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Tankers: Near-Term Headwinds Ahead

The tanker market is bracing for a tumultuous period ahead, according to ship owner Teekay Tankers. However, a slowdown in fleet growth and a potential rise in US crude oil exports could offer some respite in the long term. Teekay Tankers said in its market outlook that “average crude tanker spot rates moderately increased during the first quarter of 2019, as some of the positive drivers from late 2018 continued into early 2019. These included high seasonal oil demand, the impact of winter weather delays, and relatively high global oil ...

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More Vessels Improve EuroDry’s First Quarter Results

EuroDry Ltd., an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced its results for the three-month period ended March 31, 2019. Euroseas Ltd. (“Euroseas” or “Former Parent Company”) contributed to the Company seven subsidiaries comprising its drybulk fleet of six vessels, one Ultramax and two Kamsarmax vessels built between 2016 and 2018, and three Japanese-built Panamax vessels built between 2000 and 2004 (the “Spin-off”). The Company was spun-off from Euroseas Ltd. on May 30, 2018. Historical comparative period reflects the results of the ...

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WFW advises EnTrust Global on US$150m sale and leaseback to Danaos Corporation

Watson Farley & Williams (“WFW”) has advised EnTrust Global’s (“ETG”) Blue Ocean Funds on their US$150m sale and leaseback transaction of the two container vessels “HYUNDAI RESPECT” and “HYUNDAI HONOUR” acquired from and chartered back to two subsidiaries of Danaos Corporation (“Danaos”), a NYSE-listed global shipping company maintaining a fleet of large size container vessels. This is the Blue Ocean Funds’ first sale and leaseback in the Greek shipping market, with the US$150m made available to Danaos under the sale and five-year capital leaseback transaction utilized for various purposes, including ...

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The 7th Maritime Trends Conference concluded successfully, with insightful outcomes for the Maritime Sector

Τhe 7th Maritime Trends Conference-which was organized on May 18th 2019 by Marine Tours, with the support of Etihad Airways, and under the auspices of DEREE – The American College of Greece and ALBA, Graduate Business School, The American College of Greece, concluded its proceedings with unprecedented success. The Conference’s purpose was to educate and inform the sector’s executives on the recent developments and the forecasts of the Maritime Sector, with particular emphasis on modern standards of effective human resources management. More than 300 executives from 140 shipping companies, as ...

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Dry Bulk Market: Are Further Disruptions On the Horizon?

Disruptions in the supply of iron ore from Vale and Rio Tinto’s unwillingness to offset part of the losses occurred, have led to a major correction in the dry bulk market since the start of 2019. Unfortunately for dry bulk ship owners, this trend may well continue, after Vale’s latest warnings. In its latest weekly report, shipbroker Allied said that “with dry bulk shipping still facing sever backlash from the still ongoing and frivolous trade negotiations between the US and China, as well as the dampened prospects on one of ...

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High Fleet Utilization Boosts Stealthgas During First Quarter

STEALTHGAS INC., a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the first quarter ended March 31, 2019. OPERATIONAL AND FINANCIAL HIGHLIGHTS Operational utilization of 98.8% in Q1 19’ (93.3% in Q1 18’), an excellent performance as commercial off hire days were as low as 1 day per vessel. This marks our best performance since Q2 2008. Fleet calendar days down 10.6% quarter over quarter to 4,327 days attributed to our recent strategic fleet ...

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Hadjipateras Cautiously Optimistic on LPG Market Improvement as Dorian LPG Ltd. Reports Full Fiscal Year 2019 Financial Results

Dorian LPG Ltd., a leading owner and operator of modern very large gas carriers (“VLGCs”), yesterday reported its financial results for the three months and fiscal year ended March 31, 2019. Highlights for the Fourth Quarter Ended March 31, 2019 Revenues of $34.5 million. • Daily Time Charter Equivalent (“TCE”)(1) rate for our fleet of $18,883. • Adjusted EBITDA(1) of $14.1 million. • Net loss of $(16.0) million, or $(0.29) loss per basic and diluted share (“EPS”), and adjusted net loss(1) of $(12.0) million, or $(0.22) adjusted diluted loss per ...

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Star Bulk Carriers Reports First Quarter Loss on Higher Costs

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced its unaudited financial and operating results for the first quarter ended March 31, 2019. Petros Pappas, Chief Executive Officer of Star Bulk, commented: “Star Bulk announced today its first quarter 2019 financial results, reporting TCE Revenues of $99.0 million, $43.9 million of Adjusted EBITDA and a Net Loss of $5.3 million during a challenging and seasonally weak period of the year, which included approximately 300 off-hire days for scrubber installations. By the end ...

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Ship Recycling Market On “Pause Mode”

The demolition market has been at a near standstill over the past few days, with deals few and far apart, in what signals a slow period. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “as anticipated, activity this week has really slowed with only a handful of units reportedly negotiating and a lack of new candidates being placed in the market. Pakistani and Indian breakers, unlike their counterparts from Bangladesh at this present time, do have interest to acquire tonnage but not at any increased levels, they ...

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The Digital Age of Shipping is Here — The IMO Mandatory Electronic Information Exchange is Now in Effect

The International Maritime Organization (“IMO”) Convention on Facilitation of International Maritime Traffic (the “FAL Convention”) was adopted in 1965 for the purpose of implementing a more streamlined logistics process for the transport of passengers, ships, and cargo in international trade. The FAL Convention has 121 Contracting Governments. The FAL Convention was adopted by maritime Contracting Governments, in part, as a response to increasing local requirements of maritime nations that created a burden on the shipping industry. The IMO’s stated objective underlying the FAL Convention’s was to avoid marine traffic delays, ...

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Navios Maritime Partners L.P. Completes Previously Announced Reverse Split

Navios Maritime Partners L.P., an international owner and operator of dry cargo vessels, announced that the previously disclosed one-for-fifteen reverse split of its common units is completed, effective before the market opens on May 21, 2019. Based on approximately 164.7 million common units currently issued and outstanding, following the reverse split, the Company expects it will have approximately 11.0 million common units issued and outstanding. Source: Navios Maritime Partners L.P.

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Diana Shipping Inc. Announces Time Charter Contract for M/V Baltimore with Koch

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, 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 Capesize dry bulk vessels, the m/v Baltimore. The gross charter rate is US$15,000 per day, minus a 5% commission paid to third parties, for a period of about nineteen (19) months to about twenty-two (22) months. The charter commenced on May 19, 2019. The “Baltimore” is a 177,243 dwt Capesize ...

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The UGS Welcomes The Progress Made At The UN IMO MEPC74 Towards A Safe And Consistent Implementation Of The 2020 Global Sulphur Cap On Marine Fuels And Sustainable Environmental Policies

The Union of Greek Shipowners warmly welcomes the significant progress made by the Marine Environment Protection Committee (MEPC 74) (London, May 13-17, 2019) of the United Nations International Maritime Organization (UN IMO) with regard to the outstanding issues related to the challenges stemming from the implementation of the new 0.5% sulphur limit on marine fuels. MEPC 74 made progress towards a robust data collection system and feedback mechanism on fuel oil quality and availability, adopted the revised template on the Fuel Oil Non-Availability Report (FONAR) in the 2019 Guidelines for ...

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Pyxis Tankers Inc. Reports Net Loss of $2.3 Million

Pyxis Tankers Inc. an emerging growth pure play product tanker company, today announced unaudited results for the three months ended March 31, 2019. Summary For the three months ended March 31, 2019, our time charter equivalent revenues were $4.8 million which contributed to a net loss of $2.3 million, or a loss per share (basic and diluted) of $0.11 and our Adjusted EBITDA (see “Non-GAAP Measures and Definitions” below) was $0.5 million. Valentios Valentis, our Chairman and CEO commented: “Our operating results for the first quarter of 2019 reflected the ...

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LNG Newbuildings The “Darlings” of the Market

While 2019 has proven to be quite a lackluster year for newbuilding orders, some sectors have managed to excel, with the most prominent example being the LNG shipping segment, but also the dry bulk one. In its latest weekly report, shipbroker Banchero Costa said that “the interests around LNG carriers persists with additional options being declared in South Korea. Japanese owners Mitsui confirmed and additional 174,000 cbm at Daewoo for dely June 2021, the same did Minerva who increased its commitment to with the fifth unit, at Samsung for delivery ...

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