Buying A Ship
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 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
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
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
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.
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
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.
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
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 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
Mideast crude freight to Japan highest since 2010. North Asian refiners have snapped up Russian crude oil loading in the last two months of this year to meet peak winter demand as Middle East and West African grades have become more costly after freight rates hit multi-year highs
Port operator APM Terminals, part of Denmark's A.P. Moller-Maersk said on Friday it has agreed to buy the remaining 39 percent of Grup Maritim TCB and be sole controlling shareholder of the company which operates 11 container ports. The enterprise value of the total transaction is approximately
Hapag-Lloyd CEO says IPO preparation a "tough fight" but firm reaps $300 million in proceeds. Shares in Hapag-Lloyd hovered around their issue price in their stock market debut as investors gave the German shipping group a lukewarm reception reflecting uncertainty over the resilience
The CMA CGM's move to buy Singapore’s Neptune Orient Lines (NOL), could lead to one of the biggest acquisitions in the shipping container industry in years. If it goes through, NOL and CMA's merger would be the biggest container shipping deal in years
The world’s largest listed crude-tanker operator Euronav is planning to buy 18 tankers for around $1.2 billion in one of the biggest deals involving oil carriers this year, reports WSJ. The reports says that Euronav is in advanced discussions with Greece’s Metrostar to
Stolt-Nielsen Limited (Oslo Bors: SNI) announced that Stolt Tankers B.V. has agreed to acquire three 5,800 dwt fully stainless steel parcel tankers from Odfjell Tankers AS. The ships, which were built in 1997-1998 and are sister ships of three tankers currently operated by Stolt Tankers
VesselsValue.com is launching Discounted Cash Flow (DCF) valuations to its existing portfolio of daily, automated valuations for the shipping industry. Discounted Cash Flow vs Market Valuations Discounted Cash Flow Valuations is the amount a vessel would be expected to earn as a
Thailand plans to buy three Chinese-made submarines for the Royal Thai Navy at a cost of 355 million dollars each. Three Chinese-made submarines worth 355 million dollars each may be purchased by Thailand for its Royal Navy, the newspaper Bangkok Post reported today (Friday)
National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the exclusive oil-shipper for Saudi Aramco said on Wednesday. Hyundai agreed a contract in May to build five tankers and deliver them to
Thailand’s navy has approved a 36 billion baht ($1.1 billion) plan to buy three submarines from China, reports local media. Royal Thai navy officials selected China over competing bids from Russia, Sweden, France, Germany and South Korea.
About 10 countries, including Egypt, are interested in buying two French helicopter carriers whose planned sale to Russia has been cancelled due to the Ukraine crisis, a source familiar with the situation said. A second source, a French diplomatic source
Denmark's AP Moller-Maersk, which operates the world's largest container shipping line, has revealed another huge share buy-back scheme a year after it launched its current programme. Maersk will buy back up to $1bn (DKK 6
Tender deals helped to liven up a lacklustre West African crude oil market on Thursday, though overall demand remained weak. Indian Oil Corporation bought four cargoes of West African oil, traders said, nibbling at an overhang of unsold September cargoes just a few days before Angola's
Dubai's Topaz Energy and Marine, a unit of Muscat-listed Renaissance Services, has bought two ships from Norwegian boat yard Vard Brattvaag for about $115 million, the Omani parent firm said on Sunday. The two vessels will be delivered in the second half of 2017
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.