Marine-Marketing

The deals call for joint ventures, charter agreements and shipbuilding schemes worth €500M ($615M). “The Chinese government will encourage Chinese businesses to come to Greece to seek investment opportunities,” Zhang reportedly said during the signing ceremony. “I am convinced that Greece can overcome its current economic difficulties,” he added. Such a vote of confidence from an economic giant such as China should go some way to restoring a sense of optimism that Greece will emerge from its current problems even stronger.

As for the details of the accords, they include three between Greek shipping companies and China’s government-owned shipping giant Cosco for construction of seven bulkers, with options for four more, and the chartering of another five.

In addition, food companies signed four agreements for exporting Greek olive oil by ship to China. Fairplay reported Greece’s intention of increasing olive oil exports to China last December.

China’s transport minister Li Shenglin and Katseli also signed a co-operation accord specific to shipping, which pointed out that the location of Greece’s ports make the country a gateway for China into the Balkans and Europe.

The deals evidently gave Greece fresh confidence. Athens said the move by Moody’s to downgrade Greek debt by four notches to junk did not reflect Greece’s progress over recent months in tackling its fiscal problems and would not affect the accords.

Cosco already controls a container terminal at Piraeus under a €3.4Bn ($4.2Bn) long-term concession deal. “We have a saying in China, ‘Construct the eagle’s nest and the eagle himself will come’,” Cosco CEO Wei Jiafu told Greek TV last week. “We have constructed such a nest [in Greece] to attract such Chinese eagles.”

As China teams up with Greece, Libya sees opportunities to do business with the Greeks. Libya and Greece have signed an accord that paves the way for strategic co-operation.

The memorandum of understanding between the two countries covers co-operation in investment, energy (oil and gas) tourism, food production, finance and renewable energy.

Greece is in the middle of a severe economic crisis, but with friends like China and oil-rich Libya, the tunnel begins to look less dark.

$615M value of the deals, covering joint ventures, charter agreements and shipbuilding schemes

---Greek shipping companies are said to be exploring the possibility of listing on the Shanghai Stock Exchange, as the Chinese consider relaxing some of the stringent conditions covering a listing. Economy, Competitiveness & Shipping minister, Louka Katseli, raised the matter during discussions with Shanghai bourse president, Geng Liang while in China last week.

In her meeting with Geng, the Greek minister sought an explanation of what the Chinese authorities were thinking, as she is aware some Greek owners have expressed an interest in the Shanghai exchange. She noted there are some 22 Greek companies presently established in Shanghai and it is understood some of them would like an introduction to the exchange. Altogether, more than 50 Greek companies are based in China.

The growing importance of China to Greece as a trading partner was underlined during Katseli's visit. She used her June 21 address to the Economic Club of China to woo further investment in Greece. In her meetings with officials generally she emphasised the role of Greek ships in transporting Chinese products and the business Greeks are placing in Shanghai shipyards.

Before returning home with her delegation June 23, Katseli and China's Commerce minister, Chen Deming, signed five agreements covering exports of Greek products to China and Chinese investment in Greece.

With top transportation official, Chen Jun, she discussed the possibilities for further expansion of cooperation. Greece will also take part in a business forum to be held in China on September 8, presenting Greece's investment proposals.

Katseli's visit, which took in Beijing and Shanghai, was a follow-on from talks held in Athens and Piraeus at the middle of this month when a high-profile delegation from China spent four days in Greece and left with a bundle of newbuilding contracts from Greek shipowners, and agreements penned covering shipping, logistics, construction and the export of olive oil. -- See Newsfront, Vol 11, Nr 24

During Katseli's visit it was disclosed that Chinese communications company, Huawei Technologies, is considering moving its handling and distribution centre from Hungary to Greece. The company has been doing business with Greece since 2005 but is keen to expand in the technology sector, especially in maritime communications, a market it believes can be developed.

Meanwhile, Cardiff Marine is set to expand its links with China through a jv planned with Cosco Bulk Carrier (Cosbulk). A LOI was signed by Cosbulk's md, Xu Zunwu, during the visit to Greece by the Chinese business and political delegation, just prior to Katseli's delegation leaving for China. Other than news of the LOI no details about the agreement have been released.

Cardiff, the private company of George Economou, and manager of the Economou-led US-listed DryShips fleet, is already a major charterer to the Chinese. Indeed, the signing of the draft understanding took place just after a London high court ruled Cosbulk, charterers of DryShips' 2004-built 76,000dwt Saldanha, seized by pirates in February 2009 is liable to pay the multimillion dollar freight hire of the vessel which lost almost 10 weeks time as a result of being hijacked. Cosbulk, is yet to decide if it will appeal the landmark decision of Justice Gross who decided a vessel fixed on the widely used NYPE 46 charterparty remained on hire during the period it was under the control of pirates. Justice Gross was upholding the unanimous decision of an arbitration tribunal that the Saldanha remained on hire during the period lost through a pirate detention.

The ruling is seen as an important one for the industry and legal circles believe several other disputes over payment for charter hire during a pirate hijacking may now be resolved.

-- Filed: 2010-06-23

---Two labor unions representing marine engineers said yesterday that they would go ahead with a 24-hour strike today to protest the planned lifting of cabotage restrictions and impending pension reforms, breaking away from their umbrella union, the Panhellenic Seamen’s Federation (PNO), and defying a court ruling deeming their action illegal and abusive.

Accusing PNO for “failing to take a stand on the burning issues of concern to our sector,” the unions appealed to all seamen to join a 24-hour strike today called by the Communist Party-affiliated labor union PAME. Protests by PAME supporters last month resulted in dozens of passenger ferries remaining docked at the country’s main port of Piraeus, frustrating the holiday plans of hundreds of tourists.

Representatives of shipping firms serving sea routes between Piraeus and the Aegean islands said yesterday that scheduled connections would not be disrupted as their crew members had said they would not join the action. According to sources, some of these firms have appealed to the Citizens’ Protection Ministry, which oversees the police, to “take whatever action necessary against demonstrators if they try to obstruct the movement of ferries.” In a written statement, one of the firms, Minoan Lines, said that two routes between Piraeus and the Cretan port of Iraklio would be canceled because of the strike. The Attica Group and Hellenic Seaways said its routes would be affected.

In a related development, the Piraeus Port Authority warned that nine decommissioned passenger ferries that have been moored at Piraeus for the past 10 months pose a risk to other ferries coming in to dock and should be removed.

---Michael Roberts - 22.06.2010

A newly published report by Petrofin research finds that the Greek fleet is continuing to adapt to external challenges and opportunities as well as evolve. This is evidenced by the 2.3% fall in the number of vessels, through scrapping and disposal of older vessels and their replacement by new or younger vessels. The improvement in age has continued, underlining the commitment of Greeks towards ownership of younger vessels. It is significant that the age of the Greek fleet with over 20,000 DWT vessels has fallen from 19.3 years in 2003 to only 12.36 years in 2010, with the tanker fleet leading the way with an age of only 9.9 years. The trend towards larger vessels has also continued and this has resulted in an ever rising fleet of 242, 802, 092 DWT.

The commentary states that the Greek fleet continues to be concentrated into relatively few companies with the top 30 maintaining over 50% of the fleet. However, there is also a growing middle tier of owners underlying the strength in depth of Greek shipping. Thus far, Greek shipping has withstood the negative market effects and has repositioned itself to meet the new challenges. These relate to the huge order book that threatens to overwhelm a promising shipping recovery, as well as the dearth of ship finance. Although not directly affected by the Greek economic crisis, Greek shipping is indirectly affected by a negative economic environment in Greece, where most of its offices are located, as well as on the effect the crisis has had on Greek banks’ ability to continue financing Greek owners’ requirements.

Seeing the increased importance of the Far East region, Greek owners have developed strategies to exploit such opportunities in chartering, ownership, finance, as well as shipyards. The continuous growth and evolution of the Greek fleet shall continue to depend on the state of the shipping markets and the willingness of banks to finance its requirements. What is undoubted, though, is the commitment, liquidity and flexibility of Greek owners, that has kept Greek shipping at the top of shipping nations in the world. Source; Petrofin Research

---It was another busy week for contracting underlined by the rich appetite from Greek related owners for new tonnage while prices are relatively low. The resurrection of IPO’s is also encouraging for the market as investors are now being attracted. If you invest at the bottom of the market then in theory you have an excellent chance of making gains in a now improving market for bulk carriers, containerships and tankers. Confidence is building again.

Greek related owners continue to drive the market for new ships giving an enormous boost to Korean and Chinese yards. A number of rumoured contracts have now been confirmed and Greeks are also busy in taking over newbuilding resale ships.

In some cases conservative Greek owners continue to order but the big boys are also active. Among the contracts confirmed this week which have been suspected but not clarified were a spate of bulk carriers ordered within the COSCO Shipyard Group. Dynacom confirmed orders for three 57,000 d.w.t. units (Dolphin 57) and Gleamray two 82,000 d.w.t. Kamsarmaxes within the group but the actual COSCO allocated yard is still unconfirmed. Price level for the Dolphin 57’s is probably around $27.5 million apiece. Common Progress added two more Dolpin 57’s at COSCO Dalian with options attached for two more. It is interesting to note the price level of $27.5 million each since the company will take delivery of two more from the yard ordered in 2007 which are priced at $38 million apiece underlining the boom at the time. A $10.5 million drop is too good to ignore. COSCO Guangdong is also building two more Dolphin 57’s for Golden Union Shipping and understood to be negotiating four more units but this could not be confirmed. This owner currently has a large newbuilding portfolio with four panamax bulk carriers contracted at Jiangsu Rongsheng and has now added two more 176,000 d.w.t. cape units from this builder. One similar unit was recently delivered from Shanghai Waigaoqiao with one more to come. COSCO Dalian also has six 79,500 d.w.t. units committed for Golden Union. Although tight lipped Golden Union is said to have arranged long term charters with Cosbulk for six more bulk carriers in increasing joint ventures with Chinese owners. Drytank (Cardiff Marine Inc,) is involved in similar moves with COSCO the shipowner.

Staying with China it is understood that last week’s report of four plus optional two 33,000 d.w.t. Lakes fitted bulk carriers is in fact six outright. The options are therfore firmed by us this week from Yangfan Group. The ever popular Dolphin 57 found another customer in the form of Ulusoy Sealines Management, Turkey who committed to four units from Yangfan Group. More noted as a roro operator it was only recently that Ulusoy changed its approach to dependency on one sector and entered the bulk trades. One 12,000 d.w.t. and one 22,000 d.w.t. bulk carrier(s) are already commissioned but the company is keen to increase its bulk portfolio and also holds two 80,000 d.w.t. Kamsarmaxes at Jiangsu Eastern for delivery in April and July 2011.

Korean yards have also profited from a plethora of bulk carrier orders which are mainly for export. This week Samho Tongyoung booked a quartet of 35,200 d.w.t. units divided equally between Transman Shipping Enterprises, Greece and newcomer Rare Earth Commodities, India. For Transman it is another case of a conservative owner exploiting the market at a good time. The company has trimmed its fleet considerably exiting the bulk sector in 2005 and now operating three containerships only. Other members of the Manios family are involved in other companies however. The new duo is valued at $27 million each. Rare Earth Commodities is another example of a commodities trader deciding to own direct. This duo marks the company’s first ever newbuildings and it is said to have also purchased some secondhand units although there is no evidence so far. Rare Earth charters in vessels for transport of agricultural fertilisers and associated products. Delivery of all four ships is stemmed for 2012.

Encouraging for the market is the steady picking up of tanker orders. Last week we reported two newbuilding Centrofin resales to newly established Principal Maritime Partners. Under construction at Samsung they formed part of a four ship suezmax deal which embraced two trading Centrofin units – LENI P and POPI P built in 2007 and 2005. The new tanker venture has been established by Arthur Regan in an alliance with private equity player Apollo Group and is New York based. The market was buzzing with rumours that five newbuildings had been purchased in the deal giving a seven ship total. Three more Centrofin sisters at Samsung were linked but the rumour was false. Now the mystery has been cleared up. Seven suezmaxes are involved in a deal valued at $480 million and new names have already been announced for the ships. The remaining three are newbuilding resales originally ordered by Liquimar at Jiangsu Rongsheng. Liquimar originally paid $98 million apiece when contracted in the boom and was debating cancelling. Ultimately renegotiation secured a new per unit price of $65 million in lieu of cancellations but now all three have been resold to Principal Maritime Management at $68 million each. Along with others we have not shown these records so create them as technically new orders again this week. The seven ship deal will see all the tankers placed in the Stena Sonangol trading pool. Arthur Regan is an ex Stena employee. Further success ensued for Jiangsu Rongsheng with an order for three more suezmaxes from Cardiff Marine Inc., (Drytank/Dryships). Options are attached for two more with the per unit price level at around $62 million and deliveries stemmed for 2013.

---ATHENS, Greece, June 21, 2010 - Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the transportation of dry bulk cargoes, today announced that Diana Containerships Inc., its majority-owned subsidiary formed for the purpose of investing in containerships, has entered into agreements to acquire two 3,400 TEU newbuilding containerships built at TKMS Blohm + Voss Nordseewerke GmbH, Emden, Germany from a third-party seller for a purchase price of Euro 37,300,000 each (approximately US$45.5 million based on the Euro/Dollar exchange rate as of June 8, 2010).

The first vessel is scheduled to be delivered to Diana Containerships Inc. by June 25, 2010, and the second is scheduled to be delivered between July 5 and July 15, 2010. Upon delivery, the first vessel is scheduled to be employed on charter with A.P. Moller-Maersk A/S for a period of minimum nine (9) to maximum twelve (12) months at a gross daily rate of US$16,000.

As previously announced, Diana Shipping has made an investment of US$50 million in Diana Containerships Inc., representing approximately 55% of the issued and outstanding shares of the new entity, with the balance of the common shares held by institutional and accredited investors that acquired the shares in a private transaction.

---Boxship owner Technomar Shipping of Greece has embarked on a major renovation of its fleet with a $125m purchase from German shipowner Claus-Peter Offen.

George Youroukos-run Technomar has picked up a series of five 10-year-old 2,500-teu ships for a reported $24.5m each.

The geared Santa A-class vessels are being sold to cash in on the “improved market values for container vessels”, the German owner says.

However, they have been without employment for some time and some have not appeared on fixture lists since late 2008.

There have been relatively few containerships of this size and age sold in the past two years.

But the signs are that the sale of the Samsung-built Santa Alexandra, Santa Annabella, Santa Arabella, Santa Adriana (all built 2000) and Santa Alina (built 2001) points to a continued rise in asset values.

London broker Clarksons puts the indicative value of a 10-year-old boxship in the 2,399-teu to 2,900-teu range at around $20m, which is way up compared with around $13.75m during the past year.

The closest benchmark might be the sale of the 2,008-teu Oder Trader (built 1998) to Greek owner Euroseas for $15.85m, or a couple of 2,500-teu newbuildings that were sold in February to Turkish owner Arkas for EUR 23.75m ($29.1m) each.

The sales will make little difference to the Offen fleet, which continues to expand in the larger post-panamax segment. It took delivery recently of the 14,000-teu MSC Genova (built 2010), which is one of around a dozen vessels of this size that the company has or plans to charter to Mediterranean Shipping Co (MSC) over the next two years.

The deal marks a return to the market by Technomar, which last bought boxships at the end of 2006.

Since then, it has scrapped several smaller vessels in the 1,810-teu to 2,941-teu range.

The new acquisitions could take its fleet up to 19 boxships of between 1,442 teu and 5,468 teu, although many of its older ships are reaching the end of their lives.

How Technomar plans to employ the latest purchases remains to be seen but it has in the past struck a working relationship with Evergreen, from whom it has acquired more than 22 ships with charters attached.

Published: 21:59 GMT, 24 Jun 10 | updated: 20:18 GMT, 23 Jun 10

---(June 24 2010). Thenamaris Ship Management of Greece has agreed a deal to install SpecTec’s AMOS software package across a number of its vessels.

Initial installations will be carried out for a trial and calibration period, before being expanded to cover the company’s entire fleet of tankers and bulk carriers.

The agreement, which includes software licences, maintenance and support, database construction, implementation and training, was brokered by SRH Marine Electronics, SpecTec’s authorised distributor for AMOS in the Greek market.

“We welcome SpecTec as a partner in perfecting our own successful planned maintenance and procurement systems, by incorporating the intricate operational procedure into their own popular and well designed AMOS Business Suite software,” said Konstantinos Petrocheilos, project manager at Thenamaris.

“We are confident that the end result will become a valuable business tool in the most complete sense.”

SpecTec notes that the number of new software licences implemented during the first five months of 2010 has now reached 315, slightly higher than the corresponding period in 2009. Upgrades to the latest versions of AMOS by existing users has reached 272.

Goldenport Holdings Inc

This announcement is for information only and does not constitute an offer to sell, or the solicitation of an offer to buy or subscribe for, securities of the Company in the United States or in any other jurisdiction. This announcement should not be forwarded, published or distributed directly or indirectly, in or into the United States or any of the other Excluded Territories.

The Board of Goldenport Holdings Inc. ("Goldenport" or the "Company") today announces a share issue by way of a Placing and Open Offer to raise approximately £23.5 million (US$35 million) through the issue of 18,496,010 New Shares at an Issue Price of 127 pence per Share.

The Issue Price of 127 pence represents a 1.55 per cent. discount to the Closing Price on the London Stock Exchange of 129 pence on 24 June 2010, being the latest date practicable prior to this announcement.

· Placing and Open Offer to raise gross proceeds of approximately £23.5 million (US$35 million). The expected proceeds net of expenses are £22.3 million (US$33.1 million)

· Issue Price of 127 pence per Share, representing a discount of 1.55 per cent. to the Closing Price on 24 June 2010

· 18,496,010 New Shares to be issued and available under the Open Offer to Shareholders, pro rata to their existing holdings, on the basis of: 1 New Share for every 3.9183531 Existing Shares

· Net proceeds are to be used to fund future vessel acquisitions

· The Board believes that the recent increase in charter hire rates will enable employment of such vessels under medium to long-term charters at attractive rates, optimizing returns while minimizing cash flow volatility

· The Placing and Open Offer are conditional, inter alia, on the approval of the Capital Raising Resolutions at an Extraordinary General Meeting of the Company to be held on 19 July 2010

· Captain Paris Dragnis, the founder and Chief Executive Officer of the Company has irrevocably agreed to take up the majority of his pro-rata entitlement under the Open Offer

· The Placing and Open Offer is fully underwritten by the Joint Underwriters

· Admission of the New Shares to listing on the Official List and to trading on the London Stock Exchange is expected to take place on 20 July 2010

Publication of Prospectus

The Prospectus containing details of the Placing and Open Offer will shortly be approved by the UKLA.

A paper copy of the Prospectus will be posted today to Shareholders and also made available in electronic form on the Company's website at www.goldenport.biz.

Captain Paris Dragnis, Founder and Chief Executive Officer of the Company commented:

"Consistent with our strategy of prudent and properly timed growth, we seek to take advantage of the gradual global economic recovery and the improving fundamentals of the shipping industry. Our objective is to reinforce our Company's ability to continue pursuing accretive acquisitions.

"Our Company has a visible track record of value creation taking advantage of market opportunities. Since our IPO in April 2006, we have transformed our fleet from 17 vessels, 8 container and 9 dry bulk carriers, to 25 vessels, 11 containers and 14 dry bulk carriers, with a much younger age profile and a significant increase in capacity. We achieved this without sacrificing the health of our balance sheet and we maintained a regular dividend rewarding our shareholders even during the most difficult periods.

"Today, Goldenport comprises a large and modern fleet balanced between the container and dry bulk markets providing us with operational flexibility and stability. We enjoy significant cash flow visibility with upside potential, given that as of June 18, 2010, 89% of the combined available fleet days for 2010 and 63% for 2011 are fixed under time charter agreements with reputable counterparties. Finally, Goldenport is in a strong financial condition with adequate access to bank financing.

"Management maintains a significant shareholding in Goldenport, thereby aligning our interest with all other shareholders. Furthermore, we have agreed to take up the majority of our pro-rata entitlement under the Open Offer, thereby tangibly demonstrating our continued support of our Company and our belief in its prospects."

For further information, please contact:

Goldenport Holdings Inc.:

Christos Varsos, Chief Financial Officer, +30 210 8910 500

---Globus Maritime Limited, a global shipping transportation company that owns and operates dry bulk carriers, announces that in line with its fleet renewal program it has agreed to purchase for USD 41,112,000 from an unaffiliated third party a 79,800 DWT Kamsarmax Bulk Carrier built in 2010 at an established Chinese yard.

The vessel is expected to be delivered to the company by the end of June 2010. Upon her delivery to the company she will fly the flag of Panama, and continue her deployment under a bareboat charter for a period of 5 years to a Far Eastern shipping entity.

On completion of this acquisition, Globus' fleet will comprise a total of five modern dry bulk carriers with a total carrying capacity of 319,952 DWT and a weighted average age of just 3.4 years, well below the industry average.

Mr George Karageorgiou CEO of Globus Maritime said that "Consistent with our strategy to own modern assets and seek accretive acquisitions at the proper time, we have today agreed to add a new Kamsarmax vessel to our fleet. This acquisition is expected to significantly enhance our revenue and earnings capacity, while further decreasing the weighted average age of our fleet."

- Continues fleet expansion and extends newbuilding program

- Secures right of first refusal for three newbuildings

PIRAEUS, Greece, June 25, 2010 /PRNewswire via COMTEX/ --NewLead Holdings Ltd. (Nasdaq: NEWL) ("NewLead" or the "Company") today announced it has signed a Letter of Intent for the dropdown of five dry bulk vessels, including two newbuildings, and the right of first refusal for three newbuildings from Grandunion Inc. ("Grandunion"). The transaction is expected to be concluded in the third quarter of 2010.

Total consideration for the dropdown of the five vessels is approximately $148 million, which includes assumed debt and shipyard financing. NewLead also secured the right of first refusal for three 81,000 dwt Kamsarmaxes, being constructed at a first-class shipyard in Korea, scheduled for delivery in 2013 with long-term charters attached. As a result of this transaction, NewLead's fleet, including newbuildings, will consist of 24 vessels-nine product tankers and 15 dry bulk carriers.

Michael Zolotas, President and Chief Executive Officer stated, "NewLead continues to expand its fleet in line with its growth strategy. Since NewLead's recapitalization during the fourth quarter of 2009, the Company acquired 17 vessels, including five newbuildings, while divesting inefficient non-core vessels and exiting the container sector. By expanding and diversifying the fleet, NewLead has positioned itself to capture opportunities in the two segments in which it operates. We will continue to pursue our fleet growth strategy as we build the Company's competitive position."