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NSCSA Reports $31M Profit

The National Shipping Company of Saudi Arabia (NSCSA) reported a net profit of 115.7 million riyals ($30.85 million) in the first half of 2001 compared with a net loss of 16.8 million riyals a year earlier. Riyadh-based NSCSA also said in a statement that it would take delivery of four recently bought vessels by October 2002, raising its fleet to nine ships used to transport Saudi Arabian crude to the international market. "NSCSA and Hellespont Shipping Corporation are pleased to announce the purchase by NSCSA from Hellespont for $330 million of four double hull very large crude carriers," the Riyadh-based company said in a statement. Hellespont at Samsung Heavy Industry of South Korea and would be delivered betweenOctober 2001 and October 2002. NSCSA, 28.8 percent held by the Saudi government, said earlier it had bought four very large crude carriers (VLCCs) from Hellespont Shipping Corp for $330 million.


Horizon Shipbuilding Grows through Diversification

Photo: Horizon Shipbuilding

Alabama's Horizon Shipbuilding is bustling with activity. New York Fast Ferries are being quickly delivered, large AST tugs are being built and launched, and vessels of all sizes are cycling through weekly for refurbishment and refit.   “Our company’s diversity allows us to manage multiple projects at one time,” said Travis Short, owner of Horizon. “We are a true full service builder. Steel, fiberglass, aluminum


Indonesia's Arpeni Buys New Vessels

Arpeni Pratama Ocean Lines said it plans to invest $130 million to buy 24 vessels to strengthen its fleet this year. The company had additional equity amounting to $33.1m from a rights issue last year, but the fund will not be enough to cover the expansion, Suhendra said. According to sources, a number of local and foreign banks have offered loans for the company to buy the ships. The types of vessels to be bought include tug boats, barges


NewLead Holdings Buys Vessels

NewLead Holdings Ltd. (NASDAQ:NEWL) announced that it has signed a Stock Purchase Agreement providing for the purchase of two Kamsarmaxes for an aggregate purchase price of $112.7m and signed a Memorandum of Agreement for the sale of the product tanker Chinook for $8.5m. “NewLead's fleet continues to transform, becoming younger and more versatile," said Michael S. Zolotas, President and Chief Executive Officer


Libra Ramps Up Container Ship Buying, Bets on Upturn

Global conglomerate Libra is snapping up container ships, betting on a sector recovery and lower oil prices which will cut costs and boost profitability, the group's chief executive said. Libra has proved adept at buying and selling assets since 2008 -- making significant returns on investments. Shipping is battling overcapacity, linked to a glut of new vessels ordered during a boom period before the global financial crisis of 2007-2009


Tide Turns in Favor of Greece’s Shipping Industry

Image: North Star Marine

An article in WSJ highlighted the Greek shipping industry, which it says has "emerged largely unscathed" from the nation's recent financial troubles.    The reports say that shipping companies in Greece are buying vessels from cash-strapped competitors and German banks, and are poised to grab even more market share - but bailout-related tax hikes could lead shipowners to seek cheaper waters.  


DryShips Up on Vessel Buy

AP reported that shares of DryShips Inc. jumped on Friday, after the company said it was buying a Panamax carrier, expanding its fleet to 34 dry-bulk vessels, and entered its Panamax bulk carrier into a 12-month time charter. Late Thursday, DryShips said it would buy a Panamax vessel for $43 million. On Friday, it announced its carrier Iguana had signed a year-long charter at a daily rate of $28,000. Company shares rose $1.18, or 9.8 percent, to $13


Excel Buys Two Vessels

According to reports, Excel Maritime said it plans to buy two Supramax bulk carriers for $126m, or $63m per vessel. The first vessel has a capacity of 55,567 deadweight tons and was built at Oshima Shipbuilding Co. Ltd. in Japan. The second vessel has a capacity of more than 53,206 deadweight tons and was built by Imabari Shipbuilding Co. Ltd. Both ships were built in 2005. Both vessels will be delivered to Excel Maritime in the fourth quarter


ING Barings Raises Rating On 4 Shipping Companies

ING Barings raised its ratings on four shipping companies to strong buy from buy. Analyst Stephen Gengaro raised his ratings on shares of Frontline Ltd. to a strong buy from buy to reflect the company's "tremendous" leverage to rising time-charter equivalent (TCE) rates for its very large crude carriers (VLCC) tankers. The rating on shares of international tanker owner OMI Corp. was raised to strong buy from buy, with revised estimates reflecting upward revisions to his rate assumptions for


India Takes Nigerian Oil Despite Shipping Concerns

India's HPCL awarded another tender to buy with Nigerian crude oil despite its concerns about shipping from the West African nation.   The refiner awarded a tender to buy November loading oil to Chevron, traders said, likely with Usan crude oil and either Agbami or Brass.   On Monday, HPCL said it had not yet been able to fix a vessel to load Nigeria's Qua Iboe crude oil for October loading, and warned it would carefully weigh any future purchases.  


Korea Gas Corp Launches Tender for June, July LNG Cargoes

Korea Gas Corp has launched a tender seeking to buy liquefied natural gas (LNG) cargoes for delivery in June and July, trade sources said on Thursday. The scope of the company's demand is unclear as each supplier has a limit on the number of cargoes it is allowed to offer


Weak Gasoline Prices Prompts US-bound Tanker to Alter Course

A tanker of gasoline en route to New York Harbor from Europe has been diverted to a Caribbean storage hub because a narrow window of opportunity for shipping profitably to the U.S. East Coast appears to have shut, traders said.   At least 16 tankers carrying some 600


Piraeus Targets Cruise Sector

File Image: Ferries in passenger port in Piraeus, Athens, Greece. CREDIT: AdobeStock / (c) AnastasiiaUsoltceva

Piraeus Port, Greece's largest, aims to increase its cruise traffic from 1 million passengers a year up to 1.5 million in the short-term and to 3 million long-term, its managing director, Fu Cheng Qiu, said on Friday.   COSCO Shipping


South Korean Tender Stirs LNG Market

© Oleksandr Prykhodko / Adobe Stock

Asian spot LNG prices jumped this week, buoyed by hopes Korea Gas Corp's new tender would match past buying sprees and by emerging demand from China and Japan.   Spot prices for June delivery rose to $5.70 per million British thermal units (mmBtu), a 20 cent jump over last week


GasLog Partners buy GasLog Greece

Photo: GasLog

 Greece-based GasLog Partners LP has reached an agreement to buy 100% of the shares in the entity that owns and charters the liquefied natural gas (LNG) tanker GasLog Greece from GasLog Ltd.   The aggregate purchase price for the Acquisition will be $219 million


S.Korean Utilities to Lift 1.5 mln Tons of U.S. Coal

File Image (CREDIT: AdobeStock)

South Korean utilities jointly bought a total of 1.5 million tonnes of coal from the United States to arrive from the third quarter, a spokesman at one of the utilities said on Tuesday.   The purchase comes as South Korea, the world's fourth-largest coal importer


Russia Ramping Up Arctic LNG Production

Photo: Total

Russia may produce more than 70 million tonnes of liquefied natural gas (LNG) per year in its remote Arctic regions, the head of gas producer Novatek said on Wednesday.   "The Gydan and Yamal peninsulas have a vast resource base that allows the production of over 70 million tonnes (of


Rosneft Takes First Shipment of Kurdish Oil

Russian state oil giant Rosneft will buy its first shipment of oil from Iraq's Kurdistan in early April, becoming the first oil major to take Kurdish crude directly into its refining system, trading sources said on Friday. The shipments aboard tanker Minerva Sophia will sail from the Turkish


Asia Tankers-VLCC Rates to Climb as Asian Refiners Restock

File Image: A typical VLCC underway (EuroNav)

Rates to climb to around W65 from MidEast to Asia; W70 from West Africa.   Freight rates for very large crude carriers (VLCCs) are set to rise further as Asian refiners rebuild inventories after plants were reactivated following maintenance outages, brokers said on Friday.  


Greece Asks Investors to Improve Bids for Thessaloniki Port Sale

Greece's privatisation agency (HRADF) asked on Friday for improved financial bids from shortlisted investors seeking to buy a majority stake in its second-largest port. Athens got last month three offers for the sale of a 67 percent stake in Thessaloniki Port


Greece Calls for Improved Thessaloniki Port Bids

Map: Thessaloniki Port Authority (THPA)

 Hellenic Republic Asset Development Fund (HRADF) asked for improved financial bids from short-listed investors seeking to buy a majority stake in its second-largest port, reports Reuters.   Greece’s privatization agency (TAIPED) got three offers last month for the sale of a 67


PDVSA Readies Armada of Fuel Imports

About a dozen tankers are sailing to Venezuela or waiting offshore to discharge cargoes after state-run oil company PDVSA ramped up tenders to buy gasoline and other fuels to offset its weak refining output, according to traders and Thomson Reuters data.  


China's CMG in Talks for Advent's Brazil Port Stake

China Merchants Group Ltd is in advanced talks to buy Advent International Corp's 50 percent stake in TCP Terminal de Contêineres de Paranaguá SA, Brazil's second-busiest container port, O Estado de S. Paulo newspaper said on Thursday.


Taiwan's Home-Grown Submarine to Cost Less

Fast Attack Craft, Guided Missile (FACG). Photo: CSBC Corporation, Taiwan

 Taiwan's shipbuilder CSBC Corp's chairman Cheng Wen-lon said that a home-grown submarine will cost less than NT$100 billion (US$3.29 billion) to build.  According to a report in Taipei Times, chairman of the local shipbuilder commissioned to plan and design the vessel  also said


A Rising Sun of Change

The 51st Kaiyo Maro (Photo: Navis)

“No new fishing vessel has been (added) during the period,” says the email we get from Japan’s largest seafood company, Maruha Nichiro Corp. A year earlier, they had bought shares in New Zealand outfit, Sanford, which had just chartered a Nordic-looking vessel






 
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