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Tanker Market: New oil production shifts could change ton-mile demand, but the Middle East will remain “king” for the VLCC market

The tanker market is about to face new trade flow changes, as soon as new oil producing projects enter the market, however, it seems that, at least in the medium term, the Middle East will still remain the main source of VLCC cargoes. In its latest weekly report, shipbroker Gibson said that “the global oil markets have been digesting the impact of the OPEC led production cuts, which were hoped, would push up prices whilst absorbing some of the excess global supply. Whilst the concern right now is too much ...

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Greece gets 3 bids in privatization of key port

Greece has received three binding bids for a majority stake in its second-largest port in Thessaloniki, the state privatizations agency said on Saturday, as the country tries to privatize parts of its infrastructure to meet bailout terms. The offers came from Philippines-based International Container Terminal Services (ICTS); Dubai-based Peninsular and Oriental Stream Navigation Company (DP World); and a consortium comprising German private-equity firm Deutsche Invest Equity Partners, Terminal Link (a subsidiary of CMA CGM) and Russian-Greek investor Ivan Savvidis’s group. Greece had given investors until March 24 to submit binding ...

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GasLog Partners LP Announces Acquisition Of GasLog Greece From GasLog Ltd. For $219 Million

GasLog Partners LP and GasLog Ltd. announced that they have entered into an agreement for the Partnership to purchase from GasLog 100% of the shares in the entity that owns and charters GasLog Greece (the “Acquisition”). The aggregate purchase price for the Acquisition will be $219 million, which includes $1 million for positive net working capital balances to be transferred with the vessel. GasLog Partners expects to finance the acquisition with cash on hand, including proceeds from its recent equity offering, and the assumption of $151 million of GasLog Greece’s ...

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Hellas: Strategis – Maritime ICT Cluster Announces Its Official Establishment at the Laskaridis Foundation

Industry 4.0 is the fourth industrial revolution, the confluence of cyber physical systems that are reshaping the industrial sector. Digital transformation offers tremendous potential benefits to the Maritime industry. Digital solutions allow the shipping sector to accelerate innovation, improve processes, create value, and sustainability in the digital era. In several discussions with industry visionaries and leaders, notably, Mr. Georgios Marinakis, Managing Director of SetelHellas, and Mr. Petros Kokkalis councilor for local economic growth and entrepreneurship at Piraeus Municipality, we identified early on the need for better coordination amongst the leading ...

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Clarification on Insurance Premium Tax Cover in Greece

Members are referred to Notice to Members No.15 2015/2016 concerning Insurance Premium Tax (IPT) in Greece. The IPT regime in Greece was amended in July 2015 and the standard IPT rate increased from 10% to 15%. The new regime also appeared to remove all exemptions, leading to considerable uncertainty for P&I Clubs and their Members. In order to clarify the situation, the new Independent Government Income Authority have recently issued a Circular (POL. 1028/22.2.2017) which confirms that P&I covers remain exempt from IPT. With regard to FD&D cover, the Managers ...

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Dry Bulk Market Fundamentals Point Towards A Viable Recovery

The dry bulk market has dug itself out of the hole it’s been for a large part of the past few years. In fact 2017 has started better than most ship owners would have hoped, as over the past couple of months we have seen the emergence of renewed optimism. “Renewed optimism” is but a light way of putting it, as many in the shipping industry will point out. In its latest weekly report, shipbroker Allied Shipbroking noted that “freight rates in the dry bulk market have consistently held above ...

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Capital Ship Management becomes the first LRQA client worldwide to have MRV Monitoring Plan assessed

Capital Ship Management Corp. completed the first accredited assessment of their MRV monitoring plan for the vessel M/T ‘Alkiviadis’ on March 7 2017. The assessment was performed by the world’s leading provider of professional assurance services, LRQA, which is a member of the Lloyd’s Register group (LR). The assessment was conducted in accordance with Regulation (EU) 2015/757 (monitoring, reporting and verification of Carbon Dioxide (CO2) from shipping activities), also known as MRV Regulation. The MRV Regulation came into force on 1st July 2015 and is a significant feature of the ...

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Navios Maritime Midstream Partners LP Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Navios Maritime Midstream Partners LP (NYSE:NAP) from a sell rating to a hold rating in a research report sent to investors. According to Zacks, “Navios Maritime Midstream Partners LP engages in owning, operating and acquiring crude oil tankers, refined petroleum product tankers, chemical tankers and liquefied petroleum gas tankers under long-term employment contracts. The Company charters its contracts to international oil companies, refiners and large vessel operators. It owns a fleet of four very large crude carriers (VLCCs) providing global marine transportation services. Navios ...

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Dry Bulk: Higher scrap prices could tempt more ship owners to scrap their older vessels

With ship demolition rates picking up considerably over the course of the past few months, this could be a prime time for many ship owners to finally scrap their older bulkers, especially if surveys are on the way for them. Already, Capesizes offered for scrap have diminished to just 13 so far in the year, versus 40 last year, as per data from GMS, the world’s biggest cash buyer of ships. In its latest report, the company noted that “continued (increasing) positivity in prices reflected an increasingly bullish international ship ...

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DNV GL: Hellas is the Group’s 3rd Home Market

The Annual Greek Technical Committee of DNV GL attended by its members, gathered in the Athenaeum InterContinental Hotel, in Athens. Chairman’s opening address The acting Chairman, Sokratis Dimakopoulos, made an introduction describing the current regulatory environment with new and significant requirements coming into effect, like BWM, MRV, sulphur cap, TMSA 3, etc. which in connection with the poor market situation, results in a very demanding and challenging operating environment. He further pointed out that the Committee meetings assist the members in being better informed, sharing experience and knowledge, providing feedback ...

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Diana Containerships Inc. Announces up to US$150 Million Securities Offering

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, announced today that the Company has entered into a Securities Purchase Agreement with Kalani Investments Limited, an entity organized in the British Virgin Islands (“Kalani”) that is not affiliated with the Company, for the sale of 3,000 newly-designated Series B-1 Convertible Preferred Shares, preferred warrants to purchase 6,500 Series B-1 Convertible Preferred Shares and preferred warrants to purchase 140,500 newly-designated Series B-2 Convertible Preferred Shares. The B-1 Convertible Preferred Shares, the Series B-1 Preferred Warrants (and the ...

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Capital Ship Management Corp. is Awarded the “Best Vessel Operator – Europe” Sea Transport Award 2017

Capital Ship Management Corp. was awarded the “Best Vessel Operator – Europe ” Sea Transport Award 2017 by UK publication “Transport News” and AI Global Media Ltd. Mr. Evangelos Marinakis, Chairman of Capital Maritime & Trading Corp. commented: “We are honored to receive this award which testifies to the safe, environmentally responsible and commercially successful transportation of our clients’ cargoes around the world.” Capital Ship Management Corp. (a subsidiary of Capital Maritime & Trading Corp.) is a distinguished oceangoing vessel operator, offering comprehensive services in every aspect of ship management, ...

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Dry Bulk Ships: Firm Interest in S&P Market Could Trigger More Newbuilding Orders in the Future

Although it’s still very early days, shipbrokers are starting to see potential signs towards more newbuilding activity, which could be triggered as a result of the strong demand for dry bulk carriers in the second hand market. In its latest weekly report, Allied Shipbroking noted that “there continues to be rumors of the market starting to see some sparks of interest and in turn activity. It is still too early to tell to what degree this is actually a revival of demand in the market or just a small temporary ...

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Navios Maritime Holdings Inc. Announces Preferred Stock Exchange Offer

Navios Maritime Holdings Inc. announced that it commenced an offer to exchange newly issued shares of Common Stock of Navios Holdings (“Common Stock”), for any and all outstanding American Depositary Shares, each representing 1/100th of a share of either 8.75% Series G Cumulative Redeemable Perpetual Preferred Stock (the “Series G ADSs”), or 8.625% Series H Cumulative Redeemable Perpetual Preferred Stock (the “Series H ADSs”). Offer to Purchase The Company is offering to exchange, upon the terms and subject to the conditions of the Exchange Offer, newly issued shares of Common ...

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Navios Maritime Partners L.P. Announces Closing of $100 Million Offering

Navios Maritime Partners L.P., an international owner and operator of container and dry bulk vessels, announced today that it has closed the previously announced offering of 47,795,000 common units at $2.10 per common unit, raising approximately $100 million of gross proceeds. Navios Partners will use the net proceeds of the offering for general working capital purposes, including vessel acquisitions. Navios Partners’ common units trade on the New York Stock Exchange under the symbol “NMM.” Following the closing, Navios Partners will have 147,436,276 common units and 3,008,908 general partner units outstanding. ...

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