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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


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


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


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.


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


News Flash! Greek Shipowners Prefer Bulkers

BIMCO Greek Bulkers (Eric Haun).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


UASC Streamlines Fuel Purchasing

Photo: UASC

United Arab Shipping Company (UASC), a global shipping company based in the Middle East, has implemented Shiptech, an end-to-end fuel management system developed by global cloud software company Inatech.   Shiptech provides the company with an automated, cloud-based, fuel management system that transforms the way UASC buys bunker fuel.   Using Shiptech’s procurement, contract management and advanced reporting applications, UASC plans fleet level bunkering for its vessels


CSD, Cosco JV to Buy Vale's Bulk Carriers

Ma Zehua (Chairman of Cosco Group),  Xu Lirong (Chairman of China Shipping Group) Murilo Ferreira (President&CEO of Vale) and Gurinder Singh(Director of Shipping & Distribution of Vale) attended the Signing Ceremony and signed the agreement on behalf of each party. Photo by Cosco

 China Shipping Development (CSD) and Cosco have established a joint venture (JV), China Ore Shipping Pte., in Singapore to purchase four 400,000 dwt ore carriers from Vale and operate them.   CSD and Cosco’s bulk shipping division Cosco Bulk Shipping holds 49% and 51% equity


Ferry Firm DFDS Looks to Expand

Danish ferry and transportation firm DFDS is on the takeover trail, its chief executive said, after reporting its highest first-quarter operating profit on record and turning around its loss-making English Channel route. Earnings before interest, taxes


USS Freedom (LCS 1) Completes Rough Water Trials

USS Freedom (LCS 1) in the Southern California operating area. (U.S. Navy photo by Mass Communication Specialist 1st Class Joan E. Jennings/Released)

The littoral combat ship USS Freedom (LCS 1) completed Seakeeping and Structural Loads Trials, commonly referred to as Rough Water Trials (RWT) in late March the Navy reported May 21. The U.S. Navy must demonstrate the seaworthiness and structural integrity of each new ship class


Egypt's $3 Bln LNG tender in June

Image: Egyptian Gas Holding Company

 Egypt is reportedly to issue a tender in early June to buy up to $3 billion of liquefied natural gas over 2016 and 2017, Reuters reports.   The country recently secured 90 cargoes of the liquefied natural gas, majority of which came through a $2.2 billion tender


Navios Buys 14 Distressed Ships from HSH Nordbank

Image: Navios Maritime Partners

 Navios Group has agreed to acquire another 14 vessels from HSH Nordbank in the second major distressed fleet deal between the two parties in the past two years.   HSH Nordbank and the Navios Group have signed a binding letter of intent for the acquisition of 14 ships at serious risk


CMA CGM Acquires India's LCL Logistix

CMA CGM has acquired a 60 percent stake in India's LCL Logistix as it tries to expand in freight forwarding services, the French shipping group said on Wednesday. CMA CGM, the world's third-largest container shipping firm, did not disclose the price of the deal to buy Mumbai-based LCL Logistix


CMES Q1 Profit Surges on Strong VLCC Earnings

Pic: China Merchants Energy Shipping

 China Merchants Energy Shipping has posted 22.6% on-year growth in net profit to Yuan225m ($36.3m) during the first quarter ended 31 March 2015 due to buoyant tanker markets.   Revenue for the quarter more than doubled to RMB1.36bn from YuanB660.44m a year ago.  


US Navy is Buying the Wrong Ship, Costing Taxpayers Billions

U.S. Navy photo by Walter M. Wayman

The United States will spend $585 billion on its armed forces in 2015 — the biggest military budget in the world by far. That’s just the Defense Department budget and doesn’t include the tens of billions of dollars that Washington spends on veterans


GAIL to Stop LNG Imports at Dabhol

Dabhol LNG terminal: GAIL

 GAIL India is all set to stop LNG imports at the Dabhol terminal in Ratnagiri district of Maharashtra from this month as the onset of monsoon will make operations difficult without a breakwater, says a PTI report.   The terminal cannot be operated during monsoon in absence of a


Indian Navy To Limit Ship Buys to Domestic Yards

Indian ship building yards are procuring increasing orders from the defense sector

  The Indian Ministry of Defence has directed future warship and submarine building orders be given only to domestic shipyards. The Navy has potential orders worth more than US $50 billion over the next 10 years for ship and submarine builds, said a Defence Ministry source.


Targa: Splitter, Terminal with Noble Still Under Consideration

Targa Resources Partners LP is working closely with Noble Group as Asia's biggest commodity trader evaluates whether to move forward a deal to support a Targa-built condensate splitter, a new terminal or both in Texas, Targa Chief Executive Joe Bob Perkins said on Tuesday.  


China Crude Imports Expected to Surge

China's appetite for crude oil is expected to pick up later this year as storage comes online and new buyers emerge, even after its inbound shipments surpassed United States imports last month for the first time, traders and analysts say.


Germany Subsidizes Warships Sale to Israel

Israel bought four German-made corvette warships on Monday to help secure its Mediterranean gas rigs, with Berlin heavily subsidizing the deal, Israel's Defence Ministry said on Monday. The ships, worth 430 million euros ($480 million), will be built by Thyssen Krupp and delivered within five


Asian Jet Fuel Shipments to US West Coast Picking Up

Delayed restart of Exxon refinery draws down inventories. Valero and BP among traders shipping jet from Asia to U.S. Asian jet fuel shipments to the United States West Coast region could pick up this month as a prolonged cut in throughput at a California refinery is drawing down inventories


Austal Launches USNS Brunswick

USNS Brunswick

  Austal launched the recently christened USNS Brunswick (JHSV 6) at its manufacturing facility in Mobile, Ala. With the 338-foot Joint High Speed Vessel entering the water for the first time, the ship will undergo final outfitting and testing before sea trials and delivery to the U.S






 
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