Performance Shipping Inc. Enters Into Potential Forward Sale Agreement For The 2009-Built Aframax Tanker, M/T P. Sophia
port-and-ship
Apr 08, 2025
Bunker Port News Worldwide
Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a forward sale and exclusivity agreement with an unaffiliated third party (the “Buyer”). This agreement grants the Buyer exclusive rights to submit a bid for the conversion of the Company’s Aframax tanker, M/T P. Sophia, in an auction for the provision of a Floating Production Storage and Offloading (FPSO) vessel for charter to a national oil company (the “Offshore Project”).
If the Buyer is awarded the Offshore Project by the expiration of the auction on April 5, 2026, the Buyer will purchase the Company’s oldest vessel, the 2009-built M/T P. Sophia, for delivery within a maximum of 120 days for a gross sale price of US$36,050,000. Additionally, if the vessel is delivered to the Buyer on or before September 30, 2025, the gross sale price will be increased by US$1,000,000. During the exclusivity period, the Company may freely operate the vessel but is restricted from selling it to any other party until the conclusion of the Offshore Project auction in April 2026.
Commenting on this agreement, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“The Offshore Project pertains to the conversion of M/T P. Sophia into an FPSO and is unrelated to the prevailing level of tanker charter rates and vessel values. The decision to enter into this potential forward sale was based on the vessel’s particular specifications and suitability for the conversion. This agreement enables the Company to generate cashflow from operations for the foreseeable future while securing an eventual sale at a very firm price, solely contingent on the Buyer’s success at the auction and not comparable vessel values at the time.”
Source: Performance Shipping Inc.
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Shipping Telegraph
Thessaloniki Port Posts Record High Revenues And Volumes In 2024Greece’s Thessaloniki Port Authority S.A., the operator of the port of Thessaloniki and a multi-gateway intermodal network and logistics solutions provider for the Balkans and the broader Southeast, Central and Eastern European region, announced the financial results for the fiscal year 2024.
The company’s board of directors approved the annual financial report on April 15.
ThPA S.A. reported for 2024 record revenues and volumes, despite the year’s geopolitical instability and supply chain disruptions.
Container Terminal throughput reached 566k TEUs, increased substantially by 46k TEUs (+9%), year over year.
Conventional Cargo attained 3,2 million tons, higher by 250k tons (+9%) vs prior year.
Cruise calls reached a record high of 81 vessels vs 68 in prior year (+19%) with total passengers at 125k, increased YoY by 64k passengers (+105%).
The group revenues reached 100,7 million euros in 2024, compared to 85,9 million euros in 2023, significantly increased by 14,8 million euros (+17%), fuelled by higher revenues in all company’s main sectors: the revenues of the Container Terminal increased by 11,5 million euros (+19%), of the Conventional Cargo Terminal by 2,9 million euros (+14%), of the Passenger Traffic by 0,5 million euros (+54%), and of the Real Estate by 0,3 million euros (+7%).
Regarding the group’s profitability for 2024, gross profits reached 47,1 million euros, increased by 9,5 million euros (+25%) vs 2023.
Earnings before interest, taxes, depreciation and amortization (EBITDA) surpassed 42,6 million euros, compared to 34,1 million euros in 2023, reflecting a growth of 8,6 million euros (+25%) while EBITDA margin reached 42% increased by 3pp compared to the prior year.
Earnings before taxes, reached 36,3 million euros compared to 26,4 million euros in 2023, reflecting an increase of 9,9 million euros (+37%) while net earnings after taxes improved notably and reached 28 million euros, compared to 20 million euros in the previous year, reflecting an increase of 38%.
The Group said that it “maintains healthy levels of financial liquidity due to consistent and strong production of operating cash flows, reaching 123 million euros total cash, cash equivalents and financial assets, including term deposits with a duration of more than 3 months of 76,4 million euros, reflecting an increase of 28 million euros compared to the previous year.”
Athanasios Liagkos, the executive chairman of the BoD of ThPA S.A., said: “2024 was another record year for ThPA S.A., as the company’s performance was significantly enhanced in almost all sectors of its activities. This fact is confirmation of the consistent implementation of our long-term business and investment plan, which aims to promote and reinforce the role of the Port of Thessaloniki in Southeastern Europe.
“The Port of Thessaloniki is now entering a new development trajectory, following the recent issuance of the Presidential Decree approving the Master Plan of ThPA S.A. The approval of the Master Plan is an important milestone in the development of ThPA S.A., as it allows the company to proceed with the implementation of investments that enhance the prospects and competitiveness of the Port, including the launch of the flagship project for the expansion of Pier 6, which is expected to enter the implementation phase soon, following the receipt of the necessary permits and approvals for the construction.
“This investment significantly upgrades the international position of the Port of Thessaloniki, directly and indirectly supports the creation of new jobs, enhances the further development of the wider port community, and offers multiplier benefits to the economy and society, both locally and nationally. At ThPA S.A., we continue to dynamically implement our plan with a long-term perspective and a focus on creating meaningful impact for all our stakeholders”.port-and-ship
17 April 2025
Hellenic Shipping News
Rio Tinto Posts Lowest Q1 Iron Ore Shipments Since 2019, Tempers Forecastin Dry Bulk Market,Freight News
17/04/2025
Rio Tinto RIO, RIO on Wednesday reported its lowest first-quarter iron ore shipments since 2019 and warned that more weather disruptions could lead to a 2025 forecast miss, after cyclones impacted the miner’s Pilbara operations.
The company now expects Pilbara iron ore shipments for 2025 to hit the lower end of its forecast range of 323 million to 338 million metric tons.
A series of tropical cyclones in the first quarter snarled activities at the Dampier port in the Pilbara region, with the company previously warning of total losses of 13 million tons of iron ore due to bad weather.
Rio Tinto has implemented recovery plans to recoup about half the weather-related losses at a cost of about A$150 million ($95 million) for repairs and additional contract mining across its Pilbara operations.
“Pilbara iron ore guidance remains subject to the timing of approvals for planned mining areas and heritage clearances. The system has limited ability to mitigate further losses from weather if incurred,” the company said in a statement.
Shares of Rio Tinto fell 1.2% to A$110.14, in line with the 0.2% drop in the broader mining sector XXMM.
The miner has been struggling to consistently ramp up production while shipping more lower-grade ore as it prepares to bring its next generation of iron ore mines online.
It risks losing its position as the world’s top iron ore producer if Brazil’s Vale SA VALE3, which reported on Tuesday, achieves the upper end of its 325 million to 335 million tons guidance for 2025.
Rio Tinto’s 2025 outlook of 323 million to 338 million tons excludes an expected 9.7 million to 11.4 million tons from its Canadian operations.
Meanwhile, copper production on a consolidated basis rose 16% to 210 thousand tons compared with a year ago, but fell 8% quarter-on-quarter.
At its Kennecott operation in Utah, copper production plunged 32% from the previous quarter due to unplanned conveyor failures, though it increased 7% year-on-year. The affected conveyor has since been restored to full functionality, the company said.
The world’s largest iron ore producer shipped 70.7 million tons of the steel-making commodity from its Pilbara operations in the three-month period ended March 31, down from 78 million tons last year, and missed a Visible Alpha consensus estimate of 73.6 Mt.
Source: Reutersport-and-ship
17 April 2025
Hellenic Shipping News
Gasoline Traders Shift Exports To West Africa Amid Us Tariff Threatsin Freight News
17/04/2025
Threats of further tariffs from the US and an ongoing arbitrage to West Africa have led to an unseasonal shift in European gasoline export flows.
Typically the summer driving season sees increased flows from Europe to the US Atlantic Coast amid an uptick in summer driving demand. At the same time, specification differences between Europe and WAF which exist in the summer disappear in the winter, typically resulting in fewer volumes fixed to Nigeria.
The threat of tariffs and changes in Nigeria’s refining landscape have seen this trend flip in 2025. Large volumes are presently set to arrive in West Africa’s Offshore Lome hub, while the USAC has been demanding more limited flows amid demand-side fears and tariff threats.
According to ship-tracking data from S&P Global Commodities at Sea, 4 million mt of gasoline are projected to be delivered into West Africa from all locations over the 30-day period to April 27, a high not seen in over two years.
This compares with 1.6 million mt to the USAC over the same period, reaching an 11-month high but well within normal seasonal trends.
Tariff troubles
Significant uncertainty surrounding tariffs and associated recession risks has put a damper on what is typically a safe bet surrounding the summer gasoline arbitrage to the US.
Though flows to the US remain robust, fears surrounding tariffs and additional port fees have traders pointing to difficulties with the arbitrage. According to data from the Intercontinental Exchange, the spread between RBOB frontline gasoline and the Eurobob front-month swap was $16.351/mt April 14, not wide enough on paper for traders to put up with the uncertainty surrounding the US.
One inefficiency stems from the February proposal by the US to enact large port fees on Chinese-linked vessels. The proposal, which was updated April 9, suggests that the US Trade Representative may charge fees based on the number of Chinese vessels in a company’s fleet.
“It may tighten freight rates … and I think the US doesn’t understand that you can’t be confident having oil on the water with the threat of some random tariff,” said one gasoline trader.
Further dampening the US arbitrage is the threat of recession, which would disrupt the typical summer driving season. In its April 15 oil market report, the International Energy Agency pointed to the “possibility of recession and expectations of a period of heightened protectionism,” projecting world oil demand growing by just 730,000 b/d in 2025, around a third lower than its previous forecast.
“We expected NYMEX [RBOB] structure to strengthen a bit more decidedly now that the USAC transitioned to summer specs … [However] high uncertainty remains about demand growth in all areas due to the escalation of trade tensions — this is clearly a bearish driver we are following,” said Lenny Rodriguez, analyst at S&P Global Commodity Insights.
Pull from WAF
Material which otherwise would flow to the USAC has instead recently been exported to West Africa, amid a workable arbitrage and strong Nigerian imports.
“The freight to WAF is easier because there is no threat of the issue with Chinese ships,” said the first source.
Platts, part of Commodity Insights, assessed Long Range clean tanker rates along the UK Continent-WAF route at a $5.10/mt premium over Medium Range clean UKC-USAC rates as of April 14, reflecting stronger demand for West African voyages.
However, rates remain well below levels seen at the same time last year, which has helped open up the West African arbitrage. LR UKC-WAF voyages were assessed at $24.57/mt April 14, compared with $34.40/mt at the same time in 2024.
Incentives to ship product to West Africa have also come from the pricing at Nigeria’s Dangote refinery. While flat prices have been driven down massively amid falling crude prices, Dangote has not lowered gantry prices for truck volumes significantly.
Between April 1 and April 9, the Eurobob M1 swap fell from $734.25/mt to $603/mt, a 17.9% fall, before recovering somewhat. But over the same period, Dangote’s truck price at the gantry dropped just 1.7%, from Naira 880/liter to Naira 865/l, according to reporting from the MEMAN retail organization.
This has encouraged a flood of product to West Africa, where high domestic prices have led marketers to import from international traders in greater volumes.
Platts assessed Gasoline STS Lome at $656.75/mt April 14 — a 14 cents/mt premium to Platts 10 ppm barges, with this premium down $6.61/mt day over day.
Source: Plattsport-and-ship
17 April 2025
Hellenic Shipping News
China Is Set To Import More Russian Lng In 2025, Ambassador Saysin Freight News
17/04/2025
China is set to increase its imports of Russian liquefied natural gas (LNG) this year, its ambassador to Russia said on Tuesday.
“I know for sure that there are a lot of buyers. So many buyers are asking the embassy to help establish contacts with Russian suppliers, I think there will definitely be more (imports),” the envoy, Zhang Hanhui, said.
He also told reporters that there had been discussion between the two countries about the proposed Power of Siberia-2 gas pipeline project from Russia to China, but the route for it had yet to be defined.
Russia has been seeking agreement with Beijing for years on building the Power of Siberia-2 to carry 50 billion cubic metres of natural gas a year from the Yamal region in northern Russia to China via Mongolia.
So far, however, the parties have not been able to agree on the terms of gas deliveries.
According to TASS news agency, which cited Chinese customs data, Russia’s LNG exports to China rose last year by 3.3% to 8.3 million metric tons.
It said Russia was, after Australia and Qatar, the third-largest supplier of LNG to China, which is the world’s largest buyer. Malaysia and the United States are also major exporters of LNG to China.
Reuters reported last week that Chinese buyers of LNG are re-selling U.S.-sourced cargoes as tit-for-tat tariffs drive up import costs.
China imported no U.S. LNG during March, data from Kpler and LSEG show. The U.S. accounted for about 5% of China’s LNG last year, according to Chinese customs data.
Source: Reutersport-and-ship
17 April 2025
Hellenic Shipping News
China’S Posts Solid Growth, But More Support Likely Needed To Meet 5% Targetin World Economy News
17/04/2025
China’s first-quarter growth registered a stronger-than-expected 5.4% year on year, beating our 5.3% forecast and market expectations for 5.2% growth. The economy is off to a much-needed strong start in 2025, as second-quarter growth will likely take hits from the sharp escalation of President Trump’s trade war.
Once again, the manufacturing sector supported secondary industry growth of 5.9% YoY, the highest level since the first quarter of 2024. Moving forward, the trade-war impact on manufacturing will be watched closely to see if China’s overcapacity problem gets worse. Despite strong first-quarter manufacturing activity, we saw the industrial capacity utilisation rate slumped from 76.2% to 74.1%.
The secondary industry has now outpaced the tertiary industry growth for five straight quarters. With manufacturing likely to take a hit from tariffs, China’s ability to maintain solid growth moving forward could depend on the tertiary industry helping to pick up the slack.
This year’s policy will be focused on supporting domestic demand. One important aspect will be building out the services sector, including childcare and elderly care and so-called “life services” like catering, domestic services, healthcare and tourism. We will see if these efforts bear fruit in the coming quarters.
China’s property prices edge closer toward a trough
China’s 70-city property price data saw a smaller sequential decline in both new home and used home prices in March, with prices down -0.08% and -0.23% month on month, respectively.
Despite continued declines, the data once again offers some reasons for optimism. For example, 29 cities saw new home prices stable or increasing, while 14 saw used home prices stable or rising.
In the new home market, 18 cities eked out gains of under 1% in the first quarter, while five saw prices rise over 1%. On the flip side, 39 cities saw price declines of under 1%, while nine saw a price drop of over 1%. The used-home market showed a slightly weaker picture, with four cities seeing price gains of under 1%, one with prices rising more than 1%, 39 with price drops under 1%, and 26 with prices dropping more than 1%. No city saw prices drop more than 2%.
This data suggests that property prices are in the process of establishing a trough.
Amid China’s attempt to increase confidence and boost domestic demand, we believe that stabilising the property market remains a paramount priority. It’s difficult to imagine consumers spending confidently as long as their biggest asset continues to lose value every month. March data should be seen as another small step in the right direction.
Strong beat in retail sales showed impact of trade-in policies
Retail sales accelerated to 5.9% YoY in March, up from 4.0% YoY in the first two months of the year. This is a significant beat from market forecasts for a smaller uptick to 4.3% YoY, and represents the highest level since 2023, a year which benefited from base effects from the pandemic. Over the first quarter, retail sales grew 4.6% YoY.
We are seeing a clear impact from the trade-in policy in the retail sales data. The trade-in policy beneficiary categories, particularly automobiles and household appliances in 2024, were expanded at the start of the year to include more consumer electronics. These include laptops, smartphones, home decoration and renovation materials. Most categories saw growth far eclipsing headline retail sales growth, with household appliances (35.1%) and communication equipment (28.6%) two clear standout categories. Auto sales also managed a respectable 5.5% YoY growth in March.
The “eat, drink, and play” theme continued to see above-average growth, with catering (6.8%), alcohol & tobacco (8.5%), and sports and recreation (26.2%) all seeing solid gains.
The non-beneficiary categories of discretionary consumption generally underperformed. The exceptions were gold and jewelry, which saw growth bounce back to 10.6% YoY.
Value-added of industry hit highest level since 2021
The value-added of industry also surprised to the upside, accelerating to 7.7% YoY from 5.9% YoY in the first two months of the year. This was the highest rate since the second quarter of 2021.
Manufacturing grew a solid 7.9% YoY on the month, with hi-tech manufacturing, in particular, outperforming at 10.7% YoY. By product output, we saw strong growth in power generation equipment (107.2%), new energy vehicles (40.6%), and industrial robots (16.7%). Semiconductors (9.2%), smartphones (7.0%), and computer equipment (7.8%) saw growth closer to the aggregate level.
Moving forward, the tariff shock is expected to have a spillover effect on manufacturing. Strengthening domestic demand and seeking alternative export destinations will help offset some of the impact. But manufacturing is likely to take a hit, nonetheless. On the brighter side, the US is not a major-end destination for many of the products seeing the fastest growth.
Fixed-asset investment edged up as private sector resumed investment
Fixed asset investment (FAI) surprised on the upside, though to a smaller degree compared to retail sales and industrial production. FAI rose 4.2% YoY, year to date, in 1Q25, up from 4.1% in the first two months of the year. One reason was a slight recovery of private investment, which rose to 0.4% YoY ytd. Private sector FAI growth had been flat or in YoY contraction since July 2024. This helped offset public sector FAI slowing to 6.5% YoY from 7.0%.
Manufacturing FAI continued to lead the way, with 9.1% YoY ytd growth. This category continues to benefit from policies to support equipment renewal. It’s also part of a longer-term story of China upgrading its manufacturing infrastructure as it moves up the value-added ladder.
First quarter data an encouraging start but more will need to be done to hit this year’s growth level
Stronger than expected March data is no doubt a welcome sign for Chinese policymakers, and offers a bit of a buffer for this year’s goal to achieve around 5% GDP growth.
Moving forward, the sharp escalation of tariffs will no doubt begin to have a greater impact on activity data. The April purchasing managers’ index (PMI), data out a few weeks from now, is likely our first official look at how the impact is unfolding.
The March data shows positive signs that current efforts, namely the trade-in policy and the equipment renewal policy, are having a positive impact on domestic demand. However, assuming US tariffs remain in place for some time and the external demand picture deteriorates more noticeably in the coming months, it’s likely that more policy support will be needed.
This expected external drag, combined with continued deflation pressures, presents a strong case for monetary policy easing. Last year’s experience showed that bundled stimulus measures tend to have a stronger impact on markets. However, we observe that many voices continue to caution against rate cuts in the interest of currency stabilization. So, it’s possible that a reserve requirement ratio (RRR) cut could come first. We continue to expect 30bp of rate cuts and 100bp of RRR cuts this year.
The upcoming Politburo meeting, expected to take place toward the end of this month, could be a platform for announcing further stimulus measures as well.
Source: INGport-and-ship
17 April 2025
Hellenic Shipping News
China Wants Partnership With Eu To Counter Us 'Abuse', Says Envoy To Spainin World Economy News
17/04/2025
China wants to deal with the European Union as a partner instead of a rival, its ambassador to Spain said, amid shifting geopolitics and Washington’s new trade policy which he described as unilateral economic abuse.
Yao Jing told Reuters the EU’s 2019 strategy that defined China as its “partner for cooperation, economic competitor and systemic rival” made little sense as both championed open markets and rules-based trade.
“We should put our focus on partnership. China will never be a threat or any kind of enemy to the EU,” Yao said, praising the bloc’s multilateral approach to foreign affairs, as opposed to President Donald Trump’s isolationist agenda.
Last week, Spanish Prime Minister Pedro Sanchez met with President Xi Jinping in Beijing. The visit was widely seen as a bid to forge closer economic and political ties between China and Europe amid the fallout from Trump’s tariffs.
Just before Sanchez’s trip, U.S. Treasury Secretary Scott Bessent warned that moving closer to the Asian country would be “cutting your own throat”, a comment dismissed by Madrid.
Yao said he was shocked by Bessent’s remarks, adding that the U.S. “in fact cuts everyone’s throats” with its unilateral tariffs.
“And this is why China is firmly against this kind of economic abuse by the United States,” he said.
‘OPEN DOOR’
Yao said Europe should drop its export controls on certain high-tech products, including semiconductors, as well as tariffs on Chinese electric vehicles (EVs) and limitations for Chinese companies such as Huawei or ZTE to access Europe’s 5G network.
Beijing, in its turn, has been opening up sectors such as telecommunications, banking or manufacturing for foreign investment, he said.
Yao said the EU’s trade deficit with China, of around $345 billion last year, could not disappear overnight due to structural issues, but expected gradual progress.
“We’ve made it very clear that China will open its door with the passage of time, and this door will never be closed. We’re ready to open our market to other EU members, like we just did with Spain,” he said.
The two countries agreed on Friday to allow Chinese market access to Spanish pork stomach – a product widely consumed in China but not previously authorised. Some analysts saw it as a signal Beijing might ease its anti-dumping inquiry into EU pork, launched last year in retaliation for EU tariffs on Chinese EVs.
Yao said the probe was ongoing but there was a willingness to address differences through negotiations.
Source: Reutersport-and-ship
17 April 2025
Hellenic Shipping News
The Imo Confirms The Methane Pathway’S Role In Shipping’S Decarbonisationin International Shipping News,Shipping: Emission Possible
16/04/2025
SEA-LNG congratulates the IMO and its delegates on reaching the agreement on a regulatory framework for GHG emissions reductions last Friday. We are pleased to see that the IMO has held firm to its principles of goal-based, technology neutral regulation. While many details need to be decided this provides a clear decarbonisation framework for the global shipping industry and will enable all fuel pathways, be they methane (LNG), methanol or ammonia, to compete on a level playing field.
The framework, assuming it is adopted in October, means that ship owners can confidently continue to invest in LNG-dual fuel engine technologies, secure in the knowledge that the LNG, or more accurately, methane pathway to decarbonisation is recognised by the IMO. A pathway that is practical, realistic, scalable and low cost compared with those offered by other alternative marine fuels. Critically, on the supply side, the proposed regulations will further incentivise the growth we are seeing in liquefied biomethane bunkering and catalyse additional investments in e-methane.
Source: SEA-LNGport-and-ship
16 April 2025
Hellenic Shipping News
Intermodal Weekly Market Report Week 15 2025 Broker’S Insightin Weekly Shipbrokers Reports
16/04/2025
The recent surge in trade tensions between the U.S. and China, marked by the U.S. imposing tariffs up to 145% on Chinese imports
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Source: Intermodalport-and-ship
16 April 2025
Hellenic Shipping News
China'S Q1 Key Commodity Imports Were Soft, Outlook Mixedin Dry Bulk Market,Freight News
16/04/2025
China’s imports of major commodities were weak in the first quarter, but the challenge is working out whether the soft outcomes are mainly the result of temporary factors or signs of deeper economic malaise.
The big four commodity imports, namely crude oil, iron ore, coal and copper, all saw declines in the first three months of 2025 compared to the same period in 2024.
The simple explanation is that the soft imports are because the world’s second-largest economy is still struggling to build economic growth momentum, a task made harder by the escalating trade war launched by U.S. President Donald Trump.
But this ignores several factors unique to each of the commodities.
Take crude oil for example. Imports were 135.25 million metric tons in the first quarter, equivalent to 10.97 million barrels per day (bpd) and down 1.5% from the same period a year earlier, according to customs data released on Monday.
At first blush that looks like a weak outcome, and certainly crude imports were struggling in January and February.
But arrivals roared back in March, rising to 12.1 million bpd, the highest since August 2023 and up 4.8% from March last year.
The question is whether the surge in March imports was because of an improvement in underlying fuel demand, or was it driven by more temporary factors.
The latter is the more likely, as Chinese refiners bought up cargoes of Iranian and Russian crude, most likely in an attempt to buy as much as they could before new U.S. sanctions on those two countries oil exports came into effect.
China’s imports from Iran were estimated by commodity analysts Kpler at 1.37 million bpd in March, up from 746,000 bpd in February and the most since October.
Seaborne imports from Russia were estimated by Kpler at 1.25 million bpd, up from 760,000 bpd in February and the most since November last year.
Pipeline imports from Russia add just under 1 million bpd to China’s total arrivals from its neighbour.
The overall picture for crude is largely one of weakness, with the strength in March likely a one-off driven by anticipated and actual measures by the United States.
WEATHER HITS
Iron ore imports dropped to 93.97 million tons in March, down from February’s 94.21 million and also 6.7% below the level from March of last year.
For the first quarter, arrivals of the key steel raw material were 285.31 million tons, down 7.8% from the same period in 2024.
But a significant part of the weakness in iron ore was because of weather-related disruptions in Australia, which supplies about two-thirds of China’s total imports.
Australian exports of iron ore to China dropped to 50.5 million tons in February, the weakest in five years.
Many February-loading cargoes would have arrived in March in China, and March-loading cargoes recovered to 67.61 million tons, which implies April imports may be stronger.
Imports of all grades of coal were 114.85 million tons in the first quarter, down 0.9% from the same period a year earlier.
Similar to iron ore, there were weather-related disruptions to shipments from Australia, which is China’s second-largest supplier after Indonesia.
Australia’s exports to China in February dropped to 3.74 million tons, a two-year low and even though they recovered somewhat to 6.17 million in March, this was still below the 6.7 million tons a month they averaged in 2024.
Weaker Chinese domestic prices also encouraged utilities to switch to local supplies, a trend that is likely to persist and therefore put downward pressure on import volumes.
Copper imports were also soft in the first quarter, with arrivals of unwrought copper slipping 5.2% to 1.3 million tons.
But there is also a temporary factor at work in copper, with shipments to the United States rising as traders sought to take advantage of higher U.S. prices ahead of the expected imposition of a tariff on imports of the key industrial metal.
With the United States drawing cargoes, Chinese buyers preferred to trim their imports and await cheaper prices once the situation on Trump’s potential tariffs becomes clearer.
The overall picture that emerges from China’s first quarter commodity imports is that the trend is soft, and where there were signs of strength, as in crude oil arrivals in March, it was down to temporary factors.
The outlook also remains cloudy, given Trump’s now 145% tariff on U.S. imports from China, which if maintained will make it harder for Beijing to engineer economic growth close to its target of around 5% for 2025.
Source: Reutersport-and-ship
16 April 2025
Shipping Telegraph
Diana Shipping Locks Charter Deal With China Resource CharteringGreece-based and New York-listed Diana Shipping, through a separate wholly-owned subsidiary, has entered into a time charter contract with China Resource Chartering Pte. Ltd., for one of its panamax dry bulk vessels.
China Resource Chartering hired the 77,901-dwt panamax dry bulk vessel Ismene built in 2013.
Semiramis Paliou-led Diana fixed the vessel for a period until minimum March 20, 2026 up to maximum May 20, 2026.
The vessel is chartered to a gross charter rate of $11,000 per day, minus a 5.00% commission paid to third parties.
The charter is expected to begin on April 26.
The Greek shipowner said the employment of Ismene is anticipated to generate approximately $3.54m of gross revenue for the minimum scheduled period of the time charter.
Diana Shipping Inc.’s fleet currently consists of 37 dry bulk vessels (4 newcastlemax, 8 capesize, 4 post-panamax, 6 kamsarmax, 6 panamax and 9 ultramax).
The company also expects to take delivery of two methanol dual fuel new-building kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028, respectively.
Currently, the combined carrying capacity of the company’s fleet, excluding the two vessels not yet delivered, is approximately 4.1 million dwt, with a weighted average age of 11.46 years.port-and-ship
16 April 2025Shipping Telegraph
Us Import Cargo Levels To Drop Sharply Amid New Tariffs And UncertaintyWith sweeping tariffs now imposed on all U.S. trading partners, import cargo at the nation’s major container ports is expected to drop dramatically beginning next month, according to the Global Port Tracker report released last week by the National Retail Federation and Hackett Associates.
“Retailers have been bringing merchandise into the country for months in attempts to mitigate against rising tariffs, but that opportunity has come to an end with the imposition of the ‘reciprocal’ tariffs,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said.
“Tariffs are taxes on U.S importers ultimately paid by consumers. They are creating anxiety and uncertainty for American businesses and families alike with the speed at which they are being implemented and stacked upon each other. At this point, retailers are expected to pull back and rely on built-up inventories, at least long enough to see what will happen next.”
Following tariffs on China, Canada and Mexico announced earlier this year, President Donald Trump recently set a minimum tariff of 10% on all U.S. trading partners and “reciprocal” tariffs as high as 50% on dozens of nations. China has since announced tariffs on U.S. goods, prompting Trump to announce additional tariffs on China, bringing the base rate to 104% just for the national emergency tariffs. The rate goes even higher when the base tariff rate and earlier Section 301 tariffs are added in.
As a result, imports during the second half of 2025 are now expected to be down at least 20% year over year, Hackett Associates Founder Ben Hackett said. Even balanced against elevated levels earlier this year, that could bring total 2025 cargo volume to a net decline of 15% or more unless the situation changes.
“In this environment of complete uncertainty, our forecast for import cargo will be subject to significant adjustments over the coming months,” Hackett said. “At present, we expect to see imports begin to decline by May and that they will drop dramatically during the remainder of the year.”
U.S. ports covered by Global Port Tracker handled 2.06 million Twenty-Foot Equivalent Units – one 20-foot container or its equivalent – in February, although the Ports of New York and New Jersey have yet to report final data. That was down 7.5% from January but up 5.2% year over year. It was the busiest February in three years even through the month is traditionally the slowest of the year because of Lunar New Year factory shutdowns in China.
Ports have not yet reported March’s numbers, but Global Port Tracker projected the month at 2.14 million TEU, up 11.1% year over year.
April – which includes cargo shipped before the new tariffs were announced – is forecast at 2.08 million TEU, up 3.1% year over year.
But May is expected to end 19 consecutive months of year-over-year growth, dropping sharply to 1.66 million TEU, down 20.5% from the same time last year. June is forecast at 1.57 million TEU, the lowest volume since February 2023 and a 26.6% drop year over year. July is forecast at 1.69 million TEU, down 27% year over year, and August at 1.7 million TEU, down 26.8%.
Before the latest round of tariffs was announced, April was forecast at 2.13 million TEU, up 5.7% year over year; May at 2.14 million TEU, up 2.8%; June at 2.07 million TEU, down 3.2%, and July at 1.99 million TEU, down 13.9%.
The current forecast would bring the first half of 2025 to 11.73 million TEU, down 2.9% year over year rather than the total of 12.78 million TEU, up 5.7% year over year, that was forecast before the tariffs announcement.
Imports have been elevated since last summer, first as retailers brought in cargo ahead of an October strike at East Coast and Gulf Coast ports and then in anticipation of an escalation of tariffs after the November elections.
Imports during 2024 totaled 25.5 million TEU, up 14.7% from 2023 and the highest since 2021’s record 25.8 million TEU during the pandemic.
Global Port Tracker, which is produced for NRF by Hackett Associates, provides historical data and forecasts for the U.S. ports of Los Angeles/Long Beach, Oakland, Seattle and Tacoma on the West Coast; New York/New Jersey, Port of Virginia, Charleston, Savannah, Port Everglades, Miami and Jacksonville on the East Coast, and Houston on the Gulf Coast.port-and-ship
16 April 2025Container News
Dp World Broadens Unifeeder’S Horizons With African InvestmentsMarkets on the African continent are developing fast as ports and logistics companies develop the shorelines and connect countries in the interior.
DP World, through its ports and terminals business, is developing ports in Senegal and the Democratic Republic of Congo (DRC) on Africa’s western seaboard and in Somalia and Tanzania in the continent’s east.
“We are committed to Africa,” Ganesh Raj, global CEO of DP World marine, which includes carrier Unifeeder told Container News, adding “We primarily serviced the citrus market in Maputo, but now, this has slowly grown into South Africa as well as Dar es Salaam, Mozambique and other areas as well.”
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16 April 2025Hellenic Shipping News
Port Hedland Iron Ore Exports Increased During Marchin Dry Bulk Market,Port News
16/04/2025
Pilbara Ports delivered a total monthly throughput of 69.5 million tonnes (Mt) for March 2025.
This throughput was a 3 per cent increase compared to March 2024.
The Port of Port Hedland achieved a monthly throughput of 51.5Mt, of which 65.6Mt was iron ore exports. This was a 2 per cent increase to total throughput compared to March 2024.
Imports through the Port of Port Hedland totalled 171,000 tonnes, an increase of 4 per cent compared to March 2024.
The Port of Dampier delivered a total throughput of 15.7Mt, a 1 per cent decrease from March 2024.
Imports through the Port of Dampier totalled 93,000 tonnes, a decrease of 23 per cent from March 2024.
Several factors influence the fluctuation of throughput, including changes in market conditions, port maintenance operations and proponent needs.
Total throughput across all ports since 1 July 2024 is 567.1Mt.
Source: Pilbara Portsport-and-ship
16 April 2025Hellenic Shipping News
Itic Boosts 2025 Continuity Credit To Support Members Amid Global Economic Uncertaintyin International Shipping News
16/04/2025
In a bold show of support for its members during a time of increased global economic uncertainty, International Transport Intermediaries Club (ITIC) is increasing its continuity credit for the 2025 policy year. This strategic move offers meaningful economic relief, rewards member loyalty, and reinforces ITIC’s long-term commitment to retention and its ‘members-first’ mutual ethos.
For the 31st consecutive year, ITIC members will receive a premium credit to be applied against 2025 insurance premiums, under the following structure:
A 35% credit for those members renewing for one year
A 45% credit in the first year for those members renewing for two years, with a guaranteed minimum credit of 30% in the second year
This marks the second-highest continuity credit ever offered in ITIC’s 100-year history and represents a significant increase from the previous year’s credit of 20% (one-year) and 30% (two-year).
The increase reflects ITIC’s strong financial position, with combined free reserves exceeding US$260 million across ITIC and its reinsurer, TIMIA. These reserves are well above regulatory solvency requirements, underpinned by sound governance, profitability, and prudent financial management. This financial strength allows ITIC to remain a stable partner for its members.
“We are very pleased to share the news with our members about this year’s continuity credit, which is one of the highest credits ever provided,” said Alistair Mactavish, Chief Underwriting Officer at ITIC.
Caption: Alistair Mactavish, Chief Underwriting Officer at ITICImage credit: ITIC
“In an increasingly difficult economic landscape, our members can depend on us not just for protection, but for real, measurable support that rewards their loyalty and long-term trust in ITIC,” he added.
Continuity credits have been a hallmark of ITIC’s mutual status, with over US$206 million returned to members to date. These credits directly reduce the cost of insurance and serve as a key incentive for members to remain with ITIC over time, strengthening long-term relationships and aligning the interests of ITIC with those it insures.
The boards of ITIC and ITIC Europe (ITIC’s EEA-based subsidiary insurer) believe that the continuity credit should be the method used to distribute excess free reserves. Furthermore, they are committed to maintaining the continuity credits at a sustainable level for future years.
“The continuity credit increase comes with no general premium rise for the 2025 policy year, highlighting our consistency, reliability, and ‘members-first’ philosophy,” Mactavish concluded.
With over 3,650 members worldwide, all those who renew within the 2025 policy year will benefit from this capital distribution, further reinforcing ITIC’s role as a true partner to the global transport intermediary community.
Source: ITICport-and-ship
16 April 2025Hellenic Shipping News
Italian Tycoon Emerges As Lead Investor For Ck Hutchison Portsin Port News
16/04/2025
Italian billionaire Gianluigi Aponte’s family-run business is emerging as the lead investor of a group seeking to buy 43 ports from conglomerate CK Hutchison, Bloomberg News reported on Monday, citing people familiar with the matter.
The Aponte family’s Terminal Investment Ltd (TIL), which manages a diverse portfolio of container terminals according to its website, will be the sole owner of all the ports once the deal is completed, except for two in Panama that would be controlled by BlackRock Inc, Bloomberg reported.
BlackRock’s Global Infrastructure Partners will own 51% of the two ports near the Panama Canal, while TIL will own the rest.
CK Hutchison declined to comment.
The port facilities at the strategic waterway account for about 4% of the total value of the deal. CK Hutchison’s founder tycoon, Li Ka-shing, is expected to make more than $19 billion in cash, Bloomberg said, citing a person aware of the details.
CK Hutchison has faced an increasing barrage of criticism from China on its decision to sell most of its $22.8 billion port business to BlackRock. The deal has become highly politicised as the conglomerate is thrust into the crosshairs of an escalating China-U.S. trade war.
Shares of CK Hutchison extended gains to 3.1% after the report, versus a 2.1% rise in the main Hang Seng Index
Source: Reuters (Reporting by Sameer Manekar in Bengaluru; Additional reporting by Clare Jim in Hong Kong; Editing by Jacqueline Wong)port-and-ship
16 April 2025Hellenic Shipping News
China'S Steel Exports Seen Strong In April, Face Downside Pressure Aheadin Freight News
16/04/2025
China’s steel exports surged again in March and are expected to remain high in April, as exporters rush to ship most of their already-signed export orders during March and April, amid rising trade barriers.
China is also cracking down on tax evasion around certain steel trade activities, which could impact exports, China-based trading sources said.
A notable decline in steel exports is expected in May and beyond, they added.
In March, China exported 10.456 million mt of finished steel, up 5.7% on the year, hitting the fourth-highest level in history, China Customs data showed April 14.
Daily steel exports averaged 337,290 mt in March, up 17.3% from the average in January-February.
Over January-March, China’s finished steel exports increased 6.3%, or 1.629 million mt, on the year to 27.429 million mt.
“The strong steel exports in March are within expectation, as domestic steel demand remained sluggish, and overseas order bookings received in January-February [mainly for March shipments] were strong,” said a mill source.
“The strong steel exports in March were not just a result of weak domestic market, but also as people were in a rush to ship Chinese steel out before further escalation of trade barriers and tensions,” said the source.
From January to April 14, Vietnam, South Korea, Colombia, the EU, Malaysia and India imposed import duties on certain Chinese steel products(opens in a new tab). These duties affect about 7.8 million mt/year of steel imports into these countries from China, according to market sources and data from S&P Global Market Intelligence’s Global Trade Analytics Suite.
In addition, 20 more trade cases, mainly antidumping, from 16 countries and regions against Chinese steel are currently under investigation. If all cases lead to the imposition of import duties, about 9.85 million mt/year of China’s steel exports will be affected, according to the GTAS data.
With countries strengthening their antidumping laws in response to the ongoing tariff spat(opens in a new tab), traders believe there could be more trade cases filed against Chinese steel in the rest of 2025.
In addition to the adverse impact of trade cases on China’s steel exports, the US country-specific reciprocal tariffs, although being paused for 90 days, could also dent China’s steel exports.
Vietnam, South Korea, Indonesia and Thailand were the top four destinations of China’s steel exports in 2024, accounting for about 28% of China’s total steel exports. The US has so far paused 25%-46% reciprocal tariffs on these four countries for 90 days on April 9, but a resumption in these tariffs will impact their demand for Chinese steel.
Robust steel exports in April
According to market participants, China’s steel exports will remain strong in April, as talk in the market indicates that China will strengthen efforts to crack down on tax-evading steel trades since May 1, and therefore some shipments in May and June will be brought forward into April.
“It remains to be seen how serious the crackdown efforts will be, but a decline in tax-evading steel trades since May is certain,” said a trading source.
Overall, market participants expected China’s steel exports to gradually decline from May, and the export market will become more challenging in the second half of 2025 amid highly uncertain global trade policies.
In March, China’s finished steel imports fell by 18.8% on the year to 501,000 mt, taking the total finished steel imports over January-March to 1.55 million mt, down 11.3% on the year, customs data showed.
As a result, China’s net finished steel exports in January-March increased by 7.6%, or 1.827 million mt, on the year, to 25.879 million mt.
Source: Plattsport-and-ship
16 April 2025Hellenic Shipping News
Japan’S Crude Imports In Structural Decline And Increasingly Dependent On Saudi Arabia, Uaein Freight News
16/04/2025
Japan’s crude imports have been on a decline from 2022 to 2024. This was due to a confluence of factors – falling domestic demand for transportation fuels due to an ageing and shrinking population, and the shift towards lower-carbon fuels. Utilizing Vortexa’s vast historical data, crude arrivals into Japan in 2024 were at the lower end of the 9-year seasonal range from 2016-2024, underscoring the long-term decline.
We expect continued downward pressure in Japan’s crude imports for the rest of this year. Preliminary flow data indicates that crude arrivals into Japan are lower y-o-y in April. There are no known permanent refinery closures in Japan in March-April this year, hence the lower crude imports in April are most likely due to the fall in domestic demand. The last planned closure was by Japan’s second-biggest oil refiner, Idemitsu Kosan, who permanently shut its 120 kbd Yamaguchi refinery in March 2024. The company plans to turn the site into a hub of carbon-free energy such as solar power and hydrogen by the 2030s.
Macroeconomic factors will lower Japan’s crude imports
Japan’s crude imports typically fall in the second quarter as refineries lower crude throughput. Apart from seasonal factors, Japan’s export-oriented economy is likely to face pressure from the slowdown in global trade. This is due to 10% base tariffs imposed by the United States on imports from Japan, and potential economic slowdown in China, a major trading partner for Japan. Demand for diesel will fall when industrial activities weaken and so will demand for marine gasoil and fuel oil should shipping activities weaken. This will pressure domestic refining margins and crude throughput. As such, crude arrivals into Japan are likely to see further downside for the rest of the year compared to 2024 figures.
Japan mainly imports crude from the Middle East as the refining system is configured to run sour crude. The country’s reliance on crude from Saudi Arabia and the United Arab Emirates (UAE) has increased over the years while overall crude arrivals fell. As shown from the chart below, declining imports of crude into Japan from 2022 were due to lower arrivals from Russia, Kuwait, Qatar and other countries. Meanwhile, imports of crude from Saudi Arabia and the UAE fell by a smaller extent during the same period, despite higher output cuts from these countries in H2 2023 and 2024 compared to other OPEC+ members.
This likely implies that Japanese refiners have a higher proportion of longer term contracts with Saudi Arabia and the UAE, compared to other suppliers. While this ensures stability of crude supplies for Japan – which is almost fully dependent on imports – this reduces diversification in the country’s import basket. Saudi Arabia and the UAE are part of the OPEC+ group that have planned to hike oil output in April and May this year. With Japan’s crude imports set to decline further in the months ahead, we may see an even higher percentage of arrivals from Saudi Arabia and the UAE.
Product net-imports are trending higher, exposing limited refining competitiveness
In clear difference to crude oil, net-imports of clean petroleum products (CPP) are generally trending higher over time, with March 2025 marking the second highest level on record. The reason for this development is limited competitiveness of Japan’s refining sector instead of strong domestic demand.
New regional refining capacity, together with growing product inflows into Asian markets from the Wider Arabian Sea (India West Coast and Middle East), make it difficult for Japanese refiners to export their own products into regional markets. Therefore, it is declining exports which is driving Japanese net-product imports higher. Given challenging refining margins, this trend is unlikely to reverse anytime soon, providing another reason for lacklustre crude imports in the coming months.
Source: Vortexaport-and-ship
16 April 2025Hellenic Shipping News
Us Import Prices Ease, But Tariffs Casting Shadow Over Inflationin World Economy News
16/04/2025
U.S. import prices unexpectedly fell in March, pulled down by decreasing costs for energy products, the latest indication that inflation was subsiding before President Donald Trump’s sweeping tariffs came into effect.
Import prices dipped 0.1% last month, the first decline since September, after a downwardly revised 0.2% gain in February, the Labor Department’s Bureau of Labor Statistics said on Tuesday. Economists polled by Reuters had forecast import prices, which exclude tariffs, would be unchanged following a previously reported 0.4% increase in February.
“There is likely to be a very painful and costly transition for the U.S. economy as Trump 2.0 tries to turn back the clock and go back to making things in America,” said Christopher Rupkey, chief economist at FWDBONDS. “Import prices are not adding much to inflation for now, but the future outlook remains very much in doubt and not in a good way.”
In the 12 months through March, import prices advanced 0.9% after increasing 1.6% the prior month. Data last week showed consumer and producer prices easing in March. The White House’s import duties campaign has triggered a damaging trade war with China and plunged financial markets into turmoil. Investors are fearful of high inflation and tepid growth or even a recession.
Minutes of the Federal Reserve’s March 18-19 meeting published last week showed policymakers were nearly unanimous that the economy faced risks of simultaneously higher inflation and slower growth, commonly referred to as stagflation.
The dollar rose against a basket of currencies after slumping in recent days on trade policy jitters. U.S. Treasury yields were higher.
CHEAPER FUELS
Financial markets expect the U.S. central bank to resume cutting interest rates in June after pausing in January, and reduce its policy rate by 100 basis points this year.
The Fed’s benchmark overnight interest rate is currently in the 4.25%-4.50% range.
Imported fuel prices declined 2.3% in March after increasing 1.6% in February. Oil prices have decreased on worries that escalating trade tensions would weigh on global economic growth and therefore hurt demand for fuels.
Food prices edged up 0.1% after being unchanged in the prior month. Excluding fuels and food, import prices gained 0.1% for a second straight month. In the 12 months through March, the so-called core import prices rose 1.1%.
Further increases are likely as the dollar has weakened considerably against the currencies of the United States’ main trade partners. The trade-weighted dollar is down by about 2.6% so far this year, with most of the depreciation in March and the first weeks of April as Trump doubled down on tariffs.
“The U.S. dollar is at its weakest point since last October, which will further increase the cost for producers, who purchase goods from abroad,” said Matthew Martin, a senior economist at Oxford Economics.
Prices for imported capital goods rebounded 0.3% after slipping 0.1% in February. Prices for imported automotive vehicles, parts and engines fell 0.1%. Imported consumer goods prices, excluding automotives dropped 0.2%.
Prices for Chinese imports fell 0.2% after dipping 0.1% in February. They decreased 0.9% year-on-year. But imports from Japan cost 0.5% more and prices increased 1.7% from a year ago. The cost of goods imported from the European Union was unchanged. Prices for Canadian imports tumbled 1.5% while goods from Mexico were 0.3% cheaper.
Source: Reutersport-and-ship
16 April 2025Hellenic Shipping News
Seasonal Us Crude Stock Builds Could Extend Despite Stronger Refinery Runs, Exportsin General Energy News
16/04/2025
Seasonal US crude oil inventory builds likely extended in the week ended April 11, analysts surveyed by Platts, a part of S&P Global Commodity Insights, said April 14, despite stronger refinery demand and exports.
US commercial crude stocks likely climbed by 3.5 million barrels to 445.8 million barrels, analysts said. The build would put inventories to the highest outright level since late June, but would leave them still 5.2% below the five-year average of data from the US Energy Information Administration.
The build comes despite expectations of stronger refinery demand. Total refinery utilization likely rose slightly for a second straight week, analysts said, climbing 0.3 percentage point to about 87% capacity. Meanwhile, total refinery net crude inputs likely averaged at around 15.65 million b/d, up 30,000 b/d from the week prior.
Stronger runs weighed on margins. Commodity Insights data showed that the WTI MEH cracking margin averaged $12.10/b in the week ended April 11, down from an average of $12.40/b so far in April.
US crude exports also climbed over the period, with outflows averaging 3.94 million b/d, according to data from Platts cFlow(opens in a new tab) ship and commodity tracking software from S&P Global Commodity Insights. At that level, exports would be up nearly 700,000 b/d from EIA-reported levels the week prior and at a three-week high.
Nationwide, gasoline stocks likely declined for a seventh straight week, analysts said, with inventories seen 2.3 million barrels lower at 233.7 million barrels. The draw would put stocks at the lowest outright level since the week ended Dec. 27 and put them 1.1% below their five-year average, opening the widest deficit since early January.
Distillate stocks likely declined 1.6 million barrels to 109.5 million barrels, analysts said, falling 11% below normal for this time of year and hitting the lowest outright level since mid-November 2023.
Source: Plattsport-and-ship
16 April 2025Port Calls
Portcalls April 16, 2025Our latest stories (April 16, 2025). Stories include:port-and-ship
16 April 2025