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A Growing Flag

Theo Xenakoudis, Director, Worldwide Business Operations and Managing Director International Registries, Inc. (IRI) (Piraeus) writes: When I first joined IRI’s Piraeus office in 2001, I was one of only four employees working here. Now, in our 17th year of operation, we have become an important part of the Greek maritime community. For us at IRI, providing administrative and technical support to the Republic of the Marshall Islands (RMI) Maritime and Corporate Registries, Greece has become an irreplaceable part of our network. 10 years ago, the RMI was not even in ...

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New Greek LNG project FID slips to late 2018: partner GasLog

The timing of the final investment decision for the planned 6.1 Bcm/year floating LNG import facility at Alexandroupolis in northern Greece has slipped to late 2018, one of the project partners said late Friday, as the developers look to begin commercial operations at the project at the same time as other new gas import infrastructure. Shipping company GasLog, which has a 20% stake in the project operator Gastrade, said the partners now aim to align the Alexandroupolis FSRU project with the start-up of the Greece-Bulgaria gas interconnector. “As a result ...

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Dorian LPG (LPG) Raised to Buy at Clarkson Capital

Clarkson Capital upgraded shares of Dorian LPG (NYSE:LPG) from a neutral rating to a buy rating in a report released on Monday morning, Marketbeat.com reports. A number of other equities research analysts have also recently commented on LPG. DNB Markets cut shares of Dorian LPG from a buy rating to a hold rating in a research report on Friday, October 27th. Zacks Investment Research raised shares of Dorian LPG from a hold rating to a buy rating and set a $8.25 target price for the company in a research report ...

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Suezmax Tankers Could Witness Higher Freight Rates Despite Record Newbuilding Deliveries

Despite a high volume of newbuilding deliveries in the Suezmax tanker market over 2017 which led freight rates levels to average lows of $14,000/day, demand growth evolution could help return the segment back to growth. In its latest weekly report, shipbroker Gibson said that “crude tanker earnings across all sectors were challenged in 2017, not least the Suezmax sector, which saw net fleet growth of 45 units during the year. Heavy ordering activity between 2014 and 2015 saw 57 newbuilds enter the market, making 2017 a record year for Suezmax ...

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Dry Bulk Market: Freight Rate Prospects Looking Positive After Chinese Lunar New Year

Dry bulkers are hotting up price-wise, as the market’s prospects appear rosier than ever during these years of crisis. Shipbrokers are noting that, despite the Chinese New Year celebrations, which are typically negative for the freight market, the BDI (Baltic Dry Index) has managed to sustain a positive level, which means that heading up towards the spring wheat season of high demand, things can get even better. In turn, this has prompted more second hand acquisitions. In its latest weekly report, shipbroker Intermodal said that “the second month of the ...

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GasLog Ltd. Expects LNG Shipping Long-Term Recovery

GasLog Ltd. and its subsidiaries, an international owner, operator and manager of liquefied natural gas (“LNG”) carriers, Friday reported its unaudited financial results for the quarter and the year ended December 31, 2017. Highlights of the Quarter and the Year · Revenues of $135.8 million (Q4 2016: $126.5 million), Profit of $29.7 million (Q4 2016: $46.4 million) and Earnings per share(1) of $0.08 (Q4 2016: $0.36) for the quarter ended December 31, 2017. · EBITDA(2) of $89.7 million (Q4 2016: $84.8 million), Adjusted EBITDA(2) of $89.7 million (Q4 2016: $85.4 ...

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Harris Pye Launches Greece Office

Global engineering group Harris Pye, a Joulon company, has launched Harris Pye Greece/Mediterranean based in Glyfada, Athens and appointed Tony Gennadopoulos Business Development Manager – Greece/Mediterranean. “Shipping is Greece’s most important industry, indeed it has been a key element of the Greek economy since ancient times,” Tony Gennadopoulos explains. “I am ensuring that ship owners in Greece are well aware of the products and services Harris Pye has to offer, particularly ballast water treatment systems and scrubbers. “My role is to develop the market here, and in the wider Mediterranean, ...

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Seanergy Maritime Holdings Corp. (SHIP) Given Consensus Rating of “Strong Buy” by Analysts

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) has been assigned a consensus broker rating score of 1.00 (Strong Buy) from the one analysts that provide coverage for the stock, Zacks Investment Research reports. One analyst has rated the stock with a strong buy recommendation. Brokerages have set a 12 month consensus target price of $3.00 for the company, according to Zacks. Zacks has also given Seanergy Maritime an industry rank of 246 out of 265 based on the ratings given to its competitors. A number of brokerages have commented on SHIP. ValuEngine ...

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First impressions count

Posidonia debutant Glomar Shipmanagement BV – Glomar Group plans to launch a new service during June’s event and hopes to leverage its maiden participation at the world’s most prestigious maritime forum to boost networking and market awareness. The company, which specialises in ship ownership and management, ship construction and vessel equipment maintenance, repairs, upgrades and retrofits, will field a strong delegation at Posidonia 2018, spearheaded by Klaas Weij, CEO and Founder. ”We are looking forward to a constructive first participation at Posidonia and anticipate productive meetings, paired with good socialising ...

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Dynagas LNG Partners Reports Voyage revenues Down by 16.8% During Fourth Quarter

Dynagas LNG Partners LP, an owner and operator of liquefied natural gas (“LNG”) carriers, announced its results for the three months and year ended December 31, 2017. Highlights: Net income during the three months and year ended December 31, 2017 of $5.6 million and $17.3 million, respectively; Earnings per common unit for the three months and year ended December 31, 2017 of $0.11 and $0.27, respectively; Adjusted Net Income(1) for the three months and year ended December 31, 2017 of $7.6 million and $33.7 million, respectively; Adjusted Earnings per common ...

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Tanker Market: US Oil Exports’ Rise Bode Well for Ton-Mile Demand

Up until a couple of years back, the wording of US oil exports was a “blank form”, as the leading economy didn’t allow for the exports of its oil. However, with the relaxing of the rule from 2016 onwards, the floodgates have opened and the US is quickly turning into a major factor in the tanker market for the export trade as well. In fact, this trend has benefited shipping, since, in most cases, it’s translated into increased ton-mile demand. In its latest weekly report, shipbroker Allied Shipbroking noted that ...

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Euploia Drydocks: Ecochlor and CR Ocean Engineering Cooperation on the Forefront

Greek brokerage firm Euploia Drydocks and Services Ltd, has set very clear objectives for its third participation at Posidonia where it plans to focus on the promotion of some of its products and services and especially the exclusive cooperation with scrubber specialists CR Ocean Engineering and BWTS specialist Ecochlor. “During our 2018 participation we aim to expand our business through the creation of strategic partnerships with new principals and suppliers while increasing sales for our existing portfolio of products and services, especially in the fields of Scrubber and BWTS,” said ...

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Safe Bulkers Fourth Quarter Net Revenues Up by 34%

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced its unaudited financial results for the three and twelve months period ended December 31, 2017. Summary of Fourth Quarter 2017 Results Net revenues for the fourth quarter of 2017 increased by 34% to $42.4 million from $31.7 million during the same period in 2016. Net loss for the fourth quarter of 2017 was $86.6 million as compared to $4.6 million, during the same period in 2016. Adjusted net income1 for the fourth quarter of 2017 was $5.5 million ...

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Posidonia 2018 On Track To Become The Biggest Ever

With some five months still to go before the June 4 opening day, Posidonia 2018 is cruising full speed ahead to yet another record-breaking year with space bookings already up by 10% compared to the same time two years ago and over 90% of exhibition floor already committed. Organisers project that over 1,850 companies will exhibit their products and services at this year’s event and visitor numbers will rise to 22,000. The increased demand for participation at the world’s most prestigious shipping trade event has resulted in the addition of ...

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Demolition Market Could Heat Up For Tanker Units Soon

Things could start to heat up in the ships’ demolition market, as more and more tanker owners are contemplating selling their older units. On the back of this trend, should Pakistan elect to uplift its ban on tanker imports, as is widely rumored among the industry, the market could firm up pretty quickly. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “as more larger tanker units are talked in the market this week, there are ‘stronger’ rumours emanating from Pakistan that the ban on importing tankers will ...

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