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Tankers: VLCC-Capable Export Facilities Key to More US Crude Exports

With the startup of the Dakota Access Pipeline (DAPL) set for June 1, Bakken producers are only days away from gaining easier, cheaper pipeline access to the Gulf Coast. DAPL runs from North Dakota to the crude hub at Patoka, IL, from where the new Energy Transfer Crude Oil Pipeline (ETCOP) links volumes to Nederland, TX. Bakken producers are keen to explore new worldwide export markets and these pipelines offer them an economical way to get their crude at least into PADD 3. The 450,000 b/d DAPL promises to provide ...

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Poseidon Med II event in Patras highlights the benefits of LNG as fuel and its prospects for sustainable development in Western Greece

The benefits of the use of LNG as a safe and eco-friendly fuel for the local community of Patras, was the core of the discussion during the Poseidon Med II event which took place at Port of Patras on 19th June 2017. The event was co-organised by Patras Port Authority, which is one of the participating ports in the project, within the European co-funded Poseidon Med II project. The event gathered together representatives from the Municipality of Patras and local stakeholders from social and industry sectors. The scope of the ...

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Navios Maritime Partners L.P. Reports First Quarter Revenue of $42.4 million

Navios Maritime Partners L.P., an international owner and operator of container and dry bulk vessels, reported its financial results for the first quarter ended March 31, 2017. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “For the first quarter of 2017, Navios Partners reported revenue of $42.4 million and adjusted EBITDA of $25.9 million. We are pleased with these results as we are coming off the worst year in history for the dry bulk market – with the BDI reaching a historical low in the first quarter ...

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Diana Containerships Inc. Reports First Quarter Loss of $7.4 million

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, reported a net loss of $7.4 million for the first quarter of 2017, compared to a net loss of $5.8 million for the respective period of 2016. Time charter revenues, net of prepaid charter revenue amortization, were $3.8 million for the first quarter of 2017, compared to $11.8 million for the same period of 2016, mainly due to reduced employment opportunities and time charter rates. Diana Containerships Inc. is a global provider of shipping transportation services through ...

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Greek president congratulates China on Belt and Road forum

Greek President Prokopis Pavlopoulos has congratulated China on the successful holding of the Belt and Road Forum for International Cooperation in Beijing on May 14-15. In a televised message recorded on Saturday at the presidential mansion in Athens, Pavlopoulos extended wishes for success of the Belt and Road Initiative in future. “The exceptionally successful organization of the Belt and Road forum in Beijing showed the great significance of the initiative, proposed by our friend Chinese President Xi Jinping, to the international economic cooperation and development,” Pavlopoulos said in the message ...

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Diana Shipping Inc. (DSX) Receives Average Rating of “Hold” from Brokerages

Shares of Diana Shipping Inc. (NYSE:DSX) have been assigned an average recommendation of “Hold” from the nine analysts that are presently covering the firm. One research analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $4.75. A number of research firms have issued reports on DSX. Zacks Investment Research cut shares of Diana Shipping ...

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Product Tankers Could See Demand Rising from Latin America

Potential has certainly been there, but for a number of reasons, Latin American oil-rich countries haven’t been able to capitalize on it. In its latest weekly report, shipbroker Gibson said that “despite plentiful supply of crude oil, the region has historically had to rely on imports to supplement its domestic refining output, and despite the promise, has struggled to make progress on the refining front over the past few years. Indeed, much hope rested on Brazil, with several major projects under construction, many of which should have been operational today. ...

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Greek owners have been responsible for the largest volume of fleet growth since the start of 2010

The rate of global fleet growth has slowed since the start of the decade, from a peak of 8.6% in 2010 to 3.1% in 2016. Despite this, overall fleet capacity has still increased by 391m GT during this period, already more than the 355m GT added during the previous decade. This has been driven by owners from a select set of countries, with just ten owner nations responsible for 75% of all of the growth. Top Nations Going Strong Greek owners have been responsible for the largest volume of fleet ...

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Monument to the Genocide of the Greeks of Pontus Unveiled in Piraeus

In an atmosphere of intense emotion and in the presence of hundreds of people, a new Monument to the genocide of the Greeks of Pontus was officially unveiled today and the newly reconstructed Alexandra Square was opened. Both the construction of the Monument and the total refurbishment of the historic, 7-acre Alexandra square, with unrestricted sea views, close to the ancient walls of the city of Piraeus in Passalimani, have been made possible thanks to a donation from the Chairman of Capital Maritime & Trading Corp, President of Olympiakos FC ...

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Shipping could benefit from increased world trade between East and West

China’s Belt and Road Initiative is slowly taking shape, as was evidenced over the course of the past few days. However, exactly how will shipping benefit from this colossal project is still a bit hazy, although most analysts would argue that the potential is there. In its latest weekly report, Allied Shipbroking discussed the developments surrounding the Belt and Road summit, which was held over the previous days, as Xi Jinping welcomed 28 heads of state and government in Beijing, “as he sought to further promote his most ambitious foreign ...

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Diana Shipping Inc. Announces Delivery of the Kamsarmax Dry Bulk Vessel m/v Astarte

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v Astarte (formerly “Seatrust”), a 2013 built Kamsarmax dry bulk vessel of 81,513 dwt that the Company entered into an agreement to purchase in April 2017. Including the newly delivered m/v Astarte, Diana Shipping Inc.’s fleet currently consists of 50 dry bulk vessels (4 Newcastlemax, 14 Capesize, 4 Post-Panamax, 5 Kamsarmax and 23 Panamax). The Company also expects to take delivery of ...

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StealthGas Inc. (GASS) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of StealthGas Inc. (NASDAQ:GASS) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday, April 25th. 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. These products are transported in liquefied form in order ...

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Pyxis Tankers Inc. Expects Tanker Market Fundamentals Improving by Late 2017

Pyxis Tankers Inc., an emerging growth pure play product tanker company, today announced unaudited results for the three months ended March 31, 2017. Summary For the three months ended March 31, 2017, our time charter equivalent revenues were $4.7 million, which resulted in a net loss of $1.7 million, or a loss per share (basic and diluted) of $0.09, and our EBITDA (see “Non-GAAP Measures and Definitions” below) was $0.4 million. We reached preliminary agreement to extend the maturity of approximately one-third of the outstanding principal of our debt until ...

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Dynagas LNG Partners LP Announces Closing of $480 Million Term Loan B

Dynagas LNG Partners LP , an international owner and operator of liquefied natural gas (LNG) carriers, announced today the closing of a $480.0 million Senior Secured Term Loan B facility (the “Term Loan B”) by its wholly-owned subsidiary, Arctic LNG Carriers Ltd. The Term Loan B is secured by, among other collateral, first priority mortgages on the vessels owned by borrower subsidiary guarantors, and is guaranteed by the Partnership and certain of its subsidiaries. The Term Loan B has a six year term and was priced at LIBOR plus 450 ...

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Ship owner expects soft tanker market to be the norm during 2017

Tanker owners are in for rough seas over the course of 2017, as rates aren’t bound for a recovery anytime soon, at least according to one of them. Teekay Tankers noted in its analysis and outlook of the tanker market, that “altough we recorded stronger average spot tanker rates for its Aframax and LR2 Product tanker fleets and rates similar for its Suezmax tanker in the first quarter of 2017, compared with rates for the fourth quarter 2016, the tanker market experienced downward pressure over the course of the first ...

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