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Vessel Purchase

Suexmax Tanker Delivered to NAT

Nordic American Tankers Limited (NAT) has taken delivery of a Suezmax vessel, the Nordic Pollux, built at a Japanese shipyard.   Nordic Pollux is the final of four sister vessels purchased at the aggregate price of $106 million, and delivered to NAT over the course of 41 days.   Following the delivery of these four vessels, NAT will have a fleet of 30 Suezmax vessels, including two newbuildings from Korea, scheduled for delivery in August 2016 and January 2017. NAT’s remaining commitments on the two newbuildings are $64 million.   NAT said its fleet of Suezmaxes has a substantial earnings capacity, and the company has no plans to issue equity in connection with this expansion to 30 vessels, which amounts to a capital outlay of about $170 million.


Teekay Offshore Signs Brazil Shuttle Tanker Contract

Teekay Offshore GP L.L.C., the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) TOO -0.92% , announced today that it has entered into a new long-term contract with a subsidiary of BG Group plc (BG) to provide shuttle tanker services in Brazil.   The contract with BG will be serviced by four Suezmax-size DP2 shuttle tanker newbuildings to be constructed by Samsung Heavy Industries in South Korea


Excel Maritime Fleet Expansion Update

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator and provider of worldwide seaborne transportation services for dry bulk cargoes, announced the delivery of a newbuild Capesize vessel as well as the cancellation of a vessel purchase agreement. Excel Maritime has taken delivery of the newbuild Capesize vessel M/V Sandra on December 26, 2008 from the Imabari Shipyard in Japan. The vessel has a carrying capacity of 180


New Golden Gate Ferry Enters Service on Larkspur

The first of two vessels purchased by the Golden Gate Bridge, Highway and Transportation District (GGBHTD) from Washington State Ferry in January 2009 has been completely refurbished and is entering service today, May 16, on the Larkspur-San Francisco Route. The two Washington State Ferry vessels, now named the M.V. Golden Gate (formerly the Chinook) and the M.V. Napa (formerly the Snohomish) were purchased for $2 million each and have a refurbishment budget of approximately $10 million each


Financial Prudence the Key to Bunker Trade Success

The importance of balancing the numbers for a successful bunker fuel trading operation will be stressed by GAC's Nicholas Browne when he shares his experience at the Lloyds Maritime Academy Bunker Management School this week. In his speech, the Global Director of GAC Bunker Fuels will outline what bunker traders need to keep in mind making the judgment calls they face every day. What are the criteria for granting credit to a new customer? How can they minimize their risk exposure? 


Shipping industry market trends for 2014 - John Nikolaou

John Nikolaou

Athens based, Financial Analyst John Nikolaou provides an insight into the recent market trends of the shipping industry:  Greek shipowners have returned to the top of the global shipping economy by controlling a gross tonnage of 164 million tons, overtaking the Japanese on 159.4 million tons. According to Clarksons, this global lead illustrates that Greeks operate much bigger ships because they own 4,984 vessels against 8,537 managed by the Japanese and 6,427 by the Chinese.


Golden Ocean Group Announces Sale

Golden Ocean Group Limited has agreed to sell the vessel M/V Shinyo Brilliance. The vessel is a Panamax bulker and is one of the long-term time charter vessels previously acquired from Louis Dreyfus with an option to purchase attached to the time charter. The vessel will be delivered to the Buyers within the end of December 2007 and the agreed purchase price is $72m net. The strike price for the option is about $20m net and the transaction will thereby free up approximately $52m in


ABS NS Software Helps Secunda Marine

ABS Nautical Systems (ABS NS) has taken the traditional purchasing relationship and automated it to provide shipowners and operators with a more efficient way of obtaining competitive bids and more responsive service with its eProcurement product, an extension of its Purchasing & Inventory software module. Nova Scotia-based Secunda Marine Services Limited (Secunda) is the latest operator to implement ABS NS eProcurement as part of its overall fleet management strategy.


NewLead Holdings Buys Vessels

NewLead Holdings Ltd. (NASDAQ:NEWL) announced that it has signed a Stock Purchase Agreement providing for the purchase of two Kamsarmaxes for an aggregate purchase price of $112.7m and signed a Memorandum of Agreement for the sale of the product tanker Chinook for $8.5m. “NewLead's fleet continues to transform, becoming younger and more versatile," said Michael S. Zolotas, President and Chief Executive Officer


Panamax Dry Bulker Delivered to STX Pan Ocean

Bulk Ship STX Horizon: Photo credit STX Pan Ocean

STX Pan Ocean takes over the 83,000 dwt class Panamax, 'STX Horizon', its first new-build delivery of the year. Having concluded strategic contracts for long-term transportation with domestic and international shippers including POSCO, Hyundai-Steel, KEPCO subsidiaries, Vale and Fibria in Brazil, STX Horizon will be added to the the owner's list of vessels to service these various contracts. A company official said: “Although current dry bulk shipping market is depressed


Adani buys Australian Port Operator from Glencore

A unit of India's Adani Enterprises Ltd will buy the company that operates Australia's Abbot Point Coal Terminal from Glencore Plc for A$19.25 million dollars ($14.52 million), ending a legal wrangle over control of the port. The statement from Adani and Glencore said Adani Ports and Special


NAT Announces Public Offering

Nordic American Tankers Limited (the "Company") today announced an underwritten public offering of 11,000,000 common shares pursuant to the Company's effective shelf registration statement.  At the Company's request, the underwriters have reserved for sale an aggregate of 534


Yard Improvements at Grand Bahama Shipyard

(Photo: Grand Bahama Shipyard Limited)

Grand Bahama Shipyard Limited (GBSL), a shipyard in the Caribbean, said it had a productive summer program consisting of work on vessels from the tanker, container and towage segments of the maritime industry. Additionally, renovations and upgrades were performed on the floating dry docks and


Damen Repeats Multiple Vessel Transport Strategy

MV Svenja (Photo: SAL Heavy Lift)

Just down river from Damen Song Cam Shipyard, SAL Heavy Lift’s MV Svenja departed from Halong Bay loaded with 14 vessels. The shipment consists primarily of built-for-stock vessels – Stan Pontoons and Tugs – which will be available for immediate purchase on arrival in Rotterdam


ABB Launches Torque Monitoring System

Juha Koskela, Managing Director, ABB Marine and Ports (Photo: ABB Marine)

ABB has launched a new torque monitoring system called Torductor Marine, which is aimed at optimizing engine and fuel efficiency in the maritime sector. The new offering will fit into ABB’s Marine Software portfolio, which visualizes the data for the onboard crew and can be shared with the


Tanker Sale & Purchase Update

Tanker. Pic: TTS Group ASA

 For now, the Sale & Purchase (S&P)  market is pretty dead (because the charter markets are also slightly lifeless). S&P transactions for tankers have almost halved so far this year (Jan 1-Sept 2), reports  Alibra Shipping Ltd. Research.  


53 Hanjin Vessels Denied Port Access

Photo: Hanjin Shipping Co Ltd

 The problems that collapsed South Korea’s Hanjin Shipping could be just the tip of the iceberg. Its fleet is either stuck in ports or unable to dock, with port authorities fretting that the company will not be able to pay its bills.  


Force Technology, Logimatic Collaborate on Software

Photo: Force Technology

The new collaboration between software supplier Logimatic and research and development company FORCE Technology has resulted in a multifunctional software system capable of providing big results for mariners. Last year Logimatic launched ’Sertica Performance’ as a part of the


De Nora BWTS in Brokerage Agreement with MARCAS

BALPURE (Photo: De Nora)

Electrochemical technologies firm De Nora has announced a brokerage agreement with MARCAS, a buying group for the maritime industry. The deal means that MARCAS members representing close to 1,700 vessels can access aggregate purchasing deals with De Nora for its BALPURE ballast water


BMT Awarded USCG Human Systems Integration Contract

BMT Group subsidiary BMT Designers & Planners Inc. said it has been awarded a Blanket Purchase Agreement (BPA) to provide Human Systems Integration (HSI) engineering and technical support for the U.S Coast Guard.    With a BPA funding ceiling of $9


Romanian Trading House Declined to Ship Egyptian Wheat Over Ergot Rule

Photo courtesy of Cerealcom Dolj

Romanian grain trading house Cerealcom Dolj said on Thursday it had declined to ship wheat to Egypt because of new rules about ergot fungus content, refuting reports that Egyptian inspectors had rejected a 63,000 tonne cargo.   Traders said on Wednesday that Egyptian inspectors had rejected


North Sea Decommissioning Forecast to Blossom After Yme Removal

Graph Source: Douglas-Westwood’s North Sea Decommissioning Market Forecast 2016-2040

 AllSeas recent successful removal of the Yme platform was the first job completed by the Pioneering Spirit – demonstrating that the world’s first single lift vessel (SLV) was back on track after a spate of recent delays.   


MN100: HMS Global Maritime

(Photo: HMS Global Maritime)

The Company: HMS Global Maritime is an internationally respected, full-service marine management company, with the resources and experience to deliver tailored, cutting edge solutions, management, and support to clients of all sizes through four divisions - anywhere in the world


Star Bulk Announces $51.5M Offering Common Stock

Courtesy Star Bulk Carriers Corp.

Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq: SBLK) today announced it plans to make an underwritten public offering for $51.5 million gross proceeds of its common stock. The Company intends to use the net proceeds from the offering for general corporate


Navig8 Inks Sale and Leaseback Deal with SBI

Courtesy Navig8 Chemical Tankers

Navig8 Chemical Tankers Inc. an international shipping company focused on the transportation of chemicals, today announced that it has entered into a sale and leaseback transaction with subsidiaries of Japan-based SBI Holdings Inc (“SBI”) for two 25






 
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