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Costamare Inc. (CMRE) Upgraded to Hold by Zacks Investment Research

Costamare Inc. (NYSE:CMRE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday. According to Zacks, “Costamare Inc. operates as a containership owner chartering its vessels to liner companies. The Company deploys its containership fleet principally under multi-year time charters with leading liner companies that operate regularly scheduled routes between large commercial ports. It also provides a range of shipping services, such as technical support and maintenance, insurance consulting, financial and accounting services. Costamare Inc. is headquartered in Athens, Greece. ...

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Newbuilding activity set for a pick up

Newbuilding orders are bound for a quick pick up of pace over the next few weeks, as buying interest from ship owners is more than active, in a reverse of the trend set over the course of the previous year. In its latest weekly report, shipbroker Allied Shipbroking noted that “there was a fair amount of activity to be reported during the past two weeks, despite being right in the midst of the summer holiday season. We started to see a good flow of interest emerge amongst owners, while this ...

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Zacks: Pyxis Tankers Inc. (PXS) Given Average Recommendation of “Strong Buy” by Brokerages

Pyxis Tankers Inc. (NASDAQ:PXS) has been given a consensus broker rating score of 1.00 (Strong Buy) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. Two equities research analysts have rated the stock with a strong buy recommendation. Brokers have set a 12-month consensus target price of $3.75 for the company, according to Zacks. Zacks has also assigned Pyxis Tankers an industry rank of 60 out of 265 based on the ratings given to related companies. PXS has been the topic of several recent analyst ...

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Dry bulk shipping: Strong demand improves market as it exceeds high fleet growth

A critical work of balance has been going on in the dry bulk market for quite some time. In its latest short-term outlook of the dry bulk market, issued yesterday, BIMCO said that should demolition fall short by 5m DWT, fleet growth will jump to 3.4%. For the recovery to stay on track, the supply side must be handled extremely carefully as the demand growth is expected to be around 3.5%. This was among the key assumptions of the latest report, issued by BIMCO’s Chief Shipping Analyst, Mr. Peter Sand. ...

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Exhibition at Athens museum offers journey to Greek seafaring, ancient Chinese technology follows

Herakleidon museum opposite the Acropolis hill offered this summer to visitors a unique journey to Greek seafaring from antiquity to modern times, showcasing through models of ships and nautical instruments Greeks’ achievements in a field which is regarded as an integral part of their identity. As the curtain of the exhibition “Voyage: Greek shipbuilding and seafaring” falls this week in Athens, the museum prepares to host another significant exhibition of ancient Chinese technology in autumn, Eleni Nomikou, the museum’s director told Xinhua. “Seafaring has formed Greeks’ character. The spirit of ...

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Higher Refinery Outages Plague Product Tanker Market

In what has been a turbulent year for the product tanker market, it seems that 2017 has seen a notable increase in unplanned refinery outages, which has naturally had an impact on the product tanker market. In its latest weekly report, shipbroker Gibson said that “whilst consistent data is hard to come by, it certainly seems like unplanned outages are higher than in previous years. We presume this is due to a number of factors. Firstly, margins have been generally strong since the oil price crash in 2014, even in ...

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Tanker Market: China and US making waves in the oil market

The crude oil market has been going several fundamental shifts these past couple of W-O-W change years. With shale oil creating havoc in terms of key production and consumption regions and the “opening of the taps” agreement made by OPEC back in 2014 radically changing the supply/demand balance. During these past three years however another import trend has been establishing itself, as Asia and the Far East have been slowly dethroning the U.S. and Europe as the main importing region of crude oil. According to Mr. George Lazaridis, Head of ...

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Stellar Acquisition III Inc. Confirms Receipt of Sponsor Funds to Extend Period to Consummate Acquisition

Stellar Acquisition III Inc. announced that the Company’s sponsors (the “Sponsors”) have deposited into the Company’s trust account (the “Trust Account”), an aggregate of $402,536 (including interest earned on the funds in the Trust Account available for withdrawal), representing $0.058 per public share. As a result, the period of time the Company has to consummate a business combination has been extended by three months to November 24, 2017. The Sponsors will have the option, but no obligation, to extend such term two additional times, each by three months, up to ...

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Capital Product Partners L.P. Announces New Time Charters for three Medium Range (MR) Product Tankers

Capital Product Partners L.P., an international diversified shipping company, announced today that it has secured new time charter employment for three MR tankers. The M/T ‘Amadeus’ (50,108 dwt, IMO II/III Eco Chemical/Product Tanker built 2015, Samsung Heavy Industries (Nigbo) Co. Ltd.) secured employment with Repsol Trading S.A. (‘Repsol’) for one year (+/- 30 days) at a gross daily rate of $14,500. The charterer has the option to extend the time charter for an additional year (+/-30 days) at a gross daily rate of $14,750. The new charter will commence in ...

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Navios Maritime Containers Inc. Announces $50.0 Million Private Placement at $5.0 per Share

Navios Maritime Containers Inc. (“Navios Containers”), a growth vehicle dedicated to the container sector, announced today that it has agreed with investors to sell 10.0 million of its common shares for an aggregate of $50.0 million of gross proceeds at a subscription price of $5.0 per common share. Navios Containers intends to use the proceeds for vessel acquisitions, working capital and general corporate purposes. The offering is expected to close on August 29, 2017. Navios Maritime Partners L.P. (“Navios Partners”) will invest $10.0 million in the private placement and will ...

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Dry Bulk: Rise In Iron Ore Demand is Pulling the Market Higher

Capesize ship owners have reasons to be cheerful as the summer nears its end. As stated in Cotzias Intermodal Shipping’s latest weekly report, “the upward trend in the Capesize segment is definitely being supported by the strong momentum in the key iron ore trade routes. The price of high quality iron ore is now trading up around 47% from its 2017 lows just two months ago as Chinese anti-pollution crackdown on its heavy industries has forced the country’s steelmakers to chase high-quality imports and avoid domestic producers that contend with ...

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STEALTHGAS INC. Reports Higher Than Expected Second Quarter Results on Increased Utilization and Lower Operating Costs

STEALTHGAS INC. (GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced its unaudited financial and operating results for the second quarter ended June 30, 2017. OPERATIONAL AND FINANCIAL HIGHLIGHTS · Operational utilization of 94.9% in Q2 17’ (91.2% in Q2 16’). · Commercial off hire days reduced in Q2 17’ by 41.7% compared to Q2 16’. · Approximately 83% of fleet days secured on period charters for the remainder of 2017, with a total of approximately $180 million in contracted revenues. ...

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Diana Containerships Inc. Announces One-for-Seven Reverse Stock Split

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, announced that its Board of Directors (the “Board”) has determined to effect a reverse stock split of the Company’s common shares, par value $0.01 per share, at a ratio of one-for-seven. The Company’s shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the reverse stock split at the Company’s Annual Meeting of Shareholders held on June 29, 2017. The reverse stock split will take effect, ...

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Conditions prime for more ship demolitions

Activity in the demolition market is primed for an increase, a trend already occurring in the industry. With prices rising above the $400/lt LDT mark, ship owners are more eager to dispose of their older ships. In its latest weekly report, GMS, the leading cash buyer of ships said that “the omnipresent heat permeating through virtually all of the major recycling destinations continued for another week as some MASSIVE priced deals were concluded to increasingly eager cash buyers, as sub-continent levels for most decent spec units are now positioned well ...

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Newbuilding orders pick up again as summer nears end

The fact that the summer is nearing its end has prompted more ship owners into securing more newbuilding orders. In its latest weekly report, shipbroker Intermodal said that “stable newbuilding activity resumed last week as well, while the fact that the list of the latest newbuilding deals had a couple of dry bulk orders but no tanker ones is a first in a long time and of course indicative of the difference in momentum each sector is currently witnessing. The steady and rather unexpected improvement of dry bulk earnings during ...

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