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LNG Fuels Could Be the Way Forward For the Shipping Industry

LNG fuels have been on the forefront of alternatives for the shipping industry for quite some time now, but the latest developments with the IMO decision to limit sulphur content of marine fuels by 2020 are putting things into “fast forward” mode. In its latest weekly report, shipbroker Intermodal noted that “from January 2020, global sulphur content of marine fuels will be condensed from the current maximum of 3.5% to just 0.5%. This decision is designed to radically reduce emissions produced by vessels using marine diesel and fuel oil and ...

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Navios Maritime Holdings Inc. (NM) Rating Increased to Buy at Zacks Investment Research

Navios Maritime Holdings logoNavios Maritime Holdings Inc. (NYSE:NM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm presently has a $2.25 price objective on the stock. Zacks Investment Research’s target price would indicate a potential upside of 20.32% from the company’s previous close. According to Zacks, “Navios Maritime Holdings Inc. is a seaborne shipping and logistics company engaged in the transport and transshipment of drybulk commodities including iron ore, coal and grain. It operates in three segments: ...

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Star Bulk Carriers Corp. Receives Average Rating of “Hold” from Brokerages

Shares of Star Bulk Carriers Corp. have received a consensus rating of “Hold” from the nine analysts that are presently covering the company. Two equities research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and five have given a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $7.30. A number of equities analysts recently commented on the stock. Maxim Group raised shares of Star Bulk Carriers Corp. from a ...

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LNG Shipping Prospects Brighten Up, But Only for Long-Term Charters

New LNG projects coming online are bound to improve the fortunes of LNG shipping carriers. In a recent market outlook, shipowner GasLog said that “with a growing number of new demand centers, the demand outlook for LNG carriers with long-term charters remains positive. We continue to see tenders for multi-year charters for vessels, which we expect will be used to transport volumes from new liquefaction facilities coming online over the coming years. We believe that these new LNG volumes will create demand for additional ships over and above those available ...

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Safe Bulkers, Inc. Limits Loss and Increases Revenues as Dry Bulk Market Rebounds

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced its unaudited financial results for the three and twelve month period ended December 31, 2016. Summary of Fourth Quarter 2016 Results Net revenues for the fourth quarter of 2016 increased by 6% to $31.7 million from $29.9 million during the same period in 2015. Net loss for the fourth quarter of 2016 was $4.6 million as compared to $29.9 million, during the same period in 2015. Adjusted net loss1 for the fourth quarter of 2016 was $4.1 million ...

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STEALTHGAS INC. Ends Challenging 2016 on a Higher Note as LPG Freight Market Was Weaker, Sees Improvement Moving Forward

STEALTHGAS INC. (GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2016. OPERATIONAL AND FINANCIAL HIGHLIGHTS Vessel calendar days up 9.4% year on year with operational utilization of 91.1% for 2016. Operational utilization of 94.2% in Q4 2016 (91.0% in Q4 2015). Commercial off hire days reduced in Q4 2016 by 54.7% compared to previous quarter. 73% of fleet days secured on period charters ...

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Tsakos Energy Navigation Ltd (TNP) Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Tsakos Energy Navigation Ltd. from a hold rating to a sell rating in a research report report published. According to Zacks, “Tsakos Energy Navigation is a leading provider of international seaborne crude oil and petroleum product transportation services. It was incorporated in 1993 as an exempted company under the laws of Bermuda under the name Maritime Investment Fund Limited. In 1996, Maritime Investment Fund Limited was renamed MIF Limited. Their common shares were listed in 1993 on the Oslo Stock Exchange and the Bermuda ...

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Star Bulk Carriers Corp. To Take Advantage of Its Extremely Low Break-Even Levels During 2017

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced its unaudited financial and operating results for the fourth quarter and year ended December 31, 2016. Petros Pappas, Chief Executive Officer of Star Bulk, commented: “Star Bulk announced today its fourth quarter and year end 2016 financial results, reporting $50.9 million in Net TCE Revenues and $15.6 million in Adjusted EBITDA during the fourth quarter of 2016, implying a free cash flow of $6.1 million from our operating fleet. The cash flow – ...

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Demand is picking up in the dry bulk market

Pacific Ocean dry bulk trades are starting to push the freight market to new heights recently, offsetting part of the limited activity in the Atlantic market. According to the latest weekly report from shipbroker Allied Shipbroking, “we have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple of days especially for iron ore. This has been in line with the restart of the main trade growth engines of the Far East which have started to ...

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Navios Maritime Holdings Inc. “In a Position to Capture Market Recovery” says Angeliki Frangou

Navios Maritime Holdings Inc., a global, vertically integrated seaborne shipping and logistics company, reported financial results for the fourth quarter and year ended December 31, 2016. Angeliki Frangou, Chairman and Chief Executive Officer, stated “Navios Holdings is positioned to capture any market recovery. In 2016, we reduced expected 2017 breakeven by $28.0 million through a number of actions, including purchasing, at a discount, (i) about $60.0 million in face value of our unsecured bonds and (ii) $61.1 million of par outstanding Series G and H ADSs. We also reduced the ...

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Navios Maritime Partners L.P. Announces the Acquisition of Certain Financial Assets for $27.0 million from Navios Maritime Holdings Inc.

Navios Maritime Partners L.P. announced that it has agreed to acquire from Navios Maritime Holdings Inc. (“Navios Holdings”) (NM) a 47.5% participation interest that Navios Holdings indirectly owns in certain loan facilities previously made to Navios Europe Inc. (the “Transaction”). The purchase price is $27.0 million, payable in the form of (1) $4.05 million in cash and (2) approximately 13.1 million common units of NMM. The loans being purchased have an aggregate balance of $21.4 million as of February 2017, earn interest at 12.7% annually and mature no later than ...

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SetelHellas and Endress + Hauser participate at the ESW Conference 2017

SetelHellas and Endress + Hauser will jointly participate at the European Shipping Week Conference that will take place on Wednesday 1 March 2017, at the Steigenberger Wiltcher’s hotel in Brussels. The aim of the Conference is the discussion of the key challenges that European and Global shipping currently face. Major stakeholders of the shipping industry will come together so as to promote the influence of the current digital era in shipping business and the importance of the mutual consistency between Global shipping and EU legislators. During the Conference, SetelHellas and ...

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SKF destroys 15 tons of fake bearings

Counterfeit bearings with a market value of approximately EUR 1 000 000 were destroyed in Greece, following the successful completion of legal proceedings commenced in 2009. Gothenburg, Sweden, 1 February, 2017: SKF has recently completed legal proceedings against a dealer of counterfeit bearings in Greece. Initiated in 2009, a total of 15 tons of counterfeit SKF bearings were seized as part of a raid at a dealer’s warehouse in the area of Piraeus, with whom SKF had no business relationship during these years. The bearings have now officially been declared ...

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As Future Prospects Brighten, Shipowners More Willing to Commit to Newbuildings

With the dry bulk market increasingly looking like it will “fulfill its destiny” of a solid rebound, registering its fifth straight increase yesterday, optimism is growing in the newbuilding market as well, with and more owners actively looking for bargain opportunities. In its latest weekly report, shipbroker Allied Shipbroking noted that “with sentiment having improved considerably over the past couple of months and with most owners looking more favorably at the possible prospects to be seen during the course of the next few years in both the Dry Bulk and ...

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Danaos Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2016

Danaos Corporation, one of the world’s largest independent owners of containerships, today reported unaudited results for the fourth quarter and the year ended December 31, 2016. Highlights for the Fourth Quarter and Year Ended December 31, 2016: Adjusted net income1 of $23.2 million, or $0.21 per share, for the three months ended December 31, 2016 compared to $47.2 million, or $0.43 per share, for the three months ended December 31, 2015, a decrease of 50.8%. Adjusted net income1 of $140.9 million, or $1.28 per share, for the year ended December ...

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