Ship Sales & Purchase
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2017-08-22 11:02:51

Daewoo Shipbuilding & Marine Engineering announced through a regulatory filing on August 18 that it decided on the price of four Very Large Crude Carriers (VLCCs) awarded from a European shipowner last month.

The four newbuildings were deferred at the time of signing on July 13 but it was released recently that the shipbuilder finally announced the contact price, KRW 373.8bn. As of exchange rate on July 13 (1USD = KRW 1,145.6), the value is $326.29m, or $81.57m apiece. The VLCC quartet will be delivered by August 20, 2019.

It is observed that the price has decreased from about $83m for VLCC that the shipyard won in early April this year.

Daewoo scored three 318,000dwt VLCCs and four same-sized units from Maran Tankers Management in April and July, respectively.

The seven VLCC series will be built to the same specifications, expected to improve productivity of the Geoje-based shipyard.

2017-08-21 11:17:34

Bermuda-based tanker operator Team Tankers International has finalized the sale of two of its vessels and chartered one to replace the capacity.

During the second quarter of 2017, the company agreed to sell the 8,674 dwt Tour Margaux, part stainless and part epoxy coated ship. The transaction closed and the 1993-built ship was delivered to the buyer in July.

Subsequent to the quarter, the company sold the 2007-built Sichem Dubai, which features 12,888 dwt, immediately prior to its upcoming special survey. To replace the capacity, the company time chartered the 12,959 dwt Leon M for less than 12 months in July.

Team Tankers unveiled the changes in its fleet as part of the second quarter of 2017 financial report, in which it revealed a net loss of USD 7.1 million in the quarter, compared with a net loss of USD 6.6 million seen in the first quarter of the year.

The average time charter equivalent rate for the fleet was USD 10,258 per day this quarter, compared with USD 10,665 per day in the previous three-month period. Total freight revenue stood at USD 60.6 million in the quarter ended June 30, against USD 63.4 million seen in the first quarter of the year.

“The company has not seen any meaningful and sustained improvement in freight rates since the downturn in the chemical tanker market began in the second quarter of 2016,” Hans Feringa, President & Chief Executive Officer of Team Tankers, said.

Furthermore, under a program that began in August, the company said it is authorized to repurchase up to USD 10 million in TEAM shares. In the second quarter of 2017, it repurchased 10,000 outstanding shares of its stock at an average price of NOK 10.00 per share.

In August, Team tankers repurchased 2,816,777 outstanding shares of its stock at an average price of NOK 11.00 per share.

On August 17, the Board of Directors authorized the company to extend its share repurchase program with a new authority to buy up to USD 15 million and no more than 15,000,000 shares. The program period runs from August 19, 2017 and ends on August 18, 2018.

2017-08-21 11:14:49

Olso-listed bulker owner Songa Bulk ASA has entered into an agreement to acquire a Kamsarmax bulk carrier built in 2011 at Sanoyas in Japan.

The 83, 494-DWT vessel will be delivered during the fourth quarter of 2017, the company said.

The shipowner plans to establish a wholly owned subsidiary to take delivery of the vessel.

The latest purchase brings Songa Bulk’s total fleet to 13 vessels, which have cost USD 236.4 million so far.

These include 2 Capesizes, 8 Kamsarmaxes and 3 Supramaxes.

Earlier this week, Songa completed a tap issue of USD 45 million in its Senior Secured Callable Bond Issue, the net proceeds of which have been earmarked for the financing of additional bulker acquisitions.

The total nominal amount outstanding in the bond following the tap issue will be USD 120 million.

“The additional USD 45 million from the tap issue will let us continue to grow the fleet in line with our strategy. We still find the risk reward ratio attractive in the dry bulk space and we expect to add additional vessels to our fleet shortly,” Arne Blystad, Chairman of the Board of Directors of Songa, said commenting on the tap issue.

2017-08-21 11:11:28

Norwegian ferry operator Fjord Line has inked a shipbuilding contract with the Australian shipbuilder Austal Ships for a new catamaran ferry.

The newbuild is intended to be put into service on Fjord Line’s route between Kristiansand (Norway) to Hirtshals (Denmark) from the season of 2020, amid three years of solid growth on the route.

“The new catamaran will be the most relaxing and comfortable mode of travel, as well as being the fastest route between Norway and Denmark. With a top speed of 40 knots, the travel time will still be 2 hours and 15 minutes,” says Rickard Ternblom, CEO of Fjord Line AS.

“Furthermore, the investment will make Fjord Line into a new operator within the freight segment on this corridor.”

The new vessel will have a passenger capacity of 1,200 and be able to carry more than 400 passenger vehicles – both representing doubled capacity from today, the company said.

Fjord Line added it would keep investing in today’s catamaran, HSC Fjord Cat, towards the summer season 2020.

“We are continuously working on developing all our products and offerings from Bergen, Stavanger, Kristiansand, Langesund, and Sandefjord. That also means upgrades on today’s ships,” Ternblom commented.

Based on the company’s data, from 2014 to 2016, Fjord Line grew with 26,000 passengers and 7,400 cars on the route between Kristiansand and Hirtshals. In 2016, the shipping company transported 213,000 passengers on the route, divided into 576 sailings.

2017-08-18 13:07:32

Yangzijiang Shipbuilding (Holdings) Group (YZJ), one of the largest privately-owned shipbuilders in China, turns out to have won one Kamsarmax bulker from a European operator.

According to industrial sources and market reports, YZJ has recently won one 82,000 dwt bulker from a European shipowner.

The vessel is slated for delivery in 2019 and seems to be built for SwissMarine, a Swiss bulker operator.

Meanwhile, YZJ is also said to have recently won four 82K bulkers from Evalend Shipping of Greece. The value of each vessel is estimated at worth $24m and the four bulkers are slated for delivery in 2019.

2017-08-17 11:32:06

Miami-based cruise company Royal Caribbean International has marked the official start of construction of its new Quantum Ultra-class ship by cutting the first piece of steel at the Meyer Werft shipyard in Papenburg, Germany.

As disclosed, the newbuilding will be named Spectrum of the Seas.

Set to debut in 2019, Spectrum will be the next evolution of the cruise line’s Quantum class of ships placing the ship in a new class of its own. The Quantum Ultra ship will specifically be designed for Chinese market and the Asia-Pacific region, Royal Caribbean said.

“Today is a very special day in the development of our new Quantum Ultra ship, Spectrum of the Seas. We are now one step closer to delighting our guests in Asia Pacific with this remarkable ship,” Michael Bayley, President and CEO, Royal Caribbean International, commented.

The cruise line sails 24 cruise ships to destinations in Bermuda and the Caribbean, Europe, Canada and New England, Alaska, South America, Asia, and Australia and New Zealand.

2017-08-17 11:28:37

Hamburg-based shipping company United Product Tankers (UPT) informed that its UPT Handy Pool Fleet has been expanded with two tankers.

Namely, Sea World Management from Monaco has added two Handysize vessels to the UPT-managed fleet.

The MR1 ships in question are the 36,000 dwt Aston I and the 40,050 dwt Duke I.

The Monaco-flagged Aston I was built at South Korean Daedong shipyard in 2001 and the Panama-flagged Duke I at Hyundai Mipo Dockyard in 2002.

As explained, Aston I is joining the UPT Pool within August, while Duke I will start trading in the company’s fleet after the completion of its present employment.

The fleet entrusted to UPT comprises double hull product tankers between 33,000 and 75,000 dwt.

2017-08-16 11:27:11

Dae Sun Shipbuilding & Engineering of Korea has won an order to build a total of six 1,011 teu containerships from Hong Kong-listed STIC.

SITC International Holdings said in a regulatory filing on August 14 that it ordered 1,011 teu class gearless containerships which are expected to be delivered by April 2019. The newbuilding price is said to be around $17m apiece.

“The exercise of the options and the entering into of the new shipbuilding contracts is to expand the self-owned fleet of container vessels of the group to meet the group’s operational requirements,” SITC said in a regulatory filing.

With the latest contract, SITC has a total of six feeder containerships on order at Dae Sun.

Earlier in May, SITC ordered 2+2 1,011teu containerships through a ship-owning subsidiary and two of these optional ships were exercised, while another two ships are additional orders this time around.

The first two vessels are slated for completion in 2018.

2017-08-16 11:23:47

Mednav, an Italian shipping company recently denied that it ordered two MR tankers at China State Shipbuilding Corporation (CSSC).

According to foreign media and industry, the company announced that it never ordered two MR tankers at CSSC Offshore & Marine Engineering.

Previously local industry and brokers saw that “as the first newbuilding order in about 10 years, Mednav ordered two 45,000dwt MR tankers at CSSC OME. They will be delivered by H2 2019.” The price is known to be $34m for each.

However, Mednav announced that the news is ‘baseless.’ On the other hand, the plan for new MR tanker is still known to be valid, and the plan seems to be aiming for renewal of the company’s fleet.

2017-08-16 10:40:47

SITC Shipowning, a subsidiary of SITC International Holdings, has placed an order for four more containerships at South Korea’s shipbuilder Dae Sun.

The company informed that it decided to exercise options for the construction of two container vessels, which were a part of an earlier placed vessel order. Additionally, SITC entered into new shipbuilding contracts to construct two more boxships.

SITC is paying a total of USD 68 million for the construction of the four vessels, which would be 1,011 TEU class gearless containerships, totaling some 12,200 dwt.

In May 2017 SITC ordered two container vessels for a price of USD 34 million.

The company informed that the first vessel from the batch is expected to be delivered by late February 2019, while the second containership is set to join the fleet by the end of April 2019.

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