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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


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.


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


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


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.


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.


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


Saudi Shipper Bahri Q1 Profit Soars

file image: A VLCC transits the Suez Canal (Suez Canal Authority)

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 53.6 percent jump in first-quarter net profit on Monday. The company's net profit for the three months to Mar. 31 was 611.99 million riyals ($163.3 million), up from 398


SCA: More Naval Vessels Protect Economy, Provide Security

Matthew Paxton, SCA President

Shipbuilders Council: Proposed Budget Enables Naval Forward Presence and Protects U.S. National Security Interests. The Shipbuilders Council of America (SCA) today recognized the House Armed Services Seapower Subcommittee for its robust markup of the 2017 shipbuilding budget


Ocean Rig buys Cerrado drillship

Photo: Ocean Rig

 Cyprus-based Ocean Rig has stepped in to buy the sixth generation ultra-deepwater (UDW) drillship Cerrado, which once drilled the giant Libra prospect offshore Brazil, following its owner Brazil-based Schahin Group bankruptcy declaration last April.  


Ingalls Begins Building US Navy Destroyer

Cmdr. Dave Murray, post-delivery officer for the U.S. Navy’s DDG 51 program, presses the button to start fabrication of the Ingalls-built destroyer Frank E. Petersen Jr. (DDG 121). Photo by Lance Davis/HII

Huntington Ingalls Industries’ (HII) Ingalls Shipbuilding division marked the start of fabrication for the Arleigh Burke-class (DDG 51) destroyer Frank E. Petersen Jr. (DDG 121) for the U.S. Navy. The start of fabrication signifies that 100 tons of steel have been cut.  


Bahri Secures Loan for Five VLCCs

VLCC of National Shipping Company of Saudi Arabia Photo Bahri

National Shipping Company of Saudi Arabia said on Sunday it had signed a murabaha facility with Riyad Bank valued at 1.425 billion riyals ($380 million) to finance the construction cost of five very large crude carriers. The facility lasts for a period of 10 years and six months


PDVSA to Receive US Crude Cargo from BP

Venezuela's PDVSA will discharge in the coming days its first cargo of U.S. crude bought from British BP, who along with China Oil was awarded a tender to supply the state-run company with some 8 million barrels in the second quarter, traders close to the deal told Reuters on Wednesday.  


China Teapot Refiners Create Qingdao Tanker Jam

Tankers at Qingdao port face up to 30-day wait. At least 15 large tankers wait to offload -shiptracking data. A surge in oil buying by China's newest crude importers has created delays of up to a month for vessels to offload cargoes at Qingdao port


Greece Seals Sale of Piraeus Port to COSCO

Photo: Piraeus Port Authority

Greece is to sell its biggest port Piraeus Port Authority to shipping group China COSCO Shipping Corporation, marking the second major privatisation for the country since late last year. The port sale had been halted by the leftist government of Alexis Tsipras when it won elections in January


LNG Prices Retreat on Soft Demand

Asian spot prices for liquefied natural gas (LNG) extended their fall this week on slack demand, although production issues in Australia helped stem losses.   LNG for May delivery in Asia traded at around $4.20 per million British thermal units (mmBtu), compared with $4


Baltic Index up on Improved Vessel Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, edged higher on Tuesday on steady demand across vessel segments.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


COSCO in Talks to Bid for Athens Freight Terminal

Chinese shipping conglomerate COSCO is in advanced talks with Greek real estate developer Grivalia and logistics provider PAEGAE, about jointly bidding to build and operate a rail freight terminal near Athens, a Greek newspaper reported.  


Austal USA Named Alabama Manufacturer of the Year

Austal USA was named Alabama’s manufacturer of the year by the Alabama Technology Network and the Business Council of Alabama during a ceremony in Montgomery, Ala. This makes Austal a three-time honoree in the award’s 16-year history; once as a medium company and twice as a large


Austal Wins SCA Safety Awards

Terry O Brien accepts Austal SCA Safety Awards from Stephen Woodring and Tom Godfrey of SCA Photo Austal

Austal USA remains one of the safest shipyards in the country the Shipbuilders Council of America (SCA) announced Mar. 7. Austal’s hard-earned workplace safety record has been recognized, yet again, by the SCA with both the 2015 Award for Excellence in Safety and the 2015 Award for


Pacific Basin Rights Issue for $151mln

Photo: Pacific Basin Shipping Limited

 Hong Kong bulker  Pacific Basin has proposed a one-for-one rights issue in a bid to raise approximately $150.6m for strengthening its long term equity capital.   The shipping company plans to sell around 1.9 billion rights shares at a price of HKD0.60 per share, representing a 58


Australia Accelerates Naval Shipbuilding Efforts

Australia will speed up plans to build more naval vessels in domestic shipyards, Prime Minister Malcolm Turnbull said on Monday, making an announcement that could find favour with voters just weeks ahead of a likely federal election. Naval shipbuilding is a key part of a plan unveiled in






 
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