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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


Sonangol to Buy Cobalt's Stake in 2 Offshore Blocks

Photo: Cobalt International Energy

Angolan state oil company Sonangol said it would buy oil and gas producer Cobalt International Energy Inc's 40 percent stake in two oil blocks offshore Angola for $1.75 billion.   Cobalt operates three blocks covering 3.4 million acres off the Angolan coast.    


Anglo-Eastern and Univan Set Sail Together: Largest Ever Ship Management Merger

Pic: Anglo-Eastern Ship Management Ltd

 There has been a great deal of merger activity in the shipping industry over the past few years, especially amongst owners, but, Anglo-Eastern Group and Univan Group have reached an agreement, with the culmination of the largest ever merger of independent


Ballast Water Tech Business Gearing for a Surge in ‘16

Tom Perlich, President, Ecochlor

While the trek to see the ballast water technology market ‘really take off’ has stretched more than a decade longer than he anticipated, Ecochlor’s president Tom Perlich has maintained course and is ready to grow in rapid step with the market.  


Austal Delivers for USN

USS Jackson (LCS 6).

Austal’s U.S. operation consists of more than 4,000 employees supporting the design, construction and sustainment of two U.S. Navy programs, the 127-meter, trimaran Independence-variant Littoral Combat Ship (LCS) and the 103-meter, catamaran high-speed troop and equipment transport known as


GAIL Tenders for LNG Cargoes

Pic: GAIL (India) Limited

 GAIL (India) Limited has launched two tenders for up to 17 cargoes of liquefied natural gas (LNG) for delivery in western India reports Reuters quoting trade sources.   The company is seeking five cargoes for deliveries in October to December at its 5 million tonne per annum (mtpa)


Third Austal-built LCS Delivered to the US Navy

Photo: Austal

 Shipbuilder Austal reports it has delivered the third littoral combat ship (LCS) built at its Mobile, Ala. shipyard to the U.S. Navy on August 11. This milestone marks the first LCS ship built by Austal as the prime contractor as part of a 10-ship, $3.5 billion block-buy contract.  


Maersk Unveils $1 billion Share Buy-back Program

Photo: AP Moller-Maersk

 Denmark's AP Moller-Maersk, which operates the world's largest container shipping line,  has revealed another huge share buy-back scheme a year after it launched its current programme.   Maersk will buy back up to $1bn (DKK 6


Shipping Corporation Net Profit Jumps Over Three-Fold

Pic: Shipping Corporation of India

 State-run Shipping Corporation of India (SCI) Ltd has reported more than three times rise in net profit for the quarter ended 30 June on account of higher earnings from running oil tankers and lower bunker (ship fuel) prices.   Its June-quarter net profit  is 1


W. Africa Crude: Tenders Brighten Dull Market

Tender deals helped to liven up a lacklustre West African crude oil market on Thursday, though overall demand remained weak.   Indian Oil Corporation bought four cargoes of West African oil, traders said, nibbling at an overhang of unsold September cargoes just a few days before Angola's


Buyers Reach Agreement on Imtech Takeover

Pon Holdings and Parcom Capital announced they have agreed to buy Imtech Marine, the marine division of Dutch engineering services company Royal Imtech who has been declared bankrupt.   No monetary figures have been shared. The final details of the takeover are yet to be worked out.


Merged Anglo-Eastern & Univan Set Sail

Anglo-Eastern Group and Univan Group have reached an agreement which culminates as the largest ever merger of independent, third-party ship management companies, now known as the Anglo-Eastern Univan Group.   Already in the top three global ship management companies


Chinese Trading Rivalry Ruffles Asian Oil Markets

An intensifying rivalry between China's two top oil traders Chinaoil and Unipec is whipsawing Asia's oil market, pitting the state-owned firms against each other in a battle for control of the region's crude benchmark.   Aggressive trading - with heavy buying by Chinaoil met by selling from


Hanssons Increase Stake in NAT

Tanker shipping firm Nordic American Tankers Limited (NAT) announced that chairman and CEO, Herbjorn Hansson, and his family have increased their holding in the company.    According to NAT, a company owned by Herbjorn Hansson and his son, Alexander, yesterday bought 100


DONG Becomes Lead Developer of UK's Offshore Wind Hornsea Zone

Photo: DONG Energy

Denmark's DONG Energy has become the lead developer of Britain's Hornsea Zone offshore wind scheme after it bought the project rights to the second and third phases of the development Mainstream Renewable Power and Siemens Financial Services.


GAIL to Finalize LNG Deal with Iran

Photo by  Iran Liquefed Natural Gas co

India’s state-run gas utility GAIL has begun talks with Iran to revive a decade-old LNG supply contract with the country, reports PTI.   The Business Standard has reported that GAIL has opened talks with Iran over the LNG contract whose value is estimated to be $22 billion in light of






 
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