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Demolition Activity Will Pick Up Pace If More Tonnage is Offered

Ships’ recycling activity could be much more brisker if more tonnage was available for sale. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “as we enter the seasonal Diwali festivities, the true meaning being the celebration of light, making a fresh start and new beginning – these words really do echo the overall feeling in the recycling industry at this current time when the Covid-19 virus continues to place a dampener on sentiment worldwide – however, perhaps some much needed light is shining through the gloom as ...

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Performance Shipping Inc. Regains Compliance With Nasdaq Minimum Bid Price Requirement

Performance Shipping Inc., a global shipping company specializing in the ownership of tankers, announced that the Nasdaq Stock Market (“Nasdaq”) has confirmed that the Company has regained compliance with Nasdaq’s minimum bid price requirements for continued listing on the Nasdaq Capital Market. The letter noted that as a result of the closing bid price of the Company’s common shares having been at $1.00 per share or greater for at least ten consecutive business days, from November 2, 2020 through November 13, 2020, the Company has regained compliance with Nasdaq’s Listing ...

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Newbuilding Orders Pick Up Pace

The past week was a boon for shipbuilders, as owners flocked back to yards, contracting more vessels. In its latest weekly report, shipbroker Allied Shipbroking said that it was “a very impressive week for the newbuilding market, given the plethora of fresh orders coming to light. On the dry bulk sector, despite the downward continuation in many spot freight rates, especially in the bigger size segment, things were heading in the opposite direction in terms of new ordering, with a strong number for Capesize units being placed in Chinese Shipyards. ...

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Star Bulk Carriers Corp. Returned to Profitability During the Third Quarter of 2020

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 third quarter and the nine months ended September 30, 2020. Petros Pappas, Chief Executive Officer of Star Bulk, commented: “Star Bulk returned to profitability during the third quarter of 2020, reporting Net income of $23.3 million, Adjusted Net Income of $27.3 million, TCE Revenues of $137.8 million and Adjusted EBITDA of $79.7 million. We were able to take advantage of the recovering dry bulk market, ...

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LNG Shipping Rates Took a Dive During the Third Quarter, as Demand and Outages Took Their Toll

LNG shipping rates were hit during the third quarter of 2020, as demand was hit and outages in various facilities triggered supply issues as well. In a recent analysis of the LNG shipping market, GasLog said that “LNG demand was 84 million tonnes (“mt”) in the third quarter of 2020, according to Poten, compared to 88 mt in the third quarter of 2019, or a decrease of approximately 4%. Although demand declined globally in the third quarter compared to the third quarter of 2019, it also varied regionally. For example, ...

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Performance Shipping Inc. Expecting Tanker Market Rebound in the Post-Pandemic Era

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, reported net income and net income attributable to common stockholders of $0.4 million for the third quarter of 2020, compared to a net loss and net loss attributable to common stockholders of $18.1 million for the same period in 2019. Earnings per common share, basic and diluted, for the third quarter of 2020 were $0.08, while loss per share for the third quarter of 2019 was $5.58. Voyage and time charter revenues were $9.5 million ($6.7 ...

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Navios Maritime Partners L.P. Announces Offer to Acquire Outstanding Units of Navios Maritime Containers L.P.

Navios Maritime Partners L.P., an international owner and operator of dry cargo vessels, announced today that it has submitted a proposal to the board of directors of Navios Maritime Containers L.P. (“Navios Containers”) (NASDAQ:NMCI) to acquire the outstanding common units of Navios Containers not already owned by Navios Partners. Subject to negotiation and execution of a definitive agreement, Navios Partners is proposing to issue in a merger transaction 0.37 of a common unit of Navios Partners for each outstanding common unit of Navios Containers. Based on the respective closing prices ...

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Tanker Owners Could be in For More Pain

The tanker market is bound for a revival, but just how soon this will come is anyone’s guess. In its latest weekly report, shipbroker Gibson said that “the announcement that a Covid-19 vaccine developed by Pfizer/BioNTech is over 90% effective in trials sent world equity markets and oil prices soaring earlier this week. However, while this news has changed the sentiment, nothing has changed in terms of the near-term oil supply and demand fundamentals. The vaccine is unlikely to boost world economies until later in 2021 while global oil demand ...

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Pyxis Tankers Warns That Lockdowns Are Bound to Hit the Product Tanker Market

Pyxis Tankers Inc., a growth-oriented pure play product tanker company, today announced unaudited results for the three and nine months ended September 30, 2020. Summary For the three months ended September 30, 2020, our Revenues, net were $5.1 million. For the same period, our time charter equivalent (“TCE”) revenues were $4.4 million, a decrease of approximately $1.8 million or 29.3% over the comparable period in 2019 primarily due to fewer operating days of our fleet reflecting the sale of our oldest MR in early 2020, the lower utilization of the ...

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Okeanis Eco Tankers Corp. Reports Third Quarter Profit of $15.6 Million

Okeanis Eco Tankers Corp. reported unaudited interim condensed results for the three and nine months ended September 30, 2020. Q3 2020 Highlights Time charter equivalent (“TCE”) revenue and Adjusted EBITDA of $47.5 million and $35.5 million, respectively. Profit for the period of $15.6 million or $0.48 per basic & diluted share. Profit includes a write-off of deferred financing fees associated with debt re-financing and an unrealized loss on derivatives of $1.1 million and $0.4 million, respectively. Profit excluding these items was $17.2 million, or $0.53 per basic & diluted share. ...

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Weakness Prevails in the Tanker Market During October

The tanker market retained its weakness throughout the month of October, according to the latest monthly report from OPEC. According to the report, the tanker market remained weak in October, with dirty tanker rates depressed by ample tonnage availability, while tanker demand remained low as COVID-19 disruptions weighed on trade. High inventory and unwinding floating storage also negatively impacted dirty tanker rates. After a brief pick-up in the Mediterranean last month, clean tanker rates in October turned lower West of Suez. East of Suez rates managed an increase on gains ...

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Pioneer Marine Inc. Expects Stimulus From COVID-19 to Contribute Towards Healthy Shipping Market Moving Forward

Pioneer Marine Inc. and its subsidiaries a leading shipowner and global drybulk handysize transportation service provider announced its financial and operating results for the quarter ended September 30, 2020. Jim Papoulis, Chief Executive Officer commented: “There was extensive uncertainty relating to COVID-19 during the third quarter with the second massive wave significantly affecting businesses, countries, and people worldwide. Despite the ongoing difficulties created by the pandemic, we have made remarkable progress in reducing our operating expenses as well as our debt service costs, and we have significantly enhanced our liquidity. ...

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EuroDry Ltd. Reports Nine-Month Net Loss of $5.6 Million

EuroDry Ltd., an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced yesterday its results for the three and nine-month periods ended September 30, 2020. Third Quarter 2020 Highlights: • Total net revenues of $6.8 million. Net income of $0.5 million; net income attributable to common shareholders (after a $0.4 million dividend on Series B Preferred Shares) of $0.1 million or $0.06 earnings per share basic and diluted. Adjusted net income attributable to common shareholders1 for the period was $0.1 million or $0.05 adjusted ...

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Dynagas LNG Partners LP Shielded From COVID-19 Impact, Thanks to Contracted Revenue Backlog Is Approximately $1.15 Billion

Dynagas LNG Partners LP, an owner and operator of liquefied natural gas (“LNG”) carriers, yesterday announced its results for the three and nine months ended September 30, 2020. Third Quarter Highlights: • Net income and earnings per common unit of $10.0 million and $0.20, respectively; • Adjusted Net Income(1) of $10.2 million and Adjusted Earnings per common unit of $0.21; • Adjusted EBITDA(1) of $24.2 million; • 100% fleet utilization; • Declared and paid cash distribution of $0.5625 per unit on its Series A Preferred Units (NYSE: “DLNG PR A”) ...

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Med Tugs Successfully Handles Salvage of Cargo Ship Al Hani

Tug owner Med Tugs handled with success the recent fire, which broke out mid-week in a general cargo ship, in Elafonissos, Greece. A fire broke out on Wednesday afternoon (11/11/2020) onboard the ship, named Al Hani, belonging to a shipping company from Lebanon and flying the Togo flag. Med Tugs dispatched its tug “CH GEMITZOGLOU” from the port of Piraeus, in order to provide salvage services in the distressed vessel. As of yesterday evening, “Al Hani” remained anchored in Elafonissos, with the tug right alongside it. P&I British Marine, the ...

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