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Tanker Market On a High Note

Fortunes have improved in the tanker market as of late, as per the latest monthly OPEC report. In October, tanker spot freight rates for dirty vessels increased considerably, with gains being registered across all classes trading on all major routes. As the market approaches the winter season, tanker market spot freight rates saw notable improvements following a year of accumulative losses. On average, dirty tanker spot rates rose by 28% in October from a month earlier. Rate developments in October showed Aframax spot freight rates achieved the strongest growth compared ...

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Euroseas Ltd. Says Third Quarter Net Loss Down to Ships’ Repairs and Idle Time

Euroseas Ltd., an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced its results for the three and nine month period ended September 30, 2018. The Spin-off On May 30, 2018, the Company spun-off its drybulk fleet (excluding M/V Monica P, a handymax drybulk carrier, which was agreed to be sold) into EuroDry Ltd., a separate publicly listed company also listed on the Nasdaq Capital Market. Shareholders of the Company received one EuroDry Ltd. share for every five shares of the Company they ...

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GasLog Ltd. and GasLog Partners LP Announce Agreement to Modify Incentive Distribution Rights

GasLog Ltd. and GasLog Partners LP Friday announce an agreement to modify the partnership agreement with respect to the General Partner’s incentive distribution rights (“IDR”). The modification will have the effect of reducing the General Partner’s IDRs on quarterly distributions above $0.5625 per unit from 48% to 23%. GasLog has further agreed to waive IDR payments resulting from any asset or business acquired by GasLog Partners from a third party. In exchange for these modifications, the Partnership will pay $25.0 million to GasLog which will be sourced from available cash. ...

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DynaGas LNG Partners Reports Third Quarter Loss on Early Commencement of Lower-priced Charters and Drydockings

Dynagas LNG Partners LP, an owner and operator of liquefied natural gas (“LNG”) carriers, announced its results for the three and nine months ended September 30, 2018. Quarter Highlights: Net loss of $0.7 million for the three months ended September 30, 2018. Included in the third quarter 2018 results are $2.3 million of scheduled class survey and dry-docking costs related to the Yenisei River, one of the three tri-fuel diesel engine (TFDE) vessels in our fleet; Loss per common unit of $0.07 for the three months ended September 30, 2018; ...

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Safe Bulkers, Inc. concludes refinancing actions and provides updated debt profile

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced that the Company has accepted an offer letter to refinance a loan facility of $51.4 million secured by 4 vessels, part of which would expire in 2022, by extending the relevant tenor by 2 years and pushing back the balloon payments to 2024, concluding the Company’s refinancing actions. Upon completion of all loan documentation the repayment schedule of the Company on a pro-forma basis is presented in Table 1, in comparison with the repayment schedule as of September ...

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Capesize Market Hurt by Over Reliance on Chinese Economy

Earlier hopes of a rally in the dry bulk market during the fourth quarter of 2018, in similar note to the past couple of years, have been quashed by the harsh reality of the latest trends in the global trade. In its latest weekly report, shipbroker Allied Shipbroking said that “a tectonic shift has been taking shape over the past week in the Capesize market, with rates for the Baltic Capesize 4TC time charter average having dropped by US$ 10,000pd. What’s more is that we have already fallen considerably short ...

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RINA, a new identity marked by digitalisation

In December 2017, RINA, the certification, testing, inspection and consultancy multinational, unveiled its new corporate brand identity to clients worldwide. RINA’s new positioning acknowledges the new role of digitalisation. This is not only evident within the company’s own in-house processes, but also the external services it offers through the strategic application of technology, such as big data and artificial intelligence. RINACube is a cloud-based platform, created by a dedicated team of 50 people within RINA. This platform guides clients through the process of predictive asset management. In addition, this tool ...

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Diana Shipping Inc. Announces Time Charter Contract for m/v Thetis with Hudson

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 Hudson Shipping Lines Incorporated for one of its Panamax dry bulk vessels, the m/v Thetis. The gross charter rate is US$10,650 per day, minus a 3.75% commission paid to third parties, for a period of minimum fourteen (14) months to maximum seventeen (17) months. The charter is expected to commence tomorrow. The m/v Thetis was chartered, as previously ...

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Seanergy Maritime Holdings Corp. Announces Capesize Vessel Refinancing, Private Placement of Shares and Time Charter with Cargill International S.A.

Seanergy Maritime Holdings Corp. announced that it has successfully concluded the refinancing of the 2011-built Capesize M/V Championship (the “Vessel”) through a leasing agreement with Cargill International SA (“Cargill” or the “Charterer”). The refinancing has released approximately $7.8 million of liquidity for the Company. Pursuant to the agreement, the Company has chartered back the Vessel on a bareboat basis and subsequently entered it into a five-year time charter with Cargill at a rate which is linked to the 5-routes Time Charter average of the Baltic Exchange Capesize Index (BCI). The ...

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Gaslog Partners LP Announces Closing Of The Methane Becki Anne Acquisition From Gaslog Ltd.

GasLog Partners LP and GasLog Ltd. announced the closing of the Partnership’s acquisition from GasLog of 100% of the shares in the entity that owns and charters the Methane Becki Anne. The Methane Becki Anne is a 170,000 cubic meter (“cbm”) tri-fuel diesel electric liquefied natural gas (“LNG”) carrier built in 2010. The vessel is currently on a multi-year time charter with a subsidiary of Royal Dutch Shell plc (“Shell”) through March 2024. Shell has a unilateral option to extend the term of the time charter for a period of ...

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Pyxis Tankers Inc. Cites Challenging Market for “Disappointing Third Quarter”

Pyxis Tankers Inc., an emerging growth pure play product tanker company, announced unaudited results for the three and nine months ended September 30, 2018. Summary For the three months ended September 30, 2018, our time charter equivalent revenues, which we define as voyage revenues, net of voyage related costs and commissions, were $2.6 million, which resulted in net loss of $4.1 million, or loss per share (basic and diluted) of $0.20, and our Adjusted EBITDA was negative $1.5 million (see “Non-GAAP Measures and Definitions” below). On September 27, 2018, Eighthone ...

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Festivities Disrupt Demolition Market

As ship owners kept looking for signs of sustainable rebound in freight rates, good news were absent this week from the supply side, as demolition activity was lacklustre. In its latest weekly report, Clarkson Platou Hellas said that “it has been a fairly subdued week in the world of ship recycling as the Diwali celebrations caused the majority of buyers to lose their appetite and step away from any negotiations to spend time with their families. This has also resulted in any readily available unit for sale for recycling to ...

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Diamantides’ Marmaras Navigation and Delta Tankers Choose Langh Tech Scrubbers

Langh Tech has secured a large deal in Greece for the delivery of 10 shipset scrubber systems for Bulk Carriers and Product Tankers. Shipping companies Marmaras Navigation and Delta Tankers, owned by Mr. Diamantides, one of the most reputable Greek shipowners, have selected Langh Tech’s systems for their continuing fleet upgrade program. Marmaras and Delta Tankers belong to the first movers among the Greek ship owners, that have selected during early 2018 to entrust scrubber technology for coping with the forthcoming IMO 2020 global low sulphur cap regulations and for ...

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Newbuilding Orders Dry Up As Trade War Takes a Toll in Market Sentiment

As uncertainties around the future growth of world trade and the economy are growing, ship owners appear to be more reluctant to place long-term bets, such as a newbuilding contract commitment. In its latest weekly report, shipbroker Allied Shipbroking said that “activity softened last week in the newbuilding market, as ship-owner seem reluctant to add new orders in their orderbooks seemingly deterred in part by the increased uncertainty noted in the freight market as of late. In the dry bulk side, market participants saw a sharp correction in rates over ...

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Fleet Additions and Freight Rate Increases Boost Navios Maritime Partners’ L.P. Third Quarter Results

Navios Maritime Partners L.P., an international owner and operator of dry cargo vessels, reported its financial results for the third quarter and nine months ended September 30, 2018. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “I am pleased with the results for the third quarter of 2018, for which Navios Partners had $42.0 million of EBITDA and $16.3 million of adjusted net income. We declared a quarterly distribution of $0.02 per unit for the third quarter, representing a current yield of approximately 5.5%.” Angeliki Frangou continued, ...

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