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Capital Product

Greek Owners CPP Charter Out Three Tankships

MT Avax: Image courtesy of CPP

Capital Product Partners L.P. (CPP) an international diversified shipping company, says it has secured time charter employment for the M/T ‘Avax’, M/T ‘Agisilaos’ and M/T ‘Alkiviadis’. M/T ‘Alkiviadis’ (36,760 dwt, IMO II/III Chemical/ Product Tanker built 2006 Hyundai Mipo Dockyard, South Korea) was employed with CSSA S.A., a fully owned subsidiary of Total S.A., for one year (+/‐ 30 days) at a gross daily rate of $14,125. CSSA S.A. has the option to extend the charter for an additional year (+/‐ 30 days) at $15,125 gross per day. Previously the vessel was employed under a time charter to Capital Maritime & Trading Corp. (‘CMTC’) at a gross rate of $14,250 per day. The new charter commenced in September 2014. This marks the opening of a new time charter relationship of CPLP with CSSA S.A. (Total S.A.). M/T ’Avax’ (47,834 dwt, IMO II/III Chemical Product Tanker built 2007 Hyundai Mipo Dockyard, South Korea) was chartered to our sponsor, CMTC, for one year (+/‐ 30 days) at a gross daily rate of $14,750. CMTC has the option to extend the charter for an additional 12 months (+/‐ 30 days) at a gross day rate of $15,250. The charter is expected to commence in September 2014. Previously the vessel was employed under a time charter to BP Shipping Ltd. at a gross rate of $14,700 per day.


Capital Product Partners L.P. Announces One Year Time Charter

Capital Product Partners L.P. (CPLP) has  announced the chartering of the M/T Avax to BP Shipping. The M/T Avax (47,834 dwt, IMO II/III Chemical Product Tanker built 2007 Hyundai Mipo Dockyard, South Korea) was chartered in October 2013 to BP Shipping for a minimum charter term of one year (+/- 30 days). BP Shipping has the option to extend the charter for an additional 12 months at a gross day rate of $15,600 per day.


CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES THE SUCCESSFUL CHARTERING OF THE M/T AXIOS TO PETROBRAS FOR 12 MONTHS

ATHENS, Greece, March 8, 2011 -- Capital Product Partners L.P. (the "Partnership") (Nasdaq: CPLP), an international owner of modern double-hull tankers, today announced the successful chartering of the M/T Axios to Petroleo Brasileiro S.A. (Petrobras).  The M/T Axios (2007 Build, Hyundai Mipo 47,823 DWT, Ice Class 1A) was fixed at a gross daily charter rate of $13,500 to Petrobras for 12 months (+/- 30 days)


Crude Carriers: Approval of Merger with CPP

Crude Carriers Corp. (NYSE: CRU) announced that, at a special meeting of Crude shareholders held today in Piraeus, Greece, its shareholders have approved the proposal to adopt the merger agreement dated May 5, 2011 providing for the acquisition of Crude by Capital Product Partners L.P. (CPLP) in a unit-for-share transaction with Crude shareholders receiving 1.56 CPLP common units for each Crude share. The consummation of the merger was subject to approval by: (i) the holders of a majority of


CPLP, OSG Reach Conditional Agreement

Capital Product Partners L.P. (the "Partnership" or CPLP) (NASDAQ: CPLP) has reached a conditional agreement with Overseas Shipholding Group Inc. (OSG) and certain of OSG's subsidiaries regarding the long term bareboat charters of three of its product tanker vessels. On November 14, 2012, OSG made a voluntary filing for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware


Capital Product Partners Tankers get Contracts

Image: Capital Product Partners

 Capital Product Partners (CPP) has taken delivery of a new panamax containership, which will commence a five-year timecharter to CMA CGM. It also has won a timecharter from Cargill, and another two have had their charters to Capital Maritime extended.   The NASDAQ-listed company has announced the successful acquisition of the MV 'Akadimos,' as well as new time charter employment for the MT 'Active' and MT 'Anemos I' and a charter extension for the MT 'Atrotos


Gulf Navigation Cuts Capital, Focus on Turnaround

Gulf Navigation.jpg

United Arab Emirates shipper Gulf Navigation said on Wednesday it had cut its capital by two-thirds and written off accumulated losses worth 1.1 billion dirhams ($300 million), key parts of a turnaround plan designed to solve its debt problems. The company's capital has been reduced to 551 million dirhams from 1.66 billion dirhams, it said in a statement on the Dubai bourse, with the reverse stock split effectively creating one share for every three existing shares.


AVEVA Acquires 8over8 Limited

Richard Longdon, CEO, AVEVA

AVEVA has acquired 8over8 Limited, providing the software platform for AVEVA to address the current global need for increased project control, capital discipline, minimizing project overruns and delivering improved efficiency in operations, the company said.   8over8’s flagship product is ProCon, a risk management software platform that connects Owner Operators (OOs) and Engineering Procurement Construction companies (EPCs) throughout the project life cycle


Partnership Targets Waste Conversion Solutions

Terragon Environmental Technologies Inc. has entered into a strategic partnership with Green Marine Capital (GMC) in an effort to enable off grid sustainability by developing and commercializing simple compact and economical products that allow any habitat to convert its waste into useful resources, such as energy and clean water, Terragon said. Terragon’s first commercially available product, the patented Micro Auto Gasification System (MAGS)


Twin Disc Slashing Costs under Market Pressure

Power transmission equipment company Twin Disc, Inc., announced additional restructuring and cost reduction activities aiming to further reduce expenses, as a result of challenging global market conditions within the company's oil and gas, global pleasure craft and Asian commercial marine markets.   Twin Disc said it expects $4.3 million of annual savings from these actions once fully implemented, plus a further $6 million of annual savings announced in the fiscal 2015 fourth quarter.


WCI's Toohey Applauds WRDA 2016 Bill

Waterways Council, Inc. (WCI) President/CEO Michael J. Toohey issued a statement regarding today’s mark-up and passage of the Water Resources Development Act (WRDA) 2016 by the Senate Environment and Public Works (EPW) Committee:  


Aging Seaborne Steel Products

Graph: Clarksons Research

 In 2015, seaborne steel products trade accounted for around a fifth of minor bulk trade, having grown on average by 6 percent per annum since 2010, according to Clarksons Research.   Recent growth has largely been driven by Chinese exports, which reached a record 113mt in 2015


Floating Products Storage in Focus

Graph: Gibson Tanker Report

 For much of 2015, talk of floating storage was dominated by speculation that the contango in crude futures might support crude floating storage, says Gibson Tanker Report.   However, at the same time, much of the oil surplus was being absorbed by refiners chasing some of the best


ExxonMobil 1Q Profits Plunge 63%

Rex W. Tillerson, chairman and chief executive office ExxonMobil

Highlights   * Earnings of $1.8 billion decreased 63 percent from the first quarter of 2015.   * Earnings per share were $0.43 assuming dilution.   * Cash flow from operations and asset sales was $5 billion, including proceeds associated with asset sales of $177 million.


China's Acquisition of Piraeus Port a Booster for Greek Economy?

Greek Prime Minister Alexis Tsipras(1st L) meets with China COSCO Shipping Chairman Xu Lirong(2nd R) . Photo: Xinhua

 Greece has formally signed an agreement to sell a 67% stake in the Port of Piraeus to Chinese shipping company China Cosco Holding Co.   Under the deal, COSCO, the fourth-largest container shipping firm and second-largest port operator in the world


Terex Port Solutions Acquires CVS Ferrari's Tractor Product Line

Terex Port Solutions (TPS) completes its product portfolio with terminal tractors. Thanks to the acquisition of this product line from CVS, TPS now offers its customers more machines for  effective transport of containers in the stack and for use in RoRo operation. Photo Terex

Terex Port Solutions (TPS) has acquired the assets of the terminal tractor product line from CVS Ferrari S.R.L. (CVS), which has been part of Manitex International, Inc. since 2010. The acquisition strengthens TPS’ position as a leader in integrated solutions for ports and terminals


Bureau Veritas Approves FPSO Composite Repair System

Photo: Bureau Veritas

Classification society Bureau Veritas has approved in principle the repair of offshore structures using the bonded composite product Coldshield, developed by Paris-based start-up Cold Pad. Coldshield is a composite structural reinforcement specifically developed for the harsh environments of


Pacific Basin Rights Issue for $151mln

Photo: Pacific Basin Shipping Limited

 Hong Kong bulker  Pacific Basin has proposed a one-for-one rights issue in a bid to raise approximately $150.6m for strengthening its long term equity capital.   The shipping company plans to sell around 1.9 billion rights shares at a price of HKD0.60 per share, representing a 58


Navios Sells 2 Chemical Tankers for $72.9 Mln

Navios Maritime Acquisition Corporation has agreed to sell two chemical tankers to an unaffiliated third party for a sale price of $74.6 million, resulting in an expected book gain of approximately $11.7 million, the company announced today.


Hamburg Süd Boosted by CCNI Takeover

Photo: Hamburg Süd

 German shipping company  Hamburg Süd raised its revenue last year due to the acquisition of  Chilean line Compañía Chilena de Navegación Interoceánica (CCNI), yet the container business still performed weaker than expected.  


Spivak Appointed CFO, Seaspan

Logo

 Seaspan Corporation announced today that David Spivak is joining the Company as its Chief Financial Officer, starting May 2, 2016. Mark Chu will continue to serve as interim CFO until David's arrival, whereupon Mark will continue in his current roles as Vice President


HCI Capital Acquires Ernst Russ GmbH

Schiff Courtesy HCI Capital

 HCI Capital AG acquires the long-established Hamburg shipping company Ernst Russ GmbH & Co. KG. The HCI Group, which early in 2016 already the majority of the shares of König & Cie. Group had taken, thus expanding again the controlled fleet and strengthen its maritime services


MAN Diesel Ship Engine Production Steady

MAN B&W low-speed diesel engines manufactured at the Tamano Works Machinery Factory Photo MES

Mitsui Engineering and Shipbuilding co., Ltd. (MES; President: Takao Tanaka) achieved production volume of 181 MAN B&W low-speed diesel engines manufactured at the Tamano Works Machinery Factory (Tamano, Okayama Prefecture) in fiscal 2015, representing for 3


First Ocean Ship of 2016 Docks into Indiana Port

Indiana Port Courtesy Port of Indiana

The Port of Indiana-Burns Harbor opened the 2016 international shipping season today with the arrival of the M.V. Lubie , a 623-foot bulk carrier from Europe. To commemorate the first ocean vessel of the year, the captain was presented with the Port of Indiana 'Steel Stein.'  


ST Engineering Injects $66m into VT Systems

Courtesy ST Engineering

Singapore Technologies Engineering Ltd (ST Engineering) today announced that it has injected US$66m (approximately S$89m) into the capital of its US Headquarters, Vision Technologies Systems, Inc. (VT Systems), for the repayment of bank loans






 
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