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Second Hand Vessels News

03 Feb 2023

Contract Finalized for Two New Ferries for the Little Minch

(Photo: CMAL)

Caledonian Maritime Assets Ltd (CMAL) confirmed the signing of the Bank Refund Guarantee (BRG) for two new vessels for the Little Minch routes between Uig, Lochmaddy and Tarbert (Harris).Work to build the ferries will now begin at Cemre Marin Endustri A.S shipyard in Turkey, with an expected delivery date for both in June and October 2025 respectively.They will be built to the same specification as the vessels for Islay, which are already under construction at Cemre. Both are currently ahead of schedule.Jim Anderson…

11 Jul 2022

Ships Get Older and Slower as Emissions Rules Bite

©OlegD/AdobeStock

If shipping is the beating heart of global trade, its pulse is about to get slower. Faced with uncertainty about which fuels to use in the long term to cut greenhouse gas emissions, many shipping firms are sticking with aging fleets, but older vessels may soon have to start sailing slower to comply with new environmental rules.From next year, the International Maritime Organization (IMO) requires all ships to calculate their annual carbon intensity based on a vessel's emissions…

23 Sep 2021

Safe Bulkers Sells a Kamsarmax Vessel

Dr bulk shipping company Safe Bulkers announced Wednesday that it has entered into an agreement for the sale of Pedhoulas Fighter, a 2012 Chinese-built Kamsarmax class bulk carrier at gross sale price of $23.7 million and forward delivery date within the fourth quarter of 2021.Including this agreement and the previously announced agreements, the company has sold seven vessels, acquired four second-hand vessels and ordered eight Japanese newbuild vessels with deliveries starting from the second quarter of 2022 through the first quarter of 2024.Dr.

21 Jul 2021

Fleet Renewal: Safe Bulkers to Buy Three 82,000 dwt Bulk Carriers

Dry bulk cargo shipping company Safe Bulkers, Inc. has agreed to acquire three Japanese dry-bulk 82,000 dwt, Kamsarmax class vessels as part of its fleet renewal plans.The company, which ships coal, grain, and iron ore using its cargo ship fleet, said it would buy the three bulkers at attractive prices, without disclosing the exact amount it would pay, nor who the seller was.The first vessel is expected to be delivered within the fourth quarter of 2023. The other two cargo ships are slated for delivery within the fourth quarter of 2024."All three newbuild vessels are designed to meet the Phase 3 requirements of Energy Efficiency Design Index related to Green House Gas emissions…

06 Jul 2021

Seaspan Orders 10 More Box Ships for Charter to Zim

© Rock / Adobe Stock

Seaspan Corporation on Tuesday announced it has entered into long-term charters with Zim Integrated Shipping Services for 10 dual-fuel liquefied natural gas (LNG) containership newbuilds, extending the containership lessor's newbuild ordering spree amid continued high demand and vessel shortages.The "ultra-modern" 7,000 TEU vessels will be built by a "major shipyard" for an aggregate purchase price of approximately $1.05 billion, and they are expected to be delivered starting in the fourth quarter of 2023 and throughout 2024…

23 Jun 2021

Seaspan Orders Two More Containerships

© Mariusz / Adobe Stock

Container shipping company Seaspan announced on Wednesday it has ordered another two vessels, increasing the number of ships it has on order to 39 amid continued heightened shipping demand and vessel shortages. Seaspan said the two 12,000 TEU containerships will be built by a "major shipyard" and are expected to be delivered during the fourth quarter of 2022.The newbuilds will enter service under long-term charters with a global liner, Seaspan said, adding the charters include…

24 Apr 2019

Jinhui Buys Two Supramax Vessels

Chinese dry bulk owner Jinhui Shipping and Transportation has acquired a pair of bulk carriers for USS$12mln.The First Vessel is a Supramax of deadweight 50,354 metric tons, built in year 2001. It will be delivered by the First Vendor to the First Purchaser between 2 May 2019 and 7 June 2019.The Second Vessel is also a Supramax of deadweight 50,220 metric tons, built in year 2002. It  will be delivered by the Second Vendor to the Second Purchaser between 2 May 2019 and 31 May 2019. The First Agreement and the Second Agreement are not inter-conditional.According to a stock exchange announcement from the company, wach of the purchase prices…

19 Dec 2018

Biggest Spenders of 2018

The biggest spenders of 2018 (VV.com)

With less than a week until Christmas and most of our presents bought, we're feeling the pinch. However, that's nothing compared to the amount that some have been spending this year. VesselsValue's Senior Analyst Court Smith gives a rundown on which countries have splashed the most cash on second hand vessel purchases over 2018.USAJP Morgan Global Maritime is the US company who has spent the most on second hand vessels: 308 million USD so far in 2018. However, they have changed their purchasing strategy half way through the year.

14 May 2018

Pacific Basin Acquires Four Vessels

Hong Kong-based dry bulker company Pacific Basin Shipping has decided to acquire four bulkers with 50% equity funding. "On May 14, 2018, PB Vessels Holding Limited, a subsidiary of the company, entered into four separate ship contracts for the purchase of vessels," said a press statement. The four bulkers are a 58,000 dwt Supramax built in 2010, a 64,000 dwt Supramax resale newbuild, a 37,000 dwt Handysize constructed in 2015 and a 37,000 dwt Handysize resale newbuild. The consideration payable to sellers will be satisfied in a combination of (i) a conditional issue to such Sellers (or their nominees) of 170,760,137 New Shares in aggregate at HK$2.036 per Share under the General Mandate amounting to HK$347…

28 Aug 2017

Cosco Shipping H1 Net Profit Up 42%

Cosco Shipping International said its net profit rose 42% in the first half of 2017, thanks to higher net exchange gains and net finance income. In the first half of 2017, the global economy saw an upward trend in growth with improving market confidence. The solid economic and trade growth brought about long-awaited signs of recovery for the shipping industry. The rational competition and cooperation in the shipping industry further facilitated the positive growth momentum in the shipping market. However, the shipping industry will remain subdued by excess shipping capacity for a prolonged period of time. During the period, Cosco Shipping  International actively coped with market changes…

26 Jul 2017

Costamare Adds Three Vessels

Costamare accepted delivery of three second hand vessels during the last quarter ended June 30, 2017, said Gregory Zikos, Chief Financial Officer of Costamare. In a press statement he said that the vessels have been chartered for periods ranging from 5 to 7 years. "During the quarter we entered into debt financing agreements for two of them and we are into discussions regarding the debt finance of the third ship. As of today all of our new building program is fully funded with remaining equity commitments amounting to only US $ 2 million, due in 2018," he added. On May 15, 2017 and May 18, 2017, it accepted delivery of the 2014-built 4,957 TEU containerships, Kyparissia and Leonidio, respectively. Both vessels are chartered to Maersk Line through Q4 2024.

30 Nov 2016

Miraejet Launches Damen Fast Ferry in Busan

Damen Fast Ferry 4010 (Photo: Damen)

Miraejet Co. Ltd. named its Damen Fast Ferry 4010 JET MV Nina at an official launching ceremony held at the Busan International Ferry Terminal in the Republic of Korea on October 6th. Nina was named after one of the ships deployed on Christopher Columbus’ first voyage to the West Indies. The order for the 440-passenger, Damen Fast Ferry 4010 JET was fulfilled in just four months. Miraejet Co. Ltd., a well-known ferry company in Korea, will operate the new vessel between Busan and Tsushima island, Japan, a very popular tourist destination.

11 Apr 2016

Two Additions to Maersk Tankers Fleet

At a naming ceremony in South Korea Friday the 8th of April 2016, Maersk Tankers christened two more newbuilds at Sungdong Shipyard in Tongyong, South Korea; Maersk Teesport and Maersk Tianjing. Both vessels are 50,000 DWT Medium Range (MR) and join their sister ship Maersk Tangier, who was delivered on 5 February this year. The vessels are a part of the renewal of Maersk Tankers’ fleet. In 2015 Maersk Tankers took delivery of the first two of 10 vessels in total ordered from the Sungdong Shipyard; Maersk Tampa and Maersk Tacoma. Within the next few years approximately 20% of Maersk Tankers fleet will be replaced with newbuilds already ordered. 10 vessels from Sungdong in South Korea and 9 additional MR vessels from Ningbo Shipyard in China.

22 Jan 2016

Iran Plans Listing NITC to Fund Fleet Modernization

Photo: NIOC

Iran plans to list its national tanker company to raise badly needed cash to upgrade its massive fleet and replace older vessels, as the middle east country prepares for an aggressive return to the global oil market. The country emerged from years of economic isolation last weekend after crippling sanctions were lifted in return for Tehran complying with steps to curb its nuclear ambitions. Iran has one of the world's biggest tanker fleets, but many of the ships are ageing and require valid insurance…

15 Jul 2015

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.

07 Jul 2015

Dry Bulk Market Crisis: Opportunity or Threat?

File photo

The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between supply and demand have lead to historically low freight rates .It seems the downturn will continue until 2017 if a viable equilibrium is not achieved. The recent measures in 2013 which promoted the replacement of older tonnage with newer, in combination with the Chinese financial backing, provided to shipowners resulted in a large orderbook that made freight market to perform at very low rate levels.

05 Feb 2014

Knightsbridge Reports 2013 Results

Knightsbridge reports net income of $3.0 million and earnings per share of $0.10 for the fourth quarter of 2013. Excluding the results from discontinued operations, the company reports net income of $3.5 million and earnings per share of $0.123 for the fourth quarter. Knightsbridge reports EBITDA from continuing operations of $7.0 million and EBITDA from continuing operations per share of $0.24 for the fourth quarter of 2013. Knightsbridge announces a cash distribution of $0.175 per share for the  fourth quarter of 2013. Knightsbridge reports a net loss of $3.9 million and a loss per share of $0.15 for the year ended December 31, 2013.

27 Dec 2013

Epic Gas Continues Fleet Expansion, to Open London Office

Image courtesy of Epic Gas

Singapore-based Epic Gas Ltd. say that following their recent order of two LPG 11,000cbm vessels from Kyokuyo Shipyard Corporation in Japan, it will add two more similar-sized newbuilds to its expanding fleet. These two 11,000 cbm vessels will be long term bareboat chartered in from Kumiai Senpaku Co., Ltd., of Japan. The first vessel will be built by Sasaki Shipyard Co., Ltd. for delivery in 2015 and the second vessel by Kyokuyo Shipyard Corporation to be delivered in 2016. “We are glad to have formed a strong partnership with a prominent ship owner like Kumiai Senpaku Co.…

24 Jan 2013

Seaspan on Container Ship Buying Spree

Seaspan Corporation orders 4 newbuild 10,000 TEU container ships and, buys 4 second-hand 4,600 TEU ones. Seaspan has signed contracts for the construction of four 10,000 TEU class newbuilding containerships, at Jiangsu New Yangzi Shipbuilding Co., Ltd. and Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd. in China. The vessels are scheduled for delivery in 2014 and will be constructed using Seaspan's fuel efficient SAVER design. Concurrently with executing the newbuilding contracts, Seaspan signed long term, fixed-rate time charters for these vessels with Mitsui O.S.K. Lines, Ltd. ("MOL"). In connection with this transaction, Seaspan has also agreed to purchase from MOL four 2003-built 4…

18 Jan 2013

Nordic American Tankers Mull Expansion Plans

Nordic American Tankers Ltd. is considering expanding its fleet by ordering new vessels or buying second-hand. The company's Board of Directors has declared a dividend of $0.16 for the fourth quarter of 2012. They are assessing expansion plans including ordering of new vessels from shipyards or buying second hand vessels at historically low prices. The level of the declared dividend should be seen in the context of a planned fleet expansion. Expansion is essentially the same as investing in the future. However, also yield is a priority as demonstrated by this payment of dividend for the 62nd consecutive quarter since the autumn of 1997. The record date is expected to be January 30, 2013 and the payment of dividend is expected to take place on or about February 13, 2013.

16 Nov 2012

Greece's Safe Bulkers Weather Challenging Financial Conditions

Bulk carrier owners & charterers Safe Bulkers, Inc. reports results for the third quarter and the first nine months of 2012, pays reduced dividend. Net revenue for the third quarter of 2012 increased by 10.1% to $46.8 million from $42.5 million during the same period in 2011. Net income for the third quarter of 2012 increased by 4.5% to $20.7 million from $19.8 million during the same period in 2011. Adjusted net income1 for the third quarter of 2012 decreased by 12.0% to $22.8 million from $25.9 million during the same period in 2011. Net revenue for the nine-months period ended September 30, 2012 increased by 9.5% to $138.0 million from $126.0 million during the same period in 2011.

24 Oct 2012

Costamere Report Favorable Financial Results

Costamare Inc report unaudited financial results for the third quarter and nine months ended September 30, 2012. Greek-based Costamere is a leading owner and provider of containerships for charter. The Company has a fleet of 57 containerships, with a total capacity of approximately 329,000 TEU, including 10 newbuild containerships on order. •    Voyage revenues of $94.9 million and $291.0 million for the three and the nine- months ended September 30, 2012, respectively. •    Voyage revenues adjusted on a cash basis of $97.8 million and $294.9 million for the three and the nine- months ended September 30, 2012, respectively. •    Adjusted EBITDA of $62.5 million and $190.6 million for the three and the nine- months ended September 30, 2012, respectively.

24 Jul 2012

Costamare Report Positive Financial Results

Mr. "During the second quarter of the year, the Company continued to deliver positive results. "In May we accepted delivery of two 1998-built, second hand vessels, which replaced two 1984-built vessels in their respective charter arrangements; for an incremental cost of approximately six million per vessel we extended the useful life of those assets by 14 years. "Last week we agreed to buy from an insolvency administrator a 2001-built 1,078 TEUs container vessel. The acquisition will be funded 100% with bank debt and forms part of a broader agreement between the Company and the vessel's current lending bank. "At the same time, we have reduced our re-chartering risk for the coming years.

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