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Greek newbuidling orders dominate in 2017 so far

The total sale number should read 1.8 billion USD, instead of 1.410 billion USD. We have been following the number of newbuild orders that have been placed since the start of 2017 and have put together some data following the top orders of newbuild tonnage. VesselsValue Deals database shows that Greek owners have placed 35 orders for new bulkers and tankers since the start of 2017. Globally only 119 orders have been placed. Here are the top five ordering countries: Here are the Greek owners who have ordered newbuildings so ...

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Navios Maritime Partners L.P. Provides Update for Acquisition of 14-Vessel Container Fleet from Rickmers Maritime

Navios Maritime Partners L.P., an international owner and operator of drybulk and container vessels, announced today that it plans to transfer to Navios Maritime Containers Inc. (“NMCI”), an affiliate, the 14-vessel container fleet (the “Fleet”) that Navios Partners agreed to acquire from Rickmers Maritime (the “Trust”). It is expected that Navios Partners will (a) transfer the Fleet to NMCI at Navios Partners’ cost plus $5.0 million and (b) invest $30.0 million in return for equity. Navios Partners will also receive a warrant, with a five-year term, exercisable for an additional ...

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Dry Bulk Market: Where to From Here?

The dry bulk market has softened considerably during the month of April, as the Baltic Capesize Index was down by 29% on the month, with the overall index (BDI), the industry’s benchmark, down by 13%. This downward trend persisted during early May as well, but market sentiment has remained overall positive, as the long-term fundamentals appear solid. In its latest weekly report, shipbroker Allied Shipbroking noted that “we have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries ...

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DryShips Inc. Reports Financial and Operating Results, Acquires Suezmax Newbuilding

DryShips Inc., or DryShips or the Company, a diversified owner of ocean going cargo vessels, announced its unaudited financial and operating results for the quarter ended March 31, 2017. Updated Key Information as of May 10, 2017: Cash and cash equivalents: approximately $340.7 million (or $5.05 per share) Book value of vessels, net: approximately $286.2 million (or $4.25 per share) Sifnos Loan Facility balance: approximately $200.0 million Number of Shares Outstanding: 67,401,964 New Acquisitions On May 10, 2017, the Company entered into an agreement with an entity affiliated with the ...

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North P&I Club Presents On Maritime Casualties At Leading Greek Marine Academy May 2017

North P&I Club has delivered a presentation to the Merchant Marine Academy in Hydra, Greece, emphasising the importance of safety procedures and the human element in avoiding maritime casualties. The presentation was delivered by Tony Allen, Director (Greece), Gordon Robertson, Deputy Director (Greece), and Captain Dev Lajmi, Senior Claims Executive. The focus was on maritime casualties that became ‘Game Changers’ leading to significant changes in oil pollution and environmental legislation, and the introduction of the ISM Code for safer practices and procedures at sea. Some of the real-life lessons learned ...

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Piraeus bunker fuel price hits multi-month low

Bunker fuel at Piraeus hit an almost six-month low Tuesday, as falling crude oil prices weighed against tightness in barges and increased seasonal buying appetite from cruise vessels. The price of 380 CST fuel oil was assessed at $287/mt delivered Tuesday, its lowest point since November 11, S&P Global Platts data showed. ICE Brent futures closed at 1630 GMT Tuesday at $48.87/b, the lowest level since November 29. Demand and supply were both heard to be strong at the port Tuesday, although some concerns were expressed about the weather in ...

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Greece, China transforming Piraeus port into shining star: manager

Years since Chinese giant COSCO Shipping’s arrival at Piraeus port, the image of Greece’s largest port has changed dramatically. Greeks and Chinese continue to work hard together to realize the vision to transform Piraeus into a shining star, Tassos Vamvakidis, a manager of Piraeus Container Terminal S.A (PCT), COSCO Shipping’s subsidiary at Piraeus, told Xinhua in a recent interview. Chinese investors initially took over the upgrade and management of Pier II and III for a span of 35 years from Greeks, while last year COSCO SHIPPING also acquired the majority ...

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Newbuilding Ordering Activity Picks Up on Renewed Ship Owners’ Demand

Demand for newbuildings has slowly started to climb, as shipyards have started to increase their prices. It’s a sign that some ship owners have attempted to catch this trend in its beginning and procure vessels at the near historically-low levels of pricing, before more shipbuilders increase their prices. In its latest report, Allied Shipbroking said that “the newbuilding market has been seeing some slow sparks of life, though this is not the main driver behind the recent price hikes that have been noted on the offers from shipbuilders. The combination ...

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Gener8 Maritime’s ECO Vessels Earning Premiums, in a Competitive Advantage for the Tanker Owner

Gener8 Maritime, Inc., a leading U.S.-based provider of international seaborne crude oil transportation services, announced its financial results for the three months ended March 31, 2017. Highlights Recorded net income of $26.9 million, or $0.32 basic and diluted earnings per share, for the three months ended March 31, 2017, compared to $60.9 million, or $0.74 basic and diluted earnings per share for the same period in the prior year. Recorded adjusted net income of $38.5 million, or $0.46 basic and diluted adjusted earnings per share, for the three months ended ...

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Weathernews Inc. and ClassNK held joint seminar for Monitoring Reporting Verification in Athens

World’s largest private weather service company Weathernews Inc. (WNI) and leading classification society ClassNK welcomed over 100 shipping personalities to their first joint seminar for Monitoring, Reporting , Verification (MRV) held at Glyfada Golf Gardens on 27 April. EU MRV is an EU regulation on the monitoring, reporting, and verification of carbon dioxide (CO2) emissions from vessels, which first entered into force on 1 July 2015. This regulation lays down rules for developing Monitoring Plans and for submitting the Emission Reports to the verifiers accredited by a national accreditation body ...

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Navios Maritime Partners L.P. Announces Acquisition of One Capesize Vessel

Navios Maritime Partners L.P., an international owner and operator of drybulk and container vessels, announced today that it has agreed to acquire one 2011 South Korean-built Capesize vessel of 179,016 dwt for a purchase price of $31.05 million. The vessel is expected to be delivered to Navios Partners’ owned fleet by June 2017. The vessel is chartered out to a high quality counterparty at a net rate of $11,733 per day until the first quarter of 2018. Based on the existing charter and the current rate environment (Clarksons’ 1-year time ...

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Navios Maritime Holdings Inc. (NM) Upgraded at Zacks Investment Research

Navios Maritime Holdings Inc. (NYSE:NM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors. According to Zacks, “Navios Maritime Holdings Inc. is a seaborne shipping and logistics company engaged in the transport and transshipment of drybulk commodities including iron ore, coal and grain. It operates in three segments: Drybulk Vessel Operations, Tanker Vessel Operations and Logistics Business. The Company also engages in operating ports and transfer station terminals and handles vessels, barges, and push boats, as ...

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Genco: Dry Bulk Ship Owner’s First Quarter Losses Plunge, As the Company Rides the Dry Bulk Recovery

Genco Shipping & Trading Limited reported its financial results for the three months ended March 31, 2017. The following financial review discusses the results for the three months ended March 31, 2017 and March 31, 2016. First Quarter 2017 and Year-to-Date Highlights Recorded a net loss of $15.6 million for the first quarter of 2017 Basic and diluted loss per share of $0.47 Adjusted basic and diluted loss of $22.0 million or $0.66 per share, excluding $6.4 million for gain on sale of vessels1 During the first quarter of 2017 ...

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Gaslog: Earnings in line with estimates; maintain Neutral view

Market to remain soft although higher vessel days aided 1Q17 earnings: Gaslog (GLOG) reported revenue of USD 128m in 1Q17, up by 23% y/y owing to an increase in operating days as four vessels namely Gaslog Greece, Gaslog Gibraltar, Gaslog Glasgow and Gaslog Geneva, were delivered after 1Q16. There were 2,070 operating days in 1Q17 compared to 1,643 days in 1Q16. The increase in revenue was also supported by lesser off-hire days, but was offset by the expiration of two time charter agreements in 2016. The reported revenue was broadly ...

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Tanker Market: Demand for Larger Tonnage On the Up

It seems that the recent surge of interest from ship owners regarding the acquisition of more modern tonnage was based on some interesting developments from the demand side of the market. In its latest weekly report, shipbroker Charles R. Weber said that “demand for VLCC and Suezmax time charters of at least six months heated up to unseasonable heights during March and April, after a very slow start to the year. The trend came as time charter rates corrected from temporary support received amid the strong final months of 2016, ...

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