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. The additional liquidity will partly be used to fund pre delivery installments on Knightsbridge's newbuilding program, and will in addition strengthen the Company's dividend capacity going forward. The sale of the vessel represents no change in the Company's strategy, but should be seen as an opportunistic transaction in the present strong tanker market.
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
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
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.
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, 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
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 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.
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
Below is a list of recent vessel sales prepared by Shipping Intelligence, Inc. as of August 1, 2013. Sale prices are listed in millions USD. Date reported - Vessel name – DWT - BLT/Age - Price Bulk Carriers 7/18/13 - OCEAN STAR - 18,367 - 00/13 - $4.8 7/18/13 - SEA BELL - 24,997 - 00/13 - $6.1 7/29/13 - GREAT CREATION - 27,383 - 98/15 - $6.2 7/10/13 - ALBANY SOUND - 28,379 - 02/11 - $12.3 7/10/13 - CAPE FLATTERY - 28,433 - 04/9 - $11.5
DMW Marine Group hired Monty Reeder as its Inside Sales Manager and New England, Canada and mid-Atlantic direct Sales Representative. Reeder graduated from Ursinus College with a degree in Business and Economics and previously represented Iron Mountain
Bourbon released its results for the third quarter 2013 and reported signs of continued improvement in offshore vessel demand. Revenues were up 8.6% compared to third quarter 2012, and up 12.2% against first nine months 2012 partly as a result of contract renewals at improved rates.
As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, the Bureau of Ocean Energy Management (BOEM) today announced that it will hold Gulf of Mexico Eastern Planning Area oil and gas lease sale 225 in New Orleans
Following another strong year for the company, President and CEO, Doyle Taylor, has promoted his Vice President of Sales, Allen Walker, to Vice President and General Manager of the Monico Monitoring, Inc. Taylor brought Walker on board in September of 2012 as Vice President of Sales to oversee
Jaya Holdings Limited reported consolidated revenue of $201.8 million and net profit of $46.1 million for the financial year ended 30 June 2013. The group’s total revenue for the financial year under review was $201.8 million, 145% higher than the previous financial year
Superior Performance Inc., a company in premium threaded tubing and casing products and services, has promoted Bobby Hodge to sales manager, announced CEO Louis Roth. Hodge will report to Roth and will work toward meeting sales quotas and company deadlines in the Houston sales division
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 announced that BOEM will hold a lease sale tomorrow that will make nearly 21 million acres
Following the transfer of ownership of the first nine vessels to the Chinese company ICBC Financial Leasing (ICBCL) as part of a 51 vessel sale and bareboat commitment and the payment of $144 million, Bourbon announced that the 10‐year bareboat charter period of those nine vessels by Bourbon will
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
Reported – Vessel Name – DWT – Built(Age) - Price Millions USD Bulk Carriers 9/24/13 - BIRCH 2 - 20,427 - 98(15) - $2.8 9/9/13 - ORIENTE NOBLE - 23,522 - 96(17) - $5.5 9/16/13 - NEUMETAL VENTURE - 23,786 - 98(15) - $8 9/24/13 - VOGE FELIX - 24,279 - 97(16) - $6.1
Marine security, monitoring and tracking systems supplier GOST (Global Ocean Security Technologies) has promoted Parrish Westbrook to National Sales and OEM Account Manager, Samantha Thomas to Sales and Marketing Coordinator and added Product Specialist Tony Miller to the team.
"Our operations developed in line with our expectations during the third quarter. Net sales grew by 11% to EUR 1,209 million and profitability was 11.4%. With better visibility on net sales development, we specify our sales growth guidance to 0-5%
As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, the Bureau of Ocean Energy Management (BOEM) today announced that it will hold Gulf of Mexico Central Planning Area (CPA) oil and gas lease sale 231 in New
Offshore energy services provider, Jaya Holdings Limited has reported consolidated revenue of $29.6 million and net profit of $7.6 million for the financial quarter ended September 30, 2013. The group’s revenue for the quarter under review was $29.6 million
Listed are vessel sales for October 2013 as prepared by Shipping Intelligence, Inc., New York. Reported – Vessel Name – DWT – Built(Age) – Price in millions USD Bulk Carriers 10/23/13 - POLYGO 2 - 6,850 - 89(24) - $1