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, aimed at stemming the outflow of capital for the acquisition of marine transport products, especially ships, the Malaysian Government will seek to strengthen the capacity and capability of the shipbuilding and ship repair sector in the country under the recently-launched Third Industrial Master Plan (2006-2020) (IMP3). Giving the push to the shipbuilding and ship repair sector is among the five strategic thrusts for the long-term growth and viability of the marine
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
The bulk ship owners announce its initial public offering of 15,500,000 common shares, granting the underwriters a 30-day option to purchase up to 2,325,000 additional common shares. Scorpio say that the net proceeds of this public offering are expected to be used to fund newbuilding vessel
The Port of Prescott owned and operated by the Township of Edwardsburgh/Cardinal, located on the St. Lawrence River south of the Canadian Capital of Ottawa, Ontario has announced that effective January 1, 2014, the Port will be officially renamed the Port of Johnstown
Scorpio Bulkers Inc. say it has increased the size of its public offering from the initially announced 15,500,000 common shares to 31,300,000 common shares for gross proceeds of $305,175,000. The Company has granted the underwriters a 30-day option to purchase up to 4,695
On November 29, 2013, TORM announced an agreement in principle to sell four MR product tankers to entities controlled by Oaktree Capital Management. All necessary approvals have now been obtained, and the agreement has subsequently become unconditional as per the outlined terms and conditions.
A new direct passenger car ferry service linking Dublin with the French port of Cherbourg is being introduced by Irish Ferries with the first sailing departing from Dublin on January 18. The once-weekly, year-round service – which the company’s head of passenger sales Dermot
Inmarsat say that MOL Ship Management has commenced migrating over 100 vessels to the FleetBroadband 6 gigabyte (GB) plan for the primary purpose of enhancing both crew welfare and business operations. The decision to upgrade was made following a trial period on several selected vessels.
Wärtsilä's new Propulsion Test Centre has been established and funded by Wärtsilä with strong support from VTT Technical Research Centre of Finland, who will provide the resources to operate the facility. The test centre is located in Tuusula, southern Finland
Incat Crowther announce the launch of the 'Elizabeth Cook', a 24m catamaran passenger ferry built by Richardson Devine Marine, designed to operate in Sydney Harbour, Australia for Captain Cook Cruises, a subsidiary of Sealink Marine. Incat Crowther say thay they worked closely with Sealink to
The case for independent monitoring and verification of energy-efficiency initiatives World crude production may rise and fall, but the historical trend shows a steady increase in the price of a barrel of oil, and with it, the price of a ton of fuel
Scorpio Tankers Inc. has announced that it has entered into agreements for the construction of seven Very Large Crude Carriers (VLCCs) and entered into an agreement with an unaffiliated third party to issue shares in exchange for the transfer of ownership to the company of four MR product tankers
Russian President Vladimir Putin has signed a law on the liberalization of exports of liquefied natural gas (LNG). According to the document, two new categories of license holders are entitled to the right to export LNG, in addition to Gazprom, reports Arctic-Info.
On its capital markets day, Aker Solutions' Executive Chairman Øyvind Eriksen says: "While we will continue to build Aker Solutions, the focus on topline growth will be toned down and more attention will be paid to growing our profit and share price
Amongst the latest listing of US Department of Defense, Navy, contracts, the existing time charter of a U.S.-flagged, ice-class certified, double-hulled product tanker of Maersk Line Ltd. of Norfolk Va. is extended. The $14,223,440 modification is under a previously awarded firm-fixed-price
Royal Dutch Shell plc says it will not move forward with the proposed 140,000 barrels per day Gulf Coast gas-to-liquids (GTL) project in Louisiana and will suspend any further work on the project. Shell, says it is the industry leader in GTL technology
Royal Dutch Shell plc announced that the company will not move forward with the proposed 140,000 bpd Gulf Coast gas-to-liquids (GTL) project in Louisiana. Shell is a leader in GTL technology, and the company said it has evaluated a number of development options for GTL on the US Gulf Coast