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Double Hull Product News

20 Feb 2023

FureBear Acquires Tanker with Larsson Shipping

Fure Skagen (Photo: Furetank)

FureBear, a joint venture between Swedish shipping company Furetank and Canadian shipping company Algoma, together with U.K.-based Larsson Shipping, has taken over the ownership of Algoma’s product tanker Algonorth.The 2008-built, 6,958 dwt double hull product oil tanker has arrived from Canada to trade in Northern Europe under the new name Fure Skagen.Owned by FureBear and Larsson Shipping and flying the Faroe Island flag, Fure Skagen will be commercially managed by Furetank Chartering in the Gothia Tanker Alliance.Furetank and Algoma formed the FureBear joint venture in 2022…

28 Apr 2015

D'Amico Orders Two 'Eco' LR1 Product Tankers

D'Amico International Shipping has ordered two new long range one product tankers, to be built by Vietnam’s Vinashin Shipyard Co for about $44m each. The tankers are expected to be delivered mid-2017. The 75,000-dwt eco-LR1 product tankers will be built in Vietnam by Vinashin Shipyard; delivery is expected in mid-2017, parent company D’Amico International said today. The above two double‐hull new buildings are the latest ECO design vessels with the highest fuel efficiency. The vessels will have an attained Energy Design Index (EEDI) falling already well within the IMO phase-in 2 requirements due for vessels to be built before 31st December 2024, being of 25% lower than the current IMO reference line.

19 Sep 2012

Greek Shipowners, NewLead Holdings, Restore NASDAQ Comliance

NewLead Holdings Ltd. regains compliance with NASDAQ minimum market value of publicly held shares requirement. NewLead Holdings Ltd. (NASDAQ: NEWL) ("NewLead" or the "Company"), an international shipping company owning and operating tankers and dry bulk vessels, today announced that it has received notification from the NASDAQ Listing Qualifications department that it has regained compliance with the minimum Market Value of Publicly Held Shares (MVPHS) of $15,000,000. NewLead Holdings Ltd. is an international, vertically integrated shipping company that owns and manages product tankers and dry bulk vessels. NewLead currently controls four vessels, including two double-hull product tankers and two dry bulk vessels.

19 Sep 2012

Tankship, Bulkship Owner's, Shares Below Par

Greece's NewLead Holdings Ltd. receives NASDAQ notification letter regarding minimum bid price requirement. NewLead Holdings Ltd announce they have received a written notification from the NASDAQ Stock Market LLC ("NASDAQ") indicating that they are not in compliance with the NASDAQ Listing Rule 5450(a)(1) because the minimum bid price of its common shares was below $1.00 per share for the previous 30 consecutive business days (the "minimum bid price requirement"). Pursuant to the NASDAQ Listing Rule 5810(c)(3)(A), the Company has been granted a 180-day compliance period, ending on March 12, 2013, to regain compliance with the minimum bid price requirement. During this compliance period, NewLead's common stock will continue to be listed and traded on the NASDAQ Global Select Market.

15 Apr 2011

Omega Navigation Announces Entering Into an Amendment of the Maturity Date

Athens, Greece, April 12, 2011 - Omega Navigation Enterprises, Inc. (NASDAQ:ONAV), a provider of Global Marine Transportation services specializing in product tankers, announces that it has reached an agreement with its lenders to amend the maturity date of both the current senior and junior loan facilities. With this agreement the new maturity date will be May 10, 2011 on both facilities, amended from the current maturity date of April 12, 2011. About Omega Navigation Enterprises, Inc. Omega Navigation Enterprises, Inc.

14 Feb 2011

Megacore Shipping Gets Tankers, Adds Partner

Omega Navigation Enterprises, Inc. (NASDAQ:ONAV), a provider of Marine Transportation services specializing in product tankers, announced that Megacore Shipping Ltd., its previously announced joint venture with a wholly owned subsidiary of Glencore International AG, has taken delivery from Hyundai Mipo Dockyard in S. Korea of the Megacore Philomena during the fourth quarter of 2010 and of the Megacore Pacifica and the Megacore Philothea during January 2011, each a 74,000 dwt. coated Panamax product carrier. Megacore Shipping Ltd. has contracted to acquire two Handysize double hull chemical / product tankers and seven Panamax double hull product tankers to be constructed at Hyundai Mipo Dockyard in South Korea. The two handysize vessels, the 37,000 dwt.

21 Oct 2010

Omega Navigation Enterprises, Q2 Results

Omega Navigation Enterprises, Inc., a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the second quarter and six months ended June 30, 2010. For the quarter ended June 30, 2010, Omega Navigation reported total revenues of $19.0 million and Net Income of $2.4 million, or $0.15 per basic share, excluding losses on interest rate derivative instruments, incentive compensation grants expense and a one-time settlement fee for the termination of a purchase agreement. Including these items, the Company reported Net Loss of $0.9 million or $0.05 per basic share. Adjusted EBITDA for the second quarter of 2010 was $6.1 million. Please see below for a reconciliation of Adjusted EBITDA to Cash from Operating Activities.

22 Dec 2009

Omega Navigation Q3 2009 Results

For the quarter ended September 30, 2009, Omega Navigation reported total revenues of $14.3 million and Net Income of $1.9 million, or $0.12 per basic share, excluding losses on interest rate derivative instruments and incentive compensation grants expense. Including these items the Company reported Net Income of $ 0.1 million or $0.01 per basic share. Adjusted EBITDA for the third quarter of 2009 was $8.0 million. Please see below for a reconciliation of Adjusted EBITDA to Cash from Operating Activities. Operating Income included revenue of $0.8 million attributable to profit sharing. The company owned and operated an average of eight product carriers during the third quarter of 2009, the same number as in the third quarter of 2008.

10 Sep 2009

Omega Navigation Q2 2009 Results

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the quarter ended June 30, 2009. For the quarter ended June 30, 2009, Omega Navigation reported total revenues of $16.7 million and Net Income of $3.4 million, or $0.23 per basic share, excluding a loss related to the termination of a purchase agreement, a loss on interest rate derivative instruments and incentive compensation grants expense. Including these items the Company reported Net Loss of $1 million or $0.06 per basic share. EBITDA for the second quarter of 2009 was $6.6 million. Please see below for a reconciliation of EBITDA to Cash from Operating Activities.

04 Jun 2009

Omega Navigation Releases 1Q Results

Omega Navigation Enterprises, Inc. said that for the quarter ended March 31, 2009, it reported total revenues of $18.7 million and Net Income of $6.3 million, or $0.41 per basic share, excluding a loss on its interest rate derivative instruments, a gain on warrants revaluation and incentive compensation grants expense. Including these items the Company reported Net Income of $5.7 million or $0.37 per basic share. EBITDA for the first quarter of 2009 was $13.2 million. Please see below for a reconciliation of EBITDA to Cash from Operating Activities.

03 Jun 2009

Omega Navigation 1Q 2009 Results

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SES: ONAV50), a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the first quarter ended March 31, 2009. For the quarter ended March 31, 2009, Omega Navigation reported total revenues of $18.7 million and Net Income of $6.3 million, or $0.41 per basic share, excluding a loss on its interest rate derivative instruments, a gain on warrants revaluation and incentive compensation grants expense. Including these items the Company reported Net Income of $5.7 million or $0.37 per basic share. EBITDA for the first quarter of 2009 was $13.2 million.

16 Dec 2008

Admanthos Choses SpecTec

Admanthos Shipping Agency Inc. has chosen SpecTec after reaching an agreement with their US office for the supply of AMOS2 Enterprise solution. Admanthos will use AMOS2 Maintenance & Purchase, AMOS2 Personnel and AMOS2 Quality to manage their Headquarter Office and four vessel fleet. Admanthos, based in Stamford, Connecticut, provides technical management, new building site supervision, crewing, chartering, and the general administrative and financial functions for the ship owning company. Admanthos Shipping has specialized in clean petroleum products for the last 25 years. Admanthos operates a fleet of double hull product tankers engaged in the world-wide spot market. (www.spectec.net)

07 Nov 2008

New Time Charters for ONAV

Omega Navigation Enterprises, Inc. (NASDAQ:ONAV, SGX:ONAV50), a provider of global marine transportation services focusing on product tankers, announced that an agreement has been reached to charter to ST Shipping (a wholly owned subsidiary of Glencore International, AG) the vessels Omega Lady Sarah and Omega Lady Miriam, from the third or fourth quarter of 2009 for a three year period. The new charters ensure full employment for these vessels for all of 2009, 2010, 2011 and at least the first half of 2012. Omega and ST Shipping have agreed on rates which are higher than those under their current employment. The new rates for both vessels will consist of a base rate of $25…

28 Feb 2008

Capital Product to Buy Tankers

Capital Product Partners LP has signed a nonbinding letter of intent to buy two vessels from Capital Maritime & Trading Corp., for total of $118m. The deal is expected to be completed by April. The first vessel, valued at $95m, is a 2001-built, 159,982 deadweight ton double hull tanker. The vessel is chartered to BP Shipping Ltd. under a charter at a gross rate of $36,456 per day. The charter has a term through at least January 2011, and includes a profit-sharing arrangement that calls for BP and Capital Product to equally split any additional revenue. The second, worth $23 million, is a 12,000 deadweight ton double hull product tanker built in 2005. The tanker is chartered to Shell International Trading & Shipping Company Ltd.

26 Feb 2008

Capital Product Partners Announces Intention to Acquire Tankers

Capital Product Partners announced that it has entered into a non-binding letter of intent to acquire the 2001-built, 159,982 dwt double hull tanker M/T Amore Mio II and the 2005-built, 12,000 dwt double hull product tanker M/T Aristofanis from Capital Maritime & Trading Corp., the owner of its general partner. The proposed purchase prices are $95 million for the M/T Amore Mio II and $23 million for the M/T Aristofanis, and the transaction is expected to be completed by the end of April 2008. The M/T Amore Mio II is chartered to BP Shipping Limited under a charter expected to expire at the earliest in January 2011 at a base gross rate of $36…

26 Nov 2007

Aker Philadelphia Delivers Third Product Tanker

The third product tanker built by Aker Philadelphia Shipyard was delivered today, marking the first time in the yard’s history that three vessels were delivered in the same year. Following very successful sea trials and final testing and commissioning, the ship joins two sister vessels in American Shipping Corporation‘s growing fleet of double-hull product tankers operating for charter in the US Jones Act Market. As were its two predecessors, the 600-foot long MT46 Veteran Class tanker is chartered to a subsidiary of Overseas Shipholding Group, Inc. (OSG). A Naming Ceremony was held at the yard. Mrs. Sandra Ridgway conferred the name Overseas Los Angeles upon the ship while blessing the vessel and those which will sail upon her.

25 Oct 2001

Seabulk International Posts Third Quarter Results

Seabulk International, Inc. 2001. current quarter were up 10% from $81.6 million a year ago. services business and its domestic tanker business. Revenues from Seabulk Offshore, which operates a fleet of 142 offshore energy support vessels, rose 31 percent year-over-year to $51.1 million from $39.1 million and accounted for 57 percent of total revenues. Operating income from Seabulk Offshore totaled $13.0 million, a nearly three-fold increase from $4.6 million a year ago. Utilization was 83% against 90% in the second quarter and 76% in the year-earlier quarter. quarter and 86 percent in 2000. second quarter and 85 percent a year ago. rates firmed while utilization remained steady. third quarter of 2000, when they operated an additional tanker which has since been scrapped.

08 Sep 2003

OMI Corporation Orders Vessel

OMI Corporation of Stamford, Connecticut has ordered one 37,000 dwt ice-class 1A product carrier to be built by Hyundai Mipo Dockyard Co., Ltd., Ulsan, Korea. The vessel is scheduled to be delivered in June of 2005. Craig H. Stevenson, Jr., Chairman and Chief Executive Officer, said "we continue to grow our core business of double hull product carriers and Suezmaxes; this is the fifth sister product carrier on order, three of which will commence five year time charters upon their deliveries in 2004. We maintain our optimistic outlook for both time charter and spot market business."

10 May 2002

Stelmar Shipping Announces Time Charter Contract

Stelmar Shipping Ltd. announced it has secured the Vessel Jamar, a double hull product carrier, on a one-year time charter contract for $12,500 per day. Peter Goodfellow, CEO and president commented, "We continue to sign profitable time charter contracts aimed at providing our shareholders with significant earnings visibility. Stelmar has secured 77 percent of the net operating days on profitable time charters for 2002 and 44 percent for 2003, which is equivalent to $128 million and $87 million in revenue, respectively."

21 Jun 2002

ODC Completes Type Product Carriers

Onomichi dockyard Co., Ltd. (ODC) completed construction of two 47,000 DWT type product carriers, Amazon and San Jacinto, for OMI Corporation in January and March 2002, respectively. The carriers are the 30th and 31st carriers of the 47,000DWT series built since the first in 1995. The company will build ten more product carriers, which are now one of the best sellers among standardized vessels built by the company. The 47,000 DWT type series is designed under the policy of building “double hull product carriers at low cost for efficient oil product transport.” The series has a maximum beam of 32.2m, which can pass through the Panama Canal, and a dept of 19.1m, which is the maximum depth to retain the ship stability.

16 Jul 2002

Stelmar Announces Time Charter Contract

Stelmar Shipping Ltd. announced that it has renewed the Rimar, a 1998 double hull product tanker, on a six-month time charter contract for $13,500 per day. Peter R. Goodfellow, Chief Executive Officer and President commented, "In 2002, we have signed or renewed profitable time contracts for all seven tankers that have come off contract. We have also been able to sign new profitable time charter contracts for another two tankers that had been operating in the spot market. As we move into the second half of 2002, we have only four Handymax tankers operating in the spot market with another four coming up for renewal. We are confident in our continuing ability to sign profitable, short-term time charters at rates that exceed the current spot rate.

02 Aug 2005

Seabulk Agrees to Sell Product Tankers

Seabulk International, Inc., a wholly owned subsidiary of SEACOR Holdings Inc. announced that it has signed an agreement to sell the Seabulk Trust, a 48,000-dwt foreign-flag double-hull product tanker. Delivery of the Seabulk Trust to its buyer is expected in August. In a separate transaction, an agreement was signed to sell the Seabulk Reliant, a 48,000-dwt foreign-flag double-hull product tanker. Delivery of the Seabulk Reliant to its buyer is expected in September. Both vessels currently trade worldwide as part of the Dorado product tanker pool.

04 Sep 2007

Global Carriers Awards Contracts to Ningbo Shipyard

Global Carriers Bhd has awarded two shipbuilding contracts worth a combined $21.76m to Ningbo Shipyard Co Ltd. The contracts are for Ningbo Shipyard to build two double-hull product oil tankers for Global Carriers, the company said. The first vessel will be delivered in late 2008 and the second will be delivered about four months after the first, it said. Source: Thomson Financial