Ship Sales & Purchase
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2017-08-04 13:32:08

South Korean shipbuilding major Hyundai Heavy Industries (HHI) is competing with the Chinese rival Shanghai Waigaoqiao Shipbuilding (SWS) for the construction of up to nine 22,000 TEU containerships, Asiasis reports.

The order for the record-breaking Ultra Large Containership Vessels (ULCV) has been linked to the French shipping giant CMA CGM and is said to be undergoing final negotiation stage.

As disclosed, the order would include six firm ships and three options.

The newbuildings would feature LNG dual fuel engines.

CMA CGM is yet to provide World Maritime News with a comment on the matter.

Once the order is made official, the new 22,000 TEU newbuilds would push the 21, 413 TEUOOCL Hong Kong from the throne as the largest containership by TEU capacity.

The order comes on the heels of a USD 600 million contract HHI inked with Vitol for up to eight gas tankers. The two firm 84,000 cbm LPG tankers are expected to be delivered in 2019, while Vitol has options for six more tankers.

2017-08-04 13:28:14

Teekay Offshore Partners (TOO) has entered into conditional contracts with Samsung Heavy Industries (SHI) to construct two Suezmax-size DP2 shuttle tankers, with options to order up to two additional vessels.

Upon delivery in 2019 and 2020, the 154,000 dwt vessels will provide shuttle tanker services in the North Sea under Teekay Offshore’s existing master agreement with Statoil ASA (Statoil).

As informed, the new vessels will be constructed based on TOO’s new Shuttle Spirit design which incorporates technologies aimed at increasing fuel efficiency and reducing emissions, including LNG propulsion technology.

What is more, Teekay Offshore revealed plans to transfer its shuttle tanker business into a new subsidiary, Teekay Shuttle Tankers (ShuttleCo).

This follows a contract signed between Teekay Corporation, Teekay Offshore and Brookfield Business Partners as well as its institutional partners to enter into a strategic partnership. The deal includes a USD 640 million investment in Teekay Offshore. Following the investment, Brookfield will own approximately 60 percent share in Teekay Offshore.

As part of the formation of ShuttleCo, a majority of Teekay Offshore’s shuttle tanker fleet will be refinanced with a new USD 600 million, five-year debt facility, and two 50 percent-owned vessels will be refinanced with a new USD 71 million, four-year debt facility.

In addition, an existing USD 250 million debt facility secured by the three East Coast Canada newbuildings and an existing USD 143 million private placement project bond financing secured by two vessels, will be transferred from Teekay Offshore to ShuttleCo, the company said.

Separately, Teekay Offshore informed that Teekay Shuttle Tankers has completed an offering of USD 250 million of new senior unsecured bonds in the Norwegian bond market. The new bonds will have a coupon of 7.125 percent and mature in August 2022.

In connection with the bond issuance, and Teekay Shuttle Tankers’ acquisition of the shuttle tanker business, Teekay Offshore will repurchase approximately NOK 199 million of its TOP02 bonds maturing in November 2018 at a price of 101 percent of par value and approximately NOK 512 million of its TOP04 bonds maturing in December 2018 at a price of 101 percent of par value.

2017-08-04 13:23:11

Dry bulk shipping company Pacific Basin Shipping Limited has inked a conditional agreement to acquire five dry bulk vessels worth USD 104.6 million availing of the attractive secondhand prices on the market.

The acquisitions relate to two 2014-built Supramaxes worth USD 34 million, a 2014-built Handysize worth USD 21.1 million, a 2016-built Supramax worth USD 23.5 million and one resale newbuilding Supramax due for delivery in January 2018 worth USD 26 million.

As disclosed, the consideration will take the form of 216,9 million of new Pacific Basin shares to be issued to the ships’ sellers amounting to USD 46.1 million, USD 38 million of cash, conditionally raised through a placing of new Pacific Basin shares to institutional investors, and USD 20.5 million from the group’s cash.

The acquisition of the ships and the share placing are all conditional upon the Hong Kong Stock Exchange’s approval of the listing of the vessel consideration shares and the placing shares respectively.

The company said it expects the approval to be granted within several days.

The fleet additions are slated for delivery between mid-August and end of December this year.

“These ship purchases represent attractive opportunities to grow and renew our fleet with modern, efficient vessels built by large, reputable shipbuilders Imabari and Tsuneishi. They are of the best design for our trades and will enhance our fleet for the long term.

“We are increasing our relatively low proportion of owned vs chartered in Supramaxes at what we consider an attractive time.

The Handysize ship we are buying is currently under our long-term time charter, so our purchase of this vessel would replace our charter cost with significantly lower operating and depreciation costs, and thus benefit our operating cash flow,” Mats Berglund, CEO of Pacific Basin, said.

As at 30 June 2017, the company’s fleet of operated ships comprised about 250 dry bulk ships of which 101 are owned and 156 are chartered.

2017-08-02 11:46:40

New York-headquartered crude oil shipping company Gener8 Maritime revealed it has entered into agreements to sell its three older vessels.

Following the sale, agreed in July 2017, the company expects to receive net cash proceeds of USD 3.4 million after debt repayment of USD 24.1 million.

The vessels in question are two 1999-built Suezmax tankers, Gener8 Horn and Gener8 Phoenix and they will be sold for demolition prior to the vessels’ special surveys. In addition, the company intends to dispose of the 2002-built Aframax, Gener8 Elektra.

This was announced in the company’s financial report which shows that Gener8 Maritime finished the second quarter of this year with a net loss of USD 82.5 million, compared to a net income of USD 38 million posted in the same period a year earlier.

What is more, net voyage revenues decreased by 28.5% to USD 72.8 million for the three months ended June 30, 2017, from USD 101.8 million dollars for the prior year period. As explained, the decrease in net voyage revenues was primarily attributable to the decrease in the company’s average daily fleet TCE rate.

During the quarter, the company entered into a series of transactions that are expected to increase cash on the balance sheet by more than USD 87 million and reduce total indebtedness by approximately USD 144 million.

Apart from the sale of the three above mentioned vessels, these transactions include modifying Gener8 Maritime’s interest rate swap agreements, resulting in aggregate net cash proceeds of USD 18.2 million in April 2017. Furthermore, the company sold the 2002-built Aframax, Gener8 Daphne, two 2016-built VLCCs, Gener8 Noble and Gener8 Theseus, and a 2002-built Suezmax, Gener8 Orion. The vessels were sold for net cash proceeds of USD 65.4 million after debt repayment of USD 119.7 million.

“We continue to take important steps to strengthen our platform and balance sheet. In this seasonally weaker rate environment, we remain focused on maximizing our financial flexibility in order to manage our business for the near- and long-term.  We continue to dispose of older vessels, streamlining our fleet and focusing on high-quality tonnage with the best return profile,” Peter Georgiopoulos, Chairman and Chief Executive Officer of Gener8 Maritime, commented.

“Our balance sheet is expected to be further strengthened during the second quarter, by our agreeing to transactions that are expected to provide over USD 87 million of additional liquidity. The sales of our older vessels have also been timely, as several have come before the vessels’ 2017 special surveys, which according to budgeted amounts will preserve an additional USD 18 million of liquidity,” Leo Vrondissis, Chief Financial Officer, added.

As of July 31, 2017, Gener8 Maritime has a fleet of 39 wholly-owned vessels comprised of 25 VLCCs including one newbuilding, nine Suezmaxes, three Aframaxes, and two Panamax tankers.

2017-08-02 11:43:20

Athens-based shipping company Tsakos Energy Navigation (TEN) has taken delivery of the eighth in a series of nine tankers built against long-term employment to an undisclosed European oil firm.

The vessel in question is the 112,700 dwt aframax tanker Stavanger TS, which is one of four ships from this order with ice-class specifications.

Built by Romania-based Daewoo-Mangalia, the tanker has a capacity of 123,933 m3. It features a length pf 249 meters and a width of 44 meters.

The final ship from the batch of 15 vessels, the Bergen TS, is scheduled to be delivered in the third quarter of 2017. Upon delivery, the ship will be deployed on its long-term employment.

With the delivery of the Bergen TS, TEN’s current expansion program will reach its conclusion and result in 75% of the fleet in secured contracts with minimum gross revenues of USD 1.5 billion and average charter duration of 2.6 years.

TEN’s pro-forma fleet, including one Aframax tanker under construction, consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.2 million dwt. Of these, 45 vessels trade in crude, 15 in products, three are shuttle tankers and two are LNG carriers.

2017-08-01 13:16:22

M/T Paul A. Desgagnés, a dual fuel LNG IMO-II chemical tanker owned by Canadian shipping company Desgagnés Group, has been launched at Turkish Besiktas Shipyard.

The launching of the 14,000 dwt ship took place on July 29.

Paul A. Desgagnés is the third in a series of four asphalt-bitumen-chemical tankers ordered by Desgagnés. Each of the four vessels can be powered by any of three types of fuel – heavy fuel oil, marine diesel oil or liquefied natural gas (LNG).

With a gross tonnage of 10,000 tons, the newbuilding features a length of 135 meters and a width of 23.5 meters. Currently, Paul A. Desgagnés has a market value of around USD 22 million, according to data provided by VesselsValue.

Damia Desgagnés, the world’s first dual fuel LNG asphalt tanker, was delivered to the company in April this year.

Mia Desgagnés, the second tanker, was launched on December 10, 2016, and is currently on sea trials before the delivery to its owners, Besiktas Shipyard said.

Another sister chemical tanker is currently on the blocks for the ongoing hull construction.

2017-08-01 13:04:32

Tanker owner and operator d’Amico Tankers has signed a memorandum of agreement and bareboat charter contract for the sale and leaseback of one of its medium-range product tanker vessel for a consideration of USD 28 million.

The deal, reached with an undisclosed Japanese company, is related to the 49,990 dwt MT High Discovery, built in 2014 by South Korea’s shipbuilder Hyundai-Mipo.    

d’Amico Tankers said that the transaction would generate around USD 10.7 million in cash for the company, net of commissions and reimbursement of the vessel’s existing loan, contribute to the liquidity required to complete DIS’ fleet renewal program and allow the company to benefit from the anticipated market recovery.

Additionally, d’Amico Tankers will maintain full control of the vessel, since a 10-year bareboat charter agreement was also concluded with the buyer, with a purchase obligation at the end of the tenth year of the charter period. The company has the option to repurchase the tanker starting from the third anniversary of its sale at a competitive cost of funds.

2017-07-31 11:43:01

South Korea’s Hyundai Heavy Industries Co has won a contract worth up to $600 million from Vitol, the world’s largest independent oil trader, for as many as eight gas tankers.

The world’s largest shipbuilder signed the contract on Sunday to construct two liquefied petroleum gas (LPG) tankers with a capacity of 84,000 cubic metres each. The ships are expected to be del ivered in the first half of 2019.

Vitol has the option to order six more tankers.

2017-07-28 13:13:28

US-based Philly Shipyard (PSI) has delivered the third of four product tankers that it is building for American Petroleum Tankers (APT), a subsidiary of Kinder Morgan.

The next generation 50,000 dwt American Liberty, which has a carrying capacity of 14.5 million gallons of crude oil or refined products, was handed over to its owner on July 26.

The tanker is based on a proven Hyundai Mipo Dockyards (HMD) design that also incorporates numerous fuel efficiency features, flexible cargo capability, and the latest regulatory requirements.

American Liberty has also received LNG Ready Level 1 approval from the American Bureau of Shipping (ABS).

“This vessel is delivered on time, the hallmark of great shipbuilding that our customers depend on. As we celebrate this achievement and say farewell to the American Liberty, we wish the crew a safe and successful voyage beyond our shipyard here in Philadelphia,” Steinar Nerbovik, Philly Shipyard’s President and CEO, said.

This delivery is the 27th vessel built by PSI, formerly known as Aker Philadelphia Shipyard. The shipyard currently has one additional 50,000 dwt tanker for APT and two 3,600 TEU containerships for Matson Navigation Company under construction.

2017-07-28 13:10:48

Malaysia’s MISC Berhad (MISC) took delivery of the third in a series of five Moss-Type Seri-C Class liquefied natural gas (LNG) carriers, Seri Cempaka, on July 27.

Featuring 150,200 cbm, the new LNG carrier was constructed by South Korea’s shipbuilder Hyundai Heavy Industries (HHI) and benefits from an Integrated Hull Structure (IHS) with four spherical tanks shielded by a continuous cover, fortifying the vessel to allow for operation in the harshest marine environments.

The Malaysian-flagged Seri Cempaka joins its sister Moss-Type newbuilds Seri Cenderawasih and Seri Camellia on long-term charter to oil and gas company Petronas.

The newbuilds are part of MISC’s long term fleet expansion programme and have been designed for worldwide trading capability to enable them to call at 80 LNG receiving terminals and 26 liquefaction terminals in operation worldwide.

Along with the unique integrated hull design, the Moss-Type vessels have been designed to minimise hull resistance, increase propulsion efficiency, reduce power requirements, and reduce CO2 emissions.

The delivery of Seri Cempaka brings the current number of MISC’s LNG fleet to 27 vessels. A further two Moss-Type Seri C Class vessels are under construction in South Korea.

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