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. The vessel had been under charter with Capital Maritime & Trading Corp., CPLP's sponsor, as of April 2013 for 12 months (+/- 30 days) at a gross daily charter rate of $14,750. The vessel's actual earnings under the new charter are $14,750 gross per day until May 2014 and $14,800 gross per day between May and October 2014, as the new daily charter rate includes compensation that Capital Maritime will pay to the Partnership for the vessel's early redelivery in accordance with the terms of the charter party agreement with Capital Maritime. The transaction was unanimously approved by CPLP's conflicts committee.
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 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
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
Tsakos Energy Navigation Limited (TEN), a product, crude and LNG tanker operator, today announced that it plans to offer its Series B Cumulative Redeemable Perpetual Preferred Shares (the Series B Preferred Shares) in a public offering under its effective shelf registration statement. TEN intends to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions or investments
Baltic Trading say they intend to use the net proceeds from the offering for future vessel acquisitions or as working capital and for general corporate purposes. Jefferies LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering, and DVB Capital Markets LLC is acting as co-manager for the offering. Baltic Trading has filed a registration statement (including a prospectus and related preliminary prospectus supplement for the common stock offering)
According to reports, Vinashin has obtained the go-ahead from central Vietnam’s Khanh Hoa province to invest in series of industrial parks and urban projects in Cam Ranh Bay. The company will invest in three industrial parks (IPs), including a Cam Ranh IP-township, the South Cam Ranh IP, and a site in northern Hon Qui. The shipbuilding group will also build a 200ha Cam Phu – Cam Linh Urban Area and an ecotourism site in Hon Qui.
At a time when many industrial operators are having trouble securing credit, Koike Aronson/Ransome Inc. has joined with a major capital equipment lender to offer Equipment Leasing Financing to Koike’s customers in the U.S. and Canada. Koike Aronson’s business units and field representatives now have the ability to provide their customers with an indicated monthly payment, using a $1 buyout or a 10% purchase option, with terms of 36, 48 or 60 months.
Moore Stephens calls for rethink on capital gains exchange rate distortions on ships. International accountant and shipping consultant Moore Stephens has urged the UK government to remove exchange rate distortions when calculating capital gains on ships. Moore Stephens tax partner Sue Bill explains, “Currently, all capital gains and losses subject to UK corporation tax are calculated by reference to sterling
Torm announced today the confirmation of its March 7, 2014 agreement in principle to sell 13 product tankers to entities controlled by Oaktree Capital Management. All necessary approvals have now been obtained, the company said, and the agreement has subsequently become unconditional as per the outlined terms and conditions. torm.com
ESAB has announced that Colfax Corporation has completed the previously announced acquisition of Victor Technologies Holdings, Inc. Victor is a preeminent global manufacturer of cutting, gas control and specialty welding solutions with many strong brands that are well-recognized around the globe
State-owned Oman Shipping Company SAOC (OSC) is projecting to expand its current fleet of 43 ships to 50 by 2018, the Oman Daily Observer reported. According to the report, the expansion is in line with a ramp-up in hydrocarbon, petrochemical and industrial investment throughout Oman.
Bankrupt Brazilian oil company Óleo and Gás Participações SA, formerly known as OGX, has obtained a $73.2 million loan to finance exports and related costs, the company said on Tuesday in a securities filing.
Scorpio Tankers says it recorded a gain of US$51-million from the sale of the 7 VLCC newbuilding contracts announced earlier. In March 2014, the Company received the proceeds from the sale of the seven VLCC newbuilding contracts and recorded a gain of $51 million in the first quarter of 2014
Marine waterjet manufacturer NAMJet says it has been contracted to provide propulsion systems for Birdon America's US Army Bridge Erection Boat (BEB) 400-boat replacement platform. At the same time NAMJet announces its manufacturing and operational HQ has moved to Denver, Colorado.
Today, United States Steel Corporation President and CEO Mario Longhi joined fellow steel industry executives and Leo Gerard, international president of the United Steelworkers, in pressing Congress to maintain America’s economic and national security by halting unfair trade practices and
SBP Holdings, through its wholly owned subsidiary Bishop Lifting Products, has completed the acquisition of Delta Rigging & Tools headquartered in Houston, Texas. Bishop Lifting Products and Delta Rigging & Tools specialize in the fabrication and distribution of slings
Trelleborg’s marine systems operation announces plans to open a new sales and business development office in Houston, Texas, U.S. Trelleborg said it will establish a local “feet on the ground” presence in the area and confirms the company’s commitment to the global oil and
A $73.2 million investment strengthens DIS’ fleet newbuilding strategy d’Amico International Shipping (DIS), an international marine transportation company operating in the product tanker market, announces that its operating subsidiary d’Amico Tankers Limited (Ireland) entered
PACC Offshore Services Holdings (POSH), part of the empire of Malaysia's richest man Robert Kuok, has roped in Hwang Investment Management Berhad and Fortress Capital Asset Management as cornerstone investors for its Singapore listing, which sources close to the matter said could raise about $400
This would be only the second mainboard IPO in Singapore this year. Singapore's IPO market lacklustre in recent years, but oil and gas related offerings find favour in Singapore. A major operator of maritime support vessels controlled by Malaysia's richest man is seeking up to $380 million in a
Chilean copper miner Collahuasi said on Tuesday that it has received authorization to reactivate its Patache port in the country's north following a massive 8.2 magnitude earthquake and tsunami last week. "We just received authorization and a ship has already entered the port to load
Cargill Inc said on Tuesday its quarterly earnings fell 28 percent, making it one of the largest companies yet to demonstrate how big commodity market disruptions this year have hurt its bottom line. Minneapolis-based Cargill, a top global commodities trader
A reliable solution for response and prevention that can save money, time and regulatory aggravation is here. The threat of oil pollution has long been a problem in the shipping community. You don’t have to look too far to review the myriad of oil spills that have plagued the industry
In the latest listing of US Department of Defense, Navy, contracts American Overseas Marine (AOM) LLC, Quincy, Mass., is being awarded a US$32,668,153 modification under a previously awarded firm-fixed price contract (N00033-10-C-5300) to exercise a one-year option period for the operation and