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Newbuilding Market Picks Up Pace

It seems that the newbuilding market has started to recover from the recent lows, with more contracting taking place of late. In its latest weekly report, shipbroker Allied Shipbroking said that “interest for newbuilding projects is gradually starting to revive, with several fresh transactions being noted during the last couple of weeks. The slight improvement of the global economy and the gradual increase in trade have seemingly enhanced sentiment amongst potential buyers. However, the continued COVID-19 disruptions and the fear of a second wave are still the cause of lingering ...

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Coal Market Shifting

Russia is still a major player in the coal market, while Southeast Asian economies are now the main drivers of demand for the fuel. In a recent weekly report, shipbroker Banchero Costa said that “coal mining has been a key industry in Russia for a long time and its role will be no less significant in the future as the world change into renewable power generation. Nevertheless, the structure of Russia’s coal trade is evolving. In the first 9 months of 2019, based on Refinitiv vessel data, Russia exported 132.7 ...

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A Political Change in the US Could Lead to a Shift in the Tanker Market as Well

The Presidential elections in the US, due in a few months could bring a shift in energy policy, affecting not only the US, but the global oil market and with it the tanker market as well. In its latest weekly report, shipbroker Gibson said that “for the oil and tanker markets, the Trump Presidency marked a notable shift in global politics, energy markets and international trade. Early on, the Trump Administration withdrew from the Paris climate agreement and soon started to use sanctions to exert it’s political will, taking a ...

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STEALTHGAS INC. Reports Second Quarter Net Income of $8.9 Million

STEALTHGAS INC., a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the second quarter and six months ended June 30, 2020. OPERATIONAL AND FINANCIAL HIGHLIGHTS Fleet utilization of 99.7% in Q2 ’20 – with only 11 days of technical off hire. Fleet operational utilization of 97.1% in Q2 ’20, mainly due to few of our ships being in the spot market – equivalent to 10.8% of voyage days. Fleet calendar days down 6.5% quarter ...

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Dry Bulk Newbuilding Activity Picks Up

Despite the recent lull in newbuilding orders over the past few months, the past week proved to be a different story, albeit only slightly. In its latest weekly report, shipbroker Clarkson Platou Hellas said that it was a “quite active week in terms of newbuilding activity in the dry bulk segment, especially in the Ultramax one. Danish Owner Norden extended their commitment with Nacks confirming 2 x options for delivery in Feb and June 2022: price should be in line with the original order of 4 x units which was ...

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Performance Shipping Inc. Announces the Sale and Delivery of Vessel to Her New Owner

Performance Shipping Inc., a global shipping company specializing in the ownership of vessels, announced that on 19 August 2020, through a separate wholly-owned subsidiary, it signed a Memorandum of Agreement to sell the 2001-built Panamax container vessel, the M/V Domingo, to an unaffiliated third party for a sale price of US$5.6 million before commissions. The vessel was successfully delivered to her new owner today. Performance Shipping Inc.’s fleet now consists of four (4) Aframax tanker vessels. Commenting on the transaction, Mr. Andreas Michalopoulos, the Company’s Deputy Chief Executive Officer, Chief ...

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Navios Maritime Holdings Inc. “Perseveres” Amid the Pandemic, Claims Angeliki Frangou

Navios Maritime Holdings Inc., a global seaborne shipping and logistics company, yesterday reported financial results for the second quarter and six month period ended June 30, 2020. Angeliki Frangou, Chairman and Chief Executive Officer, stated, “The pandemic has greatly affected businesses, countries, and people all over the world, but the Navios family perseveres. We take great pride in adapting to this ever-changing environment while providing essential services to the global community. During the second quarter of 2020, Navios Holdings reported revenue of $97.1 million, Adjusted EBITDA of $27.2 million and ...

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Port of Piraeus vehicle logistics goes digital with INFORM

To further expand the strategic importance of its port for the international vehicle trade, the Piraeus Port Authority (PPA) S.A., member of COSCO SHIPPING group, has decided to invest into end-to-end digitization and optimization. The company has awarded a project to the well-known optimization specialist INFORM from Aachen, Germany, to improve the efficiency and transparency of vehicle handling at the port’s car terminal. In order to continue its growth of recent years and to further expand its strategic position, PPA is implementing an intelligent IT system from INFORM Vehicle Logistics ...

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Pandemic Has an Unexpected “Silver Lining” for Ship Owners Financing-Wise

Ship owners appear to have benefited from lower interest rates, when it comes to financing new deals. In its latest weekly report, shipbroker Intermodal said that “since the Covid-19 outbreak, governments and central banks around the globe have been using their ammunition and stimulus packages to keep their economies running. Trillions have been injected into global economies to fight unemployment and minimize recession. Apart from the central banks of EU, Japan, Switzerland, Sweden and Denmark, who have been offering negative rates for the past five years – a handful of ...

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Japan’s Oil Imports Fail to Bring Relief to Tanker Owners

Once a very important tanker play, Japan’s crude oil imports have been steadily decreasing in the past few years. In its latest weekly report, shipbroker Banchero Costa said that “Japan is one of the largest consumers of oil in the world, relying exclusively on imports as a result of its negligible production. Nevertheless, two decades of anaemic economic growth, and an aging and shrinking population, combined with improved energy efficiency, has resulted in a steady decline in crude oil imports. Japan’s crude oil imports declined by -5.4% in full year ...

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Top Ships Announces Share Repurchase Program, Fleet Update and Estimate of Net Asset Value

TOP Ships Inc. announced a share repurchase program and fleet update. Share Repurchase Program The Company’s Board of Directors (the “Board”) today authorized a share repurchase program under which the Company may repurchase up to $5.1m of its outstanding common shares, representing approximately 10% of the Company’s market capitalization as of August 14, 2020, for a period of three months (the “Repurchase Program”). The Board will periodically review the Company’s Repurchase Program, and may decide to extend its term or increase the authorized amount, by another 10% to 15%, that ...

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Dry Bulk Market’s Fundamentals Different Than Six Months Ago

The pandemic effect has changed the dry bulk market’s fundamentals. In its latest weekly report, shipbroker Allied Shipbroking said that “early on in the Covid-19 pandemic, there may have been a minority who from the very beginning could see this as an event with severe macroeconomic impacts. Looking at the most recent published GDP growth figures of major economies such as the US and Europe 2Q20, these fears rather emphatically confirmed. The step back for global markets has been tremendous, while the exit point still seems unclear. Given the strong ...

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Tanker Market Expected to be Weaker Until the End of 2020

Tanker owners are bracing for a tougher second half, as the market is bound to shift. In its latest market outlook, ship owner Teekay Tankers said that “crude tanker spot rates remained firm during the second quarter of 2020, particularly during the early part of the quarter. Crude trade volumes increased during April 2020 due to the short-lived price war between Saudi Arabia and Russia, leading to increased tanker demand. Floating storage also gave support to crude tanker spot rates during the quarter, peaking in early May 2020 when almost ...

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Greek Shippers Threatened With Sanctions, Forced to Hand Over Iranian Oil Cargo to US, Report Says

Last year, the White House pledged to sanction any actor involved in purchase or transaction of Iranian oil, citing Tehran’s alleged support for militant groups in the region and its ballistic missile programme. Despite the threats, a number of countries still continued their oil business with Iran. Washington has forced Greece-based shipowners to surrender their cargo of Iranian fuel to the US government or face sanctions from the Trump administration, The Wall Street Journal reported, citing people familiar with the confiscation. The ships in question, reportedly owned by Greek Vienna ...

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VIKING delivers first of ambulance boat trio for Hellenic Coastguard

The large closed-cabin boat is the first in a series of special craft equipped with medical equipment to support the Hellenic National Centre for Emergency Care (EKAB) and the Hellenic Coastguard. VIKING Life-Saving Equipment has delivered its first VIKING Norsafe Munin-S1200 ambulance boat to the Hellenic Coastguard. Stationed in Naxos, the largest of the Cyclades island group, the vessel is the opening installment in a three-boat order that will change the face of regional healthcare provision. For many years, the Coastguard and EKAB have worked together to support patient transfer ...

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