Paulson & Co. sells International Seaways shares

Paulson & Co. has cut its holding in International Seaways. The John Paulson-led investment firm now owns 1.67 million shares in the tanker owner down from just over 2 million reported two months ago and the 2.9 million in mid-March. The position is good for 5.7% of all outstanding shares. The move drops Paulson & Co. to International Seaways fifth largest shareholder, behind Vanguard, Donald Smith & Co., Cyrus Capital…

May 21, 2019
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DHT adjusts note conversion

DHT Holdings has adjusted conversion prices for two sets of bonds. The New York-traded tanker owner’s 4.5% convertable senior notes due 2019 and 4.5% convertable senior notes due 2021 are now worth $6.0442 per share, working out to roughly 165.4484 common shares per $1,000 of notes. The price was adjusted down from $6.1285. According to Securities and Exchange Commission filings, DHT has $32.9m outstanding for the 2019 notes, maturing later…

May 21, 2019
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Eastern Pacific accelerates shipping’s move to technology innovation

One of the new tech-savvy generation of the Ofer family at Eastern Pacific Shipping has taken up the task of bringing innovation to the Singapore-based shipping industry through a joint project with giant US seed accelerator Techstars. Gil Ofer has been joined at the EPS MaritimeTech Accelerator Powered by Techstars (EPMAT) by Dhritiman Hui, Techstar managing director in Singapore. EPMAT is inviting applications from 10 companies to undergo a three-month…

May 21, 2019
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Technical division sales hit Braemar result

A one-off book loss from the sale of much of its technical operation pushed Braemar Shipping Services deeper into the red for the full year. The £21.3m ($27.12m) sum attributed to last week’s deal with Aqualis came alongside a strong underlying performance from the London-listed group’s shipbroking and financial divisions. New chairman Ronald Series told investors Braemar had achieved good progress during 2018 but there was still much more to…

May 20, 2019
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Catholic shipping dioceses start stock sell-off

Several Catholic dioceses in big shipping centres have pledged to divest shares in fossil-fuel related companies. The National Catholic Reporter said the announcement was made following a Vatican-sponsored conference on the challenges facing the oceans and coastal areas. Among the dioceses involved is Panama City, next to the Panama Canal and the first archdiocese in the Americas to divest. The Catholic Church in Greece has also pledged to offload oil…

May 20, 2019
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Maxim confirms exit from shipping

The other shoe has dropped for Maxim Research in its dance with the shipping sector, and it sees five owners formerly under coverage getting the boot. Days after parting ways with shipping analyst James Jang, Maxim issued a “termination of coverage” release today on DHT Holdings, StealthGas, Genco Shipping & Trading, Nordic American Tankers and Navigator Gas Holdings. They had been the shipowners in Jang’s portfolio. All but sell-rated NAT…

May 17, 2019
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Greater change is needed to make seafaring attractive for women

International Seafarers’ Welfare and Assistance Network (ISWAN) project manager Caitlin Vaughan has seen and heard a pushback on female seafarers. And that, she said, is something that “still needs to change” in the industry. Vaughan, who joined the panel session on diversity and inclusion (D&I) at HR Consulting’s Maritime HR Conference in London, quoted comments she has heard from what she said were “fairly young people” saying that “sending women…

May 16, 2019
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After positive Q1, Nordic American Tankers shares soar

Nordic American Tankers shares are up big after its first quarter results beat analyst expectations. The Herbjorn Hansson-led shipowner was trading up more than 16%, or $0.36, to $2.56 in midday trading Wednesday after it reported $5.6m in profit for the first tree months of 2019 after the close Tuesday. The performance was good for $0.04 earnings per share, besting the consensus estimate by three cents. The company hailed the…

May 15, 2019
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Pangaea stays in black despite tough quarter

Rhode Island-based niche operator Pangaea Logistics Solutions has managed to turn a profit despite a weak first quarter for rates in the dry bulk sector. Ed Coll-led Pangaea reports a net income of $3.7m or $0.09 per share, which was a penny ahead of analysts’ forecasts for the stock. Lower hire rates meant New York-listed Pangaea fell marginally from the first quarter of 2018, when it reported net income of…

May 15, 2019
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Transocean expands loan facility to $1.36bn

New York-listed drillship owner Transocean has expanded a loan facility to $1.36bn. The Swiss-based company said it has built the revolver from $1bn when it was arranged last year. It can also add another $500m. The facility matures in July, 2023. An additional $140m remains available under its accordion provision. Transocean has a fleet of 48 mobile offshore drilling units. Source: http://www.tradewindsnews.com

May 15, 2019
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