China Shipbuilding Trading Company Limited News

Greek shipping company Performance Shipping on Wednesday announced it has signed a shipbuilding contract with China Shipbuilding Trading Company Limited and Shanghai Waigaoqiao Shipbuilding Company Limited for a newbuild LR2 Aframax product/crude oil tanker.The 114,000 DWT vessel was ordered for for a contract price of $62.6 million, net of commission to third party, Performance Shipping said. The company noted that 15% of the purchase price is payable upon receipt of a refund guarantee…

The Grimaldi Group announced it has exercised its option for the construction of five additional ammonia-ready 9,000 CEU car carriers from China Merchants Heavy Industries Jiangsu, part of China Merchant Industry Holdings (CMI).Grimaldi announced its initial order for five new pure car and truck carrier (PCTC) vessels from CMI in October. The 10 vessels are scheduled to be delivered between 2025 and 2027 and will be deployed on voyages between Europe, North Africa, and the Near and Far East.Grimaldi said it developed the vessel concept in collaboration with naval architecture firm Knud E.

Eimskip has secured 80% financing of the contract price of the vessels with a 15 year tenor in Euros taken upon delivery. The lender is the German bank KfW IPEX-Bank GmbH. The loan is secured by China Export & Credit Insurance Corporation (Sinosure). On 25 January, Eimskip signed a contract with China Shipbuilding Trading Company Limited and Guangzhou Wenchong Shipyard Co. Ltd. to build two 2,150 TEU container vessels. The contract price of each vessel is approximately USD 32 million and the vessels are expected to be delivered in 2019. The payment profile of the vessels is that 40% of the contract price is paid during the building period and 60% upon delivery. The contract was subject to financing and that has now been lifted.

Iceland’s Eimskip and Greenland’s Royal Arctic Line (RAL) have signed an agreement to share capacity, and together ordered three new ice-class containerships to be built in China. Eimskip said it has finalized contracts with China Shipbuilding Trading Company Limited and Guangzhou Wenchong Shipyard Co. Ltd. for the construction of two 2,150 TEU container vessels, and RAL also signed a contract for one vessel of the same type from the same shipyard. With a length of 180 meters and breadth of 31 meters…

Diana Shipping Inc. Diana Shipping Inc., today announced that, through two separate wholly-owned subsidiaries, it has signed two addenda with China Shipbuilding Trading Company, Limited and Jiangnan Shipyard (Group) Co., Ltd., collectively called the “Seller”, among other things, to reduce the contract price and to change the delivery date of the two Newcastlemax dry bulk carriers, Hull No. H2548 (to be named “San Francisco”) and Hull No. H2549 (to be named “Newport News”). As previously announced, the contract price was US$48.7 million per vessel and now the Seller has agreed to reduce this price by US$1.0 million for each of the abovementioned vessels. The delivery date of the two vessels is now expected to be on January 4, 2017.

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through two separate wholly-owned subsidiaries, it signed two addenda with China Shipbuilding Trading Company, Limited and Jiangnan Shipyard (Group) Co., Ltd., to extend the delivery dates of the two Newcastlemax dry bulk carriers, Hull No. H2548 and Hull No. H2549. The delivery date of the Hull No. H2548  has been extended from September 29, 2016 to not earlier than December 26, 2016 and not later than December 30, 2016 while the delivery date of the Hull No. H2549 has been extended from November 30, 2016 to not earlier than March 13, 2017 and not later than March 20, 2017.

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels,  has announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Seattle. The gross charter rate is US$7,300 per day minus a 4.75% commission paid to third parties, for a period of about eleven (11) months to maximum fourteen (14) months. The charter is expected to commence on December 9, 2015. The “Seattle” is a 179,362 dwt Capesize dry bulk vessel built in 2011. This employment is anticipated to generate approximately US$2.3 million of gross revenue for the minimum scheduled period of the time charter.

Fairstar Heavy Transport N.V. (Fairstar) confirms that on 3 May 2011 Fairstar had entered into a Shipbuilding Contract with a face value of $110 million with China Shipbuilding Trading Company Limited (CSTC) and Guangzhou Shipyard International Company Limited ("GSI") concerning the acquisition and building of a fifth vessel (MV Fathom), identical to the two earlier new builds MV Forte and MV Finesse. This Shipbuilding Contract was amended by a Memorandum of Agreement to the Shipbuilding Contract on 23 May 2012 to the extent that Fairstar was obliged to make payment of the First and Second Instalments under the Shipbuilding Contract by 20 June 2012.

Athens, Greece - Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, announced that it has signed, > through separate wholly-owned subsidiaries, two shipbuilding contracts with China Shipbuilding Trading Company, Limited and Jiangnan Shipyard (Group) Co. Ltd., for the construction of two Ice Class Panamax dry bulk carriers of approximately 76,000 dwt each for a contract price of $29 million per vessel. The Company expects to take delivery of the vessels during the fourth quarter of 2013. Excluding the two vessels described above and the previously announced  Newcastlemax new-building dry bulk carrier expected to be delivered during the second quarter of 2012…

Costamare Inc. (NYSE: CMRE) announced the conclusion of shipbuilding contracts and charter agreements for five newbuild containerships, new chartering agreements for certain containerships in the water, and the completion of financing arrangements for two previously contracted newbuild containerships. The company has ordered from Sungdong Shipbuilding & Marine Engineering Co., Ltd. of Korea five newbuild containerships, each of approximately 8,800 TEU capacity. The five newbuild containerships are expected to be delivered between the first and the third quarters of 2013. The company has entered into long-term time charter agreements with members of the Evergreen Group for the employment of each vessel immediately upon delivery.

Costamare Inc. (NYSE: CMRE), an international owner of containerships, reported unaudited financial results for the fourth quarter and for the year ended December 31, 2010. Voyage revenues of $85.7 million and $353.2 million for the three months and the year ended December 31, 2010, respectively. Adjusted EBITDA of $56.2 million and $223.6 million for the three months and the year ended December 31, 2010, respectively. Net income of $11.8 million or $0.21 per share and $81.2 million or $1.65 per share for the three months and the year ended December 31, 2010, respectively. Adjusted Net Income of $18.0 million or $0.33 per share and $73.8 million or $1.50 per share for the three months and the year ended December 31, 2010, respectively.

Costamare Inc. (NYSE: CMRE) announced that it has contracted with Sungdong Shipbuilding & Marine Engineering Co., Ltd. for the construction and purchase of two newbuild containerships, each of about 9,000 TEU capacity. The two newbuildings are expected to be delivered by the end of 2012. The Company has entered into time charter agreements with MSC for the employment of each vessel immediately upon delivery, for duration of ten years. Both the contract price and the daily charter rate are similar to those recently agreed regarding the three 9,000 TEU vessels contracted with China Shipbuilding Trading Company Limited and Shanghai Jiangnan Changxing Heavy Industry Co., Ltd. and chartered to MSC for a period of 10 years.

Costamare Inc. (NYSE: CMRE) announced that it has contracted with Sungdong Shipbuilding & Marine Engineering Co., Ltd. for the construction and purchase of two newbuild containerships, each of about 9,000 TEU capacity. The two newbuildings are expected to be delivered by the end of 2012. The Company has entered into time charter agreements with MSC for the employment of each vessel immediately upon delivery, for duration of ten years. Both the contract price and the daily charter rate are similar to those recently agreed regarding the three 9,000 TEU vessels contracted with China Shipbuilding Trading Company Limited and Shanghai Jiangnan Changxing Heavy Industry Co., Ltd. and chartered to MSC for a period of 10 years.

Diana Shipping Inc. (NYSE:DSX), a global shipping transportation company specializing in dry bulk cargoes, announced that it has signed, through its 100% owned subsidiaries, two shipbuilding contracts with China Shipbuilding Trading Company, Limited and Shanghai Jiangnan-Changxing Shipbuilding Co., Ltd for the construction of two Newcastlemax dry bulk carriers of approximately 206,000 dwt each for a contract price of $59m per vessel. The company expects to take delivery of the vessels during the second and third quarters of 2012, respectively. The company is considering obtaining pre- and/or post-delivery financing for the specific acquisitions.

Danaos Corporation (NYSE: DAC) extended its shipbuilding contracts with China Shipbuilding Trading Company, Limited to include one more 8,530 TEU vessel, bringing the total number to five vessels. All five Post Panamax containerships will be built by the Shanghai Jiangnan Changxing Heavy Industry Company Limited and are expected to be delivered to Danaos between August 2010 and February 2011. Danaos has also arranged for a large international liner company to charter all these vessels for 12 years each at accretive rates. For the first full year of operation, this five vessel block addition to Danaos' fleet of containerships is expected to contribute approximately $65 million of EBITDA.

Danaos Corporation agreed with China Shipbuilding Trading Company Limited the upgrading of its earlier order for four 6,800 TEU containerships to four 8,400 TEU vessels and signed the amendments to the relevant shipbuilding contracts. These vessels will be built by the Shanghai Jiangnan Changxing Heavy Industry Company Limited and are expected to be delivered to Danaos during 2010. The total capital expenditure commitment for this project is in the region of $500 million and is expected be financed by existing credit facilities and own funds according to the work in progress schedule under the specific terms of the shipbuilding contracts.

Danaos Corporation recently announced that it has signed shipbuilding contracts for four 6,800 TEU vessels with China Shipbuilding Trading Company, Limited. The vessels will be built by the Shanghai Jiangnan Changxing Heavy Industry Company Limited and they are expected to be delivered to Danaos during the second and third quarter of 2010. This new order increases Danaos’ total order-book to 19 containerships with a total carrying capacity of 102,324 TEU or 73% of its current fleet. Also Danaos Corporation announced on March 8th that it has signed an agreement with CMA-CGM to time charter three containerships for a period of 36 months and at a net charter rate of $ 22,950 per day. The charters will commence as of the date when the current employment of these vessels ends in 2007.