The ship recycling market is still facing complications. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “as India celebrates the ‘Chandrayaan-3’ mission to the Moon, making space history being the first nation to land at the Moon’s South Pole, no such celebrations are paramount from the Alang recycling yards with local market sentiment remaining cautious. There is currently no serious demand of the finished products from the domestic rolling mills, hence the weaker price levels on offer. As such, one small step from Pakistan is evident, but ...

ThPA S.A. is launching a new container block-train service between Thessaloniki and the capital of the Republic of North Macedonia, Skopje. At the same time, it celebrates the one-year anniversary of the railway connection between Thessaloniki and the city of Nis, Republic of Serbia. With the expansion of its activities in the two cities, ThPA S.A. intensifies its footprint in the field of intermodal services, offering customers reliable, efficient, and environmentally friendly transport options. This is a strategic choice aimed at further developing the connectivity of the Port of Thessaloniki ...

The Panama Canal’s fight against climate change is well underway, in what appears to be an ongoing issue. In its latest weekly report, shipbroker Intermodal said that “as of the latest update, the Panama Canal continues to grapple with the effects of a historic drought, impacting shipping markets in the region. The drought has compelled the Panama Canal Authority to implement measures to conserve water, including reducing maximum ship weights and daily ship crossings. This situation has significant implications for the global shipping industry, as the Panama Canal is a ...

The long term demand for crude oil in the state of California, could be a sign of things to come for the tanker market, as the world, gradually, moves towards cleaner energy sources. In its latest weekly report, shipbroker Gibson said that “the state of California is a unique case in the US energy market, particularly when it comes to crude oil. Thanks to local environmental laws, around 75% of the state’s oil demand has to be met with overseas barrels due to a lack of interstate pipelines connected to ...

The tanker market has benefited from the fact that the EU is now established as the single largest importer of crude oil by sea. In its latest weekly report, shipbroker Banchero Costa said that “2023 so far has been another positive period for crude oil trade, despite the high oil prices and risks of economic recession. In Jan-Jul 2023, global crude oil loadings went up +8.2% y-o-y to 1,262.3 mln tonnes, excluding all cabotage trade, according to vessels tracking data from Refinitiv. This was well above the 1,166.4 mln tonnes ...

With the US market not able to fully service the European continent, more crude oil VLCC cargoes have started flowing out of the Middle East market. In its latest weekly report, shipbroker Gibson said that “in recent years we have seen a remarkable increase in VLCC flows out of the US Gulf (USG) as overall US crude production increased thanks to the shale revolution. Traditionally, most US crude cargoes are loaded on Aframax and Suezmax vessels but increasingly, these flows are being sized up onto larger VLCCs. However, an important ...

Navios Maritime Holdings Inc., reported its financial results for the second quarter and six months ended June 30, 2023. Navios Holdings owns (i) a controlling equity stake in Navios South American Logistics Inc. (“Navios Logistics”), one of the largest infrastructure and logistics companies in the Hidrovia region of South America and (ii) an interest in Navios Maritime Partners L.P. (“Navios Partners”) (NYSE:NMM), an international shipping company, listed on the New York Stock Exchange, that owns and operates dry cargo and tanker vessels. Angeliki Frangou, Chairwoman and Chief Executive Officer, stated ...

Globus Maritime Limited, a dry bulk shipping company, announced today that it has signed two contracts, through its wholly owned subsidiaries, for the construction and purchase of two fuel-efficient bulk carriers of about 64,000 DWT. The vessels will be built at a reputable shipyard in Japan and are scheduled to be delivered during the second half of 2026. The total consideration for the construction of the vessel is approximately $75.5 million, including various extras. The Company intends to finance with a combination of debt and equity. Athanasios Firaki’s President and ...

Lower values of China’s dry bulk exports have triggered shifts in major routes. In a recent weekly report, shipbroker Xclusiv Shipbroking said that “China, the world’s second-largest economy suffered a sharp decline in exports and imports in July in terms of value, adding to a prolonged trade slump. In dollar terms, exports fell 14.5% year over year, the steepest drop since the start of the Coronavirus pandemic in February 2020, while imports declined 12.4%, the largest decline since January 2023 when a wave of infections hit the mainland. That reduction ...

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, 2023. Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for the second quarter of 2023, in which we reported revenue of $346.9 million and net income of $112.3 million. We are also pleased to report net earnings per common unit of $3.65 for the quarter.” Angeliki Frangou continued, “The macro environment ...

Newbuilding ordering activity has remained high, despite the usual summer slowdown. In its latest weekly report, shipbroker Allied Shipbroking said that “over the past two weeks the pace of new order contracting has remained fairly high, with a decent number of tanker and container/general cargo orders stacking up. Newbuilding prices remain elevated as yards continue to fill their slots and schedule vessels for delivery into 2027 – there is no great need for prices to come down yet. Across all sectors these recent orders demonstrate the growing investment in owners ...

The ship recycling market is still looking for a solid trend, as it remains in flux. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “at present, there seems to be too many obstacles to give any comfort to ship recyclers and help in their analysis of positive sentiment. The seasonal monsoon season that is still causing havoc in the Sub. Continent, continued financial restrictions affecting the domestic Letter of Credit payment structures, weakening steel markets, and now visibly more tonnage being circulated, particularly from the Far Eastern ...

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, today announced the successful completion of the US$2 million share repurchase plan announced in April 2023 (the “April Plan”). Under this plan, the Company repurchased a total of 2,222,936 common shares for a total amount of approximately US$2 million. Additionally, the Company announced that its Board of Directors has approved a new share repurchase plan (the “Plan”). Under the Plan, the Company may repurchase up to $2 million of its outstanding common shares, representing approximately 12.2% ...

A new growth story is needed in the product tanker market, as ship owners reassess the next source of demand for the years to come. In its latest weekly report, shipbroker Gibson said that “for product tankers, much of the past decade’s investment was focused on changing dynamics in the global refining scene. In short, the story of expanding capacity in the East, primarily driven by Middle East export refineries, and capacity rationalisation in the West supported the case for strong tonne mile demand growth. However, with most Middle East ...

Globus Maritime Limited announced that it has entered into, amended and restated a term loan facility with First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) for an additional borrowing of $25 million, increasing the loan facility to $77.25 million. As part of the amendment, the Diamond Globe and Power Globe, previously unencumbered ships, became part of the security package for this loan facility. The interest rate on the loan facility was also lowered to Term SOFR together with an adjustment of 0.1% per annum, plus a ...