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Monday, June 25, 2018

Drybulk Carrier News

Diana Shipping to Buy Container Ships

According to a June 21 report from Reuters, Greek drybulk carrier Diana Shipping Inc. said it would buy two new containerships through its unit for about $45.5m. The two 3,400 TEU container ships were built in Germany. Diana said the first vessel, expected to be delivered by June 25. (Source: Reuters)

Globus Maritime Receives Drybulk Carrier Sky Globe

Globus Maritime Ltd (AIM: GLBS) (LSE: GLBS) announced that on May 19, 2010 it took delivery from an unaffiliated third party of the bulk carrier Sky Globe, the first of two sistership-vessels it had previously agreed to acquire for $32,825,000 each as announced on April 8, 2010. The M/V Sky Globe, built in 2009, is a geared and grab-fitted supramax bulk carrier with a carrying capacity of 56,855 dwt. The vessel was financed from the Company's existing bank facility and cash balances, and will fly the Marshall Islands flag. Following the delivery, the Sky Globe is employed on the spot market: for her first trip she was chartered by a first class European charterer at the gross rate of $30,000 per day.

Euroseas Takes Delivery of Newbuilding Ultramax

Photo: Euroseas Ltd

Euroseas Ltd, an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today that it took delivery of the previously announced acquisition of the newbuilding. The newbuilding Hull DY 160, to be renamed Alexandros P, is a 63,500 dwt Ultramax dry bulk carrier built in January 2017. Aristides Pittas, Chairman and CEO of Euroseas commented: "We are very pleased to complete the acquisition of Alexandros P, an Ultramax drybulk carrier the construction of which we have supervised over the last two years.

DryShips Acquires Two Vessels

Photo: DryShips

DryShips, a diversified owner and operator of ocean going cargo vessels, announced that it has agreed to acquire one 2013-built Newcastlemax drybulk carrier and one 2017-built Suezmax tanker, each constructed in China. The vessels will be acquired from entities that may be deemed to be affiliates of Mr. George Economou, the Company’s Chairman and Chief Executive Officer, for an aggregate purchase price of $93.8 million, including the associated bank debt of $50.3 million. The transaction remains subject to documentation and customary closing conditions, and is expected to close in June 2018.

Euroseas Gets Newbuild Bulker

Kamsarmax Drybulk Vessels. Image by Paragon Shipping

Euroseas Ltd, a Greece-based shipping company, took delivery of its newbuilding Kamsarmax dry bulk carrier Xenia and entered into a two-year time charter for its container carrier Evridiki G. The M/V Xenia was delivered from the China-based Jiangsu Yangzijiang Shipbuilding Co. on February 26. Xenia is an “eco” design Kamsarmax fuel efficient bulker with a carrying capacity of 82,000 dwt. Xenia is an "eco" design Kamsarmax fuel efficient drybulk carrier with a carrying capacity of 82,000 dwt.

DryShips Acquires Three Kamsarmax Bulkers

DryShips has entered into agreements with unaffiliated third parties to purchase three Kamsarmax drybulk carriers built in 2014. One 81,918 DWT Kamsarmax drybulk carrier is built in 2014. The company expects to take delivery of this vessel during the second quarter of 2017. Two 81,129 DWT Kamsarmax drybulk carriers are also built in 2014. The purchase of these two second-hand Kamsarmaxes was previously announced and the company has now physically inspected and accepted the vessels. The company will finance the total gross purchase price of approximately $68 million using cash on hand, which currently stands at $429 million. George Economou…

Euroseas Acquires Container Feeder Vessel

Photo: Euroseas Ltd

Euroseas announced that it signed a memorandum of agreement to purchase the M/V EM Astoria, a feeder size containership vessel of 2,788 teu built in 2004. The vessel is to be acquired at market price from Euromar LLC, the Company's joint venture with two private equity firms. The agreement to acquire the vessel includes 100% bank financing and a profit share agreed with the bank. The vessel is expected to be delivered to the Company in June 2017. Aristides Pittas, Chairman and…

Greece's Euroseas Report Q2 2013 Losses

Euroseas Ltd. reports results for the 6-month period and quarter ended June 30, 2013, despite net loss declares quarterly dividend, announces the sale of a vessel and the chartering of one of its bulkers. •Net loss of $8.9 million or $0.20 loss per share basic and diluted on total net revenues of $9.6 million. Adjusted net loss1 for the period would have been $5.7 million, or $0.12 loss per share, basic and diluted. •Adjusted EBITDA was $(1.0) million. •An average of 14.96 vessels were owned and operated during the second quarter of 2013 earning an average time charter equivalent rate of $7,708 per day. •Declared a quarterly dividend of $0.015 per share for the second quarter of 2013 payable on or about September 11, 2013 to shareholders of record on August 31, 2013.

DryShips Adds Fifth Kamsarmax Drybulk Carrier

File Photo: DryShips Inc

DryShips announced that it has taken delivery of the previously announced 81,300 deadweight tons newbuilding re-sale Kamsarmax drybulk carrier. The vessel will be employed in the spot market. Since the beginning of this year, DryShips has taken delivery of ten vessels and expects to take delivery of seven more by the end of the year. The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of (i) 13 Panamax drybulk vessels…

Top Ships Takes Drybulk Carrier Delivery

Top Ships Inc., which operates a fleet of crude-oil tankers and drybulk vessels, has taken delivery of a a 2000-built Panamax drybulk vessel. The company, formerly known as Top Tankers Inc., said the 75,681-deadweight-ton vessel will immediately enter the spot market, earning about $70,000 per day for its first voyage. Panamaxes are the largest drybulk carriers that can fit through the locks of the Panama Canal. The vessel has been financed with secured bank debt, the company said, and is the second of six drybulk carriers set for delivery. Shares rose 5 cents to $3.64 in midday trading. The stock has ranged between $3.03 and $8.40 in the past year. Source: AP

DryShips Takes Delivery of Its 28th Vessel

DryShips Inc. announced t that it has taken delivery of m.v. Hille Oldendorff a 2005 built, 55,566 deadweight ton, or dwt, handymax drybulk carrier which it acquired recently. m.v. Hille Oldendorff comes with a bareboat charter at $19,745 per day, net of commissions, until March 2007.

Dryships 3Q Results

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.

DryShips Reductions and Charters

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced on Jan. The company has entered into an agreement to cancel the previously announced acquisition of the 2005 built Panamax drybulk carrier M/V Maple Valley for a purchase price of $61m from an unrelated third party. In view of market conditions and following negotiations, the company and the seller have mutually agreed to cancel the Memorandum of Agreement to acquire the M/V Maple Valley in consideration of a payment of $8m to the seller and the seller’s retention of the $6.1m deposit that was previously paid. This cancellation will further reduce DryShips’ 2009 capital expenditures by $46.9m.

Dryships Updates on Sales & Purchases

DryShips Inc. DryShips previously entered into an agreement to sell the M/V Paragon, a 1995 built 71,259 dwt Panamax drybulk carrier, for a sale price of approximately $61m and has reached an agreement with the buyers whereby the price will be reduced to $30.8m. Delivery of the vessel took place earlier today and DryShips expects to recognize a gain of approximately $2.4m which will be recognized in the first quarter of 2009. DryShips previously entered into an agreement to sell the M/V La Jolla, a 1997 built Panamax drybulk carrier, for a sale price of $66m and has agreed to settle its dispute with the buyers in connection with buyers’ failure to take delivery under the relevant Memorandum of Agreement.

Euroseas to Purchase Drybulk Carrier

Euroseas Ltd. (NASDAQ:ESEA) signed a memorandum of agreement to purchase a Panamax drybulk carrier of 74,020 dwt, built in 2000 in Japan, for approximately $27.5 million. The vessel comes with a time charter back to the seller until January 2010 at a gross daily rate of $25,200 per day and is expected to be delivered to the Company between July 1, 2009 and August 5, 2009. Following the delivery of the vessel, approximately 74% of Euroseas' total fleet days remaining in 2009 and approximately 40% in 2010 will be fixed under time charters, FFA contracts, already concluded spot charters, or otherwise protected from market fluctuations. "We are delighted to announce the acquisition of a 9-year old Japanese built Panamax drybulk carrier as part of our fleet expansion program.

Dryships Sells Panamax ‘at 10% premium’

Dryship HO Courtesy Dryship

DryShips Inc. (NASDAQ:DRYS), or the Company, an international, owner of drybulk carriers and offshore support vessels, today announced that it has sold the 2002 built Panamax drybulk carrier MV Oregon. The vessel MV Oregon, along with the associated bank debt, was sold to an entity controlled by the Company’s Chairman and CEO, Mr. George Economou. The vessel was sold for a 10% premium to fair market value, as supported by independent third party broker valuations. Following this transaction…

OceanFreight Q3 2009 Report

OceanFreight Inc. (NASDAQ: OCNF), a global provider of marine transportation services, announced its financial results for the quarter ended September 30, 2009. For the three-month period ended September 30, 2009, the Company reported Net Loss of $13.3 million or basic and diluted loss per share of $0.15. --  A book loss of approximately $20.8 million associated with the sale of the M/V Richmond which was delivered to the new owners on September 30, 2009. --  A loss of $2 million associated with the change in fair value of interest rate swaps. Excluding the above items Net Income for the third quarter of 2009 would be $9.5 million or $0.11 per share.

Paragon Takes Delivery of Ninth Vessel

Paragon Shipping Inc. has taken delivery of the third of the three drybulk carriers that it had contracted to acquire using the net proceeds of its recent public offering together with bank borrowings. The company took delivery on September 17, 2007 of the Diamond Seas, a 74,274 dwt Panamax drybulk carrier built in 2001. The Diamond Seas has been chartered to Vespucci Marine C.V. pursuant to a time charter with a remaining period of approximately 32 to 34 months at the charterer's option, at an initial rate of $27,500 per day, gross of commissions. The charter commenced immediately upon the delivery of the vessel to the company. With the addition of this vessel…

OceanFreight Acquires Panamax Bulk Carrier

OceanFreight Inc. a NASDAQ listed bulk shipping company announced today that it has entered into an agreement to acquire a ninth vessel for its fleet, a Panamax drybulk carrier to be renamed Augusta, that will immediately commence a one year time charter upon its delivery to the company in early January 2008. The purchase price of this vessel is $61.6m. The company also announced that it has entered into a new $325m loan facility with Nordea Bank.

Euroseas Sells its Oldest Bulk Carrier Vessel

Image courtesy of Euroseas

Greece-based Euroseas announced the sale of M/V Monica P, a 46,667 dwt vessel, built in 1998, to unaffiliated third party for the gross amount of $6.45 million. The owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes said that the vessel will be delivered to its buyers by June 30 2018. The Company has a fleet of 17 vessels, including 3 Panamax drybulk carriers, 1 Handymax drybulk carrier, 1 Kamsarmax drybulk carrier, 1 Ultramax drybulk carrier, 10 Feeder containerships and an intermediate containership.

Euroseas Acquires Ultramax Newbuilding

Photo: Euroseas Ltd

Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that it signed an agreement to acquire from Dayang shipyard, Hull DY160, an Ultramax drybulk carrier, of 63,500 dwt built 2017. The vessel is expected to be delivered to the Company in January 2017 subject to a successful inspection by the Company by December 27, 2016; it will be acquired for approximately 62% of its contracted price in early 2014.

Euroseas Sells Bulker, Adds Boxship

Photo: Euroseas Ltd

Euroseas Ltd., Greek owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that it took delivery of the M/V RT Dagr, a 1,645 teu feeder containership built in 1998. As previously announced, the vessel was purchased by issuing 900,000 shares of the Company's common stock. The Company also announced that it agreed to sell for scrap the M/V Eleni P, a 72,119 dwt 1997-built drybulk carrier.

Euroseas Sells Bulker, Adds Feeder

Courtesy Euroseas

Euroseas Ltd. announced today that it took delivery of the M/V RT Dagr, a 1,645 teu feeder containership built in 1998. As previously announced, the vessel was purchased by issuing 900,000 shares of the Company's common stock. The Company also announced that it agreed to sell for scrap the M/V Eleni P, a 72,119 dwt 1997-built drybulk carrier. The M/V Eleni P is the oldest drybulk vessel in the Company's fleet and is expected to be delivered to its buyers in the beginning of January 2017.

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