Cardiff Marine News

Greenpeace activists have taken to the sea to protest against tankers carrying Russian fossil fuels to Europe.Traveling in rigid hull inflatable boats (RHIB), kayaks and as swimmers, protesters from Denmark, Sweden, Norway, Finland, Netherlands and Germany on Sunday went in front of supertankers Waikiki and SFC Baltica in the Baltic Sea, displaying banners with “Oil Fuels War” as Greenpeace calls on Europe to reject and ban Russian fossil fuel imports to weaken the attack on Ukraine.Mads Flarup Christensen…

Jiangsu Hantong Ship Heavy Industry Co.,Ltd. (HT) has signed 4+2 115,000DWT Aframax Oil Tankers contract with Cardiff Marine. The Chinese shipbuilder said the tankers will be designed by Shanghai Merchant Ship Design & Research Institute (SDARI), and financial details of the deal were not disclosed. They are built in NHT and are estimated to be delivered since September, 2017 successfully, the company said in its press release. Economou-led Cardiff Marine ordered two similar aframax tankers at Hantong in July at a price of $46.5m each. Jiangsu Hantong  was established in 2003, specializing in shipbuilding and offshore products. HT is located in Jiangsu province,Nantong city,which is only 140 km away from Shanghai and transportation is very convenient.

A Cardiff sailing club and its Chief Instructor has today been made to pay £67,000 in fines and costs after failing to take proper care of children attending one of their courses, the U.K. Maritime and Coastguard Agency (MCA) said. The Chief Instructor, Nicholas Sawyer has also been given 180 hours of Community Service. Penarth Motor Boat and Sailing Club, trading as Cardiff Bay Yacht Club, and its Chief Instructor Nicholas Sawyer pleaded guilty at an earlier hearing to charges relating to failures in their duty of care for children attending a residential course in October 2010. The four-day sail training event was attended by 24 girls aged between 10 and 14. On the evening of 27 October 2010, after a day’s training, the girls were taken ice skating.

Ship owners trend towards larger ship sizes in the latest round of newbuilding orders reported in Clarkson Hellas S&P Weekly Bulletin. Oldendorff Carriers has contracted for four firm plus up to four option 208,000 dwt Newcastlemax from Taizhou CATIC. The first two vessels are due for delivery in 2015 with the remaining firm vessels and options lined up for delivery in 2016. Also in China, SWS are understood to have taken an order for four firm 208,000 dwt Kamsarmax from Clients of Cardiff Marine. Similarly delivery of the firm vessels is split between 2015 and 2016.

Activity in Chinese shipyards increased the past week, notably in the dry-bulk carrier market, as workers returned from the 'Golden Week' holidays reports Clarkson Hellas Weekly S&P Bulletin. China Navigation have announced the declaration of another four options of the 39,500dwt design at Chengxi Shipyard, which will bring the total number of orders for this design up to 16 vessels. This latest set of options will all deliver in 2016. No pricing has been disclosed, though the earlier options were declared at a price of circa USD 23 Mill.

According to a report from UPI.com, the chief engineer of the Capitola, owned by Cardiff Marine Inc., was sentenced in Maryland to six months in prison for obstructing a U.S. Coast Guard inspection of a Liberian-operated cargo ship in Baltimore.   Source: UPI.com

DryShips Inc. (NASDAQ:DRYS) a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling services, announced that it has entered into an agreement to acquire the remaining 25% of the total issued and outstanding capital stock of Primelead Shareholders Inc. Upon closing of this transaction, Primelead will become a wholly-owned subsidiary of the company. Primelead’s principal assets include two owned and operational ultra deepwater semisubmersible drilling rigs, the Eirik Raude and the Leiv Eiriksson, and four newbuilding drillship contracts for Hulls 1837, 1838, 1865 and 1866. The newbuilding drillships have contractual delivery dates commencing in the fourth quarter of 2010 and ending in the third quarter of 2011.

George Economou and broking house Banchero and Costa Spa have both invested in the Green Recycling Initiative launched two weeks ago. The $300m GRI aims to integrate the needs of steel producers to be able to produce ethically sourced steel from traceable scrap and the needs of shipowners to recycle ships in a more environmentally friendly manner. The launch investors were Italy-based Siba Ships and Netherlands-based Seaarland Shipping Management. The Green Recycling Initiative (GRI) is building a fund to buy around 120 obsolete ships during 2009/10. Investors will be drawn from both the shipping and steelmaking industries. It will begin…

DryShips Inc. (NASDAQ:DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced two transactions to reduce its future financial commitments and improve its financial strength. These transactions include: the disposal of three Capesize newbuildings, and the cancellation of the acquisition of nine Capesize vessels (including five newbuildings) previously agreed to by the company. These two transactions will reduce the company's capital expenditure commitments by over $1.5b in initial transaction value. In addition, during this period of lower freight rates and an impaired credit market, the company will suspend dividend payments on its common stock.

On November 2, DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes, announced its unaudited financial and operating results for the third quarter and nine months ended September 30, 2008. Dryships reported Net Income of $180m or $4.21 per fully diluted share for the third quarter of 2008. Included in the third quarter results is a capital gain on the sale of two vessels of $65.8m or $1.54 per fully diluted share and a non-cash loss of $36.8m or $.86 per fully diluted share associated with the valuation of interest rate swaps. Excluding these items Net Income would amount to $151m or $3.53 per fully diluted share. For the third quarter of 2008 the company reported EBITDA, excluding vessel gains, of $194.2m.

OceanFreight Inc. acquired its tenth vessel. The company announced it acquired a 1993 built 93,723 dwt double-hull Aframax tanker from interests associated with George Economou for $47.25 million, expanding its fleet to ten vessels. a gross daily rate of $27,450 with a major NYSE listed oil company. Marine Inc. has been retained as the technical manager of the vessel. Mr. investment across all shipping sectors. dividend policy. that is accretive to cash flow per share. operating vessels to the highest industry standards.

Rapidly rising prices for steel plate in China may be taking the edge off the financial performance at some Chinese shipbuilders. But it will take a lot more than that to undermine shipyards' dramatic expansion plans aimed at ensuring the country's builders produce more ships than any other nation by 2015. In the short run, however, the country's relatively inexperienced builders seem to have failed to read the steel supply signs. They have found themselves caught out by a number of factors driving up ship steel prices. These have risen by almost 60% over the last 30 months or so and now stand close to $400 a ton. On the one hand, soaring…