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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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Shipping Ready to Capitalize on Commodities’ Latest “Supercycle”

The shipping industry is in a prime position to reap any benefits that come its way, from the latest surge in commodities’ prices. In its latest weekly report, shipbroker Allied Shipbroking said that “there has been a flurry of talks this week as to the bullish prospects many see through the commodity rally that has taken shape these past couple of months. With industrial metals having paved the way since late 2020 and with crude oil having shown a remarkable drive in its price this past month (topping above US$ ...

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Cobham SATCOM appoints Tototheo Maritime as its new authorized agent and service partner in Greece

Cobham SATCOM, the market-leading provider of radio and satellite communications solutions, has appointed long term partner Tototheo Maritime, a leading maritime technology and services provider, to be its representative in Greece. Tototheo has been the exclusive authorized agent and service partner for Cobham SATCOM in Cyprus for well over a decade, providing quality onboard services and equipment to its customer base. Based on the excellent partnership, Cobham SATCOM has expanded the cooperation to focus on high-quality service and customer support in the Greek market. Tototheo Maritime established its presence in ...

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Star Bulk Carriers Corp. Reports Net Profit of $27.8 Million for the Fourth Quarter and $9.7 Million for the Year Ended December 31, 2020

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, today announced its unaudited financial and operating results for the fourth quarter and year ended December 31, 2020. Unless otherwise indicated or unless the context requires otherwise, all references in this press release to “we,” “us,” “our,” or similar references, mean Star Bulk Carriers Corp. and, where applicable, its consolidated subsidiaries. Petros Pappas, Chief Executive Officer of Star Bulk, commented: “In the fourth quarter of 2020 Star Bulk earned net income of $27.8 million, ...

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Globus Maritime Limited Announces Closing of $30.0 Million Registered Direct Offering and the Agreement to Acquire a 2011-Built Kamsarmax Dry Bulk Carrier

Globus Maritime Limited (the “Company” or “Globus”) (NASDAQ: GLBS), a dry bulk shipping company, announced today that on February 17, 2021 it closed the previously announced registered direct offering of 4.8 million common shares (or pre-funded warrants in lieu thereof) and warrants to purchase up to an aggregate of 4.8 million common shares. The gross proceeds to the Company from the registered direct offering were approximately $30.0 million before deducting the placements agent’s fees and other estimated offering expenses. Maxim Group LLC served as exclusive placement agent for the offering. ...

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Theo Xenakoudis Celebrates 20 Years with IRI

When Theo Xenakoudis joined IRI in 2001, the Piraeus office was only 4 strong, and was led by Captain John Giannopoulos, together with Theo’s father, Captain Costas Xenakoudis. The office focused on processing seafarers’ documentation and licensing, as well as conducting ships’ inspections in Greece. Today of course, the Piraeus office is a regional hub of the Republic of the Marshall Islands (RMI) Registry activity. As IRI’s second largest office, Piraeus handles all aspects of corporate and maritime registry related services. “The role of the flag State has changed since ...

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Newbuilding Ordering Activity Shows No Signs of Slowing Down

Ship owners are feeling more confident in terms of contracting more newbuildings, as evidenced by the activity of the past few weeks. In its latest weekly report, shipbroker Allied Shipbroking said that “despite being in the midst the peak period of the Chinese New Year Festivities, which is typically a quieter market point, we experienced a rather modest flow of fresh orders coming to light the past few days or so. From the side of the dry bulk sector, things have slowed downed significantly, with just a single order for ...

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Pyxis Tankers Announces $25.0 Million Private Placement of Common Stock

Pyxis Tankers Inc., an emerging growth pure play product tanker company, today announced that it has entered into definitive securities purchase agreements with a group of investors, which will result in gross proceeds to Pyxis Tankers of $25.0 million, before deducting placement offering expenses. Pyxis Tankers will issue 14,285,715 shares of common stock at a price of $1.75 per share. This private placement is expected to close on or before February 19, 2021, subject to customary closing conditions. Pyxis Tankers will use the net proceeds from the transaction for general ...

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EuroDry Ltd. Looking Forward To Strong Dry Bulk Market in 2021, As Fundamentals Keep Improving

EuroDry Ltd., an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three- and twelve-month periods ended December 31, 2020. Full Year 2020 Highlights: • Total net revenues of $22.3 million. • Net loss of $5.9 million; net loss attributable to common shareholders (after a $1.6 million dividend on Series B Preferred Shares) of $7.5 million or $3.28 loss basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $6.9 million or $3.04 adjusted loss ...

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