Navios News

The Lloyd’s Register (LR) Maritime Decarbonization Hub is collaborating with five leading shipowners as founding members in the establishment of a not-for-profit Athens-based global Maritime Emissions Reduction Center (M-ERC) that will focus on optimizing the efficiency of the existing fleet.The M-ERC is being created with the goal of removing technical, investment and community barriers for the uptake of solutions to reduce the greenhouse gas (GHG) emissions of the existing global fleet…

Prospects for the crude oil tanker market are expected to stay strong for at least the next year helped by low ship ordering, despite the loss of some trade from Russia due to Western sanctions, leading ship operators say.Russia has increased exports to Asia, Africa and South America following the imposition of Western sanctions for its invasion of Ukraine.

Navios Maritime Holdings Inc. on Wednesday announced it has reached a deal to sell its 36-vessel dry bulk fleet to Navios Maritime Partners L.P. approximately $835 million.Navios Holdings, which holds a 10.3% interest in the US publicly listed shipping company Navios Partners, with the sale officially exited direct fleet ownership. Going forward, the company said kit plans to focus on growing Navios South American Logistics Inc. business."We believe Navios Logistics is a leading…

Shipping companies are transforming rust buckets into gold mines in a modern-day alchemy that could fuel already rampant inflation for years to come.The disruption to world trade caused by pandemic lockdowns and a shortage of new cargo vessels has pushed freight rates for ageing containerships to record highs.Cashing in on the boom, shipping firms are locking in long-term leases lasting three to four years, which means consumers could carry on paying the price for the surge in costs until hundreds of new ships on order come into service.Take the Synergy Oakland…

Navios Maritime Partners, an owner and operator of dry cargo and tanker vessels, said Wednesday it had agreed to buy purchase four 115,000 dwt LR2 (Long-range 2) newbuilding tankers, for a purchase price of $58.5 million each plus $4.2 million in additional features/improvements."The vessels have been designed with the latest technology to optimize efficiency. They are expected to be delivered into Navios Partners’ fleet during 2024 and first quarter of 2025. The closing of the transaction is subject to completion of customary documentation…

Net Income of $4.65 Billion, Adjusted EBITDA  of $6.60 billion, and Adjusted EBIT of $5.82 billionAs the containershipping industry enjoys its greatest boom of a generation, ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) announced its consolidated results for the three and 12 months ended December 31, 2021.Net income for the fourth quarter was $1.71 billion (compared to $366 million in the fourth quarter of 2020), a year-over-year increase of 366%, or $14.17 per diluted share…

Israeli container shipping company ZIM Integrated Shipping Services announced on Thursday it will charter 13 vessels from Greek-headquartered Navios Maritime Partners L.P.ZIM said it will charter five secondhand 3,500-4,360 TEU vessels for up to 4.5 years and eight newbuild 5,300 TEU vessels for up to 5.3 years for total charter hire consideration of approximately $870 million.The secondhand vessels are expected to be delivered in the first and second quarters of 2022, will be deployed across ZIM’s global network.

Uruguayan company Corporación Navios replaced a Liebherr long duty cycle crane with a permanently installed harbor crane type FCC 300. The recently erected harbor crane will be used for dry bulk handling of barges in hoppers at the terminal in Nueva Palmira, Uruguay. The now total of three harbor cranes is expected to increase the terminal's handling rates and generate operating synergies, as the crane operators will work with the same type of crane on all operations.Corporación Navios has been working with Liebherr cranes for 30 years.

Louisiana Gulf Coast grain exports are slowly ramping up after a nearly two-week halt due to damage from Hurricane Ida, with at least two large terminals loading vessels and power steadily being restored to others, government and shipping sources said on Thursday.More than 50 oceangoing vessels have lined up along the lower Mississippi River waiting to dock and be loaded with soybeans or grain, according to Refinitiv Eikon shipping data and industry vessel lineup summaries seen by Reuters.Restoring shipments from the busiest U.S.

Dry bulk shipowner Navios Maritime Partners L.P. and tanker shipowner Navios Maritime Acquisition Corp. will merge to create the largest U.S. publicly-listed shipping company. Together, the combined company will own and operate more than 140 vessels aggregating approximately 15 million deadweight tons operating in three segments through 15 different vessel types and serving more than 10 end markets.The deal, which is expected to close in the fourth quarter of 2021 subject to customary closing conditions, will see Navios Acquisition merge with a subsidiary of Navios Partners and become a wholly owned subsidiary of Navios Partners. The…

Japan-based Itochu Corporation has this week formed a joint study framework of 23 companies and organizations with the objective of collaboratively discussing common issues in pursuit of the utilization of ammonia as an alternative marine fuel, Bureau Veritas said Friday.The aim of the Joint Study Framework is to verify and organize common issues regarding the use of ammonia as a maritime fuel, which is a new challenge for maritime stakeholders. Also, BV said this was a step toward…

Navios Maritime Partners L.P., an owner and operator of dry cargo vessels,  has taken delivery of the following three drybulk vessels: Navios Amitie - a 2021-built, Kamsarmax vessel with 82,002 dwt, was delivered into Navios Partners’ fleet on May 28, 2021. The vessel is chartered out at a rate of 110% of average Baltic Panamax Index (BPI 82) until May 2024. Based on BPI 82 weighted time charter average as of June 10, 2021, the vessel would earn approximately $31,720 per day. Navios Star – a 2021-built Kamsarmax vessel with 82,037 dwt, was delivered into Navios Partners’ fleet on June 10, 2021. The vessel is chartered out at a rate of 110% of average Baltic Panamax Index (BPI 82) until June 2024.

Tanker operator Navios Maritime Acquisition Corporation has announced the delivery of the Baghdad, a new building VLCC of 313,433 dwt.Navios Maritime Acquisition said that the VLCC was delivered on October 28, 2020, from a Japanese shipyard. According to VesselsValue, the VLCC was built by Japan's Imabari Shipbuilding."The Baghdad has been chartered out to a high-quality counterparty for a ten-year period at a bareboat rate of $27,816 (net) per day. The charter party has an option for an additional five-year period at a bareboat rate of $29,751 (net) per day," the Greek shipowner Navios Maritime Acquisition Corporation said in a statement.It did not say who the client was, however, images of the vessel found online show AISSOT written on the hull of the VLCC.

The operator of an oil tanker stormed in the English Channel by British special forces thanked the authorities on Monday for their timely response, saying help was requested after seven stowaways who boarded in Nigeria turned hostile.Troops from the Special Boat Service, Britain's elite naval special forces unit, boarded the Greek-operated Nave Andromeda near the Isle of Wight off southern England after the master of the ship said he was concerned about the safety of his crew.Defense Secretary Ben Wallace and Home Secretary Priti Patel authorized the armed forces to board the tanker "to safeguard life and secure a ship that was subject to suspected hijacking", the defense ministry said.Sources with knowledge of the situation aboard the vessel said it was not a hijacking or hostage-taking.

British special forces stormed a Greek-operated oil tanker in the English channel on Sunday to wrestle control of the vessel from seven stowaways who had threatened the crew in a suspected hijacking.Troops from the Special Boat Service, a navy special forces unit whose headquarters in just a few miles away from where the vessel began showing signs of distress, boarded the Nave Andromeda near the Isle of Wight off southern England.Defense Secretary Ben Wallace and Home Secretary Priti Patel authorized the armed forces to board the ship “to safeguard life and secure a ship that was subject to suspected hijacking”, the defense ministry said.“Armed forces have gained control of the ship and seven individuals have been detained,” the ministry said.

Cargoes have come off ships at sea it seems like forever. Some years ago a ship suffered a casualty transiting the English Channel in a storm. Much of its cargo of lumber and other floating items washed ashore on the southwest English coast. Before the authorities could arrive, enterprising local residents gathered it up.Nowadays, the majority of non-bulk cargo is carried in containers. Container ships have gotten larger and are capable of carrying thousands and thousands of containers. The ships have greater length, greater breadth, and greater draft. They also have greater air draft.

At lest three shipping containers were lost overboard from the containership Navios Unite last week off the coast of Australia, the country's maritime safety agency said.The ship reported losing the containers overboard in rough weather about 33 kilometers southwest of Cape Leeuwin in Western Australia at 8 p.m. AWST, Thursday.The Liberian-flagged vessel, which had been traveling from Fremantle to Adelaide in South Australia at the time of the incident, is currently at berth in Port Adelaide, AIS ship tracking data shows.The Australian Maritime Safety Authority (AMSA) tasked its Challenger jet from Perth to search an area of about 1…

For the second year straight, US-based Pangaea Logistics ranks highest among dry bulk owners based on Time Charter Earnings (TCE), according to a recent market benchmarking report.Notably, the Rhode Island-headquartered shipowner's 53.7% TCE performance is well above Hong Kong's Pacific Basin Shipping Ltd. (24.3%) and Thailand's Thoresen Thai Agencies (23.5%) in second and third place respectively.The Vesselindex Performance Report by Danish maritime advisors Liengaard & Roschmann measures the TCE performance of 25 individual companies in relation to the earning potential of their respective fleets, making sure that no company is neither penalized nor getting an advantage from inferior/superior fleet compositions.

Navios Maritime Partners (NMP) s agreed to acquire eleven vessels and liquidate Navios Europe I.As of September 30, 2019, Navios Partners had a receivable of $48.2 million from Navios Europe I. On November 22, 2019, an agreement was reached to liquidate Navios Europe I. The agreement is subject to definitive documentation which is expected to be completed by the end of 2019.It is expected that Navios Partners will acquire the five containerships - Esperanza N, Protostar N, Harmony N, Castor N and Solar N - owned by Navios Europe I with a net equity value approximately equal to the receivable.Navios Partners entered into a share purchase agreement for the acquisition of four drybulk vessels - TBN 1…

Navios Maritime Acquisition Corporation, the provider of transportation of petroleum products (clean and dirty) and bulk liquid chemicals, announced that its fleet consisted of a total of 41 vessels as of November 7, 2019.The owner and operator of tanker vessels said that out of 41 vessels, 13 are very large crude carriers (VLCCs) (including three bareboat chartered-in VLCCs expected to be delivered in the third and fourth quarters of 2020 and the third quarter of 2021), 26 are product tankers, two are chemical tankers.Navios Acquisition sold the Nave Electron, a 2002-built VLCC vessel of 305,178 dwt to an unaffiliated third party for a sale price of $25.3 million on October 8…

Navios Maritime Acquisition Corporation (NMAC), a Greece owner and operator of tanker vessels, announced the agreement to acquire five product tankers in liquidation of Navios Europe I Inc.On November 22, 2019, an agreement was reached to liquidate Navios Europe I. As of September 30, 2019, Navios Acquisition had a receivable of $32.3 million from Navios Europe I. This receivable along with debt financing will be used to finance the Acquisition. The agreement is subject to definitive documentation which is expected to be completed by the end of 2019.The five product tankers owned by Navios Europe I that are included in the Acquisition are Perseus N…

Greek owner and operator of dry cargo vessels Navios Maritime Partners has taken delivery of five containerships upon the liquidation of Navios Europe.The five vessels comprise three Sub-Panamaxes and two Panamaxes, has been acquired for about USD 52 million.The vessels - 2,007 TEU Esperanza N, the 2,741 TEU Protostar N, the 2,824 TEU Harmony N, the 3,091 TEU Castor N and the 3,398 TEU Solar N - were built between 2006 and 2008.Navios Partners received approximately $49.6 million in satisfaction of its receivable from Navios Europe I.Separately, Navios Partners incurred a $23.5 million loan from a commercial bank, with interest at LIBOR plus 400 bps and a maturity in September 2020.

Pirates have kidnapped 19 crew members from a crude oil tanker off Nigeria in an area where acts of piracy are on the rise, an official with the ship's operator said on Thursday.The loaded vessel, the Nave Constellation, was attacked 77 nautical miles off Bonny Island on Tuesday and 18 Indians and one Turk from the crew were seized, the official said.Seven other crew members remain on board the vessel. Neither the vessel nor the cargo were damaged, the official said.The shipping…