Marine link
 

Vessels For Sale

Bourbon 2009 Financial Results

For 2009, Bourbon reported robust earnings driven by the growth of the Offshore Division. EBITDA excluding capital gains was up 9.4%. “The 2009 results illustrate the good increase of the offshore activity due to the growth of the fleet and to its utilization rate, which remains high despite the market downturn during the year,” said Jacques de Chateauvieux, Chairman & Chief Executive Officer of Bourbon. “Net income group share reached a satisfactory level compared with 2008, when capital gains on sales of vessels and sales on equity interests were recorded.” Revenue growth for the year reflected two contrasting changes: - The strong growth in Offshore Division revenues (+20.5%), helped in particular by favorable exchange rates. - The sharp decline in Bulk Division revenues, due to the change in charter rates. Excluding capital gains, gross operating income (EBITDA) reached €346.3 million for the year, i.e. an increase of 9.4% for the group. The EBITDA of the Offshore Division alone grew by €70.8 million i.e. plus 29.4%. Gross operating income (EBITDA) was nearly stable at €347.5 million after taking into account very high capital gains recorded in 2008. Operating income came to €213.1 million, down 10.9% compared with 2008 when the Bulk Division posted a historically high performance essentially attributable to capital gains on sales


Bourbon 2009 Financial Results

For 2009, Bourbon reported robust earnings driven by the growth of the Offshore Division. EBITDA excluding capital gains was up 9.4%. “The 2009 results illustrate the good increase of the offshore activity due to the growth of the fleet and to its utilization rate, which remains high despite the market downturn during the year,” said Jacques de Chateauvieux, Chairman & Chief Executive Officer of Bourbon


Blue Star Maritime to Sell Catamaran

Greece's Blue Star Maritime SA said it signed an agreement to sell its catamaran Seajet 2 for $3.6M to the Sea Jet II Shipping Co The delivery of the vessel is expected to take place by the end of March. Part of the sale price will be paid when the vessel is delivered, while the credited amount of $3M will be paid in monthly instalments until September 2006. Blue Star said the vessel sale is part of its policy to focus on the operation of fast, modern, conventional vessels.


CMB Continues Fleet Rejuvenation

CMB confirmed that its subsidiary, Bocimar and Wah Kwong, have sold the panamax vessel Yasmine Venture (2006 - 73,546 dwt) - ordered in joint venture in 2003 from Jiangnan (China) - to Diana Shipping. The net sale price amounts to $39.6 million, and CMB will realize a capital gain of approximately $5.5 million on this sale. Also, Bocimar and Oak Maritime have concluded an agreement with Chang Myung Shipping (Korea) for the sale of the joint venture vessel Mineral Oak (1996 - 165,693 dwt).


Japanese Yards Form Alliance

Three major Japanese shipbuilders are forming an alliance on commercial vessels and ocean engineering to survive competition with South Korean shipyards. The three firms -- Ishikawajima-Harima Heavy Industries, Kawasaki Heavy Industries Ltd and Mitsui Engineering & Shipbuilding Co Ltd will cooperate on joint procurement of materials and design skills for building commercial vessels, aiming to cut production costs. They will decide in one or two years whether to spin off their divisions for


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. They also announced the transfer of ownership of 12 vessels to the Chinese company ICBC Financial Leasing ("ICBCL") for a total value of approximately US$ 378 million


Knight & Carver Promotes LoCoco to VP

Knight & Carver YachtCenter has promoted Giovanni LoCoco to the newly created position of Vice President/Operations. The announcement was made by Sampson A. Brown, the boat-building company’s president/chief executive officer. LoCoco, who has been with Knight & Carver for 19 years, now oversees all three divisions – new-vessel construction, vessel repair/refits/repowers and wind-turbine blade manufacture and repair. A native San Diegan, Mr


TEN Announces Sale of the Panamax Bregen

Tsakos Energy Navigation Ltd. (TEN) announced the sale of the 1989-built double hull Panamax tanker Bregen. Following the sale of 1987-built Crux and 1988- built Libra during the third quarter of 2006, the sale of the Bregen represents the disposition of the last remaining 1980's built tanker in the Company's fleet. The vessel will be delivered to its] new owners in the first quarter of 2007, and as a result of the sale, TEN] will recognize a capital gain of $5 million at that time.


TEN Sells Aframax Tanker Opal Queen

Tsakos Energy Navigation Limited (NYSE: TNP) today announced the sale of the 2001-built aframax tanker Opal Queen to an international operator. The delivery of the vessel to its new owners is expected to take place in February 2011. The capital gain from this sale will be recorded in the first quarter of 2011 while the free cash to be generated will be used for future vessel opportunities. "A young fleet profile and healthy cash reserves to pursue our growth strategy and meet our


Scorpio Tankers Sell One Accept New One

Scorpio Tankers Inc. announce sale of the 'STI Diamond', accept delivery of newbuild 'STI Topaz'. The Company completed the sale of the 'STI Diamond' and sale of a second vessel, the STI Coral, is expected to be completed in September 2012. Scorpio took delivery of the STI Topaz, the second of ten vessels scheduled for delivery under its newbuilding program. Upon delivery, the vessel began a time charter for up to 120 days at $16


Fednav (Belgium) N.V. Celebrates its 50th Anniversary

Screenshot from FALLine video https://vimeo.com/165333562

Shortly after the inauguration of the Saint Lawrence Seaway in 1959, and the growth of grain exports that followed, bulk shipper Fednav realized that incoming steel products offered ideal repositioning from Belgium, and thus was launched regular service FALLine


Hercules Offshore Filing for Bankruptcy Again

(Photo: Hercules Offshore)

Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection. The company said it had entered into a restructuring support agreement with some lenders


MAN 28/33D STC Engines for Thai Navy’s New OPV

MAN V28/33D STC engine, in 20-cylinder version (Image: MAN Diesel & Turbo)

The Royal Thai Navy has ordered a new 90-m offshore patrol vessel (OPV) to be constructed at Mahidol Adulyadej naval dockyard in Sattahip.  The newbuilding, an improved River-class design, will be powered by two MAN 16V28/33D STC engines. Locally called OPV No


SRH Marine and Setel Powerline Pact for Greek Market

Photo: SRH Marine Electronics

 SRH Marine Electronics SA and SETEL PowerLine Ltd have entered a Reseller and Installation Partner Agreement.    Through this cooperation SRH is able to offer a complete and holistic approach to e-Navigation concept through Setel PowerLine specializing in the design and


Petronas Chooses Jotun Antifoulings

Seri Amanah (Photo: Jotun)

Petronas has selected Jotun’s Hull Performance Solutions (HPS) antifouling system for two LNG vessels chartered from MISC.   The advanced antifouling coatings and a full suite of performance measurement sensors will now be applied to Seri Amanah and Puteri Zamrud in a move that will


Hellenic Wind sold for Demolishing

Courtesy Hellenic Carriers Limited

Hellenic Carriers Limited, an international provider of marine transportation services for dry bulk cargoes, on 17 May 2016 sold the Company’s vessel HELLENIC WIND (74,000 DWT built 1997) for demolition to an unrelated third party for a total gross cash consideration of US$2.88 million.


Fourth Damen Fast Ferry for S. Korea

Handing over ceremony_lowres Photo Damen

Damen Shipyards Group has sold a Fast Ferry 4212 to South Korean ferry operator DAEA Express Shipping. The vessel, named Sea Flower, is the fourth ferry of this design that Damen has sold in the last five years to companies operating on the east coast of the Korean peninsula.


Zhonggu Shipping to Add Boxships

Photo: Zhoushan Changhong international shipyard

 Shanghai's Zhonggu Shipping may buy 3,398-TEU Stadt Aachen, that was up for sale for US$7.1 million, say local media reports.   Zhonggu Shipping earlier stated that it plans to acquire a handful of vessels this year, all of which will start operations between June and August.  


DryShips Posts Profit for 1Q

Photo: DryShips Inc

 Greece-based DryShips Inc. (DRYS) reported first-quarter of 2016 net income of $55.4 million, after reporting a loss in the same period a year earlier.    The company said it had profit of $2.05 per share. Losses, adjusted for non-recurring gains, came to 78 cents per share.


CMA CGM Aims to Cut Costs by $1 Bln

Photo: CMA CGM

France's CMA CGM, the world's third-largest container shipping firm, reported a first-quarter net loss on Friday and targeted $1 billion in cost cuts to keep operating margins positive during the current market downturn.   Weak freight rates in the past year have left many lines operating


Maybulk on Selling Spree

Image: Malaysian Bulk Carriers Berhad

 Malaysian Bulk Carriers Bhd (Maybulk) is said to be putting two more vessels up for sale, says The Edge, a local media.   This comes on the heels of reports that it has sold one of its five post-Panamax dry bulk carriers — the 87


HUMMEL LNG Hybrid Barge Begins Second Season

LNG Hybrid Barge HUMMEL in the port of Hamburg (Photo: Becker Marine Systems)

For over one year the HUMMEL has been contributing to improved air quality at the port of Hamburg. Becker Marine Systems’ LNG Hybrid Barge will also be supplying lower mission power to the AIDAsol this year. The cruise ship has already made three calls since the middle of May and will have


DSME Reveals Additional Self-Restructuring Plan

Photo: Daewoo Shipbuilding and Marine Engineering

 South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has  revealed an additional self-restructuring plan amid the falling shipbuilding orders.   The company’s creditors, led by the state-run Korea Development Bank


Primeline Turns Against CNOOC

Photo: Primeline Energy Holdings Inc.

 Primeline Energy Holdings Inc. announces that it has sent a letter to China National Offshore Oil Corporation (CNOOC) and CNOOC China Limited (CCL) (together CNOOC Group) giving formal notice of its intention to commence arbitration proceedings against CNOOC Group under the provisions of the


New Leadership at Alphatron Marine

Arno Metzemakers (Photo: Alphatron Marine)

Alphatron Marine announced that Arno Metzemakers will join the company's management team as General Manager responsible for all operational matters worldwide, effective June 1. Next to Metzemakers, Karin Hoogendam will be appointed as COO






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright