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Visit of the Athens Stock Exchange Management to PPA

The Management of Hellenic Exchanges – Athens Stock Exchange SA Holdings (ATHEX) headed by the Chairman Mr. Iakovos Georganas, the Vice – Chairman & CEO Mr. Socrates Lazaridis, the Chief Operating Officer Mr. Dimitris Karaiskakis and the Deputy Chief Operating Officer Mr. Nikos Porphiris, visited the PPA SA headquarters and had an informational meeting with the CEO Capt. Fu Chengqiu, the Executive Management Consultants & BoD Members Mr. Athanasios Liagkos, Mr. Ioannis Kouvaris in the presence of executives from both companies. During the meeting, constructive exchanges of views took place ...

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Greek Shipowners Extend Voluntary Tax

Greek shipowners have agreed to extend a voluntary tax contribution to the Greek government, which I previously blogged about, for an additional year due to the fact that Greece is still struggling with its debt crisis. Members of the Union of Greek Shipowners (EEE) approved the extension of the agreement for the voluntary tax payments, which was originally signed in 2013 and was set to expire at the end of 2017. The current measure will extend the agreement with the Greek state until the end of 2018. In 2013 it ...

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Dry Bulk: Iron ore trade could face further complications from US steel policy

As if the dry bulk market didn’t its own problems to solve, it risks facing further complications from the looming shifts in steel trade policies. in its latest weekly report, Allied Shipbroking noted that “trouble seems to be looming once more in the steel industry as US President Trump puts forth his plans for specialist protectionist measures for the badly weathered US steel industry. This latest push has been based on a Cold War-era trade law that would allow him to restrict imports of any goods or in this case ...

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Has DryShips’ Growth Just Begun?

DryShips (NASDAQ: DRYS) spent much of last year jettisoning vessels from its fleet to raise cash and shore up its balance sheet. Overall, the company unloaded 10 dry bulk ships and its stake in an offshore drilling company. By doing so, the company put its finances back on solid ground by the end of the year, which positioned it to start rebuilding its fleet with new vessels so it could grow off that new base. That is just what it has done since the beginning of the year, going on ...

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Globus Maritime Limited Reports 50% Increased First Quarter Results

Globus Maritime Limited, a dry bulk shipping company, reported its unaudited consolidated operating and financial results for the quarter ended March 31, 2017. In Q1 2017, Revenues increased by about 50% compared to Q1 2016 In Q1 2017, Debt under loan agreements was reduced by about 30% compared to Q1 2016 Current Fleet Deployment All our vessels are currently operating on short term time charters (“on spot”). Management Commentary Athanasios Feidakis, President, Chief Executive Officer and Chief Financial Officer of Globus Maritime Limited, stated: “The dry bulk shipping market started ...

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Dryships Inc. Announces Successful Delivery Of Its Third Modern Newcastlemax Vessel

DryShips Inc., a diversified owner of ocean going cargo vessels, announced today that it has taken delivery of its third previously announced 205,170 DWT Newcastlemax drybulk vessel built in 2013. The vessel will continue its fixed time charter contract with a major Capesize German based operator for a gross rate linked to the Baltic Capesize Index (BCI4TC) plus 12.5% and an expected duration of 14 to 18 months. The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of (i) 13 ...

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i-forms: SetelHellas’ new engineering concept

SetelHellas has the pleasure to announce that it has successfully ported i-forms, by SEATRIX to SmartBox-V™ through a native VM environment. i-forms, is a new enterprise engineering concept able to provide the right information at the right time and at the right format. It combines the online manual entry with the parallel collection of vessel data- pulled automatically from SeeMBox-V©, in electronic smart forms that are accessible from web pages, mobile devices, portals, software applications and visualization platforms. Incorporate this information immediately into your business process to automate actions, validate ...

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Dryships Inc. Announces Successful Delivery Of Its Second Modern Newcastlemax Vessel

DryShips Inc., a diversified owner of ocean going cargo vessels, announced that it has taken delivery of its second previously announced 205,123 DWT Newcastlemax drybulk vessel built in 2013. The vessel will be employed under a time charter contract with a major coal and steel trader for a gross rate linked to the new Baltic Capesize Index (BCI5TC) plus 20%. The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of (i) 13 Panamax drybulk vessels; (ii) 4 Newcastlemax drybulk vessels, ...

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Ships’ Scrapping Markets In Limbo

The market for the scrapping of old ships has remained in limbo over the course of the past couple of weeks, as a lingering lack of clarity pertaining to the true outcome of the Bangladeshi and Pakistani budgets that were announce at the end of May and early June respectively has continued to cloud the ship-recycling markets of the Indian sub-continent. In its latest weekly report, the world’s leading cash buyer GMS noted that “in fact, the Bangladesh Shipbreakers Association (BSBA) has voiced their concerns to the highest authorities in ...

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ABS Completes EU MRV Monitoring Plan Assessment for Greek Shipping Company Prime Tanker Management

ABS, a leading provider of classification and technical services to the offshore and marine industries, has completed a monitoring plan assessment for the lead vessel in the Prime Tanker Management fleet. “Completion of this assessment represents a significant milestone for Prime Tanker Management,” says ABS Vice President for Global Marine Peter Fitzpatrick. “As the first class organization accredited to perform EU MRV assessments, ABS is leading the way in helping streamline and simplify the compliance process for shipowners and operators.” Central to the EU MRV requirements are key deadlines for ...

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Diana Shipping Inc. Agrees to a Loan of US$82.6 Million to Diana Containerships Inc.

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that it has agreed to refinance its existing loan facility with Diana Containerships Inc. (NASDAQ: DCIX), having an outstanding balance of US$42.6 million, with a loan facility of US$82.6 million, which reflects an additional loan amount to Diana Containerships of US$40.0 million. The loan also has an additional US$5.0 million interest-bearing amount, which is classified as discount premium. The loan matures in eighteen (18) months and bears interest at the rate of 6% per ...

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Seanergy Maritime Holdings Corp. Reports Increase of 90% in Net Revenues for the First Quarter of 2017

Seanergy Maritime Holdings Corp. announced today its financial results for the quarter ended March 31, 2017. For the quarter ended March 31, 2017, the Company generated net revenues of $13.3 million, a 90% increase versus the same period 2016. As of March 31, 2017, stockholders’ equity was $26.7 million and cash and cash equivalents, including restricted cash was $6.9 million. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “In the first quarter of 2017 we experienced the first signs of market recovery, which was reflected mostly in the ...

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Diana Containerships Inc. Agrees to Pay US$85.0 Million in Full and Final Settlement of the US$128.9 Million Outstanding Amount with RBS

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, today announced that it has paid an aggregate of US$85.0 million for full and final settlement of its US$148.0 million secured loan facility with The Royal Bank of Scotland plc (“RBS”), entered into on September 10, 2015, which had an outstanding balance of US$128.9 million as of June 30, 2017. The Company funded the refinancing of the RBS loan with aggregate proceeds of US$75.0 million under two new secured loan facilities with Addiewell Ltd., an unaffiliated third ...

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DryShips To contest lawsuit alleging breach of fiduciary duty

Dry bulk shipper’s shares rise about 29 pct to $1.33 in premarket trade; on track to end 4-day losing streak that erased about 60 pct of stock’s value. Lawsuit alleges breaches of fiduciary duty, unjust enrichment, and conflict of interest against company and its CEO and chairman George Economou. Economou is also CEO of offshore driller Ocean RIG UDW Inc, which filed for Chapter 15 bankruptcy protection in a U.S. court earlier this year. DRYS took delivery of a dry bulk vessel on Wednesday, which will be contracted to a ...

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Dryships Inc. Believes That Recently Filed Derivative Lawsuit To Suspend Further Issuances Of Common Shares Below A Certain Price Are Without Merit

DryShips Inc., a diversified owner of ocean going cargo vessels, announced today that it and its chief executive officer and chairman of the Company’s board of directors, Mr. George Economou, have been named as defendants in a lawsuit filed in High Court of the Republic of the Marshall Islands (Civil Action No. 2017-131) alleging, in relevant part, breaches of fiduciary duty, unjust enrichment, and conflict of interest. The plaintiff seeks, among other things, a temporary restraining order and preliminary injunction to suspend any further issuances of new common shares by ...

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