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Second Hand Ship

Biggest Spenders of 2015

Image: VesselsValue.com

Online ships data platform VesselsValue.com has rounded up the top spenders in terms of second hand tonnage for the first half of 2015.   Leading the industry in total amount spent on second hand tonnage so far in 2015 is U.S.-based Gener8 Maritime, who spent roughly $1.4 billion on 14 vessels. The seaborne crude oil transportation services company formed earlier this year as result of a merger between General Maritime Corporation and Navig8 Crude Tankers Inc.   Second in spending was the Malaysian headquartered tanker shipping group MISC who spent about $1.065 billion on five second hand vessels.   Third was Euronav ($776 million, eight vessels), followed by Ship Finance International ($566 million, 11 vessels) and Sinoker Merchant Marine ($402 million, 10 vessels).   VesselsValue.com noted that it used VV value the day of the sale when sale price was unknown.


Stolt-Nielsen Reports Unaudited Results Q1 2011

stolt-nielsen.bmp

LONDON, April 7, 2011 - Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited results for the first quarter ended February 28, 2011.  Net profit attributable to shareholders in the first quarter was $31.2 million, with revenue of $458.7 million, compared with $33.0 million and $459.4 million, respectively, in the fourth quarter of 2010. Highlights for the first quarter of 2011, compared with the fourth quarter of 2010, were:


Private Equity Spending Fuels Shipping Sector Risk

Private equity has pumped $32 bln into shipping in past 2 years. Ships totaling 299 mln dwt to enter global fleet from May. Some private equity-backed shipping IPOs have been put off on weak sentiment. The shipping industry faces a looming capacity glut as billions of dollars pumped into it by private equity have stoked a vessel-buying spree, threatening its prospects just as the sector is emerging from its worst downturn in three decades.


Billion-dollar MoU for Shipping Finance

$1 billion Memorandum of Understanding between the Eximbank of China and ING Bank for shipping finance   On October 26, 2015 in the presence of President Xi Jinping and King Willem-Alexander of the Netherlands, ING Bank NV and The Export-Import Bank of China signed a three year Memorandum of Understanding (MOU).   The objective of the MOU is to further strengthen the cooperation between the two parties in the financing of Chinese built ships, both new and second hand


Bahri to Acquire 2 VLCCs

The board of National Shipping Company of Saudi Arabia (Bahri) has approved the purchase of two second-hand very large crude carriers (VLCCs) for $155 million, it said in a bourse statement on Thursday. Bahri will take delivery of the carriers between Jan. 14, 2016 and Feb. 1, 2016, the statement said, adding the financial impact of the ships would appear in its first quarter of 2016 earnings. The ships were purchased from Alpha and Beta VLCC LLC, a subsidiary of Tanker Investment Ltd


Bulgarian Navy to Add Two New Ships by 2022

Bulgaria's navy is preparing to acquire two fully equipped multifunctional ships by 2022 in a deal estimated to cost about 820 million levs ($477.80 million), Defence Minister Nikolay Nenchev said on Thursday.   The Balkan country's government approved on Wednesday plans to buy new military equipment to improve its compliance with NATO standards and cut its reliance on Russian-made machinery.   "The Bulgarian Naval Forces will have two fully operational patrol ships within


Vinashin to Build Three Tankers

The Vietnam Oil and Gas Corporation (PetroVietnam) on July 4 awarded a contract to the Vietnam Shipbuilding Industry Corporation (Vinashin), for the construction of three 105,000-ton oil tankers. The oil tankers, to be built at the Dung Quat Shipyard, are to be equipped with state-of-the-art facilities satisfying latest international maritime conventions. According to Vinashin, oil tankers of this kind are normally priced and sold for $60-65m each in the world market


Korean Shipyard Building 18,000 TEU Container Ship

DSME begins work on construction of the world's largest container ship Daewoo Shipbuilding and Marine Engineering has begun constructing the world's largest container vessel after receiving the order from Denmark's AP Moller-Maersk, the shipbuilder has announced. When completed, the 18,000 TEU container ship will measure 400 m in length and 59 m in width, with a deck wide enough to accommodate four football fields


Hyundai Heavy to Build World’s Largest Containerships

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Hyundai Heavy Industries (HHI) announced the Company won a $700 million order for five 18,400 TEU containerships from China Shipping Container Lines (Hong Kong) Co., Ltd. The world’s largest containerships will feature an electronically-controlled main engine and two EcoBallast seawater treatment system. The electronically-controlled main engine will maximize fuel efficiency, and reduce noise, vibrations, and carbon emissions by automatically controlling fuel consumption to suit


Denmark Arrests Former OW Bunker Manager

Denmark has arrested a former manager of collapsed ship fuel supplier OW Bunker and intends to hand him to Italy, where he is suspected of fraud, the Danish public prosecutor said on Thursday.   A statement from the prosecutor's office did not disclose any details. Danish daily Berlingske reported earlier this week that the arrested person and five others had cheated the Italian navy out of 7 million euros ($8.6 million) for fictitious bunker fuel delivered from a non-existent vessel.


Seaspan Responds to Canada’s NSS Announcement

Brian Carter (Photo: Seaspan)

In response to the Government of Canada’s announcement of a series of enhancements to strengthen the National Shipbuilding Strategy, Seaspan Shipyards’ president Brian Carter issued a statement commending the government’s efforts and reinforcing the shipbuilder’s role in


Höegh LNG Turns to Profit in 1Q

PGN FSRU Lampung  Courtesy Hoegh

Höegh LNG returned to profit following a Profit after tax of USD 6.3 million for the first quarter of 2016, up from USD 4.0 million net loss in the fourth quarter 2015. The company’s EBITDA reached $26.6 million for the first quarter of 2016, up from $24


BIMCO: BDI Conducts the Demolition Activity

Courtesy BIMCO  Clarksons

The Baltic Dry Index (BDI) ’s positive effect on capacity being removed from the fleet did not continue into Q2 2016, as capesize demolition came to a halt. The BDI went from “devastating” in February to “poor” in April with the highest total demolished DWT ever


US Hospital Ship Aids South Korean Sailor

An MH-60S assigned to the Blackjacks of Helicopter Sea Combat Squadron 21 performs a medical evacuation of a sailor from Republic of Korea Submarine SSK Lee Eok Gi to hospital ship USNS Mercy (U.S. Navy photo by Elizabeth Merriam)

A U.S. hospital ship conducted a medical evacuation, or “medevac”, May 27 to assist an ailing Republic of Korea sailor aboard a Republic of Korea Navy (ROK-N) submarine.   At approximately 10:30 a.m. May 26, the Military Sealift Command operated USNS Mercy (T-AH 19) received


Front Vanguard Contract Terminated

VLCC Front Vanguard Photo Ship Finance

Frontline Ltd. ("Frontline" or the "Company") has agreed with Ship Finance International Limited ("Ship Finance") to terminate the long term charter for the 1998 built VLCC Front Vanguard. Ship Finance has simultaneously sold the vessel to an unrelated third party


ExxonMobil Terminates Seadrill Contract

Photo: Seadrill Partners LLC

 Exxon Mobil terminates earlier the West Capella working in Nigeria in the Usan Field. John Fredriksen-backed drilling firm Seadrill Partners LLC has received a notice of termination from Exxon Mobil.    In accordance with the cancellation for convenience provisions in the West


Repeat DP World Antwerp Gateway Order for Kalmar

In 2015, Kalmar succeeded with a similar heightening project at DPW Antwerp Gateway. The Kalmar Crane Upgrades team extended three Kalmar STS cranes with 6 meters and accomplished the project within the agreed timeframe.

Kalmar, part of Cargotec, has been awarded the contract to heighten three ZPMC ship-to-shore (STS) cranes operated by DP World Antwerp Gateway NV. The order was booked in Cargotec's 2016 first quarter order intake, and the project is scheduled for completion during the second quarter of 2017.


Malaysia Passes Merchant Shipping Ordinance (Amendment) Bill 2016

Image: Clyde & Co

 The Dewan Rakyat (House of Representatives) of the 13th Parliament of Malaysia has passed the Merchant Shipping Ordinance (Amendment) Bill 2016 aimed at standardizing national maritime law with the international maritime community, reports Bernama.  


Global Experts Gather for Ship Recycling Seminar

Photo: Class NK

Around 300 people gathered in Tokyo on May 12 to attend a ship recycling seminar held by leading classification society ClassNK. In addition to ClassNK representatives, top industry experts from Asia and Europe discussed the current challenges of ship recycling and what the industry can do to


Asia Tankers-VLCC Rates to Dip Before Fuel Oil Fixtures

File Image: a so-called Suezmax tanker transits the Suez Canal (Suez Canal Authority)

Worst over for Aframax market as fuel oil cargoes lift rates. Freight rates for very large crude carriers (VLCCs) could slide further before finding a floor and recovering on a rebound in chartering activity, ship brokers said on Friday.


Crowley Awards Scholarships to Four Mass. Maritime Students

Photo: Crowley

Four students from Massachusetts Maritime Academy (MMA) have been awarded Crowley Maritime Corp.’s Thomas B. Crowley Sr. Memorial Scholarships.   Chosen based on their academic achievement, financial need and plans to pursue a career in the maritime industry


Samskip, Pro-Log Double Barge Services

Theodela barge Photo Samskip

Multimodal network operator Samskip and inland waterway transport provider Pro-Log are celebrating the 10th anniversary of barge operations connecting Rotterdam and Duisburg by adding a second vessel, increasing service frequency to six times weekly.


ClassNK Publishes Latest Noise Code Guideline

class nk logo.jpg

ClassNK has released its Guideline for the Mandatory Code on Noise Levels on Board Ships (Second Edition).   ClassNK's first edition of the Guideline for the Mandatory Code on Noise Levels on Board Ships was released in July 2014


Cheniere to Roll Out Second LNG Unit

Photo: Cheniere Energy, Inc

 Cheniere Energy Inc. plans to start exporting liquefied natural gas in August from a second plant at its Sabine Pass terminal in Cameron Parish, according to a report from Bloomberg News.    Cheniere began exporting LNG in February from its first unit at Sabine Pass


Østensjø Rederi Orders Another Wind Farm Vessel

Image: Rolls-Royce

Rolls-Royce has signed a contract with shipyard Astilleros Gondan in Spain to design and equip a second Service Operation Vessel for ship owner Østensjø Rederi. The repeat order is for a new ship design from Rolls-Royce developed specifically to support operations in shallow waters






 
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