DryShips Inc., or DryShips or the Company, an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, yesterday announced its unaudited financial and operating results for the fourth quarter ended December 31, 2012. Fourth Quarter 2012 Financial Highlights
Navios Maritime Holdings Inc. ("Navios Holdings" or "the Company") (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the fourth quarter and year ended December 31, 2012. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Holdings stated, "I believe that Navios Holdings is poised to capture any upturn in the market. During the past few years, as
With the first couple of months of 2013 now "under our belt" it seems that ship owners around the world have laid out their investment planning, thus heading out to shipyards for their ordering business. As a result, there is a steady stream of new orders across all sector of the shipping markets. The reason for this is that, in Clarkson Hellas' words, "they realize that competitively priced opportunities and deliveries are potentially
Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels,
One of the worst hit segments of the crude tanker market appears to be the Suezmax one, which has been taking one blow after another in recent days. According to the latest weekly report from London-based shipbroker Gibson, "with the winter season traditionally being the strongest time of the year for earnings, it is a worrying tale that in the fourth quarter of 2012, TD5 earnings averaged a mere $13,500/day compared
Diana Containerships Inc. (DCIX), a global shipping company specializing in owning and operating containerships,
Hewlett Packard this week sealed a deal with Chinese shipping giant Cosco to move a key part of its regional
Drawing from recent history, a report from BIMCO on the container shipping segment recently noted that the freight rate lifts that have been experienced on the trans-Pacific and Far East to Europe trades in recent weeks may bring about rather decent average full-year rates. According to the report, "at the beginning of 2010 and again in 2012 rates went up from low levels to double up and quadruple up, bringing around
Capital Product Partners L.P. has reached a conditional agreement with Overseas Shipholding Group Inc.
After a prolongued period of diminishing numbers in terms of vessels flying the Hellenic Flag, the newly formed Ministry of Shipping, finally decided to take the steps necessary, in order to bring the Hellenic Shipping Registry into the 21st century and make it competitive, compared to its piers. In a special event, held yesterday onboard the ship Hellenic Liberty, a Liberty vessel now acting as a museum, the Minister
Tonnage oversupply and a lagging growth in world trade demand are expected to keep shipping in the "red", despite a series of measures adopted by most ship owners, in order to alleviate the current imbalance between supply and demand. According to the latest weekly report from shipbroker Intemodal, the overcapacity problem isn't a new one, as it was accurately predicted since the middle of 2008,
Mr. Paul Wogan, Chief Executive Officer, stated “We are pleased today to release our fourth quarter 2012 results, which reflect a continued solid performance and 100% utilization of our existing fleet. Following the dividend paid in the fourth quarter, we are today announcing the payment of a dividend of 11 cents per share, to be paid in the first quarter. At the beginning of February 2013, we announced an order
Aegean Marine Petroleum Network Inc. yesterday announced financial and operating results for the fourth
With most Asian Holidays now a thing of the past, it was only natural that activity in the newbuilding ordering market returned back to normal levels. According to the latest report from Clarkson Hellas, there further reports of business this week and the market continues to deliver a steady stream of enquiry and concluded business. The shipbroker said that "there remains a continued drive of investment into Dry, with speculators
NewLead Holdings Ltd. yesterday announced that the Company has signed an agreement to supply and deliver 1.48 million metric tons of steam coal to a third party buyer. The contract is expected to generate approximately $148.0 million in revenue over the period of the contract. NewLead also announced that the Company has entered into an agreement to extend previously announced mine acquisition agreements.
A healthy Chinese demand for crude oil, together with a looming change of supply patterns and sources for the satisfaction of this demand, are expected to have an effect on the tanker markets as well. According to the latest weekly report from Poten & Partners, Chinese oil majors have been on a substantial buying run over the past four years, peaking at $35bn worth of mergers and acquisitions activity
The international verification and engineering RINA Group will carry out Basic Engineering Design, Environmental
The increase of oil tanker transits through one of the world's major waterways, the Suez Canal, is a testament of the changing patterns in oil trade routes, with greater oil volumes moving from Europe to Asia-Pacific, although the Canal is currently only capturing part of this business. In its latest weekly report, shipbroker Gibson noted that the Suez Canal remains one of, if not the most important trade waterways in the world.
Following the ISO 9001/2008, the SAMI certification, Panama flag approval and Cypriot Flag pre-approval in the
The past few years has seen the emergence of modern-day "Leviathans", i.e. giant vessels which should bring high economies of scale to their owners. Leading global conglomerates have pioneered the investment in those types of vessels, ranging from Maersk Group until Brazil's mining group of Vale and its socalled Valemax dry bulk carriers. The results so far have shown the teething problems that day-to-day management