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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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Large Dry Bulk Carriers in Demand

The rise of the dry bulk market has led to a significant increase of bulkers’ S&P deals, but mainly for the larger classes (i.e. Capesizes and Panamaxes), as the Handy segment attracted a much reduced demand. In its latest weekly report, shipbroker Intermodal said that “during the previous month, the dry bulk market witnessed an impressive increase in the BDI index that has reached 1800 points from 500 with a clear impact on the SnP market. The period in which Covid-19 prevailed in both Asia and Europe has brought many ...

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Safe Bulkers, Inc. Declares Quarterly Dividend on its 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today that the Company’s Board of Directors has declared: • a cash dividend of $0.50 per share on its 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares (the “Series C Preferred Shares”) (NYSE: SB.PR.C) for the period from April 30, 2020 to July 29, 2020; • a cash dividend of $0.50 per share on its 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares (the “Series D Preferred Shares”) (NYSE: SB.PR.D) for the period from April 30, 2020 to ...

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Navios South American Logistics Inc. Announces Closing of Private Offering of $500 Million of 10.750% Senior Secured Notes Due 2025

Navios South American Logistics Inc. announced today that the Company and Navios Logistics Finance (US) Inc., its wholly owned finance subsidiary, completed the sale of $500 million of 10.750% Senior Secured Notes due 2025 (the “Notes”). The Notes were offered and sold in the United States only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and in offshore transactions to non-United States persons in reliance on Regulation S under the Securities Act. The net ...

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Demolition Activity Suffers as Freight Rates Rebound

As freight rates, particularly in the dry bulk market, ships’ recycling activity has taken a hit. In periods of a strong market environment, demolition activity tends to suffer and this has occurred once more. In its latest weekly report, shipbroker Clarkson Platou Hellas commented that “it has been another slow week for the market as freight rates across the Dry and Wet sectors continue to flourish and help Owners reclaim any loss made during the early part of the Covid-19 Pandemic. We are however still seeing a steady supply of ...

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Top Ships Inc. Announces Pricing of $15.9 Million Common Shares Registered Direct Offering

TOP Ships Inc. announced yesterday that it has entered into a placement agency agreement with Maxim Group LLC relating to the sale of the Company’s common shares (the “Placement Agency Agreement”). Pursuant to the Placement Agency Agreement, the Company entered into a securities purchase agreement with certain institutional investors in connection with a registered direct offering of an aggregate of 158,640,000 common shares at a public offering price of $0.10 per share (the “Registered Offering”). The aggregate gross proceeds of the Registered Offering is $15.9 million. The Registered Offering is ...

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Diana Shipping Inc. Announces Time Charter Contract for m/v Selina with ST Shipping

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with ST Shipping and Transport Pte. Ltd., Singapore, for one of its Panamax dry bulk vessels, the m/v Selina. The gross charter rate is US$11,000 per day, minus a 5% commission paid to third parties, for a period of minimum twelve (12) months to maximum fourteen (14) months. The charter commenced on July 5, 2020. The m/v Selina was ...

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Capesize Bulkers In High Demand

Ship owners have intensified their interest towards second hand dry bulk carriers, most notably Capesizes, as a result of the recent market rally. In its latest weekly report, shipbroker Allied Shipbroking said that “on the dry bulk side, a very strong week in terms of activity noted was due. The main driver was the Capesize segment, where a significant number of vessels changed hands as of late. This, however, may well be down to the mere fact that we have seen an excessive bullish trajectory in freight returns during the ...

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International Award for Green C Ports Project implemented with the participation of the port of Piraeus

The Green C Ports European Project has been awarded the 2020 World Port Sustainability Award of the International Association of Ports and Harbors (IAPH) in the ceremony which took place online on June 24, with the participation of port authorities from around the world and representatives of the European Commission and of the project itself. Specifically, Green C Ports was distinguished in the category of “Resilient Infrastructure”. The Green C Ports, supported by the Connecting Europe Facility program of European Union, is being implemented by twelve transnational partners from four ...

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Diana Shipping Inc. Announces Repurchase of US$8.0 Million of its Senior Unsecured Bonds

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that it has repurchased an aggregate amount equal to US$8.0 million of the nominal amount of the outstanding senior unsecured bonds in the Diana Shipping Inc. 18/23 9.50% USD C bond issue with ISIN NO0010832868. Following this buyback the Company holds bonds equal to US$8.0 million of the nominal amount of the outstanding bonds in the bond issue. Source: Diana Shipping Inc.

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Seanergy Maritime Holdings Corp. Announces Agreement to Acquire a Capesize Vessel with Prompt Delivery

Seanergy Maritime Holdings Corp. announced that it has entered into a definitive agreement with an unaffiliated third party to purchase a Capesize vessel (the “Vessel”). The Vessel was built in 2005 at Mitsui Engineering & Shipbuilding Co. Ltd. in Japan, has a cargo-carrying capacity of approximately 177,536 deadweight tons (“dwt”) and shall be renamed M/V Goodship. Following her delivery, the size of the Company’s fleet will increase to 11 Capesize vessels with an aggregate cargo capacity of approximately 1,926,117 dwt. The vessel is expected to be delivered by the end ...

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A Major Driver for LPG Sea Trade

Many ship owners have invested heavily in the LPG tanker trade. As such, India, the UAE and USA are expected to be among the main trades to generate demand. In a recent weekly report, ship owner Bancosta Research said that “India is the second largest net importer of propane and butane in the world after China. The Indian government’s push to provide clean cooking fuel to every household also in rural areas, as well as a rising population, will drive LPG consumption in the country to grow to 30.3 mln ...

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Tanker Market and Canada’s Keystone Pipeline

The tanker market could be in for a “rough ride” during the second half of the year. So, what implications could the Canadian market have? In its latest weekly report, shipbroker Gibson said that “Canada has the third largest oil reserve behind Venezuela and Saudi Arabia. Since the 1960’s Canada has been producing oil from the large oil sands reserves that are deposited around Edmonton. However, due to the geographical location of the sites located in Alberta, the land locked reserves are predominantly exported from the region via pipeline to ...

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