Conditions in the various ship recycling markets have been quite challenging over the past week. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships said that “the four key ship recycling destinations are currently facing various challenges and market conditions. In India, the local market remains unfavorable and negative, with no demand for steel from vessels and a daily decline in the local steel market. In Bangladesh, the market is currently closed due to the Eid holidays when workers return to their homes, and the ...

The crew members of a yacht accused of starting a forest fire last week on the Greek island of Hydra are expected to deny arson charges when they appear before a judge on Wednesday, a legal source said. Wildfires are common in the Mediterranean country but they have become more frequent and devastating due to hotter, drier and windier weather, which scientists link to climate change. Greece has in recent years beefed up penalties for arson. The fire, which is believed to have been sparked by fireworks, broke out on ...

Newbuilding ordering activity seems to be slowing down over the past couple of weeks, after the multitude of new orders submitted in the first part of the year. In its latest weekly report, shipbroker Intermodal said that “as we edge closer to the end of the first half of 2024, we have seen a downward trend in regard to the vessels that have been added to the orderbook. In May, only 40 vessels of the two main sectors, dry bulk and tankers have been contracted, the lowest since October 2022. ...

The product tanker market seems to be in a divergence path with the crude tanker market, after a period of high volatility. In its latest weekly report, shipbroker Gibson said that “LRs have seen extreme volatility this year, with spot earnings looking very much like a roller coaster ride. TCE returns on benchmark LR2 and LR1 trades have climbed several times this year above $100,000/day and $60,000/day respectively. Attacks on commercial shipping in the Red Sea are a key factor behind it, with 80% of all international owners switching to ...

VIKING Life-Saving Equipment, a global leader in maritime safety solutions, has secured a new order for 11 ambulance boats from the Hellenic Coastguard, expanding the coverage provided by VIKING Norsafe vessels to support emergency services for Greek island communities. The new VIKING Norsafe Munin S-1200 ambulance boats will be used to support emergency services and auxiliary healthcare in remote areas, including the islands of Thassos, Psara, Agios Efstratios, Fournoi, Kea, Lipsi, Kasos, North Evia, Zakynthos and Creta (Sfakia, and Ierapetra). The contract, signed by Greek Minister of Maritime Affairs and ...

Crude oil exports from Türkiye have maintained their downward trend during the first five months of 2024, established since the start of 2023. 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 Jan-May 2024, when global loadings increased ...

The tanker market is expected to remain quite healthy and profitable not only in the short to medium term, but also in the long term as well, even after 2030. In its latest weekly report, shipbroker Xclusiv said that “based on the June’s IEA market report, the oil market is precariously balanced on a tightrope. On one side, the global oil supply is surging (rising by 520 kb/d in May to 102.5 mb/d), fuelled by a rise in non-OPEC+ production (plus 1.4 mb/d) that countered OPEC+ reduction (minus 880 kb/d). ...

For the third consecutive year, PPA S.A. has been recognized by the QualityNet Foundation as one of the most sustainable companies in Greece. This distinction is based on PPA S.A.’s outstanding annual evaluation and performance across the three ESG pillars: environment, society, and corporate governance. For PPA S.A., strict adherence to ESG principles is not merely a procedural obligation but a cornerstone of its development and modernization strategy for the Port of Piraeus. The company has implemented measures and made critical decisions to protect the environment, mitigate climate change impacts, ...

Newbuilding ordering activity remained elevated over the course of the past week. In its latest weekly report, shipbroker Banchero Costa said that “newbuilding business focus of the week is the activity in the tanker market which keeps on piling up. The orderbook for all type of ships is reaching a highest compared to the last decade and sensibly higher than the minimum registered during late 2020. Tanker contributes to be the main driver of growth in the global order book, both for the very healthy market combined with the high ...

Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced the pricing of a US$150 million private placement of senior unsecured bonds maturing in July 2029 and callable beginning three years after issuance. The bond offering was priced with a U.S. dollar fixed-rate coupon of 8.75%. Interest will be payable semi-annually in arrears in January and July of each year. The Company will apply for listing of the bonds on the Oslo Stock Exchange. The offering is expected to close ...

The ship recycling market has been a mixed bag over the past week. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships said that “in the ship recycling sector, different regions are grappling with their unique market conditions. India is currently in a downturn with reduced demand for ship steel scrap, but there’s optimism for a rebound post-Eid, in line with historical trends that often see a revival after major festivals. In Bangladesh, the market remains stagnant with a slight decrease in local steel prices, ...

Demand for second hand bulkers has been quite strong since the start of 2024. In fact, according to the latest data, as reported by the latest weekly analysis from Intermodal, “the dry bulk sale and purchase activity has demonstrated remarkable strength this year, achieving the second-largest volume of transactions in the sector’s history, surpassed only by the record of 403 sales in 2021. Notably, in the first five months of 2024, 362 dry bulk sales (>20kdwt) were recorded, representing an increase of 87 transactions compared to the same period in ...

On Thursday, June 5, within the framework of the METAVASEA project, we proudly hosted an insightful seminar titled “A People-Centered Decarbonization Concept Beyond Sea Level Boundaries” during #Posidonia2024. The event brought together brilliant leading maritime professionals, fostering discussions on innovative approaches to decarbonization within the maritime industry. Held in a full room at Posidonia Metropolitan Expo the seminar provided a platform for exploring sustainable solutions and advancing the industry’s commitment to reducing its environmental impact. During the seminar a distinguished panel convened, with three out of the four panellists representing ...

On May 29 and 30, 2024, PPA S.A. conducted an interactive workshop for the study and preparation of the Regulation for tugboats, following the issuance of the relevant presidential decree (P.D. 83/2022). At the two-day workshop, PPA S.A. executives, employees from the Berthing Sector and the Ship Repair Zone, as well as representatives of the Coast Guard, including pilots, collaborated constructively using simulation systems to accurately draw the necessary conclusions regarding the tugboats serving the company’s port facilities. The workshop was conducted under the supervision and guidance of the internationally ...

A shift in overall demand patterns is expected to arrive to the tanker market, after the peak demand reference point arrives. Of course, some segments are expected to benefit more than others. In its latest weekly report, shipbroker Gibson said that “oil demand will peak this decade, that is the call by the International Energy Agency (IEA) who released their Oil 2024 report this week. The agency is now forecasting global oil demand growth to slow for the remainder of this decade, peaking in 2029 at 105.6 mbd from 103.2 ...