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The most extraordinary numbers this week came from tankers, where the Baltic Exchange’s Middle East Gulf-China VLCC benchmark broke through the equivalent of $1m a day for the first time. VLCCs loading outside the Gulf are earning close to a million a day too, suezmax and aframax markets are flying and 10-year-old VLCCs are now …
https://splash247.com/splash-wrap-when-the-boom-spills-over/
https://splash247.com/splash-wrap-when-the-boom-spills-over/Greek tanker newcomer Akrotiri Tankers is making its first move into gas shipping, ordering two very large ammonia carriers at China’s New Times Shipbuilding. Greek shipbuilding market sources say the company, led by Marielena Procopiou and Konstantinos Lampsias, has contracted the 93,000 cu m pair for delivery in 2029. Pricing has not been disclosed. The …
https://splash247.com/akrotiri-tankers-makes-gas-shipping-debut-with-vlac-pair/
https://splash247.com/akrotiri-tankers-makes-gas-shipping-debut-with-vlac-pair/Integration, trust, talent and the stubborn difficulty of proving what digitalisation is actually worth. The latest chapter from our new SplashTech magazine. Shipping has become good at running digital pilots. Scaling them is another matter. Across SplashTech’s survey, integration emerges as the most frequently cited barrier to fleetwide digitalisation. The problem is less that maritime …
https://splash247.com/why-maritime-tech-struggles-to-scale/
https://splash247.com/why-maritime-tech-struggles-to-scale/Iran’s Revolutionary Guards said on Friday they had struck the Togo-flagged product tanker Trend after what Tehran described as an “illegal” attempt to transit Hormuz outside its approved passage system. The 7,119 dwt vessel was hit and stopped after a fire broke out onboard, according to the IRGC. The claims have not been independently verified. …
https://splash247.com/iran-claims-fresh-hormuz-tanker-strike-italy-readies-red-sea-escorts/
https://splash247.com/iran-claims-fresh-hormuz-tanker-strike-italy-readies-red-sea-escorts/Washington wants to bring the copper supply chain home, but the result could be record refined imports in one direction and US-mined concentrate heading back out to sea in the other. US copper policy is beginning to produce exactly the kind of trade-flow distortion that creates new opportunities for shipping. Broker Banchero Costa reported that …
https://splash247.com/americas-copper-paradox-sets-up-new-seaborne-trade-flows/
https://splash247.com/americas-copper-paradox-sets-up-new-seaborne-trade-flows/Shipping’s move away from fossil fuels will remain limited unless carbon pricing rises dramatically, according to a new study from the Global Centre for Maritime Decarbonisation and Boston Consulting Group. The report, Navigating the Maritime Fuel Transition, models 12 fuel pathways and six engine configurations through to 2050 and concludes that the transition will be …
https://splash247.com/fuel-uncertainty-collides-with-shippings-newbuilding-boom/
https://splash247.com/fuel-uncertainty-collides-with-shippings-newbuilding-boom/Saudi Arabia’s Bahri has completed a SAR986.3m ($263m) refinancing with BNP Paribas and the National Bank of Greece, marking the shipping group’s first unsecured international bank financing. The National Shipping Company of Saudi Arabia said the transaction is aimed at reducing its reliance on asset-backed debt while broadening its relationships with international lenders. It is …
https://splash247.com/bahri-shifts-funding-model-with-263m-unsecured-deal/
https://splash247.com/bahri-shifts-funding-model-with-263m-unsecured-deal/New York-listed Diana Shipping has secured a sizeable rate increase for another of its kamsarmax bulkers, fixing the Astarte to Aquavita International at $17,000 per day. The 2013-built, 81,513 dwt vessel will move onto the new charter on September 20, replacing its current employment with Propel Shipping at $12,500 per day. The new rate is …
https://splash247.com/diana-keeps-rate-momentum-going-with-kamsarmax-deal/
https://splash247.com/diana-keeps-rate-momentum-going-with-kamsarmax-deal/South Korea is putting fresh financial muscle behind its Arctic shipping drive, with the Korea Ocean Business Corporation launching a KRW120bn ($87m) annual investment programme for icebreakers and ice-class commercial ships. The programme is open to Korean owners acquiring either newbuildings or secondhand tonnage for Northern Sea Route trades, with no restriction on ship type. …
https://splash247.com/south-korea-rolls-out-arctic-vessel-finance-programme/
https://splash247.com/south-korea-rolls-out-arctic-vessel-finance-programme/Ring Power Corporation, a provider of marine power solutions, announced an expansion of its partnership with Cox Marine, becoming the exclusive North American distributor of the UK company's diesel outboard line. Under the new agreement, Ring…
https://www.marinelink.com/news/ring-power-named-north-american-543040
https://www.marinelink.com/news/ring-power-named-north-american-543040