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Demand For Dry Bulk Second Hand Tonnage is on the Rise

Prices for dry bulk carriers could be on the rise, as the market has started to adapt to the realities of the COVID-19. In its latest weekly report, shipbroker Intermodal said that “it seems that what most of potential buyers expected to happen and many tried to push seller towards that direction between March and May 2020 has to be postponed for nobody knows how long. Second hand dry bulk vessel prices did not even approach 2016 levels despite daily earnings were same as to that time, while in some ...

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Navios Maritime Containers L.P. Rides the Pandemic Storm Amid Container Market Woes

Navios Maritime Containers L.P., a growth vehicle dedicated to the container sector of the maritime industry, today reported its financial results for the second quarter and six months ended June 30, 2020. Angeliki Frangou, Chairman and Chief Executive Officer, stated, “I am pleased with our results for the second quarter of 2020. The container trade was severely hurt by global quarantine in place for much of the second quarter of 2020. Yet, Navios Containers reported revenue of $28.8 million and EBITDA of $7.0 million for the second quarter of 2020.” ...

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Dynagas LNG Partners LP Declares Cash Distribution on Its Series A Preferred Units

Dynagas LNG Partners LP, an owner and operator of LNG carriers, yesterday announced that its Board of Directors has declared a cash distribution of $0.5625 per unit on its Series A Cumulative Redeemable Perpetual Preferred Units (the “Series A Preferred Units”) (NYSE: DLNG PR A) for the period from May 12, 2020 to August 11, 2020. The cash distribution is payable on August 12, 2020 to all preferred unit holders of record as of August 5, 2020. Distributions on the Series A Preferred Units will be payable quarterly in arrears ...

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Hellas-based International Seaferares Charity Works with Indian Counterparts to Establish Seafarers’ Welfare Center in Kakinada Port

Greece based International seafarers charity “Seamen welfare organization” in collaboration with Sea mission and Merchant Navy Welfare Board (India) has established seafarers welfare centre in Kakinada seaport, India. The Kakinada seaport, India supported the organisation by providing space inside the dock area for promoting Seafarers Welfare according to the national and International Regulations. Capt. Nikos Grivas, Chairman of the Seamen Welfare Organisation has named it as “Capt. Yiannoullou, Andreas International Seafarers welfare centre”. The Centre is competed air condition and equipped with facilities such as; Free Wi-Fi, Video, Recreational and ...

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Demolition Market Shows Positive Signs

The ship recycling market has been on a positive ride over the course of the past week. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “it has been a week of little change with limited sales and a sense of a pre-holiday lull starting to appear. Pakistan remains the hottest market at present with a strong appetite to acquire tonnage which looks set to continue through the summer months as leading financial analysts this week predicted that the Pakistani Rupee will maintain at Rupee 163 against the ...

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Turning IMO2021 into an opportunity instead of a burden

Being a shipping IT professional can be frustrating. You recognise the need to invest in further cybersecurity, but your management team still treat it as a “compliance problem”. But perhaps this is a result of the way cybersecurity has been presented to leadership. The dialogue needs to change. IMO 2021 could offer a unique opportunity to reposition cybersecurity as an important enabler of the wider business objectives. At our recent virtual conference – CyberSecure at Sea – we asked ~120 shipping IT professionals what was holding them back from rolling ...

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Ship Owners Still Prefer

The familiar theme of the year so far, repeated itself for yet another week. Ship owners opted for more dry bulk second hand tonnage, as the current conditions of increased uncertainty, certainly don’t favor any kind of long-term investment. In its latest weekly report, shipbroker Allied Shipbroking noted that it was “a very active week for the dry bulk market, with a remarkable number of units changing hands. The improved sentiment and the current freight rate levels have played a pivotal role in this rising path. Focus was given primarily ...

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Seanergy Maritime Holdings Corp. Announces Successful Closing of Refinancing Resulting in a Gain of $5.6 Million

Seanergy Maritime Holdings Corp. announced today the successful closing of the previously announced refinancing of a credit facility secured by two of its Capesize vessels, M/V Geniuship and M/V Gloriuship (the “Previous Facility”), with a new credit facility secured by the same vessels (the “New Facility”). The outstanding balance of the Previous Facility was $29.1 million, was retired for an amount of $23.5 million following a reduction accepted by the previous lender. The settlement resulted into a material $5.6 million gain and equity accretion for the Company that will be ...

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Dry Bulk Market: Japan’s Iron Ore Imports on the Decline

As China’s iron ore needs increase, Japan’s dwindle, in what could be a further sign of the dry bulk market’s instability. In its latest weekly report, shipbroker Banchero Costa said that “while Chinese production of steel continues to increase, a slump in Japan’s steel output led to a significant decline in iron ore usage and therefore imports of iron ore into the country. Japan’s crude steel output is expected to fall below 80 mln tonnes for the current financial year to March 2021, according to Japan Iron and Steel Federation’s ...

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POSIDONIA 2020 – Cancellation

It is with a great deal of regret that we are announcing the cancellation of Posidonia 2020, originally planned for June 2020 and subsequently postponed to October 2020. We have reached this difficult decision following close consultation with many exhibitors and with our shipping community stakeholders, after assessing the current state of Covid-19 in countries around the world. The worrying increase of cases in certain jurisdictions and the inability to predict reliably where the Pandemic will take us in the months ahead, compounds the uncertainty that now prevails, imposing upon ...

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Pirates in west Africa kidnap Greek tanker’s crew: company

Pirates have kidnapped over a dozen Ukrainian and Russian crew members on a Greek-owned tanker off the coast of Benin in west Africa, the company said Monday (July 20). The Gulf of Guinea, which includes the Nigerian coast, is among the world’s most dangerous waters as pirates regularly loot ships and kidnap sailors for ransom. Alison Management Corp said the MV Curacao Trader “was attacked by pirates approximately 210 miles (337.9km) off the coast of Benin on 17th July”. “Thirteen out of its 19 Ukrainian and Russian crew members have ...

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Could Shipping Turn to Alternative Fuels Sooner that Originally Thought?

The shipping industry has already starter using low-sulphur fuels since the start of the year. However, it could soon turn to even “greener” fuels in the coming years and sooner than originally planned. In its latest weekly report, shipbroker Gibson said that “last week, the European parliament voted to include emissions from shipping within the EU Emissions Trading System (ETS) by 2023, if there is no comparable IMO system in place by 2021. This move has been debated in the past, and by some was seen as an inevitable step ...

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Security through bureaucracy is pain with limited gain

Shipping guidelines and recommendations are encouraging shipowners and operators to focus mainly on bureaucratic, procedural controls. This might feel like a cheaper, easier way to address the “cyber security problem”. But there is a risk it will turn the sector into “busy fools” that fail to achieve actual progress in securing their onboard systems. Since the publication of IMO 2021 and BIMCO guidelines for cybersecurity onboard ships there has been a flurry of activity by class societies to define cyber notations. The aim is to provide a common language to ...

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Greece’s Piraeus port posts positive financial results for 2019

The turnover of Piraeus Port Authority S.A (PPA) of Greece last year amounted to 149.2 million euros (170.4 million U.S. dollars) compared to 132.9 million euros in 2018, an increase of 12.3 percent, the company said on Friday. Profit before tax was 47.6 million euros compared to 42.3 million euros in 2018, an increase of 12.5 percent, according to an e-mailed statement issued after the Annual General Assembly of PPA shareholders, which approved the annual financial statements. According to the company’s Annual Financial Report 2019, the net result improved by ...

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Globus Maritime Limited Announces Pricing of $15.0 Million Registered Direct Offering

Globus Maritime Limited (the “Company” or “Globus”) (NASDAQ: GLBS) announced today that it has entered into a securities purchase agreement with certain unaffiliated institutional investors to issue approximately $15.0 million of its common shares (the “Common Shares”) in a registered direct offering and warrants to purchase Common Shares in a concurrent private placement. Under the terms of the securities purchase agreement, the Company has agreed to sell 83,333,333 Common Shares. In a concurrent private placement, the Company has agreed to issue warrants to purchase up to 83,333,333 Common Shares. The ...

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