Authorities View Oleg Naydenov Wreck

By MarEx 2015-04-23 17:51:50 Around 120 kilos of fuel has been removed from the Spanish Gran Canaria tourist beaches Veneguera, Tasarte and Taurito, the government said on Thursday, after a Russian fuel-laden ship sank off the coast earlier this month. The situation on the beaches would worsen over the next few days, the environmentalist group…


MARAD Administrator Jaenichen Discusses Key Maritime Issues

By MarEx 2015-04-23 14:02:58 Maritime TVis pleased to present another program in the “Ask the Administrator” seriesof interviews with Maritime Administrator Paul “Chip” Jaenichen on important issues affecting the U.S. maritime industry, pre-recorded at various locations around the country and Washington D.C. This 5th program in the series dealt with a full spectrum of topics…


Navios buys 14 from HSH debtors

Angeliki Frangou’s Navios Group has agreed to acquire seven bulkers and seven container ships from debtors of Germany’s HSH Nordbank.
This is the second major transaction involving Navios’ acquisition of vessels previously owned by distressed borrowers that were bundled together by HSH. In 2013, a

Perpetual preferred offerings continue

NYSE-listed Tsakos Energy Navigation has priced the shipping industry’s third perpetual preferred equity offering of the month.
The Nikolas Tsakos-led tanker company is selling 3.4 million preferred shares at USD25/share with a dividend rate of 8.75%. The Tsakos family trust is purchasing 200,000

Weak marine market hits Wartsila

An expected weakness in its Ship Power business area has hurt the 1Q15 result of Wartsila, the Finnish engineering group, although the company retained guidance regarding its full year performance unchanged.
Group net profit fell to EUR64 million (USD70 million) in 1Q15 from EUR70 million in the