Drybulk Shipping News

Drybulk shipping company Genco Shipping & Trading Limited announced Thursday it has taken delivery of a 2014-built 61,000 dwt Ultramax vessel.The vessel, Genco Weatherly, is the first of four ships to be delivered to Genco in a deal that also included two 2015-built 180,000 dwt Capesize vessels and a 2016-built 60,000 dwt Ultramax vessel.In addition, Genco said it recently entered into another agreement to acquire two 2016-built 180,000 dwt Capesize vessels.All of the vessels are expected to be delivered to Genco in the third quarter of 2018.

Euroseas announced  that it has completed the spin-off of its drybulk fleet into EuroDry Ltd. Euroseas shareholders received one EuroDry Ltd share for every five shares of the Company they owned. Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are very pleased to complete the spin-off of our drybulk fleet into a separate publicly listed company, EuroDry Ltd. Euroseas now becomes a pure containership company, the only US-listed containership owner focused on the feeder sector. EuroDry was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands. EuroDry operates in the dry cargo, drybulk shipping markets. EuroDry’s operations are managed by Eurobulk. Euroseas operates in the container shipping markets. Euroseas' operations are also managed by Eurobulk.

Paragon Shipping Inc is at cyclical lows, as the entire drybulk shipping sector has suffered and, along with the container and LNG sectors. Michael Bodouroglou, Founder, Chairman and Chief Executive Officer of Paragon Shipping Inc. has sent a letter to all its share holders about the measures that company has taken to counter cyclical downturn. "I have seen these times before. I have been in marine shipping, as a shipping company founder, executive and technical superintendent supervising vessels for other shipping companies, for more than 35 years. These highs and lows are a part of life and we understand the classically cyclical nature of the business. Times like these are not only financially difficult, they are humbling as well," Michael  said.

“Small is beautiful”, the title of a book which went on to become a tagline for the environmental movement that was burgeoning in the 1970’s, has been applied by shipping journalists when product tankers - rather than behemoth crude oil tankers, are under discussion. In a similar vein, we can apply it to the size of a maritime company putting its attentions on lower costs of operation. There’s been extensive discussion of the virtues of bigger companies on the maritime conference circuit, and in the maritime media. The rise to prominence of the “big company” conversations is not surprising. Tanker and drybulk shipping successes are frequently synonymous with and really all about successes in the timing game.

Genco Shipping & Trading Limited and Baltic Trading Limited have declared July 17 the date for an annual meeting of the two companies, where shareholders will vote on their proposed merger. Genco will acquire NYSE-listed Baltic Trading in a stock-for-stock transaction, after which the combined company will be owned 84.5% by Genco and 15.5% by Baltic Trading shareholders. Under the terms of the agreement, Baltic Trading will become an indirect wholly-owned subsidiary of Genco, and Baltic Trading shareholders will receive 0.216 shares of Genco common stock for each share of Baltic Trading common stock they own at closing, with fractional shares to be settled in cash.

Genco Shipping & Trading Limited and its subsidiary Baltic Trading Limited has announced that they have entered into a definitive merger agreement under which Genco will acquire Baltic Trading in a stock-for-stock transaction. Under the terms of the agreement, Baltic Trading will become an indirect wholly-owned subsidiary of Genco, and Baltic Trading shareholders will receive 0.216 shares of Genco common stock for each share of Baltic Trading common stock they own at closing, with fractional shares to be settled in cash. Upon consummation of the transaction, Genco shareholders are expected to own approximately 84.5 percent of the combined company and Baltic Trading shareholders are expected to own approximately 15.5 percent of the combined company.

Star Bulk entered into a definitive agreement with Excel Maritime Carriers Ltd., and as a result, will acquire 34 drybulk vessels for an aggregate of 29.917 million shares of common stock of Star Bulk and $288.39 million in cash. Star Bulk Carriers Corp. announced today that it has entered into definitive agreements with Excel Maritime Carriers Ltd. pursuant to which the company will acquire 34 secondhand operating drybulk carriers, consisting of six Capesize vessels, 14 sistership Kamsarmax vessels…

Greece's drybuld cargo shipping specialistsm Paragon Shipping Inc. ,announce its results for the second quarter and six months ended June 30, 2013. Gross charter revenue for the second quarter of 2013 was $14.7 million, compared to $12.7 million for the second quarter of 2012. Excluding all non-cash items described below, the adjusted net loss for the second quarter of 2013 was $0.1 million, or $0.01 per basic and diluted share, compared to adjusted net income of $0.5 million, or $0.08 per basic and diluted share, for the second quarter of 2012. Commenting on the results, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, "We are pleased to announce our results for the quarter and six months ended June 30, 2013.

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes and offshore oil deep water drilling, announced its unaudited financial and operating results for the third quarter and nine month period ended September 30, 2009. "We are pleased to report another quarter of profitable operating results for DryShips as both our drilling and drybulk units continued to perform at high utilization rates. We are particularly pleased with the high utilization rates achieved by the Eirik Raude, which is drilling off Ghana at the Jubilee field for Tullow Oil. The Leiv Eiriksson is expected to complete its assignment with Shell in the North Sea during October and commence mobilization for drilling operations in the Black Sea under a 3-year contract for Petrobras.

On November 2, DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes, announced its unaudited financial and operating results for the third quarter and nine months ended September 30, 2008. Dryships reported Net Income of $180m or $4.21 per fully diluted share for the third quarter of 2008. Included in the third quarter results is a capital gain on the sale of two vessels of $65.8m or $1.54 per fully diluted share and a non-cash loss of $36.8m or $.86 per fully diluted share associated with the valuation of interest rate swaps. Excluding these items Net Income would amount to $151m or $3.53 per fully diluted share. For the third quarter of 2008 the company reported EBITDA, excluding vessel gains, of $194.2m.

Moody's Investors Services downgraded Millenium Seacarriers, Inc.'s $100 million 12% First Priority Ship Mortgage Notes due 2005 to Ca from Caa2. The senior implied rating was similarly lowered to Ca from Caa2 and the issuer rating was lowered to C from Caa3. The rating outlook remains negative. The rating downgrade reflects the company's track record of continued losses, weak cash flow and the current decreased market value of the fleet securing the Notes. Market conditions and charter rates for the drybulk shipping sector have deteriorated over the last several quarters, and are not expected to improve near term. A net loss of…

Quintana Maritime Limited announced that its Board of Directors, after a series of discussions, has decided to evaluate strategic alternatives in order to enhance shareholder value. The Board has retained Citi and Dahlman Rose to advise it during its deliberations. Mr. Corbin J. Robertson, Jr., Chairman of the Company, stated that: "The Board, in light of the significant increases in asset values experienced in the drybulk shipping industry during the past year, has concluded that it is appropriate at this time to explore ways to enhance the Company's value for its shareholders."