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Star Bulk Announces $35.6 Million Debt Repayment and Commitment for Refinancing

Star Bulk Carriers Corp. announced, that on February 5, 2018 it has paid to all parties under the Company’s debt restructuring agreements, an amount of $35.6 million. Said amount represents as of December 31, 2017, the excess cash as resulting from the “cash sweep” mechanism incorporated in the debt restructuring agreements, and which will be directed in full towards reduction of deferred amounts. Following this payment, the Company had $107.1 million deferred amounts outstanding as of December 31, 2017, compared to the $223.9 million originally agreed to be deferred until ...

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VLCCs on Firmer Ground as Middle East Fixtures Rose by 82% on the week

The VLCC tanker market was on a high over the course of the past week, as a result of increased demand for cargoes from the Middle East. In its latest weekly report, shipbroker Charles R. Weber noted that “a strengthening of demand in the Middle East market this week halted the downward rate trend of the second half of January. A total of 35 fixtures were reported there, representing an 82% w/w gain and the highest tally in four weeks. Fixture activity in the West Africa market was less inspiring: ...

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DNV GL in Greece: Showcasing new tools and services at the cutting edge of digitalization

In a Press Conference that took place recently at DNV GL’s Piraeus offices, Regional Manager, Mr Ioannis Chiotopoulos, and his management team presented DNV GL’s new and updated digital tools and demonstrated how the classification society was using these to achieve the best outcomes for its customers. “We are proud that our organization has become a pioneer in the delivery of digital classification and certification services,” said Mr Ioannis Chiotopoulos, Regional Manager South East Europe, Middle East & Africa. “We have already implemented a number of pilot and full-scale programs ...

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Tanker Ship Owners Are on Consolidation Mode

As tanker freight rates are still reeling under the pressure of oversupply of tonnage, more and more tanker owners are entering consolidation mode, in a bid to improve economies of scale and avoid financial problems. In its latest weekly report, shipbroker Gibson said that “just before Christmas last year, the tanker market was greeted with the announcement of the proposed merger between two NYSE quoted tanker companies, Euronav and Gener8. At the time of writing this merger has still to be approved but, if the green light is given, the ...

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Tankers’ Newbuilding Deliveries a Major Obstacle for Market’s Restoration of Balance

The single biggest stumbling block which is hindering the crude tanker market’s recovery and is bound to continue doing so, is the excess supply of ships, a trend which isn’t going away anytime soon. In its latest weekly report, shipbroker Intermodal said that “crude oil supply has been reported to have grown by approx. 2.5% reaching 40.1m bpd in 2017. However, tanker charter rates have been under pressure and have significantly been declining since Q3 of 2017 as a result of demand-supply imbalance. Lately, Brent crude oil has hit a ...

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Dryships Inc. Announces Filing Of Form F-1 Registration Statement For Planned Spin Off Of Its Gas Carrier Business

DryShips Inc., a diversified owner of ocean going cargo vessels, announced that its wholly owned subsidiary, Gas Ships Limited Inc., (“Gas Ships Limited”) has filed a registration statement on Form F-1 with the U.S. Securities & Exchange Commission. The filing relates to the Company’s spin off of its gas carrier business from the Company. In the spin-off, DryShips will distribute to holders of its common stock 49% of the issued and outstanding shares of Gas Ships Limited’s common stock. Following the spin-off, Gas Ships Limited will be a publicly-traded company, ...

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Demolition Activity Stagnates, Trigerring Fears of a Slower Shipping Market Recovery

With the fragility in the dry bulk market’s recovery already noted and the rebound in the tanker market both hinging in solid levels of ships’ scrapping, as well as newbuilding delivery delays and slippages, the demolition activity so far in 2018 doesn’t seem to bode well for the future. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “with yet again another stagnate week in the recycling market, at least we had the Indian budget to wait for, although the usual anticipation and hype usually seen appeared to ...

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Slide2Open Shipping Finance Conference 2018: The way forward

Not too long ago, shipowners only had to know the broad concepts of a first preferred ship mortgage and would secure a shipping loan on a handshake; for more ambitious among them, the capital horizon was broad enough to include IPOs. Today shipping finance has evolved, bringing new terms in the shipping vocabulary and new practices. With shipping banks curtailing their activities in shipping, alternative forms of credit moved aggressively to fill the funding gap; from private equity funds and joint ventures, to credit funds and Chinese Leasing. The shipping ...

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Star Bulk Carriers (SBLK) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of Star Bulk Carriers from a buy rating to a hold rating in a research report. According to Zacks, “STAR BULK is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain and minor bulks such as bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands and is headquartered in Athens, Greece. Its common stock and warrants trade on the NASDAQ Global Market under ...

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Dry Bulk Market: Recovery Prospects Not Threatened by NewBuilding Ordering… For Now

In terms of the dry bulk market’s full recovery, a lot hinges on the pace of newbuilding ordering activity, with many analysts fearing that a boom in fleet growth will set the industry on the wrong foot again. Is this the case though? In its latest weekly report, shipbroker Allied Shipbroking noted that “there has been considerable amount of concern expressed over the past couple of weeks with regards to the increasing level of new ordering being seen, with many now fearful of a repeat of what was witnessed back ...

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Dryships Inc. Announces Dividend For The Quarter Ended December 31, 2017 And Authorization Of An Up To $50 Million Stock Repurchase Program

DryShips Inc., a diversified owner of ocean going cargo vessels, announced that, in accordance with its previously announced dividend policy, the Company’s Board of Directors has declared a quarterly cash dividend with respect to the quarter ended December 31, 2017. With respect to the quarter ended December 31, 2017, the Board of Directors declared a cash dividend of $2.5 million payable on or about March 8, 2018 to common shareholders of record as of February 20, 2018. The dividend per share amount to be paid by the Company, based on ...

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Newbuilding Orders Piling Up in Dry Bulk Segment

Increasing confidence in the dry bulk market’s long term recovery has triggered an increasing number of newbuilding orders over the course of the past week. In its latest weekly report, shipbroker Allied Shipbroking said that it was “an interesting week for the Newbuilding market was due, mostly attributable to the Dry Bulk sector, which pulled in its weight this week dominating the reported activity tables this past week. Despite the fact that freight market is showing some slight softening, with the BDI having eased back from its early January levels, ...

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Dynagas LNG Partners (DLNG) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Dynagas LNG Partners (NYSE:DLNG) from a hold rating to a sell rating in a research note. According to Zacks, “Dynagas LNG Partners LP is focused on owning and operating LNG carriers that are employed on multi-year contracts with international energy companies. Dynagas LNG Partners LP is based in Glyfada, Greece. “ A number of other research firms have also weighed in on DLNG. Jefferies Group assumed coverage on shares of Dynagas LNG Partners in a report on Monday, December 18th. They issued a buy ...

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Tanker Market: Suezmax Segment In Worst Position Among Other Classes

Owners of Suezmax tankers are worse off than their counterparts with focus on other ship classes, said shipbroker Charles R. Weber in its latest weekly report. The shipbroker said that the Suezmax market will face a prolonged course towards recovery, as a result of a lack of enough phase-outs, compared to other tanker classes. According to the report, “a broad decline in Suezmax rates since the start of the year has seen average pushed earnings to sustained lows with average returns hovering under $3,000 /day throughout this past week. Representing ...

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New Vessels Boost Navios Maritime Partners’ Results as Dry Bulk Market Improves

Navios Maritime Partners L.P., an international owner and operator of container and drybulk vessels, reported its financial results for the fourth quarter and year ended December 31, 2017. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for the fourth quarter and full year of 2017. For the fourth quarter, Navios Partners reported revenue of $59.3 million and Adjusted EBITDA of $37.1 million. For the full year, Navios Partners reported revenue of $211.7 million and Adjusted EBITDA of $133.1 million.” Angeliki Frangou ...

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