ThyssenKrupp AG will reportedly gain more than $350 million from the sale of its Krupp Seeschiffahrt shipping unit. The unit, which has annual turnover of about $200 million, will be sold to General Ore Intl., which is a U.S. based company. - (Reuters)
The European Union and South Korea said last week that they had reached an agreement aimed at allaying European concerns that South Korean shipyards charged unfairly low prices. The EU and South Korea have held several rounds of talks in the last few months after the EU accused South Korea of using western subsidies to sell ships at below construction cost and of putting European rivals out of business. EU and South Korea said in a joint statement that they had reached an agreement which aims
A multinational shipping firm that has signed a deal to have its ships built at an Indian shipyard, which is still under construction, has already sold the ships, an indication of growing demand for ocean-going vessels. This is the first time such a thing is happening at an Indian shipyard. The yard, Pipavav Shipyard Ltd, is under construction and will not start building ships before February 2008. On 19 March, the Bermuda-based Golden Ocean Group Ltd
Shipping firms have paid millions of dollars into U.S. accounts to prevent their vessels from being detained due to non-payment of bills for fuel supplied by the bankrupt OW Bunker, indicating the impact from the collapse of the Danish firm was spreading. OW Bunker filed for bankruptcy in November after losing almost $300 million in alleged fraudulent trading in Singapore, leading to claims by distributors who sold shipping fuel on behalf of OW Bunker but had not been paid.
The European Union is considering taking action against South Korea under the World Trade Organization, accusing the country of using western subsidies to sell ships at below construction cost and putting European rivals out of business. "The sector is facing a critical situation worldwide with very low prices and a serious overcapacity caused by the Republic of Korea," EU industry ministers said after a regular meeting where they discussed a European Commission report on the world
Odfjell has entered into an agreement to sell the coated parcel tanker MT Bow Maasslot (38,039 dwt/built 1982) for recycling in India by the end of January 2010. The sales price is close to the book value. The vessel has Green Passport and buyers undertake that the recycling yard shall submit a working plan corresponding to IMO guidelines for ship recycling.
Shipsales Some of these sales may not be final – (Reuters) . BULKERS Western Team - (built 1984) 43,296 dwt sold to Greek buyers for $6.9 million. Lara - (built 1985) 8,517 dwt sold to Italian buyers for $2.1 million. Lady Danielle - (built 1978) 21,310 dwt sold to U.S. based buyers for $1.4 million. SOLD FOR DEMOLITION BULKERS Hellenic Confidence - (built 1977) 17,616 dwt sold for $192 per light displacement tonne delivery India. TWEENDECKER
BULKERS Molat - (built 1977) 37,836 dwt sold for $1 million. Sea Resource - (built 1977) 27,000 dwt sold to Taiwanese buyers for $1.35 million. Neptune Akabar - (built 1986) 21,650 dwt sold to Chinese buyers for $5.3 million. Top Concord - (built 1984) 21,362 dwt sold for $4.25 million. Bravo - (built 1988) 15,900 dwt sold at auction for $950,000 with delivery as is laid up in Immingham. Alpha Accord - (built 1985) 7,015 dwt sold for $1.7 million. TANKERS
New online service by YachtX.com eliminates brokerage commission & simplifies the sales of pleasure boats YachtX, Inc. launch the boating industry's first online yacht exchange. YachtX.com removes the obstacles that have inhibited owner-managed selling of high value boats and yachts – rendering the expense of commission-based yacht brokerage obsolete. Selling a boat is a specialized process. Until now
In accordance with the objectives of the 2003-2007 strategic plan, BOURBON is disposing of its nonmarine service operations and is selling its sugar assets in Vietnam. Following the incorporation of Sucrerie de Bourbon Tay Ninh (Vietnam) as a joint stock company, Bourbon is announcing the sale of 49% of its stake, with a commitment to retain the balance for a period of three years. Firstly, 24% of the shares have been sold today to strategic Vietnamese investors and
Crystal Cruises has been sold for $550 million to the owner of Asia's largest cruise line and a major shareholder of Norwegian Cruise Line. Crystal's parent company, Nippon Yusen Kabushiki Kaisha has sold the line to Genting Hong Kong, which owns Star Cruises
As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate a restructuring of the shipping industry. Private equity invested tens of billions in global shipping after the 2008 financial
Hornbeck Offshore Services has closed the sale of three 250EDF class OSVs to the U.S. Navy, the company announced today. The three vessels were sold for cash consideration of $114 million, the company reported. This is expected to result in a gain on sale of assets of
Royal Caribbean Cruises Ltd. announced that it has entered into an agreement to sell its cruise ship Splendour of the Seas to TUI Cruises in the second quarter of 2016. The ship will then be leased to Thomson Cruises, which will operate the vessel.
The world's second-oldest bank Joh. Berenberg Gossler & Co. KG is lining up a new fund worth EUR 1bn ($1.1bn) for the containership sector. A report appeared in Bloomberg said that will boost lending to the maritime industry through the shipping fund for institutional investors
The Great Eastern Shipping Company Ltd. (G E Shipping) delivered its 1996-built Capesize Dry Bulk Carrier “Jag Arjun” (164,796 dwt) to the buyers on 26th February, 2015. The company had contracted to sell the ship earlier this month.
Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive, leaving them to add exposure incrementally.
Drilling contractor Hercules Offshore Inc's shares fell as much as 33 percent to a record low on Friday, a day after Deutsche Bank cut its price target on the company's stock to $0. State-owned oil company Saudi Aramco terminated its contract for one of Hercules Offshore rigs on
OJSC Magnitogorsk Iron and Steel Works (MMK) supplied 78,000 metric tons of metal products to shipbuilders in 2014, which represents a 37.2% growth year-on-year. MMK supplies up to half of all metal products sold to the Russian shipbuilding industry
Greece's leading banks are considering offloading part of their portfolios of shipping debt worth billions of dollars in a bid to shore up their capital, according to banking and ship financing sources. Greece has secured an extension to its bailout from its European partners
Latvia's gas utility Latvijas Gaze sold 10.9 percent less natural gas imported from Russia in 2014 than a year before, the company said on Wednesday. Sales fell to 1.3 billion cubic metres (bcm) due to warmer weather and as more gas was switched for woodchips for heating
Destination clauses on contracts for liquefied natural gas (LNG)shipments will soon be a thing of the past because of the shale revolution in the United States, the head of the International Gas Union said in an interview. Japan and other buyers of LNG have long complained that the destination
Australia's Darwin liquefied natural gas (LNG) export plant, operated by Conoco Phillips, has launched a tender to sell one cargo loading April 6-7, according to traders familiar with the matter. The 3.5-million-tonne-per-annum facility has asked sellers to arrange their own shipping
Danish shipping and oil group A.P. Moller-Maersk will hand shareholders a $6.6 billion windfall in dividends this year after it sells its 20 percent stake in Denmark's biggest bank Danske. Analysts had expected Maersk to announce the divestment of some assets on Wednesday as part of its
Shipping containers are ready for their close up. Long the invisible building blocks of the global economy, shipping containers are having their moment. Entrepreneurs and developers are utilizing them on land, in full view of the public that depended on them for delivering, well