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Bareboat

TOP Tankers Announces Sale and Leaseback of Two Handymax Tankers

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."


VARD Secures PSV Charter from DOF

Photo: VARD

Vard Holdings Limited announced it has secured a bareboat charter contract for the first of two vessels whose original shipbuilding contracts were terminated earlier during the year. The vessel, a platform supply vessel (PSV) of VARD 1 08 design, was delivered from Vard Vung Tau in Vietnam and sold to Vard Shipholding Singapore Pte. Ltd., a newly established wholly-owned subsidiary of Vard Holdings Limited. Under a bareboat charter contract with DOF for an initial duration of four months


SBX' Acquires Remaining 50 percent in Sana Navigation

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 Implements Tanklog Transaction

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


FSL Trust Improves Operational Profile

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 to Acquire Up to Two LNG Carriers

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 Enters Into Arrangement

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 Takes Delivery of Its 28th Vessel

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.


TOP Ships Announces Sale

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


Barging Ahead in Uncharted Waters

Kearns headshot.jpg

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 Buys MR Product Tanker

Alan Hatton and Roger Woods (Photo: FSL Trust)

FSL Trust Management Pte. Ltd. (FSLTM), as the trustee-manager of First Ship Lease Trust (FSL Trust), announced that FSL Trust has entered into a memorandum of agreement to purchase a 2007, Japanese-built, 45,998-dwt MR product tanker for $21.8 million.  


China Shipping 21,000 teu Order for SWS

Image: China Shipping Group

 China Shipping Group's CSCL has agreed a deal to bareboat charter up to 11 units of 21,000 teu containerships, of which five will be options exercisable after six months of charter for the first six ships, says local media reports.  


Ocean Yield and Höegh Autoliners Charter Pact

Photo: Höegh Autoliners

 Ocean Yield ASA has agreed to certain amendments to the charter agreements with Höegh Autoliners (Höegh) for four PCTC vessels on long term charter.    Ocean Yield currently has two newbuilding PCTC vessels of 8,500 CEU capacity under construction at Xiamen Shipbuilding


FSL Trust Divests Two Containerships

FSL Trust Management Pte. Ltd., as the trustee-manager of First Ship Lease Trus, announced that the Trust has completed the disposal of Ever Radiant and Ever Respect for a cash consideration of approximately $10,800,000. Ever Radiant and Ever Respect are Japanese-built, 4


FSL Sells Stake in Torm

Photo courtesy of Torm

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


Navig8, Ocean Yield in Chemical Tanker Deal

Image: Ocean Yield

 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


Malta: Sixth largest Maritime Flag Worldwide

Image: The Merchant Shipping Directorate, Malta

 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 Bags $27mln Charter Contract

Photo: Otto Marine

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.  


Ocean Yield to Acquire Four LR2 Product Tankers

Pic: Navig8 Product Tankers

 Norway’s Ocean Yield ASA has agreed to acquire four 115,000 dwt LR2 product tankers which are currently on order from Navig8 Product Tankers at Sungdong Shipbuilding in Korea.   Ocean Yield has agreed to acquire the product tankers for a total consideration of USD 198


Scorpio Buys Two Product Tankers

Photo: Scorpio Tankers Inc

 Scorpio Tankers has purchased an MR product tanker, currently under construction at Hyundai Mipo Dockyard, for around $37mln and a LR2 product tanker, currently under construction at Daehan Shipbuilding, for around $58.5mln.   MR product tanker is scheduled for delivery in September


Concerns Remain Over the Use of Low-sulphur Fuel

As a global move toward using cleaner fuel takes place, countries are forming new or reforming old regulations which see jurisdictions increasingly demanding the use of low-sulphur fuel in ships that berth in their ports. This results in a possibility for heavy penalties to be imposed on


Work Maintenance Vessel Delivered to Otto Marine

Nautical Aliya (Photo: Otto  Marine)

Otto Marine Limited, an offshore marine company, announced that further to a long-term bareboat charter contract that was secured in June 2015, it has taken delivery of a 238-man work maintenance Vessel to fulfill that charter.   The delivery ceremony for the vessel, Nautical Aliya


Greece Crisis Threatens Nigerian Ship Owners

Image: Nigeria Shipowners Association

 There are strong indications that the current economic crisis faced by Greece may truncate a vessel acquisition deal worth over $250 million with some Nigerian ship owners, reports BizWatchNigeria.   Recently, some ship owners Association has signed a Memorandum of Understanding MoU


Danaos buys 3 Boxships via new JV

Photo Danaos Corporation

  Danaos Corporation announced today the acquisition of three vessels through a newly-formed joint venture, capitalizing on depressed asset prices in the resale market. The vessels were acquired by Gemini Shipholdings Corporation, a newly-formed entity ("Gemini") beneficially


Epic Gas Secured Credit Facility for 7 Newbuilds

Pic: Epic Gas Ltd.

 Epic Gas Ltd has closed a new USD 120 million post-delivery senior secured credit facility to finance its remaining seven owned vessels under construction.   The facility covers approximately 65% of the contract price of the vessels, and has been closed in partnership with Coordinator






 
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