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Capital Product Partners L.P. Rating Decreased to Hold by Zacks Investment Research

Zacks Investment Research cut shares of Capital Product Partners L.P. (NASDAQ:CPLP) from a buy rating to a hold rating in a research note published on Monday. According to Zacks, “CAPITAL PRODUCT PARTNERS L.P. is an international shipping company and leader in the seaborne transportation of refined oil products and chemicals. Their fleet of product tankers is fully chartered under medium- to long-term time and bareboat charters. With their modern, state-of-the-art fleet and built-in growth through contracted acquisitions of additional vessels and the potential drop-down of optional vessels from the owner ...

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Kalmar delivers Gloria reachstackers and Complete Care maintenance contract to Messina Group

Kalmar, part of Cargotec, has delivered nine Kalmar Gloria reachstackers to the Italian ro-ro and container shipping line Messina Group. The order includes a Kalmar Complete Care maintenance contract, which brings several advantages, such as financial predictability, operational excellence and the option to upgrade equipment after a fixed period. It was booked in Cargotec’s 2016 third-quarter order intake, with delivery taking place in January 2017. Messina Group operates a fleet of eight specialised ro-ro container vessels with a total capacity of over 65,000 TEU. The company’s operations are concentrated at ...

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Seadrill Limited Cites Improvement in Market, But Says 2017 Will Not Be a Year of Improving Rates

Highlights Revenue of $667 million Operating income of $118 million EBITDA of $354 million 99% economic utilization Reported net income of $127 million and diluted net income per share of $0.26 Underlying net income, excluding non-recurring items and non-cash mark to market movements on derivatives, was $111 million and earnings per share was $0.24 Cash and cash equivalents of $1.4 billion Seadrill Limited order backlog of approximately $2.5 billion Commenting today, Per Wullf, CEO and President of Seadrill Management Ltd., said: “We continue to see an improvement in the level ...

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Odfjell SE signs long term charter agreements for two new advanced chemical tankers

Odfjell SE announced the signing of long term charter agreements for two chemical tankers with stainless steel cargo tanks, for construction in Japan. The agreement includes two vessels of 35,500 dw tonnes and 28 stainless steel cargo tanks. They are scheduled for delivery in Q4 2018 and Q1 2019 and the agreements run for a minimum of eight years. The vessels will be built in Shin-Kirushima dockyard in Japan. The agreement is in line with the new Odfjell strategy as launched in February, where the Company announced its targets for ...

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Clarksons Platou Upgrades Scorpio Tankers to Buy

Brokerage firm Clarksons Platou Upgrades its rating on Scorpio Tankers(STNG). The shares have been rated Buy. Previously, the analysts had a Neutral rating on the shares. The rating by the stock financial advisor at Clarksons Platou was issued on Feb 15, 2017 in a research report to their Investors and Clients. In a different note, On Feb 22, 2017, ABN Amro said it Upgrades its rating on Scorpio Tankers. The shares have been rated ‘Buy’ by the firm. On Feb 14, 2017, Morgan Stanley said it Upgrades its rating on ...

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Turkey seeking its place in the Maritime Silk Road

China’s “One Belt, One Road” (OBOR) is a grand plan of enhanced connectivity between countries of the Eurasian landmass, promising infrastructure development, increased trade, welfare creation through joint investments and people-to-people exchanges. Countries along the route are enthusiastic about the project, looking forward to benefit from the OBOR in the form of Chinese finance, physical investment and technology. Turkey is no exception in this sense, and in fact, Turks feel that as it is their country literally and geographically linking Asia with Europe, and the West with the East, they ...

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Skuld Announces 11% Growth In 2017 P&I Renewals

Skuld today announces a positive outcome from renewals, with an 11% increase in mutual P&I gross tonnage year-on-year from 2016 to 2017, net of de-selections and lost business. Following the renewals, which were completed on 20 February, Skuld’s mutual P&I tonnage now stands at 88.5 million gross tonnes (GT). In a very competitive market, Skuld continued to grow its global offshore business and also saw growth on blue water contracts in the Nordics, Europe and Asia through the attraction of new mutual business. Ståle Hansen, Skuld president and CEO, said: ...

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The Swedish Club Improves Offering to Charterers

The Swedish Club has launched a new addition to its portfolio, Rules for Charterers’ Insurance, which has been written to recognise the specific needs of charterers and to ensure that cover can be more easily tailor made to meet their individual requirements. Rules for Charterers’ Insurance is broken into easy to read topics, enabling brokers and charterers to see at a glance the rules that apply to an individual situation. Future rule amendments can be incorporated in a logical and transparent fashion and not only is it now easier for ...

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Asian Ports: Pitfalls Of China’s One Belt, One Road Initiative – Analysis

Troubled ports in Pakistan and Sri Lanka, envisioned as part of China’s string of pearls linking the Eurasian heartland to the Middle Kingdom, exemplify political pitfalls that threaten Beijing’s ambitious One Belt, One Road project. Political violence over the past decade has stopped Pakistan’s Gwadar port from emerging as a major trans-shipment hub in Chinese trade and energy supplies while turmoil in Sri Lanka threatens to dissuade Chinese investors from sinking billions into the country’s struggling Hambantota port and planned economic hub. The problems of the two ports serve as ...

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India’s Chabahar port plan runs into Iran loan application hurdle

Eight months after the loan agreement was signed, Exim Bank is still awaiting the completion of an application from the Port and Maritime Organization of Iran with instructions to disburse the funds Subscribe to our newsletter. New Delhi: India’s ambitious plan to develop Chabahar port in Iran has hit yet another snag—over what is being seen as an inordinate delay on the part of Iran to seek a $150 million loan from India. Eight months have passed since the loan agreement was signed for the port’s development, but the Export-Import ...

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Baltic Dry Index falls to 859, down 19 points

Today, Tuesday, February 28 2017, the Baltic Dry Index decreased by 19 points, reaching 859 points.

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Tanker Owner Frontline Reiterates View That Freight Rates Will Face Headwinds During 2017

Frontline Ltd., today reported unaudited results for the three months and year ended December 31, 2016: Highlights Achieved net income attributable to the Company of $18.3 million, or $0.12 per share, for the fourth quarter of 2016 and $117.0 million, or $0.75 per share, for the year ended December 31, 2016. Achieved net income attributable to the Company adjusted for certain non-cash items of $34.5 million, or $0.22 per share, for the fourth quarter of 2016 and $188.9 million, or $1.20 per share, for the year ended December 31, 2016. ...

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Golden Ocean Looks to Dry Bulk Market’s Second Quarter Recovery In Order to Lower Debt

Golden Ocean Group Limited, a leading dry bulk shipping company, today announced its results for the quarter ended December 31, 2016. Highlights Reports net income of $6.5 million and earnings per share of $0.06 for the fourth quarter of 2016, an improvement of $33.2 million compared with a net loss of $26.7 million and a loss per share of $0.25 for the third quarter of 2016. Adjusted EBITDA in the fourth quarter was $24.2 million compared with $8.6 million in the third quarter of 2016. Reports net loss of $127.7 ...

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Dry Bulk FFA: Holidays Hurt Capesize Market

Capesize FFA Commentary: Capes came under pressure yesterday after another quiet day on physicals and holidays in Brazil, Greece and Taiwan. March and Q2 lost most value as traders felt the momentum on physicals had potentially faltered. However, at lower levels there remained decent buying interest as some felt today presented a good buying opportunity moving into the week. Panamax FFA Commentary: Quiet start to the week with rates slipping on the prompt albeit on thin volume. We appear to see buyers supporting the curve around here (March at 8800 ...

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Latin America’s most technologically-advanced container terminal now open for business

APM Terminals Lazaro Cardenas received its first official vessel call today with the arrival of the 9,600 TEU capacity Maersk Salalah on the AC2 Transpacific service from Asia. “Today is a milestone as we add an additional operational terminal to our portfolio. A priority for us is to transition terminals under implementation into operation, and make them as efficient as possible to support our customers.” said Morten H. Engelstoft, CEO of APM Terminals. “We have a significant portfolio across Latin America, and this will be our second terminal in Mexico ...

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