Valuations News

Shipowner SFL Corporation on Wednesday announced it has agreed to acquire three new LR2 product tankers in combination with long term time charters to an energy and commodities company.The vessels are currently under construction in China, with the latest eco-design features, SFL said, noting the sellers are affiliates of the company’s largest shareholder Hemen Holding Ltd.SFL said it will acquire the three ships for an aggregate purchase price of approximately $230 million, in…

As 2023 is drawing to a close we would once again invite the readers of Offshore Engineer Magazine to gaze into our crystal ball to see what 2024 might have in store for the offshore support vessel industry. Before diving straight into our forward-looking sentiments however, it is important to address some of the main trends in the year that past as these lay the foundation for the year to come.Continuing the market development from the year before, 2023 very much advanced the ongoing recovery for offshore support vessels further.

M3 Marine (Offshore Brokers) UK Ltd (M3OBUK) – a newly established London-based broking company focusing on the offshore and renewables sectors, announced on Tuesday the appointment of Robert Day as its Managing Director.Day brings with him almost a decade of experience, having previously held the role of Associate Director and Head of Offshore at VesselsValue, where he ran the offshore desk which specialized in valuations, broking, market analysis, and business development with a focus on offshore support vessels…

U.K. investment firm Inspirit Capital announced it has completed the carve-out of CWind, a provider of offshore wind support services, from Global Marine Group.CWind completes approximately 60,000 crew transfers annually, utilizing its fleet of crew transfer vessels (CTV), including the world’s first hybrid surface effect ship, CWind Pioneer. The company has operated in support of more than 50 U.K. and European offshore wind farms since 2010.London-based Inspirit Capital specializes…

An easing of chemical tanker earnings in Q2 has not discouraged owners tempted to place newbuilding orders. After a period of extremely strong vessel earnings and asset valuations, an unwinding of the support that created the earnings boom has seen spot and time charter rates fall from their highs, though still remain at elevated levels.This bifurcation of the market has seen owners tempted back to the shipyards with ordering picking up steadily from Q1 and into Q2, reports MSI in its Chemical Tankers Q2 2023 report.

Veson Nautical (Veson), a maritime freight management solutions provider, said Tuesday it planned to acquire vessel valuation provider VesselsValue. Founded in 2011, VesselsValue now has a database of more than 81,500 vessels and provides daily updated, automated, vessel-specific valuations, reports, and market insights.In a statement on Tuesday, Veson said: "By combining VesselsValue products and services with Veson’s existing solutions, clients will benefit from a comprehensive product offering.

As companies race to expand renewable energy and the batteries to store it, finding sufficient amounts of rare earth metals to build the technology is no easy feat. That’s leading mining companies to take a closer look at a largely unexplored frontier – the deep ocean seabed.A wealth of these metals can be found in manganese nodules that look like cobblestones scattered across wide areas of deep ocean seabed. But the fragile ecosystems deep in the oceans are little understood…

Sweden-based shipowner Concordia Maritime announced it has sold three product tankers to a European buyer for above-market prices.The company said Friday that it has entered into an agreement for the sale of the 65,200 dwt vessels Stena Primorsk, Stena Performance and Stena Provence, all built in 2006 at Croatia's Brodosplit Shipyard. The ships are expected to be delivered to their new owner during the fourth quarter of 2022."The agreed price is significantly above the market valuations made mid 2022…

Sweden-based shipowner Concordia Maritime has agreed to sell three product tankers, Stena Primorsk, Stena Performance and Stena Provence, all built in 2006 and of 65,200 dwt, to an unnamed European buyer.Concordia Maritime said Friday that the delivery is expected to take place during the fourth quarter of 2022."The sale is expected to have a positive liquidity effect of approximately USD 30 million. The surplus will be used for repayment of loans," the company said.According to Concordia Maritime…

The Baltic Exchange's main sea freight index posted a loss on Tuesday for the seventh straight session, its longest losing streak in about four months, pressured by lower rates across vessel segments.The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, lost 55 points, or 2.9%, to 1,817 points.The capesize index dropped 91 points, or 4.4%, to 1,971 points.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $753 to $16,374."With many routes indicating sluggish signs in term

The Baltic Exchange's main sea freight index fell to a nearly two-week low on Tuesday as rates across its vessel segments declined.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, shed 53 points, or 2.5%, to 2,061 points, the lowest since July 14.The capesize index fell for the second straight session, losing 141 points, or 5.4%, to 2,455 points, a near two-week low.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,167 at $20,359."The biggest headache moving forward will li

Concordia Maritime said it has entered into an agreement to sell the 2005-built product tanker Stena Paris to a Greek buyer.The 65,000 dwt vessel is scheduled to be handed over at the end of July."Asset values for tankers have risen during the spring in line with the positive freight market. The agreed price is significantly above the market valuations made end 2021," Concordia Maritime said. "The sale is expected to have a positive liquidity effect of approximately $5 million."Erik Lewenhaupt, CEO of Concordia Maritime, said, "The sale of Stena Paris is made primarily to take advantage of the increased ship valuations and improve the company's financial position, but in addition there is also an age factor. The Stena Paris was the first ship to be delivered in the P-MAX series.

ADS Maritime Holding has agreed to acquire a 5 % shareholding in AET Sea Shuttle AS and AET Sea Shuttle II AS, the owners of four modern shuttle tankers operating in the North Sea, mainly on long term charters to Equinor. The vessels are Eagle Blane, Eagle Balder, Eagle Bergen, and Eagle Barents. Shuttle tankers are used for the offloading and transporting oil from offshore oil installations.The majority partner in the owning companies will remain major Malaysian tanker owner AET, part of the MISC/Petronas Group. "The vessels are operated by OSM Maritime. Sellers are ADS Shipping Limited.

Those who are old enough (or young enough) to remember Justin Timberlake’s poignant lyrics, ‘What goes around, goes around, goes around, comes all the way back around’, will appreciate their significance and relatability to the offshore oil and gas market. On that theme, it appears a vessel very close to my heart, the AHTS previously known as Sanko Energy (now Ena Shogun), has come 'all the way back around.'News is filtering through the market that Eastern Navigation (Singapore) has sold the vessel five years after purchasing it from Sanko Steamship in early 2017.So why does this vessel resonate with me? Well, from a professional perspective, it was my first analyst experience of a sale that went against everything established market experts thought about values and sale prices.

Norway's Aker Clean Hydro and Swiss logistics group Kuehne & Nagel on Friday announced a cooperation to boost carbon-neutral container transport at sea, banking on hydrogen as one of the fuels that will make it possible.The partnership comes as Europe is trying to establish a flourishing hydrogen industry to help CO2-intense sectors, such as steel, construction and transport, cut emissions and wean off fossil fuels.As part of the cooperation, Aker Clean Hydro, which is majority-owned by conglomerate Aker ASA via green technology subsidiary Aker Horizons…

Spot market earnings for VLCCs will average $2,500/day in 2022 on a non-eco, no scrubber basis (US $11,000/day for ECO-designs, without scrubbers), while the peak year for VLCC spot market earnings have been pushed out to 2025, amid substantial supply-side support. This was a key finding in McQuilling Services  25th Annual Tanker Market Outlook: 2022-2026 Tanker Market Outlook. While conditions are tight for the big ships, Suezmaxes and Aframaxes sectors are projected to return healthier levels in 2022…

Online valuation and data provider, VesselsValue, said Friday it had acquired the Norwegian shipping research and advisory company, ViaMar.ViaMar, based in Oslo, is becoming part of VesselsValue which has over 200 employees across eight offices worldwide in the UK, Singapore, Hong Kong, Shanghai, Seoul, and Manila.The Norwegian company provides market research and advisory services in shipping, energy and financial markets, and, according to VV, has particularly strong relationships with major banks…

Ships in Chinese waters are disappearing from tracking systems following the introduction of a new data law in China, frustrating efforts to ease bottlenecks that are snarling the global economy, according to three shipping sources directly impacted.China's Personal Information Protection Law, which came into effect on Nov. 1, has added to a raft of new rules designed to increase government control over how domestic and foreign organizations collect and export China's data.Although…

U.S.-based subsea mining company Odyssey Marine Exploration, Inc. announced it has expanded its executive and legal teams. On Monday, the firm's Board of Directors appointed Christopher "Chris" E. Jones as Chief Financial Officer and reappointed Jay Nudi as the company’s Principal Accounting Officer and Treasurer.“As we evaluated our strategic plans and every part of our business over the past year, it became clear that we needed to add specific expertise to our executive team to allow Odyssey to execute on its strategic plan,” commented Mark D. Gordon, Chairman and CEO of Odyssey. “Chris brings extensive experience in international business development…

VesselsValue, a company providing valuations and data on a variety of vessels globally, has launched Small Dry as part of Trade offering plus updated Small Dry Values."VesselsValue is pleased to announce [it is] now covering Small Dry Trade as well as having undergone a thorough review and update of their daily automated values," the company said.Commenting on the launch, Christian Faber, Small Dry Commercial Analyst – VesselsValue Ltd said: "The Small Dry segment has always been a major part of the shipping industry, despite not necessarily being in the spotlight. "More than 10,000 vessels are currently sailing on global waters, delivering a range of commodities from grain, gypsum, clay to timber, construction materials, and wind turbine equipment.

Six people were rescued near the coast of Louisiana after a commercial [lift boat] capsized about eight miles off Port Fourchon on the Gulf of Mexico, the U.S. Coast Guard said late Tuesday.About a dozen people are still missing after the 234-foot commercial lift vessel [reportedly Seacor Power] capsized in a storm, according to local media reports citing authorities. There was no immediate response from the coast guard to a Reuters request for comment on the number of missing people and potential casualties."We're still searching for more people…

The lucrative prospect of transporting COVID-19 vaccines by sea has intensified the spotlight on the maritime industry’s cold supply chain and its ability to carry high-value pharmaceuticals.At present, speed to market is critical to stemming the spread of the pandemic, so the vaccines are being shipped by air to international destinations. Delivering them by sea is a longer-term strategy; certainly, the present urgency would have to calm considerably before enough confidence could be built to support delivery times in weeks…

Solstad Offshore has sold two anchor handling towing and supply vessels earlier this week.Solstad said that the vessels sold were the AHTS Lady Astrid and Lady Caroline.Delivery of the vessels to the new owner took place Wednesday, March 17th, 2021. "The sale of the vessels will result in an immaterial accounting effect for 1Q 2021," Solstad said.Both vessels are of the UT 722 design and built-in 2003, and according to Solstad's past three annual reports, the vessels have been laid up.Solstad did not say did not reveal the identity of the buyer…