CMBFL Sells and Lease Back 20 Tankers
CMB Financial Leasing (CMBFL) sign a $415.6 million sale and lease back transaction of 20 chemical tankers with Stolt Tankers, a UK-based provider of transportation and storage for liquids, notably specialty and bulk liquid chemicals, the proceeds of which were used to refinance certain debt secured on the vessels.Watson Farley & Williams (WFW), the international law firm based in London, has advised on this transaction. The leases were of a hybrid nature combining elements of both financial and operating leases.Founded in 2008…
NMAC Acquires 5 Product Tankers
Navios Maritime Acquisition Corporation (NMAC), a Greece owner and operator of tanker vessels, announced the agreement to acquire five product tankers in liquidation of Navios Europe I Inc.On November 22, 2019, an agreement was reached to liquidate Navios Europe I. As of September 30, 2019, Navios Acquisition had a receivable of $32.3 million from Navios Europe I. This receivable along with debt financing will be used to finance the Acquisition. The agreement is subject to definitive…
Navios Acquisition Fleet Reaches 41
Navios Maritime Acquisition Corporation, the provider of transportation of petroleum products (clean and dirty) and bulk liquid chemicals, announced that its fleet consisted of a total of 41 vessels as of November 7, 2019.The owner and operator of tanker vessels said that out of 41 vessels, 13 are very large crude carriers (VLCCs) (including three bareboat chartered-in VLCCs expected to be delivered in the third and fourth quarters of 2020 and the third quarter of 2021), 26 are product tankers…
Navios Acquisition Disposes Oldest VLCC
Navios Maritime Acquisition Corporation, an international shipping company, said that it has sold the oldest vessel of its fleet, the C. Dream.According to a press release from the US-listed, Greece-based company, the 299,000-dwt very large crude carrier (VLCC) C. Dream (built 2000) is sold for $21.75m.The 323,967 cbm vessel, with a length of 332 meters and a width of 60 meters, was built in Hitachi shipyard in Japan.Navios Acquisition is an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.
MOL, Den Hartogh Form Chemical Logistics Alliance
Singapore-based MOL Chemical Tankers (MOLCT) and Dutch Den Hartogh Logistics have established a strategic alliance to jointly develop and streamline liquid chemical logistics services utilizing tank containers, parcel chemical tankers and tank terminals.MOL Chemical Tankers is one of the global leaders in ocean transport, specializing in chemical parcel tankers for bulk liquid chemicals and vegetable oil and animal fats.As strategic partners MOLCT and Den Hartogh Logistics offer their customers in the petrochemical industry truly global supply chain solutions…
Navios Acquisition Completes Navios Midstream Merger
Greece-based Navios Maritime Acquisition Corporation announced that it completed the acquisition of Navios Maritime Midstream Partners. "Following the close of the market on December 13, Navios Midstream common units no longer are publicly traded on the New York Stock Exchange," said a press release from the owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.Angeliki Frangou, Chairman and Chief Executive Officer…
Navios Maritime Acquisition Corporation Sells VLCC for $44.5 Mln
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that it has agreed to sell the Nave Galactic, a 2009-built VLCC of 297,168 dwt to Navios Maritime Midstream Partners for $44.5 million. Navios Acquisition also agreed to extend the charter rate backstop of the Shinyo Kannika to the Nave Galactic. Navios Acquisition intends to use the proceeds from the sale of the vessel for repayment of indebtedness, reinvestment in vessels and general working capital purposes.
Odfjell Reports Best Quarter Since 2008
In what it is calling its best quarterly performance since third quarter 2008, the Odfjell Group for the second quarter of 2015 reported net results of $7 million. The group, which transports and stores bulk liquid chemicals, acids, edible oils and other special products, said it saw steady general improvement in the chemical tanker market with improved earnings in the deep-sea segment as well as in the remaining regional operations. The Odfjell chemical freight index rose 5 percent compared with the previous quarter.
Stolt-Nielsen Limited Contemplates New Bond Issue
Stolt-Nielsen Limited is contemplating the issuance of new senior unsecured bonds in the Norwegian bond market with a minimum amount of NOK 700 million ($89 million). Proceeds will be used for general corporate purposes. The offering will be made to (i) Norwegian professional investors and eligible counterparties as defined in the Norwegian Securities Trading Regulations Sections 10-2 to 10-4, (ii) to non-"United States persons" in "offshore transactions" within the meaning of Rule 902 under the Securities Act of 1933, as amended (the "Securities Act"), and (iii) "Qualified Institutional Buyers" pursuant to Rule 144A of the Securities Act. The bonds may not be purchased by, or for the benefit of, persons resident in Canada.
Navios Maritime Acquisition Corporation acquires VLCC
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced today the acquisition of a 2003-built VLCC of 298,287 dwt. The VLCC was purchased for $43.5 million. The vessel is expected to be delivered in Q2 2014. Navios Acquisition is expected to finance the acquisition with cash on its balance sheet and financing consistent with its existing credit arrangements. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, "Navios Acquisition is a premier tanker company having expanded its fleet at attractive points in the cycle. Following the acquisition of the VLCC Navios Acquisition owns 44 vessels: 11 VLCCs, 29 product tankers and 4 chemical tankers.
Stolt-Nielsen, Declares Interim Dividend
Stolt-Nielsen Limited says it will pay an interim dividend of $0.50 per Common Share on December 11, 2013 to shareholders of record as of November 26, 2013. In accordance with normal settlement practice, the shares will trade ex-dividend on and after November 22, 2013 (2 business days prior to the November 26, 2013 record date). Stolt-Nielsen Limited is a leading global provider of integrated transportation solutions for bulk liquid chemicals, edible oils, acids, and other specialty liquids through its three largest business divisions…
Navios Buys Tankship, Extends Charter on Another
Greece-based Navios Maritime Acquisition Corporation announces delivery of a MR2 product tanker & 1-year charter extension for a chemical tanker. Navios Acquisition also announced that it has agreed to extend the existing charter on the Chemical Tanker Nave Polaris for one additional year ending in Q3 2014 at the increased base rate of $12,188 with 50% profit sharing. Following the delivery of the Nave Equinox, Navios Acquisition will have 25 vessels in the water. The company has contracted 87.5% and 51.8% of its available days on a charter-out basis for 2013 and 2014, respectively.
Odfjell Buys Chemical Tankship
Odfjell buys long-term chartered vessel 'MT Bow Engineer', a 30,086 dwt chemical tanker. Odfjell, a leading company in the global market for transportation and storage of bulk liquid chemicals, acids, edible oils and other special products, has entered into a contract for the purchase of the MT Bow Engineer, a 30,086 DWT chemical tanker (IMO II/III) with 28 stainless steel cargo tanks, built in 2006 at Kitanihon Shipbuilding CO LTD in Japan. Bow Engineer has been on time charter for Odfjell from yard delivery in 2006.
Greece's Navios Accept Delivery of New Product Tanker
Navios Maritime Acquisition Corporation announce delivery of 'Nave Atria' from a South Korean shipyard. The 50,000 dwt MR2 product tanker Nave Atria has been chartered out to a high quality counterparty for three years at a rate of $13,331 net per day plus 50% profit sharing based on a formula. The charterer has been granted an option for an additional two years at a rate of $14,566 net per day for the first optional year and a rate of $15,553 net per day for the second optional year. The vessel is expected to generate approximately $2.5 million of annual EBITDA and approximately $7.5 million of aggregate EBITDA assuming operating expense approximating current operating costs and 360 revenue days per year. Navios Acquisition has chartered-out 24 vessels of its 29 vessel fleet.
China Terminal Joint Venture for Odfjell SE
Odfjell SE has made an agreement to enter into a joint venture via its subsidiary Odfjell Terminals Asia Pte Ltd (Singapore), with Tianjin Economic-Technology Development Area (TEDA) via its subsidiary Nangang Port Company to develop a terminal and marine facilities for bulk liquid chemicals, petroleum products and gases in the Nangang Industrial Zone (Tianjin) in China. The initial phase of the joint venture will consist of three deep sea berths and have a total storage capacity of about 150,000 cubic meters. The joint venture company will be named Odfjell Terminals Nangang (Tianjin), whereby Odfjell will hold 49% ownership and hold the operational management. The initial total investment is estimated to be about USD 160 million.
Stolt-Nielsen Reports Talks with Lenders Continuing
Stolt-Nielsen S.A. ( said that while the waivers of covenant defaults granted by its primary lenders expired today, the Company and its lenders remain in constructive discussions aimed at establishing longer-term waivers. "We continue to work closely with our primary lenders toward longer-term waivers that will give us the necessary time to allow us to develop a sensible financial restructuring plan," said Niels G. Stolt-Nielsen, Chief Executive Officer of SNSA. About Stolt-Nielsen S.A. Stolt-Nielsen S.A. is one of the world's leading providers of transportation services for bulk liquid chemicals, edible oils, acids, and other specialty liquids. The Company, through its parcel tanker, tank container, terminal, rail and barge services, provides integrated transportation for its customers.