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
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
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
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) signed an agreement with Baku Shipyard LLC of Azerbaijan for the design approval of project 38М сrewboat high speed craft (designer - SHIPTECH, Singapore). The new boats are intended for the carriage of specialized personnel employed at offshore oil and gas facilities and will be one of the first orders placed with the newly built shipyard in Baku. Under the terms of the design approval agreement
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
By Jonathan Saul, Reuters Iran's oil tanker fleet is gearing up for more business, with some vessels taking to the high seas after over more than a year at home ports, another sign that an easing in Western sanctions is enabling exports to begin to pick up.
Russian Maritime Register of Shipping (RS) said it has certified the Caspian Sea Oil Fleet quality management system for compliance with the requirements of ISO 9001:2008, ISO 14001:2004, OHSAS 18001:2007 standards, as well as the Azerbaijan State Marine Academy for compliance with ISO
Reuters - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Monday. The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, rose 19 points to 1,562.
RS has carried out a new phase of surveyors training on classification services for LNG carriers. The first phase (2008-2010) was carried out by RS in cooperation with American Bureau of Shipping (ABS) and included a theoretical course for surveyors according to joint program and a
The audit, which took place on October 8-10, 2013, confirmed the Russian Maritime Register of Shipping (RS) recognition by the Maritime Administration of Cyprus. Summarizing the audit results, Michalis Michaelides, a representative of the Maritime Administration of Cyprus
CIT Maritime Finance has entered into a Cooperation Agreement with RS Platou Finans AS that will help them expand into the leasing market. CIT Maritime Finance offers senior secured loans, sale-leasebacks and bareboat charters to owners and operators of oceangoing cargo vessels including tankers
The Russian Maritime Register of Shipping (RS) recently hosted a St. Petersburg international conference 'Arctic Shipping and Offshore Activities: Responding to Safety and Environmental Challenges' . The conference was attended by key figures with interests in Arctic develoment
At the recent Korea-Russia Business Dialogue meeting held in Seoul attended by President Putin & President Park Guen-hye, the Korean Register (KR) and the Russian Register of Shipping (RS) signed a shipbuilding memorandum of understanding (MOU) bringing the two class societies closer together
At the sixth Korea-Russia Business Dialogue meeting held last week in Seoul and attended by President Putin and President Park Guen-hye, the Korean Register (KR) and the Russian Register of Shipping (RS) took the opportunity to sign an agreement on shipbuilding
RS say that Russia-China ties are developing actively and that China's maritime industry capabilities are of great interest to their Russian clients. Consequently RS will be exhibiting at this year's Marintec China expo in Shanghai.
The bulk ship owners announce its initial public offering of 15,500,000 common shares, granting the underwriters a 30-day option to purchase up to 2,325,000 additional common shares. Scorpio say that the net proceeds of this public offering are expected to be used to fund newbuilding vessel
Hon. Raksha Mantri, Shri A K Antony today commissioned the second Fast Patrol Vessel ICGS Abheek of the Indian Coast Guard built by Cochin Shipyard. The event was attended by Prof K V Thomas and other distinguished elected representatives from Kerala
Ennore Port Limited (EPL), Chennai and Ford India Private Limited have signed an agreement for export of Ford cars though the Ennore port for a period of 10 years. Speaking on the occasion the Union Minister for Shipping Shri G.K. Vasan said that this is a part of series of initiatives by the UPA
The launching ceremony of the final ship in a series of four LNG carriers built at STX Offshore and Shipbuilding Co., Ltd. was held in South Korea on February 11, 2014. The LNG carrier SCF Mitre will be assigned the RS class notation: KM Ice2 AUT1 OMBO EPP ANTI-ICE LI CCO ECO-S
Russian Maritime Register of Shipping (RS) under the cooperation with ОАО SOGAZ has carried out a risk safety appraisal of the submarine Ho Chi Minh for the Vietnamese Navy during its sea transit from the port of St Petersburg to the port of Kaliningrad.