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Ship Recycling Activity on Hold

The ship recycling market was halted over the past week, as holidays in the Far East meant a lull in sales. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “with the holidays in the Far East continuing into this week, the market was never able to get off the ground as a result and subsequently, an absence of activity has been seen. Little, if any, tonnage at all was even circulated in the market with buyer’s ‘inbox’ threadbare and all finding it hard to source any vessels ...

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Dry Bulk Tonnage in High Demand

A bullish sentiment is prevalent in the dry bulk market, leading to an increased demand for second hand tonnage. In its latest weekly report, shipbroker Allied Shipbroking said that “on the dry bulk side, the market seems to be overflowing with bullish sentiment at this point. Overall activity was sustained for yet another at week at the firm levels that we have become accustomed to of late. Moreover, given the rising trajectory in both freight returns and asset price levels, it may well seems that a robust direction is taking ...

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No Strategic Autonomy for Europe without its own Maritime Technology Industry

On 18 February, the European Commission adopted its new Trade Policy review. This review sets the course for “An Open, Sustainable and Assertive Trade Policy” in the coming years in order to foster an “Open Strategic Autonomy’s model” for Europe. Transport, defence and security, access to trade and sea, food and energy supplies and many more activities at sea not only depend on complex ships and offshore platforms but also require advanced maritime systems, equipment and technologies. Europe’s maritime manufacturing capabilities are therefore essential to Europe’s (maritime) strategic autonomy as ...

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Another one bites the dust: LNG shipping’s GasLog to delist

More shipowners have come to Wall Street than have left over the past half decade. Yet most of the new arrivals have been micro-cap stocks and some of the recent departures have been big names. On Monday, liquefied natural gas (LNG) shipping giant GasLog Ltd. (NYSE: GLOG) announced plans to go private. The delisting of GasLog follows on the heels of January’s definitive agreement to fold Navios Containers (NYSE: NMCI) into Navios Partners (NMM), December’s “take private” announcement by Seacor (NYSE: CKH), the delisting of Teekay Offshore’s common (but not ...

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Diana Shipping Inc. Announces Management Succession

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that its Board of Directors has approved a series of senior management appointments intended to provide for an orderly succession and to ensure the continued sound strategic management of the Company. The management appointments described below will be effective as of March 1, 2021. The appointments were made by the unanimous decision of the Board of Directors. Ms. Semiramis Paliou has been appointed Chief Executive Officer of the Company. ...

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GasLog Partners LP Reports Financial Results for the Three-Month Period and the Year Ended December 31, 2020

GasLog Partners LP, an international owner and operator of liquefied natural gas (“LNG”) carriers, yesterday reported its financial results for the three-month period and the year ended December 31, 2020. Highlights • Following the completion of the Partnership’s strategic review, GasLog Partners will maintain its current corporate structure and will continue to pursue its own independent strategy of owning, operating and acquiring LNG carriers. • During the quarter, signed a new two-year time charter for the 15-year old steam turbine propulsion (“Steam”) vessel, Methane Jane Elizabeth, with a wholly owned ...

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Piraeus Port Reports Drop In Revenues During 2020

PPA S.A. announces the Annual Financial Results 2020, according to which: The turnover amounted to € 132.9 million compared to € 149.2 million in the financial year 2019, showing a decrease of € 16.3 million or -10.9%. This change is mainly due to the significant decrease in revenues attributed to the pandemic at the Cruise and Coastal Shipping sector by 84.0% and 26.4% or amounting to € 10.5 million and € 3.0 million respectively, as well as in the Ro-Ro sector by 20.3% or amounting to € 2.8 million. There ...

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Tankers: Growing Optimism Ahead?

With oil prices taking a turn upwards and demand expected to pick in the second half of the year, shipbrokers are examining whether this trend is a sign of a more bullish market ahead, which could benefit tankers as well. In its latest weekly report, shipbroker Gibson said that “oil prices are back above $60/bbl, their highest level since January 2020, before the Wuhan lockdown. In normal times rising prices typically suggest robust oil demand and growing trade requirements, but of course these are not ordinary times. The upward trend ...

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GasLog Ltd. Reports Fourth Quarter Profit of $45.9 Million

GasLog Ltd. and its subsidiaries, an international owner, operator and manager of liquefied natural gas (“LNG”) carriers, reported its financial results for the three-month period and the year ended December 31, 2020. Highlights • Announces agreement for the acquisition of approximately 45% of GasLog Ltd.’s outstanding common shares by BlackRock’s Global Energy & Power Infrastructure Team. • Delivery of the GasLog Georgetown on November 16, 2020, a 174,000 cubic meter (“cbm”) LNG carrier with dual fuel medium speed propulsion (“X-DF”) and commencement of its seven-year time charter agreement with a ...

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Diana Shipping Inc. Reports 2020 Net Loss of $134.2 Million on Impairment Loss

Diana Shipping Inc. a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $7.4 million and net loss attributed to common stockholders of $8.9 million for the fourth quarter of 2020, including a $1.9 million impairment loss. This compares to a net loss of $14.0 million and net loss attributed to common stockholders of $15.4 million reported in the fourth quarter of 2019, including a $6.5 million impairment loss and $3.3 million loss on sale of vessels. Time charter revenues were $42.7 ...

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MSc in International Shipping, Finance and Management (ISFM)

The Interdepartmental MSc in International Shipping, Finance and Management (ISFM) comprises a unique combination of the three knowledge areas, which are essential for those employed or are interested to find work in the International Shipping industry. This is achieved through a modern, well-structured program, which combines reading of the international literature, laboratory classes, case studies, workshops, teaching, visits to companies and an academic dissertation aimed at enhancing research skills. The academic members of staff involved in the program are producing highly pioneering research in their respective fields of study. Business ...

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GasLog Ltd. Announces Take Private Transaction with BlackRock’s Global Energy & Power Infrastructure Team

GasLog Ltd. announced that it has entered into an agreement and plan of merger (the “Merger Agreement”) with BlackRock’s Global Energy & Power Infrastructure team (collectively, “GEPIF”), which is focused on essential, long-term infrastructure investments in the energy and power sector. Under the Merger Agreement, GEPIF will acquire all of the outstanding common shares of GasLog that are not held by certain existing shareholders of GasLog, including Blenheim Holdings Ltd., which is wholly owned by the Livanos family, and a wholly owned affiliate of the Onassis Foundation (collectively, the “Rolling ...

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Seanergy Maritime Holdings Corp. Announces Successful Completion of Previously Announced Oversubscribed Equity Offering and of Financial Restructuring

Seanergy Maritime Holdings Corp. announced today the successful completion of the registered direct offering priced at-the-market (the “Offering”) announced on February 16, 2021 and the successful closing of the documentation for the $179 million financial restructuring previously announced on January 12, 2021. $75 million Registered Direct Offering The Company successfully completed the oversubscribed Offering of approximately 44,150,000 of its common shares to certain unaffiliated institutional investors for aggregate gross proceeds of approximately $75.0 million. Maxim Group LLC acted as the sole placement agent for the Offering. The offering was priced ...

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Qatar’s LNG Exports Remain a Major Play in the Market

The Pacific Basin proved to be the major driving force behind Qatar’s LNG exports. In its latest weekly report, shipbroker Banchero Costa said that “in the 12 months of 2020, global seaborne LNG trade increased marginally by +1.2% year-on-year to 362 mln tonnes, according to vessel tracking data from Refinitiv. This number might sound positive, until you remember that LNG trade grew by +11.6% y-o-y in 2019, and by +9.1% y-o-y in 2018. Therefore, this was still a pretty disappointing year for LNG, as lockdowns shut down much of the ...

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Piraeus Container Terminal – Strike Announcement February 23-24, 2021

Please be informed that the Panhellenic Crew Union of Towage & Salvage decided to launch a 48-hour strike at the port of Piraeus in Greece as from Tuesday, February 23rd, 2021 at 00:01 hours until Wednesday, February 24th, 2021 at 24:00 hours local time. Consequently, towage service will be unavailable during the strike hours, which will affect the vessels’ maneuvering ability inside the port. Vessels arriving at Piraeus port from February 22nd, 2021 and on are expected to face berthing delays and heavy congestion is anticipated at the terminal after ...

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