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.
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
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
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
An article in WSJ highlighted the Greek shipping industry, which it says has "emerged largely unscathed" from the nation's recent financial troubles. The reports say that shipping companies in Greece are buying vessels from cash-strapped competitors and German banks, and are poised to grab even more market share - but bailout-related tax hikes could lead shipowners to seek cheaper waters.
India's HPCL awarded another tender to buy with Nigerian crude oil despite its concerns about shipping from the West African nation. The refiner awarded a tender to buy November loading oil to Chevron, traders said, likely with Usan crude oil and either Agbami or Brass. On Monday, HPCL said it had not yet been able to fix a vessel to load Nigeria's Qua Iboe crude oil for October loading, and warned it would carefully weigh any future purchases.
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
According to reports, Excel Maritime said it plans to buy two Supramax bulk carriers for $126m, or $63m per vessel. The first vessel has a capacity of 55,567 deadweight tons and was built at Oshima Shipbuilding Co. Ltd. in Japan. The second vessel has a capacity of more than 53,206 deadweight tons and was built by Imabari Shipbuilding Co. Ltd. Both ships were built in 2005. Both vessels will be delivered to Excel Maritime in the fourth quarter
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 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.
The Great Eastern Shipping Company Limited (G E Shipping) signed a contract to buy a Supramax Dry Bulk Carrier of about 52,450 dwt. The 2006 built vessel is expected to join the Company’s fleet in Q1 FY18.
South Korea’s Samra Midas Group (SM Group) said that it is looking to acquire some overseas shippers, among other businesses in an effort to expand its foothold in the maritime sector, Yonhap News Agency cited one of the company’s officials.
Mexico's state-run power utility CFE has extended the close of a buy tender seeking two liquefied natural gas (LNG) cargoes in April by one day to Wednesday, trade sources said. The deliveries are due to arrive at Mexico's Altamira terminal on the Atlantic coast
Greece-based GasLog Partners LP has reached an agreement to buy 100% of the shares in the entity that owns and charters the liquefied natural gas (LNG) tanker GasLog Greece from GasLog Ltd. The aggregate purchase price for the Acquisition will be $219 million
Long range tankers taken for storage on expectations of tighter Asian gasoline market Singapore gasoline cracks have averaged $10.72/bbl in February so far, down by 12 percent y-o-y but still relatively firm. Robust demand from the Middle East and intra-Asia as well as a flurry of both
From growing up on San Diego Bay then graduating from the California Maritime Academy to leading a fast-growing, technologically advanced, family-owned group of shipyards, Todd Roberts, for as many of his 43 years that he can remember, has always been ‘maritime.’
State-run gas company GAIL (India) Ltd has signed a time-swap deal with Swiss trader Gunvor to sell some of its U.S. liquefied natural gas (LNG), sources said, as the Indian firm tries to ease the burden of its costly foreign LNG supplies.
South Korea's new container carrier, SM Line, which is built mainly on the remains of collapsed Hanjin Shipping, plans to kick off operations with as many as nine routes this year. According to Yonhap, it will begin its services to Thailand, Vietnam
Hyundai Merchant Marine (HMM) has inked a memorandum of understanding (MoU) with state-backed Korea Shipping Company (KSC) for vessel sales worth up to Won850bn ($739.4m) book value, which will strengthen HMM's financial position.
Royal Dutch Shell has bought only three cargoes of Iranian oil since sanctions were eased a year ago, a small fraction of what it used to buy and an indication of the legal difficulties and high prices that still hamper the trade. The Anglo-Dutch firm did not give a reason for the drop in
In recent years, the speed with which newbuild vessels have entered the market has amplified the subsea vessel demand/supply imbalance, says a report by Douglas-Westwood London. This has been further exacerbated by sustained low oil prices
Saga Shipholding has completed the installation of Optimarin Ballast Systems (OBS) throughout its entire fleet of 32 advanced open hatch cargo vessels. In doing so, Saga has become the world’s first shipowner to fit ballast water treatment (BWT) systems that are USCG compliant throughout a
Russia plans to reduce its holdings in the state shipping company Sovcomflot in the first half of this year, Economy Minister Maxim Oreshkin told reporters on Tuesday. He said the sale would be split between new and existing shares so the company can raise funds for its own development.
The Meyer's Group has ordered two Damen ASD 2913 Tugs to operate in the newly expanded Panama Canal. At an official signing ceremony at the Panama Maritime XIII World Conference, Michel Mittelmeyer, Chief Executive Officer said the Meyer’s Group was awarded a contract last year to
French oil giant Total held talks with Iranian officials about several projects in the country in 2016, notably a 10 million tonnes per year liquefied natural gas project (LNG), Reuters reported. It has signed an agreement with Iranian authorities for a 50 per cent stake in