Ship Sales & Purchase
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2017-12-14 13:16:56

Naples-based shipping company L.G.R. di Navigazione has disposed of two MR2 tankers, the last two vessels in its fleet, VesselsValue’s data shows.

With this move, the company has exited the shipowning business.

The ships in question are Cenito and Posillipo, built at China’s Guangzhou Shipyard International in 2009 and 2010, respectively.

The 52,963 dwt tankers were sold in an en bloc transaction to MSEA Tankers from Jersey for USD 36 million.

Currently, Cenito has a market value of USD 19.66 million and Posillipo of USD 19.96 million.

The two oil chemical tankers of the ice class 1A Super are 183.2 meters long and 32.2 meters wide.

Earlier this year, the company reached an agreement for a USD 28.8 million loan facility, secured by mortgages over the two aforementioned tankers. The financing was agreed with Italian bank Banca Popolare di Milano, according to the law firm Watson Farley & Williams (WFW).

L.G.R. di Navigazione earlier operated a fleet comprising two more chemical tankers, namely the Nisida and Miseno. In April 2017, the ships were sold en bloc to Danish shipping firm Navigare Capital for a price of USD 24 million each.

2017-12-14 13:02:31

Australian iron ore company Fortescue Metals Group has named the fifth FMG ore carrier, FMG Matilda, at a ceremony in Guangzhou, China.

As informed, the ceremony marked the construction of the first of four remaining ore carriers in FMG’s eight-vessel fleet at Guangzhou Shipyard International Company.

The 250,000 dwt FMG Matilda will shortly depart on its maiden journey to Herb Elliott Port in Port Hedland, Western Australia. The Hong Kong-flagged vessel currently has a market value of USD 57.28 million, according to data provided by VesselsValue.

“Efficiency improvements through the innovative design of the ore carrier fleet will further increase our iron ore supply competitiveness, helping us to better service the Chinese steel industry,” Elizabeth Gaines, Fortescue Chief Executive Officer, commented.

The FMG ore carrier fleet of eight vessels was first announced in June 2014 and has been designed to complement Fortescue’s port infrastructure and improve load rates, efficiencies and reduce operating costs. The first four ore carriers were constructed at Yangzijiang Shipyard in Jiangsu Province, China.

A financing transaction with China Development Bank Financial Leasing to finance the fleet was announced in November 2016. The transaction represented the largest leasing deal by a major Chinese financial institution to an Australian company, according to FMG.


2017-12-13 11:47:15

Norwegian containership owner MPC Container Ships has agreed more second-hand vessel acquisitions, raising its fleet to 39 ships.

Under the latest agreements, the company said it would purchase three containerships built in 2006 at Germany’s shipyard Aker MTW Werft.

The ships in question are the 2,742 TEU Vilano, Cap Pasado and Cap Blanche, which would be renamed to AS Cleopatra, AS Christiania and AS Carlotta, respectively. According to data provided by VesselsValue, the boxships were bought from German shipowner Harmstorf Reederei.

MPC Container Ships informed that the vessels, which were purchased for an amount of USD 31.9 million, are scheduled to join the company’s fleet before year end.

These transactions were unveiled only weeks after the shipowner entered into a commitment to acquire a fleet of feeder container vessels for a purchase price of USD 130 million on November 24.

In late November the company closed a private placement raising a total of USD 175 million. At the time MPC Container Ships said that it plans to use the funds “to pursue future investments in container vessels and general corporate purposes.”

2017-12-13 11:32:10

Danish investment company Navigare Capital Partners has acquired three container ships for its shipping fund, the company confirmed.

According to the company’s website, it has already invested in a number of vessels, including three tankers built in 2012 and a 2014-built dry bulk carrier.

The latest transaction includes two 2015-built boxships, purchased from Greek owner Oceanbulk Container Carriers, as well as a newbuilding container ship, scheduled to be delivered in the first quarter of 2018. The three ships have a capacity to carry 10,000 TEUs each.

The vessels in question are the CMA CGM Ganges and CMA CGM Mekong, constructed by Korean shipbuilder Hyundai Heavy Industries, while the third ship is YZJ hull no. 1170, being built by China’s Yangzijiang.

Although the company did not unveil the price tag of the ships, VesselsValue data shows that the 2015-built units have a market value of around USD 69 million.

In March 2017, Navigare Capital Partners raised in excess of USD 300 million from two corner investors, PensionDanmark and Danica Pension in the initial closing for Maritime Investment Fund I.

The fund was established with an aim to build a diversified portfolio of maritime assets including dry bulk, container, offshore, product, crude oil and chemical tankers, to put on charter to operators.

Navigare Capital Partners’ fleet now stands at seven vessel, and the company plans to acquire more vessel in 2018, ShippingWatch informed citing the investment fund.

2017-12-13 11:25:43

South Korean shipping company H-Line Shipping is teaming up with industry partners and the government on the design and construction of an LNG-fueled 80,000 dwt bulk carrier.

The project is part of a government initiative aimed at providing support for the introduction of LNG-powered ships in the country and revitalizing its shipbuilding sector which was badly hit by the industry slump.

The Korean government plans to provide financial backing for the introduction of LNG-powered ships, as a way of speeding up the uptake of the technology, especially in the wake of ever more stringent environmental regulations, including the IMO 2020 Sulfur cap. The move is expected to bridge the 20 pct cost gap between investment into vessels with standard engines and those equipped with LNG tanks.

H-Line Shipping will be joined by KOGAS, POSCO Terminal Co, and Kore South-East Power, the Ministry of Oceans and Fisheries (MOF) said.

The coalition is scheduled to ink a collaboration agreement with MOF and Ministry of Trade, Industry, and Energy on December 13.

The deal will serve as the starting point for a feasibility study on the design and construction of the LNG-fuelled bulker, and if all goes well, H-Line Shipping will move forward with the ordering of the construction of a bulk carrier featuring the design in 2018.

The feasibility study is expected to be completed in the first half of next year.

2017-12-12 11:40:59

Brazilian mining giant Vale has concluded a sale agreement for its two final very large ore carriers (VLOCs) with China’s Bank of Communications Finance Leasing (Bocomm).

The parties agreed a price tag of USD 178 million for the two 400,000 dwt Valemax bulkers. Data provided by VesselsValue shows that the ships in question are the 2012-built Shandong Da Ren and Shandong Da Zhi.

Constructed by South Korean Daewoo shipyard, the VLOCs have a market value of USD 61.8 million and USD 62.8 million respectively.

The amount agreed under the deal was received by Vale at the delivery of the vessels on December 7, the mining giant said.

With the transaction, Vale has finalized the sale of all 19 VLOCs it owned as part of its strategy to strengthen the balance sheet and focus on core assets.

In August 2017, the company sold the 2012-built Shandong Da Cheng and the 2011-built Shandong Da De to China’s Bocomm for USD 90.8 million and USD 87.2 million, respectively.

2017-12-12 11:36:59

Hong Kong-based ship owner and manager Seaspan Corporation has added to its fleet another 11,000 TEU boxship newbuilding, MSC Madhu B.

The 330-meter-long ship will commence a bareboat charter with Switzerland-based Mediterranean Shipping Company (MSC) for a
period of seventeen years.

Upon completion of the bareboat charter period, MSC is to buy the vessel, which flies the flag of Madeira, for a pre-determined amount.

Constructed at Hanjin Subic shipyard in the Phillippines, MSC Madhu B is Seaspan’s fourth 11,000 TEU SAVER design containership in a series of five ships under bareboat charter to MSC. This is also Seaspan’s fifth vessel delivery in 2017.

Back in September 2017, Seaspan took delivery of the third SAVER vessel, MSC Nitya B.

Seaspan’s managed fleet comprises 110 containerships and the operating fleet 89 vessels.


2017-12-11 14:51:29

German shipping company Oldendorff Carriers has grown its Babycape fleet with four eco 119,000 tonners purchased from compatriot shipowner Hartmann Reederei.

The said acquisitions include MV UBC Ottawa, to be renamed Roland Oldendorff, MV UBC Odessa, to be renamed Rex Oldendorff, MV UBC Olimbus future Redmer Oldendorff and MV UBC Oristano, which will bear the name Rik Oldendorff.

The ships were built for Hartmann at Sinopacific Shipbuilding in 2011.

The latest fleet additions bring the company’s Babycape ship tally to 36 units, of which 10 will be fully owned.

“The Sinopacific 119k design, of which we will control all 10 including 8 owned and 2 chartered ships, has the optimum deadweight/draft ratio of nearly 119,000 tdw on only 14.5 m ssw draft. Our calculations show, that we should also be able to increase the intake of these vessels to more than 121,500 tdw on about 14.794 m draft,” the company said.

“Having 10 sister vessels which have optimal characteristics allows us to offer our clients a competitive advantage and more flexibility.”

Oldendorff said that the investment was being made amid a positive outlook for drybulk freight rates and values.

This deal takes the company’s total net acquisitions to 97 vessels of around 10 million tdw over the last 5 years with vessel takeovers between 2013 and 2020.

2017-12-11 14:45:23

As part of its fleet renewal program, Norway-based shipping company Ugland Shipping AS has decided to acquire two Ultramax resales being built at Asian shipyards.

The company has signed a resale contract with Japanese shipbuilder Sanoyas Shipbuilding for a 60,500 dwt bulk carrier. Slated for delivery in 2020, the vessel will be a sister vessel to Olita and Belita, delivered from the same shipyard earlier this year, according to the company.

Furthermore, Ugland Shipping has also inked a resale deal with Tsuneishi Cebu shipyard in the Philippines for a TESS-64 type bulk carrier. The ship is scheduled for delivery in the second half of 2019.

“With these two resale contracts and the newbuilding from Imabari Shipbuilding due to be delivered in the beginning of 2019, we now have three bulker newbuildings to be delivered in the period 2019-2020,” the company said.

As informed, Ugland Marine Services will be in charge of all management functions for the new vessels.

The company added that it plans to sell one or more of its oldest bulkers before it takes delivery of the newbuildings.

2017-12-07 17:13:49

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has won an order for the construction of a Floating Storage Regasification Unit (FSRU) and an LNG carrier, the shipbuilder said.

The FSRU and the LNG carrier newbuilds are valued at a total of KRW 430.5 billion (USD 391.7 million).

The contract was signed on December 6 with an undisclosed shipowner from Oceania, according to DSME.

However, Korean news agency Yonhap reported that Maran Gas Maritime, a unit of Angelicoussis Shipping Group (ASGL) was behind the order, and that the contract also includes a very large crude carrier (VLCC).

This would bring the total contract value to USD 480 million, based on the data from Asiasis.

The two ships, confirmed by DSME, are expected to be delivered to their owner by May, 2020.

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