Navios Partners Sees Red Ink Eyes USD 400 Mn Loan

first_imgzoom Greek owner and operator of container and dry bulk vessels Navios Maritime Partners has plunged into red as it reported a net loss of USD 52.5 million of the year ended December 31, 2016, compared to a net income of USD 41.8 million seen in the previous year.The result was negatively affected by USD 27.2 million of impairment loss on the sale of the 13,100 TEU containership MSC Cristina, sold for USD 125 million, and the 52,073 dwt Navios Apollon, sold for a total net sale price of USD 4.8 million.The company’s time charter and voyage revenues stood at USD 190.5 million in 2016, down from USD 223.6 million reported a year earlier, mainly attributable to the decrease in Time Charter Equivalent (TCE) to USD 16,364 per day from USD 19,739 per day reported in 2015.Despite the drop in numbers, Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, said: “I am pleased with the results for 2016, a year of many challenges.”“We actively managed our liquidity in 2016, generating about USD 151 million from the sale of vessels and securities. We also reduced long-term debt by almost USD 178 million and increased the collateral value of the Term Loan B by about USD 100 million. Overall, we are positioned to take advantage of a recovery in the dry sector,” Frangou added.For the fourth quarter, Navios Partners reported a net loss of USD 2 million, negatively affected by an impairment loss for the Navios Apollon, against a net income of USD 7.8 million seen in the same quarter in 2015. The company’s time charter and voyage revenues for the respective periods fell to USD 49.6 million from USD 53.3 million.The decrease in revenues was mainly due to a drop in TCE to USD 16,954 per day for the three month period from USD 18,223 per day seen in 2015, driven by a decline in the freight market during the year.Navios Partners has currently contracted out 72.6% of its available days for 2017, 38.2% for 2018 and 20.1% for 2019, including index-linked charters, respectively, expecting to generate revenues of approximately USD 111.9 million, USD 82.4 million and USD 54.7 million, respectively.The average expected daily charter-out rate for the fleet is USD 19,240, USD 26,690 and USD 24,972 for 2017, 2018 and 2019, according to the company.In a separate announcement, Navios Partners said that it intends to launch syndication of a USD 400 million term loan B, subject to market conditions. The company intends to use the net proceeds from loan to refinance the existing term loan B and to pay related fees and expenses.last_img read more

Not in race to pick stake in Coffee Day Enterprises ITC

first_imgNew Delhi: Diversified group ITC on Wednesday denied that it was in the race to acquire Coffee Day Enterprises though it was approached for a deal. A report had said the Kolkata-based group having presence in cigarettes to hospitality and IT, is considering a bid to buy stake in the Coffee Day Enterprises that runs Cafe Coffee Day chain. When contacted, an ITC spokesperson said, “ITC receives enquiries from market participants on an ongoing basis which are suitably evaluated. One such enquiry was received from an intermediary on Cafe Coffee Day. However, no progress was made on the matter.” Also Read – Thermal coal import may surpass 200 MT this fiscalDebt-laden Coffee Day Enterprises, whose promoter and former chairman and managing director V G Siddhartha had committed suicide in July, has also been linked with Coca Cola as the company seeks to reduce its liabilities. The Coffee Day Group had said it has a total debt of Rs 4,970 crore and it was looking at divesting assets to reduce it. Last week, the company had announced sale of its Global Village Tech Park in Bengaluru to Blackstone for up to Rs 3,000 crore to cut its debt. “On receipt of the consideration for the sale of Global Village after payment of required statutory payments, the debt position of Coffee Day Group will reduce around by Rs 2,400 crore,” it had said.last_img read more

Fire at Gulshan1 kitchen market

first_imgFire. A Prothom Alo IllustrationA fire broke out at a kitchen market near the DNCC Market in Gulshan- 1 of Dhaka early Saturday.Twenty units of the fire service and civil defence were working to douse the blaze that broke out around 5:30am, fire service officials said.A team of Navy also joined the effort to douse the blaze.However, no causalities have been reported so far.Fire service officials said 11 of their units started working to control the fire.The fire erupted from a hotel inside the market, said fire service deputy director Debashis Bardhan around 6:45am.Earlier on 3 January 2017, another fire broke out at the market at the crack of dawn. Many shops were gutted in the fire. The market was then opened in a makeshift basis.Local people alleged, the market authorities did not take enough measures to curb such accidents after the 2017fire.Witnesses, however, said the fire service men reached spot within two minutes of today’s fire.In another fire in the city’s Banani area on Thursday, at least 25 people were killed and over 70 others injured.last_img read more

Ketamine The Future of PTSD Treatment

first_imgCARSON FRAME / TPR NEWSDr. John Krystal, Chair of the Department of Psychiatry at Yale University School of Medicine, presents his findings on ketamine. Krystal hypothesizes that ketamine could offer rapid relief to veterans and military members suffering from PTSD.Post-Traumatic Stress Disorder (PTSD) has a reputation for being difficult to treat, especially in active duty military and veteran populations. That may soon change,  according to research findings shared Wednesday at the 2017 San Antonio Combat PTSD Conference. There are two medications approved by the Food and Drug Administration to treat PTSD: Zoloft and Paxil. Both are part of a class of antidepressants known as selective serotonin reuptake inhibitors. They’re only modestly effective and take about 10 weeks to set in. Outcomes have been poor in military and vet populations, particularly in people with chronic, multi-trauma PTSD. A new kind of treatment is gaining traction. It’s ketamine,  a medication mainly used to start and maintain anesthesia. On Wednesday a group of leading researchers gathered at the San Antonio Combat PTSD Conference, presented by STRONG STAR and the Consortium to Alleviate PTSD, two programs of UT Health San Antonio.Dr. John Krystal, Chair of the Psychiatry Department at Yale University, studies ketamine’s effects on the brain.  In his keynote address, Krystal said that ketamine works fast to relieve symptoms of depression in trials, with some patients showing a complete turnaround after just one intravenous dose.“This idea of people with chronic, treatment resistant depression–multiple treatments: psychotherapies, medications, electroconvulsive therapies–responding to a single dose of ketamine has been one of the most remarkable things that I’ve ever seen in my career.”Not all depression sufferers experience complete remission with ketamine, but the results are promising. Krystal explained that the patients usually see a 50 to 75 percent reduction in their symptoms. That change normally amounts to about 10 percent when patients add a traditional medication to treat their depression.According to Dr. Krystal, ketamine’s speedy onset may make it useful to PTSD sufferers.“For not only inducing a rapid improvement in PTSD symptoms, but perhaps rapid improvement in symptoms that are of urgent importance for some veterans and military personnel, such as suicidal ideation.”Researchers know that stress from PTSD can cause certain connections in the brain to break down. Krystal refers to this phenomenon as a ‘loss of synaptic connectivity.’ When that occurs, mental faculties like memory, planning ability and emotional control are affected. Ketamine seems to help restore those connections, though there are still a lot of unknowns.The Consortium to Alleviate PTSD is conducting a 4-week study on the drug in San Antonio. It will involve nearly 200 military personnel and veterans and test different ways of dosing ketamine. It will also measure how long the benefits of the drug last.    Sharelast_img read more

Bats found to produce longer and more intense calls when crowded by

first_img Journal information: Proceedings of the Royal Society B Study in bats and rodents offers insights on how viruses spread across species Explore further Big eared townsend bat (Corynorhinus townsendii) Credit: Public Domain This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. More information: Eran Amichai et al. Calling louder and longer: how bats use biosonar under severe acoustic interference from other bats, Proceedings of the Royal Society B: Biological Sciences (2015). DOI: 10.1098/rspb.2015.2064AbstractActive-sensing systems such as echolocation provide animals with distinct advantages in dark environments. For social animals, however, like many bat species, active sensing can present problems as well: when many individuals emit bio-sonar calls simultaneously, detecting and recognizing the faint echoes generated by one’s own calls amid the general cacophony of the group becomes challenging. This problem is often termed ‘jamming’ and bats have been hypothesized to solve it by shifting the spectral content of their calls to decrease the overlap with the jamming signals. We tested bats’ response in situations of extreme interference, mimicking a high density of bats. We played-back bat echolocation calls from multiple speakers, to jam flying Pipistrellus kuhlii bats, simulating a naturally occurring situation of many bats flying in proximity. We examined behavioural and echolocation parameters during search phase and target approach. Under severe interference, bats emitted calls of higher intensity and longer duration, and called more often. Slight spectral shifts were observed but they did not decrease the spectral overlap with jamming signals. We also found that pre-existing inter-individual spectral differences could allow self-call recognition. Results suggest that the bats’ response aimed to increase the signal-to-noise ratio and not to avoid spectral overlap.center_img (Phys.org)—A trio of researchers with Tel-Aviv University has found that bats produce calls that are longer and more intense when among a crowd of others of their own kind as a means to hear themselves among the din. In their paper published in the journal Proceedings of the Royal Society B, Eran Amichai, Gaddi Blumrosen and Yossi Yovel describe lab experiments they conducted with trained bats to learn more about how bats contend with noise from surrounding bats. © 2015 Phys.org Citation: Bats found to produce longer and more intense calls when crowded by other bats (2015, December 24) retrieved 18 August 2019 from https://phys.org/news/2015-12-longer-intense-crowded.html Bats famously use echo-location to avoid colliding with objects while flying and to zero in on moving prey such as insects, but how do they recognize their own echoed pings when traveling or hunting with a large group of other bats, all of whom are sending out pings of their own, creating a lot of competing noise? That is what the researchers with this new effort sought to learn. Some have suggested that the bats simply change the frequency of their tone, so that it can be differentiated from other bats, but no one had ever tested this theory.To learn more, the researchers trained several bats to land on a roost on command, and then set up speakers connected to a bat-sound emitting source next to the roost to mimic different numbers of bats in the area. They then listened in as the test bats changed their tones in response to the noise levels they encountered. The researchers found that the bats tended to increase the duration of the calls they made and to make them more intense when there were many competing tones from other bats, which the team termed severe interference. And contrary to conventional theory, they found little evidence of spectral shifts—when they did occur they did not decrease overlap with competing tones. The researchers refer to the noise made by several bats emitting noise at the same time as jamming, because, quite naturally it could lead to problems with individual bats hearing their own tones, which could be problematic during such events as landing—the researchers found that when the bats attempted a landing on a quiet roost, they generally produced short calls to ensure a soft landing. When approaching a noisy roost, on the other hand, they shifted to producing near continuous high intensity calls.last_img read more