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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


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? 


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.


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


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.


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


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


WSS: Digital Solution Focus @ Norshipping

(Image: Wilhelmsen Ships Service)

Wilhelmsen Ships Service (WSS) are bringing the maritime digital solutions of the future to life at Nor-Shipping. Unveiling their augmented reality (AR) project at the world’s biggest maritime show, this immersive, interactive tool enables visitors to view the company’s very latest


Odfjell Buys Secondhand Chemical Tanker

Oslo listed shipping firm Odfjell SE said it has purchased a secondhand stainless steel chemical tanker for $25.5 million.   The M/T Argent Eyebright, built in 2009 by Kitanihon Shipbuilding in Japan, has 16 stainless steel tanks.  


Norwegians to Finance Vessel Retrofits

Olav Einar Rygg, Export Credit Norway’s director of lending for the ocean industries (Photo: Export Credit Norway)

Following the International Maritime Organization (IMO) ratifications of the ballast water and exhaust gas treaties, government-owned Export Credit Norway offers financing to international vessel owners who purchase retrofit equipment from Norwegian suppliers.   


Southern Illinois Transfer Orders Harbor Tug

Photo courtesy of Twin Disc

Barbour JB Shipyard of St. Louis has laid the keel for a new harbor tug that will be powered by Veth Z-drives. The purchase agreement was signed at the Inland Marine Expo, St. Louis, by Kurt Johnson, Southern Illinois Transfer president and owner of the vessel; Guido Davids


Bugbee Buys More Scorpio Bulkers Shares

Dry bulk vessel owner and operator Scorpio Bulkers Inc. said its president Robert Bugbee has purchased 15,000 common shares of the company at an average price of $6.29 per share in the open market.    A director of the company also purchased 10


Fast Ferry Contract for Incat

Photo courtesy of Incat

Australian shipbuilder Incat has been awarded a contract for the design and construction of a large new vehicle-passenger ferry for a major European operator.   The new vessel for Naviera Armas is the second vessel in Incat’s new generation 109 meter high speed wave piercing catamaran


Navios Acquires Capesize Vessel

 Navios Maritime Partners, an international owner and operator of dry bulk and container vessels, announced on May 9 that it has agreed to acquire one 2011 South Korean-built Capesize vessel of 179,016 dwt for a purchase price of $31.05 million.  


DryShips Acquires Suezmax Newbuilding

File Photo: DryShips Inc

 Greece-based DryShips, a diversified owner of ocean going cargo vessels,  entered into an agreement with an entity affiliated with the Company’s Chairman and CEO, George Economou, to acquire one 158,000 deadweight tons Suezmax tanker currently under construction in China.  


Navios Readies for Rickmers Vessel Acquisition

Photo: Rickmers Trust Management

 Navios Maritime Containers announced that it has agreed with investors to sell approximately 15 million of its shares for an aggregate of approximately $75 million of gross proceeds at a subscription price of $5.00 per share.  Navios Containers intends to use the proceeds to acquire


Hanssons Up Stake in NAO – Again

File photo: NAO

Nordic American Offshore Ltd. executive chairman, Herbjorn Hansson and his son, Alexander, have accumulated 1,681,007 shares in the New York listed NAO at an average price of $1.12 per share.  Following the the last purchase of 181,007 NAO shares on Friday, May 12


Diana Adds Post-Panamax Bulker, Bags Contracts

Photo: Diana Shipping

 Diana Shipping announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v Phaidra (formerly “Soya May”), a 2013 built Post-Panamax dry bulk vessel of 87,146 dwt that the Company entered into an agreement to purchase in April 2017.  


Michigan Town Takes Delivery of New DSC Dredge

Photo: DSC Dredge

Harbor town raises money, purchases new dredger after government funding falls short   Leland, Mich., on the shores of Lake Michigan, is one of the jewel communities of the state’s Northern Lower Peninsula. Originally developed in the 1800s as a port for the iron mining and lumber


Parker Kittiwake Launches 'The Gold Guide'

Photo: Parker Kittiwake

Parker Kittiwake has  announced the launch of the Gold Guide – a definitive reference guide to fuel, hydraulic, and lubricating oil for the marine industry.   This first-of-a-kind, comprehensive resource provides vessel owners and operators with all the information needed to


Fincantieri Buys Majority Stake in STX France

File Photo: STX France

Italian shipbuilding company Fincantieri S.p.A. said it has signed a share purchase agreement for the acquisition of 66.66 percent of the share capital of STX France shipyard from its current shareholder STX Europe AS. The agreement entails a purchase price of €79.5 million ($89 million).


Diana Shipping Adds m/v Astarte

Photo: Diana Shipping Inc

 Diana Shipping, a company specializing in the ownership of dry bulk vessels, has announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v Astarte (formerly “Seatrust”).   Astarte  is a 2013 built Kamsarmax dry bulk vessel of 81






 
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