KKR, Borealis Maritime JV acquires 9 container ships
KKR and Borealis Maritime today announced the acquisition of a portfolio of nine feeder container vessels in a sale process coordinated by Commerzbank. The vessels were previously owned by a number of German KG funds and were originally financed by Commerzbank. Financial details of the transaction were not disclosed. The company informed that their partnership with KKR has been well timed to deploy capital during what they believe will prove to be a low cycle in the shipping industry.
KKR & Borealis Maritime Acquire 9 Containerships
KKR and Borealis Maritime say they have acquired a portfolio of nine feeder container vessels in a sale process coordinated by Commerzbank. The vessels were previously owned by a number of German KG funds and were originally financed by Commerzbank. Financial details of the transaction were not disclosed. In 2013, KKR and Borealis Maritime formed a joint venture named Embarcadero Maritime to invest in distressed shipping assets. Since its formation and including the most recent acquisition…
Commerzbank Sells 18 Ships for $254.5mln
KKR & Co LP's Embarcadero Maritime unit will pay $254.5 million to buy 18 dry bulk and container ships from Commerzbank AG's Hanseatic Ship Asset Management GmbH, the companies said on Thursday. U.S. private equity firm KKR and London-based independent ship operator Borealis Maritime formed the Embarcadero Maritime joint venture in 2013 to invest in distressed shipping assets as several fleets struggled with overcapacity. The acquisition increases Borealis' fleet to 61 vessels, carrying containers, chemicals, and liquefied petroleum gas. To date, the joint venture has deployed more than $600 million to acquire assets. This acquisition includes 13 mid-size container vessels and 5 mid-size dry bulk vessels which Commerzbank took over from borrowers who defaulted on their loans.
Nordic Tankers joins forces with Borealis Maritime
Nordic Tankers and Borealis Maritime Ltd has announced the intention to form a jointly held company, Crystal Nordic A/S – a strong player in the short-sea, ice class chemical tanker trade in the Baltic and North-Western European market. Crystal Nordic A/S will be owned on a 50/50 basis by Nordic Tankers and Embarcadero Maritime (Borealis Maritime). The new company will take over the respective ice classed stainless chemical tankers businesses from its owners, which currently operate under the Nordic Tankers and Crystal Pool trade names.
Balmoral Group Sells Marine Division
Privately-owned Balmoral Group has sold off its marine division formerly known as Balmoral Marine- and now the Viking Moorings- to a management buy-out team in a $38.8 million deal. At least $17.6 million of the proceeds would be invested in its tanks and advanced composites business, while a further $17.6 million would be used to kick-start long-awaited plans to build a business park on 22 acres of surplus land at the group's headquarters in Aberdeen. The sale to the Viking buy-out team was announced on the opening day of what is scheduled to be a six-week trial to hear the case between Balmoral Group and Borealis. Balmoral claims that a material called Borecene sold by Borealis led to failures in the tanks Balmoral makes for holding chemicals, fuel, oil, sewage and similar fluids.
Amarcon Receives Subsea 7 Order
The seabed-to-surface engineering, construction and services contractor to the offshore energy industry Subsea 7 has ordered the OCTOPUS suite of products for the recently delivered Pipelay/Heavy Lift vessel Seven Borealis. This latest addition to the Subsea 7 fleet is a state-of-the-art vessel that shall be involved in ultra-deep and deepwater projects in the world’s deepest and harshest environments. Amarcon is appointed to deliver a motion monitoring and ship response forecast system, known in the industry as OCTOPUS-Onboard. The order for Subsea 7 is a very extensive one.
Ship Delivery Recognized as ISM Compliant
International Maritime Services (IMS) Ship Delivery department has been recognised for meeting the international standard for safe management and operation of ships and pollution prevention (ISM Code). On 14 February, a Document of Compliance (DOC) was issued by Germanischer Lloyd on behalf of Bahamas Maritime Authority, which will immediately encompass the requirements for an upcoming delivery voyage of 10,500 nautical miles. IMS Chief Operating Officer, Brendan Cooley stated, “We pride ourselves on offering our clients a flexible and quality level of service at all times. IMS is one of the world’s leading ship delivery companies and ‘total solutions provider’.
Star Bulk Collects $8.016m From Sale of Its Claim Against Pan Ocean
Star Bulk Carriers Corp. (NASDAQ: SBLK) announced that following the settlement and adjudication of the company's subsidiary Star Borealis LLC claim for damages and due hire related to the repudiation of the long-term time charter of the M/V Star Borealis by charterer Pan Ocean Co Ltd., previously filed with the Seoul Central District Court, Korea, Star Bolrealis negotiated, sold and assigned the rights to the Adjudicated Claim to an unrelated third party against a consideration of eight million sixteen thousand dollars collected in full.
'Seven Borealis' Nominated for Ship of the Year
Subsea 7’s flagship ‘Seven Borealis’, a customized SOC 5000 design designed by Ulstein has been nominated for the prestigious Ship of the Year Award organized by the Offshore Support Journal. Voting is open until close of business on 25 January via this link: www.surveymonkey.com/s/13SVVOTE. The Seven Borealis measures 182.2 x 46.2 meters and has a moulded depth of 16.1 meters. This state-of-the-art pipelay/heavy lift vessel, delivered 2012, is designed by Ulstein Sea of Solutions…
Singapore Shipyard Delivers Three High-tech Offshore Vessels
Imtech Marine has successfully completed three innovative new-build vessel projects in Singapore; Seven Borealis for Subsea 7, Rockpiper for a subsidiary of Royal Boskalis Westminster NV and Flintstone for Tideway, part of the DEME Group. The ships will all operate in the oil and gas market. The supply package for two of the three ships includes advanced dynamic positioning (DP), diesel electric propulsion, vessel management (VMS), automation, navigation and communication. The design and engineering was done in Rotterdam, production in Shanghai and installation & commissioning by the Imtech Marine team in Singapore. Seven Borealis is a DP pipe laying and heavy lift (5,000-ton) construction vessel, built for Subsea 7 at the Sembawang Shipyard in Singapore.
Schiffko to Design Research Icebreaker
Wärtsilä's ship design and marine consultancy subsidiary, Schiffko, based in Hamburg, has been awarded a contract from the Alfred Wegener Institute for Polar and Marine Research of Bremerhaven, Germany, to design the revolutionary new European research icebreaker Aurora Borealis, which will have a deep-sea drilling capability. The contract, which was won in a public tender comprises the initial design concept, general arrangement planning, and full tender documentation. The ship shall facilitate research in ice and open water conditions in the fields of geology, geophysics, oceanography, biology, glaciology, bathymetry, meteorology, and atmosphere physics. The vessel will have the capability to navigate in up to 14.5 ft.
Huisman Transports, Installs 5,000mt Crane
In March, Huisman, a Dutch-based specialist in lifting, drilling and subsea solutions, installed what it calls the world’s largest Offshore Mast Crane onboard the Seven Borealis. This crane installation is considered as the heaviest and logistically most complex conducted by Huisman to date. After final load testing, Seven Borealis will depart for the Huisman production facility in Schiedam where a complete 600mt S-lay system will be finalized. Transport and installation of the crane were performed under the responsibility of Huisman.
Navigator Enters Long Term Ethane Transport Charter
Navigator Holdings Ltd. announced today that it has signed a long term shipping agreement for one of its 35,000 cubic meter ethylene/ethane capable semi-refrigerated liquefied gas carriers, currently being built at Jiangnan Shipyard, China. The ten year time charter has been agreed with Borealis, a leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers. The charter, which is planned to commence in late 2016, will transport ethane from the Marcus Hook terminal operated by Sunoco Logistics to Borealis’ cracker in Stenungsund, Sweden.
Subsea 7 Bags $150 million Offshore UK Contract Maersk
Offshore contractor Subsea 7 has been awarded a $150 million subsea, umbilical, riser and flowline (SURF) contract by Maersk Oil for the development of the Culzean field in the UK North Sea. The ultra-high pressure, high temperature field, one of the largest gas discoveries offshore UK, is located in Block 22/25 of the Central North Sea at a water depth of approximately 90 m. The contract scope includes project management, engineering, procurement, construction and installation of a 22-in.
Imtech Wins Big O&G Vessel Orders
Imtech received an order from the Sembawang Shipyard in Singapore to provide the environmentally friendly (diesel) electric propulsion, automation and high and low voltage systems on board the ‘Borealis’, a crane vessel measuring 183 x 46 m. This vessel will operate in the international oil and gas market for Nordic Heavy Lift. The Borealis, with a 5,000-tonne lifting capacity, will be able to install or remove entire topsides at oil and gas platforms. It will also be able to perform work at 3,000 m below sea level. The hull will be built in China, after which Imtech, via its branches Imtech Marine & Offshore (Rotterdam) and Radio Holland (Singapore), will implement and commission the technology.
Imtech Appoints New Regional Director
New Regional Director Sytze Voulon appointed for Imtech Marine North West Europe. As per February 20, 2012 Imtech Marine has appointed Mr. Sytze Voulon to the position of Regional Director North West Europe (Rotterdam). Mr. Voulon (47) has held several senior management positions in the international maritime industry. He started, after his studies of maritime business at the HTS in Rotterdam, at Mobil Oil in The Netherlands. After Mobil Oil he worked for amongst others Stork, Lips and Rolls-Royce. From 2001, Mr. Voulon worked for Rolls-Royce and held several senior management positions, the most recent being Regional Director - Marine Europe till 2008 and Regional Director Marine Europe & Africa / Vice President Services Europe & Africa. The appointment of Mr.
Policy Planning Lessons for Maritime Students
Students from the International Maritime Law Institute (IMLI) in Malta are being introduced to key policy planning issues as part of International Maritime Organization (IMO)'s on-going work to support the future leaders of the maritime world (15-16 February). The event focused on the National Maritime Transport Policy (NMTP) formulation, which is being promoted by IMO as a good governance practice to guide planning, decision making and legislation in the maritime sector, and a key driver for a country's sustainable development.
NYK Partners with KOSEN
Nippon Yusen Kabushiki Kaisha (NYK) and the National Institute of Technology (KOSEN) agreed to collaborate in the fields of education and public relations for the purpose of human resources development in the maritime industry and the promotion of maritime affairs awareness. NYK has a number of programs to educate the next generation of seafarers, and one of those programs facilitates international student-exchanges between students at KOSEN maritime schools and the NYK-TDG Maritime Academy, which NYK operates in the Philippines.
IMO on Distress and Safety at Sea
Seafarers depend on a robust distress and safety system when life is in danger at sea. This week’s meeting of the Sub-Committee on Navigation, Communications and Search and Rescue (19-23 February) will be focusing on core areas of International Maritime Organization (IMO)’s work relating to safety at sea. The meeting will review progress in its ongoing work to modernize the Global Maritime Distress and Safety system (GMDSS). The GMDSS was adopted in 1988 to ensure full integration…
Imtech Completes Three Offshore Ships
Imtech Marine, specialized in system integration, successfully completed three innovative new-build vessel projects in Singapore; Seven Borealis for Subsea 7, Rockpiper for a subsidiary of Royal Boskalis Westminster NV and Flintstone for Tideway, part of the DEME Group. The ships will all operate in the oil and gas market. Imtech Marine has combined specific capabilities of its offices in Rotterdam, Shanghai and Singapore. The supply package for two of the three ships includes advanced dynamic positioning (DP), diesel electric propulsion, vessel management (VMS), automation, navigation and communication. The design and engineering was done in Rotterdam, production in Shanghai and installation & commissioning by the Imtech Marine team in Singapore.
Subsea 7 Wins GofM Pemex Contract
Subsea 7 S.A. announce a contract award by Pemex to its Mexican joint venture valued at approximately US$90-million. The contract comprises the engineering, fabrication and installation of an 8km pipeline, related risers, two slug catchers (a slug catcher is a storage vessel used to separate oil, water and gases and regulate flow within a pipeline) and two cantilever structures for the Line 67 Project in the Bay of Campeche. This is the second contract awarded to the joint venture.
Star Bulk Orders Three New Drybulk Vessels
Star Bulk Carriers Corp. announced that on September 23, 2013, the company entered into agreements with Shanghai Waigaoqiao Shipbuilding Co. Ltd. (SWS) for the construction of two 208,000 dwt Newcastlemax drybulk vessels each with fuel efficient specifications and expected deliveries during the first half 2016. On September 27, 2013, the company entered into agreements with Nantong COSCO KHI Ship Engineering Co. (NACKS), for the construction of two 61,000 dwt Ultramax drybulk vessels and one 209…
Subsea 7 Secures Contract Offshore Egypt
Offshore services provider Subsea 7 S.A. announced today it has been awarded a contract from Burullus Gas Company S.A.E. for the platform extension and tie-in on the first phase of the West Nile Delta development of the Taurus and Libra fields by BP, offshore Egypt. Subsea 7 did not specify a precise contract value, but called the award “sizable” in the range of $50 million to $150 million. Subsea 7 said engineering and project management work will commence immediately and will be undertaken at its Cairo office and Global Projects Center in London.