Ship Sales & Purchase
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2017-03-03 15:19:09

Sources link the Petros Pappas-led bulker owner to four bulkers from one of Japan's biggest sellers, Nisshin Shipping.

In a quarterly statement from a week ago, Pappas commented, "Amidst the weakest dry bulk market of the last three decades, we have taken all appropriate measures to ensure our company's liquidity through this cycle. The proceeds from the recent US$51.5m private placement of common shares bring our total cash to about US$250m." It appears a chunk of this money is being spent on ships.

The quartet of four-year-old ships are the 81,800dwt Kapetan Trader 1, 2, and 3, and the Canon Trader II, all built at Jiangsu New Yangzijiang Shipbuilding. Brokers say the ships were sold in an en block deal for US$60.8m deal. The sale appears a bargain as the market value for the ships is US$16.2m each, according to online portal VesselsValue.com.

2017-03-02 13:19:49

Japanese shipping company Nisshin Shipping has decided to offload four Panamax bulk carriers for a total of US$60.8m, showed VesselsValue data.

Built in 2013 by Japan's shipbuilder Jiangsu New Yangzijiang, the vessels are being bought by an anonymous Greek shipowner for a price of US$15.2m a piece.

The bulkers in question are the 81,700dwt Canon Trader II, Kapetan Trader I, Kapetan Trader 2, and Kapetan Trader 3.

The latest sale marks the continuation of Nissin Shipping's selling spree as the company aready agreed to dispose of a number of its Panamax bulk carriers earlier this year.

Namely, in mid-February, the shipping firm entered into an agreement with an unknown South Korean owner to sell the 2012-built Bergen Trader I and 2013-built Bergen Trader 2.

Also in February, the company sold its Billion Trade II to Greece-based Pavimar SA, while it agreed to sell its Epson Trader 2 bulk carrier to Chartworld Shipping earlier in January 2017.

Following delivery to the vessels' respective owners, Nisshin Shipping's fleet will consist of 32 bulk carriers and 17 tankers, according to data from VesselsValue.

2017-03-02 13:15:32

US-based operator of dry bulkers Eagle Bulk Shipping has entered into an agreement to buy up to nine Ultramax dry bulk sister vessels from Greenship Bulk Trust.

The deal will see the company acquire a minimum of six Crown-63 Ultramaxes, with an additional 3 ships contingent upon final approval from Greenship's unit holders.

Eagle Bulk Shipping said that the contract has a value of US$153m, assuming all 9 ships are transacted.

Deliveries of the ships, which range in age from 2 to 5 years, is expected to start in April 2017.

"Eagle Bulk continues to execute on our fleet renewal and growth strategy, and today's announced acquisition affirms our ability to transact in a meaningful way," said Gary Vogel, Eagle Bulk's CEO.

"We view this as a milestone transaction, as it can increase our number of vessels by over 20% while meaningfully advancing the build-out of our owner-operator business model," added Vogel.

2017-03-02 13:13:18

Ningbo Maritime Court has announced it will auction off two bulk carriers owned by Zhejiang Qinfeng Shipping via online platform Taobao on March 17, at the request of Bank of Communications.

Qinfeng Shipping pledged the two bulkers, Qin Feng 1 and Qin Feng 88, to the bank in two separate loan deals in 2013 and 2014. The bank filed a lawsuit against the owner and detained the two carriers last year as the owner was unable to repay the loan.

2017-03-02 13:12:11

Shanghai Bestway Marine Engineering has announced that its subsidiary yard, Jiangsu Dajin Heavy Industry, has secured a contract from Firefinch investment for the construction of a 7,000dwt oil/chemical tanker.

The total contract value is US$10.5m, but other details have not been unveiled.


2017-03-01 14:28:37

John Fredriksen-controlled tanker owner and operator Frontline has entered into an agreement to buy two very large crude carrier (VLCC) resales from South Korean yard Daewoo Shipbuilding & Marine Engineering (DSME). The transaction price came in at US$77.5m piece.

The new 300,000dwt VLCCs are scheduled for delivery in September and October 2017.

The company unveiled the purchase as part of its financial report, saying that the VLCC resales were bought at "historically low prices without adding to the size of the global fleet."

"The company has already initiated dialogues with banks to finance our two newly acquired resale VLCCs and are confident that we will be able to secure financing at attractive terms," said Inger M. Klemp, Chief Financial Officer of Frontline Management AS.

Through the year ended Dec. 31, 2016, Frontline saw its net income rise to US$177m from US$154.6m reported in the previous year, while its net income for the fourth quarter fell to US$18.3m from US$58.5m seen in the same quarter in 2015.

Earlier in 2017 Frontline approached crude oil tanker company DHT Holdings with a proposal for a possible business combination whereby the company would acquire DHT in a stock-for-stock transaction, which was declined by DHT's board.

In February, the company presented an improved and final offer of 0.80 Frontline shares per DHT share, which was also declined by DHT's board.

"As DHT's largest shareholder we are surprised that DHT's Board has declined our repeated attempts to discuss a business combination that we believe is clearly in the best interest of all shareholders," said Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS.

Frontline informed that the improvement in crude tanker rates in the fourth quarter was attributable to seasonality as well as a strong increase in OPEC volumes ahead of the implementation of production cuts.

2017-03-01 13:59:34

South Korean shipping company Pan Ocean has decided to order five open hatch wood chip carriers as the company secured a long-term shipping deal with Brazil-based pulp and paper firm Fibria.

In a stock exchange filing, Pan Ocean said it would spend up to KRW165.4bn (US$146.6m) for the newbuildings contract.

Although the details of the order were not unveiled, the company informed that the construction of the new ships would start in late December 2018 and be finalized in September 2020.

The KRW719.6bn shipping deal inked between the parties would see Pan Ocean provide its services to Fibria over a period of a minimum of 15 years.

The transportation deal, set to come into force in February 2019, is scheduled to last until March 2035.

Pan Ocean added that the parties have an option to extend the shipping deal by up to 10 years.

2017-03-01 13:58:10

Italian shipbuilder Fincantieri has launched Kronprins Haakon, an oceanographic icebreaker being built for the Norwegian government, at its shipyard in Muggiano.

The 9,000 gross ton newbuilding is expected for delivery by the end of 2017.

The ship, Featuring a length of 100 meters and a width of 21 meters, will be able to accommodate 55 passengers.

Designed by Rolls-Royce Marine, Kronprins Haakon will have a cruise speed of 15 knots and will be able to move on independently through ice thick up to one meter and with particular silence requirements to avoid disturbing the sea environment, the shipbuilder said.

The icebreaker's hangar at the bow will have two helicopters and the unit will be equipped with instrumentation able to investigate the morphology and geology of the seabed, according to Fincantieri.

2017-03-01 13:52:07

Bermuda-based tanker owner Nordic American Tankers Limited (NAT) has expanded its fleet as it received a newbuilding Suezmax tanker "Nordic Space" on Feb. 27.

The vessel was built by South Korean Sungdong Shipbuilding and Marine Engineering.

The 158,000dwt ship, which was named on Aug. 24, 2016, has started its maiden voyage, according to NAT.

Featuring 84,000 gross tons, the 277-meter long vessel was ordered in December 2014 for a price of US$65m.


2017-03-01 13:51:17

The first steel has been cut for Roald Amundsen, a hybrid-powered cruise ship ordered by Norwegian cruise line Hurtigruten, at Kleven Yards on the western coast of Norway.

Scheduled for launching in 2018, Roald Amundsen will be "the world's first expedition cruise ship powered by hybrid battery technology."

"Today is a historical day not only for Hurtigruten, but for the global maritime industry. We celebrate the construction start of the first ship in a new generation that will change expedition travel forever," said Daniel Skjeldam, Hurtigruten's CEO.

"Sustainability will be the core of every detail of the ship and the on board operation. The hybrid engines will reduce fuel consumption substantially and allow for periods of completely emission free sailing," Skjeldam added.

Two hybrid-powered ships, Roald Amundsen and Fridtjof Nansen, were ordered from Kleven Maritime in April 2016, with an option for two additional expedition cruise vessels.

The 15,000 gross ton ships are designed by Rolls-Royce, in collaboration with the Norwegian yacht designer Espen Øino.

Each of the two vessels will feature a length of 140 meters and a width of 23.6 meters and will be able to accommodate 530 passengers.

Roald Amundsen and Fridtjof Nansen are intended for voyages in polar waters and will have strengthened hulls for traversing ice.

Hurtigruten said that Roald Amundsen's 2018/2019 inaugural season will include expedition voyages to Antarctica and the Chilean fjords.

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