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2018-06-15 17:20:36

US-based tanker shipping company International Seaways (INSW) has completed the acquisition of six 300,000 dwt very large crude carriers (VLCCs) from Euronav NV.

The ships have been bought for USD 434 million, inclusive of assumed debt, the company said. The six vessels have an average age of two years and include five 2016-built VLCCs and one 2015-built VLCC, each constructed at Shanghai Waigaoqiao Shipbuilding.

International Seaways financed the acquisition with the assumption of USD 311 million of debt secured by the six vessels under a China Export & Credit Insurance Corporation (Sinosure) facility funded by The Export-Import Bank of China, Bank of China (New York Branch) and Citibank, N.A., and with available liquidity.

“The acquisition of these (…) sister ships underscores our success in executing on our stated strategy of growing and renewing International Seaways’ fleet during a low point of the cycle,” Lois K. Zabrocky, International Seaways’ President and CEO, explained.

“Since completing our spinoff in December 2016, we have grown our fleet 23% on a deadweight ton basis and reduced the fleet’s average age by close to three years (…) Importantly, INSW has maintained our strong balance sheet with net loan to value at our target of 50%,” Zabrocky added.

“Our logo is a lighthouse, a beacon of safety (…) Each of the ships acquired since our formation is named after a lighthouse: Montauk, Hatteras and Raffles. These six ships are expected to be named after lighthouses as well: Seaways Liberty, Seaways Hendricks, Seaways Diamond Head, Seaways Cape Henry, Seaways Triton, and Seaways Tybee,” he informed.

With the completion of the VLCC acquisition, International Seaways owns and operates a fleet of 55 vessels. Through joint ventures, it also has ownership interests in four LNG carriers and two floating storage and offloading service vessels.

2018-06-15 17:19:17

Vietnam's SP-SSA International Terminal (SSIT) in Cai Mep welcomed its first container vessel, the MSC Rosaria, on June 14.

The boxship, owned and operated by MSC Geneva, will make regular port calls at SSIT in the future.

With effect from June, container operations were added to the terminal, complementing SSIT's operations going forward.

SSIT is a joint venture port established in 2006 between two Vietnamese companies, namely Saigon Port and Vinalines, and the US-based SSA Marine.

Since October 2014, the port, which is the largest and busiest bulk port in southern Vietnam, has been handling bulk vessels.


2018-06-15 17:15:27

Japanese shipping company Mitsui O.S.K. Lines (MOL) has announced the delivery of the coal carrier Oi Maru which will serve JERA Trading.

The 91,211 dwt ship was delivered at Imari Shipyard and Works of Namura Shipbuilding on June 14, 2018.

The vessel, which was jointly developed by Namura Shipbuilding and MOL, is a coal carrier with a wide-beam/shallow-draft configuration and a wide range of advanced safety and energy-saving features, according to MOL.

The vessel is so-called “Hekinan MAX” and has a length of 250 meters to maximize transport volume to the discharging port, Chubu Electric Power’s Hekinan Thermal Power Plant in Aichi, Japan.

The 121,604 cbm vessel, which flies the flag of Liberia, has a market value of USD 31.6 million, VesselsValue’s data shows.

“MOL has operated the same type of vessels, Shin Yahagi Maru and Nagara Maru, since 2015 and 2017, respectively and will play a central role in supplying coal to Chubu Electric Power's Hekinan Thermal Power Plant by operating three “Hekinan MAX” coal carriers,” the company said.



2018-06-14 17:31:41

India’s Great Eastern Shipping Company Limited (G E Shipping) has inked an agreement to dispose of its Supramax bulker Jag Ratan.

The 52,179 dwt vessel will be delivered to an undisclosed new buyer in H1 FY 2018-19, according to the company.

Built at South Korean Daedong shipyard in 2001, the ship has a market value of USD 8.12 million, VesselsValue’s data shows.

Back in 2007, the 65,500 cbm Jag Ratan was purchased by G E Shipping from Turkish Kaptanoglu Group.

Last month, G E Shipping expanded its gas carrier fleet as it took delivery of Jag Vayu, a secondhand medium gas carrier.

Including Jag Ratan, company’s current fleet stands at 49 vessels, comprising 34 tankers and 15 dry bulk carriers with an average age of 10.68 years aggregating 3.97 million dwt.  

2018-06-14 17:28:50

Bermuda-based shipping company Nordic American Tankers (NAT) has secured a 3-year time charter (TC) plus options for one of its Suezmax newbuildings.

The time charter contract, expected to commence in the autumn of 2018, was agreed with Norway's company Equinor (formerly Statoil).

The contract has a base rate of USD 21,000 per day, “producing positive cashflow and earnings,” NAT said. The deal includes two optional periods that could extend the TC contract into 2023.

Scheduled for delivery in August 2018, the unit is one of the three vessels under construction at South Korea’s Samsung Heavy Industries.

“Going forward, we sense an upward trend for the tanker industry as there is a clear expectation for improvement,” the company added.

Over the last two weeks, the company disposed of five Suezmax tankers of 20 years or more. These transactions generate a total cashflow of about USD 50 million.

2018-06-14 17:25:05

Danish shipping and logistics company DFDS has ordered one additional RoRo from the Chinese Jinling Shipyard.

The newbuilding is scheduled for delivery in the first half of 2020.

“This freight new building increases our order book to five large freight ferries, which will increase our efficiency and enable us to accommodate projected growth in our route network in northern Europe and the Mediterranean,” Niels Smedegaard, CEO of DFDS, commented.

The newbuilding is similar to the four previously ordered freight ferries and likewise designed to carry 6,700 lane meters of freight equivalent to around 450 trailers. The large capacity decreases unit costs as well as the environmental impact per transported unit, according to the company.

DFDS' fleet renewal programme also includes two combined freight and passenger ferries to be delivered in 2021 for deployment in the Baltic route network.

In addition, one chartered combined freight and passenger ferry will be delivered in 2021 for deployment on The English Channel routes.


2018-06-13 16:43:20

Norwegian shipowner Ocean Yield has agreed to buy four 3,800 TEU container vessels with 12-year bareboat charters.

The company said that the purchase price for the quartet is USD120 million net of pre-paid charter-hire.

The boxships are expected to be delivered to Ocean Yield during the early part of third quarter 2018.

Built in 2014, the units are chartered to companies owned and guaranteed by Belgium's dry bulk transporter CMB NV. CMB will have certain options to acquire the vessels during the charter period, with the first purchase option exercisable after five years.

“We are pleased to increase our investments in container vessels with four modern carriers with long-term charters to CMB. The transaction further diversifies our client base and increases our charter backlog,” Lars Solbakken, Ocean Yield ASA's Chief Executive Officer, said.

2018-06-13 15:53:16

Ocean Network Express (ONE) has taken delivery of ONE Stork, its first magenta-colored newbuilding containership with a carrying capacity of 14,000 TEU.

The ship was delivered at Kure Shipyard of Japan Marine United Corporation. The sublet owner is Nippon Yusen Kaisha (NYK Line).

The 139,500 dwt ONE Stork features a length of 364 meters and a width of 50.6 meters. In addition, it has a market value of USD 94.72 million, VesselsValue’s data shows.

Flying the flag of Japan, the newbuild employs a hull form that allows improved cargo-loading efficiency achieved by minimized engine-room space. Moreover, the vessel applies the duel system in its main engine which is capable to choose two other output ranges (high and low) that allows flexible operation and improved fuel consumption rate, resulting in a significant reduction of carbon dioxide emissions, the company explained.

ONE Stork will phase in THE Alliance’s Asia to North America (East Coast) EC4 service with its port rotation Kaohsiung, Hong Kong, Yantian, Cai Mep, Singapore, New York, Norfolk, Savannah, Charleston, New York, and Singapore.

“ONE is excited to take delivery of first new-building containership with our new corporate colour, magenta. The magenta colour shows our intentional drive to do things differently and explore newness in this market,” Jeremy Nixon, Chief Executive Officer of ONE, commented.

ONE is a joint venture of Japanese shipping companies Kawasaki Kisen Kaisha, Mitsui O.S.K. Lines, and Nippon Yusen Kabushiki Kaisha. It commenced operations in April this year.

2018-06-13 15:44:25

Greek shipowner and operator Navios Maritime Partners expanded its fleet with the 74,475 dwt Panamax vessel, the Navios Altair I.

The 2006-built unit, which was acquired for a price of USD 11 million, was delivered to its new owner on June 7, 2018.

Navios Partners informed that the vessel is chartered out at a net rate of USD 9,844 per day until November 2018.

Based on the existing charter and the current rate environment, the Panamax is expected to generate some USD 2.3 million of EBITDA for the first year, assuming maximum redelivery period from charterers, operating expenses approximating current operating costs and 360 revenue and cost days.

The acquisition of the vessel was financed with cash on the balance sheet and USD 7.15 million bank debt maturing in 2023 and bearing interest at LIBOR plus 300 bps per annum.

Navios Partners controls a fleet of 38 vessels, of which 13 are Capesize vessels, 17 are Panamaxes, three are Ultra-Handymaxes and five are container vessels.



2018-06-12 17:05:06

Belgium-based tanker owner Euronav has sold its 1998-built Suezmax tanker, Cap Jean.

The 146,643 dwt vessel, which was disposed for a price of USD 10.6 million, was delivered to its new owners on June 8.

Euronav informed that it will record a capital gain of around USD 10.6 million in the current quarter.

The sale of Cap Jean is part of the company's fleet rejuvenation program.

Together with the sale Euronav is taking in operation four new Suezmax vessels, of which two have already been delivered, with the remaining two due for delivery from the Hyundai yard in South Korea (HHI) during summer 2018.

Those four vessels will all go under seven-year time charter contracts with an undisclosed refinery player, the company concluded.

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