Seanergy Maritime Holdings Corp. issued the following statement regarding the decision by the High Court of the Republic of the Marshall Islands dismissing the litigation brought by Economou through his entity Sphinx Investment Corp., and with it Sphinx’s motion for a temporary restraining order which sought to delay the Company’s 2024 Annual Meeting of Shareholders (the “2024 Annual Meeting”). The Company issued the following statement: The Seanergy Board of Directors is pleased that the Court has dismissed the litigation that Economou brought against Seanergy and its Board members. We are ...

Ton-mile demand in the tanker market could be gearing up for a rebound in the coming months. In its latest weekly report, shipbroker Gibson said that “American crude production has gone from strength to strength in recent years, despite a recent slowdown. After a low of 5 mbd in 2008 and worries about the dependency of the US on imports, the shale revolution massively increased production capabilities over the last decade. The EIA saw crude production at 13.5 mbd last week, a new record. Average production so far this year ...

Demand for Australia’s iron ore has been on the rise, with China leading the pack. 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 JanSep 2024, with loadings growing by +3.9% y-o-y to 1246.1 mln tonnes. Exports from Australia increased marginally by ...

Globus Maritime Limited announced that it has signed, through two separate wholly owned subsidiaries, memoranda of agreement to acquire two Kamsarmax scrubber outfitted dry bulk vessels (the “Vessels”). One of the Vessels is a 2016-built dry bulk vessel with a carrying capacity of approximately 81,119 dwt and has a purchase price of $27.5 million, and the other Vessel is a 2014-built dry bulk vessel with a carrying capacity of approximately 81,817 dwt and has a purchase price of $26.5 million, in each case subject to standard adjustments. An aggregate of ...

Shipping demand will be shaped by the macroeconomic environment as well, in the coming weeks and months, with monetary easing expected to play a significant role in that regard. In its latest weekly report, shipbroker Xclusiv said that “the Chinese economy expanded by 4.6% year-over-year in the third quarter of 2024, slightly below forecasts but still representing a solid growth rate. However, this marks the slowest growth since the first quarter of 2023, amid persistent challenges in the property sector, weak domestic demand, and trade tensions with the West. For ...

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a sale and leaseback agreement with an unaffiliated third party for a previously announced newbuild LR2 Aframax tanker vessel (the “Vessel”). As announced on December 20, 2023, this vessel is one of two newbuilding LNG-ready, scrubber-fitted LR2 product/crude oil tanker vessels of approximately 114,000 dwt expected to be delivered to the Company in the first quarter of 2026. The bareboat financing amount totals approximately ...

The ship recycling market has steadied across various markets, over the course of the past week. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships said that “this week, the ship recycling industry across key regions remained relatively stable, with most markets seeing little change from the previous week. In India, the market continues to follow a familiar pattern of brief recovery phases followed by downturns, reflecting ongoing volatility. The current festival season and low demand for steel have further influenced the market’s stagnant performance. ...

Ship owners have kept on buying more second hand dry bulk carriers over the last week. In its latest weekly report, shipbroker Banchero Costa said that there was “busy drybulk activity with action taking place in all the different segments. We see some pressure on prices filtering and a few softer sale were recorded, though the appetite for modern, eco-type remains strong and levels supported. Starting from Capesizes, the Japanese controlled SPRING BRIGHT 175,000 dwt built 2010 Namura invited offers last Tuesday and she is now reported sold for a ...

Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced the successful signing of a US$80.2 million seven-year secured term loan facility with Danish Ship Finance A/S on October 18, 2024. The amended and restated loan maturing in April 2031 is secured by seven vessels. The proceeds have been utilized to refinance the Company’s existing loan facility with Danish Ship Finance A/S of the same balance, originally maturing in April 2028. This loan was previously secured by nine vessels. As ...

Euroseas Ltd., an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today new time charter contracts for three fuel efficient 2,800 teu feeder containerships. All three charters are for a minimum period of 34 months and a maximum period of 36 months at the option of the charter at a gross rate of $32,000 per day. Specifically: M/V Tender Soul, which was delivered earlier this year, will commence its charter after the completion of her present charter in early December 2024. M/V ...

Dry bulk shipments are shifting trade routes, with various crop conditions around the world, making an impact. In its latest weekly report, shipbroker Intermodal said that “in examining global bulk shipments, what stands out is the weakening of corn exports from Brazil, particularly during the second corn crop (safrinha) harvest. This decline is contributing to a year-over-year reduction in Brazil’s total grain exports, including soybeans, following Brazil’s surpassing of the United States as the largest corn exporter last year. Specifically, according to an ANEC report, Brazil exported a total of ...

An increase in returns has lured more ship owners into investing in the tanker sector, through newbuilding contracting. In its latest weekly report, shipbroker Gibson said that “investment in new tankers today is not a simple decision, considering mounting environmental pressure, uncertainty about future vessel designs and concerns about the viability of global oil demand in the long term. Despite this, ordering activity surged last year to its highest level since 2015 and has continued at a robust pace this year. Since January, circa 340 confirmed and reported tanker orders ...

The tanker market showed improved performance during the month of September, according to OPEC’s latest monthly report. Dirty spot freight rates for VLCCs and Suezmax witnessed an improved performance in September, while Aframax rates moved lower. VLCC spot freight rates on the Middle East-to-East route rose 6%, m-o-m, while rates on the West Africato-East route gained 3% over the same period. In the Suezmax market, rates on the US Gulf Coast (USGC)-to-Europe route edged up 2%, m-o-m. Aframax rates on the Caribbean-to-US East Cost (USEC) route dropped 16%, m-o-m, while ...

Dozens of members of a Greek dockworkers’ union have blocked the loading of a container of ammunition destined for Israel in protest against the Gaza war, coast guard and union officials told Reuters on Friday. The container, which arrived at Greece’s Pireaus port on Thursday, held 21 tons of ammunition, one of the unionists told Reuters on condition of anonymity. The cargo was trucked from North Macedonia and was due to be loaded aboard a Marshall islands-flagged ship bound for Israel. Before the incident, the dockworkers’ union had called on ...

A rise in global newbuilding ordering activity is expected to shift market dynamics in the future. In its latest weekly report, shipbroker Xclusiv said that “the global shipbuilding industry has witnessed a significant rebound in the past two years, primarily driven by a resurgence in freight rates following the COVID-19 pandemic. This surge has led to a notable increase in the orderbook-to-fleet ratios across various vessel segments. As of September 2024, the orderbook-to-fleet ratios for bulk carriers, tankers, and gas (LNG & LPG) carriers stood at 10.3%, 12.9%, and 48.4%, ...