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Bulk Vessels

Diana Shipping Announces New Loan Terms and Time Charter

Diana Shipping Inc. Announces Signing and Drawdown of a US$18 Million Term Loan Facility With Commonwealth Bank of Australia; Announces Time Charter Contract for m/v Crystalia With Glencore. Diana Shipping has announced that it has completed a drawdown of US$18 million, through two separate wholly-owned subsidiaries, under a term loan facility it has signed for up to US$18 million with Commonwealth Bank of Australia. The proceeds will be used to partially finance the acquisition costs of two Panamax dry bulk vessels, the m/v "Melite" and the m/v "Artemis", which were delivered to the Company on January 28, 2010 and August 26, 2013, respectively. Additionally, the Company announced that through a separate wholly-owned subsidiary, it entered into a time charter contract with Glencore Grain B.V., Rotterdam, for one of its Ice Class Panamax dry bulk vessels, the m/v "Crystalia", which is currently under construction. The gross charter rate is US$15,800 per day, minus a 5% commission paid to third parties, for a period of minimum eighteen (18) months to maximum twenty-one (21) months. As previously announced, the "Crystalia" is a newbuilding Ice Class Panamax dry bulk vessel of 77,525 dwt that was contracted in March 2012. The charter is expected to commence upon delivery of the vessel to the Company from the shipbuilding yard, which is expected to occur by mid-February 2014.


Diana Charters Bulk Carier to RWE

Diana Shipping Inc., through a separate wholly-owned subsidiary, has entered into a time charter contract with RWE Supply & Trading GmbH, Essen, Germany, for one of its Capesize dry bulk vessels, the m/v Houston. The gross charter rate is $12,750 per day minus a 5% commission paid to third parties, for a period of minimum 12 months to maximum 15 months. The charter is expected to commence on January 5, 2015.   The Houston is a 177,729 dwt Capesize dry bulk vessel built in 2009.


New Dry Bulk Ship Orders Take Scorpio to 8-Million DWT Level

A Scorpio Bulk Carrier: Photo courtesy of the owners

Scorpio Bulkers Inc. announce agreements signed for the purchase of twenty Capesize dry bulk vessels and two Kamsarmax dry bulk vessels, as listed below: The total purchase price for the vessels is approximately $1,171 million. About Scorpio Bulkers Inc. Scorpio Bulkers Inc. has contracted and agreed to purchase 28 Ultramax, 23 Kamsarmax and 23 Capesize newbuilding dry bulk vessels to be delivered starting from the second quarter of 2014 from shipyards in Japan, Korea, China and Romania


UYT Commits to Build World's Largest Yacht Carrier

Image courtesy of UYT

United Yacht Transport LLC, a Fort Lauderdale based yacht transport company, says it has committed to building a semi-submersible vessel scheduled for delivery in the second tax quarter of 2015. United Yacht believes that the conversion of a Panamax size bulk vessel will produce the world’s largest yacht transport vessel with a cargo capacity exceeding 40,000 dwt. The completed dimensions of this vessel will be 229.00m x 46


Diana, Cargill Enter Time Charter Agreement

Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, announced that it has entered a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for one of its Panamax dry bulk carriers, the m/v Calipso. The gross charter rate is $8,100 per day, minus a 4.75% commission paid to third parties, for a period of minimum 21 months to maximum 25 months.


Scorpio Bulkers Lay Out Another US$157-Million on New Ships

Photo courtesy of Scorpio Bulkers

Scorpio Bulkers Inc. has entered into agreements to purchase five Kamsarmax dry bulk vessels currently under construction in a Chinese shipyard as listed below: Yard                                                       &n


Diana Shipping Inc. Announces Time Charter Contract

Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the ownership  and operation of dry bulk vessels, has announced that it has entered  into a time charter contract with Rio Tinto Shipping Pty, Ltd.,  Melbourne, Australia, through a separate wholly-owned subsidiary, for  one of its Panamax dry bulk carriers, the m/v Melia.   The gross charter  rate is US$9,700 per day, minus a 3


Diana Shipping Announces Time Charter Contract

 Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the ownership  and operation of dry bulk vessels, entered into a time charter contract with Glencore Grain B.V., Rotterdam,  through a separate wholly-owned subsidiary, for one of its Kamsarmax  dry bulk carriers, the m/v Maia.   The gross charter rate is US$10,900  per day, minus a 5% commission paid to third parties


Scorpio Bulkers Remain Confident Despite Q1 2014 Loss

Bulk carrier: Image Scorpio Bulkers

Scorpio Bulkers Inc. has reported its results for the three months ended March 31, 2014. In connection with comparisons of financial performance they say they had no operations from the period from March 20, 2013 (date of inception) to March 31, 2013. Results for the three months ended March 31, 2014 For the three months ended March 31, 2014, the Company had a net loss of $10.7 million, or $0.08 basic and diluted loss per share


TORM Sale, Leaseback Agreement for Product Tanker

TORM has entered into a sale and leaseback agreement for the product tanker TORM Marie. The vessel has been sold for a total consideration of $46m. The transaction will be treated as a sale with an accounting profit of $7m.                                                                       


China's COSCO Group Returns to Profit

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China Ocean Shipping Group Co (COSCO) returned to profit in 2014 after three years of losses, state media said on Saturday, citing an interview with the group's chairman. The state-backed shipping conglomerate, which controls China COSCO Holdings Co Ltd , had a profit of 5.04 billion yuan ($809


COSCO Gets $1.75 bln Loan to Buy Ships

China Ocean Shipping (Group) Company has received a $1.75 billion loan from the Export-Import Bank of China to buy 53 new ships, which it plans to order from Chinese shipyards, the firm said on Monday. The state-backed shipping conglomerate, which controls China COSCO Holdings Co Ltd


Diana Shipping Announced Vessel Delivery, Time Charters

Diana Shipping Inc. announces delivery of the newly built Capesize Dry Bulk Carrier m/v Santa Barbara; time charter contracts for m/v Polymnia with Vroon and m/v Danae with Glencore   Diana Shipping Inc. announced that, through a separate wholly-owned subsidiary


Clipper Establishes New Supramax Pool

Clipper Phoenix (Photo: Clipper)

Clipper has established the Clipper Sapphire Pool, a new commercial pool for modern Supramax grab fitted bulk carriers between 52,000 and 58,000 deadweight. The new pool will commence operation immediately, with 16 vessels initially committed to join in early 2015


Panama Canal Polls Industry on Proposed Fees

ACP Administrator/CEO Jorge Luis Quijano (Image: Courtesy ACP)

ACP touts new Toll Structure as reflecting value of route and better customer service. The Panama Canal Authority (ACP) has announced a proposal for a new toll structure, following more than a year of informal consultations with representatives from various industry segments.


Diana Shipping Announces Glencore Contract

Diana Shipping Inc., through a  separate wholly-owned subsidiary, has entered into a time charter contract with Glencore Grain B.V., Rotterdam, for one of its Kamsarmax dry bulk vessels, the m/v Myrto. The gross charter rate is $9,850  per day minus a 5% commission paid to third


Diana Shipping Announces $53.5m Drawdown

Diana Shipping Inc. announces signing and drawdown of a $53.5 million term loan facility with BNP Paribas; announces time charter contract for m/v Nirefs with Glencore   Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels


Diana Enters Time Charter Contract with Clearlake

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Diana Shipping Inc., through a separate wholly-owned subsidiary, has entered into a time charter  contract with Clearlake Shipping Pte. Ltd., Singapore, a member of the  Gunvor Group, for one of its Capesize dry bulk vessels, the m/v New  York.


Diana Acquires Newbuild Dry Bulk Vessel

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to acquire from an unaffiliated third party seller, a newbuilding Capesize dry bulk vessel of approximately 180,000 dwt


Mundra Port Handles Largest Bulk Carrier

Adani & SEZ

  Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, today said its Mundra Port successfully berthed the largest bulk carrier to call at any port on the west coast of India, thereby making history in the Indian maritime sector.


MacGregor Deck Equipment for Intership's Eco-bulkers

MacGregors equipment package will also play a role in delivering more sustainable operations.

MacGregor, part of Cargotec, has secured a deck equipment contract from New Times Shipyard in China for Intership Navigation Co Ltd.'s three new 36,500 dwt laker-class bulk carriers. The vessels will each feature an optimized MacGregor cargo-handling system comprising MacGregor cranes and hatch


MacGregor's Deck Equipment For Chinese Shipyard

MacGregors equipment package will also play a role in delivering more sustainable operations.

MacGregor, part of Cargotec, has secured a comprehensive deck equipment contract from New Times Shipyard, in China, for Intership Navigation Co Ltd's three new 36,500 dwt Laker-class bulk carriers. The vessels will each feature an optimised MacGregor cargo-handling system comprising MacGregor


Star Bulk Takes Delivery of M/V Leviathan

star bulk.jpg

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargos, has announced that on September 19, 2014 it has taken delivery of M/V Leviathan, a 182,000 dwt Capesize built by Japan Marine United (JMU).


Niels Lyngso Retires from West Gulf Maritime Association

Niels Lyngso

WGMA says Lyngso’s retirement effective October 1, 2014. Born and raised in Denmark and finishing his shipping education including maritime law studies in 1972, Niels Lyngso has been a longtime stalwart for WGMA. Arriving in the United States in 1972 as a management trainee for Olsen


MOL YoY Q1 2014 Profit Slips, but Dividend Planned

Koichi Muto: Photo MOL

MOL President Koichi Muto informs in a letter addressed to company shareholders of a year-on-year decline in profits during the first quarter of fiscal year (FY) 2014, excerpted as follows: "I would like to report our business results for the first quarter of fiscal year (FY) 2014 (April 1






 
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