Monaco, Aug. 09, 2018 (GLOBE NEWSWIRE) -- GasLog Ltd. (“GasLog”) (NYSE:GLOG), the international owner, operator and manager of LNG carriers, wishes to express its profound sadness and extend its sincere condolences to the those people affected by the recent wildfires near Athens, which resulted in significant loss of life, human suffering, the devastation of a community and the destruction of forest and wildlife.

Further to the tragic events, GasLog will make a €500,000 donation to the Lyreion orphanage (“the Lyreion”), which is located on the outskirts of Mati. The orphanage suffered severe fire damage to its main buildings and property during the wildfires, including to vehicles which are used to transport children to and from school and farm the land. GasLog will purchase replacement vehicles directly, up to a total of €500,000, and donate them to the Lyreion.

The Lyreion is a non-profit charitable foundation founded in 1967, funded by private donations and administratively controlled by the Greek church. The foundation provides a home for orphaned children, raising them to adulthood and helping them integrate into society in order to achieve their full potential.

Paul Wogan, Chief Executive Officer of GasLog, stated, “On behalf of the Board, management and employees of GasLog, and as a Company operating out of Greece, I would like to extend our deepest sympathies to all those who have been impacted by this tragedy, as well as our support for the local community at this difficult time. We hope the Company’s donation to the Lyreion will in some small way help mitigate the impact of the disaster on the children and assist the foundation in carrying on their admirable work.”

www.gaslogltd.com

 

World’s leading provider of marine support services engages Accenture to redesign crew management and seafarer experience

London, August 20 2018: V.Group, the leading global marine and offshore vessel management and support services provider, announced today that it has engaged with management consultancy Accenture to transform its approach to crew management. Named Embark, the project seeks to develop an in-house shared services model which streamlines and optimises key processes for V.Group’s seafarers, customers, and colleagues. Embark will see the introduction of new and enhanced technology to support these shared services and digitise the shipowner and seafarer experience.
 
For customers, Embark seeks to drive cost efficiencies and vessel performance by introducing enhanced dashboard metrics that continually monitor and analyse ongoing crew management. It also drives more informed decision-making through real-time, accurate reports combined with better planning tools and increased budget transparency.
 
For seafarers, Embark will include streamlined and standardised recruitment software, a new global payroll system, and an app that seafarers can use to search for assignments, sign contracts, and manage documentation. The project will also create a consistent model for professional development.
 
In doing so, Embark addresses the fact that while digitalisation is transforming the industry, ships’ crew often remain left behind. Traditional, manual processes are common when it comes to the recruitment and administrative processes that accompany seafaring. This not only eats into shore leave but takes up time that could be spent improving quality of life at sea, and crew performance.
 
Project Embark forms part of V.Group’s growth strategy of investing heavily in recruiting, developing and engaging the best maritime talent, and contributes to the company’s ambition to transform the industry and become the leading global provider of crew management services.

 

Allan Falkenberg, group managing director, crew management at V.Group, said: “As a business, our focus is on delivering consistently high-quality, engaged and motivated crew ensuring maximum vessel performance. With around 3,000 shore-based colleagues and a seafarer pool of circa 44,000, we need to ensure that we are spending more time on more rewarding work, focused on doing the right thing for our seafarers and customers, and reducing paperwork and manual activities. In turn, this leads to improved communication with seafarers, a reduction in last minute changes and rectifying errors, and access to accurate data that allows for more informed decision making on the planning side. For seafarers, it means more time to spend with family and friends on shore leave, and more certainty about their career planning and travel.
 
“To make this project happen, we’re not only investing in the digital technology, we’re reinventing our more than 30 crewing offices around the world to deliver a consistently high-level of service through our innovative operation model supported by centres of excellence, which will ensure that best practice is disseminated throughout the organisation. Ultimately, we’re a people business. Our values are to care, challenge, collaborate, be consistent and to commit and deliver. This brings all of these together, investing in the skills, technology and behaviours that will deliver for our customers, and improve life at sea.”

In Q4 this year, V.Group will open a new crew management centre in Mumbai, coinciding with the rollout of a digital platform that will allow seafarers to apply for assignments, upload documentation and track progress and travel arrangements.
 
At the heart of project Embark is the expectations to further improve the customer experience and V.Group’s ambition to drive the transformation of the industry and to be the leading global provider of marine support services, including crew management.

vships.com

 

 

August 10, 2018 - Athens, Greece - Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced today its financial results for the second quarter and six months ended June 30, 2018.

For the quarter ended June 30, 2018, the Company generated net revenues of $16.8 million, an 8\% decrease compared to the second quarter of 2017. For the six-month period ended June 30, 2018, net revenues were $38.1 million, up 20\% from the first half 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, stated:

“During the first half of 2018 our efforts were primarily focused on improving our liquidity and capital structure. We refinanced successfully two Capesize vessels that were acquired in 2016, achieving a capital release of approximately $10 million. In addition, the value appreciation of our fleet combined with the uninterrupted servicing of all of our loan facilities has led to an increase of our net asset value. Finally we expanded our banking relationships further in the Chinese market, establishing Seanergy as a key business partner of a major Chinese financing institution.

“Our results for the second quarter of 2018, were affected by the seasonal weakness of the Brazilian exporting volumes and other temporary adverse conditions of the Capesize market. Since the beginning of the third quarter, the market has recovered significantly reflecting the very strong fundamentals of the Capesize sector.

“We expect that the positive momentum will continue going forward and that the market will rise further towards the historical averages. In the third quarter of 2018 our Capesize vessels have been fixed for 73\% of their ownership days at a TCE of approximately $23,420, while our fleet has respectively been fixed for 77\% of its ownership days at a TCE of approximately $20,680. This represents a 133\% increase compared to the 2Q18 TCE.

“We are very optimistic for the market conditions for the remaining of the year. Demand for seaborne transportation of iron ore and coal will exceed its initial expectations, while fleet growth is negligible. Beyond the current year, we expect that the limited newbuilding ordering activity seen recently and the implementation of the IMO 2020 regulations will contribute to sustained strength in the Capesize market for the next years.

“As a final note, we are continuously pursuing transactions that will increase our net asset value, enhance our shareholders value and ensure our compliance with the upcoming environmental regulations.”

LINK TO PDF

www.seanergymaritime.com

 

 

Harvey Gulf this week announced in the media that they have offered a rival deal to merge with Gulfmark. This comes hot off the heels of July's announcement of a deal between Tidewater and Gulfmark.

Matthew Freeman, VesselsValue Director, states:

With a combined fleet size of 274 vessels, a merger between GulfMark & Tidewater would lead to one of the largest OSV fleets in terms of overall size with an average age 10.7 years old.

If a merger would materialise between Harvey Gulf and GulfMark, it would mean a smaller overall fleet size of 129 vessels but with an average age of 9.2 years old.

The Harvey Gulf fleet consists of 57 OSV’s and 6 OCV’s (a sector that GulfMark does not currently have a presence in) so the main questions here are size over speciality and what the future holds.

www.blog.vesselsvalue.com

 

Dubai, 1st August 2018: For the fifth year in a row The Maritime Standard (TMS) has secured the royal patronage of His Highness Sheikh Ahmed bin Saeed Al Maktoum, President, Dubai Civil Aviation Authority and Chairman and Chief Executive, Emirates Airline and Group.

Sheikh Ahmed is  one of the leading business leaders in the region, and for almost three decades His Highness has been at the forefront of Dubai’s economic development, spearheading the successful expansion of the aviation sector and, more recently, formulating economic, investment and fiscal policies and strategies in support of the emirate’s long term vision. He also chairs the important Executive Authority for Expo 2020.

Managing director Trevor Pereira says, “We are once again honoured, and humbled, by the willingness of His Highness to extend his patronage to the TMS Awards 2018. The wise leadership of the UAE has made the growth and development of maritime sector one of its priorities. It is testament to this commitment that such an influential and prominent business leader is fully supportive of the Awards. Securing this patronage goes a long way to raising the profile of region’s maritime industry overall and gives added gloss to those honoured at the Awards.”

The TMS Awards 2018 take place at Atlantis, The Palm, Dubai, on Monday 15th October.  Details can be found on the website www.tmsawards.com. As well as the winners of the various award categories chosen by an elite, and highly experienced independent judging panel, there will once again be a few, very special awards presented by The Maritime Standard team for outstanding individual contributions. In total around 28 awards will be presented on the night.  

About The Maritime Standard

The Maritime Standard (TMS), publishes a regular e-newsletter aimed specifically at the shipping and maritime community. It is delivered fortnightly, on the 1st and 15th of every month. It delivers the most accurate, up-to-date news about the market and has built up the largest readership of any shipping-related online newsletter in the Middle East and India. It is also gaining popularity in other major shipping hubs, including Oslo, Hamburg, Singapore, London and Greece. The newsletter includes news and analysis from the shipping and ports industries and related sectors in the Middle East and the Indian Subcontinent. Topics that are covered include tanker shipping, container operations, dry and liquid bulk trades, ro-ro, and cruise shipping. In addition there is up to date information about regional terminal operations; port development; classification; ship repair and conversion; shipbuilding; ship agency; finance and insurance; maritime law; and transportation & logistics. The newsletter regularly carries exclusives, analysis and interviews with top executives.

TMS also publishes the very successful TMS UAE Yearbook. The first 2016/17 edition was followed by a second volume covering 2017/18, that was launched in July last year. Covering key developments across the country’s maritime sector, the annual publication aims to publicise the UAE’s achievements both locally and internationally, through in depth articles, researched first hand. These cover all the major sectors of the shipping, ports and maritime industry in the UAE. The articles, on terminals, shipping companies, shipyards, maritime law firms, classification, regulators and inland transport firms, among others, have been well received by the industry as a year round reference point. The Maritime Standard UAE Yearbook 2017/18 is a must-read publication for everyone interested in UAE maritime issues, and can be downloaded by going to: http://www.themaritimestandard.com/uae-yearbook- 2017-18

Preparations for the 2018/19 issue are well underway and this will be published in the summer of 2018.

Website: www.themaritimestandard.com

The not-to-be missed The Maritime Standard Awards recognise and celebrate success in the shipping, ports and related sectors across the Middle East and the Indian Subcontinent. The fifth edition of TMS Awards will take place on Monday, on 15th October 2018 at The Atlantis, The Palm, Dubai.

The Awards are now positioned as one of the world's leading shipping and maritime Awards gala dinners and are the premier event of their kind in the region. All of the four events to date have been held under the patronage of His Highness Sheikh Ahmed bin Saeed Al Maktoum, and have each attracted close to 700 of the region's elite shipping and maritime professionals, as well as a number of leading figures from overseas. These guests have come from a variety of industry segments, ranging from ports and terminal operators to ship owners and managers, and executives from the worlds of maritime law and finance, classification, ship building and repair and maritime education and training.

For the inaugural event in 2014 PR guru, journalist and writer Alastair Campbell performed as master of ceremonies, while in 2015 Dutch soccer legend, Ruud Gullit compered the event and in 2016 former CNN news anchor, Jim Clancy, was on stage to lead proceedings.

The 2017 TMS Awards event, which was hosted by the well-known actress and model, Lara Dutta, saw 20 general awards presented, following the recommendations of an elite, independent judging panel, as well as a number for special individual awards recognising the contributions made by high profile industry leaders and innovators. The Awards have set a benchmark within the industry and have become an eagerly anticipated meeting place for top executives from across the business, where they can meet, network and create new opportunities.

Website: www.tmsawards.com

The third Maritime Standard Tanker Conference will be held on 16th October 2018 at Atlantis, the Palm, Dubai. Attendees will include key decision makers and opinion formers who were able to discuss the challenges and opportunities that exist, not just for ship owners and operators active in the tanker markets, but those delivering products and services to this sector. The second TMS Tanker Conference took place on 24th October 2017 at the Grosvenor House Hotel, Dubai. Presentations were given by many of the region's leading tanker owners and operators, as well as experts in related fields. For more information about the 2018 event, which is at an advanced planning stage, please go to the website: www.tmstankerconference.com

The fourth Maritime Standard Ship Finance and Trade Conference will be held on 6th November 2018 at Sheraton Abu Dhabi Hotel & Resort. The Conference will bring together experts from the fields of shipping, ports, banking, finance, trade and maritime law, among others, to discuss and debate the key issues and trends facing the shipping business, and trade, in the Middle East and the Indian Subcontinent. The third TMS Ship Finance and Trade Conference took place at the Sheraton Abu Dhabi Hotel and Resort, on November 8th 2017, building on the success of the first two events, held in 2015 and 2016 respectively. Speakers shared their insights and knowledge through a series of presentations and panel discussions, signposting the way forward. For more information about the 2018 event, please go to: www.tms-shipfinanceandtrade.com   

 

ATHENS, GREECE, August 1, 2018 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that, effective August 1, 2018, the Company increased the size of its Board of Directors (the “Board”)

from nine to eleven members, and appointed Mr. Christos Glavanis to serve as a Class I Director and appointed Mr. Andreas Michalopoulos, the Company’s Chief Financial Officer and Treasurer, to serve as a Class III director, in each case effective August 1, 2018. The Board has determined that Mr. Glavanis is an “independent director” as such term is defined under the Securities Exchange Act of 1934, as amended, and the New York Stock Exchange Listing Manual.

Mr. Christos Glavanis has over 30 years of experience in the audit profession, serving in several senior roles at Ernst & Young, including as Chairman and Managing Partner of EY Greece from 1987 to 2010 and Managing Partner of EY South East Europe from 1996 to 2010. Mr. Glavanis was also a main Board Member of EY EMEIA Regional and a member of EY Global Council. Currently, Mr. Glavanis is a non-executive board member of W S Karoulias S.A., a beverage distribution company based in Athens, Greece and BuyaPowa Ltd., a London, England based online platform allowing users to design, launch, and analyze social sales campaigns. He is also the trustee of Phase Worldwide, a United Kingdom charity. He previously served as a non-executive board member and chairman of the Audit Committee of Korres S.A, a Greece based pharmaceutical company, chairman of the Audit Committee of the Hellenic Financial Stability Fund, board member and audit committee member of Eurobank SA and a non-executive board member of Pharmaten S.A.

Mr. Andreas Michalopoulos has served as the Company’s Chief Financial Officer and Treasurer since March 8, 2006 and also has served in these positions with Diana Containerships Inc. since January 13, 2010. Mr. Michalopoulos started his career in 1993 when he joined Merrill Lynch Private Banking in Paris. In 1995, he became an International Corporate Auditor with Nestle SA based in Vevey, Switzerland and moved in 1998 to the position of Trade Marketing and Merchandising Manager. From 2000 to 2002, he worked for McKinsey and Company in Paris, France, as an Associate Generalist Consultant before joining a major Greek Pharmaceutical Group with U.S. R&D activity as a Vice President of International Business Development and Member of the Executive Committee in 2002 where he remained until 2005. From 2005 to 2006, he joined Diana Shipping Agencies S.A. as a Project Manager. Mr. Michalopoulos graduated from Paris IX Dauphine University with Honors in 1993 obtaining an MSc in Economics and a master's degree in Management Sciences specialized in Finance. In 1995, he also obtained a master's degree in Business Administration from Imperial College, University of London. Mr. Michalopoulos is married to the youngest daughter of Mr. Simeon Palios, the Company’s Chief Executive Officer and Chairman.

In addition, effective August 1, 2018, Mr. Ioannis Zafirakis was appointed to the new position of Chief Strategy Officer of the Company. Mrs. Semiramis Paliou was appointed to succeed Mr. Zafirakis as Chief Operating Officer of the Company. Mr. Zafirakis and Mrs. Paliou both currently serve as members of the Board.

Finally, the Board has increased the size of its Executive Committee from three to five members, and has appointed Mr. Andreas Michalopoulos and Mrs. Semiramis Paliou as members of the Executive Committee, effective August 1, 2018.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

dianashippinginc.com

Princess Cruises, a leading global cruise brand of Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK), the world's largest leisure travel company, today announced a memorandum of agreement with Italian shipbuilder Fincantieri S.p.A. to build two new cruise ships on a next-generation platform designed to further enhance an already world-class holiday experience for its guests. The new builds are slated to be delivered in late 2023 and spring 2025.

The two ships will be 175,000 gross tonnes and accommodate approximately 4,300 guests (lower berths). Specification details for the ship design, along with anticipated features and amenities of this all-new platform design for Princess Cruises, will be shared in the future.

The new vessels will be Princess Cruises’ first ships to be dual-fuel powered - primarily by Liquefied Natural Gas (LNG), the marine industry’s most environmentally friendly advanced fuel technology and the world’s cleanest burning fossil fuel, which will significantly reduce air emissions and marine gasoil (MGO). The new ships, which will be the largest by capacity in the Princess Cruises fleet, will be built at Fincantieri’s shipyard in Monfalcone, Italy.

Jan Swartz, president of Princess Cruises, said: “This revolutionary platform for next-generation, LNG-powered cruise ships will introduce innovative design and leisure experiences driven by the future holiday and lifestyle trends of our guests – further evolving the already best-in-class Princess Cruises experience we deliver today. We look forward to collaborating with Fincantieri to bring our vision for this next-generation premium cruise ship into service.”

Giuseppe Bono, CEO of Fincantieri, said: “We are proud to extend our long-established partnership with Princess Cruises, a brand we have been tied to since our return to the cruise ship building industry in 1990. After so many years, we are ready to enter, together, a new era of this industry, increasingly aimed at reducing even more of our environmental impact. We proudly do this with an all-time record project, both in terms of size and technology. We believe that there are no more significant milestones than these to reaffirm our market-leading position. This builds upon the solid partnership between our country and Carnival Corporation - the largest foreign investor in Italy - while at the same time building upon our technological strength and increasing employment.”

In addition to today’s news, Princess Cruises has three new Royal-class ships on order with Fincantieri, including its next new ship, Sky Princess, which is currently under construction and scheduled for delivery in October 2019. The two other Royal-class ships are planned for delivery in 2020 and 2022.

The agreement for Princess Cruises’ next-generation cruise ships represent Carnival Corporation’s 10th and 11th contracted LNG-based vessels and are part of the company’s ongoing fleet enhancement strategy, aimed at creating excitement in the holiday market while accelerating demand for cruising, the fastest growing segment in the industry. Carnival Corporation currently has 20 new ships under contract and scheduled for delivery between 2018 and 2025.

Amphitrion Group is the exclusive representative of Princess Cruises in Greece.

About Amphitrion Group :

Amphitrion commenced its operation in 1973 and specializes in providing Destination Management Services in Greece as well as representing cruise lines in the Greek market. Besides Princess Cruises, Carnival Cruises and Cunard Line are also companies that belong to Carnival Corporation represented by Amphitrion.

About Princess Cruises:

One of the best-known names in cruising, Princess Cruises is a global cruise line and tour company operating a fleet of 17 modern cruise ships renowned for their innovative design and wide array of choices in dining, entertainment and amenities, all provided with the experience of exceptional customer service. As an award-winning destination leader offering international cruise vacations, Princess carries two million guests each year to more than 360 destinations around the globe on more than 150 itineraries ranging in length from three to 114 days. The company is part of Carnival Corporation & plc (NYSE/LSE: CCL; NYSE:CUK).

 

Revenue: $20.8 million in Q2; $40.6 million for the six months Net cash from operating activities: $26.1 million for the six months EBITDA: $14.7 million in Q2; Adjusted EBITDA: $28.4 million for the six months Operating Surplus: $8.9 million in Q2; $16.7 million for the six months Merger Proposal from Navios Maritime Acquisition Corporation Quarterly Cash Distribution of $0.125 per unit; $0.50 per unit annualized

MONACO, July 26, 2018 (GLOBE NEWSWIRE) -- Navios Maritime Midstream Partners L.P. (“Navios Midstream”) (NYSE:NAP), an owner and operator of tanker vessels, reported its financial results today for the second quarter and the six month period ended June 30, 2018. 

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Midstream, stated, “We are pleased to report results for the second quarter of 2018. In the second quarter of 2018, we reported $14.7 million of EBITDA and $4.3 million of net income. We also announced a distribution of $0.125 per unit, representing an annualized yield of about 14\%.” 

RECENT DEVELOPMENTS

A survey of EGCSA members has revealed that scrubber uptake is rapidly accelerating with the number of ships with exhaust gas cleaning systems installed or on order standing at 983 as of 31 May 2018.

This follows a slew of recent reports that major ship operators, including Spliethoff, Frontline, DHT and Star Bulk have opted for scrubbers. One of the ‘big’ container companies has confirmed it will use scrubbing as part of its 2020 compliance portfolio and there are rumours that others will do likewise.

Until relatively recently the largest installed exhaust handling capacity has been for engine powers in the region of 25 to 30MW. However, the latest data shows that this has been well and truly exceeded by a retrofitted hybrid system for a 72MW container ship engine. Large capacity scrubbers are not confined to retrofits as the maximum size new building installation is a hybrid system for a 65MW engine.

 

Nearly 60\% of all retrofits and new building installation works take place in Asian yards. Unsurprisingly this increases to nearly 85\% of new building installs.  EGCSA believes that although there has been a surge in demand, yard capacity is not an issue going forward, however other constraints such as the availability of laser scanning specialists and experienced installation teams mean that it may not be possible to pick and choose an installation slot nor coincide a scrubber installation with an already scheduled drydock in the near future.

Needless to say, the majority of EGCSA members are still taking orders with several now taking options through to 2023 to enable ship-owners to secure a position on the installation timetable.

Back in 2015 in readiness for the switch to 0.10\% sulphur fuel, a number of RORO and ferry operators led the way and successfully chose scrubbers as a means of compliance. The cruise industry came next and now with 2020 looming, bulk carriers have taken over at the top of the ship types adopting exhaust gas cleaning, with container ships and tankers following. In each of these sectors retrofit open loop installations predominate.

The survey shows that 63\% of all ships have either been or will be retrofitted with scrubbers, while 37\% are new building installations. 988 of the 1561 individual scrubber towers installed or on order are for open loop scrubbing; confirming it as the most popular exhaust gas cleaning system.

EGCSA is not surprised that open loop scrubbing is preferred.  It is the simplest scrubbing system and favoured by ship crews. Although many early adopters in the North Sea and Baltic fitted hybrid systems, they are operated for the majority of time in open loop. Open loop scrubbing has also been used for years by coastal power stations and by oil tanker inert gas (IG) systems when in port without environmental issues.

While closed loop and hybrid systems are available for enclosed bodies of water with little water exchange or where discharges are restricted by local regulation, ECGSA suggests the alternative of switching to low sulphur fuel for the port stay where open loop operation is not possible. The cost impact is likely to be limited as over 90\% of fuel consumption is during full away at sea, which is where the financial benefits really accrue.

Download a pdf of the EGCSA infographic with an overview of this data illustrated by scrubber type – retrofit open loop, retrofit hybrid, new build open loop and new build hybrid

An important strategic cooperation was founded with the signing of the Memorandum of Understanding (MOU) on 23 July 2018 between PPA SA and Qingdao Port Group, which is one of the world's largest commercial ports and an international transport hub.

The MOU was signed by Mr. Athanasios Liagkos, Management Consultant and PPA BoD Member and the President of Qingdao Port Group Mr. Zheng Minghui.

The areas of cooperation mentioned in the memorandum are: Exchange of know-how and information, Personnel training, development of initiatives for the protection of the environment through good practices, etc.

The main objective pursued through the strategic cooperation of the two ports in the above areas is the development of synergies in projects of common interest that will favor the development of logistics and will enhance the role of ports as trade gates.