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Star Bulk Carriers Corp. Reports $5.8 Million Net Profit for the Third Quarter 2019

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, 2019. Petros Pappas, Chief Executive Officer of Star Bulk, commented: “Star Bulk returned to profitability during the third quarter 2019, reporting TCE Revenues of $131.3 million, Adjusted EBITDA of $72.2 million and a Net Profit of $5.8 million. The average TCE increased to $14,688/ day per vessel despite our fleet being affected by the repositioning to ...

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Dry Bulk Market: Capesize Segment Could Face More Downward Pressure

The dry bulk market is perilously close to ending the year in the same dire manner with which it began it. In its latest weekly report, Allied Shipbroking commented that “on Friday, the average of the year so far for the BDI closed at 1,346bp, almost perfectly attuned with what was noted during the whole of last year. Given also that the Capesize market has been showing a strong resistance to any downward so far, we may well see a modest yearly growth accumulate for the year (however, not as ...

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Performance Shipping Inc. Announces Agreement To Acquire An Aframax Tanker And US$11.0 Million Investment By Its Chairman

Performance Shipping Inc., a global shipping company specializing in the ownership of containerships and tanker vessels, today announced that it has agreed to acquire from a related party all of the issued and outstanding shares of an entity that has entered into a contract to purchase one 2007 built Aframax tanker vessel from an unaffiliated third party seller for a total purchase price of US$26.0 million. The transaction was approved by a majority of the disinterested members of the board of directors of the Company. The Company will acquire the ...

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Diana Shipping Inc. Announces Direct Continuation of Time Charter Contract for m/v Polymnia with Cargill

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 agreed to extend the present time charter contract with Cargill International S.A., Geneva, for one of its Post-Panamax dry bulk vessels, the m/v Polymnia. The gross charter rate is US$11,000 per day, minus a 4.75% commission paid to third parties, for a period of minimum eleven (11) months to about thirteen (13) months. The new charter period commenced on November 15, 2019. The “Polymnia” is a ...

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Freight Markets’ Lacklustre Performance Hurting Ships’ Sales

The less than optimum freight market conditions have started to hurt sentiment in the S&P market, not to mention the newbuilding market. In its latest weekly report, shipbroker Allied Shipbroking said that “the subdued activity resumed in the dry bulk market for another week, reflecting the increasing concerns regarding the recent freight market correction and the overall volatility being seen in the year so far. This past week we witnessed a limited number of second-hand units changing hands, with potential buyers taking a step back, awaiting to see if any ...

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New record brings Greek Piraeus port closer to largest container port in Mediterranean

The port of Piraeus in Greece has reached a record 5 million TEU (twenty-foot equivalent unit) in its container cargo capacity, Piraeus Port Authority (PPA S.A.) announced. According to the Authority, a container unloaded from the COSCO SHIPPING CAPRICORN vessel on Monday morning brought the total traffic to the Piraeus port to 5 million TEU, leading Piraeus Port closer to the first place in the Mediterranean and possibly among Europe’s top four ports. Piraeus is the second largest container port in the Mediterranean after Valencia. China’s COSCO Shipping acquired a ...

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Euroseas Ltd. Announces the Acquisition of Four 4,250 teu Containerships Further Expanding and Renewing its Fleet; and a Private Placement of $6 million of Common Stock

Euroseas Ltd., an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced that it has entered into agreements to acquire four 4,253 teu containerships built in South Korea, three in 2009 and one in 2008. The vessels are being acquired from companies controlled by Synergy Holdings Limited for a total consideration of approximately $40 million. The acquisition will be financed by bank debt, existing funds of the Company and $6 million raised in private placements. The Company will also assume the charters the ...

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Danaos Corporation Announces Public Offering of Common Stock

Danaos Corporation announced that it plans to offer $55 million of its common stock. Certain of our significant stockholders have indicated an interest in purchasing approximately $25 million of common stock in the offering at the public offering price, including approximately $17 million by Danaos Investment Limited, which is our largest stockholder and beneficially owned by Dr. John Coustas, our Chief Executive Officer. In connection with the offering, Danaos intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock ...

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Greek Owners: South Korean Shipyards Dominating Orders Attracting $14 Billion of Invested Capital

South Korean shipyards remain the preferred option among Greek ship owners, especially when it comes to ordering their latest high-tech and niche-busting LNG carriers. According to data compiled by VesselsValue, exclusively for Hellenic Shipping News Worldwide (www.hellenicshippingnews.com), the current orderbook by Greek owners in South Korean yards stands at 60% of their total, with 118 ships, worth just over $14 billion USD. Out of this amount, $10.3 billion is invested towards building 55 LNG newbuildings, while an additional $3.4 billion has been contracted in South Korean yards for 58 tankers ...

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Tankers: Oil Market’s Balancing Act Will Require More Cuts

With the next OPEC meeting soon underway, tanker owners are looking for the next oil market’s direction. In its latest weekly report, shipbroker Gibson said that “in just a few weeks’ time OPEC and its allies will meet again to discuss the oil markets. Analysts are mixed on what the decision will be, with the next few weeks having the potential to influence OPEC’s final decision. At this stage it would seem likely that the current agreement, which expires in March 2020, will be maintained. However, several events taking place ...

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China bought most of Greece’s main port and now it wants to make it the biggest in Europe

China is looking to transform Greece’s Piraeus port into the biggest harbor in Europe — making it the most crucial transit hub for trade between Asia and Europe. In 2016, China’s shipping firm Cosco purchased a majority stake in Piraeus port. Situated in the Saronic Gulf, Greece’s largest harbor — and Europe’s seventh biggest — is at a strategic location between the Asian and European continents. Chinese President Xi Jinping and Greece’s Prime Minister Kyriakos Mitsotakis announced earlier this week that Cosco would be investing about 600 million euros ($660 ...

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October Marks Record Month for the Tanker Market

The tanker market was quite the ride for ship owners. In its latest monthly report, OPEC said that a host of factors in the tanker market in October pushed rates to the highest on record on all major routes. The market had been expecting a seasonal pickup in demand and some tightness on the tanker availability side as tankers were scheduled to be taken out of service to have scrubbers installed ahead of IMO 2020. However, geopolitical developments, such as the announcement of sanctions on two subsidiaries of one of ...

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Official visit of the Ambassador of Ukraine to PPA S.A.

The Ambassador of Ukraine Mr. Sergii Shutenko had a meeting with the Deputy CEO Capt. Weng Lin and Mr. Athanasios Liagkos, BoD Member of PPA S.A. at the headquarters of the Company. During the meeting the PPA activities and the Company’s development plans were presented. Mr. Shutenko paid attention to the developments at the port of Piraeus, was informed about the Company’s investment plan and toured the port facilities. Source: Piraeus Port Authority

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GasLog Ltd. : Successful placing of NOK 900 million of Senior Unsecured Bonds due 2024, and partial buy-back of existing GLOG02 bonds

GasLog Ltd. (the “Company”) has successfully placed NOK 900 million of senior unsecured bonds due November 2024 (“GLOG03”). The bonds will carry a coupon of 3 months NIBOR + 6.25% which represents a reduction of 0.65% compared to the margin of 6.90% on the current GLOG02 bond (ISIN number NO0010767858), with maturity date 27 May 2021. The GLOG03 bonds will accordingly mature 3.5 years later than the GLOG02 bond at a time when we anticipate that the LNG market will be going through a period of strong growth, with approximately ...

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Reborn Piraeus Port testimony of China-Greece friendship, win-win BRI cooperation

Passing through the gates into the Mediterranean’s busiest terminals near the Greek capital of Athens, mountains of perfectly stacked containers immediately filled the sight. With huge cranes precisely maneuvering over fully loaded super container ships, and cargo trucks shuttling back and forth through the “mountains” delivering iron boxes directly between the vessels and the China-Europe Land-Sea Express trains, it is difficult to remember what the Piraeus Port was like during the Greek debt crisis. TRUE MEANING OF “FRIENDS” Greece has come to a deep understanding of the true meaning of ...

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