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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.


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


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


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


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.


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


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 - March 2016

Vessel sales for March 2016 (as of April 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built - (Age) - Price in Millions USD   Bulk Carriers 3/22 - JUDI - 18,320 - 00 - (16) - $2 3/22 - RED MISTRAL - 27,308 - 94 - (22) - $1.5


How Do Your Quarters Look, Shipping Investors?

Graph: Clarksons Research

 Conditions in many sectors of the shipping market are extremely challenging today, but some asset market watchers might look at that as fertile ground for new opportunity, says Clarksons Research.   However, different parts of the market cycle pose different questions for


Recent Vessel Sales - February 2016

Vessel sales for February 2016 (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 2/22 - ID MERMAID - 27,015 - 01 - (15) - $2.1


Kongsberg Appoints New Managing Director

Leif Kristian Weum (left) is taking over the helm from Managing Director, Terje Dyhre (right). Photo by Kongsberg Maritime AS

 Leif Kristian Weum has been appointed to the position of Managing Director of the Kongsberg Maritime Sales and Service office in Athens, Greece.    Kongsberg Maritime Hellas SA is a key Sales & Customer Support office established to serve the significant number of Greek


Diana Containerships Sells Panamax Ship for Scrap

Hanjin Malta (Photo: Diana Containerships)

Shipping company Diana Containerships Inc. has, through a separate wholly-owned subsidiary, signed a Memorandum of Agreement to sell to an unaffiliated third party the 1993-built vessel Hanjin Malta for demolition, with delivery due to the buyer by the end of March 2016


FSRU Golar Tundra Sold to Golar LNG Partners

Golar LNG Limited has entered into a purchase agreement to sell the Golar Tundra, a floating storage and regasification unit (FSRU), to Golar LNG Partners LP for a sale price of $330 million.   In connection with the closing, Golar LNG Partners will receive a daily fee plus operating


Recent Vessel Sales - January 2016

Vessel sales for January 2016 (as of February 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built - (Age) - Price in Millions USD   Bulk Carriers 1/27 - ASIAN TIDE - 7,365 - 08(8) - $1.3 1/20 - SHUEI - 19,968 - 12(4) - $9


NORDEN Sells its Last Capesize Ship

Nord-Energy (Photo: NORDEN)

In line with its dry cargo strategy to focus on Panamax and Supramax vessels, Danish ship owner NORDEN has entered into an agreement to sell its last remaining Capesize vessel Nord-Energy (180,310 dwt. built in 2004). At the same time, the company has agreed to buy a Supramax vessel (58,000 dwt


Ince & Co Advises Fugro on Vessels Sale

International law firm Ince & Co has announced that it has advised Fugro on a sale and lease back agreement with ICON Investments regarding two of its geotechnical drill ships Fugro Scout and Fugro Voyager. ICON financed the acquisition of the vessels by loan facilities from a syndicate of


Recent Vessel Sales - December 2015

Vessel sales for December 2015 (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 12/10 - AMINE BULKER - 28,700 - 07 - (8) - $6.3


NORDEN Sells Capesize Vessel

Photo: Dennis Schnell, Bulldog and Partners

NORDEN announced it has agreed to sell Nord Power, a 176,000 tdw Capesize dry cargo vessel built in 2005. The ship will be delivered to its new owners at the beginning of 2016   NORDEN said the sale will entail an accounting loss of $12 million


GIA Wins in Admiralty Proceedings

GIA_logo

  Clasis LLC has successfully gained costs for the arrest, appraisement and sale of a vessel for client GOH IGS Automation Pte Ltd (GIA). GIA was being represented by Clasis LLC in relation to monies due and owing to them in the High Court of Singapore.


Damen Trading Launches New Website

Photo: Damen

The new website for Damen Trading, the brokerage department of the Damen Shipyards Group, integrates Damen corporate house-style as well as an improved profile of services that includes registration, transport and even vessel modifications if required


EuronavSells Suexmax Cap Laurent

Photo: Euronav

Euronav NV announced the sale of its Suezmax Cap Laurent for $22.25 million. The 1998-built 146,145-dwt vessel was wholly owned by Euronav.    The vessel was delivered to its new owner on November 26, 2015.   The capital gain on that sale of about $11


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






 
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