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Vessel Sales

TORM Product Tankship Deal With Oaktree Capital

A TORM Tankship: Photo courtesy of TORM Tankers

Denmark's TORM agreed to sell five MR product tankers to a company controlled by Oaktree Capital Management as part of an earlier restructuring agreement. The sale is a consequence of the specific option rights, which one bank group exercised in connection with the Restructuring Agreement. Oaktree will place the five vessels under TORM’s commercial management in a revenue sharing scheme, and utilize TORM’s integrated operating platform for technical management. TORM retains an upside potential through a profit split mechanism if Oaktree generates a return above a specified threshold. The five vessels will be delivered to Oaktree during 2013. The transaction leads to a P&L loss of approximately $5 million which will be recognized in the financial statements in the second quarter of 2013. Following the sale, TORM’s owned fleet consists of 60 product tankers and two dry bulk vessels. TORM maintains its forecast for 2013 of a loss before tax of $100-150 million before potential additional vessel sales and impairment charges.  

Knightsbridge Tankers Announces Vessel Sale

Knightsbridge Tankers Limited has agreed to sell its 1995-built double hull VLCC tanker Chelsea for the net sale proceeds of approximately $99 million. Delivery to buyers is expected to take place in January 2008. The sale will generate approximately $78.8m in liquidity and a gain of approximately $49 million, based on delivery December 21, 2007. In addition, the vessel is recently fixed to the beginning of February 2008 and the net result would be for the benefit of Knightsbridge.

Overseas Shipholding to Sell Tankers

Overseas Shipholding Group, Inc. has agreed to sell two of its oldest Aframaxes (the 1993-built Overseas Keymar and the 1994-built Pacific Sapphire) and one of its oldest VLCCs (the 1996-built Majestic Unity) for net proceeds of approximately $168 million. The proceeds will be used to fund the recently announced newbuild program of four Aframax tankers that are being built at the New Times Shipbuilding Co., Ltd. shipyard in Jinjiang, China. The new 114,000 dwt 44-meter beam

Safe Bulkers Sells Panamax Class Vessel

Safe Bulkers, Inc. (NYSE: SB), an international provider of marine drybulk transportation services, announced the sale of a Panamax Class Vessel. Safe Bulkers has entered an agreement to sell a 76,000 dwt Panamax class vessel built in 2003 for $33m, excluding commissions to brokers. The vessel will be delivered to its new owners in December 2009. The extended delivery period, which exceeds the market standard of three months

Tsakos Q4 & 2009 Results

2009 Highlights: - Voyage revenues of $444.9 million versus $623.0 million in 2008 - Income of $47.8 million (before vessel impairment charges of $19.1 million) versus $202.9 million (no impairment charge) in 2008 - EPS of $0.77 (diluted) ($1.28 per share excluding impairment charge) compared with $5.33 (diluted) in 2008 - Average operating expenses per vessel per day decreased by 8.2% to $8,677 from $9,450 in 2008

Hornbeck Completes $114M Sale of OSVs to U.S. Navy

    The HOS Arrowhead in 2010 (Photo courtesy of Military Sealift Command)

  Hornbeck Offshore Services has closed the sale of three 250EDF class OSVs to the U.S. Navy, the company announced today.   The three vessels were sold for cash consideration of $114 million, the company reported. This is expected to result in a gain on sale of assets of approximately $33.0 million ($20.8 million after-tax or $0.57 per diluted share).    The HOS Arrowhead, the HOS Eagleview and the HOS Westwind have been supporting the Navy's submarine fleet on the

Court Rules on Liens and Breaches

A Lesson in admiralty law was recently provided by the U.S. Court of Appeals for the Fifth Circuit when it ruled that a maritime lien for breach of a charter party attaches when the vessel is placed at the charterer's disposal. Dennis Bryant, writing about the case on the Maritime Liens website, notes, "A vessel owner entered into a time charter and accordingly delivered the vessel. The vessel was then sold to a third party, subject to the time charter

Vessel Sale, Leaseback Nets $9m Profit

Hallin Marine entered into an agreement to sell its vessel, SOV Ullswater, for $45million. The agreement will generate a profit to Hallin of approximately $9 million in the financial year 2008 and will enable the company to operate the vessel for 10 years under a bare-boat charter. Oslo based marine group RS Platou has set up a company to buy the Ullswater and to charter it to Hallin Marine at a competitive fixed rate for the duration of the charter.

OSG Reports 2Q Results

For the quarter ended June 30, 2007, Time Charter Equivalent (TCE) revenues were $274.2m, an increase of 27% from $216.3 million for the same period of 2006. The increase reflects the acquisitions of Maritrans in November 2006 and the Heidmar Lightering business in April 2007 and an increase in average daily TCE rates for VLCCs and Handysize Product Carriers. EBITDA(1) for the quarter increased 36% to $148.5 million from $109.1 million in the comparable period of 2006

Seacor Smit Announces First Quarter Results

Seacor Smit Inc., announced net earnings for the first quarter ended March 31, 2002 of $11,406,000, or $0.55 per fully diluted share, on operating revenues of $103,643,000. In the comparable quarter ended March 31, 2001, SEACOR earned $12,134,000 per fully diluted share, on operating revenues of $93,200,000. Net earnings in the immediately preceding quarter ended December 31, 2001 were $18,679,000 on operating revenues of $109,804,000.

Recent Vessel Sales - September 2015

Vessel sales for September 2015 (as of October 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built - (Age) - Price in Millions USD   Bulk Carriers 9/16 - VAN ORCHID - 28,341 - 09 - (6) - $10

Recent Vessel Sales - October 2015

Vessel sales for October 2015 (as of November 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built - (Age) - Price in Millions USD   Bulk Carriers 10/29 - SIR HENRY - 18,315 - 97 - (18) - $3.2

Mayall Joins Bollinger as VP Sales/Marketing

Joe Mayhall (Photo: Bollinger)

Bollinger Shipyards announces the addition of Joe Mayhall to its corporate sales and marketing team.    Bollinger president and CEO Ben Bordelon made the announcement, stating, “In his new role of Vice President, Commercial Business Development

Star Bulk Carriers Sold Three Vessels in Q3

Pic by Star Bulk Carriers

 Star Bulk Carriers has sold three vessels during the third quarter, a modern Supramax and two 90s built Panamax says Petros Pappas, Chief Executive Officer.   Net sales proceeds for completed vessels sales were approximately $27.9 million in Q3 and we also received approximately $3

BOURBON Continues to Sell Vessels

BOURBON completes vessel sales to ICBC Financial Leasing and Standard Chartered Bank and announces new sale and bareboat charter agreement with Minsheng Financial Leasing Co.   BOURBON has completed the transfer of ownership under the agreements with ICBC Financial Leasing (ICBCL) and

Recent Vessel Sales: December 2014

Vessel sales for December 2014 (as of January 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built - (Age) - Price in Millions USD   Bulk Carriers 12/15 - BRILLIANT MOIRA - 28,384 - 14 - (0) - $18.3

Vessel Sales: February 2015

Vessel sales for February 2015  - (as of March 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built -  - (Age) - Price in Millions USD   Bulk Carriers 02/10 - KEN KOKU - 23,647 - 96 - (19) - $4.2

Recent Vessel Sales: April 2015

Vessel sales for April 2015 - (as of May 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built - (Age) - Price in Millions USD   Bulk Carriers 4/14 - CENTURY PEARL - 16,383 - 08 - (7) - $6.8

Siem Sells “Siem Sasha”

Car Carrier CSAV Rio Grande. Pic by Siem Shipping

 Norwegian company Siem Offshore has sold the platform supply vessel (PSV) “Siem Sasha”.  It has delayed delivery of four of the nine platform support vessel (PSV) newbuildings it has under construction in Poland.  

Recent Vessel Sales: May 2015

Vessel sales for May 2015 (as of June 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built - (Age) - Price in Millions USD   Bulk Carriers 5/26 - SEA RACER - 18,320 - 00 - (15) - $3.5 5/12 - BIRCH 5 - 26,045 - 97 - (18) - $2.8

Competition, Quality and Demand Come Together

Silver Ships

Combat, Patrol and Law Enforcement Vessels Meet Multiple Missions with varied business plans. U.S. firms building patrol, combat and law enforcement craft are weathering government budget cuts by strengthening ties with clients and public agencies

Goldenport Sells Thira

Goldenport Sells Container Vessel Thira

  Goldenport Holdings Inc.  the international shipping company that owns and operates a fleet of dry bulk and container  vessels, announces today the sale of a container vessel, 'Thira'.   The Company has agreed the sale of the 1997 built container vessel to an unaffiliated

Recent Vessel Sales - August 2015

    Vessel sales for August 2015 (as of September 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built - (Age) - Price in Millions USD   Bulk Carriers 8/24 - MA SIK RYONG - 18,612 87 - (28) - $1

Thomas Miller Acquires Marine Law Firm

Peter Jackson, Head of TM Law

  Thomas Miller the international insurance, professional and insurance services provider announces the acquisition of the partners and staff of specialist marine law firm, Davies Johnson & Co of Plymouth. The acquisition brings an additional six fee earners to the Thomas Miller Law

Diana Containerships Sheds Panamax Boxship

diana containership logo.png

Press release - Diana Containerships has signed a Memorandum of Agreement to sell to an unaffiliated third party the 1995-built vessel "Garnet" (formerly "APL Garnet") for demolition, with delivery due to the buyer by the end of September 2015

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