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NSCSA Reports $31M Profit

The National Shipping Company of Saudi Arabia (NSCSA) reported a net profit of 115.7 million riyals ($30.85 million) in the first half of 2001 compared with a net loss of 16.8 million riyals a year earlier. Riyadh-based NSCSA also said in a statement that it would take delivery of four recently bought vessels by October 2002, raising its fleet to nine ships used to transport Saudi Arabian crude to the international market. "NSCSA and Hellespont Shipping Corporation are pleased to announce the purchase by NSCSA from Hellespont for $330 million of four double hull very large crude carriers," the Riyadh-based company said in a statement. Hellespont at Samsung Heavy Industry of South Korea and would be delivered betweenOctober 2001 and October 2002. NSCSA, 28.8 percent held by the Saudi government, said earlier it had bought four very large crude carriers (VLCCs) from Hellespont Shipping Corp for $330 million.


Libra Ramps Up Container Ship Buying, Bets on Upturn

Global conglomerate Libra is snapping up container ships, betting on a sector recovery and lower oil prices which will cut costs and boost profitability, the group's chief executive said. Libra has proved adept at buying and selling assets since 2008 -- making significant returns on investments. Shipping is battling overcapacity, linked to a glut of new vessels ordered during a boom period before the global financial crisis of 2007-2009


Indonesia's Arpeni Buys New Vessels

Arpeni Pratama Ocean Lines said it plans to invest $130 million to buy 24 vessels to strengthen its fleet this year. The company had additional equity amounting to $33.1m from a rights issue last year, but the fund will not be enough to cover the expansion, Suhendra said. According to sources, a number of local and foreign banks have offered loans for the company to buy the ships. The types of vessels to be bought include tug boats, barges


ING Barings Raises Rating On 4 Shipping Companies

ING Barings raised its ratings on four shipping companies to strong buy from buy. Analyst Stephen Gengaro raised his ratings on shares of Frontline Ltd. to a strong buy from buy to reflect the company's "tremendous" leverage to rising time-charter equivalent (TCE) rates for its very large crude carriers (VLCC) tankers. The rating on shares of international tanker owner OMI Corp. was raised to strong buy from buy, with revised estimates reflecting upward revisions to his rate assumptions for


STX Set to Bid for Aker Yards

STX Group of will launch a mandatory buy-out offer for Aker Yards after increasing its shareholding to above 40 percent, reports said. The Korean shipbuilder acquired 39 percent of the Norwegian group for $800m last October. STX Group announced yesterday that it had bought 1.3m shares at Nkr63 a share, bringing its shareholding up to 40.4 per cent, triggering the mandatory buy-out offer. STX Group said that it would launch a buy-out of Aker Yards.


NewLead Holdings Buys Vessels

NewLead Holdings Ltd. (NASDAQ:NEWL) announced that it has signed a Stock Purchase Agreement providing for the purchase of two Kamsarmaxes for an aggregate purchase price of $112.7m and signed a Memorandum of Agreement for the sale of the product tanker Chinook for $8.5m. “NewLead's fleet continues to transform, becoming younger and more versatile," said Michael S. Zolotas, President and Chief Executive Officer


GE Shipping Shares Rise

Shares of The Great Eastern Shipping Co. Ltd, India's largest privately-owned shipping company, rose as much as 7.2 percent in a flat market on Friday buoyed by a new share buy-back plan. The stock was also boosted by news the company posted a 69 percent rise in the January-March quarter. The company announced late Thursday it plans to buy back stock from shareholders, at a maximum price of 42 rupees, a 32 percent premium to Thursday's closing price


DryShips Up on Vessel Buy

AP reported that shares of DryShips Inc. jumped on Friday, after the company said it was buying a Panamax carrier, expanding its fleet to 34 dry-bulk vessels, and entered its Panamax bulk carrier into a 12-month time charter. Late Thursday, DryShips said it would buy a Panamax vessel for $43 million. On Friday, it announced its carrier Iguana had signed a year-long charter at a daily rate of $28,000. Company shares rose $1.18, or 9.8 percent, to $13


Omega to Buy Tankers from STX

Omega Navigation Enterprises, a Greek shipowner whose shares trade in New York and Singapore, plans to buy two tankers that carry refined oil products from South Korea's STX Shipbuilding Co for US$64.5 million each. The Omega Emmanuel and the Omega Theodore, which have a capacity of 73,000 deadweight tons each, are so-called ice-class ships that are capable of navigating icy waters, the company said. The ships are due for delivery on March 23 and April 26


Globus Maritime Buys Cargo Ship

According to Thomson Financial, Globus Maritime Ltd has agreed to buy a dry bulk cargo ship, currently under construction at Yangzhou Dayang Shipyard in China, for 57m. The provider of seaborne transportation services for dry bulk cargoes said it will fund the acquisition with a mixture of funds raised from an initial public offering and moderate conventional debt, and that the buy will enhance its earnings and dividends.


Former Petrobras Exec Sentenced to 5 Years Jail

A Brazilian judge sentenced a former international director at state-run oil firm Petroleo Brasileiro SA to five years in prison for money laundering on Tuesday, the second company executive convicted in an ongoing corruption probe.  


Masterbulk, SeaSafe Ink Lifeboat Service Deal

Photo: SeaSafe Marine

Masterbulk Singapore has entered into a five-year global sole service supplier agreement with the Wallem Group’s lifeboat maintenance service company, SeaSafe Marine. The agreement is for lifeboat services on Masterbulk’s fleet of 20 open hatch gantry crane vessels.  


Tankers Switch to Digital Navigation

Photo: Global Navigation Solutions

 In July 2015 international regulation requires all tankers to be compliant with IMO rules for the use of ECDIS and ENCs. As many shipping companies start planning that changeover Global Navigation Solutions (GNS) has today published a white paper, The Ultimate Guide to Going Digital


Shreyas Shipping Turns Around

Picture: Shreyas Shipping and Logistics

 Shreyas Shipping and Logistics swung to a net profit of Rs. 61.75 crore (about $9.6 million) in the fiscal year ended March 31, a big turnaround from its loss of Rs. 4.32 crore ($675,000) in the previous year.   According to Rajesh Desai, CFO, Shreyas Shipping


FSV Group Acquires Damen Barge for Aquaculture

Endre Brekstad - Teknisk SjefTechnical Manager, FSV Group AS, Frank Koppelaar - Director Pontoons & Barges, Damen Shipyards Gorinchem

  FSV Group, the Norwegian operator of specialised vehicles for maritime operations, has taken delivery of a customised 41-metre Damen barge which will provide a range of services to the Norwegian aquaculture industry. This sector is currently expanding strongly as demand for farmed fish


China Crude Imports Expected to Surge

China's appetite for crude oil is expected to pick up later this year as storage comes online and new buyers emerge, even after its inbound shipments surpassed United States imports last month for the first time, traders and analysts say.


Germany Subsidizes Warships Sale to Israel

Israel bought four German-made corvette warships on Monday to help secure its Mediterranean gas rigs, with Berlin heavily subsidizing the deal, Israel's Defence Ministry said on Monday. The ships, worth 430 million euros ($480 million), will be built by Thyssen Krupp and delivered within five


Boskalis Orderbook Down, Outlook Unchanged

Dutch dredging and marine services company Boskalis said on Tuesday revenue was virtually unchanged in the first quarter and that its orderbook had slipped slightly from the end of 2014. The company said in a trading update it could not provide any clear guidance for 2015


No Signs of Improvement in Container Rent Seen: Cosco Pacific

Photo: Cosco Pacific

Cosco Pacific said it has seen no signs of a pick-up in the container leasing market, as oversupply continues to haunt the liner industry. Executive director Feng Jinhua said that the container leasing business has showed a down trend since 2012 and hovered at a low level


Court Allows Eurotunnel-Owned Channel Ferries

Ferries owned by Groupe Eurotunnel and run under the MyFerryLink brand can continue to run between Britain and France, after a British court upheld an appeal from a workers' collective which runs run the ferries. Britain's Competition and Markets Authority (CMA) has been examining Eurotunnel's


Austal Launches USNS Brunswick

USNS Brunswick

  Austal launched the recently christened USNS Brunswick (JHSV 6) at its manufacturing facility in Mobile, Ala. With the 338-foot Joint High Speed Vessel entering the water for the first time, the ship will undergo final outfitting and testing before sea trials and delivery to the U.S


CSD, Cosco JV to Buy Vale's Bulk Carriers

Ma Zehua (Chairman of Cosco Group),  Xu Lirong (Chairman of China Shipping Group) Murilo Ferreira (President&CEO of Vale) and Gurinder Singh(Director of Shipping & Distribution of Vale) attended the Signing Ceremony and signed the agreement on behalf of each party. Photo by Cosco

 China Shipping Development (CSD) and Cosco have established a joint venture (JV), China Ore Shipping Pte., in Singapore to purchase four 400,000 dwt ore carriers from Vale and operate them.   CSD and Cosco’s bulk shipping division Cosco Bulk Shipping holds 49% and 51% equity


Ferry Firm DFDS Looks to Expand

Danish ferry and transportation firm DFDS is on the takeover trail, its chief executive said, after reporting its highest first-quarter operating profit on record and turning around its loss-making English Channel route. Earnings before interest, taxes


Egypt's $3 Bln LNG tender in June

Image: Egyptian Gas Holding Company

 Egypt is reportedly to issue a tender in early June to buy up to $3 billion of liquefied natural gas over 2016 and 2017, Reuters reports.   The country recently secured 90 cargoes of the liquefied natural gas, majority of which came through a $2.2 billion tender


Viking Orders 2 Liebherr Cranes

The owner of Viking Cranes, Erich Reimets, together with the financial director of Viking Cranes, Reet Reimets, and representatives of Liebherr

  An LR 1300 with super lift equipment and an LR 1160 crawler crane will strengthen the fleet of Viking Cranes. The Tallinn-based company with branch offices throughout the Baltic States and Scandinavia has signed the contract at the occasion of the customer days of Liebherr Nenzing






 
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