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Diana Shipping Inc. Announces Time Charter Contracts for m/v Philadelphia With Koch and m/v Calipso With Transgrain

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 Koch Shipping Pte. Ltd., Singapore, for one of its Newcastlemax dry bulk vessels, the m/v Philadelphia. The gross charter rate is US$15,500 per day, minus a 5% commission paid to third parties, for a period of minimum ten (10) months to about thirteen (13) months. The charter is expected to commence on March 14, 2017. The “Philadelphia” is ...

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Clarkson Capital Upgrades Aegean Marine Petroleum Network Inc. (ANW) to “Buy”

Aegean Marine Petroleum Network Inc. was upgraded by analysts at Clarkson Capital from a “neutral” rating to a “buy” rating in a research note issued to investors. A number of other research firms have also weighed in on ANW. Zacks Investment Research upgraded shares of Aegean Marine Petroleum Network from a “hold” rating to a “strong-buy” rating and set a $12.00 target price on the stock in a report on Friday, November 18th. TheStreet upgraded shares of Aegean Marine Petroleum Network from a “hold” rating to a “buy” rating in ...

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Seanergy announces agreement for early termination of credit facility resulting in a material gain

Seanergy Maritime Holdings Corp., announced that it has entered into a definitive agreement with one of its senior lenders for the early termination of a credit facility, which is expected to result into a material gain and equity accretion for the Company. Upon completion of the transaction, the gain to the Company is estimated to be approximately $11.4 million, which represents a reduction of approximately 29% of the outstanding facility. In addition, this transaction is expected to result in an accretion of more than 30% to the total equity of ...

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Shipbuilding activity limited as price reductions stall

Newbuilding ordering activity is still far from the levels experienced in the past, especially during the 2012-2014 period. Summarizing the latest developments in the market, shipbroker Allied Shipbroking noted that “newbuilding prices continue to hold stable despite the fact that there are still far from enticing levels for most buyers, given the state of most secondhand markets out there. We still continue to see a trickle of orders here and there and although they are considerably higher in number of units then what we were seeing back in late 2016, ...

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Greek Shipping Hall of Fame welcomes new sponsorship support

The Greek Shipping Hall of Fame is pleased to announce additional sponsorship support for this year’s Greek Shipping Hall of Fame Induction Ceremony & Dinner 2017. An audience of 600 top Greek shipping professionals and their international partners will attend the dinner event which will take place in Athens on the evening of Monday 3 April 2017 at Megaron, The Athens Concert Hall. This unique occasion will celebrate Greek shipping and pay tribute to historic personalities who have helped to shape the industry. The latest Inductees to the Greek Shipping ...

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Navios Maritime Partners L.P. Announces Pricing of a $405.0 Million Term Loan B

Navios Maritime Partners L.P., an international owner and operator of container and dry bulk vessels, announced today the pricing of its new $405.0 million Term Loan B facility. The Term Loan B facility has a three and a half year term and was priced at LIBOR + 500 basis points. Navios Partners intends to use the net proceeds of the Term Loan B facility to (i) refinance the existing Term Loan B and (ii) pay fees and expenses related to the term loans. Morgan Stanley Senior Funding, Inc., JPMorgan Chase ...

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Tanker Market: Atlantic cargoes “save the day” for VLCC market as Fixtures Reach Three-Week High

Despite ongoing market “chatter” regarding a fall in Middle East cargoes, reality proved rather different for the VLCC market over the past week, as fixtures’ activity reached a three-week peak and a 10% rise over the 52-week average. In its latest weekly report, shipbroker Charles R. Weber said that “the VLCC market commenced under strong negative pressure this week with an early S‐Oil cargo having received several offers and ultimately setting a fresh YTD rate low. However, despite ongoing talk of sluggish Middle East demand, the tally of fixtures there ...

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SetelHellas and Endress + Hauser joint participation at the ESW Conference 2017

The climax of the week-long series of high level events during European Shipping Week, was reached during the major Conference, which took place on Wednesday 1 March 2017, at the Steigenberger Wiltcher’s hotel in Brussels, where the key issues currently facing European and Global shipping were discussed. Our joint participation with Endress+Hauser Group in ESW Conference, has been concluded successfully. Our executives met with attendees from all over Europe, at our collaborative booth and presented them live SetelHellas’ innovative SeeMBox-V© Open Digital Platform integrated with Endress + Hauser’s new generation ...

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DryShips Exercises Second Option to Acquire a Very Large Gas Carrier With a 5 Year Time Charter Attached to an Oil Major

DryShips Inc., a diversified owner of ocean going cargo vessels, announced that it has exercised its second option under the previously announced option agreement to acquire up to four Very Large Gas Carriers (“VLGCs”) currently under construction at Hyundai Heavy Industries Co., Ltd. (“HHI”) for a purchase price of $83.5 million. Part of the purchase price (approximately 25%) will be paid on closing, expected within March 2017, with the balance payable in installments until the vessel’s delivery from HHI. The VLGC will be employed on a fixed rate time charter ...

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Euroseas Ltd. Upgraded By Zacks Investment Research To “BUY”

Zacks Investment Research upgraded shares of Euroseas Ltd. from a hold rating to a buy rating in a research note issued to investors on Friday morning. Zacks Investment Research currently has $1.50 target price on the stock. According to Zacks, “EUROSEAS LTD. was formed under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 136 years. Euroseas trades on the NASDAQ Global Select Market under the ticker ...

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VLCC market to face short-term headwinds

VLCC tanker market could soon be facing significant headwinds, as the decision taken by OPEC in November 2016 to take back control is starting to have an effect. According to its latest weekly report, shipbroker Gibson noted that “promised production cuts of nearly 1.8 million b/d agreed between OPEC and a number of non-OPEC countries are primarily felt in the Middle East. According to the IEA, the Middle East OPEC crude production fell by a colossal 1 million b/d in January from December levels and initial Reuters estimates indicate that ...

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Is the Shipping Industry Overreacting About Regulation Timing?

Since last Fall, many stakeholders in shipping have been running a barrage of “doomsday” scenarios about implementation of the BWTC, followed by outrage over 2020 SOx. Now it is about EU’s decision to preemptively “threaten” the IMO for 2023. In the two later cases, the outrage and stress are often misguided or shortsighted, whether purposely or not. In the BWT case, the timing is bad due to the prevailing state of the freight market in most sectors, but this we will analyze a bit later. Plenty of industry players speculate ...

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LPG Shipping Looking for Spring Boost

As the traditionally strong spring season for LPG volumes is entering the foray, shipowner Dorian LPG has warned that some its new charter agreements may have to be agreed at lower rates, as they expire in weaker seasonal periods of the year. In a recent market, the Hadjipateras-led shipping company noted that “during 2016, global seaborne LPG volumes amounted to nearly 90 million metric tonnes compared to about 85 million metric tonnes for 2015, a 5% increase. LPG export volumes from the US and the Middle East increased significantly in ...

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Tanker market could face downward pressure in 2017 says leading ship owner

The tanker market has always been a “tough nut to crack”, with its ever so increasing variables affecting its course, but right now, things are more complicated than ever, as oil prices, one the market’s main directional pointers are more unpredictable than ever. In its latest market update, leading tanker owner Frontline noted that “while capacity additions to the global tanker fleet are expected to put pressure on rates over the next 12 months, the company maintains a positive long term outlook on the tanker market. The company believes that ...

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Diana Containerships Inc. Announces Time Charter Contract for m/v Great With OOCL

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Orient Overseas Container Line Ltd., Hong Kong, for one of its Post-Panamax container vessels, the m/v Great. The gross charter rate is US$7,300 per day, minus a 3.75% commission paid to third parties, for a period of minimum nine (9) months to maximum twelve (12) months. The charter is expected to commence on April 8, 2017. The “Great” is a ...

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