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Tanker market positive factors are being outnumbered by negative ones says shipowner

The tanker market is actively looking for positive factors moving forward, in a bid to recover some of the lost ground. However, as shipowner Euronav noted in its latest market analysis, things aren’t looking so bright. Euronav said that “the tanker market finds itself at an interesting intersection as medium and longer-term positives (restricted financing driving limited contracting, increased environmental regulation taking effect from 2017, robust demand for crude) continue to build momentum but are likely to be overshadowed by a number of negative short-term factors driving the market during ...

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Star Bulk Carriers Corp. Announces Closing of Private Placement of 6,310,272 Common Shares

Star Bulk Carriers Corp. announced today the closing of its previously announced private placement of 6,310,272 common shares (the “Shares”), at a price of $8.154 per share. The aggregate proceeds to Star Bulk, net of underwriting fees and offering expenses, were approximately $50.6 million. Star Bulk intends to use the net proceeds for general corporate purposes. Oaktree Capital Management, L.P. and its affiliates (“Oaktree”) and Senator Investment Group LP (“Senator”) purchased 6,310,272 common shares in connection to this offering. Giving effect to this offering, Oaktree and Senator are expected to ...

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Zacks: Aegean Marine Petroleum Network Inc. (ANW) Receives Average Rating of “Buy” from Analysts

Shares of Aegean Marine Petroleum Network Inc. (NYSE:ANW) have been given an average broker rating score of 1.67 (Buy) from the three analysts that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a hold recommendation and two have given a strong buy recommendation to the company. Aegean Marine Petroleum Network’s rating score has declined by 67% in the last 90 days as a result of a number of analysts’ ratings changes. Brokerages have set a 12-month consensus price target of $14.00 for the ...

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Tsakos Energy Navigation Ltd (TNP) Receives Buy Rating From Clarkson Capital

Clarkson Capital reissued their buy rating on shares of Tsakos Energy Navigation Ltd (NYSE:TNP) in a research note released this week. TNP has been the subject of a number of other research reports. J P Morgan Chase & Co dropped their price objective on shares of Tsakos Energy Navigation from $8.00 to $7.50 and set an overweight rating for the company in a report on Wednesday, November 30th. Zacks Investment Research upgraded shares of Tsakos Energy Navigation from a sell rating to a hold rating in a report on Tuesday, ...

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LNG Shipping Outlook Positive on Growing Demand and Enhanced Supply Coming Online says Shipowner

With a significant forecast increase in LNG supply and a growing number of new demand centers, the demand outlook for LNG carriers with long-term charters remains positive, said ship owner GasLog during the week. The company noted that “we continue to see tenders for multi-year charters for vessels, which we expect will be used to transport volumes from new liquefaction facilities coming online over the coming years. We believe that these new LNG volumes will create demand for additional ships over and above those available in the market today”. According ...

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Diana Shipping Inc. Announces Time Charter Contract for m/v Dione With Caravel

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 Caravel Shipping Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Dione, for a period of minimum nine (9) months to about twelve (12) months. The gross charter rate is US$7,200 per day for the first ninety (90) days of the charter period and US$7,050 per day for the balance period of the time ...

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

Zacks Investment Research upgraded shares of Navios Maritime Holdings Inc. (NYSE:NM) from a sell rating to a hold rating in a report. 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 well as operates upriver transport facilities ...

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Dry bulk Market Proves to Be Resilient Enough During Early Part of 2017

While the start of each year is typically, the slowest time of the year, when it comes to the dry bulk market, 2017 has proved to be quite different. In its latest weekly report, shipbroker Allied Shipbroking said that “unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly more resilient, allowing many to boost their hopes as to the overall performance they expect the market to show during the rest of the year. ...

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Port of the Month: Port of Thessaloniki (Greece)

This month, ESPO would like to present to you the Port of Thessaloniki. Located at the shores of the Thermaicos Gulf in Northern Greece, the Port of Thessaloniki is a multipurpose port with a rich history dating back to Classical Antiquity. Let’s have a closer look at this interesting port! ESPO: Can you briefly tell us about the Port of Thessaloniki? What are its main characteristics and challenges? Port of Thessaloniki: The Port of Thessaloniki is located at the shores of the Thermaicos Gulf in Northern Greece. It constitutes a ...

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GasLog Ltd. and GasLog Partners LP Appoint Alastair Maxwell as Chief Financial Officer

GasLog Ltd. and GasLog Partners LP announced today that, following Simon Crowe’s decision to step down from his position as Chief Financial Officer (“CFO”), the Boards of GasLog and GasLog Partners have appointed Alastair Maxwell as CFO, to be effective immediately following the 20-F filings for GasLog and the Partnership, anticipated to be early March 2017. Simon will remain CFO until the filings are made and will work with Alastair to ensure a smooth transition. After 29 years in investment banking, Alastair Maxwell has a wealth of experience in both ...

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Greece sets March 24 bid deadline for Thessaloniki port sale: sources

Greece has given investors until March 24 to submit binding bids for a majority stake in its second biggest port, Thessaloniki Port (OLTr.AT), two sources close to the matter said. The sale of the 67 percent stake in the port and other privatisations are a key part of the country’s current EU/IMF international bailout deal, the third since 2010. But the programme has fallen behind schedule due to political resistance and red tape, and has raised only 4 billion euros ($4.3 billion) so far versus an original target of 50 ...

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Newbuilding ordering activity back to 2016 normal of “nothing much to report”

With tonnage oversupply now the norm across most shipping market segments and ship classes, it’s only natural that ship owners are actively refraining from further newbuilding contracting, unless a very lucrative offer comes by. A further reason for limited activity is the strained nature of ship financing, as more banks are exiting the market, leaving private equity funds and ship owners’ own cash “coffins” to fill the void. As such, this past week of non-existent newbuilding orders didn’t come as a surprise. In its latest weekly report, Allied Shipbroking noted ...

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DryShips Inc. Announces Successful Completion of the $200.0 Million Common Stock Offering

DryShips Inc., a diversified owner of ocean going cargo vessels, announced today that it has successfully completed the previously announced $200.0 million common stock offering, in which the Company raised net proceeds of $198.0 million, pursuant to the Common Stock Purchase Agreement entered into by the Company on December 23, 2016. Following the completion of the offering, the Company has approximately 36,253,870 common shares outstanding. Mr. George Economou, Chairman and CEO, commented: “We are very excited to have successfully raised $198 million of equity and with total available liquidity in ...

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M/V Hispania Graeca Rescues Four Philippino Shipwrecked Fishermen

On 24.01.2017 m/v Hispania Graeca, managed by Angelakos (Hellas) S.A., rescued four (4) shipwrecked fishermen off the South coast of Mindanao Island, Philippines, who had been helpless in the sea for four (4) days. At 13:15 local time and at a 6 mile distance from the ship, the Second Officer on watch saw one capsized fishing boat, about 18 miles from the nearest shore, with four local fishermen signaling the vessel with their hands and clothes. The prevailing weather conditions were 6 Beaufort and 2 meters swell. The Master was ...

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DryShips’ stock soars on heavy volume after $200 million equity investment

Shares of DryShips Inc. soared 32% in active premarket trade Tuesday, after the troubled drybulk shipping company disclosed an equity investment by Kalani Investments Ltd. Volume topped 1.4 million shares about 45 minutes ahead of the open, compared with the full-day average of 6.8 million shares. In a filing with the Securities and Exchange Commission late Monday, Greece-based DryShips said it sold 31.8 million shares of its common stock to Kalani between Dec. 23, 2016 and Jan. 30, for $200 million, or about $6.30 a share. The stock had plunged ...

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