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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


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


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.


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


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


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


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


Euronav Postpones Public Offering

Euronav Filikon (Photo: Euronav)

Citing “unfavorable current capital market conditions,” Euronav NV announced today that it is postponing its contemplated initial public offering of ordinary shares in the United States and related offer to exchange the company’s outstanding unregistered ordinary shares in


G E Shipping Acquires a Supramax Bulk Carrier & Sells "Jag Prachi"

Jag Prachi

  The Great Eastern Shipping Company Ltd. (G E Shipping) took delivery of a 2006-built Supramax Bulk Carrier of about 52,454 dwt. The company had contracted to buy the ship earlier this month. Earlier yesterday the company reported having delivered its 1991 built General Purpose Product


BP, Pavilion Ink Long-Term LNG Deals

Pavilion to buy 0.4 mln tpy LNG from BP for 20 years. Aims to become a global LNG firm in medium to long term. Working with SGX, regional govts on LNG price marker. Singapore's Pavilion Energy said it had signed two long-term contracts to buy liquefied natural gas (LNG) for trading and supply


U.S. Merchant Bank Buys Aging Newfoundland Refinery

  A New York-based commodities merchant bank run by veteran energy traders, Neal Shear and Kaushik Amin, announced on Friday plans to buy the aging Come by Chance refinery in Newfoundland from South Korea's state-run oil company. Korea National Oil Corp said it will sell the 115


Unipec Books Two Large Cargos to Take Urals to Asia

China's Unipec is taking two very large crude carriers with around 4 million barrels of Urals crude to Asia in a move to support Russia's main export grade, traders said on Thursday. Traders said Unipec had booked two VLCCs - Front Tina and British Vintage - and will fill it with the Russian


Tanker Carrying Kurdish Crude Changes Course toward Cyprus

A tanker carrying 300,000 barrels of Kurdish crude oil has changed its destination to Limassol, Cyprus, as it returned from the United States without delivering its disputed cargo to a New Jersey refiner. The Minerva Joy tanker had previously listed its destination as "Gibraltar orders


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


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


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


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


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


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:


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


Tanker with Iraqi Kurdish Oil Anchors off Texas Port

Tanker with Iraqi Kurdish oil anchors amidst concerns

  A tanker carrying crude oil from Iraqi Kurdistan was anchored near the Port of Galveston, Texas, and must undergo a routine safety inspection by the U.S. Coast Guard on Sunday before it can unload its cargo, an official said. The Marshall Islands-flagged tanker United


Iraqi Kurdish Oil Nears US Port Despite Concern in Washington

A tanker carrying crude oil from Iraqi Kurdistan is just one day away from arriving at a U.S. port, according to ship tracking satellites, despite Washington's long-standing concern over independent oil sales from the autonomous region. The United Kalavrvta tanker






 
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