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Tanker Market: Tracking Future Cargoes Supply

Where will the future oil supply come from? It’s one of the questions that tanker owners are looking to answer adequately, as it can provide them with a competitive advantage. In its latest weekly report, shipbroker Gibson said that “earlier this month the IEA released its medium-term outlook for the global oil markets, which provides analysis and the forecast of the key issues in demand, supply, refining and oil trade through to 2024. The report portrays a positive outlook for oil demand growth, which is expected to continue to increase ...

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Navios Maritime Partners L.P. Receives Continued Listing Standards Notice From NYSE

Navios Maritime Partners L.P. announced that on March 14, 2019, the Company was notified by the New York Stock Exchange, Inc. (“NYSE”) that it is no longer in compliance with the NYSE’s continued listing standards because the average closing price of the Company’s common stock over a consecutive 30 trading-day period was less than $1.00 per unit. The NYSE’s notification has no impact on the Company’s business operations. The Company responded to the NYSE confirming its intent to cure this deficiency within the prescribed timeframe set out in the NYSE’s ...

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Container Ships Making Waves in the Demolition Market

With little activity so far in the ships’ demolition market, activity could start to increase in the coming weeks, especially since shipbrokers are expecting a significant number of candidates from the container segment to be sold for recycling soon. In its latest weekly report, Clarkson Platou Hellas commented that “in reality, markets should be heading northwards but for some unbeknownst reason, steel markets have weakened this week in India which is even surprising the recyclers in Alang who feel that some positive movements should be taking place. Maybe this positive ...

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Dynagas LNG Partners LP Charts Long-Term Strategy With Earliest Available Vessel in 2021

Dynagas LNG Partners LP, an owner and operator of liquefied natural gas (“LNG”) carriers announced its results for the fourth quarter and year ended December 31, 2018. Quarter Highlights: • Completed a $55.0 million underwritten public offering of 2.2 million 8.75% Fixed to Floating Cumulative Redeemable Perpetual Preferred Units (the “Series B Preferred Units”); • Lena River completed its scheduled dry-docking and special survey in late October 2018 and was successfully delivered into a multi-month charter with a major energy company prior to the commencement of its multi-year charter with ...

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Dry Bulk Market: Mid-Sized Bulkers Could Be Headed Towards Higher Ground

Predicting the future course of the dry bulk market has proven to be more than difficult these days, with most estimates falling way off the mark given the unpredictability of freight rates and the effect of one-off events, like the recent Vale accident, which took out of the market a major part of dry bulk cargoes. In its latest weekly report, shipbroker Allied Shipbroking said that “it is rather superfluous to mention the overall bearish mode that has taken grip of the dry bulk sector right now. With the BDI ...

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Pyxis Tankers Inc. Takes Fourth Quarter Hit on Product Tanker Market Weakness, Expects Rebound from Fall of 2019

Pyxis Tankers Inc. an emerging growth pure play product tanker company, announced unaudited results for the three months and year ended December 31, 2018. Summary For the three months ended December 31, 2018, our time charter equivalent revenues were $4.4 million which contributed to a net loss of $3.4 million, or a loss per share (basic and diluted) of $0.16, after a non-cash vessel impairment charge of $0.7 million or approximately $0.04 per share, and our Adjusted EBITDA (see “Non-GAAP Measures and Definitions” below) was $0.2 million. Valentios Valentis, our ...

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GasLog Ltd. Announces Eight-Year Charter With Endesa for Existing Uncommitted Newbuild Vessel GasLog Warsaw

GasLog Ltd. is pleased to announce the signing of a new long-term charter party agreement with a wholly owned subsidiary of Endesa, S.A. (“Endesa”) for its existing uncommitted newbuild vessel, the GasLog Warsaw. GasLog is scheduled to take delivery of the 180,000 cubic meter Mark III Flex Plus vessel with low pressure two stroke propulsion (“LP-2S”) from Samsung Heavy Industries in July 2019. The eight year fixed-term charter to Endesa will commence in May 2021. Paul Wogan, Chief Executive Officer of GasLog, stated “We are delighted to charter this vessel ...

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Signing of New Collective Labor Agreement in PPA

PPA S.A. announces the signing of the New Collective Labor Agreement with the representatives of the Union of Supervisors & Foremen of Piraeus Port Authority, after negotiations. The agreement was also signed by the chairman of the Union of Stevedores (O.F.E.) Mr. Symeon Leftheriotis. The validity of the new collective agreement is three years. It should be noted that the Collective Agreement with OMYLE (Federation of Port Employees) is already signed and negotiations are continuing with the Dockworkers’ Union. As the CEO of PPA S.A. Capt. Fu Chengqiu stated: “The ...

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Pyxis Tankers (PXS) Downgraded by Zacks Investment Research

Pyxis Tankers (NASDAQ:PXS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report. According to Zacks, “Pyxis Tankers Inc. provides marine transportation. The Company offers transporting refined petroleum products such as naphtha, gasoline, jet fuel, kerosene, diesel, fuel oil as well as other liquid bulk items, including organic chemicals. Pyxis Tankers Inc. is based in Maroussi, Greece. “ Pyxis Tankers has a 52 week low of $0.64 and a 52 week high of $3.70. The company has a debt-to-equity ratio of 1.48, ...

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Dry Bulk Carriers in High Demand, As Ship Owners Expected Market Rebound

Ship owners are ramping up their acquisitions of dry bulk carriers, on the expectation that the recent slump in the freight rate market could soon be over. In its latest weekly report, shipbroker Banchero Costa said that “Scorpio Bulkers was very active last week with the one sale and leaseback deal and one strait sale deal. The first deal is for 3 x Ultramax and 4 x Kamsarmax to CMB Financial Leasing: the vessels are sold and chartered back to Scorpio for 7 years with purchase options from the third ...

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Greek benefits to come from Palau maritime partnership

The world’s fastest growing ship registry and the oldest shortsea shipping association in Europe have joined forces to support the growing number of Greek vessels operating in the short-sea maritime sector. Palau International Ship Registry (PISR) and the Hellenic Shortsea Shipowners Association (HSSA) both operate from Piraeus in Greece and recently signed an agreement to strengthen the close ties between them to support HSSA’s member vessels operating short-sea shipping services. This new agreement builds on the close relationship between the two maritime service providers and will offer HSSA members ship ...

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Hellas: Fewer Newbuildings Lead to Ageing, Yet Still Expanding in Tonnage Greek Fleet, While Shipping Companies Keep Falling in Numbers

Petrofin Research issued its latest annual survey on the course of the Greek-controlled shipping fleet and the companies involved. Among the main conclusions are the fleet tonnage has kept on expanding, despite the fact that fewer companies are running all those ships. Despite a number of new entrants, overall the total number of shipping companies fell by 9 companies. This was the result of a number leaving shipping or merging, leaving in operation 588 companies compared to 597 last year. Although nothing similar to last year’s dramatic drop, the reduction ...

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Real Time Graduates Visit on Laskaridis Shipping Ultramax Vessel

On Friday 8th March 2019 we had the opportunity to visit with some of our graduates an Ultramax vessel managed by Laskaridis Shipping Co Ltd, while loading at the TITAN factory in Elefsina. The crew and Ms. Catherine Prifti, Safety Manager of the Company gave a tour of the vessel to the participants that had the chance to visit the bridge, the deck and the engine room and discuss the daily operation of the ship. It was a very educational RTG event, the RTG Graduates were thrilled to participate and ...

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Dry Bulk Market: Further Complications from “Trade Wars”

While thus far, much of the negative impact on the dry bulk market from the “trade wars” has come from the US-China spat, it seems that another front is causing headaches for dry bulk ship owners. Last week, China cancelled Canadian agribusiness Richardson International’s registration to ship canola to China. Richardson is one of Canada’s largest grain handlers. There were already reports last month that Canadian canola shipments to China had been unusually slow to clear customs. Customs officials have now confirmed that canola shipments from Canada will undergo more ...

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Navios Maritime Holdings Inc. Announces Increased Consideration for the Series G ADS Exchange Offer And Expiration of Series H ADS Exchange Offer

Navios Maritime Holdings Inc. today announced (i) amendments to the Company’s previously announced exchange offer for cash and/or Notes (defined below) for American Depositary Shares, representing the 8.75% Series G Cumulative Redeemable Perpetual Preferred Stock (the “Series G ADSs”) and the consent solicitation for the Series G ADSs and (ii) the results of the exchange offer for cash and/or Notes for American Depositary Shares, representing the 8.625% Series H Cumulative Redeemable Perpetual Preferred Stock (the “Series H ADSs”) (collectively, the “Exchange Offer,” and the exchange offer and consent solicitation for ...

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