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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


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


Tide Turns in Favor of Greece’s Shipping Industry

Image: North Star Marine

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 Takes Nigerian Oil Despite Shipping Concerns

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.  


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


Excel Buys Two Vessels

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 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.


MSC Mulls Stake in Messina

The world's no. 2 container line Mediterranean Shipping Company (MSC) is in talks to acquire a stake in smaller Italian counterpart Messina, the Swiss-headquartered group said, in another sign of consolidation in the sector. Container lines are battling their worst ever downturn due to a glut


Korea Shipping to Buy Up to 10 HMM Vessels

Photo: Hyundai Merchant Marine

The state-backed ship financing company Korea Shipping is looking to buy up to ten container vessels operated by Hyundai Merchant Marine (HMM), and lease them back to the shipping firm, says a report in Yonhap.   “Korea Shipping will provide some 720 billion won  (USD 633


Iraq Plans to Acquire "Large Fleet" of Oil Tankers

File Image (CREDIT: AdobeStock)

Iraq plans to acquire a "large fleet" of oil tankers to transport the OPEC nation's crude to global markets, Oil Minister Jabar al-Luaibi said in a statement on Friday.   The nation's tanker fleet was largely destroyed during the U.S


New Pilot Boat for the Thames and Medway

Photo: Port of London Authority

Estuary Services Limited (ESL), a joint venture between the Port of London Authority (PLA) and Peel Ports London Medway, is continuing its fleet replacement plan and buying another new pilot boat for its pilot transfer operations serving the ports of London and Medway.   


Asia Gasoline Demand Draws European Cargoes

© Chee-Onn Leong / Adobe Stock

Robust Asian gasoline demand has drawn more cargoes from Europe over the past week. At least five LR2 vessels have been fixed within the week to load 80kt cargoes of gasoline and gasoline blendstocks from NWE (mostly Mongstad) to Singapore. Gasoline from Europe typically moves to Asia on an


Korean Government to Fund HMM Vessels

Photo: Hyundai Merchant Marine

 South Korean shipping unit will purchase Hyundai Merchant Marine (HMM) vessels for USD 515 million and lease them back to the container carrier at favorable charter rates as part of a state aid program.  Korea Shipping Co., a new entity servicing troubled shippers will act as a


Shell to sell $3B in North Sea Assets

Royal Dutch Shell is nearing the sale of a large part of its North Sea oil and gas assets to private equity-backed Chrysaor for $3 billion, banking sources said, marking a milestone in its drive to reduce debt after buying BG Group. Chrysaor


Swiss Group MSC Acquires Hanjin's Stake in U.S. Ports Operator

A unit of Swiss shipping group MSC has bought a stake in U.S. ports operator Total Terminals International (TTI) from Hanjin, MSC said on Wednesday, having overcome objections from the South Korean line's U.S. creditors. Privately owned MSC, the world's no


Strategic Marine, Abu Dhabi Ship Building Sign MoU

Photo courtesy Strategic Marine

Strategic Marine, one of the world’s leading specialist shipbuilding, fabrication and engineering companies, has teamed up with Abu Dhabi Ship Building PJSC (ADSB), a renowned provider of construction, repair and refit services for naval, military and commercial vessels


S.Korea Court to Declare Hanjin Bankrupt on Feb. 17

A South Korean court said on Thursday it decided to end Hanjin Shipping Co Ltd's court receivership process and expects to declare bankruptcy on February 17 after a two-week period for appeals.   The Seoul Central District Court said in a statement that it made the decision as the firm's


Kongsberg Eyes Key Contract in German-Norwegian Submarine Deal

Norwegian conglomerate Kongsberg Gruppen aims to supply command and control systems to the submarines that Norway and Germany plan to order from Germany's Thyssenkrupp, a spokesman for the company said on Friday. The Norwegian and German governments on Friday said they aim to buy a combined six


Cochin Shipyard Eyes ABG

Photo: Cochin Shipyard Ltd.

 India's state-owned Cochin Shipyard Ltd (CSL) has started preliminary discussions to buy a controlling stake in debt-ridden ABG Shipyard Ltd, Livemint reported quoting un-named sources close to the development.   Earlier, three suitors - Reliance Defence


Hyundai Merchant Sees More Losses

Photo: Hyundai Merchant Marine

 South Korea's largest deep sea carrier Hyundai Merchant Marine expects to post losses through the first half of next year due to poor market conditions, reports Bloomberg quoting its CEO Yoo Chang-keun.   “This year will be the year to strengthen our financials


Germany to Buy Six MKS Multi-Role Warships

Germany's Defence Ministry has decided to buy a total of six MKS-180 multi-role warships instead of four, as initially planned, a ministry spokesman said Monday, without providing a new cost estimate for the program. The ministry decided last October to delay a tender for four warships that was


Germany to Buy Six Warships

German Defence Minister Ursula von der Leyen has decided to buy six MKS-180 multi-role warships instead of putting off a decision on two of those ships until 2030, her spokesman said on Monday.   The ministry decided last October to delay a tender for four warships






 
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