Ship Sales & Purchase
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2018-02-23 13:02:07

Japanese shipping company Mitsui O.S.K Lines (MOL) has placed an order for three 56,000 dwt bulk carriers with compatriot Oshima Shipbuilding, according to Asiasis.

The three bulker newbuildings are said to be scheduled to join MOL’s fleet in 2021.

MOL is reportedly paying USD 24 million per ship.

The shipping major already has 70 bulkers in its diversified fleet, totaling in 8.04 million dwt, data from VesselsValue shows.

The order is being reported in the wake of a major recovery of the dry bulk sector which is expected to continue in the next couple of years amid restoring of balance between supply and demand.

For the nine-month period from April to December 2017, MOL reported 14.6 percent higher revenue year-on-year and 53.6 percent higher profit year-on-year, standing at JPY 29.2 billion.

The better financial performance was mainly driven by the group’s containership business which reported 26.8 pct higher revenue year-on-year and its dry bulk shipping unit which reported 19.8 pct higher profit year-on-year.

2018-02-23 11:36:58

Owner and operator of dry bulkers GoodBulk has added two more Capesize ships, which were earlier acquired from funds managed by CarVal Investors.

The company took delivery of the 2010-built Aquataine on February 20, 2018. The ship is the fifth to deliver of the seven initial Capesizes acquired from CarVal in late October 2017.

Built by Japan’s Imabari Shipbuilding, the 181,725 dwt vessel is on an index-linked charter with estimated redelivery date in the second quarter of 2018.

A day later, on February 21, GoodBulk took delivery of the 2006-built Aquascope, which is expected to be employed in the spot market via the Capesize Revenue Sharing Agreement managed by C Transport Maritime SAM (CTM).

The 174,008 dwt ship, which was built by China’s Shanghai Waigaoqiao Shipbuilding, is the fifth to deliver of six option Capesize vessels purchased from CarVal in late December 2017.

The ships were financed with a combination of cash on hand, availability under existing credit facilities, as well as the issuance of 1,378,000 and 831,008 new common shares, respectively, to funds managed by CarVal.

Upon delivery of the Aquataine and the Aquascope and the sale of the Aquabeauty (announced in the Company’s press release dated January 31, 2018), GoodBulk will have a fleet of 18 Capesize vessels, 1 Panamax vessel, and 2 Supramax vessels on the water, with an additional 3 Capesize vessels expected to be delivered within the beginning of the 2nd quarter of 2018.



2018-02-23 11:28:41

South Korea’s Cido Shipping Group has emerged as the seller of ten container ships to Norwegian MPC Container Ships in November 2017, law firm Watson Farley & Williams (WFW) informed.

Under the deal, Oslo-based boxship owner acquired Cido Shipping’s entire container ship fleet for USD 130 million.

Following the signing of the sale and purchase agreements in late 2017, the majority of the feeder vessels have been delivered to MPCC.

Since its foundation in 2017, MPCC raised USD 425 million in equity and USD 200 million via a bond issuance for its fleet expansion.

MPC Container Ships owns a total of 44 vessels. Earlier in February, the company reached an agreement to buy a further 14 feeder container ships, a boost which will bring its fleet to 58 units.

The owner is paying a total of USD 139.5 million for the latest acquisition, which includes vessels ranging from 1,300 TEU to 2,800 TEU.



2018-02-22 16:16:01

Norwegian containership owner MPC Container Ships has reached an agreement to acquired a fleet of 14 feeder container vessels.

The company said that it is paying a total of USD 139.5 million for the batch, which includes vessels ranging from 1,300 TEU to 2,800 TEU.

Following the expected takeover of the vessels in the course of the first quarter of 2018, MPC Container Ships’ fleet will consist of 58 vessels.

The company added that the committed purchase price will be settled in cash from its existing funds. Furthermore, MPC Container Ships plans to establish wholly-owned subsidiaries to take over the ships.

The latest acquisition deal comes on the back of a tap issue of USD 100 million in senior secured bonds, which the company completed on February 2 through its fully owned subsidiary MPC Container Ships Invest B.V.

Only days later, MPC Container Ships wrapped up its private placement, raising gross proceeds of around USD 75 million. At the time, the company informed that it was in the final stages of acquiring a number of feeder container ships.


2018-02-22 15:26:30

KNOT Offshore Partners has, through its subsidiary KNOT Shuttle Tankers AS, entered into a deal with its sponsor Knutsen NYK, a joint venture company of Nippon Yusen Kaisha and TS Shipping Invest AS, to acquire the shuttle tanker named Anna Knutsen.

The partnership expects the acquisition to close by March 1, 2018, subject to customary closing conditions.

The 2017-built vessel was bought for USD 120 million. The tanker is operating in Brazil under a time charter with Galp Sinopec Brazil Services B.V., which will expire in the second quarter of 2022.

The purchase follows the acquisition deal with Knutsen NYK of the entity that owns Brasil Knutsen.

The acquisition was agreed in December and amounted to USD 96 million.

The Brasil Knutsen is also operating in Brazil under a time charter with Sinopec until 2022. The charterer has options to extend the charter for two three-year periods for both ships.

Pursuant to the omnibus agreement with Knutsen NYK, the company has the option to buy shuttle tankers from the Knutsen NYK fleet that get chartered on five years or more.

In line with the deal, the company bought newbuilds Carmen Knutsen, Hilda Knutsen, Torill Knutsen, Dan Cisne, Dan Sabia, Ingrid Knutsen, Raquel Knutsen, Tordis Knutsen and Vigdis Knutsen.

The company added that there could be no assurances it would acquire any further ships from NYK Knutsen.

Separately, on January 30, 2018, the partnership’s subsidiary, KNOT Shuttle Tankers 15 AS, which owns the vessel Torill Knutsen, closed a USD 100 million loan with a consortium of banks.

The loan is repayable in 24 consecutive quarterly installments with a balloon payment of USD 60 million due in 2024. The facility will be used to refinance a USD 73.1 million loan for the Torill Knutsen which was due to be paid in full in November 2018.

For the fourth quarter of 2017 KNOT Offshore Partners reported revenues of USD 61.6 million, operating income of USD 25 million and net income of USD 18.6 million.

The company expects its earnings for the first quarter of 2018 to be higher than in the previous quarter, as there is no scheduled offhire for any vessel in the fleet.

In addition, the company forecasts to receive full quarterly earnings from Brasil Knutsen and approximately one month of earnings from the Anna Knutsen.

As of December 31, 2017, the partnership’s fleet of fifteen vessels had an average remaining fixed contract duration of 4.2 years.

“The board believes that demand for newbuild offshore shuttle tankers will continue to be driven over time based on the requirement to replace older tonnage in the North Sea and Brazil and further expansion into deep water offshore oil production areas such as in pre-salt Brazil and the Barents Sea. The board further believes that there will be and is significant growth in demand for new shuttle tankers as the availability of existing vessels has reduced and modern operational demands have increased. Consequently, there should be opportunities to further grow the partnership,” the company said in its outlook.

2018-02-13 13:04:03

Samsung Heavy Industries Co., a major South Korean shipbuilder, said Monday that its client has canceled an order for a US$702 million drill ship.

The shipbuilder said it will not return an initial upfront payment of $76.6 million to Ocean Rig UDW Inc. as the offshore drilling contractor was to blame for the cancellation of the 2014 order.

Samsung Heavy said it has not started the construction of the ship.

2018-02-13 12:55:29

Danish shipping and logistics company DFDS has ordered two combined freight and passenger vessels (RoPax) for its Baltic routes.

The ships, intended for DFDS’ six ferry routes, will be built by Guangzhou Shipyard International (GSI) at its Nansha Yard in China.

Expected to be delivered in Q1 and Q3 2021, the two newbuilds will each carry 4,500 lane meters of freight and passenger vehicles as well as 600 passengers.

The company said it will pay DKK 1.8 billion (around USD 296 million) for the two ships during the period from ordering to delivery in 2021.

“This investment reflects our commitment to and belief in a continued strong development in the Baltic region. The new ships will enable us to improve service levels for all our customers and improve the efficiency of the route network, also environmentally,” Niels Smedegaard, CEO of DFDS, commented.

Both ships are planned to be deployed on one of the routes connecting Lithuania with either Sweden or Germany. The deployment in 2021 is planned to be a catalyst for a reallocation of ships in the Baltic route network ultimately increasing the network’s total freight capacity by around 30%, according to the company.

As explained, the ships are built to the newest environmental standard offering low consumption and emissions. Scrubbers will also be installed on the ships.

The company added that around 10% is paid in connection with the ordering of the ships while more than half of the payment is due on delivery. DFDS’ investment outlook for 2018 is increased to DKK 1.3 billion from previously DKK 1.1 billion following the new order.

2017 was a record-setting year for DFDS which reported 4 percent higher revenue and 8 percent rise in full-year profit before tax which stood at DKK 1.7 billion.


2018-02-13 12:53:12

Swiss-based Mediterranean Shipping Group and Italy’s Onorato Shipping Group (Moby Lines) have signed a contract with China State Shipbuilding Corporation (CSSC) on the construction of up to eight luxury Ropax ships.

The deal includes four firm ships plus two more options for two additional ships (4+2+2).

The ships will be built by Guangzhou Shipyard International (GSI) and China Shipbuilding Trading Co. (CSTC), which are part of CSSC.

The LNG-ready roll-on/roll-off passenger cruise ferries feature 229.50 meters in length, 3,765 lane meters, 32 meters in width and will have 534 cabins for up to 2,500 people.

The first and third ships from the batch are set to be delivered to MSC’s Italian subsidiary Grandi Navi Veloci, which is engaged in ferry business, while Onorato Shipping will take delivery of the remaining two. The vessels will be able to reach a speed of about 23.5 knots and have been classified by RINA.

The first vessel will come into service in 2020.

“With this signature, we have taken another important step towards the creation of a ROPAX class of ships, something inconceivable until a short time ago, something that is avant-garde and projected towards the future. These two new vessels will not only be the biggest RO-PAX ever built but will also have comfort and technology that will be difficult to copy and we are sure that they will represent the benchmark for the entire sector,” Achille Onorato of Onorato Armatori said.

The contract was signed on February 11 in Beijing, China.


2018-02-12 14:36:24

Norwegian shipowner Ocean Yield has agreed to acquire four very large crude carriers (VLCCs) with 15-year bareboat charters.

All four vessels are chartered to companies owned and guaranteed by Okeanis Marine Holdings, and sub-chartered to the shipping arm of a large industrial conglomerate for a period of 5 years.

The company said that the gross purchase price is USD 83.75 million per VLCC and the net cash purchase price is USD 74.25 million after a seller’s credit of USD 9.50 million.

“The investment is done at historically low asset values and will increase our EBITDA charter backlog by about 16% to USD 3.4 billion as per today,” Lars Solbakken, Ocean Yield’s Chief Executive Officer, said.

The ships are scheduled for delivery by South Korean yard, Hyundai Heavy Industries, in Q2-Q3 2019. Okeanis Marine Holdings will have certain options to acquire the VLCCs during the charter period, with the first purchase option exercisable after seven years.


2018-02-11 15:26:31

South Korean shipbuilder Samsung Heavy Industries (SHI), one of the country’s Big Three shipbuilders, has secured an order for eight 12,000 TEU containerships.

The order is worth KRW 817.9 billion (USD 752.72 million), SHI said in a regulatory filing today.

As informed, the ships are set for delivery by May 31, 2021. The Neo-Panamax vessels feature 334 meters in length and 48.4 meters in breadth.

It has been confirmed that Evergreen Marine is behind the order.

The order comes on the back of Evergreen’s announcement from January that it plans to order up to 20 containerships, including eight 11,000 TEU boxships.

Five shipbuilders were in the run for the contract, those being Taiwanese CSBC Corporation, Japanese Imabari Shipbuilding and Japan Marine United Corporation, along with their South Korean rivals Samsung Heavy Industries and Hyundai Heavy Industries.

SHI believes the growth in seaborne trade and environmental regulations would lead to more commercial vessel newbuilding orders, helping it achieve USD 8 billion worth orderbook in 2018.

For the time being, the shipbuilder’s total order intake for 2018 stands at KRW 1 trillion, including another recent order for an LNG carrier worth KRW 210 billion.

The financially-troubled shipbuilder started the year with yet another workforce reduction measure aimed at cutting costs and boosting the company’s liquidity. Namely, 30 percent of SHI’s executives have been dismissed, resulting in the reduction of its board staff to 50 members, down from 72.

The company has also reorganized further its business divisions, shrinking the number from 89 to 67 departments.

In addition, the shipbuilder is moving forward with its rights issuing plan worth KRW 1.56 trillion (USD 1.47 billion). The rights offering target has been raised from previous KRW 1.5 trillion and the issuance is set to take place in April 2018.


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