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Fleet Renewal

Dryship Fleet Renewal Continues

DryShips, Inc., announced that tThe company has entered into an agreement to purchase a 2001 built, 172,579 dwt Capesize bulk carrier, for $152.25 million. It will be delivered, charter free, during the second quarter of 2008. ƒnThe Company also entered into an agreement to sell the 1993 built, 149,475 dwt Capesize bulk carrier, MV Netadola for $93.9 million. Delivery to the new owners will take place during the first quarter of 2008. Once the sale is concluded the company expects to realize a gain of approximately $62.2 million. ¡§We are pleased to continue with our strategy of fleet renewal. The replacement of MV Nedatola, a 14 year old smaller Capesize vessel, with a six year old modern Capesize dry bulk carrier, enhances our earnings potential and the longevity of our cash flow,¡¨ said George Economou, Chairman and CEO of DryShips Inc. ¡§We continue to take full advantage of the strong fundamentals of the dry bulk industry with our modern fleet.¡¨


Transpetro Signs Contract for Tankers

According to a report from Business News America, Transpetro, the transport arm of Brazil's federal energy company Petrobras (NYSE: PBR), has signed a contract with the Eisa shipyard for the construction of four Panamax oil tankers. The $349m deal is part of Transpetro's fleet renewal program. (Source: Business News America)


Proposed Shipbuilding Centers of Excellence

Davie Yards Inc. (TSX:DAV) introduced its proposal for the implementation of a National Shipbuilding Procurement Strategy aimed at renewing the federal fleet and building world-class shipbuilding capability in Canada, while providing more predictable work for the maritime industry. "Davie's proposal is based on our belief that Canadian yards can achieve a competitive position vis-à-vis European yards in building complex ships


DryShips adds Dry Bulk Carriers

Greek shipping company DryShips Inc., which specializes in dry bulk carriers, has sold a pair of older ships and added two newer vessels to its fleet. The company sold its 24-year-old Panamax bulk carrier MV Striggla for $12.1 million and its 17-year-old Panamax bulk carrier MV Daytona for $25.3 million. DryShips expects to book a combined gain of about $15 million from the divestitures. Meanwhile, the company bought a 10-year-old Capesize bulk carrier, MV Cape Venture, for $62 million


Otto Marine Secures $404m Charter Contracts

Photo courtesy of Otto Marine

Otto Marine Limited, an offshore marine company which owns and operates a large fleet of offshore support vessels, shipyard and offers specialized offshore services, informed that the group has secured charter contracts worth approximately $404 million in the first half of 2014 (1H2014). Backed by long term relationships with leading oil and gas companies, Otto Marine said it holds an orderbook that stood at approximately $450 million as at June 30, 2014


China-built, CSL's Fourth New Laker Homeward Bound

Personnel Laker Baie Comeau

The last of Canada Steamship Lines’ (CSL) four newbuild Trillium Class self-unloading Lakers, the 'Baie Comeau', set sail June 30, on her maiden voyage from Chengxi Shipyard in Jiangyin, China, en route to Montreal, Quebec, for service on the Great Lakes & St. Lawrence Seaway. Commanding the Baie Comeau as she crosses the Pacific Ocean and transits through the Panama Canal is Captain Andriy Bondarenko, with Chief Engineer Francis Cotton


FreeSeas Inc. Takes Delivery of the Handysize Free Goddess

FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEW) (Nasdaq:FREEZ), a provider of seaborne transportation for drybulk cargoes, announced that it has taken delivery of the 1995-built, 22,051 dwt Handysize M/V Free Goddess on October 30, 2007. The vessel then began a time charter at $13,000 per day, which is expected to last approximately one month. The vessel will thereafter begin a two-year time charter at $19,250 per day. Mr


Green Reefers Sells Vessels for $30m

Green Reefers agreed to sell the M/V Green Tundra, Green Summer, Green Spring and Green Winter for $30 million. The vessels, built in 1986, 1988, 1989 and 1989 respectively are each of about 270,000 cu. ft. The vessels will be sold to a Norwegian single purpose entity initiated by Platou Finans. Green Reefers will participate in the new owning company with a shareholding of 25%. The vessels will be bareboat chartered back to Green Reefers for periods of 2-8 months.


Matson Declares Q2 2014 Dividend

Image courtesy of Matson

Leading US carriers in the Pacific, Matson, Inc., apprises it has declared a second quarter 2014 dividend of $0.16 per common share. "Today's authorization continues Matson's outstanding history of paying dividends and reflects the solid financial foundation of our Company and the confidence we hold in its future," said Matt Cox, Matson's President and Chief Executive Officer. "With our strong balance sheet and operating cash flow generation


Canada Launches Shipbuilding Consultation

SU2009-0523-24_web.jpg

July 27 marked the opening of the Government of Canada's Shipbuilding Consultation, which seeks input from key stakeholders on comprehensive and viable options for a long-term, sustainable Canadian shipbuilding strategy. The Government is committed to building and maintaining an effective federal fleet of ships for maritime security and services. Fleet renewal plans could see the Government invest in excess of $40 billion to build more than 50 large vessels over the next 30 years.


Naming Ceremony of Evergreen's EVER LYRIC

Naming Ceremony for EVER LYRIC

  Evergreen Group today held the naming ceremony for EVER LYRIC, the eighth of its L-type vessels built by CSBC Corporation in Taiwan. The ceremony took place at CSBC's Kaohsiung shipyard and was officiated by Mr. Raymond Lin, Evergreen Group's Vice Group Chairman


China Cosco Sends 14 More Vessels to Scrap Yard

Image: Cosco

 China Cosco Holdings has scrapped 14 vessels between February 1 and March 31 this year, continuing progress with its ambitious fleet renewal plan.   The 14 ships comprised of one container vessel and 13 dry bulk carriers, which have a combined capacity of 924,700 dwt.  


Evergreen Line Names New Box Ship

CSBC Chairman Sun-Quae Lai (third from the left); Jarijanti Buana, the wife of the Chairman of Evergreen Shipping Agency Indonesia (fifth from the left); and Raymond Lin, Evergreen Groups Vice Group Chairman (sixth from left).

Evergreen Group today held the naming ceremony for Ever Lyric, the eighth of its L-type vessels built by CSBC Corporation in Taiwan. The ceremony took place at CSBC's Kaohsiung shipyard and was officiated by Raymond Lin, Evergreen Group's Vice Group Chairman


Great Lakes Seaway Opens 57th Navigation Season

(L to R) Lafarge Purchasing Manager for Eastern Canada Ken Lerner, U.S. Saint Lawrence Seaway Development Corporation Administrator Betty Sutton, Saint Lawrence Seaway Management Corporation CEO Terence Bowles, Chief Engineer David Michalowicz, Captain Seann ODonoughue, and CWB CEO Ian White in front of the CWB Marquis, April 2.

  The U.S. and Canadian Seaway Corporations marked the opening of the Seaway's 57th navigation season today, with the transit of the newly-built CWB Marquis through the St. Lambert Lock.   The vessel is the first of two Equinox-class lakers ordered by Winnipeg-based grain marketer CWB


Dry-docking of ABIS BELFAST

ABIS BELFAST

  Our Shipyard Zamakona Pasaia, had recently dry-docked the modern general cargo vessel ABIS BELFAST belonging to the Dutch company Abis. The vessel with 89.95 meters length by 14 meters beam has made several repairs and general maintenance of mechanical


Maersk Posts Record Profit Despite Pressure in Shipping Rates

Courtesy: Maersk Line

 Maersk Line has reported a profit of $2.3bn for 2014 a 50% increase over the previous year, and expects a higher result in 2015, though the shipping rates remain under pressure.   But 2015 is expected to yield less impressive results due to falling oil prices


Maybulk to Build Five More Ships

Pic: Malaysian Bulk Carriers Bhd

 Unfazed by the tough market conditions that the shipping industry is faced with, Malaysian Bulk Carriers Bhd (Maybulk) said it will move forward with fleet renewal activities.    Maybulk is building five new ships to expand its fleet size to 27 vessels by 2018


Star Bulk Sells Panamax Bulker for Demolition

starbulk logo.jpg

Star Bulk Carriers Corp. has entered into an agreement to sell for demolition the M/V Star Tatianna (ex Fortezza), a 69,600 dwt Panamax vessel built in 1993, to an unaffiliated third party. Star Bulk expects to deliver the vessel to the buyers by early February 2015.


Evergreen to Charter 11 Containerships

From left: K.W. Chang, Evergreen Group Vice Group Chairman; Anchor Chang, Chairman of Evergreen Marine Corporation; Raymond Lin, Evergreen Group Vice Group Chairman; Bronson Hsieh, Evergreen Group Second Vice Group Chairman; Toshiyuki Higaki, Chairman of Shoei Kisen Kaisha; Kaoru Iwasa, Senior Managing Executive Officer of Marubeni Corporation; Yukito Higaki, President of Shoei Kisen Kaisha; and Shigefumi Mabuchi, Chairman of Marubeni Corporation Taiwan (Photo: Evergreen)

Evergreen Group signed time charter agreements with Shoei Kisen Kaisha, Ltd. (Shoei) to charter a total of 11 18,000 TEU vessels, which include the six units of the same capacity announced by Evergreen Marine Corp. (EMC) and its subsidiary last December


Great Lakes Towing Announces Two New Hires

Mark W. Delventhal

The Great Lakes Towing Company has hired two new employees within its Great Lakes marine operations group. Lindsay R. Dew has been named Director of Operations & Compliance, and Mark W. Delventhal has been named Director of Technical Services & Business Development – both


Seaway Set New Record

Saint Lawrence Seaway

  The Seaway concluded the 2014 navigation season with 40 million tonnes of cargo, which represents a full recovery from the 2009 global financial crisis and its ensuing aftermath.  The St. Lawrence Seaway Management Corporation (SLSMC) announced today that the Seaway closed for the


Seaway Hits Post Recession Cargo Highs

file image: a modern FEDNAV bulker underways.

The Seaway concluded the 2014 navigation season with 40 million tonnes of cargo, which represents a full recovery from the 2009 global financial crisis and its ensuing aftermath.   The St. Lawrence Seaway Management Corporation (SLSMC) announced today that the Seaway closed for the season


Evergreen Naming Ceremony for EVER LUNAR

Evergreen Group held the naming ceremony for EVER LUNAR today, the seventh of its L-type vessels to be built by CSBC Corporation in Taiwan. The ceremony, which was officiated by Ms. Lee-Ching Ko, Second Vice Group Chairman of Evergreen Group, took place at CSBC's Kaohsiung shipyard


Danaos Corp. 3Q & 9M Results

Danaos Corporation

Danaos Corporation, a leading international owner of containerships, today reported unaudited results for the period ended September 30, 2014. Highlights for the Third Quarter and Nine Months Ended September 30, 2014: * Operating revenues of $139


Canada’s New Patrol Vessel Christened

CCGS Caporal Kaeble V.C. (Source: Canadian Coast Guard)

Entry into service of Canadian Coast Guard's new mid-shore patrol vessel, the CCGS Caporal Kaeble V.C., was inaugurated by The Honorable Denis Lebel, Minister of Infrastructure, Communities and Intergovernmental Affairs and Minister of the Economic Development Agency of Canada for the Regions of






 
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