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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


Navy Awards Austal $691M for Two Littoral Combat Ships

 A littoral combat ship built by Austal (photo courtesy of Austal)

  The U.S. Navy has ordered two new littoral combat ships from Austal, the shipbuilder said in a press release today. The two orders, worth $691 million, are part of the Navy's expansion of a previous block buy contract with Austal to 10 total ships


U.S. Navy Issues Modification To Lockheed Martin Contract

Photo credit EagleHerald

The U.S. Navy has issued a Lockheed Martin-led industry team a contract modification for one fully funded 2015 Littoral Combat Ship (LCS) valued at $362 million, along with $79 million in advanced procurement funding for a second ship. The balance of the second ship will be funded by Dec. 31, 2015


UASC Streamlines Fuel Purchasing

Photo: UASC

United Arab Shipping Company (UASC), a global shipping company based in the Middle East, has implemented Shiptech, an end-to-end fuel management system developed by global cloud software company Inatech.   Shiptech provides the company with an automated, cloud-based


Meyer Werft Buys Finland out of Turku Shipyard

Photo: Meyer Turku

Germany's family-owned Meyer Werft shipyard is buying the Finnish state out of Turku shipyard in southwestern Finland, the government said on Wednesday. Meyer Werft and the government last year bought the troubled shipyard from Korean trade and ship corporation STX


Greatship to Buy PSV

  Greatship (India) Limited (GIL), a wholly owned subsidiary of The Great Eastern Shipping Company Limited, has signed a contract to buy a 2015-built 4000 dwt Platform Supply Vessel (PSV). The vessel is expected to join the Company’s fleet during Q4FY2015.


AsiaBio Buys Two Shipping Firms

Image by Asia Bioenergy Technologies Bhd

Asia Bioenergy Technologies Bhd's (AsiaBio) has signed a heads of agreement (HOA) with Hoe Leong Corp Ltd (HCL), Sumatec and Reachmont Logistics Sdn Bhd (RLSB) to facilitate the acquisition of Semua Shipping Sdn Bhd (SSSB) and Semado Maritime Sdn Bhd (SMSB) by the group. 


Genco Shipping among Top 10 Bankruptcies of 2014

Image: Genco Shipping & Trading Ltd

Peter Georgiopoulos’s Genco Shipping & Trading Ltd., an operator of dry-bulk cargo ships, steamed into the No. 3 berth on the Top 10 List for 2014 when it filed for chapter 11 protection on April 21, 2014, in the Southern District of New York with nearly $3 billion in assets and $1


PE to Keep Ships Afloat

Photo: International Chamber of Shipping

 International accountancy firm Moore Stephens says the shipping sector should approach private equity (PE) providers for funding to support the ‘significant investment’ in technology and services needed to achieve compliance with environmental regulations and to maintain


Germany’s Nordic Yards Set to Build Shipyard in Russia

Image by Nordic Yards

 The German shipbuilder Nordic Yards is considering constructing shipyards in Russia, in particular in the Far East.    The owner of the shipbuilder, Vitaly Yusufov confirmed that his company is actively considering the possibility of building own facilities


Enterprise: Clients Must Pay for Dock Work

Enterprise Products Partners LP said on Wednesday that companies using its crude oil storage facility in the Houston Ship Channel must pay extra for dock services, brushing off complaints from client BP Plc .   "We believe if you want a service, you pay for it


Indian Navy to Buy 50 Ship Borne Drones

Image: Indian Navy

 Seeking to enhance its surveillance capabilities on its warships, the Indian Navy (IN) has now announced a global competition for procuring ‘Ship-Borne Unmanned Aerial Vehicles’ (UAV) that can augment various patrolling and search-related tactics on its vessels.  


CSL to Supply 5 Ships to Shipping Corp, Signs Pact with IHC for Dredgers

Photo: Cochin Shipyard Ltd

 Shipping Corporation of India Ltd (SCI) will buy five vessels from Cochin Shipyard Ltd (CSL) and issue tenders for buying two used liquefied petroleum gas (LPG) carriers as it looks to re-start ship purchases that were frozen after poor financial performance


YPF Buys Five LNG Cargoes

Argentina's state-controlled YPF has bought at least five cargoes of liquefied natural gas (LNG) for delivery between April and June, traders said on Friday. Suppliers included Shell, EDF Trading, Petrobras, BP and Excelerate, traders said.


AUSTAL Bags SCA Award For Safety

Austal USA (4 ships) Photo by Austal

  Austal USA have been notified by the Shipbuilders Council of America (SCA) that Austal has earned the 2014 SCA Award for Improvement in Safety. According to the notification signed by Ian Bennett, SCA Manager of Government Affairs, “SCA awards this honor to shipyard members with a


Hermes Unit, Canadian Fund to Buy $2.4B Stake in UK Ports Group

  The Canada Pension Plan Investment Board (CPPIB) and Hermes Infrastructure are prepared to buy a 30 percent stake in Associated British Ports for about 1.6 billion pounds ($2.4 billion). Associated British Ports is Britain's leading port operator, with 21 ports in England






 
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