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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.


Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including a rare purchase of Alaskan North Slope (ANS) for its refineries in China, trade sources said on Friday.


Fire-fighting ASD Tugs Sail to Argentina

Photo: Damen Galati Shipyards

At the end of June, two Damen ASD Tugs 2810 set sail from Damen Shipyards Galati in Romania to Puerto General de San Martin (Argentina) for towing, mooring, and fire-fighting operations in the Argentinian region around Rosario on the Paraná river.  


Fratelli Neri S.p.A. Orders Three Damen Vessels

L to R:  Dott. Corrado Neri, Director Fratelli Neri Group and Managing Director Labromare Livorno; Andrea Trevisan, Damen Sales Manager; Dott. Piero Neri, President Fratelli Neri Group; Dott. Corrado Neri, Director Fratelli Neri Group and Mr. Riccardo Sala, Broker Branchero Costa on the occasion of the contract signing for the three vessels. (Photo: Damen Shipyards)

Fratelli Neri S.p.A., the family-owned, Livorno-based harbor towage company, has ordered three new Damen vessels; an ASD Tug 2913, a Stan Tug 1606 and a Stan Launch 1305, the last for its subsidiary company Labromare, which is 50% owned by Tripmare S.p.A.  


Sovcomflot Buys Nine PRISCO Tankers

Russia’s PAO Sovcomflot (SCF Group) subsidiary SCF Tankers Ltd. has won an auction for nine arctic-going tankers that belonged Primorsk International Shipping Ltd. (PRISCO), who filed for chapter 11 protection in January 2016. The purchase deal is worth $215 million


Transocean Will Issue $1.25 Billion Of Notes Due 2023

Transocean Ltd. announced that its wholly-owned subsidiary Transocean Inc., has priced its previously-announced offering of senior unsecured notes.   Transocean will issue $1.25 billion in aggregate principal amount of senior unsecured notes due 2023 pursuant to Rule 144A/Regulation S


Two Damen Stan Pontoons for Silverburn

Stan Pontoon 8916 ICE Classed vessels Photo Damen

Silverburn Shipping Group has taken delivery of two Stan Pontoon 8916 ICE vessels. Capable of taking on diverse heavy transport duties, these ice-classed vessels are robust enough to operate in all seasons.Built for stock, the pontoons left Rotterdam earlier this week on the client’s own


Rimorchiatori Augusta Orders Damen ASD Tug

ASD 2810 - Artist Impression (Photo: Damen Shipyards Group)

Rimorchiatori Augusta and Damen Shipyards Group have recently signed a contract for an ASD 2810 tug for operations in the Sicilian port of Augusta. Rimorchiatori Augusta is a new venture for the Rimorchiatori Riuniti group and this will be the first new vessel for the company


APM Terminals Takes Full Control of APM Terminals-Aarhus

APM Terminals Aarhus photo APM

Aarhus Service Holding A/S has sold its 40% share in APM Terminals-Aarhus A/S to its JV Partner since the 2010 merger of adjoining facilities in Denmark’s largest port; container volumes have steadily increased over the past four years.  


Euronav Share Buyback

Courtesy Euronav

Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) today announces that the Company has purchased 192,415 of its own shares on Euronext Brussels for an aggregate price of EUR 1,528,211. Transaction


NAT Takes Delivery of Suezmax, Earnings Capacity Up

Courtesy Nordic American Tankers Limited

Nordic American Tankers Limited ("NAT" or "the Company") announced that it today took delivery of a Suezmax vessel, the Nordic Sirius, built at a shipyard in Japan. NAT agreed to purchase four vessels as announced in our press release May 2, 2016


Beier Purchases South Coast Electric Systems

  Beier Integrated Systems (Beier) informs it has purchased South Coast Electric Systems (SCES) from American Electric Technologies (AETI), expanding the its manufacturing capabilities in the marine market.   Beier said it will acquire SCES’s operations


UAE Top Court: Physical Bunkers Suppliers Have No Right to Recourse against Owners/Charterers

File photo: OW Bunker

The OW saga - UAE Federal Supreme Court decides that physical suppliers of bunkers have no right to recourse against Owners/Charterers. In the first decision on the issue from the most senior court in the country, the UAE Federal Supreme Court has decided that physical suppliers of bunkers have


First Damen Tug for Bugsier

DAMEN-ASD-2411 Courtesy Damen

Bugsier, the German towage and maritime service provider, has boosted its already extensive fleet with the addition of a Damen ASD 2411 tug. The tug represents the first purchase of a Damen vessel for Bugsier. Bugsier holds an established position in the German maritime sector: the company is


Newport Shipyard Buys Custom Marine Travelift

Marine Travelift Inc. announced that Newport Shipyard has purchased a customized 200CII mobile boat hoist for its Newport, R.I. facility. When it’s delivered this fall, the machine will join the 70-, 100- and 500-ton Marine Travelift hoists currently in operation.  


Suezmax Tanker Delivered to NAT

Nordic American Tankers Limited (NAT) has today taken delivery of Nordic Castor, the second of four secondhand Japanese-built Suezmax tankers acquired in May 2016. The first of the four vessels, Nordic Luna, was delivered June 1, and the third vessel is expected to be delivered near the end of






 
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