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TOP Ships Inc. Announces Time Charter and Loan Agreement

TOP Ships Inc., an international ship-owning company (the “Company”), announced today that upon its delivery from Hyundai in the third quarter of 2018, M/T Eco Palm Desert will enter into time charter employment with Central Ship Chartering Inc, a related party, for a firm duration of three years. The charterer has the option to extend the firm employment period by two additional years. The Company expects a total gross revenue backlog associated with this time charter of up to $27.5 million including the optional periods. Following the signing of the ...

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Demand for newbuilding continues strong despite freight rate volatility

Ship owners are eager to build for the future, as new rules and regulations are bound to make life more difficult in the future and having a vessel which is unsuitable for service can be a major liability. In its latest weekly report, shiproker Allied Shipbroking said that “activity looks to be back in the market now, with August showing the highest level of new contracts having been placed in the year so far for some sectors. There still seems to be significant appetite amongst buyers out there and shipbuilders ...

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Blame game in Greece as oil spill spreads to Piraeus port

Greek officials traded accusations Wednesday after an oil spill from a sunken tanker spread to the Athens port of Piraeus. The 45-year-old vessel Agia Zoni II sank on Sunday near the island of Salamis while under anchor but the cause is still not known. ‘This is a major environmental disaster,’ said Salamis mayor Isidora Nannou-Papathanassiou, whose island is suffering the brunt of the damage from the slick. ‘Clearly the danger (of pollution) was not estimated correctly,’ Nannou-Papathanassiou told state television ERT. ‘The currents moved the oil spill.’ The Greek-flagged tanker ...

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Dryships Inc. Announces Commencement Of Its Second Very Large Gas Carrier 5 Year Time Charter With An Oil Major

DryShips Inc., a diversified owner of ocean going cargo vessels, announced today that, its second Very Large Gas Carrier commenced its time charter on a fixed rate with five years firm duration to an oil major. The charterer has options to extend the firm employment period by up to three years. The Company expects a total gross backlog associated with this time charter of up to $92.7 million including the optional periods. About DryShips Inc. The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The ...

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Euroseas Ltd. Announces the Acquisition of Two Container Feeder Vessels plus Option to Acquire Two Additional Container Feeder Vessels, and Full Ownership of Euromar LLC

Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today that it signed a memorandum of agreement to purchase the M/V EM Athens and EM Oinousses, both feeder size containership vessels of 2,506 teu built in 2000. The Company also announced that it acquired the option to purchase from Euromar two additional container vessels, the M/V EM Corfu, a feeder size containership vessel of 2,556 teu built in 2001, and the M/V Akinada Bridge, a post-panamax ...

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Dry Bulk Market is Sizzling Hot on Coal and Iron Ore Trade Boom

Ship owners of dry bulk carriers are cheering the latest surge of the Baltic Dry Index (BDI), which reach a 34-month high on Monday. However, market observers and shipbrokers alike are warning that there’s still quite some way to go, before one can declare that the market is back to its former form. In a tweet yesterday, BIMCO’s Chief Shipping Analyst, Mr. Peter Sand, noted that it would take the BDI to reach 1,200 points, before profitability is achieved for dry bulkers across the board. Similarly, in its latest weekly ...

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Greece: Crews cleaning up pollution from sunken tanker ship

Greece’s merchant marine minister says clean-up crews are working to contain pollution caused by a small tanker that sank over the weekend off a Greek island. The Agia Zoni II sank Sunday while anchored off the coast of Salamina, near Greece’s main port of Piraeus, with a cargo of 2,200 tons of fuel oil and 370 tons of marine gas oil. Two crew members were rescued. The cause of the sinking is not known. Panagiotis Kouroumplis said Tuesday that crews had managed to seal the ship’s cargo hold by 95 ...

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VLCC market to stay low for the time being says shipbroker

This past week’s surge in VLCC demand is thought to be a short-term fix for tanker owners, as rates are predicted to face renewed pressure in the weeks to come and at least until the start of the fourth quarter of the year, when shipbrokers expect to get a sense of the next directional shift of the market. In its latest weekly report, shipbroker Charles R. Weber said that “the VLCC market observed a strong surge in demand this week, led by China‐bound voyages being fixed from all loading areas ...

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Diana Shipping inc. (DSX) Earns “Hold” Rating from Jefferies Group LLC

Diana Shipping inc. (NYSE:DSX)‘s stock had its “hold” rating restated by equities research analysts at Jefferies Group LLC in a research report issued to clients and investors on Thursday. They currently have a $4.50 price objective on the shipping company’s stock. Jefferies Group LLC’s price target indicates a potential upside of 15.09% from the company’s previous close. A number of other research firms have also issued reports on DSX. BidaskClub lowered Diana Shipping inc. from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Stifel ...

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VLCC Floating Storage Nearing its End

VLCC floating storage has been an important feature of our industry in recent years. However, in these past few months, it seems that the market dynamics don’t seem to favor this development. In its latest weekly report, shipbroker Gibson said that “while Iranian nuclear sanctions were in place, a significant portion of NITC’s VLCC fleet was used for storage of Iranian crude and condensate. From early 2015, the tanker industry also witnessed a gradual increase in VLCCs employed for non-Iranian floating storage. This was on the back of strong gains ...

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Tankers: Harvey Impact a Mixed Bag

The tanker market is faced with the impact in trade flows of the latest Hurricane season’s effect. In its latest weekly report, shipbroker Intermodal said that “the impact of Hurricane Harvey, which made landfall on 25th of August in South East coastline of Texas area has been the major concern of the shipping world –and not only- during the last weeks. The phenomenon has certainly been the barometer of the MR product tanker market within the Atlantic basin and likely to affect movements in further parts of the world”. According ...

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Piraeus Port Announces Purchase of New Floating Repair Dock

The tender and the contract for the purchase of a new floating repair dock are concluded. Piraeus Port Authority SA announces the completion of the tender and the finalisation of the contract with COSCO SH (Dalian) Shipyard Co. Ltd for the purchase of a new floating repair dock with the following particulars: Length: 240m. Width: 45m, Draft: 18m, Capacity 205,66t and lifting capacity: 22,000t. The Dock will be moved and installed in the Ship Repair Zone of Perama after the completion of the necessary infrastructure works in the area. The ...

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Franman Signs Exclusive Cooperation Agreement with LHE

Franman Ltd. announced the signing of an agreement with the leading Korean maker LHE (Leader Heat Exchanger) to cooperate on the promotion of LHE’s technologically advanced products in the markets of Greece and Cyprus. Under the terms of the agreement, Franman Ltd. will focus upon the promotion of Plate Type Heat Exchangers in addition to Fresh Water Generators for shipbuilding and offshore installations. LHE (Leader Heat Exchanger), is a South Korean manufacturer that is taking a leap to be one of the leading Plate Heat Exchanger companies in the world. ...

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Diana Shipping Inc. Announces Time Charter Contract for m/v Ismene with DHL

Diana Shipping Inc. (NYSE: DSX), (the “Company”), 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 DHL Project & Chartering Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Ismene. The gross charter rate is US$12,000 per day, minus a 5% commission paid to third parties, for a period of minimum twelve (12) months to maximum fifteen (15) months. The charter is expected to commence on ...

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LNG Shipping; More than 500 LNG Vessels Chasing a Growing Number of Cargoes, in Improving Outlook

The LNG shipping market is gradually returning to form, at least according to major market players. In a recent note on the market’s outlook, Cosco Shipping said that at the end of 2016, there were a total of 478 LNG vessels in operation around the world. “During the first half of 2017, the fleet size has expanded to over 500 LNG vessels, creating certain level of pressure on the balance of demand and supply”. According to the shipowner, “LNG shipping market can be divided into two different market segments: project ...

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