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Bareboat News

14 Mar 2024

Seapath Launches Jones Act Leasing Business

(Photo: The Libra Group)

Libra Group subsidiary Seapath has launched a Jones Act leasing business offering maritime leasing and financing solutions and a growing portfolio of vessels valued at approximately $25 million.The group said it sees significant unmet demand for the supply of Jones Act compliant transport assets.Joshua Lubarsky, president of Seapath, said, “Domestic maritime transportation is the backbone of the U.S. transportation system. By launching our new Jones Act leasing business, Seapath…

21 Feb 2024

BIMCO Publishes Quiet Enjoyment Letters

© Gajus / Adobe Stock

BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can ensure the charterers’ uninterrupted use of a ship if the owner defaults under the financing facility. The QELs will be provided by the lender to the charterer to ensure that the charterer, who does not have a contractual relationship with the lender but only with the owner, can continue to “quietly enjoy” the ship in case of the owner’s default.

23 Jan 2024

Algoma Buys Two Product Tankers from Knutsen

© Denys Yelmanov / Adobe Stock

Algoma Central Corporation announced it has acquired two 2009 built, 16,600 dwt product tankers from Norway’s Knutsen OAS Shipping.“We identified an opportunity to secure high-quality ice-class product tankers suitable for trading in Canada and in Northern Europe. These additions will strengthen our capacity to deliver reliable service to our valued customers,” said Gregg Ruhl, President and CEO of Algoma.The vessels are believed to be the Liv Knutsen an Eli Knitsen, built by China's Jiangan Shipyard Corp.The vessels will initially be on bareboat charters back to the sellers.

09 Jan 2024

Diana Shipping Announces Continuation of Time Charter for Amphitrite

Source: Diana Shipping

Diana Shipping, a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, has announced that, through a separate wholly-owned subsidiary, it has extended the time charter contract with Cobelfret S.A., Luxembourg, for one of its Post-Panamax dry bulk vessels, the Amphitrite.The gross charter rate is $12,250 per day for the first 30 days of the charter period and $15,000 per day for the balance period of the time charter, in each case minus a 5% commission paid to third parties…

20 Nov 2023

Insights: Frank Manning, President & COO, Diversified Marine, Inc.

Frank Manning, President & COO, Diversified Marine, Inc. (Photo: Diversified Marine, Inc.)

Frank Manning has quickly risen through the ranks during his eight years in the shipyard business, today serving as president and COO at Diversified Marine, Inc. (DMI) in Portland, Ore. Crucial along the way has been a passion for the business itself and the people that make it all possible.“The first day I walked in a shipyard I knew that I was in the right industry,” Manning said. “DMI has always been a relationship-based business. All of our customers are close friends, and we have relationships that are second to none,” he said.

03 Nov 2023

Viking Supply Ships Takes Delivery of Andreas Viking AHTS

Credit: Arild/AdobeStock - Illustration only

Swedish offshore vessel owner Viking Supply Ships has taken delivery of the Andreas Viking AHTS, previously known as the Far Senator.In March 2023, Viking Supply Ships said it would take two Ocean Yield-owned AHTS vessels, Far Senator and Normand Statesman, on bareboat charters for a period of five years, with purchase options during the charter period, and an obligation to purchase the vessels at the end of the charter period if requested by Ocean Yield AS. The company, that owns and operates a fleet of offshore supply and icebreaking vessels…

27 Sep 2023

Maritime Partners Acquires Maersk's USMMI

(Photo: Hendrick Dickson / USN Military Sealift Command)

Maritime Partners, a Louisiana-based provider of maritime financing solutions primarily focused on Jones Act vessels, announced that on September 20, 2023, one of its managed funds acquired Norfolk, Va.-based U.S. Marine Management LLC (USMMI) from Maersk Line, Limited.USMMI owns and operates U.S. flag vessels—including one owned maritime support vessel, three owned tankers, and one bareboat chartered tanker—for charter to the U.S. Navy's Military Sealift Command. It also performs operation and maintenance of U.S. government-owned vessels, and currently has one O&M contract supporting U.S.

22 Aug 2023

Maritime Partners Buys AMSC's Jones Act Tanker Fleet

(File photo: Overseas Shipholding Group)

New Orleans-based Maritime Partners has reached a deal to acquire AMSC subsidiary American Tanker Holding Company, which owns a fleet of 10 Jones Act tankers.Maritime Partners' newly formed Project Merchant Acquisition arm signed a share purchase agreement with Oslo-listed AMSC to acquire AHTC for an enterprise value of $746.7 million. AMSC will receive $249.3 million in gross cash proceeds from the sale.The transaction is expected to close on or before October 31, 2023, subject to certain closing conditions and AMSC shareholder approval.ATHC…

22 Aug 2023

AMSC Sells Tanker Business

© Gajus / Adobe Stock

American Shipping Company (AMSC) has signed a deal with Project Merchant Acquisition LLC, a newly-formed company owned and controlled by a fund managed by Maritime Partners, for the sale of its subsidiary American Tanker Holding Company.Pål Lothe Magnussen, CEO of AMSC, said: “The management team at AMSC is pleased that a Maritime Partners managed fund, a leading Jones Act leasing company, is acquiring our Jones Act business. We believe this is the ideal new owner of this business for the next phase in the lifecycle of these assets.

04 Aug 2023

Concordia Maritime Sells Two Product Tankers

(Photo: Christian Badenfelt / Concordia Maritime)

Concordia Maritime on Friday announced it has entered into an agreement to sell two of its product tankers. The vessels are the 65,200 dwt Stena Progress and the 65,200 dwt Stena Premium, built in 2009 and 2011 respectively.After repayment of loans and liabilities to related parties, the transaction generates a liquidity supplement of approx. SEK 100 million (approximately US$9.5 million), Concordia Maritime said. The remaining debts are current operating liabilities.“With the sale, we continue to take advantage of the strong market and the high prices for older vessels.

02 Aug 2023

Ocean Yield Orders Four Methanol-ready Tankers from China's GSI

© Angelika Bentin / Adobe Stock

Ocean Yield announced it has entered into an agreement to purchase four LR1 product tankers, to be built at Guangzhou Shipyard International (GSI) in China for delivery in 2026 and 2027.The vessels will be built with a design enabling them to be converted to dual-fuel operation with methanol as fuel.Upon delivery, the ships will be employed on 15-year bareboat charters to petrochemical company Braskem. The charter rate will have a variable element linked to the respective vessel's actual carbon emissions…

02 Aug 2023

Ocean Yield Enters Sustainability-Linked Transaction for Four Product Tankers

Source: Braskem

Ocean Yield has agreed to purchase four LR1 product tankers, to be constructed at Guangzhou Shipyard International (GSI) in China.The vessels will be built with a design enabling them to be converted to dual-fuel operation with methanol as fuel. Upon delivery (in 2026 and 2027), the vessels will commence 15-year bareboat charters to guaranteed subsidiaries of Braskem S.A., a global petrochemical company listed on the New York Stock Exchange and based in Brazil. Braskem S.A. currently has credit ratings of BBB- from S&P and Fitch…

25 Jul 2023

OceanPact Buys Two AHTS Vessels from Akastor's DDW Offshore

Credit: Akastor

Brazilian offshore support vessel service company OceanPact has acquired two AHTS vessels, Skandi Saigon and Skandi Pacific, from Akastor's subsidiary DDW Offshore.OceanPact chartered the two vessels in March 2021 to support Petrobras' operations, with OceanPact having a purchase obligation at the end of the bareboat term."Following the expiry of the charter period, both vessels are now sold to OceanPact for the agreed cash payment of USD 18 million for both vessels, of which…

21 Jul 2023

Armada Kraken FPSO's Production Climbs After Shutdown

Bumi Armada's Armada Kraken FPSO, a production unit operating at EnQuest's Kraken offshore field in the UK North Sea, has increased operational performance following a shutdown in early June.As Offshore Engineer previously reported, the Armada Kraken FPSO was shut in in June following the failure of critical hydraulic submersible pump (HSP) transformers.The Kraken FPSO is deployed at Kraken field under a bareboat charter contract.During the first four months of 2023, the average net production from the Kraken field was 15,910 barrels of oil equivalent per day.On June 21, Bumi Armada said that production had resumed from the FPSO and was at around 60% of pre-shutdown levels.In an update on Thursday…

12 Jul 2023

Scorpio Sells 2013-built Tanker for $32.5 Million

Scorpio Tankers announced it has sold a medium range (MR) product tanker for $32.5 million.The Monaco-headquartered shipowner said the sale closed this month, but did not disclose the buyer.The vessel is the 183-meter-long STI Ville, built in 2013 by South Korea's Hyundai Mipo Dockyard.Scorpio noted that the ship is unencumbered and that it will make no debt repayments associated with the sale.Scorpio Tankers currently owns, lease finances leases or bareboat charters-in 112 product tankers, including 39 LR2 tankers, 59 MR tankers and 14 Handymax tankers.

28 Jun 2023

Scorpio Tankers Wins $1 Billion Credit for New Vessels

Scorpio Tankers has received commitments from a group of financial institutions for a previously announced $1.0 billion term loan and revolving credit facility.The over-subscribed Credit Facility was capped at an amount of $1.0 billion, and is expected to be used to finance 45 product tankers. Scorpio Tankers currently owns, lease finances or bareboat charters-in 113 product tankers (39 LR2 tankers, 60 MR tankers and 14 Handymax tankers) with an average age of 7.4 years.The Credit Facility is expected to consist of a 50% term loan and a 50% revolving loan, and has a final maturity of five years from the signing date (but not later than June 30, 2028).Emanuele Lauro, Chairman and CEO of the company, said: “We appreciate our lenders and their commitment to the company.

09 Jun 2023

Maritime Partners Announces $235.3 Million Securitization

(Photo: Maritime Partners)

Maritime Partners, a provider of maritime financing solutions primarily focused on Jones Act vessels, has announced the successful completion of the inaugural capital markets issuance of vessel asset-backed securities (ABS) by MP 2023 LLC, its controlled affiliate. This transaction was the first ABS issuance composed entirely of inland marine vessels.MP 2023 LLC issued an aggregate principal amount of $235.3 million of its MP 2023-1, Class A Notes, with a coupon of 7.167% over an expected 7-year term.

26 May 2023

Ocean Yield Firms Up Newcastlemax Order

© Lukasz Z / Adobe Stock

Norwegian shipowner Ocean Yield on Friday announced it has finalized order details for a series of new Newcastlemax bulk carriers.The company announced in December 2022 that it had agreed to acquire a minimum of five and a maximum of 10 vessels with expected delivery dates between Q1 2025 and Q2 2026.Ocean Yield now revealed it has agreed with the charterer that the final transaction scope will be eight or nine vessels, with expected delivery dates between Q3 2024 and Q4 2025.Upon delivery…

03 May 2023

Concordia Maritime Sells 13-year-old Product Tanker

Stena Penguin (Photo: Concordia Maritime)

Concordia Maritime announced Wednesday it has entered into an agreement to sell its 13-year-old product tanker Stena Penguin to an unnamed European buyer.The 65,200 dwt Stena Penguin is scheduled to be delivered to its new owner during the second quarter of 2023.Overall, the sale is expected to have a positive liquidity effect of approximately SEK 215 million (about $20.9 million) after repayment of the remaining bank debt to Svenska Skeppshypotek, Concordia said.Concordia Maritime CEO, Erik Lewenhaupt, said, “We are now divesting another vessel with a good margin.

26 Apr 2023

Damen Marine Services' New Multi Cat Vessel is a "Swiss Army Knife of workboats"

©Damen

Damen Shipyards' division Damen Marine Services has taken delivery of the first of a new class of Damen Multi Cat, a Multi Cat 3313 SD named DMS Snipe. Damen Marine Services, which offers Damen vessels for charter, both fully crewed and bareboat, has described the DMS Snipe as a "Swiss Army Knife of workboats""While Damen’s Multi Cat range is known for its shallow draught capabilities, this new class can draw less than two meters, an exceptional achievement for a 33-metre vessel," Damen said."The Multi Cat 3313 SD continues the Multi Cat ethos of being the Swiss Army Knife of workboats.

05 Apr 2023

Dorian LPG Takes Delivery of Dual-fuel VLGC

(Photo: Dorian LPG)

Liquefied petroleum gas (LPG) shipping company Dorian LPG announced it has taken delivery of the newly built very large gas carrier (VLGC) Captain Markos from Japanese shipbuilder Kawasaki Heavy Industries.The 84,000 cubic meter capacity VLGC is a dual-fuel vessel capable of running on on LPG and low-sulfur fuel oil.The ship  is owned by a Japanese owner will be operated by Dorian LPG under a 13-year bareboat charter, trading in the Helios LPG Pool which Dorian LPG jointly operates with Phoenix Tankers Pte. Ltd., a wholly-owned subsidiary of Mitsui OSK Lines Ltd.

29 Mar 2023

ADS Maritime Holding Acquires 10% Stake in High-Spec Dive Support Vessel

Southern Star conducting SAT Diving operations in DP3 for Shelf Subsea Malaysia, January 2020 - ©Tasik Subsea

ADS Maritime Holding said Wednesday it had acquired a 10% stake in a Dive Support Vessel and will act as Commercial Manager with primary responsibility for following up the shipowning company’s activities related to the vessel and the bareboat contract.The vessel “Southern Star” is a high spec DP3 Dive Support Vessel (“DSV”) built in 2017, suited for light subsea construction work (150t subsea crane) and advanced dive support work with accommodation for approximately 120 pax.

14 Mar 2023

Viking Supply Ships to Charter Two Ocean Yield AHTS Vessels. Purchase Options Included

©Solstad Offshore

Anchor handling specialist Viking Supply Ships will take two Ocean Yield-owned AHTS vessels, Far Senator and Normand Statesman, on bareboat charters for a period of five years. The vessels have since October 2020 been on a charter with Normand Chartering, a subsidiary of the Norwegian offshore vessel firm Solstad Offshore ASA. Solstad said it would redeliver the vessels to Ocean Yield at the end of their current commitments. Viking Supply Ships said in a separate statement that it would…

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