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Weaker vessels rates extends Baltic Index losing streak

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, dropped for a fifth straight session on Tuesday due to weaker vessel rates. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, finished 12 points, or 0.78 percent, lower at 1,522 points. The [...]

By | November 1st, 2017|News|0 Comments

Safe Bulkers, Reports 38% Increase in Net Revenues for Third Quarter

Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced its unaudited financial results for the three and nine months period ended September 30, 2017. Summary of Third Quarter 2017 Results Net revenue for the third quarter of 2017 increased by 38% to $37.3 million from $27.1 million during [...]

By | November 1st, 2017|News|0 Comments

Chinese Crude Oil Demand Needs 45 Additional VLCC’s To Support Growth

In 2019, global oil demand is forecast to pass the symbolic 100 million barrels per day threshold (International Energy Agency). Developing countries account for almost all of the growth and Asia dominate. BIMCO stated in its forecast for 2017, that the tanker demand growth for 2017 is expected to come predominantly from the greater Asia [...]

By | November 1st, 2017|News|0 Comments

Newbuilding ordering activity firms up as owners look to boost their fleet

Newbuilding ordering activity is firming up on increased demand by shipowners, who are convinced of the long-term rebound of freight rates and are willing to commit funds. In its latest weekly report, shipbroker Allied Shipbroking said that “this week’s activity put things in a more aggressive mode in terms of ordering, with the main drivers [...]

By | November 1st, 2017|News|0 Comments

Over 100 coal-laden ships lie idle off Chinese ports as import restrictions bite

S&P Global Platts C-flow vessel tracking software showed 102 ships loaded with coal were stationary off the southern and eastern coasts of China Tuesday, up sharply from around 36 in mid-September. The sharp rise follows the introduction in late August of restrictions on coal imports at several of China’s major ports, including Guangzhou, Xiamen and [...]

By | November 1st, 2017|News|0 Comments

Asia Fuel Oil-Market firms amid active physical trade

Elevated trading activity in the physical fuel oil market in the Singapore window saw cash premiums of the 380-cst high-sulphur fuel oil rise on Monday, snapping three straight sessions of declines. Sentiment in the paper markets also improved at the start of the week with the near-dated fuel oil time spreads and cracks firming on [...]

By | October 31st, 2017|News|0 Comments

COSCO Shipping plans $2 billion share sale to build ships

COSCO Shipping Holdings (601919.SS)(1919.HK) said on Monday it would raise 12.9 billion yuan ($2 billion) through a share sale to build new ships as it returned to profit for the first nine months of the year. The Chinese shipping giant reported a profit of 2.7 billion yuan for the nine months to September, after making [...]

By | October 31st, 2017|News|0 Comments

Atlantic MRs: Rates poised to bounce from an effective floor?

Things are starting to perk up for tanker owners, both in the “dirty”, as well as in the “clean” tanker segment. In its latest weekly report, shipbroker Charles R. Weber reiterated this, by noting that “MR owners with tonnage in the Atlantic basin continue to reel from a substantial loss of demand in the USG [...]

By | October 31st, 2017|News|0 Comments

European shipowners support the progress made at the IMO environmental meeting

ECSA representing the European shipowners believe that continuous progress was made last week at the International Maritime Organisation’s (IMO) intersessional meeting of the Marine Environment Protection Committee (MEPC). The meeting has further built on an initial strategy for reducing CO2 emissions from the international shipping, which the next MEPC meeting should adopt it in 2018. [...]

By | October 31st, 2017|News|0 Comments

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