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2015-09-15 14:04:06

Taiwan-based Dry cargo specialist Hsin Chien Marine is selling one of its older panamax sized vessels.

Several brokers report that the 76,000dwt New Agility, built in 2001, has been sold to South Korea's Pan Ocean for a firm price of US$6.8m.

A company official denied that the ship has been sold to Pan Ocean, saying that the company was still in negotations to offload the Imabari-built ship.

This is not the first time the vessel has been laid out for sale. The vessel was reported sold for close to $13m in April 2014.

Earlier this summer the same company was reported selling another elderly Japanese build handymax sized ship.

Hsin Chien Marine, which is operated by the Hsu family who run Courage Marine, operates one of the largest fleet of bulk carriers in Taiwan.

The fleet list contains close to 40 ships including newbuilds with an average age of under 10 years.


2015-09-11 13:30:38

Drybulk carrier owner DryShips Inc. has entered into firm sales agreements with entities controlled by the Company's Chairman and Chief Executive Officer, George Economou, to sell 17 vessels.

The 17 vessels, comprised of 13 Capesize and 4 Panamax bulk carriers, are being sold for an aggregate price of US$377m, according to DryShips.

The sale includes the ships' existing employment agreements and the assumption of US$236.7m of debt as of Sept. 10, 2015, associated with some of the vessels.

"All of the individual transactions are expected to close in the fourth quarter of 2015 and certain transactions remain subject to the approval of the applicable lending banks. These transactions were approved by the independent directors of the company," the company said in a release.

As a result of the sale, DryShips expects to recognize an impairment charge of approximately US$373m in its results for the third quarter of 2015.

Additionally, the company's Board of Directors has decided to classify all of the remaining vessels in the fleet, comprised of 20 Panamax and 2 Supramax bulk carriers, as held for sale, and as a result, the company expects to recognize an additional impairment charge of approximately US$422m in its results for the third quarter of 2015.

The move follows the sale of six Aframax tankers to entities controlled by Economou this June. The tankers' en-bloc sales price amounts to US$291m, DryShips said in an announcement. The sale, which was announced in March, relates to the following ships: Belmar, Calida, Alicante, Mareta, Saga and Daytona.

DryShips owns a fleet of 39 drybulk carriers, comprising 13 Capesize, 24 Panamax and 2 Supramax with a combined deadweight tonnage of approximately 4.3 million tons.


2015-08-12 13:41:45

Mumbai-based Great Eastern Shipping Company Ltd. (GE Shipping) has signed a contract to sell its newbuilding Kamsarmax dry bulk carrier to an undisclosed buyer.

The 81,600dwt Jag Akash is currently under construction at Tsuneishi Heavy Industries (Cebu) Inc., the Philippines, and will be delivered to GE Shipping in August/September 2015, after which it will be delivered to the new owner.

After the sale of the Jag Akash, GE Shipping will operate a fleet of 30 vessels, comprising 21 tankers and 9 dry bulk carriers with an average age of 9.6 years and an aggregate tonnage of 2.36 million dwt.

The company's newbuilding orderbook now stands at three 82,000dwt Kamsarmaxdry bulk carriers under construction at Jiangsu New Yangzi Shipbuilding Co. Ltd.,China, and one 50,000dwt MR product tanker being built by STX (Dalian) Shipbuilding Co. Ltd., China.

2015-07-24 14:14:32

Financially troubled shipyard Sainty Marine has announced it will sell four already completed 64,000dwt bulkers to ease its debt pressures.

Sainty Marine and China Base Ningbo Group, as joint sellers of ships, signed a ship sale contract to sell the ships to Corbita Maritime Investment in April 2014, however, the contract was cancelled in November 2014 as the buyer didn't make payment according to the contract terms.

Sainty Marine has been thrown out from the restructuring of Nantong Mingde Heavy Industry due to its own poor financial condition. It had earlier warned that it is facing the risk of not being able to fulfil some of the 32 newbuild contracts at Mingde Heavy Industry due to the ongoing restructuring of the yard, and it might face up to RMB2.94bn (US$473m) in losses if the restructuring fails.


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