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Vessel Purchase

Suexmax Tanker Delivered to NAT

Nordic American Tankers Limited (NAT) has taken delivery of a Suezmax vessel, the Nordic Pollux, built at a Japanese shipyard.   Nordic Pollux is the final of four sister vessels purchased at the aggregate price of $106 million, and delivered to NAT over the course of 41 days.   Following the delivery of these four vessels, NAT will have a fleet of 30 Suezmax vessels, including two newbuildings from Korea, scheduled for delivery in August 2016 and January 2017. NAT’s remaining commitments on the two newbuildings are $64 million.   NAT said its fleet of Suezmaxes has a substantial earnings capacity, and the company has no plans to issue equity in connection with this expansion to 30 vessels, which amounts to a capital outlay of about $170 million.


Teekay Offshore Signs Brazil Shuttle Tanker Contract

Teekay Offshore GP L.L.C., the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) TOO -0.92% , announced today that it has entered into a new long-term contract with a subsidiary of BG Group plc (BG) to provide shuttle tanker services in Brazil.   The contract with BG will be serviced by four Suezmax-size DP2 shuttle tanker newbuildings to be constructed by Samsung Heavy Industries in South Korea


Excel Maritime Fleet Expansion Update

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator and provider of worldwide seaborne transportation services for dry bulk cargoes, announced the delivery of a newbuild Capesize vessel as well as the cancellation of a vessel purchase agreement. Excel Maritime has taken delivery of the newbuild Capesize vessel M/V Sandra on December 26, 2008 from the Imabari Shipyard in Japan. The vessel has a carrying capacity of 180


Shipping industry market trends for 2014 - John Nikolaou

John Nikolaou

Athens based, Financial Analyst John Nikolaou provides an insight into the recent market trends of the shipping industry:  Greek shipowners have returned to the top of the global shipping economy by controlling a gross tonnage of 164 million tons, overtaking the Japanese on 159.4 million tons. According to Clarksons, this global lead illustrates that Greeks operate much bigger ships because they own 4,984 vessels against 8,537 managed by the Japanese and 6,427 by the Chinese.


New Golden Gate Ferry Enters Service on Larkspur

The first of two vessels purchased by the Golden Gate Bridge, Highway and Transportation District (GGBHTD) from Washington State Ferry in January 2009 has been completely refurbished and is entering service today, May 16, on the Larkspur-San Francisco Route. The two Washington State Ferry vessels, now named the M.V. Golden Gate (formerly the Chinook) and the M.V. Napa (formerly the Snohomish) were purchased for $2 million each and have a refurbishment budget of approximately $10 million each


Financial Prudence the Key to Bunker Trade Success

The importance of balancing the numbers for a successful bunker fuel trading operation will be stressed by GAC's Nicholas Browne when he shares his experience at the Lloyds Maritime Academy Bunker Management School this week. In his speech, the Global Director of GAC Bunker Fuels will outline what bunker traders need to keep in mind making the judgment calls they face every day. What are the criteria for granting credit to a new customer? How can they minimize their risk exposure? 


Panamax Dry Bulker Delivered to STX Pan Ocean

Bulk Ship STX Horizon: Photo credit STX Pan Ocean

STX Pan Ocean takes over the 83,000 dwt class Panamax, 'STX Horizon', its first new-build delivery of the year. Having concluded strategic contracts for long-term transportation with domestic and international shippers including POSCO, Hyundai-Steel, KEPCO subsidiaries, Vale and Fibria in Brazil, STX Horizon will be added to the the owner's list of vessels to service these various contracts. A company official said: “Although current dry bulk shipping market is depressed


Golden Ocean Group Announces Sale

Golden Ocean Group Limited has agreed to sell the vessel M/V Shinyo Brilliance. The vessel is a Panamax bulker and is one of the long-term time charter vessels previously acquired from Louis Dreyfus with an option to purchase attached to the time charter. The vessel will be delivered to the Buyers within the end of December 2007 and the agreed purchase price is $72m net. The strike price for the option is about $20m net and the transaction will thereby free up approximately $52m in


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


ABS NS Software Helps Secunda Marine

ABS Nautical Systems (ABS NS) has taken the traditional purchasing relationship and automated it to provide shipowners and operators with a more efficient way of obtaining competitive bids and more responsive service with its eProcurement product, an extension of its Purchasing & Inventory software module. Nova Scotia-based Secunda Marine Services Limited (Secunda) is the latest operator to implement ABS NS eProcurement as part of its overall fleet management strategy.


TORM Buys Resale MR Tankers from GSI

(Photo: TORM)

Danish ship owner TORM said it has purchased four resale medium range (MR) tankers from Chinese shipbuilder Guangzhou Shipyard International (GSI), with an option to purchase up to four additional MR vessels.   The first four vessels are due for delivery in 2019


Shell Exercises FPSO Turritella Purchase Option

FPSO Turritella (Photo: SBM Offshore)

Shell E&P Offshore Services B.V. will exercise its right under the charter agreement to purchase the floating production storage and offloading vessel (FPSO) Turritella, enabling a Shell affiliate to assume operatorship of the Gulf of Mexico ultra-deepwater Stones development in its entirety.


NORDEN Adds Another MR Tanker

A NORDEN MR product tanker (Photo: NORDEN)

 Denmark based NORDEN said it has purchased a seven-year-old Japanese-built MR product tanker, its second vessel acquisition within a month.   The purchase follows the acquisition of a 2009-built MR product tanker to be named Nord Pearl.  


Knutsen Orders Four ME-GI Engines

Image: MAN Diesel & Turbo

Norwegian operator Knutsen OAS Shipping has ordered four MAN B&W 5G70ME-GI engines with EGR systems in connection with the construction of two 180,000 m3 liquefied natural gas (LNG) tanker newbuildings. Upon delivery in 2020, the vessels will transport cargoes worldwide for two Spanish utility


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


Moose Boats Bags Rhode Island Fireboat Order

Image: Moose Boats

Newport, R.I. fire department orders emergency response vessel from California boat builder Moose Boats.   Moose Boats, a boat designer and manufacturer in the San Francisco Bay Area, said it was awarded a contract from Newport Fire Department in Rhode Island for the construction of a M2-38


Hunter Maritime Terminates Tender Offer for Bulkers

Bulk carrier anon: File photo

 Marshall Islands based Hunter Maritime Acquisition revealed it has “mutually agreed” with Germany’s Oskar Wehr to terminate the master agreement and the memoranda of agreement (MOA) related to the acquisition of five Capesize dry bulk carriers.  


New Tug Delivered to Targe Towing

Photo: Sanmar

U.K towage company Targe Towing ltd. signed a contract with Sanmar Shipyards for the purchase of tugboat Bogacay 26 two weeks ago.   Bogacay 26 started her maiden journey immediately after the contract signing and arrived Aberdeen last week.  


Iran Raises Oil Exports to West, Almost on Par with Asia

© Evren Kalinbacak / Adobe Stock

Iran's oil exports to the West surged in May to their highest level since the lifting of sanctions in early 2016 and almost caught up with volumes exported to Asia, a source familiar with Iranian oil exports said. Iran, which used to be OPEC's second biggest oil exporter


NORDEN Grows Its Tanker Fleet

MR product tanker (Photo: NORDEN)

Danish shipping company NORDEN said it has purchased a 2009-built medium range (MR) product tanker with a cargo capacity of 50,000 metric tons. The South Korean-built vessel is expected to be delivered in July 2017 and will be renamed Nord Pearl.  


Port Everglades to Buy Additional Gantry Cranes

Broward County's Port Everglades said it is purchasing three low-profile Super Post Panamax container-handling gantry cranes at $13.8 million each to meet demands from current customers and new services anticipated from the port's multi-million-dollar expansion program


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


MOL Delivers LNG Carrier CESI Beihai to SINOPEC

Photo: Mitsui O.S.K. Lines

Mitsui O.S.K. Lines (MOL) today announced that the LNG carrier CESI Beihai-ordered by a joint venture of MOL, China COSCO Shipping Corporation Limited (China COSCO Shipping), and China Petroleum & Chemical Corporation (SINOPEC)-was delivered at Hudong-Zhonghua Shipbuilding (Group) (Hudong) in


Jawar Al Khaleej Takes Delivery of Two Vessels

Damen FCS 5009 (Photo: Damen)

Jawar Al Khaleej Shipping LLC (JAK), a provider of specialist services to the offshore oil and gas sector in the Arabian Gulf, has taken delivery of a Damen Fast Crew Supplier (FCS) 5009 and an ASD 3213 tug for operations at the Al Basra (ABOT) and Khor Al Amaya (KAAOT ) oil terminals


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






 
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