Lausanne-based international shipbroking company IFCHOR has opened a new office in Dubai under the name IFCHOR Middle East, aiming to conduct primarily dry business across the GCC region.

Euronav has sold a 13-year old VLCC for $45m for conversion to an FPSO.

Shipping unit of Indonesian port operator Pelindo II, Jasa Armada Indonesia, is expecting to raise about IDR924.3bn ($68.5m) in fresh funds after setting its initial public offering (IPO) price at between IDR325 to IDR530, local reports said.

Cash-strapped commodities and shipping group Noble is selling four kamsarmax bulkers for $95m.

Indonesian state-owned line Pelni will spend IDR500bn ($37m) on purchasing six secondhand feeder container vessels in support of President Joko Widodo's maritime highway scheme.

d'Amico International Shipping (DIS) has sold and 11-year old MR product tanker for $14.3m and chartered the vessel back for six years.

An upturn in the tanker market is not seen until the end of 2018 as oversupply and newbuilding orders dog the market.

The dry bulk market had a great run from the fall of the last year until March this year when the BDI reached 1,338 points on 29 March. While freight rates still have been hovering at just above break-even levels, the improvement of the market has been impressive in relative terms; freight rates have quadrupled in the last year, admittedly from abysmally low levels.

Odfjell is buying a secondhand chemical tanker for $25.5m.

Navios Maritime Partners has snapped up the fleet of 14 containerships owned by bankrupt Rickmers Maritime for $113m.

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