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Costamare Inc. Reports First Half Voyage Revenues of $205 million

Costamare Inc. reported unaudited financial results for the second quarter and six-months ended June 30, 2017. Voyage revenues adjusted on a cash basis of $102.2 million and $204.9 million for the three and six-months ended June 30, 2017, respectively. Adjusted Net Income available to common stockholders of $20.6 million or $0.21 per share and $41.3 million or $0.44 per share for the three and six-months ended June 30, 2017, respectively. New Business Developments A. Vessel deliveries On May 15, 2017 and May 18, 2017, we accepted delivery of the 2014-built ...

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Diana Containerships Inc. Reports Net Income of $36.5 million

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, reported net income of $36.5 million, and earnings per common share of $18.39 (basic) and $17.27 (diluted) for the second quarter of 2017, compared to a net loss of $8.0 million, and a loss per common share of $6.13 (basic and diluted) for the same period in 2016. Net income for the second quarter of 2017 included a gain from a debt write-off, arising from the settlement agreement with respect to the secured loan facility with The ...

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Gener8 Maritime Inc (NASDAQ:GNRT) Given Consensus Recommendation of “Hold” by Analysts

Gener8 Maritime Inc. has received an average recommendation of “Hold” from the seven brokerages that are presently covering the stock, MarketBeat reports. Four analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $8.00. A number of research analysts recently commented on the company. ValuEngine downgraded Gener8 Maritime from a “buy” rating to a “hold” rating in a report on Saturday, ...

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VLCC Market Under Pressure

Shipbrokers left and right are highlighting the VLCC tanker markets’ intense negative pressures. In its latest weekly report, shipbroker Charles R. Weber said that “rates in the VLCC market were under renewed negative pressure this week, paring last week’s modest gains and extending to a near two‐month low. Though demand in the Middle East was stronger, rising 85% w/w from last week’s YTD low to 24 fixtures – boosted by a surge in demand for AG‐China voyages to an eight‐month high – the pace of demand seemed slower as half ...

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Killini Port towards green sustainable future”

The ground-breaking pilot project establishing cold-ironing technology at Killini Port, was presented last Thursday (20/7/2017) at a special event, gathering together public officials, representatives from the local community and stakeholders from social and institutional sectors. The event, which was organised by the European co-funded project elemed and Killini Port Authority, opened the Secretary General of Hellenic Ministry of Shipping D. Kalamatianos and the Western Greece Vice Governor G. Georgiopoulos. The “why Killini” question for the establishment of the first pilot cold-ironing installation in Eastern Mediterranean, was the core of the ...

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DryShips: Court Denies Plaintiff’s Request For A Preliminary Injunction

DryShips Inc., a diversified owner of ocean going cargo vessels, today announced that the High Court of the Marshall Islands (the “Court”) has issued an order denying Plaintiff Michael Sammons’ motion for a preliminary injunction. The preliminary injunction motion had sought to suspend any further issuances of new common shares by the Company at a price per share below the price specified. The Court issued its ruling denying the Plaintiff’s request after hearing arguments by counsel for the Plaintiff, DryShips and Mr. Economou. The Court has ordered that defendants answer, ...

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DryShips Inc. Upgraded to “Sell” by Vetr Inc.

Vetr upgraded shares of DryShips Inc. (NASDAQ:DRYS) from a strong sell rating to a sell rating in a research report report. They currently have $16.24 price objective on the shipping company’s stock. Separately, ValuEngine cut DryShips from a hold rating to a sell rating in a report on Friday, June 23rd. The company had a trading volume of 36,085,586 shares. The stock’s market capitalization is $4.32 million. DryShips has a one year low of $1.27 and a one year high of $799,680.00. The stock has a 50 day moving average ...

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Danaos Non-Hazardous Policy

Danaos is pleased to announce that the first Inventories of Hazardous Materials have been submitted to Classification Society for approval, acting proactively for the compliance with the EU Ship Recycling Regulation, No 1257/2013 (EMSA’s Best Practice Guidance on the Inventory of Hazardous Materials) and the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (2009)(IHM guideline Resolution MEPC.269(68)). Ship owners and operators shall record and monitor the presence of hazardous materials onboard their vessels, in order to protect health and safety and prevent environmental pollution at ...

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VLCC tanker market facing the doldrums

The VLCC tanker market is facing intense headwinds so far in the year. In its latest weekly report, shipbroker Gibson noted that “undoubtedly, the OPEC led production cuts are having negative implications for crude tankers, particularly VLCCs. Although no major changes have been seen in the absolute volume of spot VLCC fixtures out of the Middle East, this coupled with the ongoing rapid expansion of the trading fleet, forced spot earnings down to around $17,500/day in recent months, from over $40,000/day at the start of the year. In contrast to ...

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Euploia Drydocks & Services Ltd announces Collaboration with Marine Corrosion Service Limited (MCS)

On 11th of July Euploia Drydocks & Services Ltd signed a collaboration agreement with Marine Corrosion Service Limited. Euploia Drydocks and Services Ltd wish to broaden professional horizons by representing Exclusively in Greece one of the most well-established companies in the field of Marine Cathodic Protection solutions and services in China. Marine Corrosion Service (MCS) is a company providing Marine Cathodic Protection solutions and services in China, they have an expert engineering team, who is available for the marine ICCP anti-corrosion system & MGPS anti-fouling system. They are the authorized ...

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Tankers’ demolition sales pick up pace

Tankers sold for demolition in SouthEast Asian scrapyards has accelerated over the course of the past few days, despite the fact that the monsoon season, means that scrapping activity is usually slower. In its latest weekly report, GMS, the world’s leading cash buyer of vessels, said that “the supply of tankers into the Indian sub-continent recycling markets continued at pace for another week as several more high profile sales materialized (including two VLCCs). This follows on from the recent aframax and suezmax sales at ever-improving numbers as the sub-continent markets ...

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Aegean Marine Petroleum Network Announces new Board Additions

Aegean Marine Petroleum Network Inc. announced that its Board of Directors has appointed Jonathan Mcilroy as President, effective immediately. “Following a comprehensive search process, we are pleased to appoint a leader of Jonathan’s caliber as President of Aegean,” said Yiannis Papanicolaou, Interim Chairman of the Board. “Having joined Aegean in January 2016, over the last 18 months, Jonathan has played a critical role in successfully expanding Aegean’s back-to-back trading division and worked with all the group’s physical supply stations to drive growth in contracted volumes with major clients. Jonathan was initially recruited to bring a ...

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DryShips Inc. Reports Updated Key Financial Information Post Reverse Stock Split

DryShips Inc. a diversified owner of ocean going cargo vessels, today reports its updated key financial information giving effect to the reverse stock split on July 21, 2017: Key Financial Information as of July 21, 2017, post reverse stock split: Cash and cash equivalents: approximately $58.6 million (or $11.30 per share) Book value of vessels, including advances: approximately $652.6 million (or $125.86 per share) Debt outstanding balance: approximately $237.5 million Number of Shares Outstanding: 5,185,153 The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The ...

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Euronav NV (EURN) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Euronav NV (NASDAQ:EURN) from a hold rating to a sell rating in a research report report published this week. According to Zacks, “Euronav is a tanker company. It owns, operates and manages a fleet of vessels for the transportation and storage of crude oil and petroleum products. The company also offers ship management services. It operates primarily in Europe and Asia. Euronav is headquartered in Antwerp, Belgium. “ Other equities research analysts have also issued reports about the stock. ValuEngine lowered shares of Euronav ...

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RINA selected verifier for MRV by Minerva Marine

Minerva Marine Inc., a leading ship management company, has selected RINA as its verifier for the Monitoring, Reporting and Verification (MRV) of CO2 emissions, as per Regulation (EU) 2015/757, for its total fleet under management of over 65 modern vessels. Regulation (EU) 2015/757 lays down rules for the accurate monitoring, reporting and verification of carbon dioxide (CO2) emissions and of other relevant information from ships above 5,000 gross tonnage calling at ports under the jurisdiction of an EU Member State, in order to promote the reduction of CO2 emissions from ...

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