Bocimar International News

Hunter Maritime Acquisition Corp. said it has entered into definitive agreements pursuant to which it has agreed to purchase, for an aggregate purchase price of $139.4 million in cash, five identified Capesize dry bulk carriers in an en-bloc transaction from five Cyprus-based companies affiliated with one or more members of the Oskar Wehr group of companies of Hamburg, Germany. The vessels were built by Chinese shipyard New Times Shipbuilding Co. Ltd. and consist of MV Charlotte Selmer (2011), MV Greta Selmer (2011), MV Tom Selmer (2011), MV Lene Selmer (2010) and MV Hugo Selmer (2010). The vessels have a combined cargo-carrying capacity of approximately 876,352 deadweight tons and an average fleet age of approximately 6.2 years.

In February 2016, Star Bulk has agreed to defer the delivery of five Newcastlemax vessels from 2016 to 2017 and 2018: three vessels were deferred from Q1 2016 to Q1 and Q3 2017, and two vessels were deferred from Q1 and Q2 2016 to Q1 2018. Consequently, $188 million of CAPEX originally due in 2016 has been deferred to 2017 and 2018. During the last 12 months, the company has pushed back the delivery of 16 vessels for 124 months in aggregate, or eight months per vessel. Star Bulk has also agreed to terminate two shipbuilding contracts, reducing the newbuilding program by four vessels in total.

Star Bulk Carriers Corp. a global shipping company focusing on the transportation of dry bulk cargoes, announced that  it has entered into a Capesize vessel pooling agreement (“CCL”) with BOCIMAR INTERNATIONAL NV, GOLDEN OCEAN GROUP LIMITED and C TRANSPORT HOLDING LTD. Star Bulk has agreed to market nine  of the Company’s Capesize dry bulk vessels, which had previously been operating in the spot market, as part of the CCL fleet. Together with Star Bulk’s nine vessels, CCL initially consists   of 65 modern Capesize vessels and will be managed in Singapore and in Antwerp. Each vessel owner shall continue to be responsible for the operating,accounting and technical management of their respective vessels.

Five dry bulk shipping firms, including shipping tycoon John Fredriksen's Golden Ocean will form a new venture to coordinate chartering services, hoping to reduce costs in a fragmented market, the firms said in a joint statement. The firms, including Golden Ocean, Bocimar International, CTM, Golden Union Shipping and Star Bulk Carriers will form Capesize Chartering Ltd., aiming to start up operations by the second half of February. "The parties operate in the highly competitive and fragmented capesize industry, and neither party owns, controls or manages sufficient capesize vessels to provide competitively priced bids and efficient trading and operations to serve its customers," the firms said.

CMB confirms that Bocimar International has sold the Capesize unit Mineral Libin (2006 – 173,999 dwt). The net sale price amounts to $53m. The delivery of the vessel is scheduled between August 2009 and April 2010. The capital loss of approximately $2m that will be realized on this sale will be taken up in the second quarter results 2009. Furthermore Bocimar has sold the Capesize vessel Mineral Azalea (1999 – 171,199 dwt). Based on a net sale price of $45.1m this sale will generate a capital gain of more than $21m. The delivery is scheduled to take place in the course of the third quarter 2009. Both sales have a total positive impact on the Group’s cash position of approximately $42m.

Genco Shipping & Trading Limited announced that it has taken delivery of the Genco Cavalier, a 2007-built Supramax vessel. The Genco Cavalier is the second vessel to be delivered to the Company under Genco's agreements previously announced on May 12, 2008 to acquire three drybulk vessels from Bocimar International N.V. and Delphis N.V. The Genco Cavalier is expected to be delivered to its charterer, Samsun Logix Corporation, on or about July 19, 2008, to commence a time charter for 24 to 26.5 months at a cash rate of $48,500 per day, less a 5 percent third party brokerage commission. The charter is due to expire between July 2010 and October 2010.

Limited announced that it has agreed to acquire three 2007-built drybulk vessels from Bocimar International N.V. and Delphis N.V., for an aggregate purchase price of approximately $257.0 million. The acquisition is subject to the completion of customary additional documentation and closing conditions. The three vessels, comprised of two Panamax vessels and one Supramax vessel, are expected to be delivered to Genco during the third and the fourth quarters of 2008. Upon completion of the acquisition, and including the four remaining Capesize vessels to be acquired from companies within the Metrostar Management Corporation group, Genco's fleet will consist of 35 drybulk vessels with a total carrying capacity of approximately 2,910,000 dwt and an average age of approximately 6.6 years.

CMB confirms that its subsidiary Bocimar International has sold its Handymax vessel CMB Talent (2001 – 52,403 dwt). The vessel is sold time charter attached, expiring at the end of 2008. The net sale price amounts to USD 53 million. At the time of delivery of the vessel, scheduled to take place at the end of November 2007, a capital gain of approximately $36m will be realized. Further, Bocimar has ordered 10 Handysize bulk vessels (33,500 dwt) from Samjin Corporation (Korea). The purchase price amounts to $36 million per vessel. The delivery of these vessels is scheduled to take place between September 2009 and December 2010. Finally Bocimar has ordered, in 50/50 joint venture with Drylog, one 180,000 dwt Capesize unit from Dalian (China).

Shipping group CMB said its unit Bocimar International has sold its liquified natural gas (LNG) Panamax vessel Jiangnan 2346 for $65m. The group will realise a capital gain on 32 mln usd from the sale on delivery of the vessel, scheduled to take place in the course of the first quarter of 2008. Bocimar has ordered in a joint venture with Wah Kwong two newbuilding Handymax vessels from Chengxi Shipyard, China. The delivery of the vessels is scheduled to take place in March and August 2009. Source: AFX

CMB confirms that its subsidiary Bocimar International has sold its newbuilding Panamax vessel Jiangnan 2346. The net sale price was $65m. At the time of delivery of the vessel, scheduled to take place in the course of the first quarter of 2008, a capital gain of approximately $32 million will be realized. Further, Bocimar has ordered in joint venture with Wah Kwong two newbuilding Handymax vessels (53,000 dwt) from Chengxi Shipyard (China). The delivery of the vessels is scheduled to take place in March and August 2009.

CMB confirms that its subsidiary Bocimar International has sold its newbuilding Panamax vessel Jiangnan 2345 (2007 – 76,000 dwt). The net sale price amounts to $65m. At the time of delivery of the vessel, scheduled to take place in the course of the third quarter, a capital gain of approximately $32m will be realized. In addition, Bocimar has recently acquired a second-hand Capesize unit. It concerns the vessel Ingenious (1999 – 169,962 dwt). The ship will join the Bocimar fleet early June 2007. The purchase price amounts to $64m.

three capesize newbuilding vessels for a total purchase price of $188 million. 2005 - is obtained from Teh Hu (Hong Kong). dwt newbuilding that will be delivered in the third quarter of 2006. the Golden Ocean group. will be delivered in November 2006 and January 2007. concluded with a Japanese and Korean charterer on favourable terms. finalisation of the contract documentation. modern and rewardingly-valued fleet. fleet will have been built at SWS.

Diana Shipping Inc. carriers, the sister vessels M/V CMB Philippe and Hull H1307A. 2005. delivered in March 2006. Inc. Capesize dry bulk carrier. 44% from 30%. fixed employment will average approximately $27,000 gross per day.