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May Buy

Petroecuador Tenders to Buy High Octane Naphtha

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State-run Petroecuador has launched two tenders to buy a total of 22 cargoes, 240,000 barrels each, of high octane naphtha RON 87 and 93 for delivery starting on May 21-23, according to documents seen by Reuters on Thursday.   The big imports by Ecuador's oil company come as it prepares to completely halt its largest refinery, Esmeraldas, from October to November for a major renovation.   The company previously launched a similar tender earlier this month to buy 14 cargoes of high octane naphtha RON 95 and it also bought four cargoes of cutter stock from U.S. oil firm Citizen Resources Corp.   According to this tender's terms, Petroecuador is seeking 18 cargoes of high octane naphtha RON 93 for delivery at its ports Esmeraldas, La Libertad or Punta Arenas with the first one arriving on May 21-23 and the second one on May 25-27. Another four cargoes of high octane naphtha RON 87 must be delivered at the same ports, starting on May 21-23. The company said it will receive at least one cargo per month and some deliveries into 2015 are likely. Prices must be indexed to unleaded gasoline 87 from the U.S. Gulf Coast and the company will receive bids until May 7. The $900 million modernization project of the 110,000 barrel per day Esmeraldas refinery has been on the cards since 2011, but it was delayed while new parts for the refinery were imported. New equipment will be installed in its fluid catalytic cracker.  


Colombia's Ecopetrol Offers To Buy ULSD & Gasoline

  Colombia's state-run Ecopetrol launched a tender to buy a 68,000-70,000 barrel cargo of ultra low-sulfur diesel (ULSD) and a 91,000-95,000 barrel cargo combining ULSD and gasoline, according to a document seen by Reuters on Wednesday. The shutdown of a key pipeline in Colombia since March has affected the oil company and other producers in the Andean country. Exports of medium Vasconia crude have declined in recent weeks, according to traders.


Global Ship Lease Postpones IPO

Global Ship Lease, Inc. (GSL) announced that, based on unfavorable market conditions, it has decided to postpone its proposed initial public offering (IPO). The company will continue to monitor the financial markets going forward. GSL's registration statement on Form F-1 for the IPO remains on file with the United States Securities and Exchange Commission. The registration statement relating to these securities has not yet become effective


Frontline Buys Two Tankers

Norwegian shipping firm Frontline is to buy two 1993 tankers from Wilh. Wilhelmsen for a total of $90 million in shares and cash. It will reportedly pay Wilhelmsen 2.96 million Frontline shares and $62 million in cash for the two VLCCs, Tartar and Tarim. Wilhelmsen would book a loss of $15 million from the sale, Frontline said. The vessels are scheduled to be delivered during May/June.


American Superconductor Announces Filing of Amendment to Public Offering

American Superconductor Corporation announced has filed an amendment to the registration statement it filed with the Securities and Exchange Commission on August 29, 2003 for its proposed public offering of 4,000,000 shares of its common stock. The offering will include an option for the underwriters to purchase up to an additional 600,000 shares to cover over-allotments, if any. The lead underwriter for the offering will be


PetroChina May Buy Overseas


Three Bidders Approved To Buy Shipping Company

Latvian Economy Minister Aigars Kalvitis said the cabinet had approved three bidders to buy a 68 percent stake in Latvian Shipping. "Six companies had applied and we approved the 'long-list' of three companies," Kalvitis said. He did not name the bidders. The three approved companies will have to place their bids in early April. The cabinet will evaluate the bids and shortlist the companies, which will carry out due diligence of Latvian Shipping


First Class Navigation Corporation Corrects Ownership Information

On January 9, 2008, First Class Navigation Corporation, a Marshall Islands corporation, filed a registration statement on Form F-1 with the United States Securities and Exchange Commission. On January 11, 2008, it was reported that First Class Navigation's filing with the SEC and inaccurately stated that Elmira Shipping & Trading was the sponsor of First Class Navigation. Although Dimitris Souravlas and Georgios Souravlas are


Wall St Stabilizes After 6 Days of Gains, Energy Sector Advances

  U.S. stocks ended little changed on Monday in a quiet session, as investors saw little reason to continue buying on Wall Street after a winning streak of six days of the S & P 500, although the activity mergers and acquisitions boosted the energy sector. * The S & P 500 halted its longest streak profit since mid-April, after hitting session highs on Friday, with the Dow Jones. Investors await catalyst to continue the progress


Macquarie to Control IMTT

Macquarie Infrastructure Co LLC said it would buy the 50 percent stake in liquids storage provider International-Matex Tank Terminals (IMTT) that it does not control for $1.03 billion in cash and stock. Macquarie, which owns half of IMTT since 2006, said it expects the deal to add to its free cash flow this year given "a number of opportunities" to implement better expense controls and processes at the liquids storage provider.


Canadian Ferries Welcome Govt. Funding

Photo: CFOA

The Canadian Ferry Operators Association (CFOA) welcomed today’s announcement of $58 million over two years to support ferries in Eastern Canada. “We are happy to see the government reaffirming its commitment to Canada’s ferries


China, Brazil Close Plane, Finance, Infrastructure Deals

China and Brazil sealed their expanding commercial partnership on Thursday with a $5 billion credit line for Brazilian miner Vale and the purchase of 60 passenger jets from Brazilian planemaker Embraer. In a raft of energy, finance and industry accords signed before presidents Xi Jinping and


Cameroon Cocoa Exports Down from Last Year

Cameroon, the world's fifth cocoa grower, has exported 152,941 metric tons of cocoa beans from the start of the 2013/14 season to end-June, down from 203,220 metric tons in the corresponding previous season, the National Cocoa and Coffee Board said on Thursday.


Coast Guard Foundation's “BUY A BRICK” a Big Success

Sample of the commemorative bricks available for the Sault Ste. Marie project

The Coast Guard Foundation, a non-profit organization committed to the education and welfare of Coast Guard members and their families, announced today that its Sault Ste. Marie, Michigan community center program is nearing its goal and that the “Buy a Brick” program is a key


Cruise Lines Spend Big, Get Quirky to Lure Chinese Travellers

Looking to convince Chinese tourists that a ship can be a holiday destination and not just a way to get there, the world's leading cruise lines are spending billions of dollars on flashy new vessels and quirky on-board services. Carnival Corp and Royal Caribbean Cruises Ltd are trying to pique


Meyer Werft, Finland Plan to Buy STX Shipyard

STX Europes Turku shipyard in southwest Finland specializes in building post-Panama class cruise vessels. (Photo courtesy of STX Europe)

Germany's closely held Meyer Werft and the Finnish government are nearing a deal to buy the Turku shipyard in southwestern Finland from STX Europe , the Finnish economy ministry said on Monday. STX Europe belongs to Korean STX. The Turku shipyard specialises in building cruise ships and has


Turkey Ferry Auction Attracts Multiple Bids

Private equity firm KKR & Co LP has attracted binding bids from Danish shipping company DFDS A/S and an alliance of PE players Esas Holding AS and Actera Partners LP for its Turkish ferry unit, Bloomberg reported on Wednesday, citing sources.


Container Shippers Battle Falling Rates

Photo: Greg Trauthwein

As freight rates keep declining, cost reductions are the top priority for box carriers. Drewry’s 2Q14 Container Forecaster highlights that there is a widening gap between the positive financials of the few carriers really focused on cutting costs and the rest of the top 20 lines


Cost-Cutting Container Carriers Forge Ahead: Analysis

Maersk Triple E: Photo CCL 3

As freight rates keep declining, cost reductions are the top priority for box carriers, according to Drewry's 2Q14 'Container Forecaster', highlighting that there is a widening gap between the positive financials of the few carriers really focused on cutting costs and the rest of the top 20 lines


Canada Crude Imports Slip as Imports from US Grows

Imports of crude oil into Canada fell to a one-year low in May despite a continued climb in imports from the United States, Statistics Canada data showed on Thursday. Canada imported 16.6 million barrels in May, or around 535,000 barrels per day (bpd), from around the world


Maersk Taking $1.7b Charge on Brazil Assets

Full-year underlying profit guidance unchanged; writedown raises questions over company's oil strategy. Danish oil and shipping group A.P. Moller-Maersk moved to shrink its Brazilian petroleum operations on Tuesday, selling its stake in its only producing Brazilian oilfield and saying it will


Maersk Continues Exit from Crude Transport

(Photo : Maersk)

Maersk Tankers, a unit of A.P. Moller-Maersk, said on Thursday it had quit four unprofitable crude oil charter contracts by buying out supertankers and selling them onwards, continuing its exit from crude oil transportation. The company now has charters for just two supertankers


Philanthropists to Set up Mediterranean Migrant Rescue Service

Maritime migrant rescue: File photo

 A philanthropist couple has spent millions of euros to buy a ship which they plan to use to rescue migrants from rickety boats in the centre of the Mediterranean. Malta-based Christopher and Regina Catrambone told the media that they felt compelled to act following an appeal by the Pope


Tianjin: No Petrochem Fraud

China's Tianjin Port Holdings has found no evidence of an alleged fraud involving petrochemicals reported by media earlier this month, the company said in a statement on Monday. Citing police and trade sources, Reuters had reported police were investigating a suspected contract fraud at Tianjin


Brightoil Eyes Upstream After Bohai Purchase

Hong Kong-listed oil trader Brightoil Petroleum Holdings Ltd said on Wednesday it expects its upstream business to be the key long-term growth driver for the group following its acquisition of oil blocks in China's Bohai Bay. Chief financial officer Danny Tan was speaking at a media briefing on






 
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