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Monaco News

06 Mar 2024

Safe Bulkers Sells Two Vessels

© Volodymyr Kyrylyuk / Adobe Stock

Dry bulk shipowner Safe Bulkers on Wednesday announced it has reached deals to sell two of its vessels to undisclosed buyers.Through separate agreements, the Monaco-headquartered company will sell the 2010-built 92,000 dwt Post-Panamax Panayiota K at a gross sale price of $20.45 million and 2011-built 75,000 dwt Panamax Paraskevi 2 at a gross sale price of $20.3 million.The ships are scheduled to be delivered to their new owners in April and July 2024 respectively.Dr. Loukas Barmparis…

12 Jul 2023

Scorpio Sells 2013-built Tanker for $32.5 Million

Scorpio Tankers announced it has sold a medium range (MR) product tanker for $32.5 million.The Monaco-headquartered shipowner said the sale closed this month, but did not disclose the buyer.The vessel is the 183-meter-long STI Ville, built in 2013 by South Korea's Hyundai Mipo Dockyard.Scorpio noted that the ship is unencumbered and that it will make no debt repayments associated with the sale.Scorpio Tankers currently owns, lease finances leases or bareboat charters-in 112 product tankers, including 39 LR2 tankers, 59 MR tankers and 14 Handymax tankers.

31 Jan 2023

Marinetrans jois TU Delft Hydro Motion Team

Image courtesy Delft Technical University

Supporting hydrogen propulsion and foiling technologies development to reduce emissionsLogistics provider Marinetrans is now partner of the foiling hydrogen boat project of Delft Technical University. Together with other maritime companies Marinetrans now supports this diverse team of students to compete with a foiling hydrogen-power boat in the Monaco Energy Boat Challenge, a project to exhibit viable sustainable propulsion solutions.At Marinetrans, several emission-reduction schemes are currently unfolding…

14 Dec 2022

Scorpio Exercises Purchase Option for Six MR Tankers

Monaco-headquartered shipowner Scorpio Tankers said it has exercised its options to buy back six MR product tankers from China's CMB Financial Leasing Co., Ltd.Scorpio had sold the six ships to CMB in 2018 and leased them back on eight-year bareboat charters with options to buy after four years.The vessels are the STI Battery, STI Milwaukee, STI Tribeca, STI Bronx, STI Manhattan and STI Seneca, all 49,990 dwt and built in 2014 and 2015.New York-listed Scorpio, which announced the move in its fourth-quarter update, said the leases bear interest at LIBOR plus a margin of 3.20% per annum and that the buybacks will reduce its debt by $99 million.The deal is expected to close before the end of 2022, Scorpio said.

22 Nov 2022

Superyacht Delivered for NBA Star Tony Parker

(Photo: AvA Yachts)

Infinity Nine, the second of the Kando series of contemporary explorer yachts from AvA Yachts was delivered to its owner NBA basketball star Tony Parker in early November.Atilla Küçükdiker, chairman and founder of AvA Yachts, said, “It is a proud and happy day that we as AvA Yachts team have delivered Infinity Nine! We describe our Kando series yachts as contemporary explorers and Infinity Nine really is a superb demonstration of both contemporary style, inside and out, and superb exploration potential with class-beating efficiency…

29 Aug 2022

Canada Sees West Coast LNG Revival as World Scrambles for Gas

© vladsv / Adobe Stock

Canada is taking a second crack at developing a liquefied natural gas (LNG) export industry on its west coast a decade after soaring costs and indigenous opposition derailed a previous wave of proposed LNG terminals.This time, companies are focusing on smaller west coast projects they bet will be cheaper and faster to build."Smaller project are easier to manage, especially in Canada," Enbridge chief executive Al Monaco told Reuters in an interview. "The need for global LNG is clearer now than it was before, we're getting a second chance and I hope we don't blow it this time.

08 Apr 2022

Dales Marine Appoints Gray Chief Naval Architect

David Gray was named Chief Naval Architect, Dales Marine. Photo courtesy Dales Marine.

Dales Marine announced the appointment of David Gray as Chief Naval Architect, bringing the business a wealth of experience in ship and yacht design.Gray's areas of specialties cover the design and development of new vessels and conversions, including ships and floating structures, large yachts, and small commercial vessels such as workboats, dredgers, fast ferries, and other special service craft. In addition, Gray's has a keen interest in electric propulsion, hydrofoils, roll stability and stabilizers…

03 Mar 2022

France Seizes Yacht Reportedly Belonging to Rosneft Boss Sechin

French customs have seized a yacht belonging to Rosneft boss Igor Sechin as it tried to leave the Mediterranean port of La Ciotat in a breach of EU sanctions on Russian oligarchs, Finance Minister Bruno Le Maire said.The move came as western states are implementing massive sanctions, including asset freezes, against Russia for invading its neighbor Ukraine. A separate nearly $600 million luxury yacht owned by Russian billionaire Alisher Usmanov has also been seized, by German authorities, Forbes reported. The 88-meter "Amore Vero" arrived in La Ciotat on Jan.3 and was due to stay there until April 1st for repairs, the finance ministry said in a statement…

07 Feb 2022

ABB Secures $27M Order to Equip Eneti's WTIV Duo

©Eneti

ABB has secured an order of around $27 million to supply Eneti’s two newbuild vessels with advanced power, automation, and control systems for improved safety and performance.The two $330 million wind turbine installation vessels (WTIV) will be delivered to Monaco-based offshore wind construction player Eneti Inc. from the South Korean shipyard Daewoo Shipbuilding & Marine Engineering (DSME) in Q3 2024 – Q2 2025.The vessels will feature advanced power, automation and control systems, real-time performance analytics and electric propulsion from ABB.

25 Jan 2022

Monaco Fire/Rescue Boat Features Smartgyro Stabilization

(Image: High Tech Marine)

Italian boat builder High Tech Marine (HTM) is constructing a new firefighting and rescue patrol boat for operation in the harbor waters and along the Monaco coastline.Commissioned by the Monaco Government, the vessel will be delivered by September 2022 and enter service immediately, enabling the region’s Corps des Sapeurs-Pompiers to provide firefighting and rescue services in the Principality's ports and along a coastal zone which may include the surrounding French territorial…

09 Dec 2021

Costamare Orders Eight New Containerships, Buys Seven Secondhand Bulkers

© Max Wei / Adobe Stock

Shipowner Costamare Inc. announced it has ordered eight newbuild containerships and acquired seven secondhand bulk carriers.The Monaco-headquartered company said Thursday it signed contracts with an unspecified Asian shipyard for two 13,000 TEU capacity newbuilds and exercised options under a previous agreement for two more of the same capacity plus four additional 15,000 TEU capacity vessels. Each of the ships will commence long-term charters with a "leading liner company" upon scheduled delivery between the third quarter of 2023 and first quarter of 2024.Gregory Zikos…

12 Nov 2021

Shooting the Messenger? Shipping Carries the Can as Investors Shun Coal

Coal Carrier - Credit:arikbintang/AdobeStock

Shipping companies that transport the world's coal are in the crosshairs of some financial backers who are cleaning up their businesses in the absence of a truly global drive by nations to renounce the dirtiest fossil fuel.In a sign of investors taking the initiative, six European firms collectively representing over 5% of the estimated annual $16 billion capital financing requirements of the dry bulk industry told Reuters they were either reducing their exposure to vessels that…

14 Oct 2021

WISTA International Elects New Board members

(Photo: WISTA)

The Women’s International Shipping and Trading Association (WISTA) executive committee held its election for three executive positions during their International AGM on October 13. The AGM was hosted in Hamburg alongside a conference that is taking place today and Friday.Connie Roozen, WISTA Netherlands, retains her position as treasurer for another term, whilst two new members were elected as Executive Committee members, Sofia Fu¨rstenberg Stott, WISTA Sweden and Nazli Selek…

07 Sep 2021

Ørsted, ATP Picks Leading Contractors for Danish Energy Island Bid

Illustration: Danish Energy Agency

Denmark-based offshore wind developer Ørsted and ATP, Denmark’s largest institutional investor, have teamed up to bring leading offshore construction specialists to Denmark to support their bid for the North Sea energy island.Back in February, Denmark approved the construction of the first of its kind wind energy hub in the North Sea that promises to produce yet unseen amounts of green electricity, in what has been described as the largest construction project in Danish history.The…

06 Apr 2021

VIDEO: Dutch Cargo Ship Adrift Off Norway after Crew Evacuated in Stormy Weather

Screenshot from video by Hovedredningssentralen Sør-Norge

The crew of a Dutch cargo ship was evacuated in stormy weather off the coast of Norway late on Monday, leaving the abandoned vessel adrift and in danger of sinking and causing an oil spill, local authorities said on Tuesday.Footage released by the Norwegian Rescue Coordination Centre showed some of the 12 crew members jumping into the ocean from the badly listing Eemslift Hendrika before being rescued by helicopter. Others were hoisted directly from the deck.All were brought to safety…

05 Mar 2021

IMO-led Meeting Addresses Dumping at Sea

© intararit / Adobe Stock

Preventing pollution from dumping of wastes at sea relies on global frameworks, regional conventions and protocols and national regulations, the UN's shipping agency, the International Maritime Organization (IMO) said. To be effective, these need to be aligned and implemented effectively. This was the subject of a March 2 meeting organized by IMO's Office of the London Protocol and Ocean Affairs (OLCP&OA) and UNEP/MAP.The meeting was attended by Barcelona Convention Contracting Parties…

14 Oct 2020

Scorpio Bulkers Sells Two Ultramax Vessels

Scorpio Bulkers, Inc. announced Wednesday that it has entered into agreements with an unaffiliated third party to sell two 2017-built Ultramax bulk carriers for approximately $34 million as the dry bulk shipping company continues its transition to offshore wind services.The ships, SBI Phoenix and SBI Samson, are expected to be handed over to the unnamed buyer in the fourth quarter, Scorpio said. Both vessels were built at China's Chengxi Shipyard.The bulk carriers are the fourth and fifth Scorpio has sold since its August announcement revealing plans to enter into a shipbuilding contract with South Korea's Daewoo Shipbuilding and Marine Engineering (DSME) to build a wind turbine installation vessel for delivery in 2023, with options to build three further similar vessels.

21 Sep 2020

Scorpio Bulkers Tries Wind in Hunt for Returns

(Image: Scorpio Bulkers)

Scorpio Bulkers, a major ocean transporter for the dry commodities industry, is tapping into increasing demand for renewable energy with an investment in the logistics of offshore wind farms, the group's chief executive said.The Monaco-headquartered company will invest between $265 to $290 million in a vessel that can install offshore wind turbines, Emanuele Lauro, chairman and CEO, told Reuters, part of a strategy to begin to diversify the group away from the transport of dry…

30 Jul 2020

Envoy Acquires Avantis Marine

Image Credit: Envoy

UK-based Envoy Group has acquired a marine engineering company, Avantis Marine, to target carbon reduction and clean energy solutions for offshore markets.Avantis specializes in marine engineering with a focus on environmental performance and clean technologies for the shipping, oil and gas and passenger transport markets. The business is headquartered in the Marshall Islands, and operates from bases in the UK, Monaco, Dubai, Singapore and Miami. Iain MacGregor, CEO of Envoy, a 2019 spin-off from oilfield service company Global Energy Group…

27 May 2020

LADAR: Laser Sensor Technology for the Maritime Industry

Using a blue-green laser, LADAR penetrates the ocean water mass enabling detection of submerged objects and debris, like containers, fishing nets, small barges, humans, ice floes, oil spills in the water column, plastic and much more (Photo: LADAR Ltd)

Research scientist and entrepreneur Sverre Dokken believes laser-based remote sensing has big potential in the maritime domain. But what is LADAR, who’s it for and what are the key benefits?“Our mission is to be the world leader in innovative maritime sensor products that enhance the safety and security of shipping and all manner of offshore activity,” says Ladar Ltd (LDR) principal Sverre Dokken.In the sensor vanguardEssentially a laser-based navigational aid, LADAR (Laser Detection and Ranging) combines long-distance object detection with high-accuracy measurement…

12 Mar 2020

GoodBulk President Andrew Garcia Resigns

Monaco-based international owner and operator of dry bulk vessels GoodBulk has announced that Andrew Garcia has resigned from his position of president and director.The provider of marine transportation services said in a press release that its board has approved Brentwood Shipping and Trading’s appointment of Carlos Pena, Chief Commercial Officer of C Transport Maritime S.A.M. (CTM), as incoming Director.Pena has over 16 years’ experience in shipping across various areas and within CTM, GoodBulk’s commercial, operational and technical manager, he is responsible for overseeing all commercial activities.The company said that it is confident Pena will bring a wealth of knowledge and insight helping to further GoodBulk’s goals.

10 Mar 2020

Scorpio Bulkers Sells 3 Vessels

The provider of marine transportation of dry bulk commodities Scorpio Bulkers has entered into agreements with unaffiliated third parties to sell two ultramaxes and one kamsarmax for about $53.5 million in aggregate.The vessels are the SBI Jaguar and SBI Taurus, 2014 and 2015 built Ultramax vessels, respectively, and the SBI Bolero, a 2015 built Kamsarmax vessel.None of the three vessels have been fitted with scrubbers, said a press release from the Monaco-headquartered firms said.Delivery of the vessels is expected to take place between March and May of 2020.It is estimated that Scorpio Bulkers' liquidity will increase by approximately $18.3 million after the repayment of outstanding debt.Upon the completion of the sale of the three vessels, Scorpio Bulkers Inc.

26 Feb 2020

Safe Bulkers Updates Charter Arrangements

International provider of marine drybulk transportation  Safe Bulkers said that two of its vessels - MV Kypros Sky and MV Kypros Spirit - were sold and leased back recently on a bare-boat charter basis for a period of eight years.The Monaco-headquartered company said that with purchase options are in its favor  commencing three years following the commencement of the bare-boat charter period and a purchase obligation at the end of the bare-boat charter period, all at predetermined purchase prices.The company informed that MV Panayiota K and MV Agios Spyridonas were also sold and leased back in January 2020 on a bare-boat charter basis for a period of six years…

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