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Vessel Purchase

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. Upon delivery in mid- to late-2013, the vessels will commence operations under 10-year time-charters. The contract with BG also includes certain extension options and vessel purchase options.   "These strategic new long-term shuttle tanker time-charters with BG further strengthen the Partnership's position in the fast-growing Brazilian offshore market," commented Peter Evensen, Chief Executive Officer of Teekay Offshore GP L.L.C. "In addition to increasing our Brazil based shuttle tanker fleet size by approximately 30 percent, this transaction is expected to be accretive upon delivery of the vessels and will provide Teekay Offshore with additional customer diversification and cash flow stability."


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


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


Diana Shipping Aquires Vessel

Diana Shipping Inc. has exercised the option to purchase a Panamax dry bulk carrier, the Yasmine Venture, of 73,546 dwt, built in June 2006. The vessel has a purchase price of $39.6m and is expected to be delivered to the Company in July 2006. Upon delivery the vessel will be chartered to Bocimar Belgium NV, Antwerp, Belgium, for 11 to 13 months at $21,000 per day net.


Meyer Acquires Turku Shipyard

Turku shipyard

  The Meyer family, operating the shipbuilding company Meyer Werft in Germany, and the Finnish State acquired Turku shipyard from STX Europe in September 2014. Meyer Werft took up 70 percent of the shares, and the State of Finland purchased 30 percent of the share capital through the Finnish


Foss Christens New Arctic Class Ocean Tug

The Michele Foss Arctic Class Tug (Photo: Foss)

The first of three Arctic Class tugs being built at the Foss Rainier, Ore. Shipyard was christened Thursday, April 9, at the Foss Waterway Seaport in Tacoma, Wash. The vessel, the Michele Foss, will see its first assignment on an oil field sealift this summer from South Korea to the Alaskan Arctic


LATC Orders Damen PSVs for Nigerian Offshore Sector

Photo: Damen

Africa-focused proprietary investment firm L.A.T Cleveson (LATC) has signed an order with Damen Shipyards Group for the supply of two PSV 3300 Platform Supply Vessels and two FCS 5009 Fast Supplier Vessels. This transaction will bring next generation Damen PSVs to the offshore industry of Nigeria


ClassNK Releases Steel Ships Rules and Guidance

Classification society ClassNK has released its 2015 Rules and Guidance for the Survey and Construction of Steel Ships.   The 2015 edition’s amendments, made between March 1, 2014 and December 31, 2014, reflect the latest R&D findings, feedback from damage investigations


Diana Containerships Takes Delivery of Panamax Ship

diana containership logo.png

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v YM Los Angeles, a 2006-built Panamax container vessel of approximately 5


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


Condor Ferries Orders Open Loop SOx Scrubbers

Commodore Goodwill (Photo: Condor Ferries)

DuPont Sustainable Solutions, through its subsidiary BELCO, has been awarded a contract to supply DuPont Marine Scrubber systems to two vessels owned by Condor Ferries, a Guernsey-based company that operates year-round freight, car and passenger ferries between the Channel Islands


Qatargas Sells First LNG Cargo to Pakistan

Port Qasim-LNG Delivery to Pakistan

  Qatargas sold its first cargo of liquefied natural gas (LNG) to Pakistan State Oil Company Limited (PSO).  The LNG cargo was sold on a free-on-board basis and loaded at Ras Laffan Port on to the LNG vessel Excelerate Exquiste on 21 March 2015.  


Navig8, Ocean Yield in Chemical Tanker Deal

Image: Ocean Yield

 Norway’s Ocean Yield has bought eight chemical tanker newbuildings for $306.8m from Navig8 Chemical Tankers Inc, which will lease the vessels back on 15-year   "hell and high" bareboat charters.   Navig8 Chemical Tankers has options to buy the vessels during the


Pakistan to Buy Eight Submarines from China

Image by Pakistan Defence

 Pakistan is close to signing a $4 to $5 billion deal to buy eight submarines from China, the Financial Times said on Thursday, in what it added would likely be China's largest overseas arms sale.   The Pakistan Navy says Islamabad has given the green light to the military's plan to


GasLog Acquires 2 BG Carriers

GasLog.jpg

GasLog Ltd. completed the acquisition of two LNG carriers from Methane Services Limited, a subsidiary of BG Group plc, which was previously announced on December 22, 2014. This transaction completes the third acquisition of ships from BG by GasLog in the last twelve months


OOCL Orders Six Ultra-Large Container Ships

Pic: Orient Overseas (International) Limited.

 Orient Overseas (International) Ltd. has placed a new order for six mega 20,000 teu container ships from South Korean shipbuilder Samsung Heavy Industries Co. for US$951.6 million.   Orient Overseas, controlled by the family of former Hong Kong chief executive Tung Chee-hwa


India Halts Iran oil Imports Under U.S. Pressure

Oil imports from Iran at 220,000 bpd in year to March 31. U.S. pressured India not to raise annual Iran oil imports. India halted oil imports from Iran for the first time in at least a decade in March as New Delhi responded to U.S. pressure to keep its shipments from Tehran within sanction


Hamburg Süd Completes CCNI Takeover

Courtesy Hamburg Sud

Effective 27 March 2015, Hamburg Süd has taken over the container liner activities of Compañía Chilena de Navegación Interoceánica S.A. (CCNI) including the related general agency functions of Agunsa Agencias Universales S.A


Sea Star Continues Puerto Rico Investments

Tim Nolan, Sea Star President

Sea Star Line, LLC has entered an agreement to on-hire another barge to add to its current service package for shipments from Jacksonville to Puerto Rico.   The new asset has the capacity for 320 dry units and its initial departure is scheduled for the first week of April






 
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