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Danaos Corporation Rides the Container Market’s Turnaround

Danaos Corporation, one of the world’s largest independent owners of containerships, today reported unaudited results for the fourth quarter and the year ended December 31, 2020. Highlights for the Fourth Quarter and Year Ended December 31, 2020: • Adjusted net income1 of $47.8 million, or $2.29 per share, for the three months ended December 31, 2020 compared to $38.0 million, or $2.01 per share, for the three months ended December 31, 2019, an increase of 25.8%. Adjusted net income1 of $170.9 million, or $7.18 per share, for the year ended ...

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Seanergy Maritime Holdings Corp. Announces Pricing of $75 Million Common Share Offering Priced At-The-Market

Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced today that it has entered into a securities purchase agreement with certain unaffiliated institutional investors to purchase approximately 44,150,000 of its common shares (the “Common Shares”) at a price of $1.70 per share, for aggregate gross proceeds of approximately $75.0 million, in a registered direct offering priced at-the-market under Nasdaq rules. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “The pricing of our offering will underpin our strategic aims of sustainable fleet growth and continued balance sheet deleveraging. The ...

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Ship Recycling Market Expected to Firm Up

The ship recycling market is predicted to accelerate in terms of activity during the coming weeks. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “there is hope that a more bullish market may come into play following rumours that the Chinese Government may decide to import steel rather than export which would have put paid to the recent caution of the Chinese flooding the Indian sub. Continent markets with cheap steel. These previous rumours had, we are reliably informed, affected the sentiment in the waterfront with the ...

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ZeroNorth opens office in Greece to further support maritime digitalisation

Maritime technology company ZeroNorth has today announced it has opened a new office in Piraeus, Greece, to further its aim to support more ship owners and operators to digitalise and decarbonise their operations. The new office is an important expansion for ZeroNorth and signifies the role of Greek shipping to the organisation’s digitalisation objectives and commercial strategy. The operation will act as a beacon to reflect the unique needs and characteristics of the world’s largest national fleet, as well as help it profitably navigate to a more digitalised and decarbonised ...

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Seanergy Maritime Holdings Corp. Announces Agreement to Acquire an Additional Capesize Vessel

Seanergy Maritime Holdings Corp. announced yesterday 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 2006 at a reputable shipyard in Japan, has a cargo-carrying capacity of approximately 177,000 deadweight tons (“dwt”) and shall be renamed M/V Tradership. The Vessel is expected to be delivered towards the end of the first quarter or early in the second quarter of 2021, subject to the satisfaction of certain customary closing conditions. Following her delivery, the size ...

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Piraeus Container Terminal – Adverse Weather Conditions

Please be informed that the port of Piraeus in Greece currently suffers from bad weather conditions with strong north winds, low temperature, snowfall, and ice during the night hours, since the afternoon of Sunday, February 14th, 2021. Additionally, as reported by the terminal operator, a complete stop of all operations in the terminal was caused by a general electricity blackout in the evening of Sunday, February 14th, 2021. The issue was slowly resolved after a couple of hours, which resulted in low performance in the terminal. Based on a latest ...

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Safe Bulkers, Inc. Expects Improvement in Profitability

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced its unaudited financial results for the three and twelve months period ended December 31, 2020. Management Commentary Dr. Loukas Barmparis, President of the Company, said: ”Having a consistent strategy for fleet renewal and environmental upgrading, hands on operations and strong balance sheet, we believe we are well positioned to take advantage of a strengthening charter market.” Update on COVID-19, Company’s actions and status There has been a negative effect from the COVID-19 pandemic on the Company’s results of ...

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Dry Bulk Tonnage Pricing: Finding Value in the Market

A lack of correction in terms of the dry bulk market during most of January, has led to asset prices retaining their high values. Contrary to past years, when January usually was a “lackluster” month freight-rate wise, this time around was different. As a result pricing for secondhand tonnage remained rather firm. In its latest weekly report, shipbroker Intermodal said that “we have just entered February, Chinese New Year holidays are about to start and the SnP market for bulkers is so hot as every seller would dream of. The ...

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A Shifting Refinery Landscape Could Lead to New Tanker Routes

Chinese refiners are expected to take the global lead in the coming years, capacity-wise. This dominance could lead to new trade patterns in the crude tanker market. In its latest weekly report, shipbroker Gibson said that “the crude oil sector has experienced a devastating 12 months. The Covid-19 pandemic has decimated demand, and currently at least, there is no definitive end in sight. Circumstances have also impacted the refining sector, although it was already undergoing a geographic shift before the pandemic hit. The sector as a whole was facing overcapacity ...

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Seanergy Maritime Holdings Corp. Regains Compliance with Nasdaq Minimum Bid Price Requirement

Seanergy Maritime Holdings Corp. announced that the Nasdaq Stock Market has confirmed that the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of the Company’s common stock and the matter is now closed. Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a fleet of 11 Capesize vessels with an average age of about 12 years and aggregate cargo carrying capacity of approximately 1,926,117 dwt. The Company is incorporated in ...

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Tanker Market: A Dire Start to the New Year

The tanker market has faced a torrid start to 2021, with a lackluster performance. In its latest monthly report, OPEC said that dirty tanker rates remained at muted levels in January, below operational costs in some cases, although rates from West Africa picked up. A host of factors have weighed on freight rates, including the lingering impact of COVID-19 on oil consumption, reduced supplies in the market, ample onshore inventories, and long tonnage lists. The backwardated market structure also provided little incentive to hold inventory in floating storage, even at ...

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LR launches decarbonisation advisory centre in Greece

Initiative to support South European shipowners and operators in navigating compliance around impending EEXI requirements. Lloyd’s Register (LR) has opened a decarbonsation advisory centre in Athens, Greece, to assist its clients in meeting current and future environmental challenges. The new initiative is part of LR’s commitment to accelerating the sustainable decarbonisation of the maritime sector and driving safe, technically feasible and commercially viable pathways to zero-emission shipping. The centre aims to support shipowners and operators in South Europe with the decisions they must make to reduce the carbon intensity of ...

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Is a Dry Bulk Market Rebound Around the Corner?

With the Chinese New Year holidays in full swing, dry bulk market analysts are wondering whether the freight market will manage to regain its upwards momentum, once the Chinese economy gets back to work. In its latest weekly report, shipbroker Allied Shipbroking said that “throughout the pandemic, uncertainty has been found in abundance across all global markets including that of shipping. Given this, most have just focused on hoping for a market with less noise and volatility for 2021. In the dry bulk sector, it seems that a slightly more ...

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More Newbuildings and Second Hand Tonnage Traded this Past Week

Newbuilding orders picked up over the past week, while many ship owners also opted for more secondhand tonnage. In its latest weekly report, shipbroker Allied Shipbroking said that “a moderate rise in activity was seen this past week, without any impressive figures though being noted. In the dry bulk sector, we witnessed the return of many buyers in the newbuilding market, with the positive momentum now resumed in the segment, despite some losses noted this past week in the freight market. Prospects remain robust for the time-being and thus more ...

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ThPA S.A.: 2 new STS cranes specially designed for the Port of Thessaloniki

ThPA S.A. announces the purchase of two (2) new, specially designed STS Cranes (Ship To Shore Cranes) for the Port of Thessaloniki in order to further increase its competitive geographical advantage for intermodal transports to and from South East Europe. With the acquisition of the new equipment, ThPA S.A. will be able to directly serve main liner container vessels by providing reliable, modern, and competitive services. The acquisition of the two (2) STS Cranes, with a total value of € 15.675.000, a maximum lifting capacity of 65 tons and 50 ...

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