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Exercises Option News

16 Mar 2023

Matson Exercises Option for Dual-fuel ME-GI Retrofit

(Photo: Matson Navigation Company)

Matson Navigation Company has confirmed that it will convert the main engine aboard its containership Kaimana Hila from an MAN B&W S90ME-C10.5 unit to a dual-fuel ME-GI unit capable of running on liquefied natural gas (LNG). In doing so, it is exercising an option contained in a contract it signed with MAN Energy Solutions in June 2022 to perform an identical conversion on a sister ship, the Daniel K. Inouye. The Kaimana Hila was built in 2019 and MAN Energy Solutions’ after-sales division…

19 Oct 2022

Höegh Autoliners Exercises Option to Buy 2099-built RoRo

Höegh St. Petersburg (Photo: Höegh Autoliners)

Höegh Autoliners announced it has exercised its option to purchase Höegh St. Petersburg for $29,300,000, well below the $70 million average market value estimated by three different brokers for the end of Q3.“Höegh Autoliners is again demonstrating its commitment to serve and build a long-term relationship with our customers based on a fleet we own and control. All our deep-sea operated vessels are owned (29 vessels) or on charters with purchase options (five vessels). This gives us limited exposure to the currently tight and expensive Time-Charter market…

24 Aug 2022

Höegh Autoliners Exercises Option to Buy Höegh Tracer

(Photo: Höegh Autoliners)

Höegh Autoliners through its subsidiary Höegh Autoliners Shipping AS, declared an option pursuant to a certain bareboat charter party to purchase the vessel Höegh Tracer for a purchase price of $53.2 million from Ocean Yield. The average market value of the vessel estimated by three different brokers was $82 million by the end of Q2 and different financing options for the vessel are being evaluated.Höegh Tracer was built in 2016 with a capacity of 8,500 CEU. The vessel has been…

28 Jul 2022

US Navy Exercises Option for L3Harris Submarine Imaging Masts

(Image: U.S. Navy)

L3Harris Technologies reports the U.S. Navy has exercised an option on its previously awarded contract to produce enhanced submarine imaging masts and spares.L3Harris said it will provide two configurations of its Type 20 low-profile mast to meet the Navy’s operational requirements. Production will be performed at L3Harris’ Northampton, Mass. facility, with initial deliveries scheduled to begin in 2024.L3Harris describes its Type 20 mast as a modular non-hull-penetrating imaging…

08 Jun 2022

Great Lakes Exercises Option to Build Second Hopper Dredge

(Image: C-Job Naval Architects)

The United States' largest dredging contractor, Great Lakes Dredge & Dock Corporation, announced Tuesday that it has exercised its option to build a second 6,500-cubic-yard-capacity trailing suction hopper dredge (TSHD) at Conrad Shipyard in Amelia, La.Expected to be delivered in the first quarter of 2025, the new vessel will be a sister ship to the Galveston Island, presently under construction with delivery in early 2023.This newbuild is identical to the Galveston Island and will feature two 800mm suction pipes and will be able to dredge at depths of up to 100 feet…

15 Oct 2020

Scotline Marine Exercises Option for Fourth Newbuild at Royal Bodewes

Royal Bodewes is currently building Scot Ranger at its yard in Hoogezand (Photo: Royal Bodewes)

Dutch shipbuilder Royal Bodewes announced that U.K.-based shipping company Scotline Marine Holdings Ltd has exercised its option for a fourth newbuild 4,800 DWAT Bodewes Trader, to be named Scot Isles and launched in the third quarter of 2021.A 90-meter sister ship Scot Ranger is currently being built at Royal Bodewes' yard in Hoogezand.Previous vessels in the series include Scot Explorer delivered in December 2019 and Scot Carrier handed over in December 2018.The British-flagged box-shaped singledeckers are classed by Lloyd's Register and are ice class 1FB FS (Finnish and Swedish)…

10 Jan 2017

DryShips exercises option for Chartered VLGC

DryShips Inc. announced today that it has exercised its first option under the previously announced option agreement to acquire one Very Large Gas Carrier (“VLGC”) currently under construction at Hyundai Heavy Industries (“HHI”) for a purchase price of $83.5 million. Part of the purchase price (abt. 25%) will be paid on closing, expected within January, with the balance payable in installments until the vessel’s delivery from HHI. The VLGC will be employed on a fixed rate time charter with five years firm duration to an oil major. The charterer has options to extend the firm employment period by up to three years. The Company expects the total gross backlog associated with this time charter to be $54.0 million…

11 Aug 2015

New DMRs for USN Destroyers, Submarines under Construction

The U.S. Navy has ordered 56 AN/USC-61(C) Digital Modular Radios (DMRs) and related equipment from General Dynamics. The newly built DMR radios will be capable of using the Mobile User Objective System (MUOS) waveform, the digital dial tone needed to make voice calls to the U.S. Department of Defense's next generation, narrowband MUOS satellite communications system. The four-channel radios form the foundation of the Navy's network communications aboard submarines, surface ships and on-shore locations. This order, valued at over $29 million, exercises option five on a contract awarded to General Dynamics in 2010. "DMR is an extremely versatile radio and we continue to update its capabilities to ensure that Navy communications networks have the most advanced and secure technologies…

24 Jun 2014

NAO Exercises Option to Purchase Shares

Nordic American Offshore Ltd. additional 882,352 common shares. The sale of these common shares isexpected to close on June 26, 2014. After the exercise of the overallotment option, there are 23,431,370 shares in issue in NAO. The total capital inflow into NAO from the Initial Public Offering and the exercise of the overallotment is in total about $100m. The company intends to use the net proceeds of this offering for acquisitions and general corporate purposes, including working capital. Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and DNB Markets, Inc. are acting as joint book-running managers. In addition, Global Hunter Securities, LLC is acting as a co-manager for the initial public offering.

16 Dec 2013

Nordic Maritime Exercises Option to Subscribe Further Shares

In light of the development of Nordic Shipholding A/S's cash position, as announced by the company in company announcement no. 11/13 published on December 13, 2013, Nordic Maritime has informed the company that it will exercise the option granted to Nordic Maritime in the conditional restructuring agreement entered into between the company and Nordic Maritime on 22 November 2013, to subscribe further shares against a cash payment to the Company of $2 million at completion of the restructuring. Assuming a successful completion of the conditional restructuring agreement, the exercise of the option, will imply that following completion existing shareholders in the Company will hold approx.

10 Sep 2012

Ultra-deepwater Drillship Contract for HHI

Rowan Companies exercises option to build a fourth GustoMSC P10,000 design ultra-deepwater drillship with Hyundai Heavy Industries Co., Ltd. The cost for this rig, including commissioning, project management and spares, but excluding capitalized interest, is estimated to be approximately $620 million, with delivery scheduled for March 2015. Rowan plans to equip its drillships with 2,000 feet of additional riser to enable operations in water depths up to 12,000 feet upon delivery. Each drillship will also be equipped with a second BOP for minimizing non-productive time. The company will also incur operational training and personnel ramp-up costs in readying the drillships to commence well operations.

22 Mar 2012

Safe Bulkers Exercises Option to Purchase Additional Shares

Athens, Greece - Safe Bulkers Inc., an international provider of marine dry bulk transportation services, announced today that it has sold an additional 750,000 shares of common stock pursuant to the underwriters’ option to purchase these shares at $6.50 per share, raising an additional $4,875,000 in aggregate gross proceeds before underwriting discounts and other offering expenses. The option had been granted in connection with a public offering of common stock, completed last week. Morgan Stanley, B of A Merrill Lynch and Credit Suisse acted as book-running managers and Evercore Partners acted as co- manager of the offering, which was made under an effective shelf registration statement.

06 Jun 2008

Norwegian Shipping Ltd Exercises Option for Anchor Handlers

Norwegian naval architects Vik-Sandvik have confirmed that the Cyprus-based company Norwegian Shipping Ltd has decleared options for additional two AHTS at Bharati Shipyard Ltd in India.Norwegian Shipping Ltd now has a total of four VS 4612 designs under construction at Bharati Shipyard.  The last two vessels will be delivered in February and June 2010. Source:  Offshore Shipping

02 Oct 2003

BP Exercises Option for Leiv Eiriksson

Ocean Rig announces that BP Exploration (Angola) Limited has exercised the 4th option well under the present contract in Angola for Leiv Eiriksson. This well, which will last for an estimated 50 days, will be drilled in a sequence with the previously announced third option under the contract, together estimated to employ the rig until early December 2003. Ocean Rig owns and operates two of the worlds largest and most modern drilling-rigs, built for ultra deep waters and extreme weather conditions. The units are currently operating in Angola and off the east coast of Canada.

30 Jul 2002

CP Ships Exercises Option to Purchase Four Ships

CP Ships Limited has exercised options to purchase for approximately $180 M four ice- strengthened containerships currently bareboat chartered. As previously announced, the purchase is being paid for with proceeds from CP Ships' offering in July 2002 of 9.6 million common shares and private placement of $200 million of senior unsecured notes. The purchase is expected to close in the third quarter. The ships are Canmar Fortune, Canmar Courage, Canmar Pride and Canmar Honour.

11 Jun 2007

Carnival Corp. Exercises Option for HAL Ship

Carnival Corporation & plc has exercised its option for a new 86,000-ton vessel for its Holland America Line brand. The new 2,100-passenger ship will be built by Italian shipbuilder Fincantieri at its Marghera shipyard at an estimated all-in cost of €425 million. Delivery is scheduled for fall 2010. Stein Kruse, Holland America Line’s president and CEO, noted that the new vessel will be a sister to the Eurodam which is already under construction at Fincantieri and due to debut in summer of 2008. Eurodam’s size has been increased slightly since originally announced and both ships will have a lower-bed capacity of 2,100. Kruse added that the two ships…

01 Mar 2007

Awilco Exercises Option for Jackup Drilling Rig No. 8

Awilco Offshore (AWO) has exercised an option with PPL to build a 375-ft. jackup drilling rig with drilling depth of 30.000 ft. The rig will be named WilConfidence. The rig is to be delivered in the second quarter of 2009, and has a delivered cost of $149m. The delivered cost includes contract price with the yard, site supervision, pipe handling equipment, spare parts and finance costs during construction.

18 Dec 2006

Carnival Exercises Option for New Ship

option for a new 130,000-ton ship for its Carnival Cruise Lines brand. The new vessel, which will have 3,652 lower passenger berths, will be built by Italian shipbuilder Fincantieri at its Monfalcone yard at an estimated all-in cost of 565 million euros. The ship is scheduled for delivery in summer 2010. The vessel will be a sister ship to a previously announced 130,000-ton ship slated to enter service in fall 2009 that will begin a new class for the line. The two sister ships will be the largest ever constructed for Carnival Cruise Lines. 13,284 total lower berths. order - - 13 of which are being constructed by Fincantieri.

07 Jul 2006

Seaspan Exercises Option for Four New Vessels

Seaspan Corporation exercised its option to build four 2500 TEU vessels at Jiangsu Yangzijiang Shipbuilding in China. This option was part of the February transaction with YZJ that included the firm order of four 2500 vessels and options to build eight more at the same price. These new orders will increase the company's total fleet to 33 vessels when the vessels are delivered between May and August 2009. The total delivered cost is expected to be approximately $44.7m per vessel, subject to certain pre-delivery expenses remaining at budgeted levels. Seaspan also announced that it has arranged simultaneous 12-year charter agreements for these four vessels with China Shipping Container Lines (Asia) Co. Ltd. at an initial rate of $16,750 per day, increasing to $16,900 per day after six years.

03 Jan 2000

Carnival Exercises Option For Third 84,000-Ton Cruise Ship

Carnival Cruise Lines has exercised an option with Kvaerner Masa Yards of Helsinki, Finland, for the construction of a new 84,000- ton ship expected to be delivered in 2002. The 2,112-passenger vessel, to be named Carnival Legend, will cost approximately $375 million. It will be a sister ship to the Carnival Spirit and Carnival Pride, both currently under construction at Kvaerner Masa and expected to enter service in early and late 2001, respectively. In addition to the three Spirit-class ships, Carnival Cruise Lines has three new 102,000-ton Destiny class ships scheduled to enter service over the next four years, including the Carnival Victory, expected to enter service Aug. 31, 2000, and the Carnival Conquest and Carnival Glory, slated to debut in 2002 and 2003, respectively.

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