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Newbuilding Activity Rather Brisk, While S&P Deals on the Rise as Well

Newbuilding ordering activity has started to pick up pace of late, while S&P deals are also on the rise, with more and more owners looking to conclude business deals. In its latest weekly report, shipbroker Allied Shipbroking said that “despite the persisting pressure that is noted in the dry bulk freight market lately, activity in the newbuilding front remains at moderate levels, with owners foreseeing the stabilization of the rates in the following months. During the past week, 4 new orders were reported across different size segments, with the biggest ...

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Diana Containerships Inc. Announces Receipt of NASDAQ Notice

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, today announced that it has received written notification from The Nasdaq Stock Market LLC (“Nasdaq”) dated January 10, 2019, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from November 26, 2018 to January 9, 2019, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Global Select Market, the Company is not in compliance with Nasdaq Listing Rule 5450(a)(1). Pursuant to Nasdaq ...

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Star Bulk Announces Fleet Update and Updated Share Count Following Recent Stock Repurchasing Program

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes announced that, pursuant to the previously announced transaction of August 28, 2018, it took delivery of the last two of the three firm dry bulk vessels, namely the 2010 built Capesize vessels M/V E.R BRANDENBURG and M/V E.R BOURGOGNE (the “Vessels”), on January 7th, 2019 and January 14th, 2019 respectively, from an entity affiliated with E.R. Capital Holding GmbH & Cie. KG (the “Sellers”). The Vessels were acquired for a combination of cash and ...

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VLCCs Could Enjoy Increased Supply of Cargoes from Arab Gulf

An increase of supply of crude oil from the Arab Gulf and a resulting need for additional infrastructure in terms of ports and pipelines could result in a heightened use of VLCCs in the region. In its latest weekly report, shipbroker Gibson said that “it is fair to say the US crude exports have transformed the global oil markets since the crude export ban was lifted by Congress at the end of 2015. Crude exports have risen at a considerable rate, placing the US in the market as a major ...

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DNB Markets Begins Coverage on Star Bulk Carriers

DNB Markets assumed coverage on shares of Star Bulk Carriers (NASDAQ:SBLK) in a research report report published on Friday, January 4th, The Fly reports. The brokerage issued a buy rating on the shipping company’s stock. Other analysts also recently issued research reports about the company. BidaskClub raised Star Bulk Carriers from a strong sell rating to a sell rating in a research report on Tuesday, November 27th. ValuEngine cut shares of Star Bulk Carriers from a sell rating to a strong sell rating in a research report on Tuesday, November ...

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Hellas: Ship owners With Larger Vessels Prefer to Install Scrubbers Ahead of IMO 2020 Rules

The debate over the strategy with the best results, when it comes to complying with the 2020 IMO rules for the use of lower sulphur fuels on the existing fleet, is still raging. In a recent press event, the Piraeus office of DNV GL, which also acts as the base of the company’s regional headquarters and oversees a number of countries in the area, had some interesting thoughts to share. For example, DNV GL officials noted that at the moment, globally, we are witnessing two separate “camps”. On one side ...

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Capital Ship Management Corp. Takes Delivery of M/T ‘Amphion’

Capital Ship Management Corp. took successful delivery of the newbuilding vessel M/T ‘Amphion’, a 320,000 dwt, eco-type VLCC crude oil tanker, built by Samsung Heavy Industries, S.Korea. It is the first of four sister ships to be delivered in 2019. Capital Ship Management Corp. (‘Capital’) is a distinguished oceangoing vessel operator, offering comprehensive services in every aspect of ship management, currently operating a fleet of 67 vessels including 49 tankers (10 VLCCs, 4 Suezmaxes, 8 Aframaxes, 26 MR/Handy product tankers and 1 small tanker), 4 modern Capesize bulk carriers and ...

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Shipping Sails Through Shallow Waters In 2018

The shipping industry is entering 2019 in a better state than the years before it. Reflecting on the state of the shipping industry after 2018, Intermodal said in its latest weekly report that “paraphrasing the words of a Chief economist in a latest report of the World Bank Group, the current state of the shipping market very much resembles that of a ship sailing, for the past decade, in shallow and tidy waters trying to avoid groundings. It was caught on a grounding two years ago, but is now freed ...

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TOP Ships Inc. Announces Exchange of Warrant

TOP Ships Inc. announced yesterday that it has entered into a Warrant Exchange and Exercise Agreement (the “Agreement”) for the outstanding warrant previously sold on October 26, 2018 with an original exercise price of $1.50 per common share of the Company, par value $0.01 per share (the “Warrant”). Pursuant to the terms of the Agreement, the Company has exchanged the Warrant with its sole holder and the exercise price of the Warrant has been reduced to $1.02 per share and the holder has agreed to exercise 300,000 common shares of ...

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Euronav Downgraded by ValuEngine to “Hold”

ValuEngine lowered shares of Euronav (NYSE:EURN) from a buy rating to a hold rating in a research report sent to investors. Several other research firms have also recently issued reports on EURN. Zacks Investment Research upgraded shares of Euronav from a hold rating to a buy rating and set a $10.00 target price on the stock in a research note on Wednesday, October 31st. DNB Markets lowered shares of Euronav from a buy rating to a hold rating in a research report on Friday, November 30th. Jefferies Financial Group began ...

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Diana Containerships Inc. Announces Share Repurchase Program

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, yesterday announced that its Board of Directors authorized a share repurchase program to purchase up to an aggregate of US$6.0 million of the Company’s common shares, of which 14,939,602 are currently issued and outstanding. The timing and amount of any repurchases will be determined by the Company’s management team, and will depend on market conditions, capital allocation alternatives, applicable securities laws and other factors. Repurchases of common shares may take place in privately negotiated transactions, in open ...

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DynaRep expands further its agency coverage through its collaboration with the PWL Group at Germany

DynaRep Shipping Consultants is proud to announce the further expansion of its agency network through its collaboration with the PWL Group at Germany. DynaRep puts great emphasis on being represented by reputable and well established agents at strategic countries, like Germany. This collaboration has a lot to offer to the Greek and Cypriot ship owners looking to receive excellent agency services with competitive rates, thus providing them with a competitive edge over their competition. The PWL Group has a long tradition in shipping, dating back to the 19th century, and ...

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Demolition Market Still On “Holiday” Mode

There is a careful optimism regarding a return of more vivid activity in the ships’ demolition market, despite a lacklustre start to the new year. In its latest weekly report, Clarkson Platou Hellas said that “it would appear that the holiday season has continued into 2019 as this year has begun in a very subdued manner with little demand or activity to report. The lack of demand from the recyclers is of some concern at this present time as it is becoming increasingly difficult for an offer to be obtained ...

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GasLog Ltd. Announces Further Details On Long-Term Charters With Cheniere And Newbuilding Orders At Samsung Heavy Industries

GasLog Ltd. is pleased to provide further detail on the new charter party agreements (the “Charters”), each for a firm period of seven years, with a wholly owned subsidiary of Cheniere Energy, Inc. (“Cheniere”), originally announced on December 26, 2018. To fulfil the Charters, two 180,000 cubic meter LNG carriers (HN 2311 and HN 2312) with low pressure two stroke (“LP-2S”) propulsion and GTT Mark III Flex Plus cargo containment systems have been ordered from Samsung Heavy Industries in South Korea, with expected delivery in mid-2021. The Charters build on ...

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TEN Says Up to $60.0 million in Potential Maximum Revenues Strong Spot Rates Continue in 2019

TEN, Ltd announced 36-month long charters with min/max provisions for two product tankers to a major oil concern. At a minimum, these two fixtures combined are expected to generate $33.0 million of gross revenues. “With 2018 finishing on an upbeat note for all tanker segments, these two fixtures further signify a strong market for this year which the Company’s employment strategy is designed to take advantage of,” Mr. George Saroglou, COO of TEN commented. “We expect the market in 2019 to maintain the strong momentum as a result of the ...

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