Noble Group has found a buyer for the second of four second-hand Kamsarmaxes earmarked for sale as part of the commodity trader's plan to cut debt.
Specifically, the Hong Kong-based company inked a deal with Ocean Liberty Marine Limited and Transmed Shipping Limited for the sale of the 81,502 dwt Ocean Vission.
The 2015-built ship, flagged in Hong Kong, is being sold for USD 24 million, payable in cash.
The bulker is mortgaged to a financial institution and part of the proceeds from its sale will be used to pay down the owed amount.
The net proceeds arising from the sale, upon debt repayment, will be around USD 8.2 million, Noble said.
The sale is subject to the approval of Noble Group’s shareholders, with the transaction expected to be completed by June 15, 2018.
The commodity trader expects that its net gain from the vessel disposal would be approximately USD 0.2 million.
The first vessel from the quartet, the 2015-built Ocean Integrity, was sold at the beginning of March to Bianca Corporation and Primerose Shipping.
The remaining vessels, 2014-built Ocean Ambition and 2015-built Ocean Forte, are yet to find their buyers.
Five Handysize dry bulkers have joined the fleet of Oslo-listed shipowner Ocean Yield ASA over the past couple of days.
Three 2015-built and one 2014-built handysize bulkers were delivered today, the company said. Upon delivery, the vessels commenced 10-year bareboat charters to companies owned and guaranteed by Interlink Maritime Corp.
As informed earlier, Interlink Maritime will have certain options to acquire the vessels during the charter period, with the first purchase option exercisable after five years in addition to an obligation to repurchase the vessels at the end of year ten.
The ships in question are named: Interlink Amenity, Interlink Levity, Interlink Sagacity, Interlink Priority and Interlink Dignity.
The ships were bought in February 2018, as Ocean Yield ventured into the dry bulk market.
The debut in the dry bulk sector was marked by the company’s purchase of two 2018-built handysize dry bulk vessels with 12-year bareboat charters earlier that month.
The quartet is being handed over on the back of a newbuilding delivery from two days ago.
The 2018-built handysize dry bulk vessel La Loirais has commenced a 12-year bareboat charter to a company owned and guaranteed by French Louis Dreyfus Armateurs Group (LDA).
The ship was built by Chinese shipbuilder Jiangmen Nanyang Ship Engineering together with another Handysize, also intended for LDA, La Fresnais, which was delivered in February.
Monaco-based owner and operator of dry bulk carriers GoodBulk has decided to expand its fleet with a 2007-built Capesize vessel.
The company entered into an agreement with an undisclosed party to acquire the 174,000 dwt vessel built by China’s Shanghai Waigaoqiao Shipbuilding.
As informed, the bulker is scheduled to be delivered to the company in June 2018 and is expected to be funded with cash on hand and availability under existing credit facilities.
What is more, GoodBulk said it delivered the 2003-built bulker Aquabeauty to its new owners. Earlier this year, the company sold the Capesize bulker to unidentified Greek buyers in an effort to modernize its fleet.
Following the latest fleet reshuffling, GoodBulk will have a fleet of 25 bulkers, comprising 22 Capesize, one Panamax and two Supramax vessels.
Singapore-incorporated Mercator Lines has sold its 1997-built bulk carrier M/V Vrinda to Best Oasis Limited from Hong Kong.
The company said that the sale would bring it USD 4.25 million in net proceeds, which Mercator plans to use to repay outstanding debts.
The sale is expected to be completed by April 6, 2018, subject to obtaining the necessary regulatory approvals.
The Indian-flagged Panamax bulk carrier features 69,200 of dwt.
Based on the data from VesselsValue, the sale took place on March 14 and will see the bulker get demolished at an unknown yard.
In October 2017, the High Court of the Republic of Singapore appointed liquidators of Mercator Lines as the shipping company moved forward with the winding up of its business.
The company applied for winding up of its business in September 2017 after it spent months under judicial management.
During this time the Judicial Manager Yit Chee Wah held discussions with several potential investors to explore transferring the company’s listing status and/or its restructuring. However, these attempts failed.
Faced with liquidity shortage and poor business performance, Mercator Lines decided to exit the dry bulk business and sell its fleet of 11 dry bulkers at the beginning of 2016.
According to VesselsValue’s data, Vrinda was the only live vessel in the company’s fleet.
Owner and operator of dry bulkers GoodBulk took delivery of another Capesize vessel, the 2013-built Aquasurfer, on March 1.
Featuring 178,854 dwt, the ship is the sixth of the seven initial Capesizes acquired from funds managed by CarVal Investors in late October 2017.
The Capesize, built by South Korean Sungdong, was financed with a combination of cash on hand, availability under existing credit facilities and the issuance of 1,547,000 new common shares to funds managed by CarVal.
The vessel is expected to be employed in the spot market via the Capesize Revenue Sharing Agreement managed by C Transport Maritime SAM (CTM).
Following delivery of the Aquasurfer and the sale of the Aquabeauty, GoodBulk will have a fleet of 19 Capesize vessels, one Panamax vessel, and two Supramax vessels on the water, with an additional two Capesizes expected to be delivered within the beginning of the second quarter of 2018.
Furthermore, the company informed that it completed a fourth closing of the December 20, 2017 rights offering issuing 415,017 common shares for gross proceeds of USD 6.32 million on March 2, 2018.
Ocean Yield ASA has decided to buy five Handysize dry bulkers with 10-year bareboat charters to companies owned and guaranteed by Interlink Maritime Corp, owner and provider of dry bulkers to agricultural and industrial commodities companies, and other end-users.
The purchase price is approximately USD 75 million net of pre-paid charter hire, the Norwegian shipowner said.
One vessel will be delivered from the shipyard in April 2018, while three of the vessels are built in 2015 and one in 2014.
The transaction is subject to final agreement on documentation.
” In our opinion the timing for making new investments in shipping is excellent and we remain committed to continuing to increase and further diversify our portfolio of modern vessels on long-term charter in order to support attractive dividends to our shareholders,” Ocean Yield ASA’s Chief Executive Officer Lars Solbakken said.
Interlink Maritime will have certain options to acquire the vessels during the charter period, with the first purchase option exercisable after five years in addition to an obligation to repurchase the vessels at the end of year ten.
Interlink Maritime owns a fleet of 28 Handysize vessels, including three newbuildings. The company is majority-owned by the Carlyle Group, which is a global alternative asset manager with USD 174 billion of assets under management across 306 investment vehicles.
Ocean Yield’s latest purchase comes on the back of an investment in two 2018-built handysize dry bulk vessels with 12-year bareboat charters earlier this month which marked the company’s entrance in the dry bulk sector.
The bulkers will be chartered to companies owned and guaranteed by French maritime firm Louis Dreyfus Armateurs Group (LDA).
According to Solbakken, the company sees potential for more transactions in the sector especially in the wake of improved earnings in the dry bulk market.
Canadian provider of marine transportation services Algoma Central Corporation has taken delivery of the Algoma Sault, its second seaway-max Equinox Class self-unloading bulk carrier, from Yangzijiang Shipyard in China.
The 48,200 cbm vessel departed the shipyard on February 3, 2018, and is expected to arrive in late March.
Algoma Sault will be available for service in the upcoming navigation season, Algoma said.
The Tuvalu-flagged ship will be the seventh Equinox Class vessel to join Algoma’s domestic dry bulk fleet, which now includes four gearless bulkers and three self-unloaders. Five additional vessels are under development contracts.
In 2017, the company added to its fleet the Algoma Niagara, the first vessel from the seaway-max Equinox Class batch.
“The addition of the Algoma Sault to our domestic fleet will further strengthen our position on the Great Lakes and we look forward to her arrival,” Ken Bloch Soerensen, President and CEO of Algoma, commented.
“The Algoma Sault is the second Equinox Class 740-foot self-unloader to be delivered and she will join her sister ship, the Algoma Niagara, in operations this spring,” Soerensen added.
In addition to the two new 740-foot self-unloaders, the Algoma Conveyer, which the company acquired in 2017 at auction from the failed Nantong Mingde shipyard, is undergoing refurbishment and final construction at the shipyard. The vessel is expected to be completed and delivered in early 2019.
Algoma Central Corporation operates a fleet of dry and liquid bulk carriers on the Great Lakes – St. Lawrence Waterway and also owns ocean self-unloading dry-bulk vessels operating in international markets. The company has begun an expansion into international short-sea markets through its 50% interest in NovaAlgoma Cement Carriers and NovaAlgoma Short-Sea Carriers.
Nova Algoma Shortsea Carriers, a joint venture company between Nova Marine Carriers and Algoma Central Corporation, has bought a 2007-built bulk carrier.
The newly named Sider Sirios is a single-decker featuring an updated deadweight of 8,005 tons.
The company said that the bulker is off to a busy start having already completed its first voyage.
The latest purchase brings the fleet of Nova Algoma Shortsea Carriers to 30 ships of 8,000 dwt.
The company’s vessels predominantly trade in the Mediterranean, Black Sea and Northern Europe.
Based on the valuation data from VesselsValue, the ship is worth USD 3.28 million.
Sider Sirios, previously known as Chyra, was originally built by Chinese shipbuilder Jiangsu Yangzijiang for Peter Dohle Schiffahrts and sold in 2015 to Greek Sirios Shipmanagement.
The fleet built-up continues from last year. Back in December 2017, the company bought a mini bulker from Norwegian owners, Oslo Bulk. M/V Sider Venture, of 13,497 dwt, was built in Japan in 2006.
The purchase reunited the vessel with five other sister vessels already under NASC’s commercial management.
Based in Lugano, Switzerland, Nova Algoma Short-Sea Carriers was established in April 2017.
Noble Group’s plans of selling Kamsarmax quartet have failed as proposed buyers did not receive the necessary approvals from their respective boards of directors.
Back in November 2017, the commodities group said that it had signed agreements to sell four dry bulk carrier vessels for a total of USD 95 million. However, the deal was conditional upon the approval of Noble Group’s shareholders and buyers’ boards of directors.
“The buyers and the parent company of the buyers have failed to obtain approval from their respective board of directors on or before February 1, 2018 and therefore, in accordance with the terms and conditions of the MOAs, the MOAs are null and void,” Noble said in a regulatory statement today.
The proposed disposal of vessels is part of the company’s efforts to reduce debt.
The vessels in question are 2014-built Ocean Ambition, 2015-built Ocean Forte, 2015-built Ocean Integrity and 2015-built Ocean Vision, all registered under the flag of Hong Kong. They have an average age of three years and range from 81,499 dwt to 81,616 dwt in capacity.
The ships are mortgaged to financial institutions and part of the proceeds from the proposed sale was supposed to be used by Noble Group to pay down the amounts owed under the facilities. Following the planned repayment, Noble would have been left with around USD 30 million.
“The vessels remain available for sale and Noble Group has commenced discussions with interested third parties,” the company further noted.
Noble added that since November the market value of Kamsarmax dry bulk carriers has increased. Based on the new valuation results, the vessels are valued at an aggregate of USD 95 million, against the prior average valuation of USD 92.25 million.
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.