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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.
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
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
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
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.
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.
China Shipping Development to Buy Four Ships
According to a Reuters report, China Shipping Development Co. said it would buy four very large ore carriers (VLOCs) from Chinese shipbuilders for $400m to develop its ore import business. Each ship will have capacity of 230,000 deadweight tonnes, said the company. It said the purchase would be funded from the company's own resources or through bank loans. Last month, China Shipping Development said that in another deal, it would buy four large iron ore carriers for $460m
Hyundai Heavy to Buy Qinhuangdao Firm Stake
Reports indicate that Hyundai Heavy Industries Co. has reached a preliminary agreement to buy a stake in China’s Qinhuangdao Shouqin Metal Materials Co. Qinhuangdao Shouqin is a steelmaking unit jointly owned by China’s Shougang Concord International Enterprises Co. and Shougang Corp. Hyundai Heavy inked a letter of intent to buy shares in Qinhuangdao Shouqin to secure cheaper steel plates, the South Korean company said.
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
Chemoil Pays $55m for Bunkering Terminal, Tankers
Chemoil Energy Ltd. said it plans to buy a bunkering terminal and three oil tankers for a total of $55.14m. The San Francisco-based firm said in a statement it agreed, subject to shareholder approval, to buy the assets from Andorra Services Ltd., a company owned by Chief Executive Robert Viswanathan Chandran. The largest of the acquisitions, at $39.09 million, is Helios Terminal Corp., which owns a bunkering terminal on Singapore's Jurong Island. Source: Reuters
Maris Enhances U.S. ECDIS Expertise
Marine electronics specialist Maris AS has completed an ECDIS (electronic chart data information systems) technical training program to enhance support services covering North America and the Caribbean. The initiative is part of its commitment to the global distribution and service agreement with
General Dynamics to Supply Core Mission System for U.S. Combat Ships
General Dynamics Advanced Information Systems was awarded a contract by Austal USA to be the Platform Systems Engineering Agent (PSEA) of Littoral Combat Ships (LCS) 14 and 16. These are the fifth and sixth ships of the Independence-variant LCS to be ordered by the U.S
KPI Appoints Vice CEO and New Managing Director
KPI Bridge Oil, a global broker and trader in marine bunkers, marine lubricants and risk management products, appointed Rob Atkinson as Vice CEO for the group and Jesper Rasmussen as Managing Director for its North American operations. Rob Atkinson has held a senior position in the company
British Private Navy Warship Held in Spain
An ex-Royal Navy officer’s converted warship has been seized by Spain amid fears he is a mercenary planning to fight pirates in Somalia. Former lieutenant Chris Enmarsh’s decommissioned gunboat Defender has been stopped from sailing since being forced to stop off in Tenerife for
China J/V to Buy Six LNG Carriers
China Shipping Development and Sinopec Kantons are to spend HK$11.71 billion to buy six LNG carriers, which will be chartered to Sinopec. The two companies have set up a joint venture China Energy Shipping Investment (CESI) which is 51 percent controlled by China Shipping and 49 percent by
Odfjell Buys Chemical Tankship
Odfjell buys long-term chartered vessel 'MT Bow Engineer', a 30,086 dwt chemical tanker. Odfjell, a leading company in the global market for transportation and storage of bulk liquid chemicals, acids, edible oils and other special products, has entered into a contract for the purchase of the MT
Greek J/V to Acquire HSH Debtors' Fleet
Navios Maritime Holdings & Navios Maritime Acquisition Corp. in J/V sign LOI to buy 10 ships from debtors of HSH Nordbank. The new Joint Venture company, named Navios JV, has executed a binding letter of intent to acquire ten vessels
Abandoned Crew Repatriated After Six-Month Ordeal
The majority of the crew of a ship that have gone unpaid and lacking in basic human requirements finally flew home over the weekend. For the last few months nine Pakistani crew onboard a reefer, the MV Belita, have been stranded in Port Victoria in the Seychelles.
Comark’s Shipboard Applications Display Passes MIL-STD-901D Shock Testing
Comark Corporation completed full environmental testing of its latest version of the MDU19PC ruggedized COTS computer including MIL-901D grade-A lightweight shock test. The MDU19PC is an all-in-one display and computer designed and tested to meet military requirements for shipboard applications
Greece's Diana Shipping to Buy Capesize Bulk Ship
Diana Shipping Inc. signs up to buy the 'M/V Tamou', a 2005 built Capesize dry bulk carrier of 177,243 dwt. The purchase price is US$27,020,202, less one percent address commission to the buyers. The vessel, to be renamed "Baltimore
INTTRA to Offer Cargo Insurance on e-Commerce Network
Hong Kong headquartered FP Marine Risks provides insurance program to INTTRA network members via INTTRA's e-commerce platform. Leveraging the buying power of the INTTRA network, INTTRA members can elect to purchase cargo insurance at competitive rates during the shipping process through Alto
Greek Shipowners Invest Hugely in New Ships
Greek ship-owners bought 72 ships within the first three months of 2013, invest US$848-million in their companies. While the Greek government continues to mull plans to tax the country’s shipping industry to raise money during a crushing economic crisis
Seafarers' Voluntary Welfare Service Active in Port of Cleveland
The Port of Cleveland is a particularly welcoming destination for foreign crews, enhanced by the Cleveland Seaman's Service. In his CEO's port stakeholders' letter, Will Friedman draws attention to the organization, now almost half-a-century old
Konecranes to Collaborate with KION Group
Konecranes to buy certain assets of the container handling truck business of KION Group-owned Linde Material Handling. • Konecranes to acquire certain assets of the container handling truck business of KION Group’s Linde brand
Survey Indicates American Boating Industry Growth
A recent forecast indicated a 2013 growth of 8% in the American boating industry. In light of an improving consumer outlook, more than half (51%) of marine industry survey participants said the best time to increase inventory levels is right now to be fully stocked for the spring selling season