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GasLog Partners LP Announces New Charter Agreement With Cheniere Energy, Inc.

GasLog Partners LP announced that it has entered into a new multi-year time charter for the GasLog Sydney with a wholly owned subsidiary of Cheniere Energy, Inc. (“Cheniere”) scheduled to commence in 2018. The charterer has options to extend the charter for up to two consecutive periods at escalating rates. GasLog Sydney is a 155,000 cbm tri-fuel diesel electric liquefied natural gas (“LNG”) carrier built in 2013 and currently on a multi-year time charter with a wholly owned subsidiary of Royal Dutch Shell plc through September 2018. The vessel is ...

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Volatility Continues in the Newbuilding Ordering Activity

It’s been a familiar trend this year; volatility when it comes to the newbuilding ordering activity. In its latest weekly report, Allied Shipbroking said that it “a very quiet week for the Newbuilding market was due, despite the gear up noted in the week prior and the overall positive sentiment following the market trends noted of late. The continuation of the periodical ups and downs in activity levels, is something that we have become accustomed to, while in the case of most sectors the real drivers behind the buying interest ...

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Prevention at Sea’s Oil Record Book is a Hit at Posidonia

Prevention at Sea (PaSea) is pleased with the recognition received by its oil record book software during Posidonia. Designed to complement the manual recording of oil record book entries and help minimise errors and mistakes that could lead to costly off-hires or PSC fines, the software (called ε-ORB) complies with IMO guidelines published in the last PPR5 for electronic record books (February 2018). It is anticipated that electronic oil record book entries will replace the traditional paper ORB versions whenever MARPOL is amended, due to the more efficient process and ...

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Green Award welcomes FRANMAN Group

A new Green Award incentive provider FRANMAN Group made its participation in the environmental scheme known during the Posidonia event. Making shipping industry greener and safer is a major task and responsibility accepted by a number of the industry’s stakeholders. One of them is Franman Group, which core business is the representation of First Class Makers of Shipbuilding Equipment for merchant vessels and promotion of retrofit projects for all the equipment that they represent. In order to promote high values of safety, the company has joined the Green Award scheme. ...

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India, Greece to boost economic ties

India and Greece will strengthen the bilateral economic relationship by focusing on sectors like shipping, tourism and agriculture, confirmed an official from the Ministry of External Affairs (MEA). “Wide range of issues has been discussed during President’s visit. Special emphasis is being given to economic issues. We will focus on sectors like shipping, tourism and agriculture to strengthen our economic relations,” MEA Joint Secretary (Central Europe) Subrata Bhattacharjee said on Monday on President Kovind’s visit to Greece. President Kovind, who is on a three-nation, nine-day visit, arrived in Athens, the ...

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Gold, Impact Bite Award for Euronav & Propulsion Analytics

In the 2018 Business-IT Excellence Awards ceremony that took place on June 13, Propulsion Analytics and Euronav were announced as the winners of the Gold Award in the category “Specialized solutions for companies in the Maritime Industry”. In fact, the joint nomination apart from the Gold Award received a top distinction since it was in the 3 highest scoring nominations among all contest categories. At Propulsion Analytics we are very proud to be jointly awarded with one of our premium customers. We are even more happy that, through our products ...

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Tanker Market Still Looking for Recovery Signs

The tanker market has dug itself a hole, it’s now struggling to get out of. The past week didn’t bring any sort of respite. According to the latest weekly report from Charles R. Weber, “VLCC rates continued easing this week despite a fresh increase in demand as the Middle East surplus increased at the conclusion of the June program.  In isolation, however, rates in the Atlantic Americas posted further gains on a sustaining of strong regional demand and a growing disconnect with natural positions. The Middle East market observed 27 fixtures, ...

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IBIA: Slaying mythical beasts in the IMO 2020 labyrinth at the Posidonia Venue

What a show! The Greek Shipping community put on a wonderful week for the rest of the world at Posidonia. This year the spotlight was very much on bunkers and more specifically on how ship owners should prepare for 2020. However, there were some examples of pure fiction, or myths, being propagated around the IMO regulations and the 2020 global sulphur cap. In Greek legend, a labyrinth, an elegant maze-like structure, was built by King Minos of Crete, to house the monstrous, bull-like Minotaur. At times international legislation may seem ...

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Posidonia: Deals galore and trend-setting on display as global shipping renews rendez-vous for 2020

The world’s most prestigious shipping trade event has scaled new heights this year with an unprecedented display of the collective might and minds of a gigantic global industry which accounts for nearly 95 percent of international trade. The proof points of the show’s unparalleled appeal and success were evident each of the five days on the exhibition floor and conference facilities of the venue, where a great number of business deals were struck and issues and trends of concern to the international maritime industry were debated. During the Posidonia week, ...

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Genco Shipping & Trading Limited Announces Underwriters’ Exercise of Purchase Option for Common Stock Offering

Genco Shipping & Trading Limited announced that the underwriters for its recently priced public offering for its common stock have exercised their purchase option in full. The underwriters will purchase an additional 915,000 shares of common stock from Genco. As a result, Genco will sell a total of 7,015,000 shares of common stock in the offering. The full exercise of the purchase option will bring total gross proceeds from the offering to approximately $115.7 million. The offering is expected to close on June 19, 2018, subject to the satisfaction of ...

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Growth prospects bright for Qatar-Greece ties: official

There are diverse opportunities to expand Qatar and Greece’s shipping industry that could lead to investment prospects in sectors like energy and tourism, a top official of the Greece-Qatar Business Council (GQBC) has said. “The economic chain is so intertwined that one sector affects the other, and is dependent on the other. The Greek economy has built this shipping industry, which is an extremely vast trade that encompasses everything,” according to GQBC chairman Panagiotis G Mihalos. Mihalos noted that Qatar and Greece “currently have a successful partnership” in the LNG ...

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Tanker Market: An OPEC Crude Production Rise Will Improve Shipowners’ Sentiment Says Shipbroker

The tanker market is about to receive some new direction towards the end of the week, should OPEC’s summit changes the current status quo in oil production. In its latest weekly report, shipbroker Gibson noted that “the current dynamics in the oil markets are very different to the conditions seen just a year ago. Back in June 2017, OECD crude stocks were firmly stuck at their record high level for this time of year. By April 2018 inventories declined below the five year seasonal average, providing clear evidence that the ...

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Shipping company Navios Maritime Container files for a $100 million IPO

Navios Maritime Containers LP, a Monaco-based container ship company formed by Navios Holdings, filed on Friday with the SEC to raise up to $100 million in an initial public offering. The Monte Carlo, Monaco-based company was founded in 2017 and booked $69 million in sales for the 12 months ended March 31, 2018. It plans to list on the Nasdaq but has not disclosed a symbol. J.P. Morgan, BofA Merrill Lynch, Citi and Clarksons Platou Securities are the joint bookrunners on the deal. No pricing terms were disclosed. Source: Renaissance ...

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Navios Maritime Partners L.P. Announces Sale of One Containership and Options to Sell Four Additional Containerships

Navios Maritime Partners L.P., an international owner and operator of container and dry bulk vessels, announced that it has agreed to sell the Hyundai Hongkong, a 2006-built, 6,800 TEU containership for a total net sale price of $36.0 million to Navios Maritime Containers Inc. (“Navios Containers”) (NOTC: NMCI). The vessel is expected to be delivered to Navios Containers in the third quarter of 2018. Navios Partners also granted options to Navios Containers to acquire four additional 2006-built, 6,800 TEU containerships (the Hyundai Singapore, the Hyundai Busan, the Hyundai Shanghai and ...

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DryShips Inc. Announces Agreements To Sell Two Older Panamaxes

DryShips Inc., a diversified owner and operator of ocean going cargo vessels, announced that it has entered into agreements with unaffiliated buyers, for the sale of two of its older Panamax drybulk carriers, built in 2002, for an aggregate gross sales price of $18.8 million. The vessels are scheduled for delivery to their buyers during the third quarter of 2018. Source: DryShips

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