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Danaos Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2016

Danaos Corporation, one of the world’s largest independent owners of containerships, today reported unaudited results for the fourth quarter and the year ended December 31, 2016. Highlights for the Fourth Quarter and Year Ended December 31, 2016: Adjusted net income1 of $23.2 million, or $0.21 per share, for the three months ended December 31, 2016 compared to $47.2 million, or $0.43 per share, for the three months ended December 31, 2015, a decrease of 50.8%. Adjusted net income1 of $140.9 million, or $1.28 per share, for the year ended December ...

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DryShips Inc. Re-Enters the Tanker Market, Acquires Two Modern Tanker Vessels

DryShips Inc., a diversified owner of ocean going cargo vessels, announced today that it has entered into agreements with unaffiliated third parties to acquire: one 113,644 DWT Aframax tanker currently under construction in South Korea. The Company expects to take delivery of this vessel sometime in the second quarter of 2017. The vessel is expected to be employed in the spot market. one 320,105 DWT Very Large Crude Carrier built in 2011. The Company expects to take delivery of this vessel sometime in the second quarter of 2017. The vessel ...

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Diana Shipping inc. (DSX) Receives Average Recommendation of “Hold” from Brokerages

Diana Shipping inc. logoShares of Diana Shipping inc. (NYSE:DSX) have been given a consensus rating of “Hold” by the nine research firms that are covering the stock. Two analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $3.25. Several equities research analysts recently weighed in on DSX shares. Jefferies Group LLC raised their price target on ...

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Tanker market in “weakened” mode

Chartering demand was down significantly this past week in the tanker market, as charterers were slow in their progression into the Middle East’s March program. In its latest weekly report, shipbroker Charles R. Weber noted that “just 12 fixtures materialized for loading in the region, a 68% w/w decline and the fewest in ten months. Elsewhere, demand in the West Africa market were similarly slow; just two fixtures were reported for loading there, marking a departure from the relatively elevated levels observed since the start of the year. Rates commenced ...

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Clouds could be leaving the Medium-Range (MR) Tankers’ Horizon

Most product tanker delegates seem to be in agreement that the market has had its share of rough patch since the start of 2016. Things have been rather difficult in the Medium-Range (MR) product tanker segment, i.e. ships of between 25,000 to 55,000 dwt, where TCE earnings across a number of key routes have frequently flirted with the operational breakeven, although the winter season has brought with it some temporary relief. In its latest weekly report, shipbroker Gibson noted that “the factors behind the weak market are known. On one ...

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Piraeus: 13% increase in profit before tax in 2016 for the PPA

The PPA S.A. Board approved the Annual Financial Report 2016 according to which the key figures are as follows: Revenues in 2016 amounted to € 103.5 mil. compared to € 99.9 mil. in 2015 with an increase of 3.6%, despite the negative circumstances (long economic downturn, refugee crisis, strikes). The increased revenues are contributed from the activities in the Car Terminal at € 1.4 million. (+13.4%) and cruise at € 1.0 mil. (+8.2%), and there was a significant increase also from the concession of Piers II and III amounted € ...

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DryShips Inc. Enters Into $200 Million Common Stock Purchase Agreement With Kalani Investments Limited

DryShips Inc., a diversified owner of ocean going cargo vessels, announced today that it has entered into an agreement with Kalani Investments Limited (“Kalani”), an entity that is not affiliated with the Company. Under the agreement the Company may sell up to $200.0 million of its common stock to Kalani over a period of 24 months, subject to certain limitations. Proceeds from any sales of common stock will be used for general corporate purposes. Kalani has no right to require any sales and is obligated to purchase the common stock ...

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Tanker market rises in January despite lower chartering activity

In its latest monthly report, OPEC said that spot freight rates in January continued the recovery started in 4Q16, showing general improvements across all tanker sectors. This improved sentiment was seen on all reported routes and in various tanker segments. Dirty tanker spot freight rates registered gains on all reported vessels, with the highest gains reflected on Aframax tankers. On average, VLCC spot freight rates increased by 6%, while spot freight rates for Suezmax went up by 4%. Aframax spot rates increased by 15%, while dirty tanker gains were driven ...

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GasLog Ltd. To Add Further Liquidity as LNG Shipping Market Opportunities Arise

GasLog Ltd. and its subsidiaries, an international owner, operator and manager of liquefied natural gas (“LNG”) carriers, today reported its unaudited financial results for the quarter and the year ended December 31, 2016. Highlights · GasLog was awarded a seven-year charter by a subsidiary of Centrica plc(1), commencing in 2019 and entered into a contract with Samsung Heavy Industries Co. Ltd. (“Samsung”) for the purchase of one 180,000 cubic meters capacity (“cbm”) newbuilding from the shipyard for delivery in the second quarter of 2019. · Delivery of the GasLog Gibraltar ...

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Capital Product Partners L.P. (CPLP) Rating Decreased to Sell at the Zacks Investment Research

Capital Product Partners L.P. (NASDAQ:CPLP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released this week. According to Zacks, “CAPITAL PRODUCT PARTNERS L.P. is an international shipping company and leader in the seaborne transportation of refined oil products and chemicals. Their fleet of product tankers is fully chartered under medium- to long-term time and bareboat charters. With their modern, state-of-the-art fleet and built-in growth through contracted acquisitions of additional vessels and the potential drop-down of optional vessels from the owner of ...

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Dry Bulk Ships in High Demand as Owners Are Expecting the Market to Bounce Back

As the dry bulk market could be in for a rebound, the demand for second hand bulkers is intensifying. In its latest weekly report, shipbroker Intermodal noted that “looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that there are still many challenges, there is now also more hope that things are finally moving towards the right direction. On 11 February 2016 the BDI was at its historical lows, touching 290 points, ...

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Poland & Greece – Connected By Shipping”

Representatives from both the political and business constituents of the Polish and Greek maritime industries joined forces on Thursday 9th February in Athens at a high-level meeting aimed at promoting business opportunities between the two countries. 17 shipowner groups, 4 shipbuilders, 7 engineering/technology companies, 5 consultancy companies and 2 Classification Societies attended this unique and pioneering event which was co-organized by the Embassy of the Republic of Poland in Athens and Mare Forum. In her opening address, Her Excellency, the Ambassador of the Republic of Poland in Greece, Mrs. Anna ...

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Euroseas Ltd. Reports Net Loss of $18.1 million during Fourth Quarter

Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three month period and full year ended December 31, 2016. Fourth Quarter 2016 Highlights: Total net revenues of $7.3 million. Net loss attributable to common shareholders of $18.1 million or $2.17 loss per share basic and diluted. This loss includes, amongst other items, a $0.4 million of dividend on Series B Preferred Shares, a $5.9 million loss on write-down of M/V Eleni ...

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Diana Shipping Inc. Announces Direct Continuation of Time Charter Contract for m/v Houston With SwissMarine

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Houston, for a period of about thirteen (13) months to maximum fifteen (15) months. The gross charter rate is US$5,150 per day for the first fifteen (15) days of the charter period and US$10,000 per day for the balance period of the ...

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Aegean Marine Petroleum Network Inc. (ANW) Rating Increased to Hold at Zacks Investment Research

Aegean Marine Petroleum Network logoAegean Marine Petroleum Network Inc. was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors. 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 customer ...

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