Bermuda News

12 Jun 2019

NAT Closes Busiest Year!

Pic: Nordic American Tankers Limited

Bermuda-based Nordic American Tankers Limited (NAT) said in a press release that the last 12 months have been the busiest period for the international tanker company.Sale of 10 suezmax vessels and delivery of 3 new suezmax units took place in the last six months of 2018 and ensured a renewal of its fleet which count suezmaxes only. The operating costs for the NAT fleet came down further, a release said."Maximizing dividend is our strategy. We also aim at reducing the debt level and thereby lowering the cash break even further…

07 Jun 2019

SHI Wins Order for 2 LNG Carriers

Pic: Samsung Heavy Industries (SHI)

South Korean shipbuilder Samsung Heavy Industries (SHI) has received an order for the construction of two liquefied natural gas (LNG) carriers.The shipbuilder said in a stock exchange annoucement that it had secured a deal worth KRW 450bn ($381m) with a Bermuda-registered client.The newbuilds are planned to be delivered by the end of June 2022. With the addition of the latest order, SHI has seen its orders for LNG carriers reach 10 units. SHI revealed that its orderbook for 2019 now stands at eleven vessels…

30 May 2019

NAT Extends TC for Suezmax Vessel

Pic: Nordic American Tankers Limited

Nordic American Tankers Limited (NAT) has fixed a one year or more time charter (TC) for one of the NAT suezmax vessels.NAT's Samsung built suezmax, the Nordic Zenith, has obtained a term contract. The new contract is expected to commence on expiration of the present spot employment and it could last 12 to 15 months.The contract was entered into with the first-class charterer, Equinor, an energy company headquartered in Norway. Equinor is a major stocklisted company and one of…

22 May 2019

Dry Bulk Fleet Utilization Falls 3.7% in Q1

Pic: Golden Ocean

Global dry bulk fleet utilization (calculated as total demand in tonne miles transported divided by total available fleet capacity) dropped by 3.7% in the first quarter of 2019, reflecting the trend observed in the rate environment, said Golden Ocean Group (GOGL),  Bermuda registered, Norway based dry bulk shipping company.According to Maritime Analytics, global fleet utilization was 82.1% in the first quarter of 2019, down from 85.8% in the fourth quarter of 2018 and 85.1% in the first quarter of 2018.According to the same source…

21 May 2019

LNG Shipping Market Declines in Q1: Golar

Pic: Golar LNG

The 1Q liquefied natural gas (LNG) shipping market declined from strong 4Q levels in line with historic seasonality, said Golar LNG, a LNG shipping company registered in Bermuda.LNG demand growth in China and other SE Asian countries was largely offset by declines in Japan and Korea due to a combination of a milder than expected winter and the re-start of several nuclear facilities. Chinese 1Q demand was up 20% up on 1Q 2018. During the quarter LNG prices reached 3-year lows, which eliminated inter-basin trading opportunities.

14 Apr 2019

Avenir Cancels Newbuild Order with Keppel

Pic: Keppel Singmarine

Bermuda registered Avenir LNG Limited announced that it has agreed with Keppel Singmarine to cancel the options to build its 3rd and 4th 7,500 cbm LNG carriers at Keppel Nantong.Avenir is scheduled to receive delivery of two 7,500 cbm LNGC’s, already on order, from Keppel Singmarine in December 2019 and March 2020.Avenir LNG Limited is a Bermuda registered company established for the purpose of developing the small scale global LNG market by sourcing, shipping, storing and distributing LNG to the end customer in areas of stranded demand.As reported two days ago…

14 Apr 2019

Avance Gas Names Ulrik Andersen as CEO

Pic: Avance Gas

Avance Gas Holding, a Bermuda-based company engaged in the transportation of liquefied petroleum gas, announced the appointment of Ulrik Andersen as Chief Executive Officer of Avance Gas AS, the management company of the Avance Gas group.Ulrik Andersen is appointed as Chief Executive Officer effective August 2019, a press note said.Ulrik has extensive experience from VLGC ship owning, most recently as Commercial Head of Shipping for Petredec. Prior to working with Petredec, Ulrik served as Managing Director for Neu Gas Shipping…

12 Apr 2019

SOE Shipyard Bags Avenir LNG Newbuild Order

File Photo: Sinopacific Offshore & Engineering Co., LTD

Bermuda registered Avenir LNG Limited has signed contracts with Nantong CIMC Sinopacific Offshore & Engineering (SOE) for the construction of two 7,500 cbm LNG carriers, at its Nantong, China shipyard, with options to build two more.Delivery of the two LNGC new buildings is scheduled for May and August 2021. The ships are designed to include ice class 1B, full bunker functionality, double hull and dual fuel electric twin azimuth propulsion. The order for the 7,500 cbm LNG ships…

12 Apr 2019

CLIA: 28.5 Million Cruised in 2018

Graphics: Cruise Lines International Association

The global cruise passenger continues at a paced growth around the world with an almost seven percent increase from 2017 to 2018, totaling 28.5 million passengers.According to Cruise Lines International Association (CLIA)'s latest global cruise passenger statistics, the average age for a cruise passenger is 47 years.Research also shows North American travelers continue to embrace cruising with an annual passenger increase of nine percent (14.2 million passengers) in 2018.While the cruise sector represents two percent of the overall global travel industry…

10 Apr 2019

NAO Completes Vessel Acquisition

Pic: Nordic American Offshore

Bermuda-headquartered platform supply vessels (PSVs) operator Nordic American Offshore (NAO) announced that it has completed the previously announced acquisition of thirteen vessels from Scorpio Offshore Holdings Inc.Emanuele A. Lauro, Chairman and Chief Executive Officer, commented “With the completion of this acquisition and the first drawdown under our Equity Line, NAO has achieved critical short-term milestones of reducing our financial leverage and increasing our liquidity.

08 Apr 2019

NAO Acquires 13 Vessels

Pic: Nordic American Offshore

Bermuda-based company Nordic American Offshore (NAO) announced  that it has reached agreement with the lenders under the Company's $150 million  Revolving Credit Facility, dated March 16, 2015 pursuant to which the lenders have agreed, upon satisfaction of certain conditions precedent by the Company, to the extension of waivers up until January 31, 2020.The owner and operator of platform supply vessels (PSVs) said in a press release that it has also announced that the lenders have committed…

08 Apr 2019

Christian Andersen Leaves Avance Gas

Christian Andersen. Photo: Avance Gas

Avance Gas Holding, a Bermuda-based company engaged in the transportation of liquefied petroleum gas, said that announces Christian Andersen will step down as President.Peder Simonsen (CFO) will serve as interim CEO until a permanent successor is appointed."The Board would like to thank Andersen for his significant contribution to the Company since inception," said a press note.Christian Andersen (born 1960) founded Avance Gas in September 2007 together with Stolt-Nielsen, and was hired as President. Mr.

21 Mar 2019

Norway Cautious on Indian shipbreaking

Image: NGO Shipbreaking Platform

The Council on Ethics of the Government Pension Fund Global (Oil Fund), Norway's $1 trillion sovereign wealth fund (SWF), said that it will turn its attention towards Indian shipbreaking practices.The SWF cautioned that this may well result in further divestments from shipping companies with poor shipbreaking records.In 2018, the Council on Ethics had already advised the fund to divest from companies, including container line Evergreen, selling their end-of-life vessels to shipbreaking…

28 Feb 2019

Frontline Predicts Tanker Market Volatility

Pic: Frontline

The tanker market improved significantly in the fourth quarter ended December 31, 2018 driven by continued strong oil demand, said Bermuda-based tanker shipping company Frontline Ltd.According to the world's largest oil tanker shipping company, crude inventory draws reversed in the quarter, after having fallen below five-year levels and reduced the demand for crude tankers in the process.There is a historical correlation between inventory cycles and tanker rates, it said. Crude…

27 Feb 2019

Golar Bullish on LNG Market

Pic: Golar LNG

Through the provision of cheaper and cleaner energy the liquefied natural gas (LNG) market will likely take market share from coal and oil and sustain industry growth levels of around 10% for the foreseeable future, said Golar LNG.The shipping company registered in Bermuda said that key markets continue to import record levels of LNG as they distance themselves from coal and nuclear, with Chinese and Korean 2018 demand up 41% and 18%, respectively.Lessons learned from gas shortages and last minute buying at the end of 2017 meant that China entered the winter buying market earlier in 2018.

26 Feb 2019

SFL: 60 Consecutive Quarters of Profitability

Image: Ship Finance International Limited

The international ship owning and chartering company Ship Finance International Limited (SFL) announced 60th consecutive quarterly dividend declared, $0.35 per share for the quarter ended December 31, 2018.Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "The strength of SFL's business model has been repeatedly proven over 60 consecutive quarters of profitability and dividends. This has been achieved over multiple shipping cycles, and we have been able to…

19 Feb 2019

Nordic American Tankers Still in the Red

Pic: Nordic American Tankers

Nordic American Tankers (NAT) reported a net loss for 4Q2018, came in at -$10.5 million. This was a substantial improvement from the previous quarter (3Q2018) which saw a net loss of -$37.9 million. "It is important to note that we have concluded a refinancing of the company with CSG CSG Investments, Inc, funded by Beal bank Texas, USA. This refinancing strengthens the position of nat going forward. The new capital structure allows for greater flexibility as regards dividend payments," the Bermuda-based company said.NAT is well positioned in the tanker market, it added.

07 Feb 2019

Ardmore Refinances Seven Ships

Pic: Ardmore Shipping

Bermuda-based owner of product and chemical tankers Ardmore Shipping has refinanced seven vessels under finance lease arrangements during the fourth quarter of 2018.According to a stock exchange announcement, the company has options to repurchase the vessels at various stages prior to maturity and the other terms and conditions of the financings are generally in line with Ardmore's existing debt facilities.The Ardmore Dauntless and Ardmore Defender, two 2015-built 37,000 Dwt Eco-design IMO 2 product / chemical tankers…

05 Feb 2019

UK Holds Maritime Seminar

Delegates from the Overseas Territories visiting the UK Hydrographic Office. Pic: UK Govt

The UK Hydrographic Office (UKHO) yesterday (5th February) launched a five-day capacity building seminar to help UK Overseas Territories support safe maritime trade.The seminar, delivered as part of the Government’s Overseas Territories Seabed Mapping Programme, will focus on international regulations, with sessions on maritime safety information training, best practice governance and maritime law. This guidance, given by experts at both the UKHO and MCA, will help each of the…

31 Jan 2019

Navios Containers Updates on Fleet

File Photo: Navios Maritime Containers Inc.

Monaco-based container shipping company Navios Maritime Containers has exercised an option to acquire a 2011-built 10,000 TEU containership from an unrelated third party for a purchase price of $52.5 million.The containership is chartered out at a net rate of $26,325 per day until November 2020 and $27,300 per day until October 2021, and is expected to be delivered in the first quarter of 2019.Navios Containers also entered into an agreement where it has the option to acquire one 2011-built 10…

31 Jan 2019

UAE, Greece, USA: Worst Vessel Dumpers

Pic: NGO Shipbreaking Platform

The United Arab Emirates (UAE), Greece and the United States of America (USA) top the list of country dumpers of ocean-going commercial vessels in 2018, according to new data released today by the NGO Shipbreaking Platform.UAE owners were responsible for the highest absolute number of ships sold to South Asian shipbreaking yards in 2018: there were 61 ships in total.Greek owners, beached 57 vessels out of a total of 66 sold for demolition. American owners closely followed with…

30 Jan 2019

Transport Firms Reviewing UK-registered Ships Ahead of Brexit

Photo courtesy of Stena

Sweden’s Stena and Bermuda-registered Stolt-Nielsen are reviewing their UK-registered ships ahead of Britain’s departure from the European Union, the two leading transport companies told Reuters separately on Wednesday."In the light of the Brexit process we are considering whether the UK flag can become a possible issue for us when it no longer will be an EU flag post the 29th March 2019, but we have taken no decisions and are reviewing different scenarios," said Ian Hampton, chief people & communications officer and Brexit spokesperson for Stena Line.A spokeswoman for Stolt-Nielsen…

14 Jan 2019

ST Engineering Secures $560m New Contracts in 4Q2018

ST Engineering has announced that its Marine arm has won $560m worth of new contracts in the last quarter of 2018. Fast Patrol Boats For the Singapore Police Coast GuardThe Ministry of Home Affairs has awarded ST Engineering a contract for the design, construction and maintenance of Fast Patrol Boats for the Singapore Police Coast Guard. Construction of the boats is expected to commence in mid-2019.145 MW Floating Power BargeST Engineering and Siemens have jointly received an order for a SCC-800 2X1C SeaFloat barge-mounted power plant from Seaboard Corporation subsidiary Transcontinental Capital Corporation (Bermuda) Ltd., an Independent Power Producer with operation in Dominican Republic.Under a turnkey plug and play concept…

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