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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


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.  


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


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.  


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


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


Engineering Entrepreneur Buys Wren Industrial

(Photo: Wren Industrial & Marine Fabrications)

Merseyside maritime company Wren Industrial & Marine Fabrications has been bought by Merseyside entrepreneur and former member of the Armed Forces Jonathan Willoughby.   Bootle-based Wren Industrial has been run for 27 years by husband and wife team David and Helen Wren


Global LNG Deals Set Bullish Tone as Peru Export Halt Tightens Market

© Wojciech Wrzesien / Adobe Stock

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


PetroChina Unloads First US SPR Cargo

File Image (CREDIT: AdobeStock / (c) Carabay)

PetroChina is this week unloading the first Chinese purchase of crude oil from U.S. strategic petroleum reserves at a port in eastern China, according to shipping data and two industry sources.   The move comes as China, the world's No


China Acquires Global Ports: FT

File photo: China COSCO Shipping

 With the aim to dominate maritime industry China has been acquiring overseas ports with huge investments which crossed USD 20 bln last year, Financial Times reported.   Beijing has spent billions expanding its ports network to secure sea lanes and establish itself as a maritime power


BPCL to Buy First U.S. Crude via Tender

Indian refiner Bharat Petroleum Corp Ltd plans to buy its first ever cargo of crude oil from the United States, a tender document showed on Monday.   BPCL is seeking at least 1 million barrels of crude either for loading on Aug. 16-Sept.5 or delivery on Sept. 26-Oct. 15, it said.  


COSCO to Buy OOCL for USD 6.3 bln

Photo: Orient Overseas Container Line Limited

 Chinese Shipping Major Cosco Group has agreed in principle to buy its shipping rival and  Hong Kong’s No. 1 box mover, Orient Overseas Container Line (OOCL), in deal that could be valued around USD 6.3 billion.  The takeover will catapult Cosco the world’s


Canada Orders Seizure of Oil Tanker

The Federal Court of Canada has ordered the seizure of a 721,915-barrel cargo of crude from Kurdistan aboard the "Neverland" oil tanker on the request of the Iraq Oil Ministry, court documents show.   The Iraq Oil Ministry has also filed a claim against commodity trading house


Asia Demand for U.S., Atlantic Basin Crude Oil Jumps

The Port of Corpus Christi is now a major U.S. export gateway for crude oil. CREDIT: Port Corpus Christi

Japan refiners book US crude cargoes for Sept delivery.    Asian demand for crude oil from the Atlantic Basin and the Americas is set to rise as low prices drive Japanese and South Korean buyers to snap up cargoes to arrive ahead of peak winter consumption.  


Wicker’s SHIPS Act Included in Defense Bill

Ingalls Shipbuilding yard in Pascagoula, Miss. (File photo: HII)

U.S. Senator Roger Wicker, R-Miss., Chairman of the Senate Seapower Subcommittee, announced that he successfully added his “SHIPS Act” proposal to help the Navy reach its requirement of a 355-ship fleet in this year’s “National Defense Authorization Act” (NDAA)


Private Producer Aims to Ship Baltic's First Russian LNG Before Gazprom

LNG Gorskaya, a privately-owned Russian liquefied natural gas (LNG) producer, has launched a 340 million euro ($379 million) project to become the first LNG exporter from Russia's European coast, its CEO told Reuters. Russia expects to send LNG to Europe by the end of 2017 from its distant


Snam in Talks to Buy LNG Terminal Stake from Edison

Photo: Adriatic LNG

Italian gas group Snam is in exclusive talks with EDF's Italian unit Edison to buy a stake in a liquefied natural gas terminal in northern Italy as part of plans to develop its LNG business, two sources said. Snam, controlled by state lender Cassa Depositi e Prestiti


Odfjell Buys 5 Chemical Tanker Newbuilds

Odfjell SE informs it has signed a term sheet with Chemical Transportation Group, Inc (CTG) whereby Odfjell will acquire the last five of a total newbuilding order of 10 25,000 dwt vessels with 24 stainless steel tanks from Chinese ship builder AVIC Dingheng.   


Mercuria, PetroChina Selling Offshore Stored Fuel Oil

File Image: CREDIT BMT

Three to four tankers storing fuel oil, down from eight or nine.   Independent trading house Mercuria and Chinese state oil giant PetroChina are selling fuel oil stored in vessels off Singapore and southern Malaysia on strong demand from the shipping and power sector


Brazil Criticized for Dumping Toxic Ships in South Asia

Photo: NGO Shipbreaking Platform

 NGOs and trade unions in Brazil have criticized the state-run Petrobras’ end-of-life fleet management by dumping toxic ships on South Asian beaches.   The Brazilian Confederação Nacional dos Trabalhadores em Transportes Aquaviários e Aéreos


Maersk Container Launches Cold Chain Energy Meter

Image: Maersk Container Industry (MCI)

 Maersk Container Industry is introducing an energy meter with its Star Cool refrigerated containers. Star Cool refrigerated containers are now fitted with a new embedded digital feature that offers visibility and precise knowledge of actual energy consumption.  






 
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