Quintana Maritime to Purchase Capesize Newbuildings

Tuesday, April 24, 2007
Quintana Maritime Limited to purchase two 181,000 deadweight-ton (dwt) Capesize vessels. The vessels are being built at STX Shipbuilding Co., Ltd., a major South Korean shipyard, with delivery expected in the fourth quarter of 2010. The expected total cost at delivery of the two vessels, including contract costs and financing costs, will be approximately $159m. Quintana expects to nominate shipowning companies in which it will own a 50 percent interest to purchase the vessels. The company is in the process of negotiating the terms of the agreements governing the joint ventures. The company will pay approximately $16m, $4m and $60m in 2007, 2008 and 2010, respectively, and will control 50% of the shipowning companies. The Company will collect, from April 16, 2007 until the delivery of the vessel, $60,000 per annum per ship from the other members of the joint ventures as management fees for supervising the construction of the vessels. Upon delivery, the Company will manage the ships on behalf of the joint venture, and the shipowning companies will pay QMAR a management fee based on the Company's budgeted management costs, subject to adjustment in certain circumstances. The company has secured five-year charters from the vessels' delivery in the fourth quarter of 2010 at a net daily average floor rate of approximately $27,000, with 50% profit sharing above the floor rate (based on the monthly AV4 BCI average, as published by the Baltic Exchange) with EDF Trading, a wholly owned subsidiary of EDF, one of the largest utility companies in Europe.
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

WCI Applauds Increased USACE Funding

Today WCI applauded the leadership of Senate Appropriations Committee Chairman Thad Cochran (R-MS) and Senate Energy & Water Development (E&WD) Appropriations Subcommittee

SoCal Beach Cleanup Could Take Months

The U.S. Coast Guard captain overseeing cleanup of oil spilled from a pipeline rupture that closed two California state beaches and fouled offshore waters near

MPC Honors Crowley for Tank Vessel Safety

Crowley Maritime Corporation’s petroleum services division has once again been honored by Marathon Petroleum Company (MPC) with its annual Elite Vessel Award, which

Coast Guard

US Oil Platform on Fire in Gulf Of Mexico

An oil platform caught fire and was evacuated in the U.S. Gulf of Mexico offshore Louisiana in the early hours of Friday, though no injuries were reported, the U.

Two Rescued from Vessel Aground North of Cuba

Two American sailors whose vessel ran aground approximately 25 miles north of Gibara, Cuba, were rescued by the U.S. Coast Guard (USCG) Friday. Watchstanders

USCG Tall Ship Sailing to the Bahamas

The U.S. Coast Guard Cutter Eagle is scheduled to arrive at Berth 14 at Prince George Wharf in Nassau, Bahamas on Thursday, May 28 as part of its 2015 cadet summer training deployment.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1863 sec (5 req/sec)