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The trade connundrum between China, USA and N. Korea

The shipping industry is bound to be affected by the rise in tensions in the Korean Peninsula. In a recent report, shipbroker Intermodal said that “the trade volume between North Korea and China is more than $5 billion per year. 83% of North Korea’s exports end up in China; similarly, about 85% of the nation’s imports come from China. The rest of the trade is with countries like India, Russia, Pakistan, Thailand and Mexico. Although Russia’s trade with North Korea is marginal, total volume being less than $100 million, it ...

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Danaos Shipping Joins Container Ship Safety Forum (CSSF)

Piraeus (Greece) based shipping company Danaos Shipping Co. Ltd. joined the Container Ship Safety Forum (CSSF) in July 2017 and Nav-Tech B.V., the newly formed in-house ship management entity of Samskip from Rotterdam (The Netherlands), has been welcomed in the forum as the latest member this month. All 18 member companies confirmed their attendance at the next CSSF members’ meeting which is scheduled to take place in Hong Kong on 6 and 7 November 2017. The meeting is also open for representatives from non-member ship management companies to participate as ...

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Greece oil spill: Crew of cleanup vessel arrested on fuel smuggling charges

Greek authorities say they have arrested the captain and chief mechanic of a ship that was taking part in a cleanup operation after an oil tanker sank and polluted Athens’ coastline. The Merchant Marine Ministry said Wednesday the two were arrested on fuel smuggling charges on Tuesday afternoon. Their tanker ship, the Lassaia, was carrying oil pumped into it from the wreck of the Agia Zoni II tanker, which sank on Sept. 10 while anchored near Greece’s main port of Piraeus. The tanker had a cargo of 2,200 tons of ...

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Maxim Group Reaffirms Buy Rating for Seanergy Maritime Holdings Corp (SHIP)

Maxim Group reissued their buy rating on shares of Seanergy Maritime Holdings Corp (NASDAQ:SHIP) in a report released on Thursday morning. The brokerage currently has a $2.00 price target on the shipping company’s stock. Shares of Seanergy Maritime Holdings Corp (NASDAQ:SHIP) opened at 1.18 on Thursday. The stock’s market capitalization is $40.46 million. Seanergy Maritime Holdings Corp has a 1-year low of $0.58 and a 1-year high of $8.65. The firm’s 50-day moving average is $0.96 and its 200-day moving average is $0.85. Seanergy Maritime Holdings Corp (NASDAQ:SHIP) last posted ...

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Newbuilding orders keep coming as buying appetite continues to be firm

Ship owners are still mostly bullish when it comes to committing future capital for newbuilding investments. In its latest weekly report, Allied Shipbroking said that “we are still seeing a fair amount of activity emerge on the dry bulk side, as buying appetite continues to be firm with most looking to tie up any still available TIER II slots before the window of opportunity is closed shut. In this regard it is already proving difficult with only a hand full of yards still able to offer TIER II designs. At ...

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Diana Shipping inc. Upgraded to Buy by Pareto Securities

Pareto Securities upgraded shares of Diana Shipping inc. (NYSE:DSX) from a hold rating to a buy rating in a report released on Friday, September 8th, The Fly reports. Several other equities research analysts also recently weighed in on the company. Jefferies Group LLC reaffirmed a hold rating and set a $4.50 price target on shares of Diana Shipping inc. in a report on Thursday, September 7th. ValuEngine downgraded Diana Shipping inc. from a hold rating to a sell rating in a report on Friday, September 1st. Zacks Investment Research downgraded ...

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VLCC Tanker Freight Rates Revised Upwards By Shipbroker Charles R. Weber

Tanker market specialist, shipbroker Charles R. Weber expectes tanker rates to gradually improve in the medium term and up until the end of the year. In its latest weekly report, the shipbroker said that “rates in the Caribbean VLCC market have experienced strong gains since early August on the back of a decline in USG arrivals and a strengthening outbound cargo demand, including a 42% rise in average weekly ex‐USG cargoes since Q1. The benchmark CBS‐SPORE route has risen by 48% to $4.00m lump sum, even as rates on all ...

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Diana Shipping Inc. Announces Time Charter Contract for m/v Maera

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Unico Logistics Co., Ltd., Seoul, for one of its Panamax dry bulk vessels, the m/v Maera. The gross charter rate is US$11,900 per day, minus a 5% commission paid to third parties, for a period of minimum nine (9) months to maximum eleven (11) months. The charter is expected to commence on September 19, 2017. The m/v Maera ...

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Aframax Tankers and VLCCs Benefiting from North Sea Oil Projects

Owners of VLCCs and Aframaxes are benefiting from the revitalising of North Sea oil projects. In its latest weekly report, shipbroker Gibson said that “OPEC led production cuts have, at times, increased the appeal of North Sea grades to Asian consumers. Simultaneously, signs are beginning to emerge that the sector has put the worst of 2014’s oil price crash behind it and is proving more resilient in a new lower price environment. Due to the regions ageing infrastructure, high costs and declining production, some analysts have cast doubts over the ...

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LNG Shipping: Trade Up by 13% During First Half of 2017

New LNG production coming online is bound to help alleviate the oversupply of tonnage in the LNG shipping market, however it still won’t be enough to cater for all the newbuildings expected to hit the water during the next few months and as such, some of them are bound to be delayed. In its outlook for the LNG shipping market, ship owner AWILCO LNG said that “after a weak first half of 2017, the market firmed both in terms of rates and activity during the summer months on the back ...

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TEN Ltd. Reports Six Months And Second Quarter 2017 Profits, Says 22 New Long-Term Charters Begun since The Start of the Year

TEN, Ltd. (TEN) today reported results (unaudited) for the six months and second quarter ended June 30, 2017. SIX MONTHS 2017 RESULTS TEN’s net income in the first six months of 2017 was $21.1 million or $0.13 per basic and diluted share after taking into account $10.5 million in preferred stock dividends. Operating income was $49.1 million. Earnings before interest, depreciation and amortization (EBITDA) totaled $115.4 million. The daily time charter equivalent rate per vessel was $20,038 and fleet utilization increased to 96.8% compared to $22,477 and 95.8% respectively in ...

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DNB Markets Downgrades Rating On GasLog Ltd. (GLOG)

On June 13 the stock rating was upgraded to “Overweight” from “Equal-weight” in an announcement from Morgan Stanley. In the market the company is trading unchanged from yesterday’s close of 16.25. The company also declared a dividend for shareholders which was paid on Thursday the 24th of August 2017. The dividend payment was $0.140 per share for the quarter which is $0.56 annualized. This dividend represents a yield of $3.33. The ex-dividend date was set for Thursday the 10th of August 2017. The stock is trading at $16.25 a bit ...

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Tanker Market Weakened in August

Dirty tanker market sentiment weakened in August, as average spot freight rates declined on most reported routes. On average, dirty tanker freight rates were down by 4% from the month before. Earnings for dirty tankers reached the lowest level seen since the beginning of the year. Among other factors, the drop in dirty spot freight rates was influenced by high vessel availability, as new deliveries were reportedly added to the fleet, putting pressure on the already oversupplied tonnage market. Average clean tanker spot freight rates also developed negatively in August ...

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Seanergy Maritime Holdings Corp. Reports 125% Increase of Net Revenues on Improved Market Conditions

Seanergy Maritime Holdings Corp. announced its financial results for the quarter and six months ended June 30, 2017. Highlights of 2Q 2017: Net Revenues: $18.4 million in 2Q 2017, up 125% compared to $8.2 million in 2Q 2016 and up 38% sequentially from 1Q 2017 Commencement of the Capesize M/V Lordship’s time charter agreement for 18-22 months period that could contribute more than $10 million of gross revenue Delivery of the Capesize M/V Partnership and commencement of its time charter agreement for 12-18 months period that could generate up to ...

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Athens: Oil from tanker’s sinking prompts beach warnings

Greek authorities have appealed to swimmers to stay away from some popular beaches on the coast of Athens after oil spilled from a sunken tanker started to reach the area. Small slicks were reported at beaches in the suburbs of Glyfada and Piraeus Wednesday. Glyfada Mayor Giorgos Papanikolaou says municipal workers have set up floating booms offshore and used chemicals to try to dissolve the oil. The small Agia Zoni II tanker sank Sunday while anchored off the coast of Salamina island, just off Greece’s main port of Piraeus. It ...

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