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Diana Shipping Inc. Announces Pricing of US$70 Million Public Offering of Common Shares

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that it has priced its previously announced underwritten public offering of 17,500,000 common shares, par value US$0.01 per share, at a price of US$4.00 per share. The Company has granted the underwriters an over-allotment option for a period of 30 days from the closing of this offering to purchase up to an additional 2,625,000 shares of common stock at the public offering price, less underwriting discounts. As part of the offering, entities affiliated ...

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Zacks Investment Research Upgrades Costamare Inc (CMRE) to “Hold”

Zacks Investment Research upgraded shares of Costamare Inc (NYSE:CMRE) from a sell rating to a hold rating in a report published on Wednesday morning. According to Zacks, “Costamare Inc. operates as a containership owner chartering its vessels to liner companies. The Company deploys its containership fleet principally under multi-year time charters with leading liner companies that operate regularly scheduled routes between large commercial ports. It also provides a range of shipping services, such as technical support and maintenance, insurance consulting, financial and accounting services. Costamare Inc. is headquartered in Athens, ...

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Venture capitalists have found another multi-trillion dollar market to upend: Shipping

Software may be eating the world, but some industries have been off the menu. Now, international shipping’s time has come. The UN estimates at least 90% of the world’s physical goods end up in a shipping container before arriving at their destinations. Until recently, shippers have conducted much of their business as they have for decades: using spreadsheets, emails, and phone calls. Those days are drawing to a close. Last year, venture investors backed more than 245 startups in shipping and supply-chain management, a record number worth at least $4 ...

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EU calls for renewed efforts to battle resurgent piracy off Somali coast

The resurgent piracy attacks off the vast Somali coastline is a result of the growing insecurity in the Horn of Africa region, which calls for renewed security partnership to defeat, a commander of an international naval task force against piracy told Xinhua. Commander Jacqui Sheriff, Spokesperson for the European Naval Force (EU NAVFOR) operating off the Somali coastline to deter piracy along the Indian Ocean coastline and in the Gulf of Aden, said pirates have felt the need to return to sea in the middle of heightened insecurity in recent ...

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Crew Health: Advice for safe travel

Since June 2016 the Club has issued regular guidance concerning the enhancement and protection of crew health on board a vessel and during periods of shore leave. Seafarers are travellers and are therefore exposed to the same health risks as all other travellers. The maritime industry has incorporated medicals, pre-employment health checks, vaccinations and international health regulations into its infrastructure. However, the onus is on the individual seafarer to ensure that they have taken the necessary precautions to prepare for their upcoming voyage. The precautions include: gathering information about the ...

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Who designed DSME bailout?

Questions have risen over the government’s stance on support for Daewoo Shipbuilding & Marine Engineering (DSME), as the Financial Services Commission (FSC) has started denying it designed the bailout plan. The cash-strapped shipbuilder is likely to escape its liquidity crisis, as corporate bondholders agreed this week to a debt rescheduling program in which they will get a debt-for-equity swap for half of their bonds and will roll over the repayment of the other half for three years. Under the bailout plan, the Korea Development Bank (KDB) and the Export-Import Bank ...

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Indian JSW starts steel deliveries in Rotterdam

In early April, the first shipment of steel from Jindal Steel Works was delivered directly in Rotterdam. A first, since so far, JSW only delivered via Antwerp. JSW Steel Ltd is India’s second-largest private steel company with a capacity of 18 million tonnes a year. “The steel, which is loaded in Mumbai, was always delivered to our southern neighbours, even if it was intended for Dutch clients,” said Remco Bol, sales manager of Broekman Breakbulk terminals. “Together with one of our clients, we were able to convince JSW of the ...

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Port Newark Container Terminal Handles Record Volumes Immediately Following Upgrade to Navis N4 Terminal System

Navis, a part of Cargotec Corporation and provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the shipping supply chain, today announced that Port Newark Container Terminal (PNCT) successfully handled a record number of container volumes without disruption to its customers following its January 2017 upgrade to the N4 terminal system. The move to N4 is part of PNCT’s $500 million infrastructure modernization project that is expected to nearly double the terminal’s capacity by 2019. Located within the Port of New ...

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ICTSI mulls bids for new projects, eyes Africa

Listed port operator International Container Terminal Services, Inc., (ICTSI) is looking to bid for new projects this year to sustain its growth momentum, as global trade faces headwinds arising from the Trump administration’s protectionist policies. ICTSI President and Chairman Enrique K. Razon, Jr. on Thursday said the firm is considering opportunities in Africa, and is also one of three bidders for a majority stake in Greece’s Thessaloniki Port. “We’re in the midst of a bid right now, [in] Greece, it’s not yet done. We’re already at the second round. [Maybe ...

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Container port activity around the Straits of Gibraltar (1985-2016)

The Straits of Gibraltar is one of the most strategic points on East-West maritime trade lanes. Ports in the wider region around the Straits have good reasons to convince shipping lines of making a call at their container terminal facilities for transhipment and interlining purposes. The container volumes in the region grew from 660,000 TEU in 1985 to 14.01 million TEU in 2016. Algericas at the southern tip of the Iberian Peninsula was the first to reap the benefits of the unique geographical location, partly as a result of the ...

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‘Pakistan, China sign 40-year deal for Gwadar Port operations’

Pakistan has signed a 40-year agreement with China for the Gwadar Port operations, minister for ports and shipping Mir Hasil Khan Bizenjo informed the Senate. To a question during Question-Hour session, the minister said under the agreement, China would carry out all the development work on the port. As per the concession agreement, China Overseas Port Holding Company (COPHC) has 91 percent share of revenue collection from the gross revenue of the terminal and marine operations and 85percent share from gross revenue of free zone operation, he added. The provinces ...

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Korea Gas Corp launches tender for June, July LNG cargoes-trade

Korea Gas Corp has launched a tender seeking to buy liquefied natural gas (LNG) cargoes for delivery in June and July, trade sources said. The scope of the company’s demand is unclear as each supplier has a limit on the number of cargoes it is allowed to offer, but the firm has not spelled out an upper limit for deliveries, trade sources said. Source: Reuters (Reporting by Oleg Vukmanovic; Editing by Adrian Croft)

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China imports half of Vietnam’s crude oil in first quarter

China imported up to half of Vietnam’s exported crude oil in the first quarter of this year, according to the Vietnam General Customs Department. The department said that between January and March, Vietnam exported over 1.5 million tonnes of crude oil, earning USD637 million, down 16% in the volume but up 27% in the value. Vietnam exported over 1.5 million tonnes of crude oil in the first quarter of this year. Of the figure, China imported 704,000 tonnes at USD293 million or at VND9.4 million (USD416) per tonne on average. ...

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Robust steel output in China shifts from being good to bad

In the first two months of the year, China’s steel and iron ore prices were surging because output was growing strongly, but now they are falling for exactly the same reason. Perhaps it’s just proof that eventually you can have too much of a good thing, or more likely, another example of how investors try to shape the market narrative to suit what they want to happen. In this case, increasing steel output at the start of 2017 was viewed as proof of the strength of the Chinese economy and ...

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Brazil’s Vale Iron Ore Production Up 11% in Quarter

Brazilian mining giant Vale SA said Thursday its output of iron ore hit a record for the first quarter as its massive S11D mine in the Amazon continued to ramp up. Vale, the world’s largest producer of iron ore and nickel, said its production of the former rose 11% in the January-March period from a year earlier to 86.2 million metric tons. The company’s nickel output fell 2.9% year-on-year to 71,400 metric tons due to maintenance stoppages. Problems at Vale’s smelter in Thompson, Canada, such a “hot metal leak” that ...

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