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Tanker Market On Decline During July

The tanker market was in reverse mode during the month of July according to the latest report from OPEC. Dirty tanker rates broadly trended lower across most routes in June, as the stellar rates seen earlier in the year receded. The decline in rates was driven by production adjustments to address the oversupply in the market, increased tonnage availability amid the gradual unwinding of floating storage, and lower import needs globally as product demand remains relatively weak. Similar factors have kept clean spot freight rates muted in June. Spot fixtures ...

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Tanker Market To Benefit From Successful Handling of COVID-19

The tanker is about to benefit from a potentially successful dealing with the current health crisis. In its latest weekly report, shipbroker Intermodal said that “the Covid-19 virus spread around the world has obviously impacted the global oil demand while the situation remains fluid. The overall constraints in travelling and broader economic activity have resulted in the decline of global oil demand. The existing turmoil does not allow market participants to come to safe conclusions on what the final impact in the economy and total oil demand will be”. According to ...

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GasLog Ltd. and GasLog Partners LP Refinance 2021 Debt Maturities with New Loan Agreements Totalling $1.1 Billion and Provide Organizational Update

GasLog Ltd. and GasLog Partners LP are pleased to announce the signing of three new loan agreements, The GasLog Ltd. $577M Facility, the GasLog Partners LP $260M Facility and the GasLog Partners LP $200M Facility, which substantially refinance all of the Group’s debt maturities due in 2021, strengthen the balance sheet and create additional liquidity for the Group. The key highlights of the transactions are as follows: • Refinances a total of approximately $1 billion of debt outstanding across 12 vessels; • Delivery of approximately $30 million of incremental liquidity ...

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Castor Maritime Inc. Announces Closing of $17.3 Million Registered Direct Offering

Castor Maritime Inc. announced today the closing of its previously announced registered direct offering of 57,750,000 of its common shares (the “Common Shares”) and warrants to purchase Common Shares in a concurrent private placement. Under the terms of the securities purchase agreement, the Company sold 57,750,000 Common Shares. In a concurrent private placement, the Company has issued warrants to purchase up to 57,750,000 Common Shares. The warrants are exercisable upon issuance and have an exercise price of $0.35 per share. The warrants expire 5 years from the issuance date. The ...

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Demolition Activity Expected to Remain Elevated

Ships sold for recycling have increased in numbers over the course of the past few weeks. While last week wasn’t equally active in terms of deals, activity is still rather vivid, indicating that more deals are on the horizon. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “in what has been a subdued week compared to recent weeks in the recycling market, there have still been plenty of talk and gossip in relation to rumoured negotiations and potential new units in the market but with little coming ...

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Erma First Announces The Appointment Of Their New CTO, Dr. Stelios Kyriacou

ERMA FIRST is pleased to announce its new Chief Technical Officer, Dr. Stelios Kyriacou. Stelios is a senior maritime executive who brings a wealth of experience to the team, spanning 30 years on design, innovation and applied R&D. He graduated from Hateld Polytechnic in Mechanical Engineering and holds a MSc in Applied Mechanics and a PhD in Engineering Mechanics from Craneld University. Following a 10-year academic career at Craneld University, Stelios has a strong background as he has held senior leadership positions in leading companies in the marine equipment sector ...

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Dry Bulkers Still in High Demand

Demand for dry bulk carriers remained high over the past week. Ship owners are eager for more tonnage, on the back of improving market fundamentals. In its latest weekly report, shipbroker Allied Shipbroking said that “on the dry bulk side, interest remained relatively robust this past week, with the positive sentiment noted as of late from the boosted freight market playing a key role. Almost all of the deals being reported this past week included Panamax and Supramax units, with the majority of them being considered as vintage. Given that ...

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US LNG Exports Becoming a Major

The market for US LNG exports have been rapidly expanding over the course of the past few months, providing ship owners with a significant new trade. In its latest weekly report, shipbroker Banchero Costa said that “on the back of booming shale gas production, the United States have now emerged as the third largest exporter of LNG in the world, coming after Qatar and Australia. Total seaborne LNG exports from the USA in the 12 months of 2019 reached 36.6 mln tonnes, +66.3% y-o-y, according to Refinitiv vessel tracking data. ...

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Agreement of Mutual Cooperation between Thessaloniki Port Authority S.A. and China Merchants Port Holdings Co. Ltd.

ThPA S.A. signed cooperation agreement with China Merchants Port Holdings Co. Ltd. and its subsidiaries China Merchants Holdings (International) Information Technology Co., Ltd. Managing Director and Chief Executive Officer of ThPA S.A., Franco Nicola Cupolo, signed with Managing Director of CMPort, Dr. Bai Jingtao, an “Agreement of Mutual Cooperation” and with the General Manager of CMHIT, Wang Pei, a cooperation agreement about CTOS – Container Terminal Operating System in the Container Terminal of the Port of Thessaloniki. This collaboration between ThPA S.A. and CMPort is a great opportunity for the ...

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Castor Maritime Inc. Announces Pricing of $17.3 Million Registered Direct Offering

Castor Maritime Inc. announced today that it has entered into a securities purchase agreement with certain unaffiliated institutional investors to issue approximately 57,750,000 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 57,750,000 Common Shares. In a concurrent private placement, the Company has agreed to issue warrants to purchase up to 57,750,000 Common Shares. The warrants will be exercisable upon issuance and ...

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Tankers: Oil Production Trends Pointing Towards Middle East’s Important Role for Shipping

The tanker market is expected to remain heavily reliant on Middle East crude flows for a little while longer. In its latest weekly report, shipbroker Gibson said that “with world oil demand having collapsed in the wake of the Covid-19 pandemic, major downwards pressure on oil production was always going to be inevitable. Indeed, the US Department of Energy recently assessed that US crude output averaged 11 million b/d in June, showing a colossal 1.9 million b/d decline from the record level reached in November 2019 as weak crude demand ...

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CMPort and ThPA S.A. Signed Cooperation Agreement on Port Information System

On July 10, 2020, China Merchants Port Holdings Co., Ltd. and its subsidiaries China Merchants Holdings (International) Information Technology Co., Ltd. (‘CMHIT’) held a Cloud Signing ceremony with the Thessaloniki Port Authority S.A.(‘ThPA’) in Shenzhen, Greece and Hong Kong. The three parties signed two agreements on the strategic cooperation and port information system. At the signing ceremony, Dr. Bai Jingtao, Managing Director of CMPort, and Franco Nicola Cupolo, Managing Director and Chief Executive Officer of ThPA, signed the ‘Cooperation Agreement’; then, Wang Pei, General Manager of CMHIT, and Franco Nicola ...

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Dry Bulk Market Not “Out of the Woods” Yet

While demand for dry bulk carriers has intensified over the past few weeks, evidence from the data of the first half of 2020 suggests that the total number of transactions is lower than the previous years. Meanwhile, the second half of 2020 could prove equally challenging. In its latest weekly report, shipbroker Allied Shipbroking said that “with the first half of the year now concluded, it has undoubtedly been a period of high shocks for the dry bulk market that has left owners with a very bittersweet taste at the ...

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TEN, Ltd Announces Long-Term Charters for up to Three N/B Suezmax DP2 Tankers

TEN, Ltd yesterday announced the contract for the building of up to three suezmax DP2 shuttle tankers on long-term employment to a major European end-user. The vessels will be built in South Korea and the time charter equivalent minimum revenues to be generated over the duration of the respective contacts, should all be exercised, are expected at about $250 million. “TEN continues its profitable and market proven policy of attractive long-term charters to grow its fleet at periods of competitive newbuilding prices,” Mr. George Saroglou, COO of TEN commented. “By ...

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Pyxis Tankers Inc. Announces Refinancing of Modern Product Tanker

Pyxis Tankers Inc., a growth-oriented, pure play product tanker company, announced that it had successfully completed the refinancing of a previous loan facility for the Pyxis Theta. After repayment of existing bank debt, the new 5 year secured loan will provide us $4.1 million of additional net proceeds for working capital purposes. Valentios Valentis, our Chairman and CEO commented: “We welcome a new lender to our company, Alpha Bank, which provided us $15.25 million of new secured debt, priced at Libor + 3.35%. Our required scheduled loan amortization remains roughly ...

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