Golden Ocean Group Limited (GOGL) has taken delivery of the second of the two Capesize bulkers bought in October from affiliates of Hemen Holding Limited for USD 43 million.
The 2016-built Sea Monterrey, to be renamed Golden Monterrey, follows the delivery of Golden Behike, which joined GOGL’s fleet in November 2017.
Golden Ocean has issued 2,000,000 shares to Hemen as part of the purchase price for the vessel.
Following this transaction, the company’s issued share capital is USD 7,209,884.85 divided into 144,197,697 issued shares, each with a nominal value of USD 0.05, GOGL said.
The vessel purchase was partially financed by a non-amortizing seller’s credit loan with an affiliate of Hemen for 50 percent of the purchase price, which bears interest at LIBOR + 3.00 pct per annum and matures three years after delivery of the vessels.
The remaining part of the purchase price was settled on delivery of the vessels with an estimated USD 9 million of cash and an estimated USD 34 million of newly-issued common shares of the company.
Now that the deal has been finalized, Hemen, together with certain of its affiliates, holds ownership percentage of approximately 34.2 pct of the company’s issued and outstanding common shares.
Hemen Holding Limited is a company indirectly controlled by trusts established by John Fredriksen, the company’s largest shareholder.
Golden Ocean operates a fleet of 73 vessels and has five Capesize newbuilding contracts. Upon delivery, the company’s fleet will have an aggregate carrying capacity of approximately 10.7 million dwt and an average age of less than 5 years.
Ship owner and operator GoodBulk has taken delivery of Aquabridge, a 2005-built Capesize bulk carrier.
The 177,106 dwt ship is the second of six option Capesize vessels acquired by GoodBulk from funds managed by CarVal Investors on December 20.
The vessel was financed with a combination of cash on hand, availability under existing credit facilities and the issuance of 180,542 new common shares to funds managed by CarVal. Following the share issue to CarVal, the company will have 17,644,083 outstanding common shares, GoodBulk said.
Built by Namura shipyard in Japan, Aquabridge is currently employed on an index-linked charter until the third quarter of 2018.
Including the Panama-flagged Aquabridge, GoodBulk currently has a fleet of thirteen Capesize, one Panamax, and two Supramax vessels on the water operating in the spot market, with an additional nine Capesize vessels expected to be delivered in the first quarter of 2018.
India-based Great Eastern Shipping Company Limited (G E Shipping) has decided to sell Jag Rahul, one of its Supramax bulk carriers.
The shipping company said it has signed a contract with an unnamed party to dispose of the 52,364 dwt vessel.
As informed, Jag Rahul will be delivered to the new buyer in Q4 FY 2017/18.
Although the price of the vessel was not disclosed, VesselsValue’s data shows it has a market value of USD 8.17 million.
Built at Tsuneishi Cebu shipyard in the Philippines in 2003, the ship is one of the oldest bulkers in the company’s fleet.
Currently, G E Shipping’s fleet stands at 48 vessels, comprising 32 tankers and 16 dry bulk carriers with an average age of 10.24 years aggregating 3.93 million dwt.
Owner and operator of dry bulkers GoodBulk Ltd. has expanded its fleet with a 2011-built Capesize vessel, the Aquaenna.
The 176,000 dwt bulker, which was constructed by China’s Jinhai Intelligent Manufacturing, was handed over to its new owner on January 9, 2018.
Aquaenna is the first ship from the batch of six Capesizes acquired from funds managed by CarVal Investors on December 20. The unit was financed with a combination of cash on hand, availability under existing credit facilities and the issuance of 240,494 new common shares to funds managed by CarVal.
Following the share issue to CarVal the company will have 17,463,541 outstanding common shares. The Capesize is currently employed on an index-linked charter until the end of the first quarter of 2018.
Including the Aquaenna, GoodBulk currently has a fleet of 12 Capesize vessels, 1 Panamax vessel, and 2 Supramax vessels on the water operating in the spot market, with an additional 10 Capesize vessels expected to be delivered in the first quarter of 2018.
US-based ship operator Eagle Bulk Shipping has taken delivery of a recently purchased Crown-63 Ultramax bulk carrier, the M/V New London Eagle.
The 2015-built vessel, which was acquired for a purchase price of USD 21.3 million, was funded by cash on-hand and new debt of USD 8.6 million.
This loan, which equates to around 40% of the purchase price, represents an upsize to the existing Eagle Bulk Ultraco LLC debt facility which carries an interest rate of LIBOR plus 2.95% and has a maturity of October 31, 2022.
With the addition of the M/V New London Eagle, constructed at Yangzhou Dayang Shipbuilding, Eagle Bulk’s fleet is now comprised of 47 vessels, including 12 Ultramaxes added over the last 14 months.
Although the company did not disclose the name the seller, VesselsValue’s data shows that Eagle Bulk bought the bulker from Seatrek Trans on December 13.
Athens-based drybulk shipping firm DryShips has received two firm commitments for senior secured credit facilities of up to an aggregate of USD 125 million.
The facilities will be secured by the company’s four tanker vessels and two Kasmarmax and one Panamax drybulk vessels and will have a tenor of five and six years, respectively.
Both facilities, received from two commercial lenders, will bear an interest rate of LIBOR plus margin, will be repayable in quarterly installments and will have customary financial covenants.
The facilities remain subject to definitive documentation.
Additionally, the company infromed that it reached an agreement to dispose of its 2001-built Panamax vessel, the Ecola, to an unaffiliated buyer.
Sold for total gross proceeds of USD 8.5 million, the bulker is scheduled for prompt delivery to the buyer.
“This year has been transformational for DryShips. We continue to execute on our business plan with the support of our lenders, which is a testament to the strength of the company’s balance sheet,” George Economou, DryShips’ Chairman and Chief Executive Officer, said.
Ship owner and operator GoodBulk informed that it expects to exercise the options to buy six more Capesize vessels for a price of USD 134.2 million.
The latest development comes on the back of the company’s rights offering, which closed on December 20, 2017.
The rights offering of common shares at a subscription price of USD 15.23 per share, directed towards existing eligible shareholders in the company as per December 12, 2017, resulted in received subscriptions for a total of 1,828,952 common shares constituting USD 27.85 million in demand. Of these,1,680,441 shares will be allocated, raising gross proceeds of USD 25.59 million.
GoodBulk said that the additional Capesizes are expected to be funded by a combination of cash on hand, availability under existing and new credit facilities, and issuance of USD 80.4 million of new shares, including 3,727,513 shares to be issued to funds managed by CarVal Investors, and the 1,680,441 offer shares in the rights offering. Net debt as a percentage of gross asset value is expected to remain below 30%.
The units are scheduled to be handed over to their new owner n the first quarter of 2018. Upon delivery of the agreed ships, GoodBulk will control a fleet of 25 dry bulk vessels consisting of 22 Capesize vessels, 1 Panamax and 2 Supramax ships.
The company will issue 494,131 offer shares in the first settlement, with 1,186,310 offer shares expected to be issued in subsequent settlements, to coincide with vessel acquisition closings.
In late October, GoodBulk signed a deal to purchase 7 to 13 Capesizes from entities managed by CarVal Investors.
At the time, the company said that funds managed by CarVal Investors will receive up to 10.5 million common shares in GoodBulk for the initial 7 vessels, with USD 61 million of existing borrowings expected to be refinanced under GoodBulk credit facilities.
Canadian provider of marine transportation services Algoma Central Corporation has reached an agreement with American Steamship Company (ASC) to acquire four river-class vessels.
The company is to acquire the 1978-built M.V. Buffalo, the 1973-built M.V. Adam E. Cornelius, the 1953-built S.S. American Valor and the 1943-built S.S. American Victory.
“The availability of these vessels presented an opportunity to expand Algoma’s vessel fleet and capacity at extremely attractive values,” the company explained.
Buffalo and Adam E. Cornelius will provide capacity for the river-class segment of Algoma’s domestic dry bulk market.
American Valor and American Victory have the potential to be re-powered as motor vessels, converted to articulated tug barges, or have their forebodies mated with existing modern sterns, according to Algoma. However, no immediate plan for these two vessels has been confirmed.
“Delivery of the vessels further solidifies our market position in the river-class segment where we see many opportunities,” Gregg Ruhl, Chief Operating Officer at Algoma, commented.
All four ships are former US flag lakers that will be transferred to the Canadian registry for service in the Great Lakes – St. Lawrence trade.
Hong Kong-based owner and operator of Handysize and Supramax dry bulkers Pacific Basin Shipping Ltd has been linked to the purchase of two Handy bulkers from Clipper Group.
The ships in question are 32,400 dwt Clipper Panorama and Clipper Selo, each bought for USD 10.1 million, data from VesselsValue shows.
The two ships were built in 2011 by Chinese shipbuilder Jiangmen Nanyang.
Clipper Group did not want to comment on the report, while Pacific Basin is yet to provide World Maritime News with a comment on the reported sale.
The Hong Kong-based owner operates a fleet of over 250 ships, including 106 owned ships.
The owned fleet is composed of 80 Handymaxes, 25 Supramaxes and one Post Panamax ship, including newbuildings, based on the data from the company’s website.
Nova Algoma Short-Sea Carriers (NASC) is receiving another member of its fleet as it recently purchased a mini-bulker.
The 13,497 dwt Sider Venture was bought from Norway-based OsloBulk.
The multipurpose vessel is part of a group of six ships built in 2006. Previously named Sian C, the bulker will reunite with its five sister vessels already under NASC’s commercial management.
The move “signifies growth for NASC” and is “a further step towards the consolidation of the short-sea market”, as explained by the company.
Sider Venture, which features a length of 136.4 meters and a width of 21.2 meters, will be the tenth vessel trading in the Mini Grabbers Pool (MGP), a pool of grab-fitted cargo vessels controlled by NASC and operating in the Atlantic, particularly in Europe and the Caribbean.
NASC is a joint-venture between Nova Marine Carriers, based in Switzerland, and Algoma Central Corporation, based in Canada, that focuses on the global short-sea dry bulk shipping market. The joint venture was created in April this year.