TOP Tankers Inc (Nasdaq: TOPT) announced the sale and immediate leaseback of the handymax tankers M/T Restless and M/T Sovereign. The vessels have been leased back under seven-year bareboat charters, with TOP Tankers performing the operational and commercial management of the vessels. The vessels will continue their employment under time charter contracts with Vitol and Glencore for the remaining period of two and four years, respectively, under those contracts. The Company expects to generate a gain of approximately $7.0 million as a result of the sale/leaseback transactions, which will be amortized over the seven-year bareboat charter period. The Company believes that the bareboat charters will qualify as operating leases under U.S. GAAP. Evangelos J. Pistiolis, President and CEO of TOP Tankers Inc commented, "The sale and charter back of the M/T Restless and the M/T Sovereign should further strengthen our balance sheet and enhance our ability to pursue further acquisition opportunities in the second-hand tanker market."
SeaBird Exploration Limited (BVI) (SBX) has acquired the remaining 50 percent ownership in the Joint Venture entity Sana Navigation Company Limited (Sana) which charters the M/V Northern Explorer from Russian owners on a long term bareboat charter. The purchase price is $25.5m. The Joint Venture is now terminated in all respects. The acquisition of the 50% interest in Sana includes the long term bareboat contract, the liquid cash, other current assets
Euronav NV completed the first tranche of the implementation of the Tanklog transaction. Five newbuilding contracts and two bareboat time charter contracts were novated to Euronav in exchange for a cash payment and a capital increase by means of a contribution in kind by which a total of 1,534,310 new shares were issued to companies related to Tanklog Shipholdings Ltd. The new shares will be listed on Euronext as from June 30, 2005
TOP Ships announced that it has entered into an agreement for the sale of M/T Stainless, a 149,599 Dwt, double-hull Suezmax tanker built in 1992. Under the agreement, the purchaser will bareboat charter the M/T Stainless until the vessel’s final delivery, which is expected to take place by the end of July 31, 2008. The purchaser is paying to the Company a net daily hire of $20,000 beginning January 31, 2008 until final delivery
Deploys all redelivered vessels on longer term employment. • Revenue stability enhanced; two product tankers time chartered to Petrobras and three chemical tankers deployed in the ‘Nordic Siva’ pool • Cash reserves rose to US$33.2 million; improving resilience against uncertainties in shipping market • Revenue continues to be at risk FSL Trust Management Pte. Ltd. (“FSLTM”)
Teekay LNG Partners L.P. announced that it has agreed to acquire a 155,900 cubic meter (cbm) liquefied natural gas (LNG) carrier newbuilding from Awilco LNG ASA, a Norwegian-based owner and operator of LNG carriers. The vessel, which is currently under construction by Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) of South Korea, is expected to deliver in the third quarter of 2013, and subsequent to delivery from DSME to Awilco
Chiles Offshore LLC has begun a bareboat charter arrangement with Perforadora Central of Mexico City, who is the owner of the Mobile Offshore Drilling Unit, Tonala. Designed by LeTourneau, Tonala is a super 116-C cantilever jackup able to work in up to 350 ft. of water, built for Perforadora by TDI Halter Marine. Completed this past January, Tonala is expected to enter service in mid-March 2000, where it will commence a contract with CNG Producing Company to drill two wells in the U.S
DryShips Inc. announced t that it has taken delivery of m.v. Hille Oldendorff a 2005 built, 55,566 deadweight ton, or dwt, handymax drybulk carrier which it acquired recently. m.v. Hille Oldendorff comes with a bareboat charter at $19,745 per day, net of commissions, until March 2007.
Revenues up 10.5% vs. full year 2012 to €1.312 billion and up 6.0% vs. fourth quarter 2012 to €331.6 million impacted by U.S. Dollar depreciation against the Euro • Annual Revenues up 10.5% partly due to a 5.9% increase in the size of the fleet and a positive offshore demand environment • Utilization rate of the fleet remains at a high level at 89.5% (-0.9 pts compared with 2012), despite the increase in the size of the fleet
A Real-Life Study in Creative Vessel Financing, or What Happens When Plan ‘A’ Is Not Working. Much has been written on the various structures and approaches that can be used to finance the construction and purchase of vessels. Such articles typically speak in general terms, presenting what might be called the textbook version of the approach under consideration. But what happens when reality rears its ugly head
FSL Trust Management has sold its entire shareholding in Denmark-based Torm, the company announced Friday. The sale of over 18 million shares generated $2.63 million for FSL. FSL gained $1.71 million from the initial investment in the shipping company
Norway’s Ocean Yield has bought eight chemical tanker newbuildings for $306.8m from Navig8 Chemical Tankers Inc, which will lease the vessels back on 15-year "hell and high" bareboat charters. Navig8 Chemical Tankers has options to buy the vessels during the
The Malta Ships Register has become the sixth largest maritime flag in the world, according to statistics for 2014, says a report in Fenech & Fenech Advocates. Malta has moved up from seventh place in 2013 and has retained its position as the largest in Europe
Otto Marine Limited, a builder and charterer of complex offshore support vessels and specialized offshore services provider, announced that its wholly-owned subsidiary, Swordfish 1 Pte Ltd, has entered into a long-term bareboat charter contract worth $27 million.
Bourbon published its first half results for 2014, recording adjusted revenues up 8.9% at constant rates, reflecting an increase in the size of the fleet, despite a lower utilization rate (adjusted revenues increased 1.5% at current rates). Adjusted EBITDAR as a percentage of adjusted revenues
Navig8 Chemical Tankers Inc. is pleased to announce that it has signed resale purchase agreements with an agribusiness group to purchase two ECO 49,000 dwt chemical tankers currently under construction at Hyundai Vinashin Shipyard Co. Ltd. that were originally ordered by the Seller
FSL Trust Management Pte. Ltd. (“FSLTM”), as Trustee- Manager of First Ship Lease Trust (“FSL Trust” ) informs it has appointed Esben Sofren Poulsson as Non-Executive Independent Director of FSLTM, effective from 30 September 2014.
It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow. And, if that newbuild or conversion program involves a significant fleet expansion
SBM Offshore has entered into an agreement to sell the DSCV SBM Installer, a Diving Support and Construction Vessel (DSCV), to OS Installer AS for US$150 million in cash. OS Installer AS is a newly established joint venture between Ocean Yield ASA (75%) and SBM Offshore (25%)
Containership CMA CGM Tigris, the fourth vessel of a series of 28 ships from a 9,400-10,900 TEUs class, was delivered to the CMA CGM Group on December 23, 2014 in China. The group received the delivery of the first vessel of this series, CMA CGM DANUBE, in June
BOURBON completes vessel sales to ICBC Financial Leasing and Standard Chartered Bank and announces new sale and bareboat charter agreement with Minsheng Financial Leasing Co. BOURBON has completed the transfer of ownership under the agreements with ICBC Financial Leasing (ICBCL) and
Ship Finance International Limited announced that Seadrill Limited has exercised a purchase option for an ultra-deepwater drilling unit. Ship Finance acquired the West Polaris in 2008 and chartered it to a subsidiary of Seadrill on a long-term bareboat charter where Seadrill was granted
Companies in the offshore maritime sector could be among those hit by a 25 percent Diverted Profits Tax (DPT) charge under draft UK legislation scheduled to enter force in April 2015, international accountant and shipping adviser Moore Stephens said.
NewLead Holdings Ltd. announced that it recently added five bitumen tanker vessels, expanding its fleet to 10 vessels in less than a year while performing on its strategy to capitalize on opportunities that arise in the market. NewLead completed the acquisition of three bitumen tankers
NewLead Holdings Ltd. announced today that it recently added five bitumen tanker vessels to its fleet. The Company has expanded its fleet to 10 vessels in less than a year while performing on its strategy to capitalize on opportunities that arise in the market.