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TOP Ships Inc. Announces Joint Ventures and New Vessel Employment

TOP Ships Inc., an international ship-owning company, announced that it has entered into two joint venture agreements, on a 50-50 basis, with Gunvor Group Ltd (www.GunvorGroup.com), one of the world’s largest independent commodities trading houses by turnover, for two 50,000 dwt product tankers M/T Eco Holmby Hills and M/T Eco Palm Springs, currently under construction in Hyundai with expected deliveries in the first and second quarters of 2018, respectively. The company had previously announced that it had acquired 49% of each vessel and prior to entering into the joint ventures ...

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Falling Capesize Rates Could Trigger More Scrapping Activity

The market for ships scrapping has been rather slow over the course of the past few weeks for a number of reasons, chief of which the shipowners’ reluctance to part with some of their older ships, but also because of the confusion reigning the demolition market at the moment. However, things could well be starting to pick up, as the continuous fall of the Capesize market, could trigger more sales. In its latest weekly note, the world’s leading cash buyer of ships, GMS said that “renewed sense of purpose and ...

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RINA preferred verifier for MRV by Thenamaris

Thenamaris and Thenamaris LNG, two of the most prominent Greek Shipping companies, have chosen RINA as their exclusive partner for the Monitoring, Reporting and Verification of CO2 emissions Regulation (MRV) for their total combined fleet under management of over 80 modern vessels, mainly Oil Tankers, Bulkers and LNG Carriers. The new regulation was developed in response to the challenge of reducing greenhouse gases in European territories to meet the 2050 targets set by the EU. The EU Commission strategy suggests that the CO2 emissions from maritime transport should be cut by at ...

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Safe Bulkers, Inc. Declares Quarterly Dividend

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today that the Company’s Board of Directors has declared: a cash dividend of $0.50 per share on its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares (the “Series B Preferred Shares”) (NYSE: SB.PR.B) for the period from April 30, 2017 to July 29, 2017; a cash dividend of $0.50 per share on its 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares (the “Series C Preferred Shares”) (NYSE: SB.PR.C) for the period from April 30, 2017 to July 29, ...

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Wife of Maltese registered ship captain detained in Greece requests his release

The wife of the Ukrainian sea captain held in Greek prison is calling on Greek authorities to release him and the crew of the Maltese flagged container vessel, Mekong Spirit. The captain has spent six weeks in Athens prison, while his 16 crew have been detained aboard the vessel at Souda Bay Naval Base, Crete. Captain Sergii Nevecheria (61), from Ukraine was detained on 23 May by Greek authorities whilst transiting Greek waters en route to the Suez Canel. Soon after a port call at Izmir, Turkey, the ship under ...

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Shipowners Hunt for Newbuilding Discounts

Shipowners are actively looking for more bargains in the newbuilding markets ahead of the summer lull. In its latest weekly report, shipbroker Allied Shipbroking noted that “activity has continued to hold at a fairly good pace these past weeks, with a lot of interest seemingly centered around the ability to secure any discounted slots for older vessel designs. With the main driver being the pricing aspect, it is difficult to see how this positive trend in buying interest could continue for much longer. Prices being quoted by shipbuilders are likely ...

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Greece As A Shipping Cluster Needs More Work To Succeed says EY Report

Over the last decades, the global shipping industry has been one of the major factors of the globalization process. At the same time, the shipping industry is itself being transformed by growing international trade, market integration and the shifting balance of economic power from developed economies to rapidly growing lower wage economies. As shipping-related economic activities are also becoming more globalized, cities and states have to compete to attract international maritime companies. Traditional shipping clusters in Europe are being successfully challenged by countries and cities in the developing world, primarily ...

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TEN Ltd. Declares Dividend on its 8.00% Series B and 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares

TEN Ltd., a leading diversified crude, product and LNG tanker operator, today announced that its Board of Directors declared the regular quarterly cash dividend of $0.50 per share for its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares (the “Series B Preferred Shares”; NYSE; TNPPRB) and approximately $0.5547 per share for its 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares (the “Series C Preferred Shares”; NYSE; TNPPRC). Each dividend is for the period from the most recent dividend payment date on April 30, 2017 through July 29, 2017. The dividend ...

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DryShips Inc. Announces Motion for Temporary Restraining Order to Suspend Further Issuances of Common Shares Below a Certain Price Was Denied

DryShips Inc., a diversified owner of ocean going cargo vessels, announced today that an application for a temporary restraining order filed last week in the Republic of the Marshall Islands by a plaintiff against the Company and its chief executive officer and chairman of the Company’s board of directors, Mr. George Economou, has been denied. The temporary restraining order had sought to suspend any further issuances of new common shares by the Company at a price per share below the price specified. The Court ordered the parties to submit written ...

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VLCC plagued with oversupply despite strong fixture activity

Despite 29 fixtures for VLCCs being reported last week, a notable week-on-week increase and a further 30 Middle East cargoes expected to materialize in the coming weeks, shipbroker Charles R. Weber expects that they won’t be enough to cater for all the ships available, with 44 VLCCs ready to take on cargo. According to the shipbroker’s latest weekly report, “rates in the VLCC market continued to hover in the same range that has prevailed over the past month with participants unable to make a sufficiently strong argument to move rates ...

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Diana Shipping Inc. Announces Time Charter Contracts for m/v Medusa with Cargill, m/v Artemis and m/v Thetis with Ausca

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Medusa. The gross charter rate is US$10,000 per day, minus a 4.75% commission paid to third parties, for a period of minimum twelve (12) months to maximum fifteen (15) months. The charter commenced on July 6, 2017. The m/v Medusa was chartered, as previously announced, ...

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Aegean Marine Petroleum Network Inc. (ANW) Lifted to “Buy” at Stifel Nicolaus

Stifel Nicolaus upgraded shares of Aegean Marine Petroleum Network Inc. (NYSE:ANW) from a hold rating to a buy rating in a report issued on Friday, June 2nd, Marketbeat reports. Stifel Nicolaus currently has $9.00 price objective on the oil and gas company’s stock. The analysts noted that the move was a valuation call. A number of other analysts have also issued reports on the company. Zacks Investment Research lowered Aegean Marine Petroleum Network from a buy rating to a hold rating in a research note on Tuesday, May 9th. TheStreet ...

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VLCC Newbuilding Orders During 2017 Already Triple Those of the Whole of 2016

In what can only be seen as a worrying sign of things to come, shipbroker Gibson reports that VLCC orders this year have more than tripled, compared to those of the whole of 2016. The London-based shipbroker said in its latest weekly report that “back at the beginning of May, our weekly report focused on the accelerating pace of orders, in particular demand for VLCC tonnage. Two months later we are reporting 20 more fresh VLCC orders, in addition to those placed between January and April. The total count of ...

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Bulgaria and Greece to Build Multimodal Freight Corridor Between Black Sea, Aegen Sea and Dunabe

Bulgarian Minister of Transport, Information Technology and Communications Ivaylo Moskovski and Greek Minister for Infrastructure, Transport and Networks Christos Spirtzis have agreed to extend the multimodal transport corridor between the two countries connecting the ports of Varna, Burgas, Kavala and Alexandroupoli, the ministry’s press office announced, quoted by Focus News Agency. At the meeting today, the Greek part accepted Bulgaria’s proposal to include a connection with the port of Ruse in the joint project. This will result in a multimodal corridor servicing road, rail, sea and river transport, as well ...

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Tankers: The Implications of the Qatari Crisis to the market and Ships’ Bunkering

In its latest weekly report, shipbroker Intermodal noted that “a war of words blasted last month as the UAE, S. Arabia, Egypt and Bahrain revealed that they are experiencing severe diplomatic issues with the state of Qatar over assertions that it is sponsoring terrorism. Furthermore, various prohibitions have been imposed on land, sea and air travel as well as movement of goods into and out of Qatar, triggering economic and social isolation. President Trump has supported S. Arabia even though Qatar was recently identified by him as a “strategic partner”. ...

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