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Buying A Ship

SCI May Buy Ships

Shipping Corporation of India has sought government approval for acquiring more ships, according to a report on http://sify.com. SCI has sought approval for 2 Capesize Bulk Carrier, 6 Handymax Bulk Carriers, 2 container vessels of 4,300 TEU and 6 LR -1 size product tankers.


Rochester Ferry Contracts May Cost $3.1M

Rochester city officials estimate that they will need $3.1 million to buy out existing high-speed ferry contracts or continue them if necessary, according to legislation before City Council, according to the Rochester Democrat & Chronicle. The amount is included in an expense list justifying the mayor’s request to borrow $9.4 million from the city insurance reserve and close out ferry operations. Other expenses include repaying manager Bay Ferries Great Lakes LLC, which is owed $2


Chuan Hup Buys Three Ships

Shipping company Chuan Hup Holdings Limited bought three vessels for S$5.8 million in cash, boosting its fleet to 146 ships to cater to growing regional demand for shipping. In October Maritime Week reported that Lim said Chuan Hup signed a contract with Indonesian company PT Adaro to ship coal from Indonesia's Kalimantan to a power station in East Java, and would have to spend some S$40-50 million on 20 new barges and tug boats


SCI to Buy 76 Ships for $3.3B

Shipping Corp. of India Ltd. plans to buy 76 vessels for about $3.3b over the next six years, The Financial Express reported. This is the first major fleet acquisition proposal by the state-run carrier in recent years. The ships would be bought through the rest of the 10th plan period and end of the 11th plan till 2012. The 10th plan is the official span for development budgeting by the government between 2002 and 2007. The 11th plan would cover the following five years


Report: A.P.Møller-Mærsk to Order 25 ships in China

A.P.Møller-Mærsk is still prepared to invest in new ships from China and is going to order 25 ships in the course of one year, wrote the newspaper China Business News according to the news agency AFX. An unnamed employee at A.P.Møller-Mærsk’s office in China has told the newspaper that the shipping line last week signed a deal to buy four container ships at the Dailan Shipbuilding Industry and 80 tons deadweight tug vessels at Quingdao Qianjin.


Zim to Buy Eight Ships for $1.36B

Israel Corp. subsidiary Zim Integrated Shipping Services Ltd. said it had placed an order to purchase eight mega container ships from the South Korea’s shipyard Samsung Heavy Industries Co. Ltd. The deal, valued at $1.37b, ($170m each) comes six weeks after Zim Integrated Shipping Services Ltd. announced its plan to upgrade its container vessels fleet. The company had ordered eight TEU 12,600 mega containership for delivery by July 2012


Buy Secondhand Ships Now?

To be trite, every cloud has a silver lining, and the stormy shipping market crisis' shining beacon appears to be strong investment opportunities in secondhand ships. In its latest report, "Secondhand Ships: Investment Potential and Value for Money," Drewry's argues that "adversity provides opportunity... therefore, acquisitions made now could prove to be bargains." Drewry believes that 1999 and 2000 should be interesting and active years for the secondhand ship market.


U.S. Navy Finds Budget Leeway To Begin LCS

The U.S. Navy’s push to fund shipbuilding through its research and development (R&D) budget has paid off. Because the rules that govern R&D spending are more lenient than those for ordinary procurement, the service was able to begin building a new Littoral Combat Ship (LCS) in October even though the 2006 defense authorization and appropriations bills have yet to pass Congress or be signed by the president. When the Navy signed a $223 million construction contract with General Dynamics


NCL Plans SS United States Restoration

Thirt-seven years after the SS United States last sailed the seas under its own power, and four years after Norwegian Cruise Line bought the ship, a key question remains: Can the grand vessel ever make a comeback? Norwegian Cruise Line, or NCL, which bought the old Newport News-built vessel in 2003, won't reveal its plans for the ship, which likely would need hundreds of millions of dollars to refurbish. But in May, the chairman of the company that owns NCL gave boosters hope


Aker Takes Major Stake In Kvaerner

Aker Maritime has acquired control of about one fourth of Kvaerner for a reported $350 million (3 billion crowns). The purchase made the industrial holding firm, a group of companies operating in more than 20 countries with no previous Kvaerner ownership, the biggest shareholder in Kvaerner. "Aker Maritime ASA has today bought rights issues, shares and options in Kvaerner ASA which together amount to 26.39 percent of the company after the ongoing rights issue


Axeon: No Additional Kurdish Crude Buys

U.S. refiner Axeon Specialty Products said it won't buy or accept delivery of any cargoes of disputed Kurdish Shaikan crude oil for its Paulsboro, New Jersey refinery, according to a press release received on Monday. Several cargoes of the oil have recently reached U.S


Petroperu Tenders for Latin American or WAF Crude

State-run Petroperu has launched a tender to buy a 360,000 barrel cargo of a Latin American or West African crude to be received at Conchan and Talara ports on September 26-30, according to a document seen by Reuters on Tuesday. The Peruvian company has been buying 1-2 monthly cargoes of crude


Recope Tenders to Buy Two Fuel Oil Cargos

Costa Rica's refining company Recope has launched a tender to buy two 90,000-100,000 barrel cargos of fuel oil for delivery from September to December at Port Caldera, according to a document seen by Reuters on Friday. Previously this month, Recope bought three 25,000 barrel cargoes of MTBE


Maersk Buying Back Shares, Earnings Up

Shares rise 5 pct after improved guidance, better quarter than expected. Maersk indicates more buybacks after first in its history. Efficiency, cost savings boost Maersk Line compared to rivals. Denmark's A.P. Moller-Maersk announced the first share buy-back in its 110-year history on Tuesday


Private Buyers in Iran Look to Boost Grain Market

One sign of change in Iran as it works toward a nuclear deal with world powers is the way it is feeding itself, with private grain firms beginning a slow return to their traditional role as major food commodity importers. Iran was never barred from buying food under sanctions imposed by the


News Flash! Greek Shipowners Prefer Bulkers

BIMCO Greek Bulkers (Eric Haun).jpg

The buying interest from Greek ship owners is focused on bulkers to an increasing extent, BIMCO said. Data from VesselsValue.com reveal that Greek owners were at the buying end of 43% of all bulker sales completed so far in 2014. As of June 2014, the number of Greek bulker purchases so far is 91


Petroecuador Tenders to Buy 3.84m bbls of Naphtha

State-run oil company Petroecuador has launched tenders to buy a total volume of 3.84 million barrels of naphtha for delivery in the coming month at Esmeraldas, La Libertad or Punta Arenas ports, according to invitations seen by Reuters on Tuesday.


Rio Tinto Pulls Plug on Mozambique Coal Venture

Photo courtesy of Rio Tinto

Rio Tinto has agreed to sell coal assets it bought through a $4 billion acquisition of Riversdale in 2011 for just $50 million to an Indian joint venture, ending its ill-fated venture in Mozambique's coal sector. The sale of Rio Tinto Coal Mozambique to International Coal Ventures Private


Egypt Buys 175,000mt of Russian Wheat

Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Wednesday it had bought 175,000 metric tons of Russian wheat for shipment Sept. 11-20. Mamdouh Abdel Fattah, the vice-chairman of GASC, gave the following breakdown of the purchase:


Kurds Ask US Court to Scrap Seizure Order, Allow Crude Delivery

The Kurdistan Regional Government (KRG) of Iraq asked a U.S. court on Monday to throw out an order to seize some 1 million barrels of disputed crude oil and allow the cargo to be freely delivered in Texas. The United Kalavrvta tanker, carrying about $100 million worth of Kurdish crude


Petrojam Offers to Buy Three Fuel Cargoes

Jamaica's refining company Petrojam has launched tenders to buy two 140,000-205,000 barrel cargoes combining gasoline, jet fuel and high-sulfur diesel and a 150,000 barrel cargo of fuel oil, all of them to be received on August 20-29 at Kingston, according to documents seen by Reuters on Monday


Actera, Esas Buying UN Ro-Ro from KKR

Turkish investment firms Actera Group and Esas Holding have signed an agreement to acquire ferry operator UN Ro-Ro from private equity firm KKR & Co LP, the Turkish companies said in a statement on Tuesday. UN Ro-Ro, KKR's sole investment in Turkey


Petroperu Seeks to Sell Fuel Oil Cargo

Petroperu_2011.jpg

State-run Petroperu is offering to sell a 220,000 barrel cargo of fuel oil for delivery at Talara port on September 6 to 10, according to a tender document seen by Reuters on Tuesday. The oil company in July sold a similar cargo of fuel oil that will be loaded this week


PDVSA Offers 240MB Jet Fuel Parcel

Venezuela's state-run PDVSA has launched a tender to sell a 240,000 barrel cargo of jet fuel to be loaded on August 26-28 at the Caribbean island of Curacao, according to an invitation seen by Reuters on Friday. The oil company earlier this month bought four 500


Aker Philadelphia Shipyard Accepts Shares Tendered

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  Reference is made to the open market partial tender offer for up to 650,000 shares of Aker Philadelphia Shipyard ASA announced on 7 August 2014.   Pursuant to the offer, only a limited number of shares were tendered to the company






 
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