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.
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.
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.
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.
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.
Helsinki-based shipping company ESL Shipping has entered into smaller vessel class with ice classed 3,000 dwt ships.
As explained, the move is part of the company’s growth strategy.
Three vessels of the abovementioned class, Baltic Carrier, Baltic Skipper and Capella, joined the company’s fleet in fall this year, while the fourth vessel, Delfin, was added to ESL Shipping’s fleet on December 18.
The smaller vessels support “the flexible customer service”, regardless of the transportation batch size, ESL Shipping said.
“The new operating model allows ESL Shipping to expand into new vessel classes with no major capital investments,” according to the company.
In the operating model that is new to the shipping company, the vessels will be chartered from the market for the transportation volumes. The most sought-after volumes include renewable bioenergy, recycled raw materials, such as recycled energy fuel or steel, wood-based products and grain.
Including the recently added ships, ESL Shipping’s fleet comprises thirteen vessels ranging in size from 3,000 to 56,000 dwt.
Connecticut-based owner and operator of dry bulk vessels Eagle Bulk Shipping has acquired a 2015-built Crown-63 Ultramax bulk carrier.
As informed, the ship was purchased for USD 21.275 million.
Although the name of the ship was not disclosed, VesselsValue’s data shows that Eagle Bulk bought the 2015-built Ultramax bulker Essence of Seatrek from Seatrek Trans on December 13.
The 63,500 dwt vessel was constructed at Yangzhou Dayang Shipbuilding in China, the same yard as the nine Ultramaxes acquired by the company earlier this year, and is of similar design.
The bulker is scheduled to be delivered to the company in January 2018 and will be renamed the M/V New London Eagle, Eagle Bulk said.
Including the M/V New London Eagle, the company’s fleet will comprise 47 vessels, including 12 Ultramaxes purchased over the last 12 months.