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Capital Product Partners L.P. Enters Into $460.0 Million Term Loan Facility

Capital Product Partners L.P. (NASDAQ: CPLP) announced that it had entered into a firm offer letter for a new senior secured term loan facility (the “New Facility”) for an aggregate principal amount of up to $460.0 million with a syndicate of lenders led by HSH Nordbank AG (“HSH”) and ING Bank N.V. (“ING”) as mandated lead arrangers and bookrunners and BNP Paribas and National Bank of Greece S.A. as arrangers. Today, CPLP announced that it has formally entered into the loan agreement documenting the New Facility. CPLP expects to use ...

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Dryships Inc. Announces Successful Delivery Of Its Second Very Large Gas Carrier

DryShips Inc., a diversified owner of ocean going cargo vessels, announced today that it has taken delivery of the previously announced high specifications second newbuilding Very Large Gas Carrier (“VLGC”). The VLGC will be employed under a 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. Since the ...

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Seanergy Maritime Holdings Corp. Regains Compliance With Nasdaq Minimum Bid Price Requirement

Seanergy Maritime Holdings Corp. announced today that The Nasdaq Stock Market (“Nasdaq”) has confirmed that the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of the Company’s common stock. This matter is now considered closed. Seanergy Maritime Holdings Corp. is an international shipping company that provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. The Company currently owns a modern fleet of eleven dry bulk carriers, consisting of nine Capesizes and two Supramaxes, with a combined cargo-carrying capacity ...

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Greece, Bulgaria sign agreement on construction of port railway link

Greece and Bulgaria signed on Wednesday in the northern Greek city port of Kavala a memorandum of cooperation to speed up the construction of a railway link which will be connecting Greece’s northern ports to Bulgaria’s Black Sea ports, according to Greek national news agency AMNA. The agreement concerns the interconnection of Greece’s ports of Kavala, Alexandroupolis and Thessaloniki with the Bulgarian ports of Varna and Burgas on the Black Sea and Ruse, a port on the Danube River. The project is expected to create a new freight corridor that ...

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Costamare Inc. (CMRE) Upgraded by Zacks Investment Research to Hold

Costamare Inc. (NYSE:CMRE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report. According to Zacks, “Costamare Inc. operates as a containership owner chartering its vessels to liner companies. The Company deploys its containership fleet principally under multi-year time charters with leading liner companies that operate regularly scheduled routes between large commercial ports. It also provides a range of shipping services, such as technical support and maintenance, insurance consulting, financial and accounting services. Costamare Inc. is headquartered in Athens, Greece. “ A number ...

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Dry Bulk: The Resurgence of Coal Trade Has Sparked the Panamax Market

In its latest weekly report, shipbroker Allied Shipbroking said that “we have been witnessing a strong movement in the coal market over the summer months something that has not only helped boost prices for the commodity compared to the levels that were being noted in late spring, but it has also rejuvenated a trade that during the past couple of years has been under what most would classify depressed market conditions. Being a vital commodity in the dry bulk space and the second most vital trade in terms of total ...

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Dry Bulk Carriers in High Demand

Shipbrokers left and right are reporting a flurry of activity in the S&P dry bulk segment over the past week. In its latest weekly report, Allied Shipbroking said that “on the dry bulk side, there was an explosion of activity this past week, with a large number of vessels changing hands. A number of these were units that were concluded earlier in the month and only now came to light, though given the volume these were still only a small percentage of the trades witnessed. The truth is that buying ...

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Tsipras, Borisov to sign deal on Wednesday on construction of port railway link

Greek and Bulgarian Prime Ministers Alexis Tsipras and Boiko Borisov will sign in Kavala next Wednesday September 6th a bilateral agreement to speed up the planned construction of a railway network that will connect Black Sea ports with those of northern Greece, Infrastructure Minister Christos Spirtzis said. The project will link the ports of Kavala and Alexandroupoli on the Aegean Sea with Bulgaria’s Burgas, Varna, and Port Ruse on the Danube River. The railway link is expected to create a new freight corridor that will boost the development of the ...

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New Naval Ltd. Showcases New Oil Response Product Line in NEVA 2017

The New Naval LTD in its current form emerged from the merge of companies active in the shipping market and the protection of the marine environment by 1978. The last 18 years we have contributed substantially to the prevention and suppression of marine pollution in our country supplying with adequate equipment facilities and organizations. In 1998 we invested in technical equipment and market know-how and started functioning on our own premises in the Industrial Area of Lavrio, a modern unit production of materials and means of preventing and combating marine ...

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A new market for VLCC Tankers Springs to Life

Although positive news in the tanker market are hard to come by, in the face of acute oversupply, things can always improve. In its latest weekly report, shipbroker Gibson noted that “at the start of August, Kuwait dispatched the first shipment of crude to the recently completed 200,000 b/d refinery at Nghi Song, Vietnam. Located 200 kilometres south of Hanoi, the new refinery and petrochemical plant received its first 270,000 tonne cargo discharged through an SBM pipeline from the VLCC Millennium which arrived on 22nd August. Construction of this new ...

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Aegean Shipping Management Enters Dry Bulk Sector With Kamsarmax Newbuilding Order Adding More “GREEN Ships”

Aegean Shipping Management S.A. announced the signing of a new building order of a series of 4+2+2 82,000 dwt ‘Kamsarmax’ Bulk Carriers to be constructed at Cosco Shipping Heavy Industry Co. Ltd, Cosco Zhoushan shipyard, with deliveries scheduled for the second half of 2019 onwards. This marks the first move of Aegean Shipping Management into the dry bulk sector and will coincide with the creation of the spin-off Aegean Shipping Dry Bulk. Announcing the order, Company Chairman Mr George Melissanidis stressed: “We decided to move into the dry bulk sector ...

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Capital Product Partners L.P. (CPLP) Downgraded to Hold at ValuEngine

Capital Product Partners L.P. was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a note issued to investors. CPLP has been the subject of a number of other reports. BidaskClub downgraded Capital Product Partners L.P. from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 24th. UBS AG reiterated a “buy” rating and set a $4.50 price objective on shares of Capital Product Partners L.P. in a research note on Thursday, July 6th. Finally, TheStreet upgraded ...

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Danish Ship Finance Optimistic About Future Prospects of Shipping Industry, But Says Shipping Banks Focus on Strong Ship Owners

Shipping financier Danish Ship Finance said this week that the shipping industry is marching into a more prosperous future. However, it also said that major shipping banks are still focusing on stronger ship owners, as Asian financing is still pretty competitive. In its note, it said that “there are some bright spots on the horizon for the shipping industry. First of all, the global order book as a percentage of the operating fleet has dropped to below 10%. In some segments, the order book remains very high, including large container ...

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Saudi team rescues Greek tanker crewman

A Saudi emergency team rescued a sick crew member on a Greek oil tanker in the Red Sea and transported him for medical treatment. The ship’s captain contacted the Jeddah coordination center for search and rescue operations in the Red Sea and Gulf of Aqaba on Friday night. He said his crew member, a Filipino, was seriously ill and required a medical evacuation. A Saudi border guard team and medical staff from King Fahad Marine Base in Wajh was dispatched to the ship, which was 80 nautical miles south of ...

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Ship Repair Yards See Business Slowing Down After the IMO Decision to Provide a Two-Year Delay in the Ballast Water Management Implementation

Ship-repair yards are facing yet another slowdown in their business. Besides the regular decline in business during the second half of each year, the recent vote by IMO to provide a 2-year leeway to the implementation of the Ballast Water Management Convention, which would otherwise cause a flurry of lay ups for retrofitting, has only added contributed to more slowdown. In its latest weekly report, shipbroker Intermodal, said that “observing the expected slow-down of the second half of the year in ship repair facilities and after a relatively packed first ...

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