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Thursday, November 23, 2017

Drybulk Carrier News

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…

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.

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 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…

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.

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 Delivers M/V Sorrento

Photo: DryShips Inc.

DryShips Inc., an international owner of drybulk carriers and offshore support vessels,  has announced that on November 22, 2016, it has successfully delivered the 2004 built Panamax bulk carrier M/V Sorrento to an unaffiliated third party buyer for a gross price of $6.7 million. Following this delivery the Company has now completed all of the five vessel sales previously announced on October 31, 2016. The Company is an owner of drybulk carriers and offshore support vessels that operate worldwide.

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.

Paragon Takes Delivery of Two Vessels

Paragon Shipping Inc. it has completed the acquisition of two of the three drybulk carriers that it contracted to acquire using the net proceeds of its recent public offering together with bank borrowings. The third vessel remains scheduled for delivery before September 15, 2007. With the addition of these two vessels, the Company's fleet consists of four Panamax drybulk carriers, three Handymax drybulk carriers and one Supramax drybulk carrier, with an aggregate capacity of approximately 482,922 deadweight tons. The company took delivery on August 13, 2007 of the Sapphire Seas, a 53,702 dwt 2005-built Supramax vessel. The Sapphire Seas has been chartered to Korea Line Corp.

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.

Danaos Delivers Dry Bulk Vessel

Danaos Corporation delivered the dry bulk vessels M/V Alexandra I and M/V Fivos to Shanghai Time Shipping Co. LTD according to schedule. The delivery of these first two drybulk vessels to their new owners brought proceeds of $50.5m to Danaos, while Danaos expects to book a profit for this part of the sale of about $31 million. The delivery comes as a consequence of the sale agreement Danaos signed in August 2006 for all of its six drybulk carriers in its fleet at that time. Danaos expects to deliver the four remaining drybulk carriers during the first half of 2007, in line with the existing agreement. D

Paragon Shipping Gets US$120-Million Towards Ultramax Newbuildings

Paragon at NYSE: Photo Paragon Shipping

Greek drybulk cargo ship owner, Paragon Shipping, informs it has entered into a firm commitment with a European bank syndicate to partly finance up to 60 % of the market value of their two new Ultamax newbuilds due to be delivered in 2015. The new $120.0 million senior secured amortizing credit facility is with a syndicate of banks led by Nordea Bank Finland PLC. Paragon adds that the six-year facility is subject to the execution of definitive documentation and completes the financing for their Ultramax newbuilding program…

Euroseas Orders Two Drybulk Newbuilds

Euroseas signs new building agreements for the acquisition of two fuel efficient kamsarmax drybulk carriers and announces new acquisition for its joint venture Euromar. Euroseas Ltd., a Greek owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today that it has signed a contract for the acquisition of two Eco design kamsarmax fuel efficient drybulk carriers. The vessels will have a carrying capacity of 82,000 dwt each and will be built at Jiangsu Yangzijiang Shipbuilding Co. The two newbuildings are scheduled to be delivered in the fourth quarter of 2015 and in the fourth quarter of 2016. The total consideration for these two newbuilding contracts is a bit below $60 million.

Dryships to Raise Stockmarket Cash

Greece's DryShips Inc. is to offer the public 5-million of the common shares it holds in Ocean Rig UDW. Following the completion of the offering, DryShips is expected to own approximately 61.3% of Ocean Rig’s outstanding shares (Ocean Rig is a provider of offshore deepwater drilling services). Deutsche Bank Securities and Credit Suisse are acting as joint book-running managers for the offering. DryShips Inc. is an owner of drybulk carriers and tankers that operate worldwide. Through its majority owned subsidiary, Ocean Rig UDW Inc., DryShips owns and operates 10 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 8 ultra deepwater drillships…

OceanFrieght Inc. Amends Credit Facility

OceanFreight Inc., (NASDAQ:OCNF) a global provider of seaborne transportation services announced that it has entered into an amendatory agreement to its $325m senior secured credit facility with Nordea Bank Norge ASA, as Administrative Agent, under which the lenders have agreed to an amendment and waiver of the collateral maintenance coverage ratio covenant contained in the agreement. Anthony Kandylidis, Chief Executive Officer of the Company commented “Our proactive approach with our bankers has allowed us to enter into this amendment to our loan agreement and achieve a lower collateral maintenance coverage ratio in light of the recent decline in vessel values, particularly in the dry bulk sector.

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…

Dryships to Sell $200 mln of Stock to Kalani Investments

Image: DryShips Inc.

DryShips Inc., an international owner of drybulk carriers and offshore support vessels, announced today that it has entered into an agreement with Kalani Investments Limited, an entity organized in the British Virgin Islands and that is not affiliated with the Company. Under the agreement the Company may sell up to $200.0 million of its common stock to Kalani over a period of 24 months, subject to certain limitations. Proceeds from any sales of common stock will be used for general corporate purposes.

G E Shipping Delivers Single Hull Aframax Tanker

The Great Eastern Shipping Company Ltd. (G E Shipping) delivered its single hull Aframax crude tanker Jag Labh to the buyers. The 1988 Japanese built 96,551 dwt ship was contracted to be sold in September 2007. With the delivery of this vessel, the Company's current fleet stands at 47 vessels, comprising 34 tankers (12 crude carriers, 20 product carriers, 2 LPG carriers) and 13 drybulk carriers (1 Capesize, 2 Panamax, 1 Supramax, 6 Handymax, 3 Handysize) with an average age of 10.7 years aggregating 3.14 mn dwt.

Dryships Cancels 4 Drybulk Carriers

DryShips Inc. (NASDAQ: DRYS) a global provider of marine transportation services for drybulk cargoes announced on Dec. 10 that it has agreed to cancel the previously declared acquisition of four Panamax dry bulk carriers, which was announced on July 3 2008, from companies beneficially owned by George Economou, Chairman and CEO of DryShips Inc. The aggregate purchase price of $400m would have represented a significant cash outflow from the company’s cash reserves given that the company had not obtained bank financing for the acquisition. The Audit Committee of DryShips Inc. concluded that due to the significant deterioration in the dry bulk market since the time the agreements were entered into, it would not be in the best interest of DryShips Inc. to consummate the transaction.

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…

Maritime Reporter Magazine Cover Nov 2017 - The Workboat Edition

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