Ship Sales & Purchase
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2017-02-28 15:30:16

South Korean owner Pan Ocean has announced it has inked a consecutive voyage contacts with Brazilian forestry company Fibria.

The US$636m contract will see Pan Ocean transport wood pulp for Fibria for 15 years from
2019 to 2035. The contract also includes an option to extend the period to 25 years.

Meanwhile, the owner said it has approved an investment facility of KRW165.5bn (US$146m) for the construction of five wood pulp carriers.

2017-02-27 15:36:09

China's Jinhui Shipping and Transportation Limited has agreed to sell four Supramax bulk carriers to four entities controlled by compatriot Minyi (Tianjin) Ship Leasing for a total price of US$48m.

The four Hong Kong-registered Supramaxes were built from 2009 to 2011, with deadweights ranging from 54,768 to 57,352 metric tons.

The bulkers will be delivered to their respective owners by the end of April 2017, Jinhui said.

Following the sale of the four bulkers, Jinhui now owns a fleet of two Post-Panamaxes, twenty-one Supramaxes, and one Handysize.

The company will use the proceeds from the sale for the repayment of vessel mortgage loans and as general working capital.

The dry bulk owner and operator decided to sell the four vessels to enhance its working capital and strengthen its liquidity ahead of expected volatility in the market due to continued uncertainty with respect to the global economic outlook, particularly the freight market.

2017-02-27 15:29:46

Ningbo Maritime Court is going to auction Ningbo Pacific Shipping's 6,7119dwt bulker carrier Tuo Zhan 7 via online platform Taobao on March 6, at the request of creditor Bank of Communications.

Bank of Communications filed a lawsuit against Ningbo Pacific Shipping at the court in November 2015, as the latter had been unable to repay bank loan of RMB57m (US$8.29) in total.

The vessel is currently detained near Zhoushan. The starting price for the auction is RMB20.6m (US$3m).

Another two vessels belonging to Ningbo Pacific Shipping, Tuo Zhan 1 and Tuo Zhan 2, were sold in auctions in January at the request of Bank of Communications.

2017-02-27 15:04:22

South Korea's Samsung Heavy Industries has laid keel for Teekay's first shuttle tanker newbuilding intended for the East Coast Canada (ECC) project.

The milestone marks the end of the block building period as well as the beginning of the next phase – completion of the newbuilding with all its systems.

The shuttle tanker "Beothuk Spirit" is expected to be delivered this August.

This shuttle tanker is the first of three newbuildings to be provided for loading crude at Hibernia, Terra Nova, White Rose and Hebron offshore oil fields located in St. John's, Newfoundland & Labrador.

Construction on all three shuttle tankers has commenced with the first vessel now 65% complete and construction on the third vessel just underway.

These three vessels, which have a total cost of approximately US$375m, are scheduled to deliver during the second half of 2017 and first half of 2018.

2017-02-27 15:03:13

Central Shipping Monaco, owned by Evangelos Pistiolis, has exercised an option to build a 50,000dwt MR tanker. The option was part of one plus one contract inked in November 2016 with Hyundai-Vinashin in Vietnam. The price is thought to be US$32.5m per ship. Both vessels will be delivered in 2018.

2017-02-23 10:50:54

DHT Holdings has sold one of its older tankers. Multiple broking sources suggest that the New York-listed firm picked up US$18.5m for the 1999-built DHT Phoenix from Swiss owner Mercuria.

Mercuria intends to use the vessel for storage.

In its ongoing spat with John Fredriksen over Frontline's aggressive move to take over DHT, senior management at DHT have made much mileage of their VLCC fleet's comparative youthfulness, clocking in at around six years old on average comparing to Frontline's average age of 11.

2017-02-23 10:40:05

Italy-based Fincantieri has entered into a binding Memorandum of Agreement (MoA) with China State Shipbuilding Corporation (CSSC) and Carnival Corporation & plc for the construction of two cruise ships, with an option for additional four vessels.

The deal, subject to several conditions, has a value of around US$1.5bn for the first two ships, which will be built for the Chinese market at the SWS yard, a facility of CSSC Group. The first delivery is expected in 2023.

"We are proud to be able to order the first China-built cruise ships and play a leadership role in developing cruise shipbuilding capabilities for the first time in China, which represents another important milestone in building a sustainable and prosperous cruise industry, and demonstrates our commitment to helping China become a leading cruise market as part of its five-year economic development plan," said Arnold Donald, CEO of Carnival Corporation.

The deal comes on the back of a joint venture agreed between Fincantieri and China's shipbuilding conglomerate CSSC aimed at developing and supporting the growth of the Chinese cruise industry.

The joint venture was set up to design and sell cruise ships intended and customized for the Chinese and Asian markets.

2017-02-23 10:39:17

South Korean shipyard Hyundai Heavy Industries (HHI) has received an order for construction of two 300,000-ton very large crude carriers (VLCC) from Greek shipowner Enesel, according to Korean news site Pulse.

As disclosed, the newbuildings are expected to be delivered in the second half of 2018 and are estimated to be priced approximately US$80m each.

According to the VesselsValue data, the ships were ordered en bloc on Feb. 3 for US$83m respectively.

2017-02-22 13:38:41

Greek owner of drybulk carriers DryShips Inc. has decided to re-enter the tanker shipping market as it agreed to purchase an Aframax tanker and a very large crude carrier (VLCC).

Bought for a total gross price of approximately US$102.5m, the two vessels are set to join DryShips' fleet in the second quarter of 2017 and be employed in the spot market.

The 113,644 dwt Aframax is under construction in South Korea, while the second ship under the purchase deal is the 320,105dwt VLCC, built in 2011.

"We are very excited to have re-entered the tanker market by acquiring a modern Aframax tanker of ecodesign and one very large crude carrier at historical low prices. We continue to look at opportunities to diversify and grow our fleet with high quality tonnage and significant operating leverage," said George Economou, Chairman and Chief Executive Officer.

In March and June 2015, DryShips entered into two separate agreements with entities controlled by Economou to sell its fleet of four Suezmax tankers and six Aframax tankers, thereby exiting the tanker market.

The Suezmaxes were sold for an en-bloc sales price of US$245m, while the Aframaxes fetched an en-bloc sales price of US$291m.

In early February 2017, the company released its full-year results reporting that its 2016 net loss shrunk to US$198.6m from a net loss of US$2.8bn seen in 2015.

The firm's net loss for the quarter ended Dec. 31, 2016 stood at US$77.5m, against a loss of US$527.6m recorded in the corresponding period in 2015.

Following the end of 2016, DryShips entered into a "zero cost" option agreement to purchase up to four high specifications very large gas carriers (VLGCs) capable of carrying liquefied petroleum gas (LPG).

The company subsequently exercised the first option to buy one VLGC from the batch, currently under construction at South Korean shipyard Hyundai Heavy Industries (HHI), for a price of US$83.5m.

2017-02-22 13:07:29

McDermott International has acquired the 2014-built pipelay and construction vessel Ceona Amazon, which has been laid up since Ceona went into administration in September 2015.

McDermott says that the acquisition will better position the company for ultradeepwater and SURF projects.

McDermott CEO David Dickson commented, "This is a great opportunity for the Company to expand the technical capabilities of our global fleet and grow in the deepwater and SURF markets and greatly increase our ultradeepwater project coverage."

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