Vessel Sales News

Tsakos Energy Navigation (TEN) on Monday announced it has sold one of the older vessels in its fleet, noting it plans to sell additional vessels in the near future.The 164,608 dwt suezmax tanker Eurochampion 2004, built at South Korea's Hyundai Heavy Industries in 2005, was sold to an undisclosed buyer in a deal expected to contribute approximately $40 million to the TEN’s cash balances, the Greek shipowner said.In announcing the sale, TEN noted its management is in continuous discussions for further vessel sales in the near future.The company also announced it has taken delivery of two 115…

On May 5, 2023, the White House announced that the Environmental Protection Agency (EPA) was “taking the next step to invest $3 billion in its Clean Ports Program to fund zero-emission port equipment and technology and to help ports develop climate action plans to reduce air pollutants, improve air quality and public health in neighboring communities, and advance environmental justice.” That “next step” was the issuance of a Request for Information to inform EPA of the availability…

Pure play product tanker company Pyxis Tankers on Tuesday announced that it has agreed to sell the Northsea Alpha and Northsea Beta, two 2010 built 8,600 dwt product tankers for an aggregate sale price of $8.9 million.Completion of the vessel sales, which are subject to customary closing conditions, should occur between late January, 2022 and late February, 2022. After the repayment of the outstanding indebtedness securing these vessels and the payment of various transaction costs, the company expects to receive aggregate net cash proceeds of approximately $2.8 million, which would be used for working capital purposes. For the fiscal year ended December 31…

Danish shipowner NORDEN said its asset management division—which handles buying, selling and leasing of dry cargo and product tanker vessels—is capitalizing on rising asset values in the dry cargo market through vessel sales.Since the start of the year asset prices for vessels in the dry cargo market have increased by around 80%, which by the end of Q2 had resulted in a rise of more than $350 million in the market value of NORDEN’s portfolio of owned and leased vessels, the company…

Marine seismic contractor Shearwater GeoServices has sold the seismic vessel Western Trident for recycling as part of the company’s fleet renewal strategy.The vessel has been delivered in Turkey for recycling. In late 2020, Shearwater also sold the CGG Alize vessel to be repurposed outside of the seismic industry.Shearwater said the vessel sales, coupled with the company's recent acquisition of six modern seismic vessels, forms part of Shearwater’s fleet renewal strategy to replace older and less efficient units.

Concordia Damen announced Monday it has launched a capital fund to facilitate the purchase of new and/or used inland vessels.The company has made available a business plan tool on its website, providing its customers—on a nonobligatory basis—the possibility of having a customized plan calculated for a motor vessel of its stock database.The resultant plan is specifically designed to serve as the first assessment of the financing of a vessel. Following the data capture on the website…

When the maritime history books are written, 2020 will be viewed as a year of pivots, re-invention and new paradigms. By February 2020, concerns about marine fuel’s sulfur content quickly shifted to near-term disruptions induced by the COVID-19 pandemic. By mid-year, with demand recovering, the conversation turned to longer term questions surrounding the moves towards reduced maritime carbon emissions and alternative fuels. How will this all impact the current fleet?Perhaps the most extreme reaction to the shifting landscape is the ongoing “pivot” of Scorpio Bulk (NYSE: SALT)…

Following a string of bulk carrier vessel sales and a plan to order an offshore wind installation vessel, dry bulk carrier operator Scorpio Bulkers on Sunday said its Board of Directors had authorized the company, as part of its transition to a sustainable future, to sell its remaining dry bulk vessels and exit the dry bulk sector during 2021. "As a result of this decision, the company expects to record a write-down ranging from $475.0 million to $500.0 million on vessels sold and classified as held for sale…

Scorpio Bulkers announced it has entered into an agreement to sell another Ultramax bulk carrier, its second this week, as the company continues its transition away from dry bulk shipping to focus on the offshore wind market.Scorpio said Wednesday the 2015-built SBI Orion was sold to an unaffiliated third-party buyer for approximately $16.1 million. Delivery of the vessel is expected to take place in the first quarter of 2021.Earlier this week, Scorpio sold the 2016-built SBI…

Scorpio Bulkers has sold off another vessel as the NYSE-listed shipowner shifts its focus to the offshore wind market. SBI Tethys was sold for $18.25 million and is expected to be handed over to its new owner in the first quarter of 2021, Scorpio announced Tuesday. The 2016-built Ultramax is the latest in a string of bulk carriers sold by Scorpio since the company announced in August that it planned to depart the dry bulk shipping business. The company has recently sold eight vessels and has contracted to sell 13 additional vessels, all of which are expected to close in the first half of 2021. Upon the completion of the announced vessel sales…

Scorpio Bulkers, Inc. announced Wednesday that it has entered into agreements with an unaffiliated third party to sell two 2017-built Ultramax bulk carriers for approximately $34 million as the dry bulk shipping company continues its transition to offshore wind services.The ships, SBI Phoenix and SBI Samson, are expected to be handed over to the unnamed buyer in the fourth quarter, Scorpio said. Both vessels were built at China's Chengxi Shipyard.The bulk carriers are the fourth and fifth Scorpio has sold since its August announcement revealing plans to enter into a shipbuilding contract with South Korea's Daewoo Shipbuilding and Marine Engineering (DSME) to build a wind turbine installation vessel for delivery in 2023, with options to build three further similar vessels.

Greek ship-owning company Top Ships Inc. announced the completion of sale of MT Stenaweco Elegance.According to a press note from the owner and operator of modern, fuel efficient "ECO" tanker vessels, its previously announced sale of tanker was concluded.The vessel was delivered to its new owner, an unaffiliated third party, and the respective loans for which the vessel was a collateral for were fully prepaid.Few days ago, the Greek tanker owner sold its 50% owned MR2 chemical/product tankers  M/T Holmby Hills and M/T Palm Springs.The vessel sales are subject to customary closing conditions and are anticipated to be concluded during March 2020, said Top Ships.

The international ship-owning company Top Ships announced that its 50% subsidiaries which own M/T Holmby Hills and M/T Palm Springs entered into agreements to sell both vessels to unaffiliated third parties.According to the owner and operator of modern, fuel efficient "ECO" tanker vessels, the vessel sales are subject to customary closing conditions and are anticipated to be concluded during March 2020.The two MR2 tankers are owned by Evangelos Pistiolis-led Top Ships  in a 50-50 joint venture with Gunvor’s Clearlake Shipping.Depending on when the closing of the sales take place and on prevailing USD Swap rates at the time of closing…

Bermuda-based operator of mid-sized tankers Teekay Tankers has closed a new five-year, $533 million revolving credit facility to refinance 31 vessels.The size of the new debt facility was reduced since announcing the term sheet signing in November 2019 as a result of excluding five vessels from the new facility, including the three vessel sales noted above and a potential for further opportunistic vessel sales.The proceeds from the new debt facility will be used to repay approximately $455 million of the company’s existing debt. The new debt facility has substantially similar terms and extends balloon maturities from 2020/2021 until the end of 2024.Including the agreed asset sales and the new debt facility…

Diamond S Shipping Inc, the owner and operator of crude oil and product tankers, has sold two 2008-built MR vessels, the Atlantic Aquarius and Atlantic Leo, generating approximately $11.3 million of liquidity before settlement of working capital.A non-cash write-off of $18.3 million was recognized in connection with the vessel sales, it said.Diamond S Shipping owns and operates 66 vessels on the water, including 15 Suezmax vessels, one Aframax and 50 medium-range (MR) product tankers.The company groups its business primarily by commodity transported and segments its fleet into a 16-vessel crude oil transportation fleet (the Crude Fleet) and a 50-vessel refined petroleum product transportation fleet (the Product Fleet).The Crude Fleet consists of 15 Suezmax vessels and one Aframax vessel.

As car carrier shipping is expected to continue its slow recovery, backed by better utilization and minimal vessel ordering, costs are increasing while the trade outlook seems vulnerable to emerging geopolitical risk. Slow car carrier recovery is expected to lead to more distressed vessel sales as shipping lines focus on landside investments in search of profitability, according to the  global shipping consultancy Drewry.Seaborne trade in finished vehicles, including high & heavy and used autos, continued to grow from 2016’s low, recording growth of 1% in 2018 to 22.8 million units, and this trend has continued into 2019. This is despite the first decline in global vehicle sales in a decade as US and Europe transactions peaked and a decline in China…

TORM, a Denmark-based shipping company that owns and operates product tankers, announced that it took delivery of two medium range (MR) newbuildings during the second quarter of 2019.The carrier of refined oil products said in a stock exchange announcement that it during the second quarter of 2019, TORM has purchased four modern 2011-built MR vessels for a total consideration of USD 83m. The vessels are expected to be delivered during August 2019.TORM has sold the MR vessel TORM Gunhild (built in 1999) for a consideration of USD 6 million and repaid debt of USD 4m in connection with the vessel sale. The vessel has been delivered to the new owners."After the quarter ended on 30 June 2019…

In the last couple of weeks, Dampskibsselskabet Norden A/S has sold off four dry cargo vessels as part of its strategy to become increasingly asset light and reduce the owned fleet to a tradable size, the Danish shipowner announced on Tuesday.The sold vessels are 2002-built Panamax vessel Nordkap, 2002-built Panamax vessel Nordpol, 2007-built Supramax vessel Nord Express and 2011-built Handysize vessel Nord Mumbai.“It is an integrated part of Norden’s business to buy and sell vessels when the right opportunities arise,” said Norden CEO Jan Rindbo.

Ship Finance International Limited announces that it has agreed to sell the 2007-built jack-up drilling rig Soehanah to an unrelated third party and three 2002-built VLCCs to ADS Crude Carriers Ltd., a newly established company in which Ship Finance has acquired a 17 percent interest.Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment, "Divesting of older vessels is a part of the company's strategy to renew and diversify the fleet. Over the last three months, Ship Finance has taken delivery of 19 vessels with long-term charters, increasing our fixed charter backlog by nearly $600 million. We see further growth opportunities across our target market segments…

The Baltic Exchange announced it will launch an Escrow Service for its members to hold deposits for ship sale transactions.The paid-for service will be available from May 2018 for use in transactions where the buyer of the vessel is a Baltic Exchange member. The service will cost $5,000 per side and is likely to be extended to disputes related payments, the Baltic Exchange said.The Escrow Service will be run by the Baltic Exchange's Asia office in Singapore and will be subject to the Singapore Exchange's (SGX) compliance and money laundering procedures.

Cook Inlet Tug & Barge (CITB), an independently managed subsidiary of Foss Maritime Company, entered into an Asset Purchase Agreement with Crowley Vessel Sales Group and completed the purchase of all of Crowley’s Prudhoe Bay, Alaska assets – including tugs, barges, heavy machinery and other vehicles and equipment.“These assets are already positioned on the North Slope,” said John Parrott, President and CEO of Foss. “They are operationally ready to perform shallow draft tug and…

International Seaways, one of the largest tanker companies worldwide, said it acquired a 2010-built VLCC for $53 million, the Seaways Raffles, which commenced trading in the Tankers International pool, during the fourth quarter of 2017. During the fourth quarter, the company, which provides energy transportation services for crude oil and petroleum products in International Flag markets,  sold a 2004-built MR, which was delivered to buyers in November 2017. The Company also sold a 2002-built MR, which delivered to buyers in January 2018, and a 2004-built MR, which delivered to buyers in February 2018. Net proceeds received from the two ships delivered to buyers in 2018 totaled $17.9 million.

Vessel sales for March 2018 as prepared by Shipping Intelligence, Inc., New York.Date Reported - Vessel Name - DWT - Year Built (Age) - Price in Millions USDBulk Carriers3/25 - KIBELE - 12,235 - 00 (18) - $3.33/25 - LUCKY STAR - 27,321 - 95 (23) - $2.93/25 - GLORIOUS SAWARA - 28,339 - 09 (9) - $93/25 - NORTHERN LIGHT - 28,415 - 07 (11) - $7.63/25 - BLUE ANGEL - 44,950 - 94 (24) - $4.53/25 - TONG XIANG - 46,240 - 97 (21) - $5.33/25 - MONICA P - 46,667 - 98 (20) - $63/6 - EUGENIA B - 46,750 - 98 (20) - $5.753/11 - AMETHYST - 47,301 - 01 (17) - $8.53/25 - NEPHENTHE - 48,913 - 01 (17) - $8.23/11 - NAVIOS HERAKLES - 52,061 - 01 (17) - $8.33/6 - POLESTAR - 53,452 - 06 (12) - $9.33/25 - NICHIRIN - 55,694 - 10 (8) - $153/6 - DARYA VISHNU - 56,056 - 06 (12) - $12.83/25 - HAMMONIA MALTA - 56,700 - 1