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Tanker Market: China’s Shifting Trade Patterns Could Impact Product Tanker Market

The looming increase of import taxes on oil by-products in China, combined with the gradual demise of the so-called “teapot” refineries, both as a result of new Chinese policies, could have a significant impact on the product tanker market in Asia moving forward, both in a negative and a positive way. In its latest weekly report, shipbroker Gibson noted that “according to data provided by Reuters, China’s crude oil imports and refinery processing in Q1 2017 have reached new highs and painted a particularly healthy picture. Overall, despite slowing economic ...

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Greece Gets Higher Bids for Majority Share of Port of Thessaloniki

Greece received higher bids from the three investors seeking to buy a majority stake in its second-largest port, its state privatizations agency said. 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. The initial bids by the three investors for a 67% stake in its port in Thessaloniki were submitted in late March. The board of ...

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VLCCs Enjoy Active Week Despite Holidays, but Product Tankers Fare Worse

Despite the Easter holidays in the west, the week has been very active for VLCC said Fearnleys in its latest weekly report. According to the shipbroker, “thinning tonnage lists basically all over and steady supply both Wafr and Meg for East has created a sharply upward momentum on rates. Earnings closing on $30k/day, which far better than many had feared at this stage. Therefore optimism among owners for now and question remains how sustainable the present trend will be”. According to the shipbroker, “pre-Easter we saw a surge in Suezmax ...

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Diana Shipping Inc. Announces Pricing of US$70 Million Public Offering of Common Shares

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that it has priced its previously announced underwritten public offering of 17,500,000 common shares, par value US$0.01 per share, at a price of US$4.00 per share. The Company has granted the underwriters an over-allotment option for a period of 30 days from the closing of this offering to purchase up to an additional 2,625,000 shares of common stock at the public offering price, less underwriting discounts. As part of the offering, entities affiliated ...

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Zacks Investment Research Upgrades Costamare Inc (CMRE) to “Hold”

Zacks Investment Research upgraded shares of Costamare Inc (NYSE:CMRE) from a sell rating to a hold rating in a report published on Wednesday morning. According to Zacks, “Costamare Inc. operates as a containership owner chartering its vessels to liner companies. The Company deploys its containership fleet principally under multi-year time charters with leading liner companies that operate regularly scheduled routes between large commercial ports. It also provides a range of shipping services, such as technical support and maintenance, insurance consulting, financial and accounting services. Costamare Inc. is headquartered in Athens, ...

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Navios Maritime Partners L.P. Agrees to Acquire 14-Vessel Container Fleet from Rickmers Maritime

Navios Maritime Partners L.P. an international owner and operator of drybulk and container vessels, announced today that it has agreed to acquire the entire container fleet (the “Fleet”) of Rickmers Maritime (the “Trust”) for about $113.0 million. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “We are pleased to announce the agreement for the acquisition of 14 container vessels from Rickmers Maritime. We anticipate acquiring five 4,250 TEU vessels on May 15, 2017. These vessels are employed on charters that have staggered expirations in 2018 and early ...

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Captain Fu ensures plain sailing for Piraeus Port

About 30 years ago, Fu Chengqiu was a veteran captain with Cosco, the Chinese shipping giant. Later, he was chosen to establish the multinational’s operations in Italy. Since 2010, Fu has managed two container terminals in Piraeus Port, Greece, where his company holds a 35-year management contract. Piraeus has been a huge success, and has shot up the rankings to become the world’s 38th-busiest container port, from 93rd in 2010. Moreover, it provides jobs for about 1,200 people at a time when many Greeks are struggling amid the nation’s debt ...

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Vernicos Tugs & Salvage Deployed to Rescue container ship MSC Mirella

The two largest tug boats of Greece were deployed by Vernicos Tugs & Salvage in order to tow the container ship MSC Mirella late yesterday evening back to safety. The MSC-owned vessel had lost propulsion power after engine failure occurred about seven nautical miles southwest off the island of Milos in Greece. The vessel was headed from Piraeus to Mersin, when an engine failure left it stranded near rocky shores. As a result, it was soon under monitoring from local authorities, including a rescue boat, while no fears of a ...

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Dry Bulk: Newbuilding Prices Inch Higher

A slight increase in demand, at least in terms of enquiries, has prompted shipbuilders to try to move newbuilding prices for dry bulk units to higher ground. In its latest weekly report, Allied Shipbroking noted that “despite the slight slow down in activity partly due to the Easter holidays, it seems as though the underlining trend in prices offered by shipbuilders is still on a gaining path. Quotes especially for dry bulk units are rumored to be on the increase, with many shipbuilders finding the opportunity that has been presented ...

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Capital Ship Management Corp. Receives a Certificate of Appreciation by the Australian Maritime Safety Authority

Capital Ship Management Corp. received a Certificate of Appreciation by the Australian Government and the Australian Maritime Safety Authority for the participation of in a Maritime Winching exercise of M/V ‘Attikos’, a 178,929 dwt Capesize bulk carrier. Mr. Toby Stone, General Manager, Response, Australian Maritime Emergency Response Commander, presented to the Master, Crew and Owners of the M/V ‘Attikos’ a Certificate of Appreciation “for your professionalism, assistance and hospitality in supporting AMSA’s Maritime Officer Winching exercise off Port Kembla on 3 March 2017”. Mr. Evangelos Marinakis, Chairman of Capital Maritime ...

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Diana Containerships Inc (DCIX) Stock Rating Lowered by Zacks Investment Research

Diana Containerships Inc. was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors. According to Zacks, “Diana Containerships Inc. is primarily focused on the worldwide transportation of container cargoes and owns and operates two 3,426 TEU containerships. It plans to engage in the seaborne transportation of finished consumer and industrial products. “ Diana Containerships opened at 0.585 on Monday. Diana Containerships has a one year low of $0.58 and a one year high of $26.17. The company’s 50-day moving ...

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StealthGas Inc. (GASS) Raised to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of StealthGas Inc. (NASDAQ:GASS) from a hold rating to a strong-buy rating in a report released on Monday morning. Zacks Investment Research currently has $4.50 target price on the shipping company’s stock. According to Zacks, “StealthGas Inc is a provider of international seaborne transportation services to LPG producers and users. The Company’s vessels carry various petroleum and petrochemical gas products in liquefied form, including propane, butane, butadiene, isopropane, propylene and vinyl chloride monomer, which are all byproducts of the production of oil and natural gas. ...

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Dry Bulk Market’s Rally Has Reached Its Peak For Now Says Shipbroker

The dry bulk market’s first quarter strong performance has verified all those analysts who were expecting a rebound of freight rates, on the back of increased demand and lower net fleet growth. However, according to shipbrokers, it seems that for the time being, this latest rally has completed its course and could find it difficult to discover additional support for another jump. In its latest weekly report, shipbroker Allied Shipbroking noted that “having gone through the first quarter of the year and with the Easter break having no come and ...

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StealthGas: Hyundai triple naming ceremony of Ammonia/VCM Carriers

On the 4th of april 2017 Stealthgas inc. named three prototype 22,000 cubic meters ammonia/VCM carriers at Hyundai Mipo yard in Korea. Hull 8184 was named ECO FROST by Mr Fedon Tomazos of Cass Technava Hull 8185 was named ECO ARCTIC by Mr Spyros Lagounaris Hull 8186 was named ECO ICE by Mrs Young Ae Byeon (the wife of the CEO of HMD SHIPYARD) The ships feature many innovative technologies that are first time implemented by HMD R&D dept. In addition some other features are ice class 1b and exhaust ...

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Minerva Marine Selects Ecochlor BWTS for up to 30 Vessels

Ecochlor, Inc. is pleased to announce that it has signed an agreement with Minerva Marine, Inc. (Minerva) for the potential supply of BWT Systems for up to 30 vessels under its management for installations in accordance to the IMO and USCG implementation plan. The Ecochlor technology was selected for retrofit in Minerva’s managed bulkers and tankers varying in size from MRs to VLCCs. Minerva continually strives to meet and exceed all environmental standards with the IMO and US Coast Guard. Their commitment to “operate in a professional manner that promotes ...

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