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.
Singapore-based Otto Marine sells Work Maintenance Vessel 'Oranda 1' for US$38.0-million, simultaneously bareboat-chartered back for GofM work. The sales transaction sets to improve the Group’s cash flow and balance sheet. Oranda 1, of LOA 75 m is an ABS-classed 4,200bhp Work Maintenance Vessel that has completed 4 projects in South East Asia since May 2010. Contemporaneous with the sales transaction, the Group’s subsidiary, Karp Marine Limited
Greece-based shipowners Excel Maritime reports results for the second half and year-ended December 31, 2012, re-n For the year ended December 31, 2012, Excel reported voyage revenues of $242.0 million compared to voyage revenues of $353.4 million for the year ended December 31, 2011. Corporate highlights The Company is currently in advanced restructuring discussions with its lenders under its syndicated credit facility, dated as of April 14, 2008 (the “Syndicate Lenders”)
Singapore's First Ship Lease Trust (FSL Trust) has announced the suspension of trading in its shares pending an announcement to clarify lenders' position in relation to a covenant waiver or relaxation for 30 September 2013. About FSL Trust
Oceanteam Shipping ASA (OTS) confirm the extension of the bareboat charter of their 'CSV Southern Ocean' by Fugro TS Marine Australia until the end of 2018. CSV Southern Ocean is a large construction support vessel jointly owned between Bourbon Offshore Norway AS and Oceanteam Shipping ASA
Epic Gas Ltd. says it has contracted Kyokuyo Shipyard Corporation in Japan to build two 11,000 cbm fully-pressurised gas carriers to be delivered in 2016. This latest order brings the total newbuild contracts for the year to eight fully-pressurised vessels
AWILCO LNG ASA say that their second 156,000 cbm Tri-Fuel Diesel Electric powered newbuilding 'WilPride', has been delivered from South Korea by Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) prior to the following business transactions:
FSL Trust, in its second quarter of 2013 financial report ending 30, June 2013, records a drop in revenue & a higher loss due mainly to default in lease payments for 2 crude oil tankers. During the quarter, the lessees of the Trust’s two crude oil tankers defaulted on their lease
The Board of Singapore's financially-turbulent FSL Trust Management Pte. Ltd. has appointed Investment Banker Alan Hatton to be CEO of the Trust. Alan Hatton joins FSL Trust from FR8 where he has been CEO since 2008. He joined FR8 as CFO in 2007 and has significant commercial shipping experience
Singapore's CH Offshore Ltd has chartered out two AHTS vessels on long term bareboat charters to an unamed company. The charter concerns the “Amethyst”, a 2007-built 12,240 brake horsepower anchor-handling tug supply vessel and the “Turquoise”, a 2007-built 12
Following the transfer of ownership of the first nine vessels to the Chinese company ICBC Financial Leasing (ICBCL) as part of a 51 vessel sale and bareboat commitment and the payment of $144 million, Bourbon announced that the 10‐year bareboat charter period of those nine vessels by Bourbon will
FSL Trust Management Pte. Ltd. as trustee- manager of First Ship Lease Trust say that the lessee of its two dry bulk carriers, OMNI Ships Pte. Ltd. has defaulted on its lease payments. Accordingly FSLT has issued a notice for the redelivery of the 'Stella Fomalhaut' and 'Stella Eltanin'.
Charterer incurs US$138-million liability by breach of 'safe port' warranty in the 'Ocean Victory' case. Alistair Feeney, partner of London law firm Holman, Fenwick & Willan LLP gives valuable insights via London P&I Club news. The recent decision of the Commercial Court in Gard
Teekay LNG Partners L.P. is to acquire a second 155,900 cubic meter liquefied natural gas (LNG) carrier newbuilding from Awilco LNG ASA, a Norway-based owner and operator of LNG carriers. The vessel is currently under construction by Daewoo Shipbuilding & Marine Engineering Co., Ltd
CIT Maritime Finance has provided a $83.7 million senior secured credit facility to PST Tankers LLC, to finance the acquisition of a fleet of 8 product tankers managed by Product Shipping & Trading S.A., a company controlled by Pappas family interests
CIT Maritime Finance has entered into a Cooperation Agreement with RS Platou Finans AS that will help them expand into the leasing market. CIT Maritime Finance offers senior secured loans, sale-leasebacks and bareboat charters to owners and operators of oceangoing cargo vessels including tankers
Despite a caveat by auditors as to whether FSL Trust may continue as a going concern, due to the conditions of a loan covenant, the ship-owning trust has continued to ensure that its vessels have generated a return in the third quarter of 2013.
Bourbon announces the sale of the 'Bourbon Surf' and 'Bourbon Borgstein', two large 10-year old Norwegian built AHTS (Anchor Handling Tug Supply) vessels for a total amount of US$130 million, generating a total capital gain of approximately US$63 million.