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Maran Tankers Management Commits Its Newbuilds To Green Award

Maran Tankers Management fleet committed to highest quality standards, received the Green Award certificate also on its 3rd VLCC new building. As the Maran Arete, has successfully passed the survey onboard and obtained the Green Award certificate. The ship with a 318.850 deadweight tons capacity, was delivered in October 2016. The identical sister vessels namely Maran Arete and Maran Ariadne both also received the Green Award certificate in Nov 27, 2016 and in Jan 31, 2017 respectively. Maran Tankers Management takes Corporate Social Responsibility in maritime shipping very seriously. The ...

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Demolition market close to eruption, as owners hold out for higher prices

The combination of few available ships offered for demolition and higher prices has led to a somewhat stalemate in the market, as ship owners were holding out in search for even higher prices, which didn’t come. In its latest weekly report, GMS, the world’s leading cash buyer said that “the first signs of a pushback on the (seemingly) unending firming levels started to emerge this week as a number of owners unsuccessfully held out for the coveted USD 400/LDT (or higher) in order to finalize various sales. Unfortunately, all efforts ...

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CMM, HHI, Wärtsila and DNV GL reveal LPGreen concept design

In connection with the Gastech 2017 conference and exhibition in Tokyo, project partners Consolidated Marine Management (CMM), Hyundai Heavy Industries (HHI), Wärtsilä Oil & Gas, and DNV GL presented the results of a joint industry project (JIP) to develop a new LPG fuelled carrier design – LPGreen. Launched at the Posidonia trade fair in 2016, the JIP sought to develop a more energy efficient, environmentally friendly, and safer vessel for the transportation of LPG products. “In order to increase the competitiveness of modern LPG carriers, novel ship designs need to ...

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Greek company must face B.C. court for 2015 MV Marathassa fuel spill

A Federal Court judge has rejected an application for judicial review filed by a Greece-based company facing charges in a 2015 fuel spill in Vancouver’s English Bay, saying it must make its case in British Columbia Supreme Court. The bulk-grain carrier MV Marathassa and Alassia NewShips Management Inc. each face 10 charges, including discharge of a pollutant and failure to implement an oil-pollution emergency plan and are scheduled to appear in B.C. Provincial Court on Wednesday. Alassia had asked the Federal Court to set aside summonses and declare that attempts ...

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Newbuilding prices inching higher on demand spike

Shipyards anxious to recoup part of the losses of the past years are eagerly awaiting for higher contract to materialize, in order to raise prices. In its latest weekly report, Allied Shipbroking noted that “despite the still limited flow being seen in terms of new orders, we have started to see some slight increases being noted in the price figures being quoted by shipbuilders. This has been more so for dry bulk vessels, likely being assisted by the sharp rise in secondhand asset prices that have been seen over the ...

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Ecochlor Submits USCG Type Approval Application

Ecochlor is pleased to announce it has filed an application with the USCG for Type Approval for their Ballast Water Treatment System (BWTS). Due to a far more stringent set of guidelines, type approval has only been granted to three other BWT Systems worldwide, none of which offer Ecochlor’s unique, patented ClO2 technology. Upon USCG approval, the Ecochlor® BWTS will extend the range of options for shipowners beyond UV and electrochlorination technologies. Unlike other water treatment technologies, the Ecochlor system is not impaired by variations in water salinity, temperature, turbidity, ...

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Seanergy Maritime Holdings Corp. Announces Agreement to Acquire a Modern Capesize Vessel

Seanergy Maritime Holdings Corp. announced today that it has entered into an agreement with an unaffiliated third party for the purchase of a secondhand Capesize vessel, with a cargo-carrying capacity of 179,213 deadweight tons (“dwt”). The vessel was built in 2012 at Hyundai in South Korea. The vessel is expected to be delivered by the end of May 2017, subject to the satisfaction of certain customary closing conditions. The Company expects to fund the gross purchase price of $32.65 million by a secured loan facility from financial institutions and financing ...

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Angelicoussis Order Trio of VLCCs with Daewoo Shipbuilding

Cash-strapped Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Tuesday that it has clinched a US$250 million deal to build three very large crude carriers (VLCCs). Under the deal with Maran Tankers Management, a unit of Greece’s largest shipper, Angelicoussis Shipping Group, Daewoo Shipbuilding will deliver the 318,000-ton VLCCs by 2018. Angelicoussis is one of the major clients for Daewoo Shipbuilding. The company is currently building 18 ships for the Greek shipper. Late last year, Daewoo also bagged a 700 billion won order from Angelicoussis to build ...

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Is This The Start of a Turnaround for DryShips, or will Management Burn Investors Again

In life, second chances do not come by often. This is why there is a version of the old adage, “You only get one chance to make a first impression” for almost all cultures. This tends to be the case for businesses too; investors usually have a very good memory for the failures of companies, but not always. While most companies fade away after their first big failure, there are always the select few that seem to have the nine lives of a cat. It’s often said that the definition ...

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Tankers: VLCC market finds floor, bounces back

Things have been tough for VLCC owners of late, with the negative direction of the VLCC market extended through the start of the previous week, as the reality of a supply/demand imbalance at multiple‐year highs combined with a pullback in Middle East demand further soured sentiment. “As the week progressed, however, rates appeared to have found to an effective floor – from which they subsequently bounced to conclude with a modest weekly gain. Key factors behind the bounce likely include a further acceleration of demand in the West Africa market, ...

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Minerva Marine Picks Wärtsilä’s solutions to ensure compliance with ballast water treatment requirements

The technology group Wärtsilä has agreed to supply globally operating tanker vessels managed by Minerva Marine Inc. with Aquarius ballast water management systems (BWMS). The agreement covers the retrofit of several vessels and represents an important milestone in the BWMS retrofit market. The main BWMS chosen for tankers managed by Minerva Marine Inc. is the Wärtsilä Aquarius ATEX compliant Electro Chlorintation EX, which uses a proven two-stage process involving both filtration and electro-chlorination (EC). The system is EX/ATEX approved, which is a requirement for oil tankers. In addition to the ...

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Hellas-based Consolidated Marine Management and DNV GL undertake first class health check of on-board control networks

Classification society DNV GL teamed up with innovative Greek owner Consolidated Marine Management (CMM) for a test on the health of a control and communication network on board seagoing vessels. The pilot project, conducted on one of CMM’s state-of-the-art chemical tankers, investigated exactly what it takes to carry out a successful test of a vessel’s communication and control systems, in order to strengthen their overall robustness and resilience. “On-board communication networks have become the ‘nervous system’ of vessels’ integrated machinery,” says Mate J. Csorba, Principal Specialist, Marine Cybernetics Advisory DNV ...

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Seanergy Maritime Holdings: “Capesize Ships Offer the Best Potential in the Dry Bulk Market”

Seanergy Maritime Holdings Corp. announced its financial results for the fourth quarter and twelve months ended December 31, 2016. For the fourth quarter and twelve months ended December 31, 2016, the Company generated net revenues of $10.9 and $34.7 million respectively. As of December 31, 2016 total stockholders’ equity was $30.8 million and cash and restricted cash was $15.9 million. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “During 2016, the dry bulk market went through the worst crisis of the last 25 years. The continuous oversupply of ...

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Navios South American Logistics Inc. Inaugurates Iron Ore Transshipment and Storage Facility

Navios South American Logistics Inc. (“Navios Logistics”), a subsidiary of Navios Maritime Holdings Inc. (NM), announced the inauguration of its newly completed iron ore transshipment and storage facility in the Nueva Palmira Free Zone, Uruguay on Thursday March 30, 2017. Present at the inauguration was the Board of Directors and executive team of Navios Logistics as well as representatives from a number of branches of the government of Uruguay, including the Minister of Transport and Public Works, Mr. Victor Rossi, and the Minister of Foreign Affairs, Mr. Rodolfo Nin Novoa. ...

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DryShips Inc. Enters Into $226.4 Million Common Stock Purchase Agreement With Kalani Investments Limited and Announces the Acquisition of Six Vessels

DryShips Inc. , a diversified owner of ocean going cargo vessels, announced that it has entered into an agreement with Kalani Investments Limited (“Kalani”), an entity that is not affiliated with the Company. Under the agreement the Company may sell up to $226.4 million of its common stock to Kalani over a period of 24 months, subject to certain limitations. Proceeds from any sales of common stock will be used for general corporate purposes. Kalani has no right to require any sales and is obligated to purchase the common stock ...

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