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Ship Buy

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 product can be offloaded into a tanker. The company also owns and operates two shuttle tankers and a storage tanker in the region. Earlier this year, Teekay formed a joint venture with Petrojarl to pursue storage and offloading projects. Shares of Teekay Shipping fell 29 cents to $43.97 in morning trading on the New York Stock Exchange.


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


Evergreen To Buy Five Ships From MHI

Shipping giant Evergreen Marine signed a letter of intent to buy five large cargo ships from Japan's Mitsubishi Heavy Industry. A spokeswoman for the Taiwan shipping firm said it was negotiating to buy 6,300-6,400 TEU ships from the Japanese firm. She said Evergreen would aim to take delivery of the ships by 2002 but further details, such as the price of the vessels, had not been settled.


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


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


GE Shipping Buys VLGC

Greatship Logo

The Great Eastern Shipping Company Ltd. (G E Shipping) has contracted to buy a Secondhand Very Large Gas Carrier (1996 built) of about 76,931 cbm. The Japan-built vessel will be delivered to the company in Q1 FY 2016-17. The Company’s current fleet stands at 32 vessels, comprising 23 tankers (8 crude carriers, 14 product tankers, 1 LPG carrier) and 9 dry bulk carriers (4 Kamsarmax, 5 Supramax) with an average age of 10.4 years aggregating 2.5 mn dwt.


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


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.


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


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.


Boxship's Bottom Line Battered Further by Fuel Rules

File image: credit Marad

Container shipping firms' annual costs have risen by a total $500 million due to new sulphur emissions regulations that have forced vessels to use higher cost fuel, the OECD said in a report on Thursday. Rising fuel costs will further hurt an industry already stung by overcapacity


Zhonggu Shipping to Add Boxships

Photo: Zhoushan Changhong international shipyard

 Shanghai's Zhonggu Shipping may buy 3,398-TEU Stadt Aachen, that was up for sale for US$7.1 million, say local media reports.   Zhonggu Shipping earlier stated that it plans to acquire a handful of vessels this year, all of which will start operations between June and August.  


Libya Plans to Load Four Crude Cargoes from Hariga in May

Libya plans to load three additional crude cargoes this month from the recently reopened Marsa El Hariga terminal, after a tanker for trader Glencore departed on Friday.   The country's National Oil Corp (NOC) in Tripoli chartered the Kriti Breeze to load 400


DP World Launches $1.2 bln Sukuk Issue to Cover Tender

Dubai-based ports operator DP World launched a seven-year $1.2 billion sukuk issue on Tuesday, a document from lead managers showed.   The issue, structured to be compliant with rules allowing investors in the United States to participate, will price at 237


US Navy Asks Lockheed to Fix Littoral Combat Ships Issues

U.S. Navy photo by Timothy Schumaker

The U.S. Navy has sent Lockheed Martin Corp three requests to correct problems, including propulsion-related issues, with the Littoral Combat Ship (LCS) program dating back to May of last year, a Navy spokesman said on Tuesday.   The ships were originally designed as a small


US Navy Awards Austal $18.5 Mln Procurement Deal

File photo: Austal

Austal USA announced it has secured a $18.5 million contract to procure long-lead materials for the 12th Expeditionary Fast Transport vessel (EPF) for the U.S. Navy, including main propulsion engines, generators, water jets, main reduction gears and other long-lead time items.  


Baltic Exchange Says Talks Ongoing with Potential Buyers

Talks between the Baltic Exchange and a number of suitors are continuing, but any potential buyer of the business will have to provide assurances that its central role in shipping will not be "undermined", the Baltic's chairman said on Wednesday.  


Cosco Pacific to Buy a 35% Stake in Euromax Terminal Rotterdam

Photo: China COSCO Shipping Corporation Limited

China’s Cosco Pacific Ltd. will buy 35 percent of Euromax Terminal Rotterdam BV for 125.4 million euros ($143 million) for shares and loans amid an overseas expansion drive by Chinese companies. Euromax is indirectly owned by Hutchison Port Holdings Ltd


CMA CGM Stake in NOL Edges Past 10%

Pic: Neptune Orient Lines

 French container shipping giant CMA CGM now owns 10.07% of its takeover target Singapore's Neptune Orient Lines (NOL) as open share buys continue on a near daily basis.   The European Commission has approved CMA CGM's $3.38 billion acquisition of NOL


As Korean Shipyards Founder, Central Bank Dragged into Rescue Bid

They are South Korea's "too-big-to-fail" firms - the world's largest shipbuilders that are both a massive economic force and an important national symbol - and the government wants the central bank to fund an unconventional rescue of the sector.  


DP World Launches Tender Offer for $1.5 bln 2017 Sukuk

DP World could buy back around half of its $1.5 billion sukuk offering which is due to mature in 2017 as the global ports operator seeks to reduce the cost of its debt, it said in a statement on Monday.   Holders of the Islamic bond have until 1600 London time on May 23 to decide whether to


Sonatrach Orders LPG Vessel from China

Photo:  Groupe SONATRACH

 Algeria’s state-run oil company Sonatrach has awarded two Chinese firms a $40 million deal to deliver a liquefied petroleum gas (LPG) carrier and an option to provide a second vessel, according to a Sonatrach document seen by Reuters.  


Xeneta Proposes Commodity Status in Container Shipping

Patrik Berglund (Photo: Xeneta)

With ultra-low container rates, multiple operators teetering on the brink of bankruptcy and adversarial relationships developing between those shipping goods and the carriers, Xeneta believes the entire container industry must evolve. The Oslo-based benchmarking and market intelligence platform


Canadian Oil Exports Drop, Supply Hunt on Amid Wildfires

In a sign the massive Alberta wildfire is taking a toll on oil transport, Canadian crude exports to the United States dropped 12 percent last week, while another blend of Canadian sweet crude oil rallied as concerns grow about supply.  


Is Container Freight Now a Commodity?

Photo: Xeneta

In an interview with Patrik Berglund, the Xeneta CEO says that the introduction of the "commodity" status for the container would benefit both shippers and carriers.     Q- In today’s world of Amazon, Alibaba and E-commerce






 
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