter contract for its 4,250 teu intermediate containership, M/V Synergy Antwerp, for a minimum period of 11.5 to a maximum period of 14 months at the option of the charterer, at a gross daily rate of $26,500. The charter commenced on April 2, 2024, after the vessel successfully completed its scheduled drydock and special survey, along with certain retrofits including the installation of a number of “energy saving ...

Demand for dry bulkers remained strong during the first quarter, as shown by the increase in the number of deals reported. In its latest weekly report, shipbroker Xclusiv said that “during the first 3-months of 2024, dry bulk S&P activity was brisk, with over 220 vessels changing hands. This represents a nearly 35% increase compared to the same period in 2023, approaching the volume recorded in Q1 2021. Handysize, Supramax, and Capesize sectors have been the stars so far this year, with 43, 55, and 31 sales respectively (constituting around ...

The ship recycling market has had a mixed week. In its latest weekly report, Best Oasis (www.best-oasis.com), one of the world’s leading cash buyer of ships, said that “the ship recycling market across India, Bangladesh, Pakistan, and Turkiye presents a mixed landscape. In India, market conditions have shown volatility, initially marking an improvement but facing a downturn as the week progressed, potentially influenced by the Holi festival’s impact on market sentiment”. According to Best Oasis, “Bangladesh’s market appears soft, yet certain buyers with access to LC facilities and robust yard ...

South Africa, one of the major exporters of iron ore, managed to halt the decline of the past few years, during the course of 2023. In its latest weekly report, shipbroker Banchero Costa said that “2023 was a very positive year for global iron ore trade. In Jan-Dec 2023, global loadings of iron ore increased by +5.1% y-o-y to 1,631.9 mln tonnes, from 1,552.2 in the same period of 2022, based on AXS Marine vessel tracking data. The trend remained positive in JanFeb 2024, with loadings growing by +5.4% y-o-y ...

The Techcross training center opened its door in Athens, Greece, the hub in the maritime industry. An opening ceremony for the Greece training center, designated as a hub for training in Europe region, was held on March 15 at the newly relocated ARGO NAVIS building. The ceremony was attended by 9 representatives, including Park Seog-won, CEO of Techcross and Ioannis Alevropoulos and Maximous-Ioannis Katsidimas, managing partners of SEACROSS. SEACROSS is a service agency that will help with the operation and management of the local training center. To ensure stable operation ...