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
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
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 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.
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
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.
Bocimar Far East Holdings, along with a shareholder of Wah Kwong Shipping Holdings Ltd., have offered to buy out the Hong Kong shipping group, which has been suspended from trading since June 1 pending news of the offer, officials said. Bocimar - a unit of Belgian shipping firm Compagnie Maritime Belge SA (CMB) - and Wah Kwong investor George Chao made a joint offer to buy the 57.7 percent they did not already own at HK$5.65 ($.73) per share. Bocimar already owns 27.1 percent, and Chao owns 15
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
The commercial port in Libya's second city, Benghazi, remains closed due to fighting between pro-government and Islamist forces, forcing wheat imports to make a detour via Tobruk harbour, a port official said. Benghazi has been a battlefield since May
Egypt's state-owned gas company EGAS has tendered to buy at least 48 cargoes of liquefied natural gas (LNG) for delivery in 2015/16, three traders said. A senior official at EGAS confirmed that there was a tender for multiple LNG cargoes during Egypt's 2015/16 financial year
Australia and Japan appear to be inching closer to an agreement on the sale the top-secret technology from Japan to build a fleet of new generation submarines. Size, technology and stealth are proving too great a draw for Canberra.
Shareholders of DP World have approved buying Economic Zones World from its majority shareholder and also backed the port operator's delisting from the London Stock Exchange, the Dubai-based company said on Thursday. The assent was granted at a meeting on Thursday
Measures take effect on Saturday; aim is to keep pressure on Russia over Ukraine. The European Union banned investment in Crimea on Thursday, halting European help for Russian Black Sea oil and gas exploration and outlawing European cruise ships from calling at Crimean ports.
The Philippines aims to buy two frigates, two helicopters and three gunboats for deployment in the South China Sea where a territorial dispute with China has lent urgency to the need to bolster forces, a Philippine navy officer said on Wednesday.
McDonald's Holdings Co (Japan) Ltd has embarked on the emergency measure of only offering small-sized french fries to customers as a protracted labour dispute at U.S. West Coast ports has contributed to long delays in imports. The fast-food chain said it was importing more than 1
BERLIN, Dec 10 (Reuters) - TUI AG is optimistic it will be able to sell its stake in Hapag-Lloyd via an initial public offering of the shipping company, although the market environment is not the best at present, its chief executive said on Wednesday.
In the NAT press release of December 1, 2014, we informed the investor market that NAT had acquired further shares in Nordic American Offshore Ltd. (NAO), increasing the ownership from 17.1% to 18.0%. Following the weaker stock market environment in the oil sector
Commodity trader Trafigura said on Monday its logistics and warehouse unit Impala Terminals plans to focus its refined metals business in Antwerp, Dubai and China, exiting several sites to concentrate on places where it has greater control.
Russian natural gas producer Gazprom said on Saturday it had received a prepayment of $378.22 million from Ukraine for natural gas supplies, paving the way for the first shipments to Kiev since Moscow cut supplies in June. Ukraine's state energy firm, Naftogaz
Ukraine's state energy firm Naftogaz said on Friday it had transferred a prepayment of $378 million to Russia's Gazprom to buy Russian gas for December, paving the way for the first shipments since Moscow cut supplies in June. In line with a deal signed by Naftogaz and Gazprom in October
Pension funds, squeezed by low interest rates, are exploring investments in shipping in their hunt for higher returns, hoping to benefit once this industry starts to recover from one of its worst ever downturns. There are signs of a gradual pick-up in world trade and ship values for the first
Asian refiners shift towards cheaper Mideast oil, naphtha-trade; U.S. light oil exports to Asia only started 4 months ago. U.S. exports now going to Europe instead. An aggressive strategy by Mideast Gulf producers to exploit the lowest oil prices in five years to defend market share is showing
BIMCO has today launched the Bunker Non-Lien Clause, aimed at reducing bunker suppliers’ reliance on ship arrest as a means of resolving claims for bunkers ordered but not paid for by time charterers, often due to bankruptcy.