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Navios Maritime Partners L.P. Reports Second Quarter Net Income of $118.2 Million

Navios Maritime Partners L.P., an international owner and operator of dry cargo and tanker vessels, reported its financial results for the second quarter and six month period ended June 30, 2022. Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “We are pleased to report our results for the second quarter of 2022 in which we recorded $280.7 million of revenue and $118.2 million of net income. Net income amounts to $3.84 per common unit for the quarter and $6.62 for the first six months of 2022.” Angeliki ...

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Navios Maritime Partners L.P. Announces Acquisition of a 36-Vessel Drybulk Fleet

Navios Maritime Partners L.P. an international owner and operator of dry cargo and tanker vessels, agreed to acquire a 36-vessel drybulk fleet for a gross purchase price of $835.0 million, including the assumption of $441.6 million of bank liabilities, bareboat obligations and finance leasing obligations, subject to debt and working capital adjustments (the “Transaction”), from Navios Maritime Holdings Inc. (“Navios Holdings”) (NYSE:NM). The 36-vessel drybulk fleet consists of 26 owned vessels and 10 chartered-in vessels (all with purchase options) with a total capacity of 3.9 million dwt and an average ...

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Ship Owners Keep Investing in Bigger Ships

Ship owners have kept on contracting newbuildings and secondhand vessels, opting for larger tonnage. In its latest weekly report, shipbroker Allied Shipbroking said that “things in the newbuilding market continued on a relatively fair mode for yet another week, given the modest number of fresh projects being pushed forward. In the separate sectors and specifically in the dry bulk one, we saw activity being skewed towards the bigger size segments. Given the recent trends from the side of freight earnings though, this may as well have come as a slight ...

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M/T SUVRETTA becomes the first vessel to include hull coating impact in EEXI Technical file approved by DNV

NEDA Maritime Agency has entrusted DNV assessing the effect of low friction paint on the reference speed for the purpose of EEXI at the aframax tanker M/T SUVRETTA. The 109,250MT M/T SUVRETTA, registered with Greek flag, recently became the first vessel to have the coating impact included in the EEXI assessment and approval. Initially the model test report of M/T SUVRETTA has been assessed if the criteria setup by DNV are fulfilled while the paint supplier, International Paint, has provided a ΔCF (reduction of the frictional resistance coefficients), valid for ...

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Dorian LPG Ltd. Provides Update for First Quarter 2023 and Announces First Quarter 2023 Earnings and Conference Call Date

Dorian LPG Ltd. (NYSE: LPG) (the “Company” or “Dorian LPG”), today updated its financial and operational outlook for the quarter ended June 30, 2022. The Company plans to issue a press release on Wednesday, August 3, 2022 prior to the market open, announcing its financial results for the quarter ended June 30, 2022. Outlook for the Quarter Ended June 30, 2022 The following unaudited financial data for the quarter ended June 30, 2022, is preliminary and based on information available to the Company at this time. The financial data has ...

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Summer “Lull” Ahead for Ship Recycling

Low recycling prices for vintage tonnage are expected to hinder any increase in the number of units sold over the next few weeks. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “we are trying to establish from where a concession will appear, the Sellers or the Buyers! On the outside we do not envisage many units to come for recycling for the next month at least and therefore it would need the actual recyclers to increase their rates to tempt any Owner contemplating a recycling sale. However, ...

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Dry Bulk Market: Stormy Weather Ahead?

The dry bulk market could be entering a more bearish period in the coming weeks. In its latest weekly report, shipbroker Allied Shipbroking said that “it is without question that the dry bulk sector has been on a gloomy path these past few months or so, with the main benchmark freight figures being under pressure and losing considerable ground. On the other hand, even during a booming market regime, it is still normal to expect to see time intervals in which the market corrects. The important question to answer is ...

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Posidonia sets new standards in Society, Economy, Health and Environment impact achievements

Posidonia Exhibitions S.A., the organisers of the most prestigious shipping exhibition, released their Event Sustainability Report for this year’s, 27th Posidonia, which was not only the biggest but also the most sustainable, environmentally and socially, in the 50-year history of the event. Next to breaking all previous records in exhibition space, number of visitors and publicity, with 1,964 exhibitors from 88 countries and territories, 24 national pavilions, 28,892 visitors from 103 countries and a total of 40,950 participants including exhibitors, visitors and media representatives, Posidonia 2022 set even higher sustainability ...

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Tankers Still Have a Long Lifeline Ahead of Them

The tanker market is expected to keep on growing over the course of the coming years, until we hit the so called peak oil demand, after which it should be a constant state of decline. In its latest weekly report, shipbroker Gibson said that “the current spike in global oil prices and a tight supply situation has put the issue of peak oil demand back into focus. Those who thought the Covid-19 demand destruction of 2020 would permanently dent world oil demand were quickly proven wrong as shown by the ...

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Capital Product Partners L.P. Announces Pricing of €100 Million Unsecured Bonds

Capital Product Partners L.P., an international owner of ocean-going vessels, today announced that its wholly owned subsidiary, CPLP Shipping Holdings PLC, has successfully priced its previously announced offering of €100 million of unsecured bonds (the “Bonds”) in Greece. The Bonds will be guaranteed by CPLP. The Bonds will mature in 2029 and will have a coupon of 4.40%, payable semi-annually. The offering is subject to customary closing conditions, and settlement is expected to occur on July 26, 2022. The trading of the Bonds on the Athens Exchange is expected to ...

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Seaborne Coal Market Growing

The global seaborne coal market has grown yet again, over the course of the first half of 2022, following the significant rise of 2021. In its latest weekly report, shipbroker Banchero Costa said that “following a disastrous 2020, with the world hit by lockdowns and recession pretty much everywhere, global seaborne coal trade managed to rebound to some extent in 2021. In the full 12 months of 2021, global seaborne coal exports increased by +4.5% y-o-y to 1149 mln tonnes, from 1099 mln tonnes in 2020, according to vessels tracking ...

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Rules’ Uncertainty Plagues Dry Bulk and Tanker

Ship owners in the tanker and dry bulk segments have been the most reluctant to commit to newbuilding orders, as opposed to their LNG and container shipping counterparts, where decisions are driven by different incentives. In its latest weekly report, shipbroker Intermodal said that “faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, many owners abstain from the newbuilding realm, especially in the wet and dry sector, while sticking to ageing fleets. During 1H22, fleet grew by 1.4% (est. 2.8% ...

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Ship Owners Load up on Newbuildings and Second Hand Vessels

Ship owners have been quite active in both the newbuilding and S&P markets over the past week. In its latest weekly report, shipbroker Allied said that “the Newbuilding market continued to hold a fair momentum for yet another week, given the relatively strong number of projects that came to light. As can be seen from the reported transactions, overall activity is skewed significantly towards the tanker sector this week, with a strong number of fresh orders (especially for Aframax units) being placed. Moreover, it should be mentioned, that we are ...

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Piraeus among the top 10 global ports in 2022 shipping index

Τhe Port of Piraeus ranked 9th internationally on the Xinhua-Baltic International Shipping Centre Development (ISCD) Index. The ISCD Index provides an annual independent ranking of the performance of the world’s largest cities that offer port and shipping business services based on three primary dimensions -port infrastructure, shipping services and general environment- and 16 secondary indicators to evaluate the comprehensive performance of 43 cities worldwide. More specifically, the international index is based on a combination of metrics, including port factors such as cargo throughput, draught and container berth length; business factors ...

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DNV verifies Signal Ocean Platform’s Vessel Emission estimates

The algorithm underpinning Signal Ocean’s estimates of vessel CO2 emissions has been verified as meeting IMO guidelines by the independent classification society DNV. The calculation considers all aspects of any voyage as well as any route deviations already taken by any given available vessel. Other factors include the vessel’s size, age, speed, loading conditions, shipyard, use of scrubbers and the type of fuel used are also considered and represented in the algorithm’s output. The service is used by many in the industry including tanker, dry bulk and LPG shipowners and ...

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