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Castor Maritime Inc. Announces Record Date for the Proposed Spin-Off of its Tanker Fleet

Castor Maritime Inc., a diversified global shipping company, announced today that, in relation to the previously announced spin-off of its wholly owned subsidiary, Toro Corp., the record date has been revised to February 22, 2023, and the Company now expects to complete the distribution of Toro Corp. common shares in March 2023. Additional information regarding Toro Corp. and the proposed spin-off transaction may be found in Toro Corp.’s amended registration statement on Form 20-F filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. The ...

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Shipping Corporation of India consolidated net profit declines 10.27% in the December 2022 quarter

Net profit of Shipping Corporation of India declined 10.27% to Rs 279.54 crore in the quarter ended December 2022 as against Rs 311.54 crore during the previous quarter ended December 2021. Sales rose 4.81% to Rs 1500.06 crore in the quarter ended December 2022 as against Rs 1431.26 crore during the previous quarter ended December 2021. ParticularsQuarter EndedDec. 2022Dec. 2021% Var.Sales1500.061431.26 5 OPM %31.1632.50 -PBDT490.61494.75 -1 PBT295.80335.86 -12 NP279.54311.54 -10 Source: Capital Market

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Baltic index logs fifth straight weekly drop on weaker vessel demand

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the fifth straight week on Friday, pressured by weaker rates across vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 19 points, or about 3%, to 621, its lowest since mid-June 2020. The main index was down 8.1% for the week. The capesize index lost 16 points, or about 3.6%, to over five-month low at 429. The index was down 20% ...

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McQuilling: Tanker Earnings To Improve Over the 2024-25 Period

McQuilling Services is pleased to announce the release of its 26th anniversary edition, 2023-2027 Tanker Market Outlook. This 168-page report provides a detailed analysis of oil fundamentals, global economic and geopolitical context in addition to tanker demand and supply projections across eight vessel classes. The interaction of tanker demand and vessel supply variables is processed using advanced quantitative modeling to produce a five-year spot and time charter equivalent (TCE) forecast for eight vessel classes across 24 benchmark tanker trades, plus four triangulated trades. Also included in the report is a ...

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Start thinking about carbon strategies today

Shipping companies should be looking at carbon strategies – both compulsory and voluntary – today as impactful legislation is fast approaching. That was the message from a joint Baltic Exchange-Institute of Chartered Shipbrokers webinar, where expert speakers examined the carbon markets and their impact on freight. James Blunt, head of voluntary carbon, shipping and aviation, at Redshaw Advisors, outlined the two main current carbon compliance markets that shipping needs to be aware of: the European Union Emissions Trading Scheme (EU ETS) and the UK ETS, which he described as an ...

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Drewry: World Container Index Down 1% This Past Week

Drewry’s composite World Container Index decreased by 1% to $2,033.70 per 40ft container this week. Our detailed assessment for Thursday, 02 February 2023 The composite index has decreased by 1% this week, and has dropped by 78% when compared with the same week last year. The latest Drewry WCI composite index of $2,034 per 40-foot container is now 80% below the peak of $10,377 reached in September 2021. It is 24% lower than the 10-year average of $2,693, indicating a return to more normal prices, but remains 43% higher than ...

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India Signals Change Through Vessel Age Limits

India is taking further steps to lower the footprint that their Shipping trade leaves. It is understood that a number of measures will be introduced, including the ban of Tankers and Bulkers older than 25 years, and Gas and Container vessels older than 30 years, from making port calls in India. Furthermore, secondhand vessels purchased that are older than 20 years will be refused Indian flag registration. On the face of it, VesselsValue data shows that the portion of the Global fleet that would be excluded from trading with India ...

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0.5% VLSFO rally cools on flurry of offers

Asia’s spot premium for 0.5% very low sulphur fuel oil (VLSFO) eased on Friday amid a flurry of spot offers, snapping a rally that struck six-month highs. The spot premium (MFO05-SIN-DIF) slid to $25.14 a tonne to Singapore quotes on Friday, while the February refining crack (LFO05SGDUBCMc1) was at a premium of $12.04 a barrel to Dubai at the Asia close (0830 GMT), logging weekly declines of more than 15%. As of Friday, more than 2.5 million tonnes of Western arbitrage supplies are slated to arrive in Asia for February, ...

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ENGINE: Americas Bunker Fuel Availability Outlook

North America All grades remain tight for prompt delivery dates in the Houston area and bunker locations off the Gulf Coast. A lead time of 5-8 days is generally recommended to ensure full coverage from all suppliers in the Houston area. On 28 January, Valero’s 255,000 b/d nameplate capacity Houston refinery started a 35-day turnaround period for four processing units, according to market intelligence provider Industrial Info Resources (IIR). The refinery produces bunker fuels, ultra-low sulphur diesel, gasoline and other products. A supplier in Beaumont is working on resupply and ...

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NYK’s Financial Performance Propelled By ONE Earnings

In the first nine months of the fiscal year ending March 31, 2023 (April 1, 2022 to December 31, 2022), consolidated revenues amounted to ¥2,050.1 billion (increased by ¥374.2 billion compared to the first nine months of the previous fiscal year), operating profit amounted to ¥249.4 billion (increased by ¥51.4 billion), recurring profit amounted to ¥1,005.9 billion (increased by ¥307.6 billion), profit attributable to owners of parent amounted to ¥920.3 billion (increased by ¥228.1 billion). Due to the strong performance of OCEAN NETWORK EXPRESS PTE. LTD. (ONE), our equity-method affiliate, ...

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EU Navfor Operation Atalanta And The Shipping Industry Meet In London

Operation Atalanta Commander, Spanish VADM José M. Nuñez Torrente, chaired XIII Industry Strategy Meeting in London, hosted by H.E. Head of the EU Delegation to the UK, Ambassador. Pedro A. Serrano de Haro The ES-OHQ delegation provided an update on the Operation and upcoming challenges to the most relevant Shipping Industry representatives : new extended mandate established from 12th December 2022. Along with fighting piracy and protecting WFP and other vulnerable vessels, ATALANTA increases its commitment against other illegal activities, such as drug trafficking, arms smuggling, and fighting against IUU ...

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“K” Line Expects Improved Dry Bulk Market Due To Lower Tonnage Supply and an Increase in Coal Demand

1. Qualitative Information and Financial Statement (1) Qualitative Information about the Consolidated Operating Result Due to significant business performance improvement of OCEAN NETWORK EXPRESS PTE. LTD, the company recorded 573.6 billion yen of equity in earnings of unconsolidated subsidiaries and affiliates for the consolidated cumulative third quarter. Within the recorded equity in earnings of unconsolidated subsidiaries and affiliates, “ONE” accounted for 567.0 billion yen in the cumulative third quarter, and 72.5 billion yen in the third quarter alone. Performance per segment was as follows. (i)Dry Bulk Segment Dry Bulk Business ...

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Mitsui OSK Lines: Financial Highlights: The Second Quarter Ended September 30, 2022

1. Consolidated Financial Highlights ( from April 1, 2022 to September 30, 2022 ) (2) Financial Position 2. Dividends 3. Forecast for the Fiscal Year Ending March 31, 2023 4. Business Performance (1) Analysis of Operating Results We recorded revenue of ¥ 821.3 billion, an operating profit of ¥56.0 billion, an ordinary profit of ¥599.7 billion and profit attributable to owners of parent of ¥601.5 billion. We recorded ¥519.1 billion of equity in net earnings of affiliated companies in non-operating income, mainly due to a significant increase in earnings at ...

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CMA CGM introduces the new setup of its NC Levant service connecting North Europe with East Med/Levant area

CMA CGM is pleased to announce the NC LEVANT new service setup aimed at providing our customers with improved reliability and better service. New features of NC LEVANT will be the following: Better coverage of the region thanks to CMA CGM’s new investment in Egypt in Alexandria’s Trans Misr Terminal (TMT), now ready to accept our service First vessel calling Alexandria TMT will be m/v “EF OLIVIA” voy. 0NVDBS1MA, calling Southampton on February 10th and Alexandria TMT on March 5th, 2023 El Dekheila, Port Said East/West will be served via ...

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Maersk North America and Ashdod Port Company sign agreement to collaborate on logistics and supply chain innovation

Ashdod Port Company has signed an agreement with Maersk North America – to collaborate on innovation opportunities in supply chain logistics. The agreement enables Israeli startups that are participating in Ashdod Port’s Blue Ocean for Startups technology incubator to be considered for pilot projects in North America to test the proposed technologies in landside operations. The agreement was signed at the Manifest conference in Las Vegas, one of the largest logistics conferences in the world. Over 3,000 visitors from 50 countries participate in the conference, along with 1,000 startups and ...

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