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TOP Ships: The Oil Shipper Whose Market Cap Doubled

TOP SHIPS Inc. was the latest shipping name to experience a wild daily swing in share price Thursday when the stock closed the day up 109.5 percent on rumors that the company could be a buyout target for rival shipper DryShips Inc. In recent filings, TOP Ships mentions Kalani Investments, a potential proxy for DryShips CEO George Economou. The theory among traders is that Economou, who has reportedly attempted to acquire TOP Ships before in the past, could use Kalani to try to close the deal this time. “On February ...

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Tanker Market on Reverse Mode During February

Following the gains in the tanker market registered in the previous month, average dirty tanker spot freight rates declined by 21% in February reversing all profits made one month before, said OPEC in its latest monthly report. Lower rates were seen in all reported dirty classes in February, which was partially attributed to holidays in the East, as well as thin market activity in general and an increase in vessels supply, including new deliveries. Dirty tanker average freight rates showed a drop from the previous month as VLCC, Suezmax and ...

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Marshall Islands Registry Remains the No1 Choice Among Greek Ship Owners says Piraeus Office Director

“The Republic of the Marshall Islands (RMI) Registry’s office in Piraeus is the second largest of the RMI Registry’s 27 worldwide offices,” said Theo Xenakoudis, Director, Worldwide Business Operations and Managing Director of the Piraeus office. “Prior to registration, we vet the owner, operator and vessel before acceptance in the RMI Registry and during the vessel’s time in the Registry we continue to conduct risk assessments and work with our owners and operators to ensure their vessels meet the Registry’s quality standards,” continued Mr. Xenakoudis. “This process along with our ...

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Tsakos Beats Fourth Quarter Profits

TEN, Ltd (TEN) reported results (unaudited) for the quarter and year ended December 31, 2016. FOURTH QUARTER 2016 RESULTS TEN generated net income of $11.9 million in the fourth quarter of 2016. Revenues, net of voyage expenses (bunker, port expenses and commissions) for the same period were $99.1 million, approximately $17.0 million more than in the third quarter of 2016 due to the delivery of three vessels, the new charters of the two LNG carriers and a high utilization rate of 98%. In addition, during the last quarter of the ...

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DryShips Inc. Announces Successful Completion of the $200.0 Million Common Stock Offering

DryShips Inc., a diversified owner of ocean going cargo vessels, announced that it has successfully completed the previously announced $200.0 million common stock offering, in which the Company raised net proceeds of $198.0 million, pursuant to the prospectus supplement filed on February 17, 2017. Following the completion of the offering, the Company has approximately 152,055,576 common shares outstanding. Mr. George Economou, Chairman and CEO commented: “We are very pleased to have successfully raised an additional $198 million of equity, which will increase our total available liquidity to about $455 million. ...

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Dry Bulk: Orderbook-to-fleet drops to lowest in over 20 years

Dry bulk market observers are overjoyed at the current state of the market, as they are increasingly witnessing the erosion of positive fundamentals, which could trigger further freight rate increases. In its latest weekly report, shipbroker Allied Shipbroking noted that “it seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has been set alight. There has been a growing bullish vibe being felt for several months now in this sector, generated by the successive decreases ...

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

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 Nidera S.P.A., Roma, for one of its Panamax dry bulk vessels, the m/v Melia, for a period of about eleven (11) months to about thirteen (13) months. The gross charter rate is US$9,500 per day, minus a 5% commission paid to third parties. The new charter period is expected to commence on March 18, 2017. The ...

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Cargo vessel safely towed to Piraeus port for repairs

A Belize-flagged cargo vessel with 12 crew members on board was being safely towed to Piraeus port on Wednesday for repairs, Greek Coast Guard said. The “Moon Step” lost power and run adrift off the coast of Andros island on its way to the Netherlands. The ship with a crew of eleven Ukrainian and one Russian national was loaded with cereals in Romania. “Moon step” is being towed to Piraeus by a tug boat in good weather conditions with winds up to 4 Beaufort blowing in the Aegean, Greek Coast ...

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Dry Bulk: More than 30 dry bulk carriers are being sold weekly as ship owners invest in market’s rebound

With the Baltic Dry Index (BDI) rebounding firmly and expectations abound that this is only the start of a new sustained recovery phase for the dry bulk market, ship owners are stocking up on new bulker acquisitions, in order to capitalize on the market’s rebound. In its latest weekly report, shipbroker Intermodal noted that “over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the upcoming weeks. Generally, healthier freight rates have given a ...

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China builds clout with boatloads of cash for Greece

China is pouring money into Greece’s infrastructure sector, viewing the cash-strapped country as a strategic gateway to Europe. From the Greek government’s perspective, Chinese investment offers hope for keeping the economy afloat. The European Union, though, is increasingly alarmed at Beijing’s growing influence. About 10km southwest of Athens, the flags of China and Greece flutter outside the headquarters of the Piraeus Port Authority. Some 16 million passengers pass through the port, the country’s largest, each year. China Cosco Shipping, China’s largest shipping company, in April 2016 agreed to purchase a ...

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Specialized vessels the focus of newbuildings as owners reluctant to commit funds

The norm that has ship owners refraining from brisk newbuilding contracting activity has kept apace over the past week, as shipbroker reports have noted that there were few orders placed, with most of them revolving around more specialized units, rather than the main “bread and butter” segments of the industry, like tankers or bulkers. According to the latest weekly report from shipbroker Allied Shipbroking, “prices have shown some few signs of softening, though overall there seems to remain a great deal of resistance from shipbuilders, implying that the current underlining ...

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EPSCO-Ra and S.R.H. Marine Electronics have joined together to provide the ‘best in breed’ Cyber Security for ships and offices worldwide

EPSCO-Ra delivers a maritime purpose built Cyber Security Analytics and Monitoring service for ships and shore. Our solution operates across all satellite communication technology and platforms no matter who the provider is. We detect indicators of compromise that endpoint Antivirus and perimeter Firewall solutions cannot. Most importantly we are adaptive to new and future threats and have a 24/7 protective impact on every security aspect of your fleets ‘big data’ security. We are the cyber security industry’s ‘best of breed’ standard for real time protection. By design to be scalable ...

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Seanergy Announces Proactive Covenant Deferral and Waiver Agreements of its Bank Lending Facilities

Seanergy Maritime Holdings Corp., announced today that it has entered into agreements with four of its senior lenders for the proactive waiver and deferral of the application date of certain major financial covenants. Based on these agreements the Company expects to be in compliance with all major applicable covenants concerning the Company and the respective borrowers or that such covenants will be waived and postponed until the second quarter of 2018. Stamatis Tsantanis, CEO of Seanergy commented: “We are pleased to announce that we have proactively agreed with our lenders ...

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Future of shipping fleet hands in the balance of coming regulations, as ship owner ponder whether to scrap or retrofit?

Scrapping of older tonnage or retrofitting will be one the main talking points in the shipping industry as we edge closer to the realization of major regulatory changes. According to shipbroker Charles R. Weber, “while While ship owners who are unable to decouple their IOPP survey from their dry dock schedule should buy more time, others may simply decide to scrap rather than spend more money on aging vessels. There is a much broader regulation, facing a far greater section of the maritime industry that we feel needs discussions. The ...

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Euploia Drydocks and Services Ltd Exclusive Representation of BLRT Grupp shipyards

Euploia Drydocks and Services Ltd signed an Exclusive Representation Agreement with BLRT Grupp Shipyards on exclusive representation in Greek Market. Euploia Drydocks and Services Ltd wish to broaden their professional horizons by representing Exclusively in Greece one of the biggest industrial holdings in the region of the Baltic Sea which unites such members as Turku Repair Yard, in Finland, Western Shiprepair, in Lithuania & Tallinn Shipyard in Estonia. This ship repairing group of enterprises is one of the leaders in the field of ship repair and conversion of vessels in ...

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