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TOP Ships Inc. Agrees Promissory Note

TOP Ships Inc., an international owner and operator of modern, fuel efficient “ECO” MR tanker vessels focusing on the transportation of petroleum products, announced today that it has agreed to enter into a Note Purchase Agreement (the “Purchase Agreement”) with Xanthe Holdings Ltd. (“Xanthe”), an unaffiliated party, pursuant to which the Company will issue an unsecured promissory note in the original principal amount of $5,000,000 (the “Promissory Note”) to Xanthe. Proceeds from the note will be used by the Company for general corporate purposes including further asset acquisitions. The transaction ...

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Tsakos Energy Navigation’s (TNP) “Buy” Rating Reiterated at Maxim Group

Maxim Group reissued their buy rating on shares of Tsakos Energy Navigation Ltd. (NYSE:TNP) in a research report report published on Monday. The brokerage currently has a $7.00 price objective on the shipping company’s stock. “As a reminder, we revised our 2017 tanker sector outlook in conjunction with our Batten Down the Hatches, Rough Seas Ahead: Crude Tanker Shipping Update report, published on April 21, 2017.”,” Maxim Group’s analyst wrote. Several other research analysts have also weighed in on TNP. Zacks Investment Research lowered Tsakos Energy Navigation from a hold ...

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Sino-Greek cooperation at Piraeus port promising: Greek mayor

Yannis Lagoudakis, Mayor of Greek municipality of Perama, was one of the locals who did not warmly welcome the change of hands at Piraeus port at first, fearing the privatization of the state-run harbor. After the stunning upgrade of Piraeus Container Terminal (PCT) in recent years and the harmonious cooperation with Chinese investors, today he is convinced that Sino-Greek collaboration at Piraeus port is promising and beneficial, he told Xinhua in a recent interview at his office. A large part of the port run by COSCO SHIPPING subsidiary PCT is ...

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Pressure is on for VLCC tankers

Large tankers have been under pressure over the past few weeks and this proved to be the case during the past days as well. In its latest weekly report, shipbroker Charles R. Weber said that “VLCC rates remained under negative pressure this week as demand in both the Middle East and West Africa markets posted w/w declines while the extent of the May Middle East program appeared likely to conclude below earlier expectations as Suezmax demand surged, leading to weaker VLCC fundamentals. There were 17 fixtures reported in the Middle ...

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DryShips Inc. Continues to Hemorrhage Cash, but It Sees a Turn Just Around the Corner

DryShips (NASDAQ: DRYS) reported its first-quarter results after the closing bell on Wednesday. That said, those results were buried deeply within its press release because the company didn’t want them to overshadow what it is becoming. That’s probably because the first quarter was another disaster for the company after it spent nearly $2 for every $1 of revenue it took in, and that doesn’t even factor in the boatload of cash that went out the door to buy more boats. However, for the glass-half-full types, the company does see that ...

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Setel Hellas’ International Maritime Conference: “Unlock the Business Value of Digital Ship”

The International Maritime Conference of SetelHellas successfully concluded on Wednesday,10th of May at Aikaterini Laskaridis Foundation, in collaboration with its strategic partners Cisco Hellas, and Endress+Hauser and Helica Maritime. Among the more than 100 attendees were Mrs. Christine Konstantinidou, adviser of the Secretary General of the Minister for the Aegean and Greek Island Policy, Technical and IT Managers from prospects and existing customers, representatives from the Attica Region, as well as rectors from the universities of Aegean and Piraeus, BCA College, New York College University, Metropolitan College and maritime journalists. ...

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Gujarat high court intervention gets Greek ship engineer his pay

Gujarat high court had ordered the arrest of a ship, after the shipping company concerned did not pay a Greek engineer for his services provided at a Mozambique port. The shipping company immediately paid the engineer’s dues to stop the vessel being arrested in Indian waters. On Thursday, Ismail Dimitrios approached the high court with a complaint. He stated that he was hired by a Greek shipping company, Aegeus Shipping SA, for repair and maintenance of machinery on its ship MV Marine Stars, which was berthed at Maputo in Mozambique. ...

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Tanker Market Sentiment Weakens In May

In April, tanker market sentiment weakened in both its dirty and clean sectors. According to the latest oil market report from OPEC, average spot freight rates dropped on most reported routes. Dirty tanker freight rates were down 4% from the month before. Despite a stronger market seen in the VLCC sector marking the only exception in the month as its freights edged up on all reported routes reversing two consecutive months of declines. VLCC spot freight rates showed improvements, rising by an average 20% on all reported routes, as a ...

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Tankers: Tsakos Sees Long Term Upward Momentum In Freight Rates

TEN, Ltd. reported results (unaudited) for the quarter ended March 31, 2017. Q1 2017 Summary Results Revenues, net of voyage expenses totaled $108.2 million, approximately $8.5 million more than in the first quarter of 2016, in part due to the delivery of new vessels. Net income in the first quarter 2017 was $17.5 million, or $0.16 per share, net of preferred dividends. Fleet utilization of 97.2% contributed to higher revenue. TEN has maintained a 95% plus utilization consistently. A remarkable accomplishment in a cyclical industry. Since the beginning of 2017, ...

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Euroseas Says Dry Bulk and Container Sectors’ Rebound Will Continue in 2017, But At a Modest Pace

Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced its results for the three month period ended March 31, 2017. First Quarter 2017 Highlights: • Total net revenues of $8.3 million. Net loss of $2.2 million; net loss attributable to common shareholders (after a $0.4 million of dividend on Series B Preferred Shares) of $2.6 million or $0.24 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $3.1 ...

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Dryships Inc. Reports Updated Key Financial Information Post Reverse Stock Split

DryShips Inc. a diversified owner of ocean going cargo vessels, today reports its updated key financial information giving effect to the reverse stock split on May 11, 2017: Key Financial Information as of May 11, 2017, post reverse stock split: Cash and cash equivalents: approximately $268.8 million (or $27.92 per share) Book value of vessels, net: approximately $356.8 million (or $37.06 per share) Sifnos Loan Facility balance: approximately $200.0 million Number of Shares Outstanding: 9,628,852 The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The ...

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New course from Maritime Academy Hellas on Shipping Finance

In today’s constantly shifting economic climate, ship finance is one of the most affected areas. Charter markets are struggling and the international banking sector has been heavily affected by the credit crunch and strict regulatory controls, caused by the fall of Lehman Brothers. Now, more than ever, we need to understand and “Think out of the Box”. After all, shipping is a capital-intensive industry. To that end, Maritime Academy Hellas is offering a course on “SHIPPING FINANCE: Understanding and Creating Perspectives (Thinking out of the Box)” in cooperation with Mrs ...

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Navios Maritime Containers Inc. Announces $75.0 Million Private Placement and Application for Admission to Trading to Norwegian OTC Market

Navios Maritime Containers Inc. (“Navios Containers”), a newly formed Marshall Islands company, announced today that it has agreed with investors to sell approximately 15 million of its shares for an aggregate of approximately $75 million of gross proceeds at a subscription price of $5.00 per share. Navios Containers intends to use the proceeds to acquire the 14-vessel container fleet (the “Fleet”) that Navios Maritime Partners L.P. (“Navios Partners”) previously agreed to purchase from Rickmers Maritime (the “Trust”) as well as for further vessel acquisitions, working capital and general corporate purposes. ...

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Dry Bulk: Grains Trade Could Offer Support to the Market

A demand slowdown, coupled with increased tonnage supply has put pressure on dry bulk freight rates over the past few weeks. In its latest weekly report, shipbroker Intermodal said that “over the past months, Capes and Panamaxes freight rates increased significantly by demand for more shipments, together with record steel production in China, and that has helped boost stockpiles at local ports. After peaking at a record 132.5 million tons in March, stockpiles have held near that level, according to Shanghai Steelhome E-Commerce Co”, the shipbroker said. According to Intermodal, ...

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Greek newbuidling orders dominate in 2017 so far

The total sale number should read 1.8 billion USD, instead of 1.410 billion USD. We have been following the number of newbuild orders that have been placed since the start of 2017 and have put together some data following the top orders of newbuild tonnage. VesselsValue Deals database shows that Greek owners have placed 35 orders for new bulkers and tankers since the start of 2017. Globally only 119 orders have been placed. Here are the top five ordering countries: Here are the Greek owners who have ordered newbuildings so ...

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