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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

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.

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? 

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

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

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

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.

Iran Shipping Lines Head Sees Business Rebound by Mid-17

(Photo: IRISL)

Container shipper Islamic Republic of Iran Shipping Lines (IRISL) Chairman Mohammad Saeidi expects the firm to have recuperated by the middle of next year the business lost while Iran was subject to international sanctions.   "Step by step the problems have been resolved

Northern Lights, HUG Engineering Partner on Clean Power

Marine generator sets manufacturer Northern Lights, Inc. (NLI) has formed a partnership with exhaust after-treatment equipment manufacturer HUG Engineering to provide complete IMO III certified clean air power generation solutions.   The new partnership will allow customers to purchase

VOS Start Equipped with Barge Master Gangway

Photo: Vroon

Vroon has  announced that walk-to-work vessel VOS Start is to be equipped with the brand-new Barge Master Gangway.   This unique combination will enable safe and efficient transfer of personnel and cargo. The Barge Master Gangway incorporates an access tower with elevator

Navigator Gas Signs up for ShipServ

File photo: Navigator Gas

 Navigator Gas Signs up for ShipServ   Navigator Gas, one of the world’s largest LPG vessel operators, has recently signed up to use ShipServ for all its procurement activities.   The London-headquartered company recently took its ship management activities in-house based

Saudi Shipper Bahri Q3 Net Profit Falls

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 37.6 percent drop in third-quarter net profit on Monday. The company's net profit for the three months to Sept. 30 was 318.4 million riyals ($84.92 million), down from 510

Two Dredges Delivered in Nigeria

Photo: DSC Dredge

Two local contractors in Nigeria recently took delivery of 10-inch Wolverine Class Dredges, designed and manufactured by DSC Dredge at its facility in Greenbush, Mich.   As the political capital of Delta State, Asaba is a rapidly expanding city along the banks of the Niger River Delta

Korea to Inject $2.64 bln into DSME

Photo: Daewoo Shipbuilding & Marine Engineering

 South Korea's state-run banks are expected to raise more than 3 trillion won (US$2.64 billion) to prevent Daewoo Shipbuilding and Marine Engineering (DSME) from being delisted, reports Korea Herald.   Korea Development Bank and the Export-Import Bank of Korea are planning to raise

Oldendorff Acquires 8 Vessels

Babycape Photo Oldendorff

Oldendorff reported that it is continuing its fleet expansion and have acquired eight more vessels, including three Babycapes and five Post-panamax bulk carriers, as follows: 119,000 tdw, built 2011 – UBC Onsan 119,000 tdw, built 2011 – UBC Ohio

China Planning $100 bln Merger of Sinochem, ChemChina

Photo: Sinochem Group

 Chinese state-owned chemical companies Sinochem Group and ChemChina are in discussions about a possible merger to create a chemicals, fertilizer and oil giant with almost $100 billion in annual revenue, reports Reuters.   The deal was reportedly proposed by China’s central

Euronav Defers VLCC Resale Deliveries into 2017

Euronav NV said it has agreed with Hyundai Heavy Industries (HHI) shipyard in South Korea to defer the delivery of the two VLCC ex-yard resale vessels it recently purchased to the first quarter of 2017.      The vessels, previously expected to be delivered between October and

Euronav Pushes Delivery of Two VLCCs at HHI

Photo Euronav

Euronav NV announces today that it has agreed with Hyundai Heavy Industries (“HHI”) shipyard in South Korea to defer the delivery of the two VLCC ex-yard resale vessels it recently purchased to the first quarter of 2017. Thanks to the excellent relationship that the Company enjoys

MTS Expands Fleet With Multipurpose Landing Craft

MTS Terramare (Photo: MTS)

Marine services provider Marine and Towage Services Group Ltd. (MTS) said it has purchased MTS Terramare, a multipurpose landing craft. The vessel enables the delivery of cargo, construction equipment and other materials directly onto land, without the need for dedicated dockside facilities

Korea Gas Corp Launches 4-cargo LNG Buy Tender to Refill Stocks

Korea Gas Corp has launched a tender to buy up to four liquefied natural gas (LNG) cargoes for delivery across the November-February winter period, as it seeks to replenish reserves, traders said.   As strong air conditioning demand this summer and earthquake-related reactor outages helped

Syria Makes Major Wheat Deal with Russia

Syria's state grain buying agency Hoboob struck a deal to purchase one million tonnes of Russian wheat from political ally Russia, covering the needs of government-controlled areas for a year. The Damascus government subsidises bread for the areas it controls ensuring the supply of flat loaves

Vard Acquires Equipment Supplier Storvik Aqua

Designer and builder of specialized vessels Vard Holdings Limited has entered into an agreement to acquire AS, an equipment supplier that provides feeding, measurement and control solutions to the aquaculture industry. The purchase price is approximately NOK 35 million.  

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