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Pioneer Marine Inc. Announces Senior Management Change

Pioneer Marine Inc., a global dry bulk handy size transportation service provider, announced today changes in its Senior Management Team. Torben Janholt, who has served as Board Member of the Company since 2013, has been named as the new CEO of Pioneer Marine Inc. Mr. Janholt is the former CEO and President of J. Lauritzen and the Chairman of Danish Shipowners’ Association (2005-2009). In his new role, Mr. Janholt brings vast executive experience to Pioneer Marine. Korinna Tapaktsoglou has been appointed as Chief Financial Officer assuming responsibility for all financing ...

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Dryships Inc. Announces Commencement Of Rights Offering

DryShips Inc., a diversified owner of ocean going cargo vessels, announced the commencement of its previously announced rights offering (the “Rights Offering”) of shares of common stock, par value $0.01 per share (“Common Stock”). The Rights Offering is being made through the pro-rata distribution of non-transferrable subscription rights to purchase, in the aggregate, up to 36,363,636 shares of Common Stock at a subscription price of $2.75 per share, to shareholders of the Company on August 31, 2017 (the “Record Date”), resulting in gross proceeds of up to $100 million. The ...

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Tanker Market: Excess tonnage supply hurting tanker owners

Tanker owners left and right have been conceding this week, that it’s not demand, but an oversupply of ships, which have been hurting their earnings. According to Frontline, “the growth in crude tanker tonne-mile demand suggests that the current tanker market is not suffering from weak demand growth, but rather from excess supply growth which has occurred over the last 18 months. Despite current market weakness which is forecast to continue in the near-term, the Company continues to believe that the market will begin to improve in 2018 as the ...

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Dryships Inc. Reports Lower Results For The First Half of 2017; Is Under Investigation by SEC on Multiple Share offerings made By The Company Between June 2016 And July 2017

DryShips Inc., a diversified owner of ocean going cargo vessels, announced its unaudited financial and operating results for the quarter ended June 30, 2017. Recent Developments – Private placement On August 29, 2017, the Company announced the closing of its previously announced sale of common shares of the Company to entities affiliated with its Chairman and Chief Executive Officer, Mr. George Economou (“Mr. Economou”) for aggregate consideration of $100 million at a price of $2.75 per share (the “Private Placement”). The Company did not receive any cash proceeds from the ...

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Product Tankers to Reap the Benefits of Hurricane Harvey

Among the tragedy that is the latest Hurricane Harvey, which has hit the US over the past few days, owners of product tankers are bound to exploit the benefits. In its latest weekly report, Allied Shipbroking said that “in the aftermath of Hurricane Harvey, one of the worst disasters to hit Texas, we are now looking to get a clearer picture of the possible disruptions the extensive flooding may have brought down with it. Days before the hurricane hit the US coast we were already hearing of an anticipation of ...

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Aegean Marine Petroleum Inc. and Freepoint Commodities LLC Announce New Cooperation Agreement and Launch of St. Croix Bunker Business in the U.S. Virgin Islands

Aegean Marine Petroleum Network Inc. and Caribbean Bunkers LLC, a subsidiary of Freepoint Commodities LLC announced the signing of an agreement to cooperate on bunkering sales, focused around the U.S. Virgin Islands facility at Limetree Bay, St. Croix. Under terms of the agreement, Aegean will market bunker fuels and marine gas oil supplied by Freepoint to customers calling on the Limetree Bay Facility. The agreement calls for future expansion in the region that could lead to adding delivery capability through Aegean’s owned fleet. Manolis Chochlakis, Aegean’s Regional Manager of the ...

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DryShips Inc. Announces Rights Offering

DryShips Inc., a diversified owner of ocean going cargo vessels, today announced that it intends to launch its previously announced rights offering (the “Rights Offering”) of shares of common stock, par value $0.01 per share (“Common Stock”). The Rights Offering is expected to be made through the pro-rata distribution of non-transferrable subscription rights to purchase, in the aggregate, up to 36,363,636 shares of Common Stock at a subscription price of $2.75 per share, to shareholders of the Company on August 31, 2017 (the “Record Date”), resulting in gross proceeds of ...

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

Costamare Inc. (NYSE:CMRE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday. 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. ...

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Newbuilding activity set for a pick up

Newbuilding orders are bound for a quick pick up of pace over the next few weeks, as buying interest from ship owners is more than active, in a reverse of the trend set over the course of the previous year. In its latest weekly report, shipbroker Allied Shipbroking noted that “there was a fair amount of activity to be reported during the past two weeks, despite being right in the midst of the summer holiday season. We started to see a good flow of interest emerge amongst owners, while this ...

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Zacks: Pyxis Tankers Inc. (PXS) Given Average Recommendation of “Strong Buy” by Brokerages

Pyxis Tankers Inc. (NASDAQ:PXS) has been given a consensus broker rating score of 1.00 (Strong Buy) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. Two equities research analysts have rated the stock with a strong buy recommendation. Brokers have set a 12-month consensus target price of $3.75 for the company, according to Zacks. Zacks has also assigned Pyxis Tankers an industry rank of 60 out of 265 based on the ratings given to related companies. PXS has been the topic of several recent analyst ...

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Dry bulk shipping: Strong demand improves market as it exceeds high fleet growth

A critical work of balance has been going on in the dry bulk market for quite some time. In its latest short-term outlook of the dry bulk market, issued yesterday, BIMCO said that should demolition fall short by 5m DWT, fleet growth will jump to 3.4%. For the recovery to stay on track, the supply side must be handled extremely carefully as the demand growth is expected to be around 3.5%. This was among the key assumptions of the latest report, issued by BIMCO’s Chief Shipping Analyst, Mr. Peter Sand. ...

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Exhibition at Athens museum offers journey to Greek seafaring, ancient Chinese technology follows

Herakleidon museum opposite the Acropolis hill offered this summer to visitors a unique journey to Greek seafaring from antiquity to modern times, showcasing through models of ships and nautical instruments Greeks’ achievements in a field which is regarded as an integral part of their identity. As the curtain of the exhibition “Voyage: Greek shipbuilding and seafaring” falls this week in Athens, the museum prepares to host another significant exhibition of ancient Chinese technology in autumn, Eleni Nomikou, the museum’s director told Xinhua. “Seafaring has formed Greeks’ character. The spirit of ...

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Higher Refinery Outages Plague Product Tanker Market

In what has been a turbulent year for the product tanker market, it seems that 2017 has seen a notable increase in unplanned refinery outages, which has naturally had an impact on the product tanker market. In its latest weekly report, shipbroker Gibson said that “whilst consistent data is hard to come by, it certainly seems like unplanned outages are higher than in previous years. We presume this is due to a number of factors. Firstly, margins have been generally strong since the oil price crash in 2014, even in ...

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Tanker Market: China and US making waves in the oil market

The crude oil market has been going several fundamental shifts these past couple of W-O-W change years. With shale oil creating havoc in terms of key production and consumption regions and the “opening of the taps” agreement made by OPEC back in 2014 radically changing the supply/demand balance. During these past three years however another import trend has been establishing itself, as Asia and the Far East have been slowly dethroning the U.S. and Europe as the main importing region of crude oil. According to Mr. George Lazaridis, Head of ...

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Stellar Acquisition III Inc. Confirms Receipt of Sponsor Funds to Extend Period to Consummate Acquisition

Stellar Acquisition III Inc. announced that the Company’s sponsors (the “Sponsors”) have deposited into the Company’s trust account (the “Trust Account”), an aggregate of $402,536 (including interest earned on the funds in the Trust Account available for withdrawal), representing $0.058 per public share. As a result, the period of time the Company has to consummate a business combination has been extended by three months to November 24, 2017. The Sponsors will have the option, but no obligation, to extend such term two additional times, each by three months, up to ...

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