ERMA FIRST, a leading sustainable marine solutions provider, has published a new whitepaper which presents alternative maritime power solutions as the key to greener ports as the regulatory landscape increasingly favours shore power capabilities. Available to download, the new whitepaper – Alternative Maritime Power: The Key to Greener Ports – offers an in-depth review of the environmental and operational benefits of shore power. It outlines the impact of air pollution from ports on local communities and the surrounding environment and the level of pollution generated by vessels at berth, also ...

The ship recycling market has returned to a “gloomy” state over the course of the past week. In its latest weekly report, shipbroker Clarkson Platou Hellas commented that “this week clearly sums up the difficulties associated with the ship recycling industry and shows how each seven-day period can differ. Contradicting recent reports, Bangladesh has found old problems returning with the restrictions surrounding the foreign exchange and opening of Letters of Credit resurfacing. There are reports of several vessels, recently arrived to the anchorage at Chattogram, now idle waiting for the ...

Russia’s ability to maintain oil production levels, while also finding new export markets has been a topic of debate over the past few months. With the cap on Russian oil though, things are starting to become more complicated, especially given the latest price fluctuations. In its latest weekly report, Gibson said that “it has been approximately five months since the imposition of the G7 price cap on Russian crude exports. The G7 has since agreed to keep the price cap at $60/bbl instead of lowering it further as some had ...

On April 17th, 2023, Piraeus welcomed OOCL SPAIN on its maiden voyage – one of the largest container ships (mega vessels) in the world and the first one of its size that that will be regularly calling at the Terminal’s facilities. “OOCL SPAIN” – owned by Orient Overseas Container Line, member of COSCO SHIPPING Group – launched in March this year on a round trip that connects Asia with Europe. On its maiden voyage of 84 days, “OOCL SPAIN” calls at 13 different ports, from China and Southeast Asia to ...

Chevron Corporation, through its subsidiary Chevron Shipping Company LLC, and the Angelicoussis Group, through its Energy Transition division, Green Ships, announced a Joint Study Agreement (JSA) to explore how tankers can be used to transport ammonia, a potential lower carbon marine fuel. The initial study will evaluate the ammonia transportation market, existing infrastructure, the safety aspects of ammonia, potential next generation vessel requirements and a preliminary system to transport ammonia between the U.S. Gulf Coast and Europe. Future opportunities will focus on additional global markets. Ammonia is a carrier of ...

Dirty freight rates continued to improve in March with m-o-m gains seen across most monitored routes. VLCCs saw the sharpest increase, rising 45% on the Middle East to East route as renewed buying from China strengthened rates. Suezmax spot freight rates remained at high levels with rates gaining a further 20% m-o-m on the US Gulf Coast (USGC) to Europe route. Aframax rates rebounded from the previous month’s decline, with spot freight rates on the intra-Med route up 23% m-o-m. In the clean tanker market, West of Suez rates rose ...

OceanPal Inc., a global shipping company specializing in the ownership of vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Louis Dreyfus Company Freight Asia Pte Ltd, for one of its Panamax dry bulk vessels, the m/v Melia. The gross charter rate is US$14,000 per day minus a 5% commission paid to third parties, for a period of minimum one hundred twenty (120) days to about one hundred eighty (180) days. The charter commenced on April 9, 2023. The “Melia” is ...

The recent meeting of the RINA Hellenic Technical Committee (HTC) bought stakeholders from all parts of the shipping industry together to discuss the impact of new regulations (CII), the way forward for decarbonisation, and the latest developments in digital tools to enhance operational efficiency and safety. The shipping industry has some critical targets for decarbonisation with IMO 2030 and 2050. The challenge for operators, however, is not just which technology offers a solution for the new builds of the future but what they can do with existing fleets. This was ...

Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cobelfret S.A., Luxembourg, for one of its Post-Panamax dry bulk vessels, the m/v Electra. The gross charter rate is US$14,500 per day, minus a 5% commission paid to third parties, for a period until minimum June 1, 2024 up to maximum August 1, 2024. The charter is expected to commence tomorrow. The “Electra” is a ...

Higher prices and lower earnings haven’t deterred ship owners from investing in the newbuilding market. In its latest weekly report, shipbroker Allied Shipbroking said that “with dry bulk, tanker and gas markets remaining firm, and container operators continuing to invest in alternative-fuelled vessels despite waning earnings, last week saw a fair amount of deals across sectors coming to light. Orders placed at Wuhu Shipyard will allow future owners Union Maritime and EGPN to take advantage of growth in the green fuel market, with the shipyard stating that they are specifically ...

BULK CARRIER “ADASTRA” On 13 January 2023, the Bulk Carrier “MV ADASTRA (GT 25,554 – DWT 46,493), laden with Agribulk, experienced main engine problems and was drifting off Yemen. The vessel was en route from Riga, Latvia, to Dar es Salaam, Tanzania. On 14 January, Tsavliris despatched the AHTS “HERCULES” (BHP 5,150 – BP 67) from her salvage station at Berbera, Somalia, arriving at the casualty’s position on 16 January when towage to Oman commenced. On 25 January the convoy arrived safely at Duqm anchorage, Oman, and the vessel was ...

The ship recycling has crawled down to a halt over the past week, as Easter Holidays had an impact in overall activity. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “the supply of tonnage to the market has slowed considerably with only a handful of units being circulated into the market. The question is whether they will be sold for recycling or if some traders come out of the woodwork whilst charter rates improve. Clients of Evergreen this week circulated two sister container vessels, the ‘Ever Unific’ ...

The European Union embargo on Russian petroleum products took effect on 5 February and is based on the $60 oil price cap introduced on 5 December by the major G7 (Group of Seven) countries. In the first quarter of 2023, China, India and Turkey, in particular, increased their purchases to partially offset the decline in Russian crude oil exports to Europe. Interestingly, Russian oil continues to enter Europe through the key Druzhba pipeline and via tankers across the Black Sea to Bulgaria, which are exempt from the EU embargo. In ...

Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v DSI Drammen (formerly “Nord Potomac”), a 2016 built Ultramax dry bulk vessel of 63,379 dwt that the Company entered into an agreement to purchase in February 2023. The Company also announced that, through the same wholly-owned subsidiary, it entered into a time charter contract with IMC Shipping Co. Pte. Ltd., at a gross charter rate of US$18,250 ...

PPA S.A. was named again one of the Most Sustainable Companies in the country. This is a top distinction provided by the QualityNet Foundation based on the annual performance evaluation of businesses in sustainable development measured by ESG factors. PPA has a comprehensive plan of actions to share the benefit of port development with local society, while at the same time is an inclusive company, that respects and cares for own employees. Piraeus Port Authority, fully aligned to the new world order, prioritizes and incorporates in the company’s strategy every ...