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Inflated Prices for Second Hand Ships Could Face Downwards Pressure

The SnP market has been rising so far this year, both in terms of sales and prices. However, the latter could be starting to correct downwards, in the weeks to come. In its latest weekly report, shipbroker Allied said that “improving freight market conditions typically stimulates activity in the snp market, and results in upward pressure in the values of the assets as well. There are though many circumstances/market regimes where this cohesive response breaks. We can notice a solid number of sales and bullish pressure on prices, while freight ...

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Shipping’s Demand in the U.S., Nigeria and China: What Lies Ahead?

Shipping demand shifts could emerge from the U.S., West Africa and China in the coming months. The Baltimore bridge collapse is expected to disrupt coal and car carrier sea trade in the U.S. East coast area, bit also LNG export trade. In its latest weekly report, shipbroker Xclusiv said that “tragedy struck Baltimore earlier this week when the Francis Scott Key Bridge, a vital 1.6-mile long crossing over the Patapsco River, collapsed after being struck by the 9,962 TEU containership “Dali” (2015/HHI). Early reports suggest the ship may have lost ...

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Dry Bulk Market Rebalancing Evident as Capesize Rates Drop by 40%

The dry bulk market has rebalanced itself, after a period of correction. In its latest report, Breakwave Advisors noted that “the correction in dry bulk is here as spot rates look for a bottom. Although the excitement in dry bulk shipping remains unabated, Capesize spot rates have now declined by about 40% from recent highs, but remain above comparable last year’s levels, at least at the time of writing. As we have discussed lately, the fundamentals of the dry bulk sector did not warrant the recent elevated spot rate levels, ...

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Euroseas Ltd. Announces One-Year Time Charter Contract and Completion of Retrofits for its Intermediate Containership, M/V Synergy Antwerp

Euroseas Ltd, an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today a time charter contract for its 4,250 teu intermediate containership, M/V Synergy Antwerp, for a minimum period of 11.5 to a maximum period of 14 months at the option of the charterer, at a gross daily rate of $26,500. The charter commenced on April 2, 2024, after the vessel successfully completed its scheduled drydock and special survey, along with certain retrofits including the installation of a number of “energy saving ...

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Dry Bulk Second Hand Sales Grew by 35% During the First Quarter of 2024

Demand for dry bulkers remained strong during the first quarter, as shown by the increase in the number of deals reported. In its latest weekly report, shipbroker Xclusiv said that “during the first 3-months of 2024, dry bulk S&P activity was brisk, with over 220 vessels changing hands. This represents a nearly 35% increase compared to the same period in 2023, approaching the volume recorded in Q1 2021. Handysize, Supramax, and Capesize sectors have been the stars so far this year, with 43, 55, and 31 sales respectively (constituting around ...

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Ship Recycling Market Shows Mixed Performance

The ship recycling market has had a mixed week. In its latest weekly report, Best Oasis (www.best-oasis.com), one of the world’s leading cash buyer of ships, said that “the ship recycling market across India, Bangladesh, Pakistan, and Turkiye presents a mixed landscape. In India, market conditions have shown volatility, initially marking an improvement but facing a downturn as the week progressed, potentially influenced by the Holi festival’s impact on market sentiment”. According to Best Oasis, “Bangladesh’s market appears soft, yet certain buyers with access to LC facilities and robust yard ...

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South Africa’s Iron Ore Exports Stabilized in 2023

South Africa, one of the major exporters of iron ore, managed to halt the decline of the past few years, during the course of 2023. 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 JanFeb 2024, with loadings growing by +5.4% y-o-y ...

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Opening Ceremony of Techcross Greece Training Center

The Techcross training center opened its door in Athens, Greece, the hub in the maritime industry. An opening ceremony for the Greece training center, designated as a hub for training in Europe region, was held on March 15 at the newly relocated ARGO NAVIS building. The ceremony was attended by 9 representatives, including Park Seog-won, CEO of Techcross and Ioannis Alevropoulos and Maximous-Ioannis Katsidimas, managing partners of SEACROSS. SEACROSS is a service agency that will help with the operation and management of the local training center. To ensure stable operation ...

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Posidonia selects Sailors’ Society as supported charity

Global maritime welfare charity Sailors’ Society has been chosen as a 2024 Supported Charity at one of the industry’s most prestigious events. Posidonia 2024, which takes place at the beginning of June, attracts tens of thousands of people from the world of shipping. Exposure at the five-day conference means they will be able to find out more about the charity’s award-winning wellness programme, ground-breaking cadet conferences, data-packed industry reports, and helpline and Crisis Response Network that can answer every seafarer in need. Sara Baade, Sailors’ Society’s CEO, said: “We are ...

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Newcastle United co-owner loses in bankruptcy row with Greek shipping tycoon

Newcastle United football club co-owner Amanda Staveley on Monday lost a London High Court battle with a Greek shipping tycoon over a historic debt of nearly 3.5 million pounds ($4.4 million). Staveley, who owns 10% of the Premier League side with her husband, denied she was liable to Victor Restis for a sum that had snowballed with interest to over 36 million pounds. The total bill had included around 31 million pounds in interest, accruing at 505,000 pounds per day. Restis’ lawyers, however, agreed to just pursue the principal sum ...

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Scrutiny of Scrubber Discharge Practice Intensified

In its latest weekly report, shipbroker Intermodal said that “in light of Denmark’s contemplation of a ban on scrubber washwater discharge, an assessment of the global stance on exhaust gas cleaning systems is paramount for stakeholders in the shipping industry. Scrubbers, introduced to align with IMO’s sulfur emissions regulations, have been instrumental in allowing ships to continue using HSFO by cleaning exhaust before it is released into the atmosphere. However, the washwater discharged, particularly from open-loop and hybrid systems, raises environmental concerns due to its content of harmful substances like ...

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AEGIR-Marine strengthens global coverage with a Greek office

After more than a decade of successful cooperation with its Greek sales agency ABC Marine Services, AEGIR-Marine is pleased to announce that it has incorporated ABC into its global network of branch offices. Today we officially seal the agreement for the acquisition of an office in Greece. The new office, which will be called AEGIR-Marine Hellas, represents the continuing provision of quality stern tube seal and propulsion system service in Greece. AEGIR-Marine started working with ABC Marine Services’ Managing Director Apostolos Athanassiou fourteen years ago. “Apostolos was actually the founding ...

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Regulatory Compliance Getting More Complicated for Ship Owners in the EU

Shipping industry regulations are about to get more complex in the EU region, with the introduction of FuelEU legislation. In its latest weekly report, shipbroker Gibson said that “with the shipping markets still getting used to the Emissions trading scheme (ETS), the next major piece of EU legislation is on the horizon. FuelEU serves as a critical piece within the intricate puzzle of the Fit for 55 regulations. While the Renewable Energy Directive (RED) and Alternative Fuels Infrastructure (AFIR) focus on creating a new sustainable fuel landscape in the EU ...

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Red Sea Crisis in Full Swing Despite Months of Turbulence

Incidents and Houthi attacks in the Red Sea remain a steady constant, despite international efforts to mitigate the crisis. This, in turn, is having a major impact in the shipping market. In its latest weekly report, shipbroker Xclusiv said that “reports from the Red Sea indicate no progress towards de-escalation. Houthi rebels continue targeting ships with drone missiles and recently claimed to possess a new hypersonic missile. The Houthis’ leader, Abdul Malik al-Houthi, threatened attacks on ships traveling towards Africa’s Cape of Good Hope, potentially disrupting east-west maritime traffic. The ...

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Dry Bulkers Remain in High Demand Among Shipowners

Dry bulk carriers remain in high demand among shipowners. In its latest weekly report, shipbroker Banchero Costa, said that there were some interesting deals in the dry bulk secotr, concluded in the newbuilding sector last week. According to the shipbroker, “China’s Xiamen Financial Leasing was reported having placed its first newbuilding order ever booking 8 x 64,000 dwt Ultramax at Nantong Xiangyu for a price of $34.5 mln each; vessel will be methanol ready and deliveries are reportedly spread between 2025 and 2028. On smaller sizes, German owner dShip Carriers ...

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