Ship Sales & Purchase
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2017-05-27 10:08:53

Oslo-listed owner and operator of liquefied natural gas (LNG) carriers Flex LNG has signed agreements to buy six LNG ships, Reuters reports citing the company's chief executive Jonathan Cook.

The 170,000-cubic metre ships will be built by South Korean Samsung Heavy Industries (SHI) and Daewoo Shipbuilding and Marine Engineering (DSME), with the first two ships from the batch scheduled to join the company's fleet in 2018. The remaining quartet is expected to follow suit in 2019.

According to Cook, all of the contracts have been signed and the initial payments have been processed during the course of this month.

World Maritime News is yet to receive a confirmation from the company on the matter.

In February 2017, Flex LNG entered into a deal to buy two highend MEGI LNGC newbuilds at DSME with scheduled delivery in Q1 2018. The two newbuilds were bought from affiliates of Geveran Trading, the company's largest shareholder.

Based on the company's information, Flex LNG operates a fleet of six MEGI LNG carriers with a capacity of approximately 174,000m3 under construction at SHI and DSME, slated for delivery in 2018 and 2019. FLEX LNG is marketing these vessels for charter and is pursuing floating storage and regasification (FSRU) projects.

2017-05-27 10:06:45

Hong Kong-based containership manager and owner Seaspan Corporation has taken delivery of YM Wind, a 14,00teu newbuilding, from Taiwanese CSBC Corporation.

As informed, the ship will commence a fixed rate charter with Taiwan-based Yang Ming Marine Transport Corporation for a ten-year term with an option to extend the charter for an additional two years.

YM Wind is the ninth 14,000teu SAVER design containership to join Seaspan and expands the company's operating fleet to 89 vessels.

With a gross tonnage of 153,500 tons, YM Wind has a length of 368 meters and a width of 51 meters.

Seaspan said it has entered into a sale-leaseback transaction for the YM Wind which provides gross proceeds of approximately USD 144 million. The proceeds will be used to pay for the final YM Wind delivery installment of approximately USD 75 million, with the remainder to be used for general corporate purposes including debt repayment.

The lease has a term of 12 years, and Seaspan has an option to purchase the vessel at a pre-determined fair value after 9.5 years.

The eight 14,000teu SAVER vessel from the batch was delivered to the company in late May 2016.

Seaspan's managed fleet consists of 114 containerships representing a total capacity of over 915,000 TEU, including 10 newbuilding containerships on order scheduled for delivery to Seaspan and third parties by the end of 2018.

2017-05-27 10:04:35

Navig8 Chemical Tankers has taken delivery of the Navig8 Spica, a 25,000dwt stainless steel chemical tanker, from Fukuoka Shipbuilding in Japan.

The Navig8 Spica is the first of two vessels contracted at Fukuoka to be delivered to the company and is the first of two vessels to be delivered under the sale and leaseback arrangements entered into with subsidiaries of SBI Holdings, Inc (SBI) earlier this month.

Following delivery from Fukuoka, the Navig8 Spica was delivered to SBI under the terms of the sale MOA and then delivered back to the company under bareboat charter.

Navig8 Chemical Tankers secured ten-and-a-half year bareboat charters for Navig8 Spica and her sister vessel, commencing at the time of their deliveries.

The Navig8 Spica will be entered into and operated in Navig8 Group's Stainless8 commercial pool.

2017-05-26 16:10:59

Cash-strapped Rickmers Trust Management, Singapore-based trustee-manager of Rickmers Maritime, has completed the sale of the first five of fourteen vessels to Navios for a total of USD 59 million, the company said.

The sale is part of the trust's winding up process as the company is faced with severe liquidity issues.

As informed, the batch of five 4,250 TEU vessels is under senior loan facilities (the BNP Facility) extended by the lenders of the BNP Syndicate, made up of BNP Paribas, ING Bank NV, Singapore Branch, The Bank of Nova Scotia Asia Limited, The Hongkong and Shanghai Banking Corporation Limited and Sumitomo Mitsui Trust Bank Limited, Singapore Branch.

The vessels are employed on charters expiring in 2018 and early 2019 at a net daily charter rate of USD 26,850, Navios Partners CEO Angeliki Frangou said earlier.

The trust has received proceeds of USD 24.7 million from the sale, up from the USD 20 million indicated in an announcement on 14 May 2017, which have been placed in an escrow account for distribution to unsecured creditors, after the settlement of costs associated with the winding up of the trust.

In addition, a buyer-related entity has assumed the secured loan of the BNP Facility, releasing the trust from the related obligations worth USD 34.3 million, the trust said.

The sale of the remaining nine vessels secured under senior loan facilities extended by the lenders of the HSH Syndicate (comprising HSH Nordbank AG and DBS Bank Ltd) has not yet been completed. The sale of these vessels is subject to consent by the HSH Syndicate.

"The trustee-manager is seeking the requisite consents and release of mortgages in order to effect the sale of the remaining vessels as soon as possible in order to avoid operating liens and/or vessel arrests and minimize cash burn so as to maximize recoveries to all unsecured creditors. The trustee-manager will advise the specific amount of recoveries to unsecured creditors via their respective agents and trustees and expects to commence the distribution of cash recoveries when the sale of the remaining vessels has been completed," the trust said in an update.

2017-05-26 15:46:35

Antwerp-based tanker owner and operator Euronav has been linked to a sale of TI Topaz, a very large crude carrier (VLCC).

Euronav allegedly entered into a sub-sale agreement with Greek-based company New Shipping on May 25, according to information provided by VesselsValue.

Once the transaction is completed, the 319,400 dwt TI Topaz will be sold for USD 21 million.

Built at South Korean Hyundai Samho Heavy Industries shipyard in 2002, the tanker features a length of 333 meters and a width of 60 meters.

Market value of the 161,135 gross ton ship currently stands at USD 24.41 million.

Following the sale of TI Topaz, Euronav's fleet will comprise a total of 56 vessels, the company's data shows.

2017-05-25 11:19:16

Athens-based shipowner DryShips has taken delivery of the 159,855 deadweight tons newbuilding Suezmax tanker.

The vessel was acquired from and chartered out to entities affiliated with the company's Chairman and Chief Executive Officer, George Economou, the company informed.

The vessel is the company's sixth newly acquired ship. It was chartered back to the seller and on May 24, 2017, commenced its five year time charter plus optional periods in charterer’s option, at a base rate plus profit share.

The total expected gross backlog under the time charter, assuming an average spot market for Suezmaxes for the next 5 years of USD 25,000 per day is estimated to be approximately USD 43.1 million, DryShips said.

Commenting on the delivery and its chartering, the company's President and Chief Financial Officer, Anthony Kandylidis, said that the charter is expected to provide stable and visible long term cash flow, while maintaining upside to the spot market.

DryShips owns a fleet of 32 dry bulkers, with 3 Newcastlemax drybulk vessels and 3 Kamsarmax drybulk vessels slated for delivery in the second quarter of 2017. The company also has 1 Very Large Crude Carrier, which is expected to be delivered in the second quarter of 2017, along with 2 Aframax tankers, 1 Suezmax tanker, 4 VLGCs which are expected to be delivered in June, September, October and December of 2017; and 6 offshore support vessels.

2017-05-25 11:17:26

Singapore-based Keppel Singmarine has secured a contract worth a total of SGD 103 million (USD 74.2 million) to build two small-scale LNG carrier vessels for Stolt-Nielsen Gas B.V., a subsidiary of Stolt-Nielsen Limited.

As part of the contract, Keppel Singmarine has also secured options to build another three similar units for Stolt-Nielsen Gas.

The latter has 6, 12 and 18 months from the effective date of the contract to exercise the options respectively.

The two LNG carriers are expected to be completed in the second and the third quarter of 2019, respectively.

They will each have a capacity of 7,500m3, and come equipped with engines that can run on both diesel and LNG. The carriers will have class notations for bunkering, Keppel said.

There is a growing demand for small-scale LNG carriers especially for end users located in remote areas not served by pipelines, Keppel said. Tighter regulation on emissions continues to encourage growth in small-scale LNG projects which are economical and quick to market.

2017-05-25 11:15:01

German shipbuilder Meyer Werft has held a keel laying for Norwegian Cruise Line's latest newbuilding, the Norwegian Bliss, at the yard's facility in Papenburg, Germany.

During the ceremony, one of the keel blocks of the 167,800 gross ton vessel was lifted into the covered building hall, signifying a major milestone in the ship's construction.

Norwegian Bliss is due for delivery in April 2018 and will be the first cruise ship custom built with features and amenities for the Alaska cruise experience, the cruise line said.

"We are overjoyed to celebrate the keel laying of Norwegian Bliss, our sixteenth ship and sure to be our most innovative ship to date,” Andy Stuart, Norwegian Cruise Line's president and Chief Executive Officer, said.

The third ship in the line's Breakaway-Plus class, Norwegian Bliss will accommodate 4,000 guests and will be the 12th ship in the Norwegian Cruise Line fleet to be built by Meyer Werft.

During its inaugural summer 2018 season, Norwegian Bliss will sail weekly seven-day Alaska cruises each Saturday from the recently expanded Pier 66 Cruise Terminal in Seattle. The ship’s itinerary will feature calls in Ketchikan, Juneau, Skagway and Victoria, British Columbia, along with scenic glacier cruising.

2017-05-25 11:12:45

Tokyo-based Kawasaki Kisen Kaisha ("K" Line) took delivery of Forestal Gaia woodchip carrier from Tsuneishi Shipbuilding on May 24, 2017.

Forestal Gaia is in a dedicated service to Nippon Paper Industries for carrying woodchips for paper materials.

The vessel sailed on the same day for Dung Quat Port, Vietnam as her maiden voyage.

The 49,800 dwt Forestal Gaia inherited her name from a predecessor which was also engaged in service to Nippon Paper Industries.

The 200-meter-long vessel has six hatch openings and a holding capacity of 3.6 million cft.

2017-05-24 11:33:02

Tanker owner and operator India Steamship has sold its four strong LR2 tanker fleet to Greece's Centrofin Management, VesselsValue's data shows.

The three 105,800dwt tankers sold on May 22 for a combined price of USD 65 million are Ratna Namrata, Ratna Shradhra, and Ratna Shruti.

All three vessels were built by South Korea's Hyundai Heavy Industries in 2008.

Earlier this month, India Steamship sold the 2010-built Ratna Shalini to Centrofin for USD 25 million, according to VesselsValue.

The four tankers were initially reported to be sold to another Greek shipping company – Enterprises Shipping and Trading.

The combined purchase price for the three tankers declined by USD 2.5 million compared to the price announced back in January 2017, while the Ratna Shalini was sold for USD 1.5 million less than reported in January.

With the latest additions, Centrofin will have a fleet of 9 bulkers and 20 tankers.

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