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Panamax Vessels

Dryship Fleet Renewal Continues

  DryShips Inc. a global provider of marine transportation services for drybulk cargoes entered into the following agreements:   Vessel Disposals The Company has entered into agreements to sell: -          The Panamax vessel MV Primera 72,495 dwt built in 1998 for US$ 75 million. Delivery to the new owners is expected to take place during the fourth quarter of 2008. Once the sale is concluded, the company expects to realize a gain of approximately US$ 40 million. -          The Panamax vessel MV Paragon 71,259 dwt built in 1995 for US$ 61 million. Delivery to the new owners is expected to take place during the first quarter of 2009. Once the sale is concluded, the company expects to realize a gain of approximately US$ 31 million. -          The Panamax vessel MV Menorca 71,662 dwt built in 1997 for US$ 77 million. Delivery to the new owners took place in June, 2008. The company realized a gain of approximately US$ 37 million.   Vessel Acquisitions and Time Charters In line with its strategy of selling older vessels and replacing them with modern vessels, the company has entered into agreements to acquire the following vessels from companies beneficially owned by George Economou, Chairman and CEO of DryShips Inc., on terms that the Company believes are comparable to those that may be obtained


Diana Containerships Sells Panamax Ship for Scrap

Hanjin Malta (Photo: Diana Containerships)

Shipping company Diana Containerships Inc. has, through a separate wholly-owned subsidiary, signed a Memorandum of Agreement to sell to an unaffiliated third party the 1993-built vessel Hanjin Malta for demolition, with delivery due to the buyer by the end of March 2016, for a sale price of approximately $5.04 million before commissions. Upon completion of the aforementioned sale, Diana Containerships Inc


New Bulker, Drawdown Loans Actioned by Diana Shipping

Diana Shipping Inc. signs MOU to buy a new-building bulk ship from a third party; subsidiaries negotiate term loan facilities. The new-building Kamsarmax dry bulk carrier, to be named Myrto of 82,131 dwt, was built by Tsuneishi Shipbuilding Co., Ltd., Japan, and the purchase price is US$26.5-million. The vessel is expected to be delivered to Diana Shipping at the end of January 2013. Separately, the Company also announced that it signed, through two separate wholly owned subsidiaries


Diana Shipping Announces Delivery of M/V Baltimore

Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, today announced that the company, through a separate wholly-owned subsidiary, took delivery of the m/v Baltimore (formerly Tamou), a 2005 built Capesize dry bulk carrier of 177,243 dwt that the Company entered into an agreement to purchase in April 2013. The m/v Baltimore is time chartered to RWE Supply & Trading GmbH, Essen, Germany, at a gross charter rate of $15,000 per day


Diana MV Boston Chartered by Clearlake

Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, announced that it has entered into a time charter contract with Clearlake Shipping Pte., Ltd., Singapore, a member of the Gunvor Group, through a separate wholly-owned subsidiary, for one of its Capesize dry bulk carriers, the MV Boston. The gross charter rate is $14,250 per day, minus a 4.75% commission paid to third parties, for a period of about 24-29 months


Baltic Index Up on Firmer Demand

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Wednesday, boosted by stronger demand for capesizes and smaller shipping vessels.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, gained 11 points, or 1.56 percent to 715 points.   The capesize index, rose 25 points, or 2.2 percent to 1,160 points, its highest in almost six months.  


Five Panamax Ships Transit Gatun Locks

The Panama Canal Authority (ACP) said that five “extreme-sized” panamax ships (more than 900´ in overall length) transited successively through the waterway’s Gatun Locks on August 26, 2004. This accomplishment marks the first time that five of these panamax vessels have transited Gatun Locks consecutively going southbound, toward the Pacific Ocean. Eight locomotives and 16 wires were used to move the vessels through the Locks


Panamax Rates Likely To Ease

Asian Panamax rates for dry bulk cargo are likely to ease further this week on soft demand for mineral and grain shipment, with many spot vessels available for hire in the market. "There have been few fresh spot inquiries by charterers," said a shipping broker. "In addition to this, the Panamax market has been under pressure from an oversupply of spot ships." Panamax rates for freights from the U.S. Gulf to Japan were indicated at $21.50-$22.00 a ton for March shipment, against $23


Globus Maritime Charter for the Tiara Globe

Globus Maritime Limited (AIM: GLBS) (LSE: GLBS), a marine transportation company that owns and operates Handymax and Panamax dry bulk vessels, announced that a subsidiary of the company has entered into a new time charter agreement for the M/V Tiara Globe with Transgrain Shipping at a gross rate of $20,000 per day, for a minimum of 24 to a maximum of 26 months starting sometime in February 2010. The M/V Tiara Globe is a geared Panamax bulkcarrier built in 1998 with a carrying capacity of 72


Baltic Index Flat, Rates for Bigger Vessels Rise

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, remained unchanged on Thursday, even as rates for capesize and panamax vessels rose. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was flat at 579 points. The capesize index rose 11 points to 724 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal


Baltic Index Rises as Larger Vessels Lend Support

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday, supported by higher rates for capesize and panamax vessels.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


Asia Dry Bulk-Capesize Rates May Dip

Rates from Western Australia to China fall from six-month high. Freight rates for large capesize dry cargo ships on key Asian routes could slide next week as charterers rein in their activity following a flurry of fixtures which pushed rates from Western Australia to China to a six-month high


Baltic Index Declines on Weaker Demand for Larger Vessels

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Monday on sluggish demand for panamax vessels, partially offset by a rise in demand for the smaller vessel sizes.   The overall index, which factors in rates for capesize, panamax


Asia Dry Bulk-Capesize Rates Could Climb

File image: a so-called ValeMax bulk carrier, typically used in the Brazil-China trades (Credit: Vale)

More coal cargoes, rising oil prices could support rates. Freight rates for large capesize dry cargo ships on key Asian routes are likely to rise next week on an increase in coal cargoes and higher fuel prices, ship brokers said. That comes as Brent crude futures breached the psychologically


Baltic Sea Freight Index Slips

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday for the first time in five weeks, hurt by lower rates for capesize and panamax vessels.   The index, which has tumbled about 17 percent so far this year


Baltic Index Down on for Panamax Vessels

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday, hurt by weaker rates for panamax vessels.   The baltic dry index fell for the first time in five weeks on March. 16, after recording gains for 23 consecutive sessions.


Panama Canal Workers Receiving Lock Ops Training

ACP Gate Installation.JPG

The Panama Canal Authority (ACP) announced that it is training over one thousand workers on the operations of the new locks of the Panama Canal Expansion. Once these first training phase is completed, the courses will be standardized and offered to additional members of the workforce.


Diana Fixes Bulker Duo with Glencore

Erato. Photo: Diana Shipping Inc

 Diana Shipping Inc  has inked new time charters with Glencore Grain B.V., Rotterdam for two of its panamaxes at rates below the previous charters, with the contracts commencing on March 26.   Diana entered into a time charter contract with Glencore for 74


Dry Bulk Market in Historically Bad State -MSI

Figure 1 (Image: MSI)

Dry bulk sector revisits 1980s lows and faces uncertain longer term outlook; with the market near bottom, attention is turning toward the length of the downturn, the effect on asset values and the impact of broader demand side changes.  


Hapag-Lloyd Eyes Impact of New Grand Canal

One of the more than 34,000 employees who have been working on the huge project since 2007 (Photo courtesy of the Panama Canal Authority)

The Panama Canal has linked the Pacific with the Atlantic for more than 100 years. It will soon be possible for significantly larger ships to pass through its locks. What will the expansion mean for Hapag-Lloyd?   They’re still working in Panama


Third Post Panamax RoRo Joins WWL Fleet

MV Theben (Photo: WWL)

Wallenius Wilhelmsen Logistics (WWL) has introduced MV Theben, a brand new High Efficiency RoRo (HERO) class vessel, and third of eight new Post Panamax vessels to be launched from 2015-2017. Theben joins her sister vessels Thalatta and Thermopylae in the line of RoRo vessels taking advantage of


Baltic Index Up Slightly as Smaller Vessels Support

The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities, rose marginally on Thursday as steady demand for smaller vessels offset weaker rates across capesize and panamax vessels.   The overall index, which factors in rates for capesize, panamax


Baltic Index Dips on Weaker Rates for Bigger Vessels

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday, hurt by lower rates for capesize and panamax vessels.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


Baltic Index Down on Lower Capesize, Panamax Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Friday, as demand for capesize and panamax vessels fell.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


Asia Dry Bulk-Capesize Rates Under Pressure

A so-called ValeMax bulk carrier at the berth (File image: Vale)

Capesize rates fall in a quiet market as holidays weigh; 20 charter-free capesize ships could add to downward trend. Freight rates for large capesize dry cargo ships on key Asian routes are set to drift lower next week unless there is an uptick in chartering activity from major miners






 
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