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Thursday, July 18, 2024
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China restricts refined oil product exports despite oil inventory increase of 0.7 mbpd

During the first three quarters of 2023, China has continued expanding its crude inventories by an estimated 0.7 million barrels per day (mbpd). These...

Maritime Cyprus 2023 – A Greek Take on a Global Problem

It is always an auspicious sign when some of the largest names in Greek shipping get together to discuss not only shipping policy but...

BIMCO Sees Positive Tanker Market Prospects

BIMCO forecasts that the crude tanker market will see cargo volume growth of between 2.0% and 3.0% in 2023 and between 3.5% and 4.5%...

Global rice exports could fall 4% due to India’s export restrictions

Global rice exports could fall by at least 4% in 2023 because of India’s restrictions on exports and El Niño’s impact on supply. Replacing...

Drewry: Dry Bulk Equity Index Drops 15.2 Pct This Year

The Drewry Dry Bulk Equity Index dropped 15.2% YTD as a 28.5% slump between March and May was more than enough to offset an...

N. Tsakos (TEN) interview: Shipping grows in open seas

Nikolas Tsakos, founder President & Chief Executive Officer of Tsakos Energy Navigation (TEN), a pioneering shipping company celebrating its 30th anniversary as a publicly...

Drewry: Dry Bulkers’ Earnings Potential Improved Over Past 4 Months

The Drewry Dry Bulk Equity Index decreased 7.6% YTD, underperforming the S&P 500 which rose 8.1% YTD. The decline can be attributed to macroeconomic weakness...

BIMCO: Liner supply falls as operators reduce average sailing speed by 4%

During the COVID-19 pandemic, liner operators increased the average sailing speed by up to 4% due to strong demand and widespread port congestion. Today,...

BIMCO: Second-hand crude tankers at highest values in 25 years

“Second-hand crude tanker values for five-year-old ships hit bottom levels in late 2020 and have since increased by an average 67%. Over the past...

Major carriers remain on hunt for tonnage to boost market share

Led by MSC and CMA CGM, ocean carriers are again scouring the charter and sales and purchase markets for tonnage to boost capacity and...

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Unifeeder CEO steps down

Unifeeder CEO Jesper Kristensen has stepped down from his role at the shipping company. Martin Gaard Christiansen will assume the role of CEO at Unifeeder...

WFW advises ABN AMRO & ING on $245M loan to Tsakos Energy

Watson Farley & Williams advised ABN AMRO BANK N.V. and ING BANK N.V. on a US$245m term loan facility granted to Tsakos Energy Navigation Limited for...

OOCL announces operational update for the 2nd Quarter 2024

Orient Overseas Container Line (“OOCL”) announced its unaudited operational update for the second quarter ended 30th June 2024. For the second quarter ended 30th June...

Icon Energy announces listing on Nasdaq and pricing of $5.0 million initial public offering

Icon Energy, an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes, announced the pricing of its initial public offering...

Gunvor secures US $1.32 billion sustainability-linked syndicated RCF

Gunvor Singapore, a wholly-owned subsidiary of Gunvor Group Ltd, has closed a US $1.2 billion sustainability-linked, syndicated revolving credit facility on 14 June 2024. The...

Baltic index hits one-month low as capesize rates slide

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry...

Maersk says Red Sea shipping disruption having global effects

Denmark’s A.P. Moller-Maersk said on Wednesday that disruption to its container shipping via the...

Oman says crew member of capsized tanker found dead and nine rescued

Omani authorities say nine members of a 16-strong Indian and Sri Lankan crew have...

Shipowner denies Houthi attack claim

Yemen’s Houthis did not attack the Cyprus-flagged Olvia tanker in the Mediterranean, the ship’s...

16 missing after oil tanker ‘Prestige Falcon’ capsizes off Oman

The 16-strong crew of a Comoros-flagged oil tanker that capsized off Oman are still...

COSCO SHIPPING Ports Abu Dhabi Terminal’s cumulative throughput exceeds 5 million TEUs

On July 5th, CSP Abu Dhabi Terminal surpassed 5 million TEUs in throughput. Since its opening in December 2018, the terminal has launched over...

Adani to double investment in Transshipment Port to $2.4 billion

Billionaire Gautam Adani’s conglomerate is doubling investment to $2.4 billion in its new mega port in southern India as it seeks to expedite expansion...

Germany: Hamburg port workers on ‘warning strike’ over pay

Workers at the Port of Hamburg stopped work early on Tuesday, with their colleagues at Bremen-Bremerhaven taking the same action several hours later. The trade...

US ports oppose tariff on China-made cranes

US ports are pushing back against the recently proposed 25 percent tariff on Chinese-made ship-to-shore (STS) cranes, warning that the increased costs would have...

EXPLORA I arrives in Piraeus for her maiden call ahead of the eastern mediterranean season

Piraeus Port of Athens welcomed EXPLORA I for her maiden call marking the ship’s debut in the Eastern Mediterranean. The ship is the first...