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Shipbroker Expects Clean Tanker Market to Weaken Moving Forward

Shipbroker Intermodal is expecting weakness in the product tanker market moving forward. In its latest weekly report, Intermodal said that “as we are approaching the summer season, the Clean Product market appears poised to become more challenging, either on East or West of Suez”. The shipbroker’s Tanker Chartering Broker, Mr. George Vastardis noted that “looking towards the East of Suez and in particular the Middle Eastern Clean MRs over the previous week, we notice that quite healthy activity has pushed rates slightly up. This led to short hauls cross MEG ...

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Navios Maritime Holdings : Earnings under pressure, but headwinds ease; maintain Neutral

Logistics operations drag overall earnings: Navios Maritime Holdings’ (NM’s) revenue declined ~6% y/y to USD 95.3m as lower contribution from its logistics business counteracted the improvement in its dry bulk operations. Revenues from the company’s dry bulk segment increased 11% y/y to USD 51.5m in 1Q17, driven by better daily vessel earnings, which were up 12% y/y to USD 7,857, as well as by higher fleet utilisation of 99.8% over 98.4% in 1Q16. However, poor performance of the logistics business dragged the overall earnings of the company. Revenue from this ...

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STEALTHGAS INC. Reports Record Revenues, Remains Optimistic on the Future

STEALTHGAS INC. (NASDAQ: 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 first quarter ended March 31, 2017. OPERATIONAL AND FINANCIAL HIGHLIGHTS Operational utilization of 97.3% in Q1 2017 (91.1% in Q1 2016), best performance since the beginning of 2014. Commercial off hire days reduced in Q1 2017 by 55.6% compared to the previous quarter. About 70% of fleet days secured on period charters for the remainder of 2017, with a total ...

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Piraeus bunker market braced for tightening barges

The bunker market at the Greek port of Piraeus is experiencing limited availability of barges and the shortfall will grow more marked over the weekend, sources said Thursday. “There will be some loading issues at the Hellenic refinery over the weekend, a low-sulfur fuel oil import cargo will take up one dock,” a supplier said. “It will be tight on barges until Monday,” a trader said. The busy barging schedule at the weekend will come after some delays loading at the refinery Wednesday night, sources said. The refinery was not ...

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Navios Maritime Partners L.P. Acquires Five 4,250 TEU Container Vessels from Rickmers Maritime Trust Pte for $59.0 Million

Navios Maritime Partners L.P. an international owner and operator of drybulk and container vessels, announced today that pursuant to the Master Agreement with Rickmers Maritime Trust Pte (“Rickmers Trust”), Navios Partners acquired five container vessels for $59.0 million. The five 4,250 TEU vessels are employed on charters with a net daily charter rate of $26,850. The charters expire in 2018 and early 2019 and the vessels are expected to generate approximately $45.0 million of EBITDA during the period of the charters, assuming expenses approximating current operating costs and 360 revenue ...

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Diana Containerships Inc. Announces Time Charter Contract for m/v Puelo with Mitsui O.S.K. Lines

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Mitsui O.S.K. Lines, Ltd., for one of its Post-Panamax container vessels, the m/v Puelo. The gross charter rate is US$14,600 per day, minus a 1.25% commission paid to third parties, for a period of about 50 days. The charter is expected to commence on June 13, 2017. The m/v Puelo is currently chartered, as previously announced, to MSC-Mediterranean Shipping Co. S.A., ...

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Diana Shipping Inc. Announces Time Charter Contracts for m/v Astarte with Glencore and m/v Erato with Phaethon

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 Glencore Agriculture B.V., Rotterdam, for one of its Kamsarmax dry bulk vessels, the m/v Astarte. The gross charter rate is US$9,000 per day, minus a 5% commission paid to third parties, for a period of minimum fourteen (14) months to maximum seventeen (17) months. The charter is expected to commence on June 12, 2017. The “Astarte” is a ...

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Dry Bulk Market Recovery Hinging of Slower Fleet Growth

When all has been said and done, the recovery of the dry bulk market is down to a number of factors, with the prevailing one being the significant reduction of the dry bulk fleet’s growth. Thankfully for ship owners, this seems to be evolving to a much more stable trend, at least according to dry bulk ship owner Jinhui Shipping. In a recent outline of the course of the dry bulk market, the company noted that “the first months of 2017 marked a more encouraging market for dry bulk shipping, ...

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Navios Maritime Holdings Says Fleet Size Means That Operating Costs are Far Lower Than Industry’s Average

Navios Maritime Holdings Inc., a global, vertically integrated seaborne shipping and logistics company, reported financial results for the first quarter ended March 31, 2017. Angeliki Frangou, Chairman and Chief Executive Officer, stated, “I am pleased with our results for the first quarter, in which we recorded revenue of $95.3 million, EBITDA of $17.5 million and net cash from operating activities of $28.6 million. We also ended the quarter with $138.2 million in cash, while having no committed growth capex or any significant debt maturities until 2019. In a recovering market, ...

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Dryships Inc. Announces Successful Delivery Of Its Newbuilding Suezmax Tanker And Commencement Of 5 Year Time Charter

DryShips Inc., a diversified owner of ocean going cargo vessels, announced today that on May 19, 2017, it has taken delivery of the previously announced 159,855 deadweight tons newbuilding Suezmax tanker. The vessel was chartered back to the seller and on May 24, 2017, commenced its five year time charter plus optional periods in charterer’s option, at a base rate plus profit share. The total expected gross backlog under the time charter, assuming an average spot market for Suezmaxes for the next 5 years of $25,000 per day is estimated ...

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Why DryShips Inc. Stock Growth Is No Sure Thing

When DryShips (NASDAQ:DRYS) reported its first-quarter results earlier this month, the company tried to spin the results the best it could. On one hand, the results were atrocious because the company spent nearly $2 for every $1 in revenue it pulled in, leading it to record negative $7.4 million in adjusted EBITDA. However, the shipper did note that its recently rebuilt fleet has the capacity to deliver significant earnings growth over the next year. That said, there’s a big “if” attached to those projections given that the bulk of its ...

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Newbuilding Prices Rising Trend Continues as Buying Interest Intensifies

The slumping days of the newbuilding ordering market seem to be over. Prices have been on the climb over the past few weeks, a trend which has continued unabated during the course of the past week as well. In its latest weekly report, shipbroker Allied Shipbroking noted that the fact that prices are moving upwards has also led to disruptions on buying interest as well, as many are waiting to see what best deals are on offer still. According to Allied, “one of the major factors that has influenced the ...

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Aegean Marine Petroleum Network Inc. Says Increased Competition Hurt First Quarter Earnings

Aegean Marine Petroleum Network Inc. announced financial and operating results for the first quarter ended March 31, 2017. First Quarter Financial Highlights Recorded sales volumes of 4,450,263 metric tons. Achieved gross profit of $80.3 million. Generated operating income of $13.9 million. Recorded net income attributable to Aegean shareholders of $1.4 million or $0.03 basic and diluted earnings per share. Generated EBITDA of $21.9 million. First Quarter Operational Highlights E. Nikolas Tavlarios, Aegean’s President, commented, “Our results in the quarter were impacted by increased competition across operations and continued challenging market ...

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Diana Shipping Inc. First Quarter Losses Down

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $26.5 million and net loss attributed to common stockholders of $27.9 million for the first quarter of 2017, compared to a net loss of $31.4 million and net loss attributed to common stockholders of $32.8 million reported in the first quarter of 2016. Time charter revenues were $31.3 million for the first quarter of 2017, compared to $30.8 million for the same period of 2016. The increase in time ...

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DNV GL COMPIT Award 2017 for smart underwater robotics

Marco Bibuli was announced as the winner of the DNV GL COMPIT Award 2017, which took place in Cardiff this year. The Italian maritime robotics expert, working at the Italian research centre CNR-ISSIA in Genoa, was honoured for his work on team-capable, smart robots. “The jury singled out Marco Bibuli, because his work brought advanced techniques of Artificial Intelligence to practical applications, representing innovative engineering at its finest. In Bibuli’s applications, the robots are not replacing the human, but act as caddies, supporting a diver in his work, for enhanced ...

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