Undisclosed Buyer News

Gulf Island Fabrication, a steel fabricator and service provider to the industrial and energy sectors, announced on Tuesday it has completed the sale of excess property that was part of the company’s facilities located in Houma, La.Gulf Island said the sale to an undisclosed buyer generated net cash proceeds of approximately $8.5 million.“A key aspect of our strategic transformation has been to improve our resource and facility utilization and the sale of this property at our Houma facility is consistent with this objective,” said Richard Heo, Gulf Island’s president and CEO.

Dry bulk shipowner Safe Bulkers announced Monday it has has reached a deal to sell the oldest vessel in its fleet to an undisclosed buyer.The ship is the Maritsa, a 76,000 dwt Panamax bulk carrier built in Japan in 2005. The vessel was sold at a gross sale price of $12.2 million and a forward delivery date from April 2024 to May 2024, New York-listed Safe Bulkers said.Dr. Loukas Barmparis, president of Safe Bulkers, said, “We continue our strategy to selectively sell older vessels…

Norwegian offshore vessel operator Østensjø Rederi announced it has sold the multipurpose vessel Edda Fjord to an undisclosed buyer.The vessel was delivered to its new owners in Haugesund, Norway on January 24, 2024 and is now en route to embark on new projects in Brazil.Edda Fjord, built in 2002 by Flekkefjord Slipp og Maskinfabrikk, has operated in a number of different segments through the years and is considered the predecessor to Edda Fides and the Edda Accommodation concept…

Tsakos Energy Navigation (TEN) on Monday announced it has sold one of the older vessels in its fleet, noting it plans to sell additional vessels in the near future.The 164,608 dwt suezmax tanker Eurochampion 2004, built at South Korea's Hyundai Heavy Industries in 2005, was sold to an undisclosed buyer in a deal expected to contribute approximately $40 million to the TEN’s cash balances, the Greek shipowner said.In announcing the sale, TEN noted its management is in continuous discussions for further vessel sales in the near future.The company also announced it has taken delivery of two 115…

Frontline announced it has reached a deal to sell its five oldest very large cruse carriers (VLCC) to an undisclosed buyer for an aggregate net sale price of $290 million.The vessels, built in 2009 and 2010, are expected to be delivered to the new owner during the first quarter of 2024.After repayment of existing debt on the vessels, the transaction is expected to generate net cash proceeds of approximately $207 million, and the Company expects to record a gain in the first quarter of 2024 in the range of approximately $68 million to $76 million…

The Norwegian offshore vessel owner Golden Energy Offshore Services AS (“GEOS”) said Wednedsay it had entered into a memorandum of agreement (the “MoA”) with an undisclosed buyer for the sale of the subsea support vessel VOS Sugar.The VOS Sugar is one of the Vroon Offshore vessels GEOS agreed to buy last month, a purchase which is in the process of completing. The MoA is subject to satisfactory vessel inspection by the buyer. Provided that the subject is lifted, the sale is expected to be completed in November 2023. "The agreed sales price in the MoA is EUR 15 million and when completed would represent a substantial cash profit to the company relative to the acquisition cost of USD 9.4 million in the [Vroon fleet acquisition]…

Shipping company Castor Maritime announced it has completed its sale of a a 2007-built Panamax bulk carrier for $12.6 million. The company had revealed in March that it sold the 73,593 dwt Magic Rainbow to an undisclosed buyer.Nasdaq-listed Castor said it expects to record an approximately $4.4 million net gain on the sale, excluding transaction related costs.Castor owns a fleet of 20 vessels, with an aggregate capacity of 1.7 million dwt, currently consisting of one Capesize, seven Kamsarmax, 10 Panamax dry bulk vessels and two 2,700 TEU containerships.

Castor Maritime announced that on March 23, 2023, it entered into an agreement to sell a 2005-built Panamax bulk carrier to an undisclosed buyer for $13.95 million.The vessel, Magic Moon, is expected to be delivered to its new owner during the third quarter of 2023.Castor Maritime said it expects to record during the third quarter of 2023 a net gain of $5.3 million on the sale, excluding transaction related costs.

Shipping company Castor Maritime announced it has sold the 2007-built Panamax bulk carrier Magic Rainbow to an undisclosed buyer for $12.6 million.The 73,593 dwt vessel is expected to be delivered to its new owner during the second quarter of 2023.Nasdaq-listed Castor Maritime said it expects to record an approximately $4.4 million net gain on the sale, excluding transaction related costs.The deal remains subject to the execution of customary definitive documentation, the company added.Castor owns a fleet of 22 vessels, with an aggregate capacity of 1.7 million dwt, consisting of one Capesize, seven Kamsarmax and 12 Panamax dry bulk vessels, as well as 2 2,700 TEU containership.

Greek shipowner Euroseas on Thursday announced it has sold a 2001-built post-Panamax containership to an undisclosed buyer for $14.2 million.The 5,610 TEU vessel, Akinada Bridge, is expected to be delivered to its buyers in the beginning of January 2023.After the sale, the company will have a fleet of 17 vessels comprising of 10 feeder and seven intermediate containerships. Euroseas 17 containerships have a cargo capacity of 53,261 TEU.On a fully-delivered basis of its vessels under construction, the company’s fleet will increase to 26 containerships with a cargo capacity of about 75,461 TEU.

Dry bulk shipping company Safe Bulkers announced on Monday that it has entered into an agreement to sell one of the older vessels in its fleet to an undisclosed buyer for $15.84 million.The vessel is the 2006 Japanese-built Kamsarmax Pedhoulas Trader. Its forward delivery date is expected within December 2022.Dr. Loukas Barmparis, president of Safe Bulkers, said, “We continued to sell older tonnage as we take delivery of our newbuild IMO Phase three vessels, improving the fleet environmental performance and increasing our competitiveness in the new more stringent regulatory environment.’’

Norwegian company Green Energy Group has completed the sale of its Petrel Explorer seismic survey vessel.The company, which last year rebranded to Green Energy Group from Seabird Exploration to reflect a strategic shift in business towards green energy transition, in July entered into a binding agreement to sell the Petrel Explorer to an undisclosed buyer for an undisclosed sum.The transaction was completed on August 29, 2022, and the company handed over the vessel and received the transaction amount in full. "The sale of the non-strategic Petrel Explorer further strengthens the company`s balance sheet and liquidity, enabling us to deliver on our asset-light strategy while aiming to consolidate the seismic markets we are involved in…

Singapore-based offshore energy services provider PACC Offshore Services Holdings (“POSH”) has agreed to buy the 119-meter long, DP-3 offshore construction vessel ‘BOA Deep C’ from Norway's BOA OCV AS. The vessel will be renamed ‘POSH Deep C’ and will join the POSH fleet in October 2022. POSH said the addition of the multipurpose Offshore Construction Vessel (“OCV”), built in 2003, was part of its strategy to increase its service offerings. The financial details were not disclosed."The OCV’s versatility will complement the existing fleet with capabilities including subsea installation works and turnkey towage and installation services for the floating offshore wind and energy sector…

Norwegian company Green Energy Group has agreed to sell its Petrel Explorer seismic survey vessel.The company, which last year rebranded to Green Energy Group from Seabird Exploration to reflect a strategic shift in business towards green energy transition, said Monday it had entered into a binding agreement to sell the Petrel Explorer to an undisclosed buyer for an undisclosed sum.The sale is expected to be completed in about four weeks and will see the vessel leave the offshore industry, Green Energy Group, whose offshore seismic business area maintains the SeaBird Exploration name and operates as a subsidiary, said."The sale of the non-strategic Petrel Explorer further strengthens the company's balance sheet and liquidity…

BW LPG said Thursday it had agreed to sell the 2006-built Very Large Gas Carrier (VLGC) BW Trader to an undisclosed buyer. The VLGC has a carrying capacity of 78,631 CBM. "The sale and delivery of the vessel to its new owner for further trading is expected to be completed by March 2022 and when completed, is expected to generate approximately $20 million in liquidity and a netbook gain of approximately  $2 million," Oslo-listed BW LPG said. Anders Onarheim, CEO of BW LPG said: "This sale is in line with our strategy of seeking to optimize our assets through the cycles and gives further strength to our balance sheet and liquidity position.”With this sale, BW LPG owns and operates a fleet of 39 modern VLGCs.

Norwegian offshore vessel owner Solstad Offshore has sold another vessel. This time the platform supply vessel Far Spirit.The company said Tuesday the vessel had been sold by its subsidiary Farstad Marine to an undisclosed buyer."Delivery of the vessel to the new owner took place today June 22nd, 2021. The sale of the vessel will result in an immaterial accounting effect for Q2-2021," Solstad Offshore said, without revealing the sale price. The Far Spirit vessel, of the VS 470 Mk II design, was built in 2007 by Westcon Olen yard in Norway.Solstad Offshore last year said that, as part of its restructuring agreement, it was to "right-size" its fleet to make it more competitive…

Oslo-listed offshore vessel owner S.D. Standard Drilling Plc. has agreed to sell the Standard Olympus platform supply vessel for $7.5 million to an undisclosed buyer."The sale of Standard Olympus will result in a gain for Standard Drilling of gross USD 1.3 million," the company said.The vessel is a large Platform Supply Vessel (PSV), built at Havyard Ship Technology AS, Norway, in 2014, with 800m2 deck space. "The transaction is a result of Standard Drilling’s renewed focus on more diversified investments within the shipping, offshore, and renewables segments. It gives Standard Drilling increased flexibility to pursue other investment opportunities” said Martin Nes, Chairman of Standard Drilling.

Norwegian offshore service and supply ship shipping company Solstad Offshore said that its subsidiary Farstad Supply has sold the platform supply vessel (PSV) Far Star.1999-built Brazilian-flagged was sold to an undisclosed buyer.The delivery of the vessel to the new owner took place on Tuesday, August 6, said Solstad Offshore.Solstad added that the sale would have an immaterial accounting effect for the third quarter of 2019.Solstad Offshore now has 60 platform supply vessels in its fleet.

Diana Shipping, through a separate wholly-owned subsidiary, has entered into a Memorandum of Agreement to sell the 2004-built Panamax bulker m/v Thetis to an undisclosed buyer.The global shipping company specializing in the ownership of dry bulk vessels said that the delivery of Thetis to the buyer is scheduled for latest by July 31, 2019. The sale price is US$6.4 million before commissions.Upon completion of the aforementioned, Diana Shipping Inc.’s fleet will consist of 44 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 16 Panamax).As of today, the combined carrying capacity of the Company’s fleet, including the m/v Thetis…

Philly Shipyard said it is in the early stages of potentially securing an order to build two Jones Act compliant medium range (MR) product tankers for an undisclosed buyer.The U.S. shipbuilder revealed in its second quarter report that it has executed a nonbinding Term Sheet with a potential customer for the construction of two newbuild 50,000 DWT tankers for targeted deliveries in Q4 2020 and Q1 2021.In order to support the delivery timetable, the Aker-backed shipyard has initiated preliminary design work for the tankers.

Asian spot LNG prices stepped higher this week, shrugging off months of weakness, as Royal Dutch Shell replaced lost output from its Peru plant via spot markets and as a flurry of higher-priced deals surprised traders. Peru's liquefaction plant suspended loadings for several weeks without explanation, exerting strain on Shell, which is the sole exporter of Peruvian LNG and was forced to pick up replacement supply on spot markets. "Shell doesn't want to be exposed so they've been covering their positions…

Solstad Farstad, which claimed to be the world’s largest OSV firm, has sold a relatively new AHTS vessel Far Shogun, since its formation last month following the mega-merger of three leading OSV companies in Norway. The 2010-built, 23,664-bhp Far Shogun has been delivered to the unnamed new owner on Thursday, Solstad Farstad announced. "Wholly owned subsidiary Farstad Supply AS has sold the AHTS Far Shogun to an undisclosed buyer for an undisclosed price. The delivery of the anchor handling tug and supply vessel Far Shogun to the new owner took place on Thursday, July 13," said the company. Solstad Farstad says the sale of the vessel will result in an immaterial accounting effect for third quarter 2017.

Danish shipping company said on Wednesday it has sold two dry bulk vessels to an undisclosed buyer and will hand back a leased bulker at the beginning of October, marking its exit from the dry bulk shipping industry. Torm Anholt and Torm Bornholm are both so-called Panamax vessels and both built in 2004. The Copenhagen-based shipping company kept its full-year profit guidance of an earnings before interest, taxes, depreciation and amortization (EBITDA) between 190 million and $230 million. (Reporting by Ole Mikkelsen)