German Kg News

Only in 2016, at least 19 shipbreaking workers were killed and another 11 severely injured in the Bangladesh shipbreaking yard. More than 600 German-owned ships have been sold for scrap in SouthEast Asia since 2008 due to insolvencies and financial problems claims NGO Shipbreaking Platform. A worker named Shah Jahan was killed on December 04 on the spot at Arefin shipbreaking yard in Chittagong, Bangladesh, where German container ship “Viktoria Wulff” (IMO 9252101) is currently being dismantled on the beach, says NGO. The 35-year old man, who was made to work without any safety measures, was struck on the head by a heavy iron piece. German ship owner Wulff went bankrupt in August and the insolvency administrator is currently selling off the company’s remaining vessels.

A record year for containership demolitions in 2016 has helped suppress total fleet growth close to the rate for demand. To repeat that feat the scrapping record will need to be smashed again, and again. There are multiple ways to measure the vitality of the container industry, from looking at port and trade volumes to carrier income and balance sheet statements. Another is to look at the average age of containership demolitions. Generally, the earlier that owners decide to cut short the life cycle of their steel assets the more downbeat they are of their future revenue earning potential. So far this year there have been three cases of ships being scrapped just before they reach their 10-year birthday (a record)…

A revolutionary new option to scrapping for younger panamax containerships deemed too small for a tradelane involves widening the vessel rather than adding length. The enlargement operation of MSC Geneva was held at the Chinese shipyard Huarun Dadong (HRDD). The ship was cut in half, lengthwise, and he was added to a central section three rows of containers. It included transverse beams to ensure the structural integrity of the hull hence the structure was further strengthened. As a result, the width of the MSC Geneva went from 32.2 to 40 meters and its carrying capacity increased by 1280 slots for 6152 TEU. Of course, the tonnage also increased. . The ship’s deadweight consequently increased to 82,000 tonnes from 63,638 tonnes.

KKR and Borealis Maritime today announced the acquisition of a portfolio of nine feeder container vessels in a sale process coordinated by Commerzbank. The vessels were previously owned by a number of German KG funds and were originally financed by Commerzbank. Financial details of the transaction were not disclosed. The company informed that their partnership with KKR has been well timed to deploy capital during what they believe will prove to be a low cycle in the shipping industry. They have been able to grow our fleet significantly and together with KKR are offering lenders feasible solutions to prior lending engagements. In 2013, KKR and Borealis Maritime formed a joint venture named Embarcadero Maritime to invest in distressed shipping assets.

KKR and Borealis Maritime say they have acquired a portfolio of nine feeder container vessels in a sale process coordinated by Commerzbank. The vessels were previously owned by a number of German KG funds and were originally financed by Commerzbank. Financial details of the transaction were not disclosed. In 2013, KKR and Borealis Maritime formed a joint venture named Embarcadero Maritime to invest in distressed shipping assets. Since its formation and including the most recent acquisition, Embarcadero Maritime has acquired 27 vessels in 9 separate transactions and its current fleet includes a mix of chemical tankers, feeder container vessels and small LPG vessels.

Growth in the global economy and containerized transportation by sea in 2013 was slightly below the level of the previous year. Once again, available global slot capacity outpaced container transport volume as deliveries continue to exceed the level of scrappage, which also increased. As a consequence of the continuing overcapacity, freight rates in most trades remained under pressure or declined still further. The only positive support came from fuel prices, which have fallen slightly from the highest level of the previous year.

Ship Finance International Limited (SFL) has announced the agreement to acquire two 5,800 teu post-panamax container vessels built in 2001/2002 in combination with long-term charters. The vessels are expected to be delivered to SFL over the course of the next few weeks, and the annual EBITDA contribution is estimated to be approximately $5.5 million on average during the charter period. The charters include a purchase option with profit share after five years. Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment, "Similar to the acquisition of the seven 4,100 teu container vessels last week, the acquisition of these additional 5,800 teu container vessels were also sourced from the German KG market.

Ship Finance International Limited (SFL) announced that it has agreed to acquire seven 4,100 teu container vessels built in 2002 in combination with long-term charters to a leading container line operator. The vessels are expected to be delivered to SFL over the course of the next few weeks, and the annual EBITDA contribution is estimated to be approximately $10 million on average during the charter period. The charters include a purchase option with profit share after approximately 5.4 years on average. Ole B. Hjertaker, CEO of Ship Finance Management AS, said, "This transaction originates from the German KG market, and while the exact terms of the deal is confidential, the acquisition price is seen as very attractive.

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.

Hamburg-based TB Marine-Hamburg GmbH. Shipbuilding Co for delivery 2011. up Seaarland Shipmanagement (Hamburg) GmbH & Co. KG. our German ships and other ships owned by TB's partners. 2008. German tonnage. Singapore and Indian companies. market. investment group via Aquarius Marine Consulting, Hamburg. approval and newbuilding supervision for TB's projects. Ice Class 1A chemical/product tankers fixed with long term employment.

Navigation Ltd. which it had sold the vessel in 1999. $60 million. remain so for the foreseeable future. capital gain which will be recorded in the first quarter of 2007. South American state oil company. corresponding period.

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

Bureau Veritas announced strong growth in 2005, its tenth consecutive year of growth. BV increased turnover to $2 billion, up 16 percent over 2004. Bernard Anne, managing director of the marine division of Bureau Veritas, says, “Focusing technology and delivering it where and when it was needed brought strong growth to both Bureau Veritas and its clients during 2005. Overall, the Bureau Veritas group grew across every industry on the planet, reinforcing its leading position as by far the largest and strongest body involved in ship classification and certification. Bureau Veritas today is a service company specialising in quality, health, safety and environmental management and social accountability.

The global economy remains in a state close to recession, and although authorities are trying to stimulate growth using methods such as reducing interest rates, it is not anticipated that any real improvements will be seen until the year 2000, reports Drewry Shipping Consultants Ltd. in a report detailing various aspects of the shipping industry. Prospects for industry, the report states, remain difficult. Tanker market conditions are being exacerbated as a result of consolidation in the oil sector. The increase in competition is forcing owners to reassess their strategic goals and financial standing and inevitably this is leading to a similar process of amalgamation in the tanker sector.