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Ship Buy

Diana Shipping Buys Vessel for $110M

Diana Shipping Inc., bought a big ship currently under construction in China for $110 million. Athens, Greece-based Diana Shipping expects to take delivery of the Capesize-class vessel from Shanghai Waigaoqiao Shipbuilding Co. in November. Capesize-class ships are vessels too large to traverse either the Suez Canal or Panama Canal. Diana Shipping said it is seeking long-term employment for the tanker. The acquisition will decrease the average age of the company's fleet to 3 years and raise its total cargo carrying capacity to about 1.7 million tons, the company said. Source: AP


Teekay Shipping Buys Stake in Petrojarl

According to reports, Teekay Shipping Corp., said one of its subsidiaries bought a 40 percent stake in Norwegian oil services provider Petrojarl ASA. Financial terms were not disclosed. Under Norwegian law Bahamas-based Teekay must bid for the remainder of the company in the next four weeks Petrojarl owns and operates four Floating Production Storage and Offloading units in the North Sea. These are ships that process and store oil or gas from nearby drilling platforms until the


Scotland's Fletcher Shipping Snaps Up PSV

North Sea supply specialist Fletcher Shipping buys 'FS Taurus' its third vessel in five years. Currently operating in the Forties section of the North Sea, Taurus will take the total number of employees at Fletcher to 90. Set up in 2007 with backing from the Royal Bank of Scotland, the company transports food, equipment and other supplies to offshore oil and gas operators, reports 'The Scotsman'. The purchase of the Taurus – a 2


UK Ferry Service Saved by the Community

Ferry Brigantia: Photo courtesy of Bristol Ferry Co.

The Bristol Ferry Boat Company went into administration last November, and needed to raise £250,000 from investors by 31 July, but it surpassed that target, topping £300,000. According to  BBC News, citing ferry boss Ian Bunguard, more than 600 people had bought the shares - starting at £100 - with many being bought by people living in the city, and the ferry was now in a very strong position.


China Shipping Devt To Buy Eight Oil Tankers

Hong Kong-listed China Shipping Development Co. agreed to buy eight oil tankers for $556m from two Chinese shipbuilders. According to Yahoo! News, China Shipping Development, a unit of state-owned China Shipping (Group) Co., said it would buy four oil tankers for $408m from Dalian Shipbuilding Industry Ltd. It said the four vessels would enter operations between June and December 2009. China Shipping Development also said it would buy four oil tankers for $148m from Guangzhou Shipyard


BIMCO: Greek Shipowners Prefer Bulkers

BIMCO Greek Bulkers.jpg

The buying interest from Greek ship owners is focused on bulkers to an increasing extent, BIMCO said. Data from VesselsValue.com reveal that Greek owners were at the buying end of 43% of all bulker sales completed so far in 2014. As of June 2014, the number of Greek bulker purchases so far is 91, compared to 81 for the full year of 2012. The level of activity seen so far in 2014 would suggest Greek owners are on target to top the 199 bulker purchases completed in 2013.


Indian Company to Buy VLGC

Great Eastern Shipping Company signs contract to buy a 1990-built Very Large Gas Carrier (VLGC) The Great Eastern Shipping Company Limited (G E Shipping) has signed contract to buy a Very Large Gas Carrier (VLGC) of about 49,700 dwt (75,000 cbm). The 1990-built vessel is expected to join the Company’s fleet during Q2FY2013. The Company’s current fleet stands at 32 vessels, comprising 22 tankers (9 crude carriers, 13 product carriers) and 10 dry bulk carriers (1 Capesize


Combining Navy & CG Purchasing Considered

According to a July 20 report from UPI.com, the Congressional Budget Office said joining U.S. Navy and Coast Guard programs regarding procurement of small surface ships wouldn't necessarily improve cost efficiencies over current buying processes. With the Navy and Coast Guard looking to buy a total of 83 smaller vessels, CBO was asked by Senate Banking Committee member Judd Gregg, R-N.H., to examine alternatives that would perhaps allow the services to consolidate small combatant programs.


Frontline Purchases Its Own Shares

Frontline has through market purchases executed July 2, 2001 bought back 125,000 of the company's common shares, at a price of NOK 164.09. Total number of outstanding shares after this is 76,787,566. The shares acquired are done so in accordance with a Board authorization to buy back shares.


Bergesen Orders Two More VLCCs From HZ

Bergesen d.y. Group ASA exercised an option to buy two more VLCCs from Japan's Hitachi Zosen Corp. The total option price for the 296,000 dwt vessels is about $131.7 million. The two vessels will be delivered in March and May, 2001. Bergesen also announced that it has bought oil/ore carrier Grand Phoenix for $23 million. The 291,000-dwt carrier, built in Japan in 1986, will be delivered by the end of March.


Iraqi Kurdish Oil Nears US Port Despite Concern in Washington

A tanker carrying crude oil from Iraqi Kurdistan is just one day away from arriving at a U.S. port, according to ship tracking satellites, despite Washington's long-standing concern over independent oil sales from the autonomous region. The United Kalavrvta tanker


The Cause behind the Clause Piers & Docks Insurance

As a maritime business owner, your day-to-day focus is on managing and growing your business. Understandably, thinking about and understanding the nuances of your insurance coverage is not likely to be among your top priorities. However, what if the unthinkable happens and your docks and piers are


Coast Guard Foundation's “BUY A BRICK” a Big Success

Sample of the commemorative bricks available for the Sault Ste. Marie project

The Coast Guard Foundation, a non-profit organization committed to the education and welfare of Coast Guard members and their families, announced today that its Sault Ste. Marie, Michigan community center program is nearing its goal and that the “Buy a Brick” program is a key


China, Brazil Close Plane, Finance, Infrastructure Deals

China and Brazil sealed their expanding commercial partnership on Thursday with a $5 billion credit line for Brazilian miner Vale and the purchase of 60 passenger jets from Brazilian planemaker Embraer. In a raft of energy, finance and industry accords signed before presidents Xi Jinping and


Canadian Ferries Welcome Govt. Funding

Photo: CFOA

The Canadian Ferry Operators Association (CFOA) welcomed today’s announcement of $58 million over two years to support ferries in Eastern Canada. “We are happy to see the government reaffirming its commitment to Canada’s ferries


Brightoil Eyes Upstream After Bohai Purchase

Hong Kong-listed oil trader Brightoil Petroleum Holdings Ltd said on Wednesday it expects its upstream business to be the key long-term growth driver for the group following its acquisition of oil blocks in China's Bohai Bay. Chief financial officer Danny Tan was speaking at a media briefing on


Ship Reportedly Booked for First US Condensate Export

The first condensate cargo for export is due to load in Texas at the end of this week, headed via the Panama Canal to Asia, shipping sources said. Westport Petroleum Inc., the Franklin, Tennessee-based shipping arm of Japanese trader Mitsui & Co


Tianjin: No Petrochem Fraud

China's Tianjin Port Holdings has found no evidence of an alleged fraud involving petrochemicals reported by media earlier this month, the company said in a statement on Monday. Citing police and trade sources, Reuters had reported police were investigating a suspected contract fraud at Tianjin


Philanthropists to Set up Mediterranean Migrant Rescue Service

Maritime migrant rescue: File photo

 A philanthropist couple has spent millions of euros to buy a ship which they plan to use to rescue migrants from rickety boats in the centre of the Mediterranean. Malta-based Christopher and Regina Catrambone told the media that they felt compelled to act following an appeal by the Pope


Maersk Continues Exit from Crude Transport

(Photo : Maersk)

Maersk Tankers, a unit of A.P. Moller-Maersk, said on Thursday it had quit four unprofitable crude oil charter contracts by buying out supertankers and selling them onwards, continuing its exit from crude oil transportation. The company now has charters for just two supertankers


Valls Urges End to Strike at "Sinking" Ferry Group SNCM

Workers at France-Corsica ferry operator SNCM must end their strike and let the troubled company undergo a restructuring to secure its future, Prime Minister Manuel Valls said on Tuesday. Loss-making SNCM, whose unions have been on strike since June 24


Maersk Taking $1.7b Charge on Brazil Assets

Full-year underlying profit guidance unchanged; writedown raises questions over company's oil strategy. Danish oil and shipping group A.P. Moller-Maersk moved to shrink its Brazilian petroleum operations on Tuesday, selling its stake in its only producing Brazilian oilfield and saying it will


Macquarie to Control IMTT

Macquarie Infrastructure Co LLC said it would buy the 50 percent stake in liquids storage provider International-Matex Tank Terminals (IMTT) that it does not control for $1.03 billion in cash and stock. Macquarie, which owns half of IMTT since 2006


Turkey Ferry Auction Attracts Multiple Bids

Private equity firm KKR & Co LP has attracted binding bids from Danish shipping company DFDS A/S and an alliance of PE players Esas Holding AS and Actera Partners LP for its Turkish ferry unit, Bloomberg reported on Wednesday, citing sources.


Meyer Werft, Finland Plan to Buy STX Shipyard

STX Europes Turku shipyard in southwest Finland specializes in building post-Panama class cruise vessels. (Photo courtesy of STX Europe)

Germany's closely held Meyer Werft and the Finnish government are nearing a deal to buy the Turku shipyard in southwestern Finland from STX Europe , the Finnish economy ministry said on Monday. STX Europe belongs to Korean STX. The Turku shipyard specialises in building cruise ships and has






 
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