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20 Mar 2024

Reliance Refusing Sovcomflot Oil Shipments

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India's Reliance Industries, operator of the world's biggest refining complex, will not buy Russian oil loaded on tankers operated by shipping company Sovcomflot (SCF) after recent U.S. sanctions, according to two sources familiar with the matter.The development adds to oil export problems for Russia as its oil firms may face difficulties finding ships to sell surplus oil after recent Ukrainian drone attacks on the state's refineries. Russian companies are already struggling to collect payments for oil exports due to banking restrictions.The U.S.

08 Mar 2024

Gram Car Carriers Refinances Viking Adventure

(Photo: Gram Car Carriers)

Norwegian shipowner Gram Car Carriers announced it has refinanced the Viking Adventure with an undisclosed Japanese bank.The new $41 million loan has a duration matching the vessels current charter ending in mid-2028 and a margin of SOFR +1.73%. This compares a margin of SOFR +4.26% under the previous lease financing which was repaid earlier this year, the company said.“We are pleased to welcome one of the premier banks in Japan in our banking group as we optimize our capital structure and cost base to maximize profit and shareholder returns.

06 Feb 2024

European Shipowners Welcome EU Climate Target Proposal

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The European Commission has published its proposal for a 2040 climate target: greenhouse gas emissions must be reduced by 90% by 2040 at the latest, receiving positive feedback from European shipowners.The shipowners welcome the strong commitment of the Commission to address “barriers to the deployment of low- and zero-emissions fuels including e-fuels and advanced biofuels” in shipping and to give the sector “priority access to these fuels over sectors that have access to other…

17 Jan 2024

US Lists Houthis as Terrorists, Business Fears Lengthy Red Sea Disruption

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The United States on Wednesday returned the Yemen-based Houthi rebels to a list of terrorist groups, while business chiefs warned that disruption to shipping in the Red Sea caused by their attacks could affect supply chains for months.Attacks by the Iran-allied Houthi militia on ships in the region since November have slowed trade between Asia and Europe and alarmed major powers - an escalation of Israel's more than three-month-old war with Palestinian Hamas militants in Gaza.The Houthis say they are acting in solidarity with Palestinians and have threatened to expand attacks to include U.S.

16 Jan 2024

Another Ship Hit in the Red Sea

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Disruptions to Red Sea shipping caused by Houthi attacks will push up prices of consumer goods, an executive from port and freight operator DP World said on Tuesday as a missile struck another vessel in the region.The Iran-allied Houthi militia has threatened to expand its attacks to include U.S. ships in response to American and British strikes on its sites in Yemen.Attacks by the Houthis on ships in the region since November have impacted companies and alarmed major powers - an escalation of Israel's more than three-month-old war with Palestinian Hamas militants in Gaza.

28 Dec 2023

"Green" Loan Secured for Low-Emission Cruise Ship

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Fincantieri signed a "green" construction loan for a maximum amount of $461m with Intesa Sanpaolo (IMI Corporate & Investment Banking Division) and Cassa Depositi e Prestiti (CDP), the proceeds of which will be used to cover the financial needs linked to the construction of the Mein Schiff Relax, the first of two newly designed dual-fuel inTUItion class cruise ships (Liquid Natural Gas - LNG and Marine Gas Oil - MGO) that Fincantieri is building for TUI Cruises, a joint venture between the TUI AG and Royal Caribbean Cruises.

14 Dec 2023

DiCosimo to Chair Greater Houston Port Bureau

Vincent DiCosimo (Photo: Greater Houston Port Bureau)

The Greater Houston Port Bureau Board of Directors announced Vincent DiCosimo, vice president of government affairs at Targa Resources, will assume the position of the chairman of the board on January 1, 2024. DiCosimo has served as first vice chairman on the Port Bureau’s board for the last three years.Bernt Netland, the outgoing chairman of the Port Bureau Board said, “Vincent has been a part of the Port Bureau’s board for many years and has been active in his role as vice chair. He is an experienced and respected leader in the port region.

05 Dec 2023

Seatrium Names Adrian Teng CFO

(File photo: Seatrium)

Singaporean shipbuilding group Seatrium announced it has appointed Adrian Teng as Chief Financial Officer (CFO), effective January 1, 2024.Teng brings over two decades of diverse international experience in strategy, finance, restructuring, operations and corporate management across developed and emerging markets. Prior to his current appointment, Teng was Group Chief Financial Officer and Chief Operating Officer of Clifford Capital Holdings, with responsibilities in finance, treasury…

21 Nov 2023

Meet the CIO: Erika Graziuso, Crowley

Photo credit Rick Wilson/Courtesy Crowley

Erika Graziuso, Chief Information Officer, Crowley, brings a breadth and depth of non-maritime experience to bear in her quest to drive Crowley’s digital transformation in the name of decarbonization, holistic transportation efficiency and crew attraction and retention.Emulating best practices from industries outside of maritime has been a mantra in boardrooms and conferences for decades, as traditional maritime mindset has, at times, been seen as an impediment to achieving next-level efficiency.Enter Erika Graziuso…

15 Nov 2023

Cadeler Secures Loan to Fund Offshore Wind Vessel Construction & Upgrades

Credit: Cadeler

Danish offshore wind installation services company Cadeler said Monday it had entered into an unsecured green loan facility with HSBC. The purpose of the loan facility is, among others, to fund Cadeler’s construction of the X-class and F-class newbuild vessels and the upgrade of the existing O-class vessels with new cranes. The financing includes a non-committed accordion option of up to EUR 50 million.Cadeler entered into an unsecured green term loan facility in an aggregate amount of EUR 50 million (tenor of up to five years) with The Hongkong and Shanghai Banking Corporation Limited…

19 Sep 2023

Japan Responds to Fresh Sanctions on Arctic LNG 2

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Japan will ensure stable and steady energy supply to the country even after the U.S. imposed fresh sanctions related to Russia's Arctic LNG 2 project, Japan's Chief Cabinet Secretary Hirokazu Matsuno said on Tuesday.The Arctic LNG 2 project is operated by Russia's Novatek while Japanese trading company Mitsui & Co and state-owned Japan Organization for Metals and Energy Security (JOGMEC) hold a combined 10% stake.Mitsui and JOGMEC are set to receive a combined 2 million metric tons of LNG per year from the project.The latest sanctions are part of several economic measures the U.S.…

11 Sep 2023

GMS: Ship Recycling Market Bullish

Source: GMS

Another week of speculation has passed in the Indian sub-continent ship recycling markets, as sales continue to register at ever increasing numbers to increasingly bullish cash buyers who certainly seem to be banking on a Q4 revival, says cash buyer GMS.The chief proponents of this most recent and ongoing resurgence are India and a re-merging Pakistan market that is back and bidding once again after almost a year on the sidelines amidst political, financial, and disastrous economic…

08 Aug 2023

After Attacking Ukraine Wheat Exports, Russia Faces Own Shipping Challenge

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Russia's lack of ships and Western grain traders' shrinking appetite for business with Moscow are adding to rising costs of moving Russian wheat, at a time when the war in Ukraine has spilled perilously close to vital Black Sea supply routes.President Vladimir Putin promised to replace Ukrainian grain with Russian shipments to Africa after Moscow in July ended an arrangement that gave Ukraine's food cargo safe passage in the Black Sea, imposing a de-facto blockade on its neighbour and attacking storage facilities…

03 Jul 2023

EU Weighs Concession to Russian Bank over Black Sea Grain Deal

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The European Union is considering a proposal for the Russian Agricultural Bank to set up a subsidiary to reconnect to the global financial network as a sop to Moscow, the Financial Times said on Monday.With the bank under sanctions, the move aims to safeguard the Black Sea grain deal that allows Ukraine to export food to global markets, the newspaper said.The European Commission had no comment while the Kremlin on Monday, in response to a question about the report, said it had…

05 May 2023

Baltic Index Marks First Weekly Fall in Three

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The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, edged up on Friday on stronger demand in the capesize segment, but marked its first weekly decline in three.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, added 13 points, or 0.8%, to 1,558, but was down 1.1% this week.The capesize index rose 59 points, or 2.5%, to 2,384.

30 Mar 2023

NORDEN Buys Bigger Ships to Capitalize on Reopening of China's Economy

Jan Rindbo, Norden CEO - Credit: Norden

Shipping group NORDEN has acquired larger capesize dry bulk ships, aiming to benefit from China's economy reopening and expectations of a pick up in commodities trade, the Danish company's CEO said. Three years of rigid border controls and sweeping lockdowns during the pandemic have sapped business confidence in China, especially among foreign firms, according to sentiment surveys. China has set itself a target for gross domestic product growth of around 5% this year, after significantly missing its target for 2022.

28 Mar 2023

Baltic Index Drops to a Near 3-week Low on Lower Vessel Demand

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The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities, fell to its lowest level in nearly three weeks on Tuesday, weighed down by dwindling demand across all vessel segments. The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, fell 54 points, or about 3.7%, to 1,402, its lowest since March 9. "The markets may be hit by a curveball, with the potential threat of a cut in China's steel production looming…

22 Mar 2023

UBS Likely to Shrink Credit Suisse's $10 Billion Shipping Portfolio

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UBS Group AG will likely shrink Credit Suisse Group's $10 billion shipping portfolio that it inherited as part of its emergency takeover on Sunday, the Wall Street Journal reported on Wednesday.UBS could also try to sell the portfolio, but doing so could prompt owners to move their accounts elsewhere, the WSJ reported, citing people familiar with the matter.About half of the shipping portfolio involves Greek ship owners that use their deposits in the bank's wealth management arm as collateral to finance new ships, the report added."Our wealth management business in Greece is an integral part o

21 Mar 2023

Global Freight Slump Deepens At the Start of 2023

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Global freight movements continued to dwindle in the first two months of 2023 as manufacturers and distributors struggled to reduce excess inventories and cope with rising interest rates and increased caution among buyers.Container flows fell further in January and February compared with the same months a year earlier, showing the inventory-liquidation cycle was not over yet:Singapore’s seaborne container shipments were down 6% in February compared with a year earlier, one of the steepest falls since the first wave of the pandemic.Japan’s air cargo through Narita airport…

08 Mar 2023

Alaska's Qilak LNG Targets Asia with $5B Project to Compete with Russia

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Qilak LNG plans to invest $5 billion in a proposed liquefied natural gas (LNG) facility in Alaska's North Slope to compete with Russia's Yamal project for Asian customers towards the end of this decade, its chief executive said. Major LNG importers such as Japan, South Korea, and Taiwan are rethinking Russian supplies after sanctions on Moscow after it invaded Ukraine and more natural gas could be needed to produce lower emission and alternative fuels as nations try to reduce their carbon emissions.

02 Mar 2023

New US Sanctions Target Iranian Shipping

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The United States imposed new sanctions on Thursday on Iranian or Iran-linked shipping and petrochecmical companies, including two shipping firms based in China, the Treasury Department's website showed.The sanctions also target 20 shipping vessels linked to firms in China, Vietnam and the United Arab Emirates, the website showed.The website did provide details on the new sanctions. A Treasury spokesperson referred questions to the State Department, which did not immediately respond to a request for comment.The sanctions were issued under a 2018 U.S.

03 Feb 2023

OceanPal Names Robert Perri as CEO

Greek dry bulk shipowner OceanPal on Friday announced that it has appointed Robert Perri as its new chief executive officer, effective as of February 2, 2023. Perri replaces Eleftherios Papatrifon, who has served as the company’s CEO since November 2021 and who will continue to serve as a Class II director.Perri has over 15 years of shipping company experience, including five years as the chief financial officer of two U.S.-listed companies, and five years as the CFO of a private shipping company. In addition, Perri spent 10 years in equity research for several investment banks covering various industries including shipping, technology and IT services.

09 Feb 2023

Oil Shipping and Refining Firms Benefit from Western Sanctions on Russia

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Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections.Most of the winners from the sanctions are based in China, India, Greece and the United Arab Emirates, at least 20 trading and banking sources said. A handful are partly owned by Russian companies.None of the firms is breaching sanctions, the sources told Reuters, but they have benefited from measures…