Ship Sales & Purchase
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2017-03-13 11:48:54

Italian shipbuilder Fincantieri launched the cruise ship Carnival Horizon, Carnival Cruise Line's new ship, at its Marghera shipyard on May 10.

The shipbuilder said that interior fittings will now begin, leading the ship to its delivery, scheduled for spring 2018.

Featuring 133,500 gross tons and a length of 323 meters, the new cruise ship will be capable of accommodating over 6,400 people onboard, including the staff.

2017-03-10 10:46:20

Danish shipping company TORM has reached an agreement to sell and leaseback two of its vessels, the LR2 tanker TORM Helene and the MR tanker TORM Mary.

In addition, the company decided to sell its 1999-built MR tanker TORM Anna, TORM said in its latest financial report.

As a result of these transactions, the company's liquidity is expected to rise by US$6.1m following repayment of debt, and after the repayment of the mortgage debt of the vessel along with transaction-related expenses and fees, the shipping firm expects to receive net cash proceeds of US$0.9m.

TORM said that 2016 started on a robust note, however, the product tanker segment experienced softening freight rates over the course of the year.

Operating within the context of the weakening market, TORM generated strong cash flow from operations of USD 171 million during 2016, down from US$214m reported a year earlier, while its EBITDA droped to US$200m from US$210m seen in 2015.

As vessel values decreased by roughly 25% during the year, the company booked an impairment charge of US$185m. The impairment affected TORM's earnings and the company reported a net loss of US$142m in 2016, compared to a net profit of US$126m reached in 2015.

In 2016, TORM's product tanker fleet realized average TCE earnings of US$16,050 per day. 2016 started well with freight rates at similar levels as at the end of 2015.

However, the product tanker market began to soften in the second quarter of the year, as high global inventory levels combined with lower refinery utilization had a negative impact on the demand for long-haul arbitrage movements and product tanker freight rates in general.

High inventory levels remained the most important factor during the second half of 2016, limiting the demand for seaborne transportation.

Looking ahead, TORM said that the supply and demand balance within the product tanker market is expected to gradually improve, as increasing oil consumption and increased ton-mile effects of dislocation of refinery activity are set to have a positive impact on the demand for product tankers.

In 2016, the company's fleet on the water increased by 13% in terms of earning days. Following the delivery of three MR newbuildings in 2016, TORM's owned fleet numbers 77 product tankers on the water and four LR2 newbuildings to be delivered in 2017 and 2018.

2017-03-10 10:39:28

Swedish tanker shipping company Stena Bulk has taken delivery of Stena Impeccable, the tenth of 13 IMOIIMAX MR tankers ordered from Chinese shipyard Guangzhou Shipbuilding International (GSI).

The 50,000dwt chemical and product tanker features a length of 183 meters and a width of 32 meters.

The tanker, which is wholly owned by Stena Bulk, will be operated by Stena Weco, a joint venture between Stena Bulk and Weco.

In January 2017, Stena Bulk named the ninth tanker, Stena Immaculate, at GSI shipyard in China, which was delivered to the company a few days later.

The remaining three ships are scheduled to join the company's fleet by 2018.

Five of the 13 tankers are wholly owned by Stena Bulk, four together with Singaporean palm oil company Golden Agri Resources (GAR), two by Stena Bulk's sister company Concordia Maritime and two by Stena Weco.

2017-03-10 10:37:50

Rimorchiatori Riuniti is to bolster its presence in the dry bulk industry, purchasing the kamsarmax bulk carrier NCS Beijing from Japan's Mi Das Line for US$14.7m.

The company's CEO Gregorio Gavarone said, "The ship is modern and in good condition". Gavarone added, "We think that dry bulk shipping market has a good chance to experience a recovery in the mid-to-short term."


2017-03-10 10:36:57

Ezion Holdings is in discussions with the interim judicial managers of Swissco Holdings to snap up 4 bargain rigs it has in a joint venture. The managers confirmed the discussions, but they did not confirm the price of just over US$16m mentioned in the local Business Times.

2017-03-09 16:41:03

The 81,900dwt bulker United Prestige, one of the most talked about bulkers in the SNP market last week, has been sold via auction to Greek owner Alassia Newships Management.

United Ocean has been one of the high profile Japanese shipping bankruptcies in recent years.


2017-03-09 13:02:52

The former South Korean shipping giant, the name Hanjin will disappear from the annals of container shipping as the last Hanjin ship, the 5,302teu Hanjin Rome, was sold on March 1, according to Alphaliner.

The container vessel had been under arrest since August 29. Following the sale by the Singapore Supreme Court, Hanjin Rome departed Singapore on March 2 and is currently on its way to Chittagong for scrapping.

All of the 97 containerships, with an aggregate capacity of 617,000 TEU, that were operated by Hanjin Shipping at the time of its filing for receivership on August 31, 2016, have now been sold, returned to their owners or recovered by creditors, Alphaliner informed.

With the latest sale, Hanjin's involvement in container shipping has come to an end after a 40 year history that begun in 1977.

"Hanjin's sudden departure has left a vacuum in the market and most of its ships were unable to find any gainful employment during the six months period that followed the cessation of regular liner operations," Alphaliner said.

As at March 7, 48 vessels featuring a total capacity of 389,300 TEU, of the 97 ships formerly operated by Hanjin, remain idle.

2017-03-09 11:48:25

Global Marine Systems has acquired 2000-built subsea construction, installation and trenching vessel "Maersk Recorder" from Maersk Supply Service.

The vessel, which has been renamed CS Recorder, had previously been chartered by Global Marine for numerous cable installation projects. The company intends to use the vessel to support telecoms installation business growth over the next five to 10 years.

2017-03-09 11:46:51

Greek dry bulk owner Star Bulk has confirmed the acquisition of two Kamsarmax vessels for US$30.3m.

The 81,713dwt vessels, built at Jiangsu New Yangzijiang in 2013, are scheduled for delivery in March and May 2017 respectively.

2017-03-08 13:40:49

South Korea's shipping firm Hyundai Merchant Marine has entered into a Memorandum of Understanding to sell ten of its containerships as it looks to raise fresh funds.

Namely, the company will sell the vessels to the state-backed ship financing firm Korea Shipping Co for a price of KRW 150 billion, which will then be leased back to HMM.

The shortfall compared to the book value of the ships, which is in the range of KRW 850 billion, would be financed with bond and stock sales to the financing firm.

Under the agreement, Korea Shipping is set to purchase some KRW 100 billion worth of stocks and another KRW 600 billion worth of bonds.

The move comes on the back of the prolonged shipping woes experienced during 2016, which culminated in the bankruptcy of the South Korean container carrier Hanjin Shipping in late August.

Due to a number of asset sales undertaken in 2016, Hyundai Merchant Marine managed to narrow its net loss for the full year to KRW 4.4 billion from a net loss of KRW 627 billion seen in the previous year.

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