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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


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


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


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.


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


Recent Vessel Sales: August 2013

Below is a list of vessel sales for August, 2013 prepared by Shipping Intellegence, Inc., New York. All sale Prices are listed in Millions USD. Reported_Vessel Name_DWT_BLT/Age_Price Bulk Carriers 08/27/13 - PAN LEADER - 16,695, 86(27), $2.2 08/09/13 - ORIENTE PRIME - 21,995, 94(19), $4.5 08/06/13 - UBC BOSTON - 23,543, 97(16), $6.9 08/19/13 - KEN SHO - 23,581, 95(18), $5.2 08/06/13 – NAXOS - 23,825, 95(18), $5.3 08/06/13 - UBC BATON ROUGE - 24,034, 98(15), $6.9


Recent Vessel Sales: July 2014

Vessel sales for June 2014 (as of July 1) as prepared by Shipping Intelligence, Inc., New York. Date Reported – Vessel Name – DWT – Built (Age) – Price in Millions USD Bulk Carriers 7/28/14 - STHENO - 6,238 - 81(33) - $.4 7/28/14 - GAN SHUN - 6,844 - 99(15) - $1.1


TMT CEO Files $100m IP Suit Over Vessel Sale

us courts.jpg

Hsin-Chi Su, Chairman and CEO of Today Makes Tomorrow Group (TMT) launched a suit in Texas federal court on July 28, 2014, alleging that a planned bankruptcy sale of three company ships, including M.V.D Whale, M.V.G Whale and M.V.H Whale, to Mega International Commercial Bank Co. Ltd


Bourbon Posts Weak First Half Results

PSV Bourbon Explorer 501 (Photo courtesy of Bourbon)

Bourbon published its first half results for 2014, recording adjusted revenues up 8.9% at constant rates, reflecting an increase in the size of the fleet, despite a lower utilization rate (adjusted revenues increased 1.5% at current rates). Adjusted EBITDAR as a percentage of adjusted revenues


Recent Vessel Sales: August 2014

Vessel sales for June 2014 (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 8/18/14 - LINGUE - 26,973 - 90(24) - $4


Recent Vessel Sales

 (Sale Prices in Millions USD) _REPT'D____VESSEL NAME_____________________DWT___BLT/AGE____PRICE_   BULKCARRIERS                   12/09/13  OCEAN SIRIUS


Bourbon Achieves $770m USD in Vessel Sales in 2013

Photo:  Bourbon

In line with its strategy, BOURBON achieves US$ 770 million of vessel sales in 2013. Bourbon has sold 12 additional vessels to ICBC Financial Leasing for US$ 378 million and concluded a new sale and bareboat charter agreement with Standard Chartered Bank for US$ 150 million


MOL America Announces Corporate Sales Changes

Richard Craig

MOL (America) Inc. issued a release announcing several changes to its North American sales management, including the promotion of Richard Craig to the position of executive vice president, sales and operations. Additionally, Richard Jung, who currently assistant vice president of sales


DOT Provides $7 Million for Maritime Education

U.S. Transportation Secretary Anthony Foxx

The U.S. Department of Transportation’s Maritime Administration today announced that America’s six state maritime academies – California Maritime Academy, Great Lakes Maritime Academy, Maine Maritime Academy, Massachusetts Maritime Academy


Recent Vessel Sales: January 2014

Reported – Vessel Name – DWT – Built(Age) - Price Millions USD Bulk Carriers 01/13 BAO YUN DA - 5,769 - 96(18) - $1.5 01/20 PACIFIC CHIKUSA - 16,870 - 00(14) - $5 01/13 CYNTHIA PIONEER - 23,641 - 09(5) - $15 01/20 DANIELA BOLTEN - 23,641 - 08(6) - $14.8


Bourbon's Revenues up in 2013

Net Income Group share up 174% to €115 million. Increased operating margin1 and capital gains generated €575.7 million EBITDA, up 41.7% compared to 2012.   EBITDAR2 (excluding capital gains) reached €450.3 million (+17.6%), an increase of 2.1 pts to 34


Recent Vessel Sales: March 2014

Reported – Vessel Name – DWT – Built (Age) - Price Millions USD Bulk Carriers 3/18 - AINO DAKE - 22,201 - 92 (22) - $4.5 3/11 - BAVARIAN TRADER - 23,483 - 95 (19) - $6.2 3/31 - HO XIN - 24,823 - 07 (7) - $13 3/18 - HARRIETT - 25,565 - 02 (12) - $8


BOEM Proposes GoM Oil and Gas Lease Sale

Photo courtesy BOEM

As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, Bureau of Ocean Energy Management (BOEM) Director Tommy P. Beaudreau today announced that the bureau will offer more than 21 million acres offshore Texas for


Otto Marine's Financial Health on the Mend

Michael See Kian Heng: Photo Otto Marine

Michael See Kian Heng, Group Executive Director of Singapore-based offshore vessel owners & shipbuilders Otto Marine, says that his company reported revenue of US$512.0 million in year 2013, an increase of 36.8% over US$374.4 million in 2012


Recent Vessel Sales: June 2014

Vessel sales for June 2014 (as of July 1) as prepared by Shipping Intelligence, Inc., New York. Date Reported – Vessel Name – DWT – Built (Age) – Price in Millions USD Bulk Carriers 6/26 - TAN BINH 36 - 22,257 - 90 (24) - $3.7


Cummins Reports Revenue Jump in Q2 2014

Tom Linebarger

Cummins Inc. reported its results for the second quarter of 2014. According to the report, second quarter revenue of $4.8 billion increased 7 percent from the same quarter in 2013. The increase year-over-year was driven by stronger demand in on-highway markets and distributor acquisitions in






 
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