Mc Shipping News

Finland-headquartered maritime tech company Groke Technologies (Groke) is working with BAR Technolgoes (BARTech) design and develop of situational awareness systems for the U.K. marine engineering consultancy’s WindWings wind propulsion technology.The companies have signed a partnership agreement following the debut installation of two 37.5 m (123 ft) tall WindWings sails on board MC Shipping-owned and Cargill-operated Kamsarmax bulker Pyxis Ocean. Groke’s camera and imaging solutions were also installed.Groke Technologies’ CEO Juha Rokka said…

BAR Technologies (BARTech) announced it has been awarded a full type approval design certificate (TADC) for its wind propulsion technology from classification society DNV.Since being awarded an approval in principle (AIP) for its WindWings wind propulsion solution in 2021, inventor and designer BARTech, and industrialization partner Yara Marine Technologies (YMT), have focused on progressing the WindWings design through to the next level of DNV certification. This has involved validating WindWings design compliance with full detail on construction…

Mitsubishi Corporation’s Pyxis Ocean is slated to be the first vessel fitted with BAR Technologies’ (BAR Tech) pioneering wind propulsion technology WindWings.The installation, anticipated for deployment at the beginning of 2023, comes as the next step in a collaboration launched in 2019 between Cargill and MC Shipping Ltd. Singapore Branch – the shipping arm of the Mitsubishi Corporation – to increase energy savings and reduce emissions from international shipping.Two WindWings will be delivered by Yara Marine Technologies and installed on the five-year-old…

An Indonesian teen who had been adrift on a fishing raft for 49 days was rescued near Guam by the bulk carrier Arpeggio on August 31.The teen was rescued by the Panamanian-flagged ship about 1,200 miles from his original location, according to an Associated Press article. The teen used his handheld radio to contact the 738-foot ship which heard his distress call, alerted rescue authorities and embarked the survivor. The ship’s crew provided food, water and first aid.The captain of the Amver participating Arpeggio coordinated the rescue with authorities in Japan and the Indonesian mission. The teen was disembarked in Japan and reunited with his family.The Arpeggio, which is managed by MC Shipping Ltd of Japan, enrolled in Amver in December 2013 and has earned two Amver participation awards.

MC Shipping Inc. said net income for the year ended December 31, 2003 was a record $3,091,155 or $0.37 per share, compared to a net income of $2,241,906 or $0.27 per share in 2002. The Company's earnings before interest, taxes, depreciation and amortization (EBITDA) were approximately $20.1 million and the ratio of EBITDA to interest expense was approximately 4.1 for the year ended December 31, 2003. In 2002, EBITDA was approximately $20.0 million and the ratio of EBITDA to interest expense was approximately 3.1. EBITDA is defined by the Company as Net Income before income taxes, interest, depreciation and amortization and provision for impairment loss. Total revenues (excluding interest income) in 2003 were $35,797,522 compared to $41,858,999 in 2002.

V.Investments Ltd, part of the V.Ships Group, and it’s investment partner, Navalmar, announces that it has acquired the Vlasov Group’s shareholding in the American Stock Exchange-listed shipping company, MC Shipping Inc. Established in May 1989, via an initial public offering sponsored by Vlasov, Monaco-based MC Shipping Inc currently owns a fleet of 13 vessels. The fleet comprises seven liquefied petroleum gas (LPG) carriers from 3,000 to 72,000 CBM, four container vessels ranging from 2,800 to 3,500 TEU and two small multipurpose/general cargo vessels. These vessels are deployed either on a time or voyage charter basis with technical management provided by V.Ships. The Vlasov Group, which also holds a number of investments in the cruise market, held a 48% shareholding in MC Shipping.

MC Shipping announces that with effect from August 1st, Tony Crawford, CEO of V.Ships Financial Services & Projects Division, will take up the position of CEO and President of MC Shipping. On secondment from V.Ships, Tony takes over from Enrico Boggazzi as CEO and Guy Morel as President. Crawford will also replace Tullio Biggi on the Board of Directors of the Company. The new management will implement a business plan which will grow MC Shipping's activity around a number of market opportunities including the LPG sector. The Board also announces the formation of a Nominating and Governance Committee made up of the independent directors. This Committee is being formed a year ahead of the time mandated by current legislation.

MC Shipping Inc. announced a Net Income for the quarter ended June 30, 2004 of $670,800 or $0.08 per share, compared to a net income of $515,231 or $0.06 per share in the corresponding period in 2003. Total revenues in the second quarter of 2004 were approximately $7.9 million compared to $9.9 million in the corresponding quarter of last year. The Company's earnings before interest, taxes, depreciation and amortization (EBITDA) were approximately $3.1 million, and the ratio of EBITDA to interest was 3.4x. In the corresponding quarter of 2003, EBITDA was approximately $4.7 million and the ratio of EBITDA to interest was 3.7x. In the first six months of 2004, Net Income totaled $1,530,484 or $0.18 per share compared to a net income of $983,959 in the first six months of 2003.

Trailer Bridge, Inc. announced the execution of an amendment to its financing agreement with GE Capital and the addition of four new members to the Company’s Board of Directors. The amendment with GE Capital waives past non-compliance with certain covenants and establishes new financial covenants that the Company is confident it will remain in compliance with. Trailer Bridge has a $15 million revolving credit facility, with actual draws determined by a borrowing base formula. At March 31, 2002, the amount outstanding under this facility was $4.7 million. The Company also has approximately $10.3 million outstanding under a term loan facility with GE Capital. The Company also announced that Peter S. Shaerf has joined the board and that Malcom P. McLean, Jr., Greggory B. Mendenhall and F.

Moody's Investors Service downgraded the senior unsecured rating for bonds issued by MC Shipping Inc to Caa3 from B3. The downgrade reflects the company's deteriorating unencumbered asset base, high leverage, tight liquidity position, weaker operating performance and continuing difficult market situation. Moody's lowered the senior implied rating for the group to Caa2 from B2 and the issuer rating to Ca from Caa1. MC Shipping's unencumbered asset base is declining as a result of the age and declining revenues related to most of its vessels. Currently, MC Shipping operates 21 second-hand vessels (nine liquid petroleum gas carriers, eight container ships, and four multipurpose carriers), eight of which are intended for sale.

In a move to expand the group’s range of financial services, V.Ships has appointed Jesper Clausen as Managing Director of V.Ships Denmark. V.Ships Denmark, forms a part of V.Investments, the financial services arm of the V.Ships group which is responsible for its investment in MC Shipping, the Amex-listed ship owner, its chartering venture and its advisory and arranging services. Jesper assumes a senior position in building the financial team and in continuing to expand the range of V.Ships Group activities. This move builds on V.Investments’ portfolio of financial services which includes a joint venture with KGAL, AL Ships, GIE financing through V.Ships France, and more general advisory and arranging work performed from offices in London, Singapore and Rotterdam.

MC Shipping Inc. announced that, at a special meeting of shareholders held today, its shareholders approved the merger agreement pursuant to which Mast Acquisition Ltd., a newly-formed affiliate of Bear Stearns Merchant Banking ("BSMB"), will acquire the outstanding shares of MC Shipping for a price of $14.25 per share in cash. Approximately 97.5% of MC Shipping's common shares present and voting at the special meeting were voted in favor of the proposed merger, representing approximately 75.12% of the total number of common shares entitled to vote at the special meeting. In accordance with the terms of the merger agreement, MC Shipping expects to complete the merger within five business days, subject to satisfaction of the conditions to closing set forth in the merger agreement.

MC Shipping Inc. said it agreed to be bought by a Bear Stearns private-equity affiliate. The offer price is a premium of nearly 20 percent over MC Shipping's closing stock price on Friday. Based on the 9.5 million shares outstanding MC Shipping reported as of April 27, the deal is worth $135.5 million. Including assumed debt and other items, MC Shipping said the total transaction value is about $284 million. The company said it will hold a special shareholder meeting Sept. 5 to vote on the deal. If shareholders approve the deal, the merger would close immediately afterward. Source: AP

MC Shipping Inc. has agreed to acquire a liquefied petroleum gas (LPG) vessel from a subsidiary of Vitol SA, a major international oil and gas trading company. The vessel, Keswick, is built in 2003 and has a capacity of 11,000 cbm. The vessel is expected to be delivered at the end of June 2008. Simultaneously with the purchase, she will be time-chartered back to Vitol SA for a minimum period of three years. The Company expects to finance the acquisition with a combination of bank debt and internal cash resources. The company will not be paying any of the purchase price until 2008. The company also announced that its associate, MUNIA Mobiliengesellschaft mBH & Co. KG ("MUNIA"), has agreed to sell its container vessel, Maersk Belawan to a third party for a gross consideration of $13.15m.

MC Shipping Inc., said it bought three vessels from the Komaya Group of. The AP reported that the company plans to fund the purchases with current cash and credit. MC Shipping expects the vessels to add about $10.5 million in revenue during their first full year of operation, as well as about $6.3 million in earnings before interest, taxes, depreciation and amortization. MC Shipping will put the tankers on charter with Vitol SA, an oil and gas trading company, for periods of up to three years after delivery in August. The vessels, built between 1995 and 1997, will reduce the overall age the company's fleet and bring the number of tankers under full or partial ownership to 22 of which 18 are LPG carriers. Source: AP

Reuters reported that MC Shipping Inc. said its board approved the sale of six small liquefied petroleum gas tankers to a special purpose German KG company for $52m. The KG company is to be formed by the German finance house MPC Capital. The total book value of the vessels was $32.8 million as of Sept 30, the company said. MC shipping said in a news release it would charter back the vessels for a minimum period of four years and reinvest between $5 and $5.75m in the KG company for 25 percent of the equity. After repayment of a debt and the reinvestment, MC shipping said it will receive about $24 million as net proceeds. Source: Reuters

MC Shipping Inc. said on July 5 that it plans to buy a pair of 15,360 cu.m., semi-refrigerated liquefied petroleum gas tankers from Germany's Bernhard Schulte Group. The company did not disclose the cost of the ships, but together with its recent purchase of the 20,700 CBM-capacity Hans Maersk, MC Shipping spent a combined $71.5m on the three vessels. The company said it expects to take delivery of the Tyco Brahe and the Immanuel Kant sometime before July 31. Then the company intends to time-charter the vessels back to the Schulte Group for use in the Scandigas Pool, a pool of vessels operated by A.P. Moller-Maersk Group of Denmark, for a minimum of two years. The rate was not disclosed.

MC Shipping Inc., said it plans to buy a pair of semi-refridgerated liquefied petroleum gas tankers from Germany's Bernhard Schulte Group. The company did not disclose the cost of the ships, but together with its recent purchase of the 20,700 CBM-capacity Hans Maersk, MC Shipping spent a combined $71.5m on the three vessels. The company said it expects to take delivery of the Tyco Brahe and the Immanuel Kant sometime before July 31. Then the company intends to time-charter the vessels back to the Schulte Group for use in the Scandigas Pool, a pool of vessels operated by A.P. Moller-Maersk Group of Denmark, for a minimum of 2 years. The rate was not disclosed.

MC Shipping Inc., has agreed to acquire two liquefied petroleum gas (LPG) vessels from the Bernhard Schulte Group of Germany. The vessels, Hermann Schulte and Dorothea Schulte are semi-refrigerated and of 5,600 cbm capacity each. The acquisition is being funded out of current cash holdings and a bank loan facility from one of the Company's regular financiers. The vessels are expected to be delivered before March 31, 2006. Simultaneously with the purchase, they will be time-chartered back to the Schulte Group for a minimum period of 1 year. Following the delivery of these two ships, MC Shipping Inc. will fully or partially own a fleet of 18 vessels, of which 12 are LPG tankers ranging from 3,000 to 77,000 cbm capacity.

MC Shipping Inc. has taken further steps to focus on the liquefied petroleum gas (LPG) shipping sector with an agreement to acquire a liquefied petroleum gas (LPG) tanker from the A.P. Moller - Maersk Group of Denmark. The vessel, Hans Maersk is a 1993-built semi-refrigerated LPG carrier of 20,700 cbm capacity. The acquisition is being funded out of current cash holdings and a bank loan. The vessel is expected to be delivered before July 31, 2006. Simultaneously with the purchase, she will be time-chartered back to A.P. Moller - Maersk for a minimum period of 5 years. The Company further announced that it has signed contracts to sell its two small coastal bulkers, Bay Trader and Link Trader. Delivery to buyers is expected within June 2006.

Greek shipowner John Angel-icoussis' acquisition of four ICB tankers last week was the highlight of a busier market, Allied Shipbroking Inc. said in its latest ship sales report. Angelicoussis paid $189 million in total for the Mindoro (1995-built, 300,294-deadweight tons), the Irian (1992, 286,006-dwt), the Ambon (1992, 285,771-dwt) and the Flores (1995, 284,410-dwt). Aegean Marine Petroleum, also of Greece, paid $2.5 million to buy the 1976 Norwegian-built tanker Maersk Ascension (60,810-dwt). Italian buyers also picked up two tankers last week. Gemarfin paid $8.75 million for the 1982 Japanese-built Meandros (40,632-dwt) while unknown Italian buyers paid $480,000 at an auction in the U.S. for the 1977 Italian-constructed Campo Duran (30,572-dwt).

Standard & Poor's has revised the outlook on MC Shipping Inc. to negative from stable. At the same time, the company's single-'B' long-term corporate credit rating and single-'B'-minus senior unsecured debt rating were affirmed. The rating on MC Shipping reflects the shipping industry's below-average characteristics, and the company's weak financial profile. MC Shipping is part of the Vlasov Group-a major ship-owning and ship-management group. Weak fundamentals and high industry-risk characterize the shipping market in general. To a large extent, MC Shipping is exposed to freight-rate volatility, as only a few of its vessels are on medium- to long-term charter. The current depressed container and small gas carrier markets are having a particularly strong negative effect on MC Shipping.