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 January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Tanzania's Energy Minister Resigns

Tanzania's Energy and Minerals Minister Sospeter Muhongo resigned on Saturday amid a graft scandal that has rocked the gas-rich country and led Western donors to delay aid,

China's COSCO Group Returns to Profit

China Ocean Shipping Group Co (COSCO) returned to profit in 2014 after three years of losses, state media said on Saturday, citing an interview with the group's chairman.

Brent Closes Up, U.S. Crude Down After Saudi King Dies

Brent crude was buoyed on Friday by market uncertainty over the future of Saudi oil output, while U.S. crude fell on more signs of oversupply. Saudi Arabia's new king,

Coast Guard

Oil Platform Ablaze in the Gulf of Mexico

Fire broke out on an unmanned oil platform in the Gulf of Mexico approximately five miles south of Port Fourchon, La., the Bureau of Safety and Environmental Enforcement (BSEE) reported.

Towing Vessel Sinks off Oahu

A 95-foot towing vessel, Nalani, sank approximately two and half miles west of Barbers Point Harbor, Oahu, Thursday, the U.S. (USCG) Coast Guard reported. The 11

Video: Coastguards Continue Great Lakes Icebreaking

Continued icebreaking operations from the U.S. and Canadian Coast Guards open maritime lanes for commercial vessels The U.S. and Canadian Coast Guards are

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2609 sec (4 req/sec)