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Aegean becomes fourth supplier to exit Singapore marine fuels market

Aegean Bunkering Pte Ltd will halt physical supply operations in Singapore by January, the company said, becoming the fourth such firm to exit the world’s largest marine refuelling hub after it adopted tougher bunkering procedures this year. Since adopting mass flow meters (MFM) to streamline operations on marine refuelling, or bunkering, barges at the start of 2017, suppliers in Singapore have seen margins squeezed and competition surge in the battle for market share. “2017 has seen heightened commercial pressures in Singapore, and as a result, management has determined that Aegean’s ...

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Navios Maritime Containers Inc. Says the Container Market Offers Attractive Acquisition Candidates

Navios Maritime Containers Inc., a growth vehicle dedicated to the container sector of the maritime industry, reported financial results for the three month period ended September 30, 2017 and for the period from April 28, 2017 (date of inception) through September 30, 2017. Angeliki Frangou, Chairman and Chief Executive Officer, stated, “We are pleased with our financial performance in our first full quarter of operation for which we reported adjusted EBITDA of $7.0 million and adjusted net income of $531 thousand. ” Angeliki Frangou continued: “We believe the container market ...

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Prices for dry bulk carriers on the rise

As more shipowners are piling into the market for secondhand vessels, prices were bound to quickly pick up steam. In its latest weekly report, shipbroker Intermodal said that “as it was expected, the strong dry bulk freight market of the past couple of months has inspired similar activity in the second-hand market. Nonetheless, we witness that asset prices have not increased as much as someone would expect given the strong enthusiasm out there. Instead, they have slightly scaled back and steadied at improved compared to a year ago but not ...

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LNG Shipping Markets Are Improving says GasLog

GasLog Ltd. and its subsidiaries, an international owner, operator and manager of liquefied natural gas (“LNG”) carriers, reported its financial results for the quarter ended September 30, 2017. Highlights · Completed the dropdown of the GasLog Geneva to GasLog Partners LP (“GasLog Partners” or the “Partnership”) for $211.0 million on July 3, 2017. · Announced and, post the quarter end, closed the dropdown of the Solaris to GasLog Partners for $185.9 million. · Completion by Gastrade S.A. (“Gastrade”) of the Front-End Engineering and Design (“FEED”) study for the Alexandroupolis floating ...

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Frangou Says Long-Term Chartering Strategy The Way To Go For Tanker Owner, Navios Maritime Acquisition Corporation

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, reported its financial results for the third quarter and the nine month period ended September 30, 2017. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, “We are pleased with our results for the third quarter of 2017, where we reported revenue of $54.0 million and EBITDA of $23.3 million. We also declared a dividend of $0.05 per share for the quarter, resulting in a dividend yield of about 16.0%.” Angeliki Frangou continued, “The recent volatility in ...

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Dry Bulk Market At Peak Level

The dry bulk market’s recent corrections seem to be helpful for the latest rally to “sink in” and for the restoration of the market’s balance and a rethinking of the prevailing fundamentals. However, according to Allied Shipbroking, the metals’ prices rally seems to indicate that there is still room for more freight rates increases until the end of the year, although charterers are resisting such rises. In its latest weekly report, shipbroker Allied Shipbroking noted that “it has been a week of corrections for the dry bulk freight market as ...

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Aegean to exit Singapore physical market in 2018

New York-listed bunker fuel supplier Aegean Marine announced it will cease physical supply operations in Singapore as of January 2018. The company will fulfill all deliveries and contracts that have already been finalized, and will continue to maintain a trading presence in the port. Aegean cited increased competition in the port as a driving factor in the company’s choice to exit the market. “2017 has seen heightened commercial pressures in Singapore, and as a result, management has determined that Aegean’s resources can be more profitably deployed elsewhere,” said company president ...

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Genco Shipping & Trading Reports Third Quarter Loss of $31.2 million

Genco Shipping & Trading Limited reported its financial results for the three and nine months ended September 30, 2017. The following financial review discusses the results for the three and nine months ended September 30, 2017 and September 30, 2016. Third Quarter 2017 and Year-to-Date Highlights Recorded a net loss of $31.2 million for the third quarter of 2017 – Basic and diluted loss per share of $0.90 – Adjusted basic and diluted loss of $12.5 million or $0.36 per share, excluding $18.7 million non-cash impairment charge1 Established Singapore presence ...

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17th Navigator 2017 Takes Center Stage

It gives us great pleasure to announce that NAVIGATOR SHIPPING CONSULTANTS will proudly host the 17th NAVIGATOR 2017 – The Shipping Decision Makers Forum at HELLAS LIBERTY, (Floating Museum, Gate E2), Piraeus Port, from 09:30hrs to 16:00hrs. Having established an open dialogue regarding key issues concerning Shipping since 2001, NAVIGATOR Forum, one of the most widely – recognized shipping events, is being held annually and every year attracts more than 400 prominent personalities of the Greek and International Shipping Community. Aiming at contributing to the continuation of the Greek Shipping History & Tradition, this annual meeting could only take ...

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Clarkson Capital Lowers Navios Maritime Holdings Inc. (NYSE:NM) to Neutral

Clarkson Capital cut shares of Navios Maritime Holdings Inc. (NYSE:NM) from a buy rating to a neutral rating in a research report report published on Tuesday, October 17th, The Fly reports. Other analysts also recently issued research reports about the company. ValuEngine raised Navios Maritime Holdings from a sell rating to a hold rating in a research note on Friday, July 28th. Zacks Investment Research raised Navios Maritime Holdings from a strong sell rating to a hold rating in a research report on Friday, July 21st. Three equities research analysts ...

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Newbuilding ordering activity firms up as owners look to boost their fleet

Newbuilding ordering activity is firming up on increased demand by shipowners, who are convinced of the long-term rebound of freight rates and are willing to commit funds. In its latest weekly report, shipbroker Allied Shipbroking said that “this week’s activity put things in a more aggressive mode in terms of ordering, with the main drivers in the market pushing things forward once more and an increased flow of newbuilding orders now restored. The dry sector, after a period of slightly slower activity, showed a rebound with many fresh orders coming ...

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Aegean Marine Petroleum Network Inc. Announces Intention to Cease Physical Supply Operations in Singapore — Maintains Trading Presence in the Singapore Market

Aegean Marine Petroleum Network Inc. (the “Company” or “Aegean”) (NYSE: ANW), a leading international marine fuel logistics company, today announced that after almost 11 years as a prominent player in Singapore, it has decided to exit the market as a physical supplier as of January 2018. The Company will maintain a trading presence in the Singapore market. Our President Jonathan McIlroy commented, “The bunkering market in general, and the Singapore market in particular, are extremely competitive. We had hoped that enforcement of mandatory mass flow meter (MFM)-equipped bunker barging in ...

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Safe Bulkers, Reports 38% Increase in Net Revenues for Third Quarter

Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced its unaudited financial results for the three and nine months period ended September 30, 2017. Summary of Third Quarter 2017 Results Net revenue for the third quarter of 2017 increased by 38% to $37.3 million from $27.1 million during the same period in 2016. Net income for the third quarter of 2017 was $6.7 million as compared to net loss of $24.5 million, during the same period in 2016. Adjusted net loss[1] for the ...

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Dryships Inc. Announces Successful Delivery Of Its Third Very Large Gas Carrier

DryShips Inc., a diversified owner of ocean going cargo vessels, announced today that it has taken delivery of the previously announced high specifications third newbuilding Very Large Gas Carrier (“VLGC”). The VLGC will be employed under a time charter on a fixed rate with ten years firm duration to an oil major trading company. The Company expects a total gross backlog associated with this time charter of up to $103.8 million. Since the beginning of this year, DryShips has taken delivery of 16 vessels and expects to take delivery of ...

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Safe Bulkers, Inc (SB) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Safe Bulkers, Inc (NYSE:SB) from a sell rating to a hold rating in a report issued on Thursday morning. According to Zacks, “SAFE BULKERS is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly grain, iron ore and coal, along worldwide shipping routes for some of the world’s largest consumers of marine drybulk transportation services. “ A number of other analysts also recently commented on SB. Stifel Nicolaus set a $2.00 price objective on Safe Bulkers and gave the stock a ...

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