Crude Carriers Corp. announced that it has priced its initial public offering of 13,500,000 common shares at $19 per share. The underwriters have an option to purchase up to an additional 2,025,000 common shares to cover overallotments. Crude Carriers Corp. will use substantially all the proceeds from the offering, together with a $40m capital contribution from Crude Carriers Investments Corp., to acquire one 2006-built high specification Suezmax vessel from Capital Maritime & Trading Corp. at a price of $71.3m and two newbuilt very large crude carrier (VLCC) tankers for $96.5m each upon their delivery from the yard. The company’s common shares will trade on The New York Stock Exchange under the symbol CRU. UBS Investment Bank, BofA Merrill Lynch and Wells Fargo Securities acted as joint book-running managers of the offering and as representatives of the underwriters, including Nordea Markets, Oppenheimer & Co., Cantor Fitzgerald & Co., Pareto Securities, RS Platou Markets and ING. The company has filed a registration statement (including a prospectus) with the SEC for its initial public offering of common shares, which the SEC has declared effective on March 11, 2010.
ATHENS, Greece, March 14, 2011 – Crude Carriers Corp. (NYSE: CRU) today announced that its Board of Directors has elected Dimitris P. Christacopoulos to serve as a Director on the Company’s Board. He will be an independent Board member and will serve on the Board's Audit and Independent Directors’ committees. Mr. Christacopoulos, 40, joined the Company’s Board on March 11th, 2011. Mr. Christacopoulos currently serves as a Partner at Octane Management
Hyundai Heavy Foreign Ship Orders At $440M South Korea's Hyundai Heavy Industries Co. won $440 million in foreign shipbuilding orders for 11 vessels so far this month. The details are as follows: -Taiwan's Yangming Marine Transport Corp. ordered two 5,500 teu container carriers -A Greek shipping firm ordered two 172,000 dwt bulk carriers -An Indian shipping firm ordered one 75,000 dwt bulk carrier -South Africa's Safbulk ordered four 172,000 dwt bulk carriers
Great Eastern Shipping Company Ltd (GE Shipping) informed the Bombay Stock Exchange that it has contracted to buy two new building Kamsarmax dry bulk carriers, according to a report on http://sify.com. The 80,700 dwt vessels are expected to join the company’s fleet during the fourth quarter of 2010-11 and the first quarter of 2011-12, respectively. GE’s current fleet stands at 48 vessels comprising 36 tankers (14 crude carriers, 20 product tankers
According to an August 16 report from Reuters, crude oil freight rates on major routes were mixed on Monday with the Middle East Gulf market hitting its highest in a month due to better cargo activity and tighter vessel availability as owners held back ships. The world's benchmark Very Large Crude Carrier (VLCC) export route from the Middle East Gulf to Japan DFRT-ME-JAP was at $21,809 a day, up from $6,185 a day last week and at the highest since mid July. (Source: Reuters)
The Great Eastern Shipping Co Ltd. (G E Shipping) has signed a contract to sell “Jag Padma”, a Medium Range (MR) product tanker. The 1996 built vessel of about 47,172 dwt will be delivered to the buyers in May 2014. Including “Jag Padma”, the Company’s current fleet stands at 30 vessels, comprising 22 tankers (8 crude carriers, 13 product carriers, 1 LPG carrier) and 8 dry bulk carriers (1 Capesize
According to an April 5 report from the Wall Street Journal, Great Eastern Shipping Co. Ltd, India’s biggest private ocean carrier, has ordered three new oil super tankers or so-called very large crude carriers at South Korea’s Hyundai Heavy Industries Co. Ltd for an undisclosed amount. (Source: The Wall Street Journal)
According to a Jan. 8 Report from Bloomberg, the cost of shipping Middle East crude oil to Asia, the world’s busiest route for supertankers, declined on a surplus of vessels for hire. Charter rates for very large crude carriers, or VLCCs, on the industry’s benchmark Saudi Arabia to Japan voyage declined 0.3 percent to 49.69 Worldscale points, according to the London based Baltic Exchange. (Source: Bloomberg)
Tankship freight rates on the up as global oil trade pattern changes According to Bloomberg, the U.S. is importing the least in 13 years as China buys more than ever, lengthening voyages for tankers and effectively reducing the fleet’s capacity, government data show. Very large crude carriers, each hauling 2 million barrels, will earn $40,000 a day this year, 81 percent more than in 2011, said Andreas Vergottis, the Hong Kong-based research director of Tufton Oceanic Ltd
Damen Shiprepair Brest (France) returned the Ultra Large Crude Carrier (ULCC) TI Europe to its owners EURONAV (Belgium) after completing a full technical survey and service. The sheer size of the vessel represents a considerable challenge in itself, he says, with the shipyard applying more than 46,000 square meters of silicon paint. However, the yard can comfortably accommodate such vessels given that its largest drydock, at 420 x 80 meters, is one of the biggest in Europe.
Prumo Logistica SA , the Brazilian port operator controlled by U.S.-based EIG Global Energy Partners, agreed to sell 20 percent of its oil terminal at Brazil's Port of Açu to Germany's Oiltanking for $200 million, Prumo said on Thursday.
The Great Eastern Shipping Company Ltd. (G E Shipping) signed a contract to sell, a new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt). The vessel is being built at Tsuneishi Heavy Industries (Cebu) Inc., Philippines and will be delivered to the company in
India's largest domestic ship liner Great Eastern Shipping Company today reported a 45 percent jump in its consolidated net profit to Rs 323.67 crore ($50 million) for the quarter ended June 30, on the back of higher income.
Low bunker prices buoy owners' spot charter earnings. Freight rates for very large crude carriers (VLCCs), which have fallen to their lowest level in 10 months, are set to slide further next week as the volume of available tonnage outpaces cargo demand.
Onassis-controlled Springfield Shipping will convert two oil-bulk-ore (OBO) carriers to VLCCs at Oman Drydock Company (ODC), Oman. The multi-million pound contracts will see ODC convert the recently bought 319,869 deadweight tonnage (DWT)
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
GS Caltex to buy 920,000 barrels of West African crude; first West African shipment in almost a year. South Korea's GS Caltex Corp is set to receive its first shipment of West African crude in almost a year as the country looks to diversify supply away from the Middle East.
Owners waiting for charterers to release July cargoes next week. Rates for very large crude carriers (VLCCs) on key Asian routes are set to soften early next week before rebounding on the first wave of supertanker charters from the Middle East to Asia in July's fixture
Gerasimos (Jerry) Kalogiratos, the Partnership's current Chief Operating Officer and a director of the Partnership, will be appointed as the CEO and CFO effective June 30. Capital Product Partners has announced that Petros Christodoulou, who held the role of CEO and CFO
As many as four VLCC tankers could take North Sea crude oil to Asia this month, shipping fixtures show, after an Atlantic Basin supply glut forced prices to multi-year lows. The Samco Europe, Bunga Kasturi Empat, Britanis and Starlight Venture VLCCs - very large crude carriers - have been lined
Iran’s largest shipping company NITC, the privatized Iranian shipping company, is in talks for permission to sail in Western waters, says a report in WSJ. NITC has amassed the world’s largest fleet of super tankers and is in talks to sail back into western waters should
According to the head of the National Iranian Tanker Company (NITC), Iran has 42 very large crude carriers or VLCCs, each able to carry 2 million barrels of oil, reports Press TV. NITC has recently announced that after buying 20 oil tanker from China during the last two and half
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, said on Monday its second-quarter net profit more than doubled due to increased fleet size and rates for transporting spot crude. The company's net profit for the three months to June 30 was 342
Sembcorp Marine has signed an engineering and construction contract worth about US$1 billion to build the world's largest semi-submersible crane vessel for a unit of Netherlands-based Heerema Offshore Services B.V. Scheduled for delivery in the fourth quarter of 2018
The Nigerian president's sudden, unexpected and seemingly unilateral decision to ban nearly 100 oil tankers from the country's waters has sown confusion in the operations of Africa's largest crude exporter. The edict directly from President Muhammadu Buhari's office appeared to be part of a