Ship Sales & Purchase
Hot Keywords
2017-10-20 17:13:42

Yesterday, d'Amico International Shipping (DIS), a Milano-listed company specializing in the transport of refined petroleum products and vegetable oils, launched the first three LR1 (long-range) vessels in its history, at the Hyundai Vinashin shipyard in Vietnam.

The company invested USD 131 million in the construction of the three 75,000-tonne ships. These vessels are ecologically friendly, can transport more cargo per voyage and are able to cross the expanded Panama Canal, DIS said.

Furthermore, the ships' innovative hull design and energy-efficient engine will ensure daily fuel savings, meeting in advance the 2020 international standards, the company added.

The three LR1 oil/product tankers named Cielo Bianco, Cielo Rosso and Cielo di Rotterdam bring to thirteen the total number of ships built by the d'Amico Group in Vietnam over the last three years, bringing the completion of the company's plan of building 22 new ships over one half.

The full investment in the new ships is expected to cost DIS some USD 755 million.

"Vietnam is becoming the shipbuilding hub of our fleet," said Paolo d'Amico, Chairman of d'Amico International Shipping.

"Our partnership with Hyundai Vinashin allows us to work in close cooperation with the yard, adopting innovative choices to build vessels with outstanding quality, versatility and the energy-efficiency requested by our customers, including oil majors."

Two out of the three ships launched today will be delivered by the end of 2017, followed by the third one at the beginning of 2018.

DIS' fleet currently consists of 55.5 double-hull tankers, of which 26 are owned, 26.5 are chartered-in and 3 bareboat chartered-in. The fleet's average age is 7.8 years, below the 10 years market average for similar vessels.

Another three LR1s, sister vessels of those launched yesterday, are planned to be delivered to d'Amico International Shipping in 2018.

2017-10-20 16:32:08

Monaco-based Navios Maritime Containers has reached an agreement to purchase two 2009-built container ships for a price of USD 19.75 million.

Under the deal, the 4,250 TEU boxship duo is expected to be delivered to the company's fleet in early November 2017.

Based on the current rate environment, the vessels are expected to generate around USD 1.5 million of EBITDA over the next twelve months, based on fixed operating expenses and 360 revenue days, Navios Containers said.

The company is expected to finance the acquisition with cash on its balance sheet and bank debt on terms consistent with its existing credit facilities.

Once the transaction is completed, Navios Containers will control 16 vessels, totaling 65,600 TEU with a current average fleet age of 9.7 years.

In late August 2017, Navios Maritime Containers agreed with investors to sell 10 million of its common shares for an aggregate of USD 50 million of gross proceeds at a subscription price of USD 5 per common share.

The company then said that the funds would be used for vessel acquisitions, working capital and general corporate purposes.

2017-10-19 13:05:26

Chinese New Times Shipbuilding has been tied to an order for up to four bulkers, according to the latest report from Intermodal Research and Valuations.

The deal is said to be in a  letter of intent (LoI) stage. The order reportedly includes two firm 280,000 DWT ships and options for two more newbuildings.

The duo, if confirmed, is scheduled for delivery in 2020. As disclosed, the buyer would be paying USD 44.5 million per ship.

Based on the report, the buyer is Norwegian Frontline. However, Norwegian daily Finansavisen identified Tor Olav Troim, a former right hand of John Fredriksen, as the buyer of the new ships from the shipyard via a new company 2020 Bulkers.

Frontline is yet to provide World Maritime News with a comment on the report.


2017-10-18 13:17:59

"Pan Asia", China's largest liquefied natural gas (LNG) carrier, was put into service in Shanghai on Oct. 16.

With a length of 290 meters and a width of 46.95 meters, it is similar to an aircraft carrier in size and is now China's largest LNG carrier.

"This tanker showcases the peak of China's ship building technology," Huang Guoliang, manager of the Pan Asia project, told CCTV.

Huang Guoliang talks with a CCTV reporter at the maiden voyage ceremony of Pan Asia, October 14, 2017. /Screenshot from CCTV‍

The tanker can carry 174,000 cubic meters of LNG, which can gasify into 107 million cubic meters of natural gas.

In other words, it can supply enough gas for the consumption of 600,000 households for a year, if the average consumption of each household is approximately 15 cubic meters.

"We're building three more of this type," Huang added. "The shipping capacity will exceed 6 million tons."

That's one quarter of all the clean energy sources imported to China in 2016.

In the past few years, China has seen a large increase in the growth of LNG imports. The import volume in the first half of 2017 totaled 22.3 billion cubic meters, increasing by 38 percent year-on-year.

2017-10-17 13:10:20

Norway-based dry bulk shipping company Golden Ocean Group Limited (GOGL) has reached and agreement to purchase two modern Capesize vessels from affiliates of Hemen Holding Limited.

The ships would be bought from the company, indirectely controlled by trusts established by John Fredriksen, at a price of USD 43 million per unit.

"We are pleased to be in the position to acquire high quality, modern Capesize vessels that are expected to generate free cash flow immediately upon delivery. This transaction is consistent with our strategy of focusing our commercial efforts on the vessel segments that we believe will provide the greatest leverage to a recovery in the dry bulk shipping market," Birgitte Ringstad Vartdal, CEO of Golden Ocean Management AS, said.

As settlement of the purchase price for the ships, Golden Ocean will enter into a non-amortizing seller's credit loan with an affiliate of Hemen for 50% of the purchase price, which bears interest at LIBOR + 3.00% per annum and matures three years after delivery of the vessels.

GOGL informed that the remaining part of the purchase price will be settled on delivery of the vessels with an estimated USD 9 million of cash and an estimated USD 34 million of newly-issued common shares of the company at a per-share price equal to the offer price in an expected equity offering.

The Capesizes are expected to be delivered within four months of the date hereof, Golden Ocean said, adding that the completion of the transaction is subject to completion of an equity offering and entry into the seller's credit loan.

Once the acquisition and expected equity offering is finalized, Hemen, together with certain of its affiliates, will maintain its current ownership percentage of around 34.2% of GOGL's issued and outstanding common shares.

Furthermore, as Golden Ocean's financial position has been enhanced over the past 12 months, the company intends to terminate the covenant waivers related to its recourse debt upon completion of the expected equity offering, Ringstad Vartdal informed.

"This will reinstate the normal covenants, which the company is now in compliance with, and remove the company’s restrictions on new acquisitions, new debt and dividend payments. The waiver structure in the non-recourse debt related to the transactions announced in March 2017 will remain," Ringstad Vartdal said.

2017-10-17 11:49:20

Japan Marine United Corporation (JMU) held a naming ceremony for a newbuilding liquefied natural gas (LNG) carrier at its Tsu Shipyard on October 16.

Named Energy Liberty, the 165,000m3 vessel is jointly owned by Japan's Mitsui O.S.K. Lines (MOL) and Tokyo LNG Tanker, a subsidiary of Tokyo Gas. It will be the eighth LNG carrier owned and managed by Tokyo LNG Tanker.

MOL will directly manage six of those vessels, including the latest newbuilding.

After delivery, the 299.9-meter-long carrier will transport LNG from the Cove Point Project in the US to Tokyo Gas facilities.

The Japan-flagged vessel features a tri fuel diesel electric propulsion system and a self-supporting prismatic shape IMO Type B (SPB) cargo tank.

2017-10-17 11:48:17

Last week was very busy for Jebel Ali-based Transworld Group as the shipping and marine logistics conglomerate completed the acquisition of three ships.

Namely, the fleet of Shreyas Shipping, Indian-flagged ship owning unit of Transworld Group, was expanded with the Indian-flagged containership MV Hansa Langeland, built in 2003. The 1,581 TEU Handysize containership has since been renamed SSL Ganga.

On October 12, the company finalized the purchase of the MV Queens Quay from Germany's ER Schiffahrt. The Panamax containership, also built in 2003, has since been renamed SSL Brahmaputra.

"The SSL Brahmaputra is our largest Indian flag vessel and is a sister vessel of the OEL Jumeirah," Transworld said.

And finally, the latest vessel acquisition is MV Amsterdam, which has since been renamed SSL Balaji. The general cargo ship built in 2007 joins the Shreyas fleet as the second multi-purpose vessel after the SSL Sabarimalai.

In addition, Shreyas Shipping has sold a 1989-built Feedermax SSL Sagarmala for scrap to a breaking yard in Bangladesh, according to the data from Vesselsvalue. The ship is valued at USD 1.35 million.

The company's fleet is comprised of 13 vessels, including 12 containerships and one small dry bulker vessel.

2017-10-13 11:39:24

The number of ships registered in the International Association of Dry Cargo Shipowners (INTERCARGO) has surged by 48 percent in the first three quarters of 2017.

As a number of new members joined the association during the period and existing members added significant number of ships, INTERCARGO passed the 1,500 ships threshold with a total tonnage of 138 milion dwt at the end of the third quarter of the year.

Additionally, the associations number of full members increased by 32 percent, passing the 100 threshold.

"We are proud that INTERCARGO-entered ships continue to outperform industry averages in respect of detentions and deficiencies per inspection," John Platsidakis, INTERCARGO Chairman, said.

Platsidakis added he would encourage the formation of a dry cargo charterers' assessment scheme which would enable them to promote their quality of performance.

The information was presented as part of semi-annual meetings held by INTERCARGO's Technical and Executive Committees in Athens on October 9 and 10, 2017.

Main topics covered at the meetings included the safe carriage of cargoes, the non- availability and adequacy of reception facilities for cargo residues and cargo hold washing waters hazardous to the marine environment (HME), port state control transparency and anti-corruption practices, operational challenges after the entry into force of the ballast water management convention, air emissions, design standards for bulk carriers and related equipment.

INTERCARGO will hold its next meetings in Singapore in March 2018.

2017-10-13 11:29:49

Greek shipping company Diana Shipping has decided to scrap its 2004-built vessel Melite which sustained damage to its hull as a result of grounding earlier this year.

The company informed that it has signed, through a separate wholly-owned subsidiary, a memorandum of agreement (MOA) to sell to an unnamed party the vessel for demolition, on an "as is where is" basis.

The sale price is around USD 2.52 million before commissions, according to Diana.

The 76,400 dwt vessel is expected to be delivered to the buyer until October 30, 2017.

As explained, the owner of Melite has submitted a notice of abandonment to its hull and machinery underwriters, who have not, as of today's date, accepted this notice. However, they have agreed to the sale of the vessel on the terms outlined in the above mentioned MOA.

Diana said that this notice of abandonment forms part of owners' claim against the vessel's hull and machinery underwriters resulting from the grounding. If accepted by the insurers, the notice will result in the payment to owners of the vessel’s total insured value of approximately USD 14 million.

On July 26, Melite grounded off the coast of Pulau Laut, Indonesia. Following the indicent, no injuries and no signs of pollution were reported except the physical damage to the vessel.

At the time of the grounding, the Panamax was chartered to Germany-based Uniper Global Commodities. However, since July, Melite has been on an off-hire period during an active charter, Diana’s data shows.

Once the sale of Melite is completed, Diana Shipping's fleet will comprise 50 dry bulk vessels. As of today, the combined carrying capacity of the company's fleet, including Melite, is approximately 5.9 million dwt, with a weighted average age of 8.2 years.




2017-10-13 11:26:57

Following the purchase of five dry bulkers in August, Pacific Basin Shipping Limited is exploring more acquisitions of second-hand tonnage lured by attractive prices.

"We will continue to look at attractive secondhand ship acquisition opportunities if they can generate a reasonable payback at prevailing asset prices and freight earnings," Mok Kit Ting, Kitty, the company's Secretary, said in a third-quarter trading update.

Three of the five recently bought second-hand vessels have been delivered into Pacific Basin’s fleet during the quarter, with one more to follow later this year and another in the first quarter of 2018.

"These latest acquisitions will increase our owned fleet to 106 ships, grow the proportion of our owned versus chartered Supramax ships, and reduce our owned Supramax daily break-even levels," Ting said.

During the quarter, the company completed the sale of its final tug, concluding its exit from towage business.

Pacific Basin further added that during the third quarter of 2017 its daily TCE earnings for Handysize and Supramax ships stood at USD 8,130 and USD 9,350 respectively, representing an improvement of 15% and 27% compared to the same period in 2016.

The company added that its year-to-date average Handysize and Supramax daily net TCE earnings increased 25% and 41% year on year.

"The dry bulk freight market indices for most of 2017 have followed a similar pattern as last year, although at a significantly higher level. The typically weak start to the year was followed by a stronger second quarter, but a seasonal mid-year decline affected index rates in the third quarter," a company comment on the market reads.

"Stronger demand growth across most cargo categories drove a marked increase in rates over the last few weeks of the quarter. However, due to the lag between securing cargoes and performing voyages, and with most of our fourth quarter revenue days already covered, these stronger rates will have a marginal effect on our 2017 results."

Speaking of the outlook, Pacific Basin claims to be well positioned to benefit from the market rebound.

"Our healthy cash and net gearing positions, our competitive cost structure, and our increased proportion of owned ships all position us well for a recovering market," Ting added.


Page 1 of 544
Most Views
Home About Us Contact Us Help Center Advertising

Copyright © 2006-2017 沪公网安备 31011502004435号  Eshiptrading.com All Rights Reserved