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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


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


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


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


Zim to Buy Eight Ships for $1.36B

Israel Corp. subsidiary Zim Integrated Shipping Services Ltd. said it had placed an order to purchase eight mega container ships from the South Korea’s shipyard Samsung Heavy Industries Co. Ltd. The deal, valued at $1.37b, ($170m each) comes six weeks after Zim Integrated Shipping Services Ltd. announced its plan to upgrade its container vessels fleet. The company had ordered eight TEU 12,600 mega containership for delivery by July 2012


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


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


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


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


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


STX Sells Lorient Shipyard

Photo: STX France

 The shipbuilding group STX France has offloaded its Lorient shipyard to a naval consortium.    The shipyard, which has produced civil and naval vessels, will be purchased by Kership, a joint venture between French industrial shipbuilder Piriou and naval manufacturer DCNS. 


ClassNK Updates Steel Ships Survey/Construction Guide

Classification society ClassNK has released printed versions of its 2016 Rules and Guidance for the Survey and Construction of Steel Ships.   ClassNK regularly reviews and revises its technical rules and guidance in order to ensure that they are relevant and up-to-date.  


World’s Biggest LNG Buyer Becomes Seller

Photo:  JERA Co., Inc.

 EDF Trading, a wholly-owned subsidiary of French power giant EDF, has signed an LNG sales and purchase agreement with Japanese LNG aggregator Jera Co Inc, one of the world’s largest buyers of liquefied natural gas.   Jera, a joint venture between Tokyo Electric Power Co


Nordic American Tankers Expands Suezmax Fleet

Nordic American Tankers Limited (NAT) has taken delivery of Suezmax tanker Nordic Luna, the first of four secondhand sister vessels purchased as part of the company’s plans for fleet expansion.   The second vessel is expected to join the NAT fleet in mid-June


Bibby Steers to Offshore Cable Installation

Mike Wilson, Managing Director of Ecosse Subsea Systems Limited & Fraser Moonie, Chief Operating Officer of Bibby Offshore (Photo: Bibby Offshore)

Bibby Offshore announced its decision to move into the offshore wind array cable installation market. The company has purchased a power cable lay carousel from Ecosse Subsea Systems (ESS), which will enable Bibby Offshore to lay power cables for offshore wind projects from its vessels


Damen Delivers Two Tugs to SAAM

Photo: Damen Shipyards

SAAM S.A., a  towage company with operations across South, Central and North America, has taken delivery of two ASD Tugs 2411 from the Damen Shipyards Group. These compact yet powerful vessels deliver over 70 tonnes of bollard pull and are exceptionally manoeuvrable and reliable.


Golar Redesigns Ship Management with BASSnet

Courtesy Golar LNG

Following a comprehensive exercise to insource all ship management functions and to build a fully integrated shipping company, Golar LNG recently chose the BASSnet software as the core building block for the management of its fleet of 23 LNG carriers.


UKHO to Release Digital Charts for Expanded Panama Canal

Photo: UKHO

The United Kingdom Hydrographic Office is to release five new Electronic Navigational Charts (ENCs) for the expanded Panama Canal.   The new ENCS are produced by the Panama Canal Authority (PCA) and provide end-to-end coverage of the Canal at a scale of 1:10 000.  


Navig8 Tankers Pact with CMB

Photo: Navig8 Chemical Tankers Inc.

 Navig8 Chemical Tankers Inc. has signed sale and leaseback agreements with CMB Financial Leasing Co. Ltd. (CMB) for three of its IMO2 37,000 dwt Interline coated tankers.   The company said that the expected net proceeds from the transaction are USD 91.2 million.  


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


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.  






 
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