Ship Sales & Purchase
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2018-06-14 17:31:41

India’s Great Eastern Shipping Company Limited (G E Shipping) has inked an agreement to dispose of its Supramax bulker Jag Ratan.

The 52,179 dwt vessel will be delivered to an undisclosed new buyer in H1 FY 2018-19, according to the company.

Built at South Korean Daedong shipyard in 2001, the ship has a market value of USD 8.12 million, VesselsValue’s data shows.

Back in 2007, the 65,500 cbm Jag Ratan was purchased by G E Shipping from Turkish Kaptanoglu Group.

Last month, G E Shipping expanded its gas carrier fleet as it took delivery of Jag Vayu, a secondhand medium gas carrier.

Including Jag Ratan, company’s current fleet stands at 49 vessels, comprising 34 tankers and 15 dry bulk carriers with an average age of 10.68 years aggregating 3.97 million dwt.  

2018-06-14 17:28:50

Bermuda-based shipping company Nordic American Tankers (NAT) has secured a 3-year time charter (TC) plus options for one of its Suezmax newbuildings.

The time charter contract, expected to commence in the autumn of 2018, was agreed with Norway's company Equinor (formerly Statoil).

The contract has a base rate of USD 21,000 per day, “producing positive cashflow and earnings,” NAT said. The deal includes two optional periods that could extend the TC contract into 2023.

Scheduled for delivery in August 2018, the unit is one of the three vessels under construction at South Korea’s Samsung Heavy Industries.

“Going forward, we sense an upward trend for the tanker industry as there is a clear expectation for improvement,” the company added.

Over the last two weeks, the company disposed of five Suezmax tankers of 20 years or more. These transactions generate a total cashflow of about USD 50 million.

2018-06-14 17:25:05

Danish shipping and logistics company DFDS has ordered one additional RoRo from the Chinese Jinling Shipyard.

The newbuilding is scheduled for delivery in the first half of 2020.

“This freight new building increases our order book to five large freight ferries, which will increase our efficiency and enable us to accommodate projected growth in our route network in northern Europe and the Mediterranean,” Niels Smedegaard, CEO of DFDS, commented.

The newbuilding is similar to the four previously ordered freight ferries and likewise designed to carry 6,700 lane meters of freight equivalent to around 450 trailers. The large capacity decreases unit costs as well as the environmental impact per transported unit, according to the company.

DFDS' fleet renewal programme also includes two combined freight and passenger ferries to be delivered in 2021 for deployment in the Baltic route network.

In addition, one chartered combined freight and passenger ferry will be delivered in 2021 for deployment on The English Channel routes.


2018-06-13 16:43:20

Norwegian shipowner Ocean Yield has agreed to buy four 3,800 TEU container vessels with 12-year bareboat charters.

The company said that the purchase price for the quartet is USD120 million net of pre-paid charter-hire.

The boxships are expected to be delivered to Ocean Yield during the early part of third quarter 2018.

Built in 2014, the units are chartered to companies owned and guaranteed by Belgium's dry bulk transporter CMB NV. CMB will have certain options to acquire the vessels during the charter period, with the first purchase option exercisable after five years.

“We are pleased to increase our investments in container vessels with four modern carriers with long-term charters to CMB. The transaction further diversifies our client base and increases our charter backlog,” Lars Solbakken, Ocean Yield ASA's Chief Executive Officer, said.

2018-06-13 15:53:16

Ocean Network Express (ONE) has taken delivery of ONE Stork, its first magenta-colored newbuilding containership with a carrying capacity of 14,000 TEU.

The ship was delivered at Kure Shipyard of Japan Marine United Corporation. The sublet owner is Nippon Yusen Kaisha (NYK Line).

The 139,500 dwt ONE Stork features a length of 364 meters and a width of 50.6 meters. In addition, it has a market value of USD 94.72 million, VesselsValue’s data shows.

Flying the flag of Japan, the newbuild employs a hull form that allows improved cargo-loading efficiency achieved by minimized engine-room space. Moreover, the vessel applies the duel system in its main engine which is capable to choose two other output ranges (high and low) that allows flexible operation and improved fuel consumption rate, resulting in a significant reduction of carbon dioxide emissions, the company explained.

ONE Stork will phase in THE Alliance’s Asia to North America (East Coast) EC4 service with its port rotation Kaohsiung, Hong Kong, Yantian, Cai Mep, Singapore, New York, Norfolk, Savannah, Charleston, New York, and Singapore.

“ONE is excited to take delivery of first new-building containership with our new corporate colour, magenta. The magenta colour shows our intentional drive to do things differently and explore newness in this market,” Jeremy Nixon, Chief Executive Officer of ONE, commented.

ONE is a joint venture of Japanese shipping companies Kawasaki Kisen Kaisha, Mitsui O.S.K. Lines, and Nippon Yusen Kabushiki Kaisha. It commenced operations in April this year.

2018-06-13 15:44:25

Greek shipowner and operator Navios Maritime Partners expanded its fleet with the 74,475 dwt Panamax vessel, the Navios Altair I.

The 2006-built unit, which was acquired for a price of USD 11 million, was delivered to its new owner on June 7, 2018.

Navios Partners informed that the vessel is chartered out at a net rate of USD 9,844 per day until November 2018.

Based on the existing charter and the current rate environment, the Panamax is expected to generate some USD 2.3 million of EBITDA for the first year, assuming maximum redelivery period from charterers, operating expenses approximating current operating costs and 360 revenue and cost days.

The acquisition of the vessel was financed with cash on the balance sheet and USD 7.15 million bank debt maturing in 2023 and bearing interest at LIBOR plus 300 bps per annum.

Navios Partners controls a fleet of 38 vessels, of which 13 are Capesize vessels, 17 are Panamaxes, three are Ultra-Handymaxes and five are container vessels.



2018-06-12 17:05:06

Belgium-based tanker owner Euronav has sold its 1998-built Suezmax tanker, Cap Jean.

The 146,643 dwt vessel, which was disposed for a price of USD 10.6 million, was delivered to its new owners on June 8.

Euronav informed that it will record a capital gain of around USD 10.6 million in the current quarter.

The sale of Cap Jean is part of the company's fleet rejuvenation program.

Together with the sale Euronav is taking in operation four new Suezmax vessels, of which two have already been delivered, with the remaining two due for delivery from the Hyundai yard in South Korea (HHI) during summer 2018.

Those four vessels will all go under seven-year time charter contracts with an undisclosed refinery player, the company concluded.

2018-06-12 17:00:02

Croatian shipyard Brodosplit launched a new Polar Class 6 expedition cruise ship, constructed for Dutch shipping company Oceanwide Expeditions, on June 9.

Featuring a length of 107.6 metres and a width of 17.6 metres, the new ice-strengthened vessel will be named Hondius when it enters service in 2019.

The vessel will be capable of accommodating 196 passengers and 70 crew members and is expected to welcome its first guests on board in June next year.

The ship has been built to a new financing model for the company's fleet and for long-term lease to other cruise lines. The company has purchase options at any time, and a purchase obligation after 10 years.


2018-06-12 14:36:49

Shareholders of Norwegian shipowner Songa Bulk have approved the earlier announced sale of fifteen vessels to Greece-based dry bulk shipping firm Star Bulk Carriers.

Under the deal, Star Bulk will acquire 15 operating vessels of Songa for an aggregate of 13.725 million common shares of the company and USD 145 million in cash.

The approval of the shareholders of Songa was a condition to the closing of the vessel purchase transaction, which was unveiled mid-May.

The transaction remains subject to other customary closing conditions, and is expected to be undertaken by the third quarter of 2018, according to Star Bulk.

2018-06-11 14:26:50

Shipping firm Wallenius Wilhelmsen Ocean has expanded its fleet with the Neo-Panamax vessel MV Titus, capable of carrying 8,000 cars.

Built at China’s CSIC Xingang shipyard, MV Titus is the first of a series of four Post-Panamax vessels with a combined capacity of 32,000 CEU. The second vessel in the series is expected to enter service later this year and two are scheduled for delivery in 2019.

WW Ocean already has four vessels of the HERO design in operation, which have proven their ability to deliver from an operational and environmental perspective.

“For a modern, efficient and environmentally sound fleet, Wallenius Wilhelmsen continues to replace older tonnage with modern vessels in line with our long-term plan. As it starts its journey today, Titus is one of the most efficient neo-panamax vessel on the seas,” Michael Hynekamp, President & COO Wallenius Wilhelmsen Ocean, said.

Titus is a High Efficiency RoRo (HERO) class vessel specially designed to reduce energy consumption and emissions per tonne/kilometer cargo transported, according to Oslo-based Wallenius Wilhelmsen.

The advanced hull is tailored for efficient operations in a wide range of sea conditions, and improves the cargo to ballast ratio. The increased beam of 36.5 meters provides better stability, hence less need for ballast water.

On its maiden voyage, Titus' first port of call will be Yantai, from where it will be sailing the Asia – North America trade.

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