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Newbuilding Contract

Euroseas Reports Q4 Loss

Pic: Euroseas Ltd

 Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, reported a total net revenues of $7.3 million for the three month period ended December 31, 2016.   Net loss attributable to common shareholders of $18.1 million or $2.17 loss per share basic and diluted.    This loss includes, amongst other items, a $0.4 million of dividend on Series B Preferred Shares, a $5.9 million loss on write-down of M/V Eleni which was held for sale, $3.8 million loss on expected termination of our Kamsarmax newbuilding contract and a $4.7 million impairment loss.   Total net revenues of $28.4 million for the full year ended December 31, 2016. Net loss attributable to common shareholders of $45.9 million or $5.63 loss per share basic and diluted.    This loss includes, among other items, a $1.7 million of dividend on Series B Preferred Shares, a $5.9 million loss on write-down of M/V Eleni which was held for sale, $7.1 million loss on termination of our Ultramax newbuilding contracts and on expected termination of our Kamsarmax newbuilding contract and a $18.7 million impairment loss in our Euromar investments.  


Golar LNG Signs Newbuilding Contract with DSME

The Board of Golar LNG Ltd. has confirmed that it has now signed a newbuilding contract with the Korean shipbuilder DSME for one 145,000 m3 LNG newbuilding for delivery in end of 2005 / alternatively beginning of 2006. Included in the contract is an option for up to two more newbuildings with delivery in 2006/2007 to be declared at a later stage. Chairman John Fredriksen says in a comment: "The strong market recovery in the drybulk


Exmar Signs for Two Large Gas Carriers

EXMAR has signed a newbuilding contract for 2 Very Large Gas Carriers at Daewoo Shipbuilding and Marine Engineering Co. of South Korea. The newbuildings will have a capacity of 84,000 m³ and the first vessel will be delivered in the 1st half of 2008. EXMAR currently controls a combined fleet of 60 gas carriers servicing the entire gas product range worldwide.


Scorpio Cancels Kamsarmax Newbuilding Contract

Photo:  Scorpio Bulkers Inc

 Scorpio Bulkers has continued to cull its fleet expansion with the cancellation of a newbuilding contract for a kamsarmax bulk carrier.   US-listed bulker owner set to save $19.3m final installment costs after walking away from order. The vessel had been scheduled for delivery in April 2016.   The shipowner informed it had reached agreement with as shipyard to cancel a kamsarmax newbuilding, which had been due for delivery this month.  


Sungdong Wins Tanker Order

Photo: Sungdong Shipbuilding

 South Korea's Sungdong Shipbuilding  won an order for seven mid-sized tankers, including two as an option, from a Greek shipowner, reported Korea Economic Daily.   It has been more than one year that the Korean mid-sized shipyard to receive a newbuilding contract.   Sungdong Shipbuilding signed a deal with Greece’s Kyklades Maritime to build five 115,000-ton tankers in firm order and two more in option. The per-ship newbuilding price is estimated at US$44 million


Scorpio Bulkers Modifies Shipbuilding Contracts

Scorpio Bulkers Inc. has reached agreements with a shipyard in South Korea to modify existing newbuilding contracts for three Capesize Vessels, the company announced today.   The three contracts, two for vessels scheduled for delivery within the first quarter of 2016 and one for a vessel scheduled for delivery within the second quarter of 2016, will now provide for the construction of three LR1 product tankers, two of which will be scheduled for delivery within the second quarter of


Ardmore Contracted for Chemical Tanker Newbuilds

Ardmore Shipping Corporation announced that it has been contracted for the construction of four 25,000 Dwt IMO 2 eco-design product and chemical tankers ordered from Fukuoka Shipbuilding Co. Ltd., Japan (Fukuoka) for a total price of approximately $118 million. As part of the contracts, Ardmore has also negotiated fixed price options for additional vessels. Ardmore expects to take delivery of the contracted vessels between fourth quarter 2014 and fourth quarter 2015


Pioneer Marine Sink Deeper into the Red

Photo Pioneer Marine Inc.

Pioneer Marine Inc. and its subsidiaries (OSLO-OTC: PNRM) ("Pioneer Marine," or the "Company") a leading shipowner and global drybulk handysize transportation service provider announced its financial and operating results for the first quarter ended March 31, 2016. Financial Highlights: For the first quarter of 2016 the Company reported a net loss of $13.9 million, or $0.46 basic and diluted per share which includes charges amounting to $8


Pioneer Marine Cancels Drybulk Newbuildings

Pioneer Marine Inc., a shipowner and global drybulk handysize transportation service provider, has terminated the last two newbuilding contracts for Green Dolphin 38,400 dwt Handysize vessels following mutual agreement with Yangzhou Guoyu Shipyard. The instalments paid in relation with these contracts including interest will be paid back by the refund guarantor. In a release, Pankaj Khanna, CEO of Pioneer, said “Following the termination of the last two newbuildings we have eliminated


Seaspan on Container Ship Buying Spree

Seaspan Corporation orders 4 newbuild 10,000 TEU container ships and, buys 4 second-hand 4,600 TEU ones. Seaspan has signed contracts for the construction of four 10,000 TEU class newbuilding containerships, at Jiangsu New Yangzi Shipbuilding Co., Ltd. and Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd.  in China. The vessels are scheduled for delivery in 2014 and will be constructed using Seaspan's fuel efficient SAVER design


TOP Ships Buys Stake in M/T Stenaweco Elegance

Ship owner TOP Ships Inc. said it will purchase for $6.5 million an additional 41 percent interest in Eco Seven Inc., a Marshall Islands company that owns M/T Stenaweco Elegance, a 50,188 dwt medium range (MR) product tanker, which is operating under a three year time charter at a rate of $16


Fishing Trawler Launched in Nauta Shipyard

Photo courtesy of Nauta Shiprepair Yard

On June 2 Nauta Shiprepair Yard launched a newly built partly outfitted fishing trawler Rockall. It was third launching ceremony in Nauta Shipyard this year. Rockall is also the 10th unit which was built by Nauta for Karstensens Skibsvaerft AS.


Euroseas Acquires Container Feeder Vessel

Photo: Euroseas Ltd

 Euroseas announced that it signed a memorandum of agreement to purchase the M/V EM Astoria, a feeder size containership vessel of 2,788 teu built in 2004.    The vessel is to be acquired at market price from Euromar LLC, the Company's joint venture with two private equity firms


Frontline Q1 Profit Disappoints

Q1 net result $27.0 million; operating profit $40.8 million.    * Declares quarterly dividend $ 0.15 per share (Reuters poll $0.13 per share)   * Notwithstanding near-term pressure on crude tanker rates, we believe the market will ultimately return to balance as demand for crude


ALMACO to Deliver Provision Stores for AIDA Newbuilds

 German shipyard Meyer Werft has awarded ALMACO Group the newbuilding contract for provision stores and fast thawing chambers for the next ship generation of AIDA Cruises, which are expected to be delivered end of 2018 and 2021.   


Containership Scrapping Maintains Record Pace

File photo: IMO

Containership demolition has reached an all time high, providing a positive surprise for the struggling container shipping sector.   A record high level of demolition activity in the container shipping has continued its pace throughout 2016


Teekay LNG May Issue Bonds to Fund Newbuilds

Photo:  Teekay Corporation

 Teekay LNG Partners intends to issue new five-year senior unsecured bonds in the Norwegian bond market.    Net proceeds from the bonds are expected to be used to fund newbuilding installments, as well as to refinance NOK bonds maturing in May 2017 and general partnership purposes


Newbuild Contracts at Lowest Level in 20 Years -BIMCO

(Photo: Robert Kunkel)

 Shipyards have become the next victim of the deteriorating conditions in the dry bulk, container and offshore markets as 2016 looks to set the record for the lowest newbuilding contracts in more than 20 years, according to international shipping association Baltic and International Maritime


Euroseas Cancels Ultramax Newbuild Order

Euroseas Ltd., an owner and operator of dry bulk and container carrier vessels, has cancelled its order for an Ultramax dry bulk vessel under construction at Dayang yard due to excessive construction delays.   The vessel, Hull Number DY 161


Hanjin’s Ships Worth $1.7 Bln -VesselsValue

Photo: Hanjin Shipping

With Hanjin Shipping on the verge of bankruptcy, state run Korea Development Bank stated the shipper’s debt stood at more than $5 billion at the end of June.   However, Hanjin owns 63 vessels, worth today $1.7 billion, including live and newbuilding contracts, as shown by VesselsValue


Euroseas Reports Loss

Photo: Euroseas Ltd

 Euroseas Ltd has announced its results for the three and six month period ended June 30, 2016 as well as certain fleet updates.    Total net revenues of $7.3 million. Net loss of $19.2 million; net loss attributable to common shareholders (after a $0


Euroseas Newbuilding Program Update

Photo Euroseas

Euroseas Ltd.announced that it has signed an addendum to its shipbuilding contract with YJZ yard for the construction of Kamsarmax vessel Hull Number YZJ 1153 scheduled to be delivered during the first quarter of 2018. According to the addendum, the Company acquired the option until December 31


Euroseas Signs an Addendum Shipbuilding Contract with YJZ Yard

Photo: Euroseas Ltd

 Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, has announced  certain developments related to its newbuilding program.  


Navig8 Tankers Pact with CMB

Photo: Navig8 Chemical Tankers Inc.

 Navig8 Chemical Tankers Inc. has signed sale and leaseback agreements with CMB Financial Leasing Co. Ltd. (CMB) for three of its IMO2 37,000 dwt Interline coated tankers.   The company said that the expected net proceeds from the transaction are USD 91.2 million.  


G E Shipping Reworks Newbuildings Kamsarmax Exposure

Jag Laxmi Photo Greatship

The Great Eastern Shipping Company has entered into an agreement to cancel the new building Kamsarmax which was scheduled for delivery in FY 18 (contract signed in FY 14).   Simultaneously, the Company has contracted for purchase of two newbuilding resale Kamsarmaxes being built at the same






 
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