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Tankers: Looking for market resilience in a challenging environment

Tanker owners haven’t enjoyed a healthy ride of freight rate increases in the past few months, as the oil market has been experiencing turbulences. However, there are still “pockets” of resilience, which offer room for more optimism moving forward. In its latest report, shipbroker Allied Shipbroking said that “with crude oil prices for both Brent and WTI reaching recent highs it is clear that the recent disruptions caused to the market by the devastation brought about by Hurricane Harvey where not only short lived but there was enough resilience in ...

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Tsakos Energy Navigation Ltd (TNP) Given Buy Rating at Maxim Group

Maxim Group reaffirmed their buy rating on shares of Tsakos Energy Navigation Ltd (NYSE:TNP) in a research note published on Monday morning. The brokerage currently has a $6.00 target price on the shipping company’s stock. Other equities research analysts have also recently issued reports about the company. Cowen and Company dropped their target price on Tsakos Energy Navigation from $7.00 to $6.00 and set a buy rating on the stock in a research report on Friday. Jefferies Group LLC restated a buy rating and set a $6.00 target price on ...

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Q3 2017 Tsavliris Activities

Bulk Carrier “RAINBOW HARMONY” On 14 June 2017, the Bulk Carrier “RAINBOW HARMONY” (GT 22,456 – DWT 35,106) immobilised about 300 miles west of Luanda, Angola following generators failure. During the incident the vessel was on a passage from Panjang, Indonesia to Brake, Germany, laden with 32,000 tonnes of indonesian palm kernel expeller in bulk. On 18 June, Tsavliris Salvage were contracted to provide assistance and on 19 June the AHTS “UOS EXPLORER” was dispatched from Limbe, Cameroon, arriving at the casualty’s position on 22 June. The vessel was supplied ...

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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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