Positive Trends in Tanker Market
Euronav NV CEO Paddy Rodgers said that the company's financial results for Q1 was a confirmation of our thesis: short term challenges but a positive medium structure building for the tanker sector. On the positive side demand for crude oil remains robust. The recently adjusted IEA forecast for 2017 at 1.3 million bpd growth still drives a requirement equivalent to an additional 35-45 VLCCs of shipping…
Disney Wonder First Passenger Vessel To Transit New Panama Canal
The Disney Wonder transited the Panama Canal on Saturday as the first passenger vessel to go through the canal's new set of locks, marking a milestone for the cruise industry. The Disney Cruise Line 2,713-passenger ship was transformed in late 2016, expanding the length of the Disney Wonder to 984 feet. Headlining the ship's enhancements are new imaginative spaces for children – including areas themed…
DMCA Visits Seacor Marine
Dubai Maritime City Authority visits Seacor Marine, a major operator of offshore marine support vessels, to further reinforce local maritime sector in partnership with private sector. Led by Amer Ali, Executive Director of DMCA, and Nawfal Al Jourani, Chief Officer of the Dubai Maritime Cluster Office, the DMCA’s delegation discussed best solutions and efficient measures to further capitalize on promising…
Eimskip Gets Finance Deal for New Container Vessels
Eimskip has secured 80% financing of the contract price of the vessels with a 15 year tenor in Euros taken upon delivery. The lender is the German bank KfW IPEX-Bank GmbH. The loan is secured by China Export & Credit Insurance Corporation (Sinosure). On 25 January, Eimskip signed a contract with China Shipbuilding Trading Company Limited and Guangzhou Wenchong Shipyard Co. Ltd. to build two 2,150 TEU container vessels.
Japan's Big 3 Shipping Lines Eyes Profits
Japan's top three shippers -Nippon Yusen KK (NYK), Mitsui OSK Lines and Kawasaki Kisen Kaisha - appear on course for net profit in fiscal 2017, buoyed by better market conditions and restructuring efforts, Reuters reported. The brighter outlook comes amid a gradual recovery in prices for shipping containers, which carry 90 percent of the world’s manufactured goods. Mitsui O.S.K. Lines likely will achieve a net profit of about 10 billion yen ($90 million) in the current year…
Diana Shipping Gets Time Charter Contracts for Three Vessels
Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Koch Shipping Pte. Ltd., Singapore, for one of its Capesize dry bulk vessels, the m/v New York. The gross charter rate is US$14,450 per day, minus a 5% commission paid to third parties, for a period of about six (6) months up to December 29, 2017. The charter commenced on April 23, 2017. The “New York” is a 177,773 dwt Capesize dry bulk vessel built in 2010.
RCL Announces Share Buyback Plan
Royal Caribbean Cruises has announced board authorization for a $500 million share repurchase program. The company said that it received board approval to implement a program to repurchase up to $500 million of its common stock. The plan will include opportunistic open market purchases over the coming periods. Last week we achieved our financial objective of becoming an Investment Grade company with Moody's announcement improving the company's credit rating to Baa3 with a stable outlook.