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Poseidon acquisition corp. Unilaterally increases its bid price to acquire all common shares of atlas corp. Not controlled by its majority shareholders to $15.50 per share in cash

Poseidon Acquisition Corp., on behalf of a consortium composed of David L. Sokol, Chairman of the Board of Directors of Atlas Corp. (NYSE: ATCO) (“Atlas” or the “Company”), certain affiliates of Fairfax Financial Holdings Limited (collectively, “Fairfax”)(TSX: FFH and FFH.U), the Washington Family, and Ocean Network Express Pte. Ltd. (the “Consortium”), a global container, transportation and shipping company, announced today it has unilaterally increased its bid price to acquire all of the outstanding common shares of Atlas that the Consortium does not already own or control to $15.50 per share ...

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Higher Dry Bulk Rates Limit Demolition Candidates

Fewer dry bulk ships were sold for demolition during the course of the past week. In its latest weekly report, shipbroker Clarkson Platou Hellas, said that “we have witnessed this week the rates in the dry bulk sector rebound slightly which may once again limit the supply of tonnage to the market. Despite many predictions, we are certainly not seeing the conveyor belt of dry bulk tonnage and this slight improved sentiment in the dry segment may further persuade Owners to hold on to their tonnage and try to gain ...

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Safe Bulkers, Inc. Announces Sale of one Kamsarmax Vessel

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced that it has entered into an agreement for the sale of MV Pedhoulas Trader, a 2006 Japanese-built, Kamsarmax class, dry-bulk vessel at a net sale price of $15.84 million and forward delivery date within December 2022. Dr. Loukas Barmparis, President of the Company commented: “We continued to sell older tonnage as we take delivery of our newbuild IMO Phase 3 vessels, improving the fleet environmental performance and increasing our competitiveness in the new more stringent regulatory environment.’’ Source: ...

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Shipping at the Forefront of EU’s Energy Conuncrum

Shipping and more specifically, tankers, are bound to find themselves at the forefront of EU’s upcoming plans to cover its energy needs ahead of the coming winter. In its latest weekly report, shipbroker Intermodal said that “in view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance even after the banning of Russian oil delivered by sea, Russian refined products will be banned within Q1–2023 and crude oil will be banned in December 2022. “Prior to further ...

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Suezmax and VLCC Tonnage to Benefit from EU Imports of Guyanese Crude

The increasing needs of crude oil imports into the EU, sourced from different markets to the Russian one, is bringing producers like Guyana to the foray. This development is already proving to offer a boost in specific tanker classes, like Suezmaxes and VLCCs. In its latest weekly report, shipbroker Gibson said that “since the start of oil production in 2019, Guyana has been on a consistent upward trend in terms of crude exports. A big jump in exported volumes has been seen since April 2022 as the South American producer ...

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Performance Shipping Inc. Announces a US$45,000 Per Day Time Charter Contract for 7-10 Months

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Trafigura Maritime Logistics Pte Ltd (the “Charterer”) for the LR2 Aframax oil product tanker the M/T Alpine Amalia, to be renamed P. Aliki, the acquisition of which was previously announced. The gross charter rate will be US$45,000 per day for a period of minimum seven (7) months to a maximum of ten (10) months at the option of the Charterer ...

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Dynagas LNG Partners LP Reports Results for the Three and Six Months Ended June 30, 2022

Dynagas LNG Partners LP, an owner and operator of liquefied natural gas (“LNG”) carriers, announced its results for the three and six months ended June 30, 2022. Quarter Highlights: Net income and earnings per common unit (basic and diluted) of $11.1 million and $0.22, respectively; Adjusted Net Income(1) of $9.1 million and Adjusted Earnings(1) per common unit (basic and diluted) of $0.17; Adjusted EBITDA(1) $22.9 million; 100% fleet utilization(2); Declared and paid cash distribution of $0.5625 per unit on its Series A Preferred Units (NYSE: “DLNG PR A”) for the ...

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China’s Coal Imports Disappointing So Far in 2022

In its latest weekly report, shipbroker Banchero Costa said that “so far in 2022, global coal trade has been a bit of a mixed picture. In the January to August period of 2022, total global seaborne coal loadings increased by +2.2% y-o-y to 784.9 mln t, from 767.7 mln t in the first 8 months of 2021, but still well below the 853.6 mln t in the same period of 2019. However, the worst was at start of the year, and the trend in recent months has been very positive. ...

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TOP Ships Announces Reverse Stock Split

TOP Ships Inc., announced today that it has determined to effect a 1-for-20 reverse stock split of the Company’s issued common shares. The Company’s shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company’s Annual Meeting of Shareholders held on September 5, 2022. The reverse stock split is expected to take effect, and the Company’s common stock will begin trading on a split-adjusted basis on the NASDAQ Capital Market, as ...

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Greece gets two binding bids for Alexandroupolis port

Greece received two binding bids for a majority stake in its northern port of Alexandroupolis, the country’s privatisations agency HRADF said on Thursday. The bidders for a 67% stake in the port were Quintana Infrastructure and Development through Liberty Port Holdings Single Member, and International Port Investments Alexandroupolis, a joint venture of Black Summit Financial Group, Euroports, EFA Group and GEK Terna, the agency said in a statement. The deadline for the bids expired earlier on Thursday. The bidders were among four investors that had been shortlisted last year for ...

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Ship Owners Are Loading Up on Tankers and Gas Carriers

Shipowners’ buying interest towards the tanker and LNG sector has increased considerably, over the course of the past few weeks. In its latest weekly report, shipbroker Allied Shipbroking said that “given the robust flow of fresh projects coming through as of late, we can argue that newbuilding market remained on a sustainable orbit for yet another week. In the separate sectors, the tanker market appeared more active, which also came relatively inline with the “good” freight market overview of late, as well as, the general improved forward sentiment. On the ...

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United Completes Stock Buyback of $3 million and Initiates Additional $3 million Stock Buyback Plan

United Maritime Corporation, announced that it has completed the buyback of approximately 1.86 million shares, representing approximately 20% of the Company’s outstanding common shares, at an average price of $1.6095, fully utilizing its previously announced share buyback plan. In addition, the Company’s Board of Directors has authorized an additional share buyback plan (the “Plan”), where it may repurchase up to an additional $3 million of its outstanding common shares in the open market. This Plan represents up to an additional 26% of United’s market capitalization as of September 21, 2022. ...

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Performance shipping inc. Announces a US$45,000 per day time charter contract for 7-10 months

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Trafigura Maritime Logistics Pte Ltd (the “Charterer”) for the LR2 Aframax oil product tanker the M/T Alpine Amalia, to be renamed P. Aliki, the acquisition of which was previously announced. The gross charter rate will be US$45,000 per day for a period of minimum seven (7) months to a maximum of ten (10) months at the option of the Charterer ...

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Tanker Values Post Significant Gains

The tanker market has posted significant gains so far this year, which has also been translated in value increases. In its latest weekly report, shipbroker Allied Shipbroking said that “the rapid recovery noted in the crude oil freight market has sent asset prices soaring over the past 2 months. Since the onset of the conflict in Ukraine the energy markets have been in turmoil. In the period between March and May, the mid-sized segments (namely Suezmaxes and Aframaxes) were quick to see this translate into a large earnings windfall as ...

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Currency Issues in the SouthEast Asian Market are Impacting the Ship Recycling Activity

The demolition market has firmed up in prices offered by some yards as of late, but the past week’s abrupt currency declines have created further insecurity among market delegates. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “with a slight pickup in the dry freight market, until these units arrive to the recycling yards will we know whether they can be removed from the world fleet list. The higher rates that were offered do still seem for these vessels to be either for trading further by the ...

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