Avic International News

Monaco-based dry bulk shipping company Scorpio Bulkers has agreed to sell and leaseback six Ultramax vessels to AVIC International Leasing.The dry bulk operator said in a press note that the six vessels are SBI Antares, SBI Bravo, SBI Hydra, SBI Leo, SBI Lyra and SBI Maia.Upon completion, which is estimated to take place in the second quarter of 2019, the Company’s liquidity is expected to increase by up to $62.4 million in aggregate, comprising up to $52.6 million upon closing after the repayment of outstanding debt and an additional tranche of up to $9.8 million for installation of exhaust gas cleaning systems (scrubbers) on the six vessels.As part of the agreements, the Company will bareboat charter-in the vessels for a period of eight years.

The ferry business, unlike more industrial parts of the shipping business, touches wide swaths of the world’s population across continents. The membership of Interferry, the leading trade group for the industry, with non-Governmental organization (NGO) status at the International Maritime Organization (IMO) includes 200+ members from all parts of the ferry spectrum. These include passenger ferries (including fast ferries), Ro/Pax and cruise ferries operating globally. In selecting “the best” we looked beyond the league tables of “the most” (passengers) and “the biggest” (fleet size).

Seanergy Maritime Holdings announced that it has successfully completed the refinancing of a previous loan facility secured by M/Vs Lordship and Knightship. Both vessels are Capesize bulk carriers built in 2010 in South Korea, purchased by Seanergy in 2016. The original maturity of the Facility was December 2019. M/V Knightship was refinanced in June 2018 through a sale and leaseback transaction with AVIC International Leasing Co., Ltd., a major Chinese state-owned financing institution. Seanergy sold and chartered the vessel back on a bareboat basis for an eight year period, having a purchase obligation at the end of the eighth year. The Company has the option to repurchase the vessel at any time following the second anniversary of the bareboat charter party.

Stena RoRo places an order for a further newbuild and signs a 10-year charter contract with Brittany Ferries, said a press release from the company. The vessel now ordered, which will be built for LNG operation, is the sixth in the so-called Stena E-Flexer RoPax class with delivery set for autumn 2021. Stena RoRo has a further two options with the Chinese shipyard AVIC International. At the same time, the newbuild has been signed to a 10-year charter with the French ferry shipping company Brittany Ferries. This vessel, together with a further vessel in the E-Flexer series ordered last winter, will supplement Brittany Ferries’ fleet operating between Portsmouth in the UK and Bilbao and Santander in Spain.

Scorpio Tankers announced that it has agreed to sell and leaseback three MR product tankers (STI Ville, STI Fontvieille and STI Brooklyn) and two LR2 product tankers (STI Rose and STI Rambla) to AVIC International Leasing Co., Ltd. Upon completion, the Company’s liquidity is expected to increase by $42 million in aggregate after the repayment of outstanding debt. These lease financing arrangements are part of the Company’s new financing initiatives that were announced on April 25, 2018. As part of the agreements, the Company will bareboat charter-in the vessels for a period of eight years. In addition, the Company has purchase options beginning at the end of the second year of each agreement. There is also a purchase obligation for each vessel upon the expiration of each agreement.

Deltamarin, a subsidiary of AVIC International Maritime Holdings, has been contracted by Finland’s Rauma Marine Constructions (RMC) shipyard to design a new ro-pax vessel. AVIC said Deltamarine will provide the Finnish Rauma Marine Constructions Oy shipyard with services for a ro-pax vessel to be built for the Danish Mols-Linien A/S. “The new 158-metre ro-pax vessel will be designed and optimised to carry passengers and cargo between the Danish islands of Bornholm and Sjaelland. The cargo capacity will be 1,500 lane metres,” a press release said. The work under the contract will be performed at Deltamarin’s offices in Finland and Poland for a period of 12 months. "Construction will commence in spring 2017 and the vessel will enter service in autumn 2018," said the release.

The first dual-fuel two-stroke engine employing the low-pressure X-DF gas admission technology developed by Winterthur Gas & Diesel (WinGD) has passed the final milestone in its evolution from a technical concept to commercial operation as a marine main engine. The 5-cylinder, 500 mm bore, Wärtsilä RT-flex50DF engine employing X-DF technology is installed as the main engine driving a single propeller in the Ternsund, a low emissions 15,000 DWT chemical tanker. Ternsund was undertaken by AVIC International Ship Development (China) Co., Ltd. (AVIC SHIP), Shanghai, China and completed by AVIC Dingheng Shipbuilding Co. Ltd, Jiangdu, China for Terntank Rederi A/S…

The first dual-fuel two-stroke engine employing the low-pressure X-DF gas admission technology developed by Winterthur Gas & Diesel (WinGD) passed the final milestone in its evolution from a technical concept to commercial operation as a marine main engine. The 5-cylinder, 500 mm bore, Wärtsilä RT-flex50DF engine employing X-DF technology is installed as the main engine driving a single propeller in the Ternsund, a low emissions 15,000 DWT chemical tanker. Ternsund was undertaken by AVIC International Ship Development (China) Co., Ltd. (AVIC SHIP), Shanghai, China and completed by AVIC Dingheng Shipbuilding Co. Ltd, Jiangdu, China for Terntank Rederi A/S…

Stena RoRo, a subsidiary of the Swedish ship owner Stena AB, and AVIC International Ship Development (China) Co. Ltd. have signed a contract, subject to board approval, for four ro-pax ferry newbuilds, including option for another four. These will be some of the first ro-pax ferries to be built in China for a western owner. Deltamarin Group will deliver an engineering, procurement, construction and management (EPCM) package for the new vessels, to be constructed at AVIC Weihai Shipyard.

AVIC International Maritime Holdings Ltd, an active player in the marine and offshore industry, issued a statement that its proposed acquisition of Shanghai Catic Industrial Co Ltd has been terminated after failing to secure relevant regulatory approval. "To date, the relevant regulatory approval required for the completion of the Sale and Purchase Agreement has not been obtained. In accordance with each of the Sale and Purchase Agreements, it shall be terminated automatically if the conditions precedent provided therein, including the requirement to obtain the relevant regulatory approval from the governmental authorities in the PRC, are not satisfied within 180 days from the date of the Sale and Purchase Agreements," says the statement.

AVIC International Maritime Holdings is in the process of acquiring 60 per cent in a Singapore-incorporated ship investment firm for $3.6 million. The Singapore-listed firm, as per a regulatory filing, will acquire three million issued and paid-up shares, in AVIC Zhenjiang Shipyard Marine Pte. Ltd (AZM) that is 60 per cent owned by Catico Investments and 40% by Jiangsu Zhenjiang Shipyard (Group). Jiangsu Zhenjiang Shipyard will continue to own 40 per cent of AVIC Zhenjiang, which generated RMB88.7 million in revenue and earned RMB10.9 million in 2014. AZM is in the business and trade of acquiring, owning, selling, brokering and chartering of various types of vessels, including but not limited to tugboats and offshore vessels. It invests in vessels by taking up equity stakes.

Wärtsilä  to supply complete dual-fue (DF) propulsion packages for two new gas tankers being built for owners, Anthony Veder. The contract was signed with AVIC-International Shanghai and Avic-Dingheng Shipbuilding Co. Ltd yard, for the two Liquefied Ethylene Gas (LEG)/Liquefied Petroleum Gas (LPG) tankers being built for Anthony Veder, the Netherlands-based shipping company specialised in gas transportation, for deployment in the North Sea. The propulsion package, which includes the main and auxiliary engines…

The majority of the shares of Deltamarin Ltd are to be sold to AVIC International Investments Limited, a publicly listed company on the Singapore Stock Exchange. After the closing of the acquisition, Deltamarin’s existing operations will continue as they are and the business will remain independent keeping the name and the brand of Deltamarin unchanged. The aim of the intended new ownership structure is to enable Deltamarin’s solid growth in the marine and offshore oil and gas markets. The new owner to be, AVIC International Investments Limited, is a part of the AVIC Group. Its parent company AVIC is a global Fortune 500 company with approximately 500,000 employees.

China mainland based shipbuilding management and consultancy (“M&C”) services provider AVIC International Investments Limited (“AVIC Singapore”), which is a member of the Aviation Industry Corporation of China (“AVIC”)  group of companies, announce  it has secured a US$60 million contract for the construction of five vessels. The order comprises three  azimuth stern drive tugboats with 55 tons bollard pull each; a diving support vessel, and a bunkering tanker with 1000 deadweight ton cargo capacity. These service vessels, which will be built at the Group’s subcontracted shipyards in China, are scheduled for delivery in 2013. The latest contract win is expected to contribute positively to the Group’s earnings for FY2012 and FY2013.