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Dry Bulk Market Looking in Good Shape Until the end of 2017

In its latest weekly report, shipbroker Allied Shipbroking said that “it has been a tough couple of weeks for the dry bulk market, with the brakes having been applied by charterers once more and rates rolling back slightly as the market went silent in terms of fresh interest. We seemed to be on the verge of a gradual downtrend that if it were so would continue through into the New Year. In the midst of this however, there still seems to be some positive momentum reserved in the background which ...

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WFW advises HSH Nordbank on a US$460m loan facility to Capital Product Partners

International law firm Watson Farley & Williams (“WFW”) advised a syndicate of seven international banks led by HSH Nordbank AG (“HSH”), in its capacity as agent and security trustee, in relation to a senior secured term loan facility of US$460m made available to Capital Product Partners L.P. (“CPLP”). The facility was arranged by HSH and ING Bank N.V., London Branch (“ING”), each acting as mandated lead arrangers and bookrunners. BNP Paribas (“BNP”) and National Bank of Greece S.A. (“NBG”), also acted as arrangers. The facility was used to partially refinance ...

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ShipServ appoints Business & Account Director for EMEA and opens Athens office

ShipServ, the world’s leading maritime e-procurement platform, is pleased to announce the appointment of Philip Uhrskov Nielsen as its Business & Account Director for EMEA (Europe, the Middle East, and Africa). Mr Nielsen will be responsible for building new relationships with shipowners and operators in primarily Greece, which dynamically continues to expand its share of the global fleet, as well as in Southern Europe. Philip has a wealth of experience working in a number of leadership positions across digital and technology markets. Prior to joining ShipServ, he worked for leading ...

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Capesize Market to Rally Until at Least the First Quarter of 2018 Says Shipbroker

Despite a looming iron ore imports’ curb from China, shipbrokers like Cotzias Intermodal Shipping appear to be optimistic about the medium-term prospects of the Capesize market. In its latest report, the shipbroker did mention that “China consumes more than two-thirds of the global seaborne iron ore market and at the same time produces as much steel as the rest of the world combined. Beijing’s war on smog has concentrated on the country’s steelmaking hubs near the capital where mandated cuts of as much as 50% came into actual effect last ...

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Stealthgas Inc. Says LPG Shipping Market Keeps Positive Momentum

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 third quarter ended September 30, 2017. OPERATIONAL AND FINANCIAL HIGHLIGHTS Operational utilization of 95.4% in Q3 17’ (88.1% in Q3 16’). Commercial off hire days reduced in Q3 17’ by 63% compared to Q3 16’. 89% of fleet days secured on period charters for the remainder of 2017, with a total of around $176 million in contracted revenues. Sale of ...

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DryShips’ Strong Quarterly Results Show The Company’s Earnings Potential

DryShips reported quarterly results after the market closed yesterday and the shares declined 7% in after-hours trading. I am never surprised by volatility in DRYS shares, but I was surprised by the direction, as DRYS results exceeded my estimates. I will certainly buy more shares if DRYS trades below $4 on Wednesday. As I mentioned in my prior Forbes column on DRYS, the company has been recreated in the past few months. After myriad stock splits and while still facing legacy issues from prior shareholder dilution, DryShips’ CEO George Economou ...

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Aegean Marine Petroleum Network Inc. (ANW) Downgraded by Zacks Investment Research to Sell

Aegean Marine Petroleum Network logoAegean Marine Petroleum Network Inc. (NYSE:ANW) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday, November 10th. According to Zacks, “AEGEAN MARINE PETROLEUM is a marine fuel logistics company that physically supplies and markets refined marine fuel and lubricants to ships in port and at sea. They intends to focus on growing its fleet of double hull bunkering tankers and expanding its service centers in strategic locations worldwide to further enhance the Companys extensive ...

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DryShips Inc. Reports Financial And Operating Results For The Third Quarter 2017

DryShips Inc., a diversified owner of ocean going cargo vessels, announced its unaudited financial and operating results for the quarter ended September 30, 2017. Updated Key Information as of November 20, 2017 – Cash and cash equivalents: approximately $25.9 million (or $0.25 per share) – Book value of vessels, including advances: approximately $786.5 million (or $7.54 per share) – Debt outstanding balance: approximately $185.5 million (or $1.78 per share) – Number of Shares Outstanding: 104,274,708 Recent Developments Credit Facility with Sierra Investments Inc. Following the closing of the previously announced, ...

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Ship owners Opting for More Second Hand Ships as Opposed to Newbuildings

The appeal of the flexibility which comes with the investment in a second hand vessels, seems to be too hard to resist for many ship owners, especially since freight rates for dry bulk carriers have rebounded to more sustainable levels. According to the latest weekly report from shipbroker Allied Shipbroking, “volatility and continuous ups and downs are becoming a permanent scene in the newbuilding market. This week’s activity came with a huge dose of disappointment for those who expected things to continue on a positive track after what we witnessed ...

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Navios Maritime Holdings Inc. Says Dry Bulk Time-Charter Equivalent Revenues up by 5.2% to $9,481 per day in the Third Quarter

Navios Maritime Holdings Inc., a global, vertically integrated seaborne shipping and logistics company, reported financial results for the third quarter and nine months ended September 30, 2017. Angeliki Frangou, Chairman and Chief Executive Officer, stated, “I am very pleased with our results for the third quarter of 2017, for which we reported revenues of $120.6 million and adjusted EBITDA of $31.2 million.” Angeliki Frangou continued: “On November 14, 2017, we successfully refinanced the 8.125% Senior Unsecured Notes that were maturing in 15 months, with $305.0 million of 11.25% Senior Secured ...

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Diana Shipping Inc. Reports Net Loss of $24.5 million

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, reported a net loss of $24.5 million and net loss attributed to common stockholders of $25.9 million for the third quarter of 2017, including an $8.4 million impairment loss on the m/v Melite which was sold for scrap in October 2017 after her grounding in July 2017 and the receipt from the insurers of the insured value. This compares to a net loss of $78.3 million and net loss attributed to common stockholders of $79.8 ...

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VLCC Fixture from the Middle East on the Decline

Activity in the VLCC Middle East market plunged further over the course of the past week. In its latest weekly report, shipbroker Charles R. Weber said that “rates in the VLCC market were largely range bound this week with an expected upward push prevented by the appearance of hidden positions, which altered the supply/demand balance for the Middle East market’s November program.  A pause by charterers between the Middle East market’s November and December programs also tempered the positive undertones that had prevailed at last week’s close and led to modest ...

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Citigroup Inc. Raises Diana Shipping Inc. (DSX) Price Target to $5.00

Diana Shipping Inc. (NYSE:DSX) had its target price raised by equities researchers at Citigroup Inc. from $2.50 to $5.00 in a research report issued to clients and investors on Tuesday, October 31st, The Fly reports. The firm currently has a “hold” rating on the shipping company’s stock. Citigroup Inc.’s price objective suggests a potential upside of 24.07% from the stock’s current price. The analysts noted that the move was a valuation call. Other research analysts have also issued research reports about the stock. Stifel Nicolaus reaffirmed a “hold” rating and ...

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Product Tankers: Far East Market Heating Up

The product tanker market is exhibiting mixed fortunes for ship owners, depending on which part of the world they elect to trade their ships. In its latest weekly report, shipbroker Gibson noted that ‘product tankers trading in the Far East are having a better second half of 2017 relative to the first half, and on average, have outperformed the Atlantic markets. Whilst earnings in the West have generally had a difficult second half (despite some firming this week), the Far East market has been the consistent performer, gradually firming into ...

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Stellar Acquisition III Inc. To Extend Period to Consummate Acquisition

Stellar Acquisition III Inc. announced that the Company’s sponsors (the “Sponsors”) have notified the Company of their intention to deposit into the Company’s trust account (the “Trust Account”), an aggregate of $402,536 (less interest earned on the funds in the Trust Account available for withdrawal), representing $0.058 per public share, by November 24, 2017, in order to extend the period of time the Company has to consummate a business combination by three months to February 24, 2018. The Company intends to announce by Monday, November 27, 2017 whether such funds ...

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