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Tanker Flows In a State of Constant Flux

Ton-mile demand is up across the board in the tanker market, helping keep rates high. In its latest weekly report, shipbroker Gibson said that “with the one third of the year already over and the Red Sea still off limits to the majority of the tanker market, we examine how crude and product trade flows have changed to account for the necessary rerouting. Evidently different subsectors have been impacted differently. Volatility in clean product freight rates has been far higher than in the crude market. However, both sectors have had ...

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Tankers: Arabian Gulf Crude Oil Exports Retreated in the First Quarter of 2024, Despite Global Positive Momentum

The global seaborne crude oil market grew during the first quarter of 2024, but this wasn’t the case with the Arabian Gulf. In its latest weekly report, shipbroker Banchero Costa said that “2023 has been another positive period for crude oil trade, despite the high oil prices and risks of economic recession. In Jan-Dec 2023, global crude oil loadings went up +4.7% y-o-y to 2186.8 mln tonnes, excluding all cabotage trade, according to vessels tracking data from Refinitiv. The positive trend continued in JanMar 2024, when global loadings increased by ...

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Diana Shipping Inc. Announces Time Charter Contract for m/v DSI Phoenix With Bulk Trading SA

Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Bulk Trading SA, for one of its Ultramax dry bulk vessels, the m/v DSI Phoenix. The gross charter rate is US$16,500 per day, minus a 5% commission paid to third parties, for a period until minimum August 1, 2025 up to maximum September 30, 2025. The charter is expected to commence on May 8, 2024. ...

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Strong Newbuilding Ordering Momentum Evident in the Market

Ship owners have been quite active in the newbuilding market for yet another week. In its latest weekly report, shipbroker Banchero Costa said that “active and dynamic market, shipbuilders are experiencing very strong demand and the increasing number of orders place them in a situation where they carefully consider who to award the available slots not to run down potential business and disappoint clients. Prices remain strong and deliveries are pushed forward except for a few particular cases of speculative orders placed potentially for reselling purpose. Tsuneishi received an order ...

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Neptune Zero: A Trailblazing Venture in Marine Digital Transformation

CMA D. ARGOUDELIS & CO S.A., a renowned leader in automation solutions for the marine, industry, and energy sectors, is delighted to announce her collaboration with Dr. Antonios V. Lalechos and his esteemed team, recognized for their expertise in the realm of Digitalization in Shipping. Together, they have established Neptune Zero, an innovative venture, positioned to revolutionize the maritime industry with cutting-edge digital solutions. The establishment of Neptune Zero marks a significant milestone in the shared vision of all partners. Born from a mutual commitment to driving technological advancement in ...

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Global Supply Chain Disruptions Are Impacting Ship Recycling

Older ships’ decommissioning is being negatively affected by the persisting supply chain disruptions. In its latest weekly report, Best Oasis (www.best-oasis.com), one of the leading cash buyers of ships globally, said that “Dubai recently experienced unprecedented flash floods, causing significant disruptions and challenges for the city known for its robust infrastructure and meticulous urban planning. As the community grapples with the effects of these severe weather events, there is a strong hope for a swift and effective recovery. Efforts are undoubtedly underway to restore normalcy as quickly as possible, and ...

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Manios and Pnevmatikos inducted into Greek Shipping Hall of Fame

Two shipowners who were among the most prominent of their different generations have been inducted into the Greek Shipping Hall of Fame. Dimitris Manios (1952-1995) and Michael J. Pnevmatikos (1883-1969) were inducted in front of 560 shipping industry guests at the annual Induction Ceremony & Dinner held at Megaron, the Athens Concert Hall on the evening of 22 April. They bring the Hall of Fame’s pantheon of great individuals from the history of Greek merchant shipping since the steam age to 43. Voting for Inductees takes place annually and is ...

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Middle East Tensions to Impact the Tanker Market

The tanker market is bound to be further impacted by the escalation of the Middle East tensions. In its latest weekly report, shipbroker Xclusiv said that “news of an Israeli strike on Iranian territory, potentially escalating tensions in the Middle East, sent shockwaves through global markets. Geopolitical uncertainties loom large, capable of swiftly altering the trajectories of commodities such as oil, and reigniting concerns over inflation. Although oil prices took a rollercoaster ride on Friday, with WTI climbing to USD 86/barrel, reports suggested the attack was less extensive than initially ...

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LNG Shipping: High Supply Suppresses Rates as Trade Routes Shift

LNG shipping is undergoing major shifts since the start of 2024. In its latest weekly report, shipbroker Intermodal said that “during Q1 of 2024, the LNG shipping market experienced major disruptions and shifts that significantly altered global trade routes and market fundamentals. The year commenced with logistical challenges, particularly highlighted by persistently low water levels in the Panama Canal, which constrained LNG transits. Compounding these challenges, LNG carrier movements through the Suez Canal have been completely halted since mid-January, necessitating a strategic redirection of shipments along alternative routes”. According to ...

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Crude Tanker Market Fundamentals Looking Healthy

The crude tanker market could be set for a positive future, as ton-mile demand is about to increase. In its latest weekly report, shipbroker Gibson said that “earlier this month the IEA released its monthly oil report, offering for the first time their analysis of how oil markets could shape up in 2025. The agency expects global oil demand to grow by 1.1 mbd next year, just marginally below 1.2 mbd expected in 2024. Despite the accelerating uptake of clean energy technologies, projected growth in demand in 2025 is reasonably ...

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Canadian Coal Exports on the Rise in 2024

Canada has emerged as one of the exporters with the biggest increase in seaborne coal exports during 2023, with the upwards trend maintaining momentum in 2024 as well. In its latest 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. In Jan-Feb 2024 the positive trend continued, with ...

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Strait of Hormuz Safety is Under Threat: Is a Structural Threat Ahead?

The tanker market could be set for a major structural shift in trade routes, should the Straits of Hormuz become unsafe for passage, after the latest developments and the escalation of the Middle East tensions. In its latest weekly report, shipbroker Allied QuantumSea said that “developments over the weekend, are maintaining focus on a region with huge importance for shipping. Since the initial freight rate shock in October, there have been considerable adjustments to navigation through the Red Sea. Following the weekend’s events, the closure of the Strait of Hormuz, ...

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10 years Greek Maritime Golf Event on September 5-8, at Costa Navarino

The top golf tournament for the maritime community, Greek Maritime Golf Event, returns for its 10th anniversary, renewing its annual meeting with the Greek and global maritime industry, on September 5-8, 2024, at Costa Navarino, in Messinia. Top golf event in Greece Greek Maritime Golf Event celebrates its 10 years in the best way possible, as it was once again distinguished at the Sports Marketing Awards 2024, as the best golf event in Greece. Specifically, the tournament received a total of 4 awards, 1 Gold award in the “Corporate Sports ...

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ThPA S.A.: Performance growth for 2023 with record container throughput and preferred bidder for Pier 6

Thessaloniki Port Authority S.A., the operator of the port of Thessaloniki and the multi-gateway intermodal network and logistics solution provider for the Balkans and the broader Southeast, Central and Eastern European region, announced the financial results for the financial year 2023. Specifically, following the approval of the Annual Financial Report from the Board of Directors (BoD) on 17.04.2024, it is announced that consolidated revenue for 2023 was increased to € 85,9 mil., from 
€ 85,3 mil. for 2022. The container terminal posted a significant growth in revenue of over 12% ...

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Diana Shipping Inc. Announces Time Charter Contract for m/v P. S. Palios

Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Bohai Shipping (HEBEI) Co., Ltd, for one of its Capesize dry bulk vessels, the m/v P. S. Palios. The gross charter rate is US$27,150 per day, minus a 5% commission paid to third parties, for a period until minimum November 1, 2025 up to maximum December 31, 2025. The charter is expected to commence on ...

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