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Dry Weekly Market Monitor – Week 21.2024

Chart of the Week: Dry Bulk Flows – Coal from Australia to China This week’s update on the resilience of Chinese coal imports from Australia confirms a continued resurgence year to date echoing the trend observed before the end of March. In the third week of May, there are indications that the Capesize market segment is showing resistance, with rates in the Brazil to North China route seemingly holding firm and not expected to drop before the end of the month. However, there’s a growing number of ballasters in Southeast ...

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Shipping: EU Carbon Market Could Trend Downwards

The EU carbon market could be set for further correction moving forward, with could impact the EU Emissions Scheme, which shipping is now a part of. In its latest weekly report, shipbroker Intermodal said that “the European carbon market has witnessed significant volatility in recent months, with EUA prices gaining momentum and surpassing the €70/ton mark since early May. On May 10th, the benchmark December 2024 EUA contract hit an intraday peak of €75.50/ton, the loftiest level since early January. This upward momentum appears driven by a combination of technical ...

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Poseidon Marine Supplies is going further to get closer to every ship and its needs

Under the motto “Going further to get closer to you”, Poseidon Marine Supplies, the Greek company that since 1976 is supporting the safety of crews and the smooth operation of ships, by offering lifesaving and firefighting equipment inspection and ship supplying services, is ready to welcome the international shipping community at its Posidonia 2024 stand, from June 3 to 7, and celebrate the opening of the company’s new service station in the port of Barcelona as well as the expansion of its international partnerships. Following a client-centric approach, Poseidon Marine ...

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Tanker Market Softened in April

The VLCC tanker market softened last month, OPEC said in its latest monthly report. Dirty freight rates showed divergent trends in April. VLCC spot freight rates were softer, with the Middle East-to-East route falling 11%, m-o-m. In contrast, Suezmax spot freight improved, with the US Gulf Coast (USGC)-to-Europe route seeing a 3%, m-o-m, increase in rates. The Aframax market also improved, with Intra-Med rates up 15%, although East Suez rates declined. Rates for clean tankers declined on all reported routes, with East of Suez rates down 10% and West of ...

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Navios Maritime Holdings Inc. Provides Important Reminder for All Holders of Series G And Series H American Depositary Shares: Early Tender Deadline to Receive $5.75 in Cash is Today at 5:00 P.M.

Navios Maritime Holdings Inc. (“Navios Holdings” or the “Company”), today provided a reminder of its previously announced tender offer to purchase any and all outstanding Series G (CUSIP 63938Y100) and Series H (CUSIP 63938Y308) American Depositary Shares (the “Series G ADSs” and the “Series H ADSs”, together the “ADSs”) for cash pursuant to the terms previously described (the “Offer”). The Offer The Company is offering to purchase the ADSs as follows: If the Series G ADSs and Series H ADSs are tendered on or before 5:00 p.m. (New York City ...

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Pioneer cloud ERP solutions tailored to shipping by Fleetwork

Fleetwork, a pioneer in cloud Enterprise Resource Planning (ERP) in Greece, will present its innovative solutions for fleet management to the global shipping community at the international shipping exhibition Posidonia 2024, to take place in June 3-7 2024 at the Athens Metropolitan Expo. Since 2009, when it was created through the joint efforts of a dedicated and talented team in shipping and tech, Fleetwork, a 100% Greek company, is the first Greek shipping ERP fully leveraging Amazon Web Services (AWS) solutions to offer true cloud services wherever shipping companies and ...

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Pyxis Tankers Announces Joint Venture Agreement to Acquire Modern Dry-Bulk Vessel, Expansion of Common Share Repurchase Program & Partial Redemption of Series A Cumulative Convertible Preferred Stock

Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (“we”, “our”, “us”, the “Company” or “Pyxis Tankers”), an international shipping company, announced today key strategic and financial actions to further enhance its shareholder value. The Company has entered into an agreement with a group of sellers, including the Company’s Chairman and Chief Executive Officer, Mr. Eddie Valentis, to acquire, through a joint venture, an eco-efficient Kamsarmax (82,000 dwt), dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding fitted with a ballast water treatment system (“the Vessel”). The purchase price of the ...

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Pyxis Tankers Announces Financial Results for the Three Months Ended March 31, 2024

Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (“we”, “our”, “us”, the “Company” or “Pyxis Tankers”), an international shipping company, today announced unaudited results for the three months ended March 31, 2024. Summary For the three months ended March 31, 2024, our Revenues, net were $11.8 million. For the same period, our time charter equivalent (“TCE”) revenues were $10.2 million, an increase of $0.9 million, or 10.2%, over the comparable period in 2023. Our net income attributable to common shareholders for the first quarter ended March 31, 2024, was $3.4 million. ...

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Chinese Ship Owners Take The Lead over Greeks in Newbuilding Volume Orders

While Greek newbuilding orders are still among the highest, Chinese owners appear to be taking the lead when it comes to total numbers. In its latest weekly report, shipbroker Xclusiv Shipbroking said that “we’ve been closely analyzing the Greek orderbook and the ongoing race for the top spot between Greece and China. Across the four main vessel categories – bulkers, tankers, containers, and gas carriers – the Chinese orderbook stands at 544 orders, with the Greek orderbook trailing closely behind at 525. Japan comes in a near third place, with ...

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Despina Panayiotou Theodosiou honoured with first ever IMO Gender Equality Award

Despina Panayiotou Theodosiou voiced gratitude at being selected as recipient of the first ever IMO Gender Equality award, presented by Secretary-General Arsenio Dominguez ahead of the International Maritime Organization Women in Maritime 2024 event. The award recognised Co-Chief Executive Officer of Tototheo Maritime, Ms. Panayiotou Theodosiou’s leading and pivotal role in advancing gender equality and empowering women through her tenure as President of WISTA International. Ms. Panayiotou Theodosiou said it was a tremendous honour to have been chosen for the award. “Over the last 10 years raising awareness of the ...

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Navios Maritime Holdings Inc. Provides Important Reminder for All Holders of Series G and Series H American Depositary Shares: Early Tender Deadline to Receive $5.75 in Cash is May 21, 2024, 5:00 P.M.

Navios Maritime Holdings Inc. (“Navios Holdings” or the “Company”), today provided a reminder of its previously announced tender offer to purchase any and all outstanding Series G (CUSIP 63938Y100) and Series H (CUSIP 63938Y308) American Depositary Shares (the “Series G ADSs” and the “Series H ADSs”, together the “ADSs”) for cash pursuant to the terms previously described (the “Offer”). The Offer The Company is offering to purchase the ADSs as follows: If the Series G ADSs and Series H ADSs are tendered on or before 5:00 p.m. (New York City ...

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Tankers: Dark Fleet Servicing Iranian Trade Flows Still In Play

Tanker market delegates are closely monitoring the latest developments regarding Iran’s oil export trade and the potential for additional measures against it. This, in theory, could have an impact on future tanker supply. In its latest weekly report, shipbroker Gibson said that “despite operating under long running sanctions, Iranian crude exports continue to flow. The large shadow tanker fleet as well as the network of traders and financial intermediaries that make this trade possible have occasionally faced sanctions enforcement. US Treasury officials have recently been in Malaysia and Singapore to ...

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Bullish Tanker Market Makes it Harder to Spot Potential Downward Risk

The tanker market’s bullish nature lately, is making it harder to spot potential downward trends. In its latest weekly report, shipbroker Allied said that “a closer look at the TD3C route (MEG/China) could help us argue that trend patterns look fairly consistent with those being noted in other size segments and types of trade (i.e. LR2 TC20 analysis a couple of weeks back). Year-to-date, this route indicates less upward potential too, as the short-term spikes being noted periodically have met lower resistance levels at the same time. Around 2 loadings ...

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Genco Shipping & Trading Issues Statement Regarding George Economou’s Withdrawal of his Nominee

Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”) the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today issued the following statement regarding George Economou’s withdrawal of the nomination of Robert Pons for election to the Genco Board of Directors. Genco issued the following statement: We are pleased that George Economou has withdrawn from the proxy fight that he started. We note that to the very end, Economou continued to disseminate statements about Genco, our Board and our performance that we believe are inaccurate ...

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Ship Recycling Market Sees Steady Flow of Ships

The ship recycling market has seen a steady flow of vessels over the course of the past week, mainly from the container and dry bulk segments. In its latest market report, Best Oasis (www.best-oasis.com), one of leading cash buyers of ships worldwide, said that “the recycling market across various regions exhibits varying trends and challenges. In India, the market is experiencing a robust upward trajectory, driven by strong local demand and a consistently healthy demand for steel, which bolsters the market’s overall health and maintains its growth. Conversely, in Bangladesh, ...

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