EuroDry Gets Refinance, Expands Fleet
EuroDry announced that it has completed the refinancing of the debt of M/V Alexandros P, a 62,000 dwt ultramax drybulk vessel built in 2017.The owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes said in a press release that the new loan facility of $15 million was used to repay the previous loan facility with an outstanding balance of $9.9 million and provide additional liquidity to the Company.The new loan will have a maturity of…
Star Bulk Carriers Lists on the Oslo Stock Exchange
The global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector Star Bulk Carriers Corp will commence trading on the Oslo Stock Exchange under the ticker “SBLK R” starting on Monday July 16, 2018. The ship manager of seaborne transportation announced on July 6 2018 that it had closed the acquisition of 15 operating dry bulk vessels from Songa Bulk for an aggregate of 13.725 million common shares of Star Bulk and $145.0 million in cash.
Star Bulk Carriers Completes Acquisition of 16 Dry Bulk Vessels
Star Bulk Carriers Corp. announced that it has consummated the previously announced acquisition of 16 dry bulk vessels in an all-share transaction, from entities affiliated with Augustea Atlantica SpA and York Capital Management.The final consideration for the Augustea Vessel Purchase is 10.3 million common shares of the Company, equal to approximately 11.3% of Star Bulk’s common shares after the closing of the Augustea Vessel Purchase.As part of the transaction, the Company will assume debt of approximately $309 million.Following the closing of the Augustea Vessel Purchase…
WFW Advises DNB on USD310m Loan to Star Bulk Carriers
International law firm Watson Farley & Williams (WFW) advised Norway’s DNB Bank ASA (DNB), as facility agent and security agent for a syndicate of banks comprising itself, ABN AMRO Bank N.V., BNP Paribas, Danish Ship Finance and Skandinaviska Enskilda Banken AB, in relation to a US$310m loan facility provided to Star Bulk Carriers Corp.Secured on 26 vessels in Star Bulk’s fleet, the facility consists of two tranches: (a) a first tranche of US$240m used to refinance Star Bulk’s debt under five existing facility agreements…
Euroseas Sells Bulk Carrier M/V Monica
Euroseas, an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced the delivery of M/V Monica P, a 46,667 dwt drybulk vessel, built in 1998, to its buyer, an unaffiliated third party. The gross proceeds of this sale were $6.45 million. The vessel was held for sale as of March 31, 2018. Following the sale of M/V Monica P, the Euroseas fleet consists of 10 feeder and one intermediate containership with a total carrying capacity of 25,473 teu making the Company the sole US-listed feeder containership company.
Pyxis Tankers Refinances Modern Tanker
Greece-based Pyxis Tankers announced that it had successfully completed the refinancing of a previous loan facility for the Pyxis Epsilon.The emerging growth pure play product tanker company said in a press release that after repayment of existing bank debt, the new 5 year secured loan provided us approximately $7.3 million of additional net proceeds for general corporate purposes. Valentios Valentis, our Chairman and CEO said:"We welcome a new lender to our company. Blue Ocean Maritime funds managed by EnTrustPermal provided us $24.0 million of new debt.
WFW Advises CMBFL on Sale, Leaseback of 15 Dry Bulker
Watson Farley & Williams (WFW) has advised CMB Financial Leasing (CMBFL) on a US$180.4m sale and leaseback transaction with Star Bulk Carriers Corp, a Nasdaq-listed global shipping company providing worldwide seaborne transportation of dry bulk cargoes.The funds obtained by Star Bulk under this new five-year capital lease of US$180.4m entered into with CMBFL were used to part-finance the cash portion of the consideration with regards to Star Bulk’s acquisition of 15 dry bulk vessels from Norwegian shipowner Songa Bulk ASA.Founded in 2008…
Singapore, Malaysia Joint Chemical Spill Exercise at Sea
The Maritime and Port Authority of Singapore (MPA) and the Marine Department of Malaysia (MDM) conducted a joint chemical spill exercise at sea along the East Johor Strait to test the Joint Emergency Response Plan (ERP) for Chemical Spill Incidents in the East Johor Strait. 2Jointly developed by MPA, MDM, the National Environment Agency (NEA) and Johor Department of Environment (DOE), the objective of the joint ERP is to respond to and mitigate chemical accidents involving the seaborne transportation of hazardous chemicals along the East Johor Strait.
Seanergy Maritime Holdings Revenue up by 20% in 1H 2018
Seanergy Maritime Holdings Corp. net revenues for six months ended June 30, 2018 were $38.1 million, up 20% from the first half of 2017.The shipping company generated net revenues of $16.8 million for the quarter ended June 30, 2018, an 8% decrease compared to the second quarter of 2017. As of June 30, 2018, stockholder’s equity was $28.6 million and cash and cash equivalents, including restricted cash, was $13 million.Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer…
Ardmore Shipping Refinances Four Vessels
Ardmore Shipping Corporation has announced that it has signed agreements for the refinancing of four vessels.Two of Ardmore's subsidiaries have signed agreements for a sale and leaseback of the Ardmore Dauntless and Ardmore Defender, two 2015 built 37,000 Dwt Eco-design IMO 2 products and chemical tankers, with Ocean Yield ASA (Ocean Yield). The lease agreements are for a period of 12 years and the Company has options to repurchase each vessel at various stages prior to maturity.
Star Bulk Carriers Announces Financing Update
Star Bulk Carriers announced that it has repaid to its lenders all outstanding deferred debt amounts originating from the September 2016 restructuring of its finance agreements.The global shipping company focused on the transportation of dry bulk cargoes said that it currently has no restrictions on vessel acquisitions or new debt and is free to make dividend payments to its shareholders from January 1, 2019 onwards.The seaborne transportation provider also announced today that…
Five New Marine Technologies @ SMM 2018
The SMM 2018 scheduled to take place September 4-7, 2018, in Hamburg, Germany, is held every two years and is the traditional launching platform for a variety of commercial shipping and shipbuilding technologies. Five new marine technologies to look for in Hamburg include:Digitalization & Autonomous SolutionsCompany: Kongsberg MaritimeBooth: B6.104Product: Digital transformation and autonomyKongsberg Maritime will show innovations in its operational, digital and seaborne transportation systems including autonomy and hybrid solutions at SMM 2018.
Euroseas Completes EuroDry Spinoff
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.
IM Skaugen Files for Restructuring in Singapore
Norway-based owner of liquefied natural gas (LNG) carriers IM Skaugen has filed for restructuring in Singapore seeking court protection from its creditors. "We wish to announce that I.M. Skaugen SE (IMSSE), together with its wholly owned subsidiaries, SMIPL and IMSPL filed applications to the High Court of the Republic of Singapore on 31 May 2018 for a moratorium to commence the reorganisation of liabilities and businesses of the IMS Scheme Companies," said a press release from the company.
DFDS Completes Acquisition of U.N. Ro-Ro
Danish shipping and logistics group DFDS has completed the acquisition of Turkey’s largest operator of Ro-Ro freight ships and will be a major player in the strong and continuously growing trade between the EU and Turkey. In April, DFDS signed an agreement with the owners of U.N. Ro-Ro to acquire the shares in the company, said a press release from the company. “All relevant authorities have now approved the transaction and I am very pleased to announce that on 7 June we completed the deal. U.N.
Christophe de Margerie Named Engineering Project of the Year
Christophe de Margerie, the icebreaking LNG carrier built to order for SCF Group (Sovcomflot) to serve the Yamal LNG project, has won the award for Engineering Project of the Year at the 2017 S&P Global Platts Global Energy Awards. The winners were announced at an award ceremony held in New York on 7 December 2017. At the award ceremony, SCF Group was represented by Executive Board members Nikolay Kolesnikov, Executive Vice President and CFO of Sovcomflot, and Sergey Popravko…
Star Bulk to Repay Debt Principal
Star Bulk Carriers announced that, in light of the improved performance of the Company and the dry bulk market in general, it is planning to make debt principal repayments that are in total at least equivalent to the amortization payments scheduled prior to the commencement of debt amortization holidays. The repayment will start from January 1st 2018, under the “cash sweep” mechanism incorporated in its loan agreements. Star Bulk had previously agreed with its Lenders debt amortization holidays that commenced on June 1st 2016 and were due to end on June 30th, 2018.
Dry Bulk Market Looks Up: J. Lauritzen
Both the dry bulk market and the market for small gas carriers are anticipated to benefit from the expected rise in economic activity in 2018, more so as supply growth will be rather limited in both segments, says J. Lauritzen, the Danish shipping company with worldwide operations. For dry bulk though, slow steaming and congestion are at levels where capacity releases could dent the rise. After strong rises in dry bulk rates in 2017, the outlook for 2018 is for continuation of this trend, but at a lower rate of change. Tonnage prices are forecast to continue increasing.
Euroseas Returns to Profitability
Euroseas reported total net revenues of $13.5 million for the fourth quarter of 2017 ended December 31, 2017 representing a 85.2% increase over total net revenues of $7.3 million during the fourth quarter of 2016. The owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes reported a net income for the period of $2.0 million and a net income attributable to common shareholders of $1.5 million, as…
Euroseas Announces Time Charter Contracts
Euroseas Ltd. The new charters will commence on April 9 for the EM Athens and April 7 for the Manolis. Euroseas typically announces charter arrangements of a year or longer duration. Aristides Pittas, Chairman and CEO, of Euroseas commented: “We are very pleased to announce the new charter and the extension of another for one more year for two of our containerships. These charters are roughly 30% higher than what the ships earned prior and is a clear sign that the sector is recovering. We have positioned our container fleet to take advantage of this anticipated rising market and, currently, have 6 more vessels that come up for renewal of their charters within the following 3 months.
Euroseas Sells its Oldest Bulk Carrier Vessel
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.
Star Bulk Carriers Acquires 16 Vessels
Star Bulk Carriers Corp announced that it has agreed to acquire 16 vessels from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction. As consideration for the Vessel Acquisition, Star Bulk has agreed to issue approximately 10.5 million common shares to the sellers of the 16 vessels, equal to approximately 14.1% of Star Bulk’s common shares after the closing of the Vessel Acquisition. Under the terms of the agreement with the sellers…
Euroseas Bags TC for Newbuilding Kamsarmax M/V Ekaterini
Euroseas, an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that a subsidiary of the Company has entered into a time charter contract for its newbuilding vessel, M/V Ekaterini, an 82,000 dwt, 2018 built Kamsarmax bulk carrier. Specifically, M/V Ekaterini, which is scheduled to be delivered to the Company from the shipyard on May 7, 2018, has been chartered to a highly reputable European charterer for about two years at a gross daily rate of $13,000.