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Product Partners

CPP Awaits Two New Tankers

Capital Product Partners L.P. announced that the deliveries of its eleventh and twelfth medium range (MR) product tankers, M/T "Apostolos" and M/T "Anemos I", from Hyundai Mipo Dockyard Ltd., a Korean shipyard, have been confirmed, ahead of the anticipated time of delivery, for September 20 and September 28, 2007, respectively. M/T "Apostolos" and M/T "Anemos I" are ice strengthened vessels (Ice Class 1A) and have carrying capacities of 47,782 dwt and 47,823 dwt, respectively. Both vessels are capable of carrying a range of refined oil products, chemicals (including ethanol and biodiesel feedstock), and crude oil worldwide. Both M/T "Apostolos" and M/T "Anemos I" have been fixed under time charters with Morgan Stanley Capital Group Inc. for three years at a base rate of $20,000 per day, subject to a profit sharing arrangement which allows each party to share, at a 50/50 percentage, additional revenues when spot rates are higher than the base rate. The purchase price for the two vessels of $56 million each will be fully funded through a drawdown on the existing revolving credit facility. The M/T "Apostolos" and M/T "Anemos I" are the third and fourth out of seven additional MR product tankers that Capital Product Partners L.P. has agreed to purchase from Capital Maritime & Trading Corp. The remaining three product tankers will be 51,000 dwt MR chemical/product tanker sister vessels that are scheduled for delivery in January, June


Capital Product Partners L.P. Announces One Year Time Charter

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.


MAN Diesel, Harren & Partner Celebrate Order Completion

MAN Diesel SE recently held a small celebration at its works in Augsburg, Germany. The event marked the start of acceptance testing of the final engine of eight ordered by shipowner Harren & Partner of Bremen, Germany, for a series of eight 16,500 DWT oil products and chemicals tankers being built at the Chinese Jiangnan Shipyard. As well as representatives from the shipowners, delegates from investors in the ships also participated at the celebration.


NASSCO Begins Construction of Product Carrier

General Dynamics NASSCO began construction of the second ship of its new class of product carriers. The shipyard is scheduled to lay the ship’s keel in June and deliver the ship to U.S. Shipping Partners in the second quarter of 2009. In August 2006, NASSCO received a $1b contract from U.S. Shipping Partners to build nine ships. The ships will be double-hulled, 600.4 ft. in length and displace 49,000 dead weight tons


Greek Shipowners CPLP Justify Q4 2012 Net Loss

Capital Product Partners L.P. (CPLP) attribute fourth quarter 2012 net loss to a US$43.2-million impairment charge. CPLP an international owner of modern tanker, dry bulk and container vessels has released its financial results for the fourth quarter ended December 31, 2012. The Partnership's net loss for the quarter ended December 31, 2012, was $35.0 million, including an impairment charge of $43.2 million, which is a non cash item


Houston LPG Terminal Capacity to be Expanded

Houston Ship Channel: Photo CCL

Oiltanking Partners, L.P. says it has expanded its terminal agreement with Enterprise Products Partners, L.P. to further increase exports of liquefied petroleum gas (LPG) at the Partnership's terminal on the Houston Ship Channel.  With an expected completion date of year-end 2015, the expanded LPG export terminal will have total loading capacity in excess of 16 million barrels per month of low-ethane propane and/or butane.


Shipvertical Internet Group To Partner With Marine Digital

ShipVertical Internet Group has signed an agreement to enter into partnership discussions with Marine Digital, the Korean-based global maritime marketplace for shipbuilding, ship cargo, ship bunkering, ship sale & purchase, and fishery markets. The agreement enables both parties, ShipVertical Internet Group and Marine Digital, to exchange products/service platforms on the web, to mutually benefit from each party's distribution network


Markey Machinery Seeking Area Partner

Markey Machinery Company, Inc (USA) is actively seeking a partner in the South Pacific area.  This partner will manufacture and help support machines designed and carrying the Markey brand.  An opportunity exists for the right company to produce winches, windlasses, and capstans of the highest quality standards while serving the growing needs of the Australian-region market and demands exceeding our factory production capacity.   


Telespazio VEGA UK to Distribute Thuraya Solutions Globally

Abu Dhabi - To further meet the requirements of global vertical markets, Thuraya has recently signed a Service Partner agreement with Telespazio VEGA United Kingdom, a subsidiary of Telespazio SpA, a Finmeccanica-Thales company. Through this partnership, Telespazio VEGA will distribute Thuraya’s integrated portfolio of satellite communications products, which includes Thuraya IP, a compact satellite broadband solution supporting 384 streaming


World Wide Metric Offers Hatch Sealing Tape

DrySeal Tape

World Wide Metric added DrySeal Hatch Sealing Tape to its products list after partnering with Soprema, a manufacturer in the waterproofing industry. DrySeal is an adhesive “winter grade” hatch sealing tape manufactured in Canada from SBS Modified Bitumen, making the product water resistant, elastomeric and durable with cutting edge technology. According to World Wide Metric, the tape provides a solution for waterproofing a ship’s hatch covers and ensuring that valuable


Colfax's Acquisition of Victor Technologies Complete

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ESAB has announced that Colfax Corporation has completed the previously announced acquisition of Victor Technologies Holdings, Inc. Victor is a preeminent global manufacturer of cutting, gas control and specialty welding solutions with many strong brands that are well-recognized around the globe


OSC Plans Fleet Expansion through 2018

Photo: OSC

State-owned Oman Shipping Company SAOC (OSC) is projecting to expand its current fleet of 43 ships to 50 by 2018, the Oman Daily Observer reported. According to the report, the expansion is in line with a ramp-up in hydrocarbon, petrochemical and industrial investment throughout Oman.


Scorpio Tankers' Latest Sale & Purchase Deals

Scorpio tanker: Photo courtesy of the owners

Scorpio Tankers says it recorded a gain of US$51-million from the sale of the 7 VLCC newbuilding contracts announced earlier. In March 2014, the Company received the proceeds from the sale of the seven VLCC newbuilding contracts and recorded a gain of $51 million in the first quarter of 2014


Intesa Sanpaolo, Vei Capital Invest in RINA

Photo courtesy RINA

Intesa Sanpaolo, through the Merchant Banking Management of its Corporate and Investment Banking Division, and VEI Capital, investment company of Palladio Finanziaria in the Private Equity Mid-Cap segment, have agreed to buy a stake in RINA S.p.A


Steel Industry Presses for an End to Unfair Trade

Mario Longhi

Today, United States Steel Corporation President and CEO Mario Longhi joined fellow steel industry executives and Leo Gerard, international president of the United Steelworkers, in pressing Congress to maintain America’s economic and national security by halting unfair trade practices and


Bishop Lifting Acquires Delta Rigging & Tools

SBP Holdings, through its wholly owned subsidiary Bishop Lifting Products, has completed the acquisition of Delta Rigging & Tools headquartered in Houston, Texas. Bishop Lifting Products and Delta Rigging & Tools specialize in the fabrication and distribution of slings


Presentations Illustrate Dimensions of Accurate Marine Mapping

The Ocean Dimensions animation helps users visualize how ocean data can apply to several dimensions

Two new products—the Ocean Dimensions animation and Crowded Ocean Spaces: A 3D View visualization—explain why two-dimensional marine maps cannot tell the whole story. Understanding this fact helps viewers gain a more accurate picture of marine-siting conflicts and compatibilities


APL Logistics Named Carrier of the Year by Barilla Pasta

Image courtesy of APL Logistics

APL Logistics of Scottsdale, Arizona, provides over the road trucking and intermodal services for Barilla in the U.S.  They explain that they achieved perfect scores in categories such as on-time pick-up and delivery and load completion, exceeding requirements and expectations set by Barilla


DIS Orders Two Newbuild Eco-Tankers

A $73.2 million investment strengthens DIS’ fleet newbuilding strategy d’Amico International Shipping (DIS), an international marine transportation company operating in the product tanker market, announces that its operating subsidiary d’Amico Tankers Limited (Ireland) entered


Canpotex Reaches Agreement with Indian Customers

Canpotex Limited announced it has agreed to an annual contract with its government and private sector partners in India to supply approximately 1 million metric tons of potash at a price of $322 per metric ton on a CFR basis. Steven Dechka, Canpotex's President and Chief Executive Officer


Keppel Extends Strategy into China

Company signs agreement to manage a shipyard in Quanzhou, China.   Keppel Offshore & Marine Ltd (Keppel O&M), through its wholly owned subsidiary, FELS Offshore Pte Ltd, has signed a management services agreement with Titan Petrochemicals Group Limited (Titan) - a company in which


OW Bunker, Genoil Partner for Low Sulphur Fuel Oil

Genoil to develop hydro cracking unit to produce ECA-compliant LSFO; OW Bunker to provide feed oil and buy one million tons of 0.1% LSFO per annum OW Bunker, a physical distributors and resellers of marine fuels, today announced that it has signed a Memorandum of Understanding (MOU) with Genoil


Bioremediation Goes Mainstream

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A reliable solution for response and prevention that can save money, time and regulatory aggravation is here. The threat of oil pollution has long been a problem in the shipping community. You don’t have to look too far to review the myriad of oil spills that have plagued the industry


Shell drops Norwegian subsea gas project

Royal Dutch Shell has dropped one of Norway's biggest and most innovative industrial projects due to rising costs and complexity, dealing a blow to a technology that some hope could revolutionise offshore production. Shell said on Friday it would postpone a project to provide subsea compression


TT Club Signs Partnership in The Philippines

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Specialist transport insurance provider, TT Club has appointed a network partner in The Philippines.  Del Rosario Pandiphil Inc. becomes the seventh such partner that the international logistics and freight handling insurer has in the Asia-Pacific region


 
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