DHT Holdings, Inc. has entered into an agreement to buy 11 very large crude carriers (VLCCs), including two newbuildings due for delivery in 2018, from BW Group Limited.
BW Group's vessels, which have a total value of US$538m, are scheduled to join their new owner during the second quarter of 2017.
As a result of the acquisition, DHT will have a fleet with an average age of 6.9 years, consisting of 30 VLCCs, including four newbuildings set for delivery in 2018, and two Aframaxes.
"This is a great transaction for DHT and its shareholders. It is projected to be accretive to DHT's earnings and will deliver cost synergies by lowering G&A expenses per ship," said Trygve P. Munthe and Svein Moxnes Harfjeld, DHT's Co-CEOs.
The company said t plans to finance the acquisition by issuing some US$256m of capital stock, consisting of 32 million shares of common stock and 15,700 shares of preferred stock that are mandatorily convertible into 15.7 million shares of common stock subject to DHT shareholder approval.
The implied value of the DHT common stock issued to BW is US$5.37 per share.
DHT will also pay BW Group US$177.36m in cash and assume US$104.16m in remaining obligations with respect to the two newbuildings. The cash requirements associated with the purchase are expected to be financed with bank debt.
Italian shipbuilder Fincantieri held the steel cutting ceremony of the first of three new cruise ships ordered by Virgin Voyages, a part of Virgin Group of companies, at its Sestri Ponente yard in Genoa on March 22.
The newbuildings, which will feature 110,000 gross tons, are expected to join their owner in 2020, 2021 and 2022, respectively.
With a length of 278 meters and a width of 38 meters, the vessels will feature over 1,400 guest cabins and will be able to host more than 2,700 passengers, accompanied by 1,150 crew members.
Fincantieri said that the ships' design will include "some highly innovative ideas and design solutions, notably for energy recovery, reducing the overall environmental impact."
The new vessels, which will be equipped with an energy production system of around 1 MW, are a part of EUR 2 billion-worth ship construction contracts inked between the parties in December 2016.
The order was first announced in June 2015 when Virgin Cruises entered into a binding letter of intent with Fincantieri for the three mid-size ships.
At the time, the company said that PortMiami would be the home port for its first cruise ship that will set sail in 2020.
The Netherlands-based BigRoll Shipping has taken delivery of BigRoll Beaufort, the last of four Module Class carriers, from China-based Cosco Dalian Shipyard.
BigRoll Beaufort will enter a short-term project with Yamgaz, the consortium of Technip, JGC Corporation and Chiyoda for module transportation as part of the Yamal LNG project, according to the firm.
The 20,000 dwt ship features a length of 173 meters and a width of 42 meters.
In combination with a large ballast capacity and deck strength, vessels of this type are designed for marine transportation of major modules and equipment for large energy projects both onshore and offshore.
BigRoll received the first ship from the series, BigRoll Barentsz, in April 2016.
The second ship, BigRoll Bering, was delivered to the company in June 2016 and the third ship, BigRoll Baffin, in November that year.
Illustrative of the soaring prices for bulk tonnage an 11-year-old panamax that was sold at auction last October in India for US$4m has just changed hands again for US$8.5m.
"It's amazing, more than double," one broking source said on news that the 74,000dwt Grand Legend was sold by Jiangsu Steamship. The vessel was originally auctioned to claw back money from the defunct Singapore bulk owning arm of Mercator Lines last October back when it was called Garv Prem.
US-based tanker shipping company International Seaways has committed three of its 2008-built vessels to maritime services provider Navig8's MR Pool.
The vessels in question are Alexandros II, Overseas Kimolos and Overseas Sifnos, each featuring 51,200 dwt and 30,010 gross tons.
The MR takers are scheduled to deliver to the pool in March and April 2017, according to Navig8.
With these ships, the total number of committed International Seaways vessels increased to four with the Overseas Shenandoah trading in the Alpha8 Pool since May 2015.
"We are delighted to announce the arrival of 3 MR vessels from International Seaways to join the current fleet of 11 vessels trading in the Navig8 MR Tanker Pool," Navig8 said.
According to data provided by VesselsValue, International Seaways operates a fleet of 42 tankers with a total size of over 5.3 million dwt.
Norwegian shipowner Ocean Yield ASA has taken delivery of the 19,500teu container vessel MSC Leanne from South Korean shipbuilder Samsung Heavy Industries (SHI).
Following the delivery of the containership giant on March 22, the 196,000dwt vessel commenced a 15-year bareboat charter with Switzerland-based Mediterranean Shipping Company (MSC).
Featuring a length of 399.9 meters and a width of 58.8 meters, MSC Leanne is the last ultra large container vessel (ULCV) in a series of six mega boxships that Ocean Yield owns in a joint venture with Quantum Pacific Shipping, a part of Quantum Pacific Group.
The Norwegian firm reached an agreement to purchase 49.5 percent in the six newbuildings in June 2016 with equity investment in the transaction amounting to a total of US$162m.
COSCO (Dalian) Shipyard, a subsidiary of COSCO Shipyard Group, has delivered Babylon, an oil tanker newbuilding, to a buyer from Singapore.
The 24,200dwt ship was delivered to Heng Tong Fuels and Shipping, according to information provided by VesselsValue.
With a gross tonnage of 20,421, Babylon features a length of 150 meters and a width of 36 meters.
The tanker's market value currently stands at US$19m, according to VesselsValue's data.
VT Halter Marine launched on Monday Crowley Maritime Corp's new Commitment Class ship El Coquí, one of the world's first combination container/Roll on-Roll off (ConRo) ships powered by liquefied natural gas in Pascagoula, Miss.
"We are extremely appreciative of all the work that has been accomplished so far and look forward to the successful delivery of El Coquí later this year and her sister ship, Taíno, in the first half of next year," said Tom Crowley, company Chairman and CEO.
According to Crowley, the ship launch also marks the beginning of a very momentous week for the company's Commitment Class project, as the company is expecting the arrival of three, new gantry cranes at its new terminal pier in San Juan later this week, and two, 1-million liter cryogenic tanks at its LNG bunkering facility being built at the Port of Jacksonville, Fla.
El Coquí will now proceed through the final topside construction and testing phase before beginning service in the U.S. Jones Act trade during the second half of 2017.
El Coquí, like its sister ship Taíno, will be able to transport up to 2,400 twenty-foot-equivalent container units (TEUs) and a mix of nearly 400 cars and larger vehicles in the enclosed, ventilated and weather-tight Ro/Ro decks.
"The environmentally friendly ships will replace tugs and triple-deck Roll-on/Roll-off barges currently sailing between Jacksonville and Puerto Rico," said John Hourihan, senior vice president and general manager, Puerto Rico services.
In addition to the ships, cranes and tanks, Crowley's US$550m investment includes a new 900-foot-long, 114-foot-wide concrete pier at Isla Grande and associated dredging needed to accommodate the two new ships; expanding terminal capacity for handling refrigerated containers; paving 15 acres to accommodate container stacking; adding containers and associated handling equipment to its fleet; installing a new electrical substation to provide power for the new gantry cranes; constructing a new seven-lane exit gate for increased efficiency, along with installing hardware required for a new terminal operating software system.
Brokers report that private Indian tanker player Aza Shipping has taken its first VLCC. The Japanese-built 12-year-old ship is costing Aza US$31m.
The company, founded last January, is linked with AET Tankers-controlled Bunga Kasturi Dua.
Miami-based expedition vessels provider SunStone Ships has reached an agreement with China Merchants Industry Holdings (CMIH) for the construction of up to ten expedition vessels.
Under the framework agreement signed between the parties, the Chinese shipbuilder would construct four expedition ships for SunStone with options for six more vessels.
With a length of 104 meters and a width of 18.2 meters, the new cruise ships will have 80 to 95 passenger cabins.
The ice class 1A vessels will be part of the SunStone's fleet and chartered to new and existing clients, according to the company.
SunStone Ships has not disclosed any financial details regarding the order.
China Merchants Industry Holdings hired Norwegian Ulstein Design & Solutions for the supply of the vessel's design and equipment package, as well as the supervision for the building of the ships, while Finland-based Mäkinen will establish a cabin assembly plant and interior workshop at the shipyard's facilities and will be responsible for all interior spaces on the newbuilds.