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Of Oil Prices and Tankers

Oil prices are stealing the show once more, when it comes to determining the future course of the tanker market. In its latest weekly report, shipbroker Cotzias Intermodal Shipping noted that “for another week, oil seems to be the most volatile and interesting commodity to watch. In this segment we’ll look at some of the major factors affecting the commodity price as a whole. Brent price closed yesterday at $62.90 down from 64.65 last week, which was the highest level reached since June 2015. Efforts by OPEC and Russia to ...

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Boston Carriers Inc. Announces Today Completion of a Spot Voyage Contract of the MV Nikiforos (“Nikiforos”)

Boston Carriers Inc. announces that on October 2017, Nikiforos completed a spot voyage contract to transport approximately 33,000 tons of dry bulk cargo from South America to the Middle East. The contract contributed approximately 1,283,000 USD in the revenues of the Company. Nikiforos has transported approximately 183,000 tons of dry bulk cargo from the beginning of the year and until the date of completion of this voyage and has produced operating revenues of approximately 3,2 million usd compared to approximately 2,1 million usd for the year ended in December 31 ...

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Diana Containerships Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2017

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, reported a net loss of $8.7 million for the third quarter of 2017, compared to a net loss of $126.8 million for the same period of 2016. The loss for the third quarter of 2016 reflected the result of impairment charges for seven of the Company’s vessels. Time charter revenues, net of prepaid charter revenue amortization, were $6.7 million for the third quarter of 2017, compared to $8.0 million for the same period of 2016, mainly due ...

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Ships Demolition Market in Limbo, as Market Sentiment a Big Unknown

Market sentiment in the ships demolition segment remains a big unknown, as the lack of tonnage is coupled with a general apathy from the side of cash buyers as well. In its latest weekly report, shipbroker Clarkson Platou Hellas wondered “what is happening to the market? There still appears so much uncertainty around that we are all left in limbo as to which direction we are heading. Despite the lack of tonnage, reports suggest that there is surprisingly a general apathy from the actual ship recyclers making it very hard ...

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SNAME Meeting in Athens

The SNAME GREEK SECTION monthly event was honored by Mr. Martin Toyen, President of Global SNAME, who visited Athens on 10-12 October, 2017. The interesting speech of the President of SNAME GREEK SECTION, Dr. Ioannis Kokarakis (BUREAU VERITAS), was followed by a reception for the Young Naval Architects, NTUA and TEI students, as well as very important Technical Directors from major shipping companies. The Board of the Executive Committee discussed the forthcoming SOME International Symposium that the SNAME Greek Section organizes on 20 & 21 March 2018 in Athens at ...

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Diana Shipping Inc. Announces Time Charter Contract for m/v Naias With Phaethon

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 entered into a time charter contract with Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Naias. The gross charter rate is US$10,000 per day, minus a 5% commission paid to third parties, for a period of about fifteen (15) months to maximum eighteen (18) months. The charter is expected to commence on November 24, 2017. The m/v Naias was ...

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Aegean Marine Petroleum Network Achieves Gross Profit of $6.7 million during Third Quarter, Savings of Over $20 million so far in 2017

Aegean Marine Petroleum Network Inc. announced financial and operating results for the third quarter ended September 30, 2017. Third Quarter Financial Highlights Recorded sales volumes of 4,139,624 metric tons. Gross profit of $67.9 million. Generated operating income of $6.7 million. Recorded net loss attributable to Aegean shareholders of $3.8 million or $0.10 basic and diluted losses per share. Generated EBITDA of $15.2 million. Management Commentary Jonathan McIlroy, Aegean’s President, commented, “We experienced an extremely challenging market environment during the third quarter of 2017. Despite modest improvement in some segments of ...

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Newbuilding Ordering Activity Looking For Added Growth in the Coming Weeks

Activity in newbuilding orders seems to have slowed down a bit, compared to the past few weeks, but deals are still being done. In its latest weekly report, shipbroker Intermodal said that “if there is one thing that has constantly exceeded expectations so far this year this is newbuilding activity. The number of recent orders reported last week still shows healthy contracting activity in the sector, with the dry bulkers attracting most of the investment interest out there and perfectly aligning with the trend in the second-hand market. Most of ...

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Tsakos Energy Navigation Ltd (TNP) PT Set at $7.00 by Stifel Nicolaus

Stifel Nicolaus set a $7.00 price target on Tsakos Energy Navigation Ltd (NYSE:TNP) in a report published on Sunday, October 29th. The brokerage currently has a buy rating on the shipping company’s stock. A number of other research firms have also issued reports on TNP. Jefferies Group LLC restated a buy rating and issued a $6.00 price target on shares of Tsakos Energy Navigation in a research report on Tuesday, July 4th. BidaskClub upgraded Tsakos Energy Navigation from a sell rating to a hold rating in a research report on ...

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Navios Maritime Holdings Inc. Announces Pricing of $305 Million of 11.25% Senior Secured Notes Due 2022

Navios Maritime Holdings Inc. (“Navios Holdings” or the “Company”) (NYSE:NM) announced today that the Company and Navios Maritime Finance II (US) Inc., its wholly owned finance subsidiary, priced $305 million of 11.25% Senior Secured Notes due 2022 (the “Notes”). The Notes were offered and sold in the United States only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and in offshore transactions to non-United States persons in reliance on Regulation S under the Securities ...

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Tanker Market Improved During October

In October, tanker spot freight rates for dirty vessels edged up across all classes trading on most major routes ahead of winter season requirements. VLCC spot freight rates achieved the strongest growth compared with the smaller classes on the back of healthy tonnage demand on the main trading routes. In the dirty segment, VLCC, Suezmax and Aframax average spot freight rates increased by 37%, 12%, and 12%, respectively, over a month earlier. These gains in spot rates were mostly driven by higher seasonal tonnage demand, as well as increased transit ...

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Navios Maritime Partners L.P. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2017

Navios Maritime Partners L.P. (“Navios Partners” or the “Company”) (NYSE:NMM), an international owner and operator of container and dry bulk vessels, today reported its financial results for the third quarter and nine months ended September 30, 2017. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “I am pleased with our results for the third quarter of 2017, for which Navios Partners reported revenue of $60.0 million, EBITDA of $41.0 million and net income of $9.2 million.” Angeliki Frangou continued, “Navios Partners is expected to generate significant cash ...

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Suezmax Tanker Oversupply Still Prevalent, But Fortunes Could Soon Change for the Better

The Suezmax tanker market has been suffering for quite a while. However, the negative outlook which has come as a result of tonnage oversupply, could be eradicated in a couple of years’ time, signalling a reversal of fortunes. In its latest weekly report, shipbroker Charles R. Weber, said that “during the first half of the 2010s, a surging Suezmax fleet against tighter fundamentals in alternative crude tanker size classes saw rising levels of encroachment in non‐traditional regional markets usually serviced by larger and smaller counterparts. The geographically disjointed nature of ...

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TEN Ltd. Reports Completion Of 15-Vessel Newbuilding Program: 30% Fleet Growth in 18 months

TEN, Ltd. reported the delivery of the ice-class Aframax tanker Bergen TS, the last in the 15 vessel ,pre-employed on long-term business, growth program, which increased the size of TEN’s fleet by 30% over the last 18 months. With 65 vessels fully operational, the fleet’s minimum revenue backlog comes to $1.3 billion with average contract duration of 2.5 years. “With the largest growth in the Company’s history, successfully and timely completed, TEN is well positioned to take advantage of market opportunities as they will appear,” Mr. Nikolas P. Tsakos, President ...

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Eye-share AS partners with Eiger Marine to strengthen position in the Maritime industry

Document automation company Eye-share AS forms partnership with Greece-based Eiger Marine. Eye-share and Eiger Marine form a partnership to offer the best invoice automation system to maritime customers in Greece and Cyprus. Eye-share partners with Eiger Marine. This partnership forms part of our strategy to partner and co-operate with leading providers of business process improvement solutions for the maritime sector in order to reach new, important customer segments. The alliance will offer customers in the maritime sector a complete solution for invoice and document automation with Eye-share’s main product; eye-share ...

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