Quintana Acquires a Newbuilding Capesize Bulk Carrier

Thursday, April 26, 2007
Quintana Maritime Limited has agreed to acquire a newbuilding Capesize bulk carrier of 180,000 deadweight tons (dwt). The vessel will be constructed by Imabari Shipbuilding Co., Ltd., the largest shipyard in Japan, with expected delivery during the fourth quarter of 2008. The expected total cost at delivery, including contract costs and financing costs, will approximate $93 million. Quintana Maritime will make a down payment of $9.2 million in early May, followed by another installment of $9.2 million six months later. A further amount of approximately $28 million will be paid in June 2008 with the remaining balance of $46.6 million due at delivery of the vessel. The Company intends to finance the construction costs with existing cash, borrowings under its revolving credit facility, and cash flow from future operations. Furthermore, Quintana has secured the vessel under a five year time charter, from delivery, at a net daily rate of $ 39,000 with Transfield, a major operator in the Capesize market that operates in excess of 40 Capes. Once the company takes delivery of the vessel, as well as the other three recently contracted Capesize newbuildings for delivery 2010, Quintana's fleet will be one of the most modern in the industry with an average age of 2.5 years on a dwt-weighted average basis, consisting of 33 vessels in total, including 11 Panamaxes, 14 Kamsarmaxes and 8 Capesizes, with total cargo-carrying capacity of almost 3,366,043 dwt.

Contracts

Matson Orders Two ConRo Ships from NASSCO

Matson Navigation Company, Inc., a subsidiary of container shipper Matson, Inc., has signed a contract with U.S. shipbuilder General Dynamics NASSCO to build two

Weak Freight Rates push Grindrod to H1 loss

Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects

J.F. Lehman Acquires Oldenburg's Heavy Equipment Group

J.F. Lehman & Company (JFLCO) informs it has signed a definitive agreement with Oldenburg Group Incorporated to acquire its Heavy Equipment Group, including both its defense and mining business units.

Offshore

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

MISC Enters Thai Offshore O&G Market

Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0639 sec (16 req/sec)