Greek Shipping News Cuts
Week 32 - 2011


He says he still believes it is high time for consolidation but adds that many are sceptical whether it will indeed happen.
Tsirigakis says the move hinges on numbers and volume.
The reasons for being in the public markets, he asserts, are to utilise those markets and to grow and have a vision from the equity you can raise there.
Accounting for both public and private companies, newly released data from Athens-based analyst Ted Petropoulos of Petrofin shows that this year 347 Greek shipowners are operating 1,732 dry-bulk vessels over 10,000 dwt.
The report also shows that out of a total of 762 Greek shipping companies it tallied this year, 350 have just one to two vessels, although it does not differentiate between wet or dry tonnage.
A weak shipping market, an enormous orderbook and continuous imbalance between vessel demand and supply, declining asset values and weak cash flows all combine, Petrofin judges, to put the squeeze on owners.
By Gillian Whittaker Athens
Published: 22:01 GMT, 11 Aug 11 | updated: 21:29 GMT, 10 Aug 11

HMD wins MR tanker pair
---HYUNDAI Mipo Dockyard of South Korea has won an order for two MR products tankers from a Greek shipowner.
The 52,000dwt pair have been contracted by Chios Navigation Hellas of Piraeus and are due for delivery in 1H 2013. No price has been disclosed for this order, although recent vessels of similar specification have been contracted in South Korea for $37-38M per vessel.
HMD has been relatively successful in winning orders for MR tankers this year. In June Scorpio Commercial Management of Monaco ordered five 52,000dwt ships at this yard; last month, Samos Steamship of Greece contracted a single 51,000dwt ship at HMD.
Source: Fairplay Daily News 08 Aug 2011

Norwegian Bank to finance up to $4B LNG ship orders
---August 11, 2011
The tripling cost of chartering LNG vessels to $110,000/day and the likes of Qatar and Peru offering new supplies indicate that the shipping sector could be an investment safe haven.
The rash of new LNG tanker orders over the past 3-6 months marks a reawakening of investment appetite following years of poor demand, although the window of opportunity is narrowing, he added.
Years of stagnation in terms of fleet expansion, combined with surging global shipping demand has helped drive the cost of chartering vessels to multi-year highs, encouraging the latest ordering binge ahead of a projected peak in demand from 2015 onwards.
Serck-Hansen said many of the most recent orders are speculative, meaning reserved for spot market business where rates show little sign yet of running out of steam.
New build orders confirmed by shipyards have risen in recent months, helped by established Greek and Scandinavian shipowners sensing business opportunities from escalating day rates.
Many of the 25 recent orders are speculative punts designed to reap the benefits of increasingly fat chartering returns, he said, adding that banks are part-bankrolling these forays.
The cost of chartering vessels has more than tripled since mid-2010, towards $110,000 a day, as demand rises.
Swedish shipper Stena Bulk sees rates exceeding $130,000/day this year before climbing further on the back of tighter availability towards the middle part of the decade.
The tables began to turn after new supplies from Qatar and Peru led to greater demand for product from buyers in Asia and South America in 2010, stretching the capabilities of an ageing fleet and putting upward pressure on rates.
The recent rash of new orders is targeting the onset of several vast Australian liquefaction projects scheduled to start producing from 2015 onwards.
Taken together, Australia plans to more than double existing output to 42 million tonnes a year of LNG, requiring an additional 40-45 tankers, according to Arctic Securities.

Weak market hits Crude Carriers ahead of merger
---(Aug 12 2011)
Crude Carriers Corp reported a net loss for 2Q11 of $7.5 mill.
This included $1.7 mill in general and administrative expenses related to the definitive merger agreement with Capital Partners and the proxy statement on Form F-4 filed with the US Securities and Exchange Commission.
The merger is expected to go through during 3Q11, Crude Carriers said.
Revenues for the period were $9.8 mill, which is lower than the $20.7 mill seen in 2Q10. The company's drop in revenues primarily reflected the weaker crude tanker spot market, when compared to a year ago.
Total voyage and vessel operating expenses for the quarter totalled $9 mill, a fall of $2.2 mill on the $11.2 mill recorded in 2Q10. This was as a result of the increased number of vessels under voyage charters at the time, which increased voyage expenses in 2Q10.
Vessel operating expenses for the second quarter were $4.1 mill, which was $1.6 mill higher when compared to 2Q10. This was down to the higher average number of vessels in operation in 2Q10.
Evangelos Marinakis, the company's CEO, said: "Our second quarter results have been affected by the weakness of the crude tanker market and by the costs related to the merger process with CPLP. However, our commercial arrangements and our high specification fleet allow us to perform more favourably, when compared to the TD3 and TD5 routes in particular.
"During the second quarter, the respective boards of CPLP and Crude Carriers agreed to enter into a definitive merger agreement as previously announced. We believe that the merger is to the benefit of the shareholders of Crude Carriers as it will allow them to receive attractive distributions, based on the $0.93 per common unit annual distribution guidance of CPLP, which translates to $1.45 per Crude Carriers share under the agreed exchange ratio.

Globus Maritime Reports Financial Results for the Second Quarter & Six Months Ended June 30, 2011
(NASDAQ: GLBS), a dry bulk shipping company, today reported its unaudited consolidated operating
and financial results for the three-month and six-month periods ended June 30, 2011.
Summary of second quarter 2011 results
> Revenue increased by 34% to $7.8 million from $5.8 million during the same period in 2010;
> Net Revenue increased by 28% to $6.9 million from $5.4 million during the same period in 2010;
> Adjusted EBITDA increased by 31% to $4.2 million from $3.2 million during the same period in
2010; adjusted EBITDA is a measure not in accordance with generally accepted accounting
financial measures;
> Total comprehensive income increased by 100% to $1.2 million from $0.6 million during the same
period in 2010;
vessels, versus an average daily TCE of $20,724 with an average 2.9 vessels operating during the
same period in 2010. A calculation of the TCE is provided in a later section of this press release.
> Revenue increased by 40% to $16.2 million from $11.6 million during the same period in 2010;
> Net Revenue increased by 33% to $14.4 million from $10.8 million during the same period in 2010;
> Adjusted EBITDA increased by 42% to $9.1 million from $6.4 million during the same period in
> Total comprehensive income increased by 209% to $3.4 million from $1.1 million during the same
period in 2010;
> Average daily TCE of $16,570 per vessel with an average 5.05 vessels operating, versus an
average daily TCE of $20,060 with an average of 3.0 vessels operating during the same period in
Follow-on Offering
On June 30, 2011 the Company completed a public equity offering of 2,750,000 common shares priced
at $8.00 per share to the public. The net proceeds from the offering after deducting the underwriting
discount and offering expenses were approximately $20.4 million. The Company has 10,039,688
common shares issued and outstanding as of today.
Dividend Declaration
On June 6, 2011, Globus declared a quarterly cash dividend of $0.16 per common share for the second
Directors since the listing of its common shares on the NASDAQ Global Market in November 2010. This
dividend was paid on or about July 28, 2011, to shareholders of record as of June 17, 2011, at which
time the Company had 7,289,688 common shares outstanding.
The Company is continuing the policy of paying a variable quarterly dividend in excess of 50% of the
net income of the previous quarter, subject to any reserves the board of directors may from time to time
determine are required. The declaration and payment of dividends, if any, will always be subject to the
discretion of the board of directors of the Company, and the amount of dividends paid in any period is
not indicative of the amount that may be paid in the future. The timing and amount of any dividends
declared will depend on, among other things: our earnings, financial condition and anticipated cash
requirements and availability, additional acquisitions of vessels, restrictions in our debt arrangements,
the provisions of Marshall Islands law affecting the payment of distributions to shareholders, required
capital and drydocking expenditures, reserves established by our board of directors, increased or
unanticipated expenses, a change in our dividend policy, additional borrowings or future issuances of
securities and other factors, many of which will be beyond our control. We can give no assurance that
dividends will be paid in the future.
The press release in full is available at

Seanergy Maritime Holdings Corp. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2011
(NASDAQ: SHIP; SHIP.W) announced today its operating results for the second quarter and
six months ended June 30, 2011.
Financial Highlights:
Second Quarter 2011
> Net Revenues of $27.8 million
> EBITDA of $13.6 million
> Net Profit of $0.65 million
Six Months 2011
> Net Revenues of $53.0 million
> EBITDA of $26.5 million
> Net Loss of $0.88 million
Management Discussion:
same period last year as a result of our increased number of vessels, fleet employment
strategy and significant exposure to the Handysize segment which has experienced less
volatility than that of the other vessel classes. We continued our efforts to provide high
East office should further contribute to the efficiency of our operations and offer advantages
for further growth in the Asia Pacific region, a region that we believe is of critical significance
for dry bulk shipping.
In the second quarter, we continued to pursue a balanced chartering strategy with a view to
maintain a portfolio of both fixed rate and floating rate charter agreements. We expect this
to partially protect our cash flows against further market weakness while at the same time it
allows us to benefit from future increases in freight rates. In this context, during the second
quarter we entered into new fixed rate time charters for two vessels, we extended the
employment for another two vessels and we arranged employment for an additional two
vessels under floating rate agreements, all with credible and reliable counterparties.
Furthermore, our increased exposure to the less volatile Handysize segment helped reduce
downward pressure on the daily charter rates earned by our vessels over the first six
months of 2011. We believe that our high charter coverage for the next two years should
result in high vessel utilization while minimizing the effects of short term freight rate
volatility on our cash flows.
As sustained market weakness may lead to lower asset prices and more opportunities for
acquisitions at attractive prices, we believe our long-standing relationships with several
financiers and well-known charterers, combined with our current and expected liquidity, are
likely to allow us to grow our company further.
The first half of 2011 was marked by weak market conditions, as the low charter rates that
prevailed during the first quarter of the year carried on into the second quarter.
The expectations of increased deliveries of large bulk carriers have had, in our opinion, a
highly detrimental impact on charter rates in 2011. This is evident by the fact that during
the second quarter, low spot rates resulted from factors including a slight decline in growth
in demand for dry bulk transportation stemming from slower economic activity and
increased economic uncertainty in many parts of the world. In the coming months, we
anticipate some tightening of the market, as iron ore inventories in China are expected to
deplete and Australian and Japanese industrial production are expected to rebound from
their respective setbacks. We believe that this will result in rate spikes, which are not
expected to be of a long duration but will offer some relief.
On a brighter note, scrapping of older and obsolete tonnage has picked up significantly in
2011. According to industry sources, more than 50 Capesize vessels headed to the scrap
yard so far this year, as compared to around six in the same period last year. Also
encouraging is the similar scrapping activity observed by industry sources in the Panamax
sector. We believe that continued lower freight rates will reinforce this trend.
We anticipate that the following months are going to be characterized by volatile conditions,
as there are a multitude of factors that can affect the market, which are hard to predict.
Looking beyond short term uncertainty however, it is our firm belief that we have proved
our ability to deal with unfavorable market fundamentals, and we believe we are poised to
second quarter of 2011 the Company operated 20 wholly-owned vessels compared to 15.1
in the same period in 2010 and as a result realized a 23% increase in net revenues.
The sharp decline seen in spot rates in 2011 counterbalanced by our chartering strategy and
exposure to the Handysize market have resulted in a relatively modest drop of 10.8% in the
the fact that we incurred fewer losses on outstanding interest rate swaps, allowed us to
make a profit in the second quarter of 2011, as compared to a net loss in the same period in
Lastly, it is worth noting that daily operating expenses decreased by 16% from $5,457 in
the second quarter of 2010 to $4,557 during the same period this year as a result of our
continuous efforts to effectively control costs.
As of the date of this press release, our vessels have secured period employment of 93% for
The press release in full is available at