Board of directors of the Greek owner of dry bulk vessels Diana Shipping has approved the acquisition of three vessels, according to the company.
The approval follows closing of the company's previously announced underwritten public offering of a total of 20,125,000 common shares, par value USD 0.01 per share, at a price of US$4 per share.
The offer includes the full exercise of the over-allotment option granted to the underwriters to purchase up to 2,625,000 additional common shares. Following this offering, the company has 106.1 million common shares outstanding, par value US$0.01 per share.
As part of the offering, entities affiliated with Simeon Palios, the company's Chief Executive Officer and Chairman, executive officers and certain directors, purchased an aggregate of 5,500,000 common shares at the public offering price.
The gross proceeds from the offering were USD 80.5 million, all of which is expected to be used to fund the acquisition costs of additional dry bulk vessels, including two 2013-built Post-Panamax dry bulk vessels and one 2013-built Kamsarmax bulker.
Any net proceeds from the offering not used for the vessel acquisitions will be used for general corporate purposes, the company added.
As of April 26, 2017 the company's fleet consists of 48 dry bulk vessels, featuring a combined carrying capacity of approximately 5.7 million dwt with a weighted average age of 7.9 years.
Latvian Shipping Company's (LSC) subsidiary LSC Shipmanagement added to its fleet Elandra Eagle, a 157,000dwt oil tanker newbuilding, on April 19.
LSC Shipmanagement will provide the technical management for the Suezmax vessel owned by Singapore's Elandra.
"LSCSM adds the next ship to the fleet under its technical management to raise its maximum petroleum transportation capacity," said Robert Kirkups, Chairman of the Management Board of LSC.
"The addition to the fleet is an important event, fulfilling the strategy of increasing vessels under technical management," Kirkups further said.
Built by South Korean shipbuilder Sungdong, Elandra Eagle will fly the Marshall Islands flag.
With a gross tonnage of 81,300 tons, the tanker features a length of 277 meters and a width of 48 meters.
According to the company, Elandra Eagle is the biggest tanker in LSC's fleet.
This June, LSC Shipmanagement plans to take delivery of another Elandra tanker, Elandra Falcon.
South Korean shipbuilder Hyundai Heavy Industries (HHI) has won 18 ship orders worth USD 900 million in April alone, pushing its order intake to USD 2.3 billion secured so far this year.
Since the orders include options exercisable by owners to order additional vessels, the total orders in April "will amount to 31 ships worth USD 1.5 billion," HHI informed.
The month marked the largest ship orders for the comparable period in three years, the shipbuilder said, adding that from the beginning of 2017 it secured a total of 39 new ship orders.
"With our new orders improving this year, we are receiving shipbuilding inquires doubled over the last year's comparable period. With our competitive edge on green shipbuilding technology and fiscal health, we will continue to exert efforts to win more orders," according to an official from HHI.
As the company is currently in the final negotiating stage for additional three ships, as well as two more vessels at Hyundai Mipo Dockyard (HMD) and an array of other shipbuilding inquiries, HHI said that it expects more orders to come in May and afterwards.
During the period ended March 31, 2017, the value of HHI's newbuilding orders surged by 22.9 percent compared to the corresponding figures from last year, reaching US$2.04bn.
While the group's shipbuilding segment booked US$763m worth of orders, against last year's 234 million, its offshore and engineering arm saw a drop in ordering activity with US$51m worth of orders.
Hunter Maritime Acquisition Corp has inked a deal with Hamburg-based Oskar Wehr to acquire five capesizes for US$139.4m.
The vessels were built by Chinese shipyard New Times Shipbuilding and consist of Charlotte Selmer, Greta Selmer, Tom Selmer, Lene Selmer and Hugo Selmer. The ships have a combined cargo-carrying capacity of about 876,352 dwt with an average fleet age of about 6.2 years.
Japan's shipping company NYK Group has taken delivery of a new coal carrier, the 56,825 gross ton Isuzu Maru, from its compatriot shipbuilder Oshima Shipbuilding.
The 249-mete-long and 43-meter-wide ship, which was handed over on April 14, will be operated by NYK Group's Singapore-based subsidiary NYK Bulkship (Asia).
NYK said that the new coal carrier will be deployed to transport coal for coal and mineral company JERA Trading Singapore, a subsidiary of the Japanese electric power company JERA.
The 100,165dwt Isuzu Maru will transport coal mainly from Australia and Indonesia to Chubu Electric Power's Hekinan thermal power station, which is located in Hekinan city, Aichi prefecture, in Japan.
Compared to the standard 70,000dwt Panamax bulk carrier, the new Isuzu Maru has a wider beam and a shallower draft to improve transportation efficiency, according to NYK Group.
Greek shipowner and operator Navios Maritime Partners has continued its shopping spree as the company signed an agreement to purchase a Capesize bulk carrier.
Featuring 178,132 dwt, the vessel was bought from Italy-s shipping firm Rizzo Bottiglieri for a price of US$27.5m, according to data provided by VesselsValue.
The ship in question is reportedly the 2010-built Cavaliere Grazia Bottiglieri, which is expected to join its new owner during the third quarter of 2017. Following this acquisition, the company will control a fleet of 34 vessels.
Navios Partners said that the Capesize is expected to generate some US$3.7m of annual EBITDA based on current rate environment, assuming operating expenses approximating current operating costs and 360 revenue days.
The company will finance the acquisition with cash on its balance sheet and bank debt on terms consistent with its existing credit facilities.
Just last week, the Greek owner reached an agreement to acquire the entire container fleet consisting of fourteen ships from Rickmers Maritime for about US$113m.
"We anticipate acquiring five 4,250 TEU vessels on May 15, 2017. These vessels are employed on charters that have staggered expirations in 2018 and early 2019 at a net daily charter rate of USD 26,850," said Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners.
The average age of the fleet, which consists of eleven 4,250teu containerships and three 3,450teu vessels, is 9.5 years.
Malaysian bulk player Austship who was the higgest bidder for a ship laid up after arrest since November last year, finally got its bid approved.
The 76,000dwt Newlead Victoria was sold at an auction arranged by Malaysian authorities at the beginning of March with Austbulk's US$3.67m initial bid rejected before it raised it and won the ship in a US$5.5m deal.
The family owned shipowner has also just spent US$6.5m for the 75,000dwt Orsolina Bottiglieri.
China officially launched its second -- and the first self-developed -- aircraft carrier Wednesday morning in Dalian, Liaoning province.
General Fan Changlong, vice-chairman of the Central Military Commission, participated in the launching ceremony at the Dalian shipyard of China Shipbuilding Industry Corporation．
（Photo by CCTV)
The new carrier's name and hull code remain unknown as the Navy usually makes public such information when a ship is commissioned.
（Photo by CCTV)
At present, the PLA Navy operates a sole aircraft carrier, CNS Liaoning, which was originally a Soviet-era vessel and received an extensive refit at the same shipyard in Dalian, where the new carrier is being constructed, before going into service in September 2012.
（Photo by CCTV)
At the next stage, the carrier will kick off the outfitting process, according to news releases. During the outfitting stage, engineers and workers will complete the installation of the ship's power plant, engines, interior equipment and systems as well as weapons.
Dutch coastal shipping company Thun Tankers, part of the Gothia Tanker Alliance, has contracted four 17,500dwt IMO II product/chemical tankers to be built at China's Avic Dingheng Shipbuilding.
The vessels are expected to be delivered between April 2019 and January 2020.
Furetank Rederi AB, Thun Tankers and Rederi AB Älvtank have previously ordered a total of six 16,300 dwt high quality intermediate tankers with LNG propulsion. These vessels, that are currently under construction, are being built at the same yard as the now contracted ships.
"Thun Tankers' new vessels will further improve the Gothia Tanker Alliance customer offering as well as our position as a provider of safe and efficient refined products transportation," Lars Höglund, Managing director at Furetank, said.
Furetank Chartering, responsible for the intermediate size segment in the Gothia Tanker Alliance, will commercially manage the vessels.
With this new contracting, the Erik Thun Group has a total of eleven newbuildings on order. In addition to five intermediate tankers, Thun has contracted four 8,000dwt coastal tankers at Sheepswerf Ferus Smit in the Netherlands with delivery in 2018-2021.
Thun are also building two ice classed dry cargo ships at the same yard with delivery later this year.
Greek shipping company Neda Maritime has ordered a 319,000dwt very large crude carrier (VLCC) from South Korean Hyundai Samho Heavy Industries (HSHI), with an option for one more tanker, VesselsValue's data shows.
Neda Maritime will pay US$82m for the newbuilding, which is scheduled to be completed in 2019.
The company would pay the same price for the optional vessel which would be also delivered in 2019.
Separately, HSHI, part of Hyundai Heavy Industries (HHI), informed it attracted KRW300bn (US$266m) investment via pre-initial public offering (IPO).
Under the agreement HSHI signed with IMM Private Equity, a Korean private equity firm, HSHI will issue 5.36 million new convertible preferred shares and IMM PE will pay KRW300bn to acquire the shares at KRW 56,000 per share.
HSHI plans to finalize the approval of the deal in early June and use the investment to lower its debt-to-equity ratio to 78.1% from current 96.4%.
That deal brings HSHI's total market value at KRW2.5tln won.
"IMM PE's investment in HSHI today will also serve as an opportunity to re-evaluate the corporate value of HHI that takes up 83.7% of HSHI," the shipbuilder said.
"The investment of IMM PE that has been active in investing in shipping and shipbuilding sectors including Hanjin Newport and Hyundai Merchant Marine's LNG business shows its confidence in the recovery of shipbuilding industry for years to come," HHI added.
During last year, HSHI received orders for the construction of fifteen ships worth US$1.1bn.
This March, HSHI won US$240m order to build four LNG-fueled Ice-Class IA Aframax tankers for Russian shipping company Sovcomflot.