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Dry Bulk Net Fleet Growth in 2018 At 3%

The dry bulk market’s fundamentals are still positive, given that during 2018 net fleet growth was quite low, at 3% despite the fact that demolitions stood at record low levels. In its latest weekly report, shipbroker Banchero Costa said that “in 2018, deliveries of dry bulk carriers over 20,000 dwt fell to its lowest in a decade, coming in at 266 units equivalent to 27.3 mln dwt. This compares to 427 units totaling 37.1 mln dwt delivered in 2017, and the previous capacity low of 22.7 mln dwt comprising 300 ...

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Sino-Greek cooperation at Piraeus achieves impressive results

Regarded as the “southern gate” of Europe, Piraeus — which means “guarding the passage” in Greek — is now the second largest port in the Mediterranean Sea. A decade after the Chinese shipping company’s first investment in Piraeus port, China-Greek cooperation is striving to make Piraeus the number one port in the Mediterranean Sea, port representatives told Xinhua in a recent interview. China Ocean Shipping Company (COSCO Group) is a Chinese state-owned shipping and logistics services supplier company. It ranks third both in the number of container ships and in ...

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Euroseas Ltd. Announces Receipt of NASDAQ Notice of Non-Compliance

Euroseas Ltd. (Nasdaq: ESEA) (the “Company”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced that it received notice from the Nasdaq Stock Market LLC (“Nasdaq”) dated January 14, 2019 (the “Notice”) indicating that the Company is no longer in compliance with Nasdaq’s continued listing requirements under Nasdaq Listing Rule 5550(a)(2) because the closing bid price of the Company’s common stock over a period of 30 consecutive business days was less than $1.00 per share. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the ...

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Tanker Market Softens in December

The tanker market ended 2018 on a soft note, as overall sentiment retreated, OPEC said in its latest monthly report. Following gains in the tanker market registered in November, a softer sentiment was witnessed in December with average dirty tanker spot freight rates relatively stable affected by a drop in VLCC and Suezmax rates from the previous month. Lower rates were seen in the larger dirty classes in December and across all reported routes on the back of limited demand. This was the result of the holiday season that led ...

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Cybersecurity and Maritime Industry

Nowadays, information security is considered as one of the most fundamental and critical factors that evaluates the reliability and availability of a computer system or an ICT environment. Information and communications technology (ICT) has induced a severe revolution in the digital era and the connected network (Internet) has become an integral part of our daily lives. All organizations and industries employ the Internet, computer networks and ICT infrastructure, including industrial control systems (ICS) and supervisory control and data acquisition (SCADA) systems in order to compete in the markets, increase productivity ...

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Hellas and Piraeus Still at the Heart of DNV GL’s Operations

On Friday the 11th of January 2019, the annual DNV GL’s Press Conference took place in the company’s offices in Piraeus, with a few distinguished journalists and media people of the maritime sector attending. George Teriakidis, Regional Business Development Manager, along with Jason Stefanatos, Senior Research Engineer, displayed the main presentation. The classification society within the year of 2018 attempted a number of initiative efforts and ideas in order to keep customers satisfied, while amplifying its support to the local market. Marketing & business development segment was furthermore reinforced, by ...

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GasLog (GLOG) Lifted to “Buy” at Zacks Investment Research

GasLog logoGasLog (NYSE:GLOG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm currently has a $20.00 target price on the shipping company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 12.30% from the stock’s previous close. According to Zacks, “GasLog Ltd. is an owner, operator and manager of liquefied natural gas carriers. The Company operates in two segments: vessel ownership and vessel management. The vessel ownership segment consists of chartering out ...

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VesselMan appoints Konstantinos Machairas as Greek representative, Expanding presence in South Europe

VesselMan, a leading provider of cloud-based software to digitalize the execution of complex maritime projects, has announced the appointment of Konstantinos Machairas as its representative in Greece to work with an increasing number of clients in Southern Europe. Glenn Edvardsen, CEO of VesselMan commented: “If you are serious about shipping, you need to be serious about Greece, and that means having a presence in this market. We’ve already seen a big increase in interest in our solutions as Greek companies digitalize their project management, and Konstantinos is the right person ...

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Dry Bulk Market “Flat Lining”, but Fundamentals Are Solid, Says Shipbroker

While the fourth quarter of 2018 didn’t live up to expectations, especially for the Capesize segment, it seems that ship owners can take heart in the fact that newbuilding orders were also significantly reduced, which is a quite significant silver lining. Allied Shipbroking said in its latest weekly report that “given the poor performance noted in the market as of late, a hefty amount of skepticism now prevails, with most now looking to decide where to put their faith in next. Yet it may well be worth taking a closer ...

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Aegean Marine Petroleum Network Inc. Expects Quick Emerge from Chapter 11

Aegean Marine Petroleum Network Inc. (NYSE:ANW) (“Aegean” or the “Company”) announced that the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) has approved its revised final motion related to $535 million in aggregate Debtor-in-Possession financing (the “DIP Facility”) from Mercuria Energy Group Limited (“Mercuria”), one of the world’s largest independent energy and commodity companies. The Court also approved the Company’s Restructuring Support Agreement (the “RSA”) with Mercuria, the Official Committee of Unsecured Creditors of Aegean, American Express Travel Related Services Company, Inc., and certain holders of ...

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Tsavliris Salvage joins forces with Green Award Foundation

Tsavliris Salvage celebrated its induction into the Green Award Foundation during a Reception at the Yacht Club of Greece on 10 January 2019. The Senior Management of the Green Award Foundation wholeheartedly welcomed Tsavliris Salvage, which offers a series of financial incentives to Green Award member companies, into the scheme. The prestigious Green Award Foundation certifies shipping companies and ships that demonstrate excellent performance. All certified companies have to meet strict requirements covering safety, quality and environmental conscience. The Tsavliris Group has been active for more than 75 years as ...

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Newbuilding Activity Rather Brisk, While S&P Deals on the Rise as Well

Newbuilding ordering activity has started to pick up pace of late, while S&P deals are also on the rise, with more and more owners looking to conclude business deals. In its latest weekly report, shipbroker Allied Shipbroking said that “despite the persisting pressure that is noted in the dry bulk freight market lately, activity in the newbuilding front remains at moderate levels, with owners foreseeing the stabilization of the rates in the following months. During the past week, 4 new orders were reported across different size segments, with the biggest ...

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Diana Containerships Inc. Announces Receipt of NASDAQ Notice

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, today announced that it has received written notification from The Nasdaq Stock Market LLC (“Nasdaq”) dated January 10, 2019, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from November 26, 2018 to January 9, 2019, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Global Select Market, the Company is not in compliance with Nasdaq Listing Rule 5450(a)(1). Pursuant to Nasdaq ...

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Star Bulk Announces Fleet Update and Updated Share Count Following Recent Stock Repurchasing Program

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes announced that, pursuant to the previously announced transaction of August 28, 2018, it took delivery of the last two of the three firm dry bulk vessels, namely the 2010 built Capesize vessels M/V E.R BRANDENBURG and M/V E.R BOURGOGNE (the “Vessels”), on January 7th, 2019 and January 14th, 2019 respectively, from an entity affiliated with E.R. Capital Holding GmbH & Cie. KG (the “Sellers”). The Vessels were acquired for a combination of cash and ...

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VLCCs Could Enjoy Increased Supply of Cargoes from Arab Gulf

An increase of supply of crude oil from the Arab Gulf and a resulting need for additional infrastructure in terms of ports and pipelines could result in a heightened use of VLCCs in the region. In its latest weekly report, shipbroker Gibson said that “it is fair to say the US crude exports have transformed the global oil markets since the crude export ban was lifted by Congress at the end of 2015. Crude exports have risen at a considerable rate, placing the US in the market as a major ...

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