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Panamax Vessels

Dryship Fleet Renewal Continues

  DryShips Inc. a global provider of marine transportation services for drybulk cargoes entered into the following agreements:   Vessel Disposals The Company has entered into agreements to sell: -          The Panamax vessel MV Primera 72,495 dwt built in 1998 for US$ 75 million. Delivery to the new owners is expected to take place during the fourth quarter of 2008. Once the sale is concluded, the company expects to realize a gain of approximately US$ 40 million. -          The Panamax vessel MV Paragon 71,259 dwt built in 1995 for US$ 61 million. Delivery to the new owners is expected to take place during the first quarter of 2009. Once the sale is concluded, the company expects to realize a gain of approximately US$ 31 million. -          The Panamax vessel MV Menorca 71,662 dwt built in 1997 for US$ 77 million. Delivery to the new owners took place in June, 2008. The company realized a gain of approximately US$ 37 million.   Vessel Acquisitions and Time Charters In line with its strategy of selling older vessels and replacing them with modern vessels, the company has entered into agreements to acquire the following vessels from companies beneficially owned by George Economou, Chairman and CEO of DryShips Inc., on terms that the Company believes are comparable to those that may be obtained


Diana MV Boston Chartered by Clearlake

Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, announced that it has entered into a time charter contract with Clearlake Shipping Pte., Ltd., Singapore, a member of the Gunvor Group, through a separate wholly-owned subsidiary, for one of its Capesize dry bulk carriers, the MV Boston. The gross charter rate is $14,250 per day, minus a 4.75% commission paid to third parties, for a period of about 24-29 months


Five Panamax Ships Transit Gatun Locks

The Panama Canal Authority (ACP) said that five “extreme-sized” panamax ships (more than 900´ in overall length) transited successively through the waterway’s Gatun Locks on August 26, 2004. This accomplishment marks the first time that five of these panamax vessels have transited Gatun Locks consecutively going southbound, toward the Pacific Ocean. Eight locomotives and 16 wires were used to move the vessels through the Locks


Globus Maritime Charter for the Tiara Globe

Globus Maritime Limited (AIM: GLBS) (LSE: GLBS), a marine transportation company that owns and operates Handymax and Panamax dry bulk vessels, announced that a subsidiary of the company has entered into a new time charter agreement for the M/V Tiara Globe with Transgrain Shipping at a gross rate of $20,000 per day, for a minimum of 24 to a maximum of 26 months starting sometime in February 2010. The M/V Tiara Globe is a geared Panamax bulkcarrier built in 1998 with a carrying capacity of 72


New Bulker, Drawdown Loans Actioned by Diana Shipping

Diana Shipping Inc. signs MOU to buy a new-building bulk ship from a third party; subsidiaries negotiate term loan facilities. The new-building Kamsarmax dry bulk carrier, to be named Myrto of 82,131 dwt, was built by Tsuneishi Shipbuilding Co., Ltd., Japan, and the purchase price is US$26.5-million. The vessel is expected to be delivered to Diana Shipping at the end of January 2013. Separately, the Company also announced that it signed, through two separate wholly owned subsidiaries


Diana Shipping Announces Delivery of M/V Baltimore

Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, today announced that the company, through a separate wholly-owned subsidiary, took delivery of the m/v Baltimore (formerly Tamou), a 2005 built Capesize dry bulk carrier of 177,243 dwt that the Company entered into an agreement to purchase in April 2013. The m/v Baltimore is time chartered to RWE Supply & Trading GmbH, Essen, Germany, at a gross charter rate of $15,000 per day


ACP Releases Second Quarter Metrics

The Panama Canal Authority (ACP) released second quarter (Q2) operational metrics today for fiscal year 2007. In Q2, there was an increase in net tonnage, total transits and booking slot utilization. There was also an increase in official accidents. Canal Waters Time (CWT), the average time it takes a vessel to transit the Canal including waiting time for passage, decreased. These metrics are based on operations from January through March of 2007


Panamax Rates Likely To Ease

Asian Panamax rates for dry bulk cargo are likely to ease further this week on soft demand for mineral and grain shipment, with many spot vessels available for hire in the market. "There have been few fresh spot inquiries by charterers," said a shipping broker. "In addition to this, the Panamax market has been under pressure from an oversupply of spot ships." Panamax rates for freights from the U.S. Gulf to Japan were indicated at $21.50-$22.00 a ton for March shipment, against $23


CMA CGM signs MoU for expansion in Caribbean

CMA CGM has signed a Memorandum of Understanding for the expansion in Kingston of its future central hub in the Caribbean The CMA CGM Group is pleased to announce the signing of a Memorandum of Understanding (MOU) for the operation, equipment and expansion of the Gordon Cay Container Terminal in the Jamaican port of Kingston, for a minimum period of 35 years. The project to develop the terminal will be based on the existing facilities.


Softer Panamax Rates Drag Down Baltic Index Slightly

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged down slightly on Monday as rates for panamax vessels fell. The overall index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser, fell one point, or 0.19 percent, to 512 points. The panamax index, which tracks vessels usually carrying coal or grain cargoes of about 60,000 to 70,000 tonnes, fell 2 points, or 0


China and Vessel Glut Drive Baltic Index to Fresh Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, slid to a fifth consecutive record low on Monday on economic worries about China and a surplus of vessels.   The overall index


Record Low Rates Keep Baltic Index on Downward Spiral

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, sank to a new record low for the sixth straight session on Tuesday.   The overall index, gauging the cost of shipping dry bulk cargoes including iron ore, cement, grain


Port Bronka Inks Long-term Cargo Deal with CMA СGM

Port Bronka investor Fenix LLC and shipping company CMA СGM last month signed a long-term agreement for handling and storage of container cargo.   CMA CGM is the third largest container shipping company with a total fleet capacity of 1,807,298 TEU


Diana Shipping to Acquire Three Panamax Ships

Diana Shipping Inc. has signed, through three separate wholly-owned subsidiaries, three Memoranda of Agreement to acquire from a related party three Panamax vessels for an aggregate purchase price of $39.8 million. These vessels are the m/v Sunshine, a 2010 built Panamax dry bulk vessel of 75


Charleston Harbor Deepening Project Receives Final Approval

Press Release - The 52-foot Charleston Harbor Deepening Project announced receipt of its Chief's Report from the U.S. Army Corps of Engineers, their final substantive approval required for the project to progress through construction. The report by Lieutenant General Thomas Bostick


Denmark's Torm Sells Two Vessels, Exits Dry Bulk Shipping

Danish shipping company said on Wednesday it has sold two dry bulk vessels to an undisclosed buyer and will hand back a leased bulker at the beginning of October, marking its exit from the dry bulk shipping industry. Torm Anholt and Torm Bornholm are both so-called Panamax vessels and both


Will Opening of Expanded Panama Canal Be Delayed?

Photo: Panama Canal Authority

 Though cracks were detected in the concrete walls of one of the locks of the newly expanded Panama Canal last month, the  Panama Canal Authority (ACP) is maintaining an April 2016 start date for the revamped inter-oceanic waterway, reports Fox News.  


Russia to Deepen Novorossiysk for Larger Ships

Photo: PJSC NCSP

 The Russian government plans to spend between $400 to $500 million to expand and deepen the harbor of the Novorossiysk seaport to handle larger vessels, reports Moscow News.   Construction, in order to make it more competitive with Ukrainian ports also on the Black Sea


Iran in Major Fleet Expansion Plan

Image: Islamic Republic of Iran Shipping Lines

 In a bid to prepare for the lift of economic sanctions placed on the country, Iran has unveiled a $120 billion fleet expansion campaign.   Mohammad Saeidi, Head of the Islamic Republic of Iran Shipping Lines (IRISL), said that the company seeks to purchase 579


Video: Dredgers at Work in Latin America

Ellicott 670 Dragon dredge (Photo: Ellicot)

A major port in Latin America is in the midst of an expansion project to increase its container handling capacity and accommodate Post-Panamax vessels.   Commissioned for this project are two Ellicott cutter suction dredges, which are both currently at work deepening the berthing area for


TORM Product Tanker Freight Rates Climbs Up

TORM Gerd.  Photo by TORM A/S

 TORM’s strong operational platform has delivered the highest product tanker freight rates since 2008 and a positive EBITDA of USD 96m in the third quarter of 2015, says its CEO Jacob Meldgaard.   TORM has demonstrated its financial and strategic flexibility with the exit from


Port of Bronka Prepares for Opening

Photo: Port Bronka

Technical plant and equipment installation for the first stage of Bronka’s port facilities is now complete with the Liebherr LHM 800 mobile port crane installed at the end of September, bringing the port closer to operation.   The deepwater Port of Bronka is located on the outskirts


Capesize Values Drag but Earnings Set to Rebound

Dry bulk asset values dropped sharply in November and have reached 16-year lows, partly driven by very weak sentiment over the near-term future for vessel earnings, according to the latest Dry Bulk Freight Forecaster from shipping research and consultancy firm Maritime Strategies International


Baltic Index Inches Higher on Strong Panamax Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Wednesday, supported by rising demand for panamax vessels.   The overall index, which gauges the cost of shipping cargoes including iron ore, cement, grain and coal


China Concerns Drive Baltic Index to Another Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, continued its run of record lows on Friday, haunted by reduced China imports.   Demand woes across all vessel segments continued to haunt the index






 
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