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Moody’s assigns B3 to Navios Maritime Partners’ proposed term loan; outlook stable

Moody’s Investors Service affirmed the B3 corporate family rating of Navios Maritime Partners L.P. (“Navios” or “NMM”) and assigned a B3 rating to the proposed $400 million term loan B due 2022 currently being marketed. Moody’s has also changed the outlook for all ratings to stable from negative. This rating action follows Navios Maritime Partners’ announcement of a refinancing of its senior secured term loan due 2018 with a new term loan due 2022. The terms of the new facility are expected to be similar to the existing instrument with ...

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Dry Bulk Market is Primed for a Rebound

Most analysts seemed to be in agreement that after the Chinese New Year festivities, a rebound would be on the cards for the dry bulk market. Well, this time has come for the market to exhibit some sort of reaction. In its latest weekly report, shipbroker Allied Shipbroking notes that “optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to gain quickly in enquiries and activity after the end of the Chinese New Year ...

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Navios Maritime Partners L.P. Announces $400 Million Term Loan B

Navios Maritime Partners L.P. (“Navios Partners”) (NMM), an international owner and operator of container and dry bulk vessels, announced today that, subject to market conditions, it intends to launch syndication of a $400 million Term Loan B. Navios Partners intends to use the net proceeds from the Term Loan B: (i) to refinance the existing Term Loan B and (ii) to pay related fees and expenses. The timing and size of any new credit facility and the use of proceeds thereof are subject to market and other conditions, and there ...

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Star Bulk Carriers Corp. (SBLK) Downgraded to “Hold” at Pareto Securities

Pareto Securities lowered shares of Star Bulk Carriers Corp. from a buy rating to a hold rating in a report. A number of other brokerages have also recently issued reports on SBLK. Zacks Investment Research cut Star Bulk Carriers Corp. from a buy rating to a hold rating in a report on Saturday, November 12th. Jefferies Group LLC boosted their price objective on Star Bulk Carriers Corp. from $6.50 to $11.00 and gave the stock a buy rating in a report on Monday, January 23rd. Two investment analysts have rated ...

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Newbuilding orders pick up as shipyards’ policy of aggressive pricing is working

Newbuilding contracting activity thus far in 2017 has been much more brisk than during the same period of 2016, as shipyards’ pricing has been much more aggressive, thus attracting more orders. In its latest weekly report, shipbroker Allied Shipbroking noted that “up till now the year has shown considerably better activity levels in the newbuilding front then what had been seen over the majority of 2016. It seems as though some of the aggressive pursued by shipbuilders marketing has started to pay off. The new financing structures on offer and ...

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Navios Maritime Partners L.P. Reports Revenue of $190.5 million for the year; $49.7 million in Q4

Navios Maritime Partners L.P., an international owner and operator of container and dry bulk vessels, reported its financial results for the fourth quarter and year ended December 31, 2016. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for 2016, a year of many challenges. For the full year, Navios Partners reported revenue of $190.5 million and EBITDA of $76.9 million. For the fourth quarter, Navios Partners reported revenue of $49.7 million and EBITDA of $23.6 million.” Angeliki Frangou continued, “We actively ...

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Diana Containerships Inc. Announces Time Charter Contract for m/v Rotterdam With CMA CGM

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with CMA CGM S.A., Marseille, for one of its Post-Panamax container vessels, the m/v Rotterdam. The gross charter rate is US$6,890 per day, minus a 3.5% commission paid to third parties, for a period of minimum eight (8) months to maximum eleven (11) months. The charter is expected to commence on March 7, 2017. The “Rotterdam” is a 6,494 TEU container ...

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Diana Shipping Inc. Reports Fourth Quarter Loss of $23.3 million

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $23.3 million and a net loss attributed to common stockholders of $24.7 million for the fourth quarter of 2016. This compares to a net loss of $22.5 million and a net loss attributed to common stockholders of $23.9 million for the fourth quarter of 2015. Time charter revenues were $28.0 million for the fourth quarter of 2016, compared to $38.3 million for the same quarter of 2015. The decrease ...

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Dynagas LNG Partners LP Receives Average Rating of “Hold” from Brokerages

Shares of Dynagas LNG Partners LP have been given an average rating of “Hold” by the ten ratings firms that are currently covering the stock. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and five have given a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $16.38. Several analysts recently issued reports on DLNG shares. Zacks Investment Research cut Dynagas LNG Partners from ...

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Tanker Market on “Wait-and-See” Mode as Oil Market

The tanker market is currently reflecting the “wait-and-see” mode of the oil market, looking for future direction, said shipbroker Charles R. Weber, in its latest weekly report. Based on initial data from the IEA, OPEC has reportedly achieved about 90% of their pledged compliance cuts. If this proves to be correct, it would be the best compliance rate in its history at the outset of a production cut agreement. According to CR Weber, “the International Energy Agency (IEA) ‐ one of OPEC’s six sources – commenting on the initial figures ...

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Diana Containerships Inc. Reports Fourth Quarter Loss

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, today reported a net loss of $8.5 million for the fourth quarter of 2016, compared to a net loss of $8.8 million for the respective period of 2015. The loss for the fourth quarter of 2016 includes $2.4 million of direct sale and other charges associated with the disposal of one vessel, without which the result for the quarter would have been a net loss of $6.1 million. The loss for the fourth quarter of 2015 includes ...

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The Navios Maritime Acquisition Corp. Lowered To Sell At Zacks Investment Research

Zacks Investment Research downgraded shares of Navios Maritime Acquisition Corp. (NYSE:NNA) from a hold rating to a sell rating in a report. According to Zacks, “Navios Maritime Acquisition Corporation provides marine transportation services. It is an owner and operator of tanker vessels focusing in the transportation of petroleum products and bulk liquid chemicals. The company focuses on chartering its vessels to international oil companies, refiners, and vessel operators under long, medium, and short-term charters. Navios Maritime Acquisition Corporation is headquartered in Piraeus, Greece. “ Shares of Navios Maritime Acquisition Corp. ...

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Large Product Tankers are facing headwinds despite promising potential

The high aspirations regarding a potential success story centered around the LR (Long Range) product tanker segement, seem to be failing to live up to expectations thus far. According to the latest weekly report from shipbroker Gibson, “there has always been a compelling story being told about how larger product carriers are the future, in particular the LR2s. However, the sector has had a particularly challenging few months, with little optimism regarding a sustained recovery in earnings”. According to Gibson, “the LR2 story centered around the expansion of refining capacity ...

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Could dry bulk newbuilding orders pick up as prices reach new lows?

For almost 18 months now, dry bulk newbuilding contracting has been something of a rarity. The huge tonnage supply overhung, coupled with the dire straits of the dry bulk freight market, has meant that ship owners were opting to scrap older vessels and replace them, if they felt the need to, with modern second hand tonnage, which was promptly available at bargain prices. But now, this status quo could be in for a turnaround. In a recent market report, shipbroker Intermodal placed emphasis on the recent placement of LOIs for ...

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Diana Shipping Inc. Announces Direct Continuation of Time Charter Contract for m/v Aliki 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 Aliki, for a period of about eleven (11) months to maximum fourteen (14) months. The gross charter rate is US$10,300 per day, minus a 5% commission paid to third parties. The new charter period is expected to commence on February 13, 2017. ...

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