Scorpio Bulkers Inc. say it has increased the size of its public offering from the initially announced 15,500,000 common shares to 31,300,000 common shares for gross proceeds of $305,175,000. The Company has granted the underwriters a 30-day option to purchase up to 4,695,000 additional common shares, and they say they plan to use all of the net proceeds of this offering to fund newbuilding vessel capital expenditures. Scorpio Bulkers has contracted and agreed to purchase 28 Ultramax, 21 Kamsarmax and three Capesize newbuilding dry bulk vessels to be delivered starting from the second quarter of 2014 from shipyards in Japan, China and Romania. The Company's common shares are due to commence trading on December 12, 2013 on the New York Stock Exchange under the symbol "SALT." The offering is expected to close on December 17, 2013, subject to customary conditions. Deutsche Bank Securities, Credit Suisse and RS Platou Markets AS are acting as joint book-running managers for the initial public offering and Evercore, Global Hunter Securities, Stifel and Credit Agricole CIB are acting as co-managers for the initial public offering. www.scorpiobulkers.com
Excess capacity in the global fleet of liquefied natural gas carriers will be at its highest this decade in 2008, as a growing worldwide fleet results in lower utilization rates, according to the Royal Gazette. Demand for LNG tankers has deteriorated markedly as a result of a large increase in fleet supply partly caused by speculative orders for new ships, industry analysts pointed out. Utilization of the LNG fleet will fall to 77
Bloomberg reported that Neptune Orient Lines Ltd. and 11 of the largest shipping companies plying the Pacific Ocean said costs of moving cargo to the U.S. in 2006 will rise 7 percent on higher fuel prices, which may spur them to raise freight rates. The cost of transporting containers by trucks and railways will increase as much as 25 percent, the 12-line Transpacific Stabilization Agreement, whose members ship about 70 percent of trans-Pacific trade, said in a statement today.
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
By Jonathan Saul and Oleg Vukmanovic, Reuters Deliveries of new gas tankers have created a glut that is threatening to tip some operators into losses, just as other shipping markets emerge from their worst downturn in decades. The liquefied natural gas (LNG) tanker market was until recently the only bright spot in an otherwise depressed freight industry. A global surge in the demand for gas, led by Japan in 2011, boosted trade
Braemar Shipping Services will buy fellow British shipbroker ACM Shipping Group in the latest industry shake-up as players look to grow after years of freight market turmoil. In the biggest deal to date, Braemar, whose businesses include ship broking, said on Tuesday it had agreed to acquire the entire share capital of ACM. "What this transaction is about is growing our shipbroking presence collectively," said Braemar chief executive James Kidwell.
High rates have lured a significant number of tanker owners into forking out the relatively small costs associated with converting their ships from Category 1 to Category 2 vessels. Category 1 vessels are those of 20,000 dwt and above carrying crude, fuel, heavy or lubricating oils as cargo, and “pre Marpol” tankers of 30,000 dwt and more carrying other oils. Pre Marpol means ships that do not have protectively located segregated ballast tanks
Russian Maritime Register of Shipping (RS, the Register) is going to participate in the International Conference on Development of Oil-and-Gas Resources of the Russian Arctic and CIS Continental Shelf (RAO/CIS Offshore). The event will take place at the LenExpo Congress Halls, St Petersburg, September 10-13, 2013. Vladimir Evenko, Head of RS Classification and Development Directorate will act as a co-chairman of the roundtable "Rules and Regulations Lying at the Base of Shelf
Russian Maritime Register of Shipping (RS) will participate in Kormarine 2013 in Busan, Republic of Korea, one of the largest international exhibitions of maritime industry. On 22-25 October the foremost exhibition of the maritime industry in Asia will gather leaders of shipbuilding industry. RS will undertake a scaled-up participation in this event. The first RS office opened in Korea in 1996 was originally oriented to render its assistance to ships in service in the first place
Russian Maritime Register of Shipping (RS) has performed survey of the forged blanks of a new generation RITM-200 reactor vessel for the lead dual draft nuclear icebreaker Arktika (project 22220). The new icebreaker Arktika is built to RS class with the class notation КМ Icebreaker 9 AUT2-ICS EPP. During the construction of the icebreaker, RS experts performed survey of hull, machinery, equipment, devices, radio navigation and electrical facilities
Rising oil exports from Libya after months of disruption helped push Mediterranean tanker rates to the highest levels in nearly six months on Wednesday, and shipping players expected more gains in earnings as shipments from the OPEC member step up.
Russian Maritime Register of Shipping (RS) has implemented the Approval in Principle (AIP) service as part of a project to enhance the rules for the technical supervision during construction of ships and manufacture of materials and products for ships.
Russian Maritime Register of Shipping (RS) has signed a contract with Baku Shipyard LLC for the construction of three 38М high speed crewboats (designer - SHIPTECH, Singapore) for Azerbaijan State Caspian Sea Shipping Company. Construction is set to begin in August 2014 and the boats are
Höegh LNG Partners LP ("Partnership"), a Marshall Islands limited partnership formed by Höegh LNG Holdings Ltd. ("Company"), announced today that it has commenced an initial public offering of 9,600,000 common units representing limited partner interests in
Russian Maritime Register of Shipping (RS) said it is actively strengthening partnership in key areas of enhancing maritime transport safety. In 2014, meetings of four sections of the RS Scientific and Technical Council (STC) were held. Scientific and educational centers
Petronet LNG Ltd, the nation's biggest importer of gas, reported yesterday its highest turnover at Rs 37,748 crores for the year ended March 31, 2014 and net profit at Rs 712 crores. During the year the Dahej terminal processed 489 TBTUs depicting a capacity utilisation of 96%
A new RS Branch Office has opened in Shanghai (People's Republic of China). In accordance with the requirements of PRC legislation the Branch Office was registered in December 2013, and in May it started to work with shipowners and manufacturers of materials and equipment.
A book ‘Seaworthiness of Transport Ships’ by Doctor of Science Mikhail Kuteynikov – Head of the RS Hull Department – has been published in St. Petersburg, Russia. The book covers issues of seaworthiness and strength standards of sea-going ships
A new generation fishing vessel was built by OAO Leningrad Shipyard Pella, Otradnoye, Russia, under the survey of Russian Maritime Register of Shipping (RS). The vessel launching ceremony was held on May 28, 2014, and construction is expected to wrap up by late July 2014
On May 27-29, 2014 in Astrakhan, Russia, Russian Maritime Register of Shipping (RS) held a seminar on shipbuilding and offshore oil and gas field development for experts representing RS offices in Russia and abroad. The seminar covered latest amendments to the procedural requirements of the
Paradip Port, one of the twelve major ports of India, located close to the mineral rich states on the East coast plans to add significant capacity to meet the ever increasing demand in the region. As a part of its capacity expansion program
Russian Maritime Register of Shipping (RS) and the Estonian Maritime Administration signed an agreement on the delegation of authority to carry out statutory surveys on board ships flying the flag of Estonia. The agreement extends the scope of services provided by RS to Estonian vessels
Construction of two supply vessels to the Russian Maritime Register of Shipping (RS) class, commissioned by the company Lukoil is starting in China. A steel cutting ceremony was held at the Keppel Nantong Shipyard Co. Ltd in Nantong on June 18, 2014.
Construction work has been completed on the Spasatel Zaborschikov - the third in a series of multifunctional rescue-salvage ships (project MPSV07) built to RS class. The ship was delivered to the State Maritime Rescue Coordination Center (SMRCC) on June 20
GAIL (India) Limited deeply mourns the tragic loss of life and property in the unfortunate incident along the natural gas pipeline of the company at Tatipaka in East Godavari district of Andhra Pradesh yesterday. The company is working closely with district authorities to provide immediate relief