Clarksons Platou Securities News

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.

21 Dec 2018

SEACOR Marine to Acquire Brazil's UP Offshore

Image: SEACOR Marine

SEACOR Marine Holdings, the provider of marine and support transportation services to offshore oil, has announced the acquisition of UP Offshore (Bahamas)  by a new joint venture company that is 49% owned by a subsidiary of SEACOR Marine and 51% owned by a subsidiary of Proyectos Globales de Energía y Servicios CME.UP Offshore is a leading provider of offshore support vessel services to the energy industry in Brazil, the largest regional market in Latin America, said a press release.Of UP Offshore’s 14 vessel fleet, 12 vessels are located in Brazil and registered under the Brazilian flag.

03 Jul 2018

Strong Capesize Demand Lifts Baltic Index

File Image: A loaded bulk vessel underway (CREDIT: Norden)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the fourth consecutive session on Tuesday, propelled by higher demand for capesize vessels. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 54 points, or 3.8 percent, at 1,476 points. The capesize index gained 174 points, or 7.6 percent, at 2,478 points, last touched on May 14. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $1,424 to $20,515.

19 Jun 2018

GoodBulk Launches USD 140 Million IPO

Image: GoodBulk Ltd

GoodBulk, incorporated in Bermuda and headquartered in Monaco, announced that it has launched its initial public offering of 8,500,000 common shares at an anticipated initial offering price between $15.50 to $17.50 per common share. In connection with the Offering, the Company intends to grant the underwriters the option to purchase up to 1,275,000 additional common shares. The Company intends to use the net proceeds of the Offering, together with cash on hand and additional borrowings under the Company’s credit facilities…

17 Jun 2018

Navios Maritime Containers files for a $100 million IPO

Angeliki Frangou. File Photo: SUNY Maritime College

Monaco-based container ship company Navios Maritime Containers has filed with the SEC to raise up to $100 million in an initial public offering. The information of IPO was originally provided by the IPO investment manager Renaissance Capital. The Navios Holdings company run by Angeliki Frangou was founded in 2017 and booked $69 million in sales for the 12 months ended March 31, 2018. According to the company website: "We are a growth-oriented international owner and operator of containerships.

04 Jun 2018

GoodBulk Files for a $100 Mln IPO

Photo: GoodBulk Ltd.

GoodBulk, an owner and operator of dry bulk vessels, announced that it has filed a registration statement on Form F-1 with the United States Securities and Exchange Commission (SEC) relating to a proposed initial public offering (IPO) of its common shares.Morgan Stanley and Credit Suisse are acting as lead book-runners, Clarksons Platou Securities, Evercore ISI, Pareto Securities and UBS Investment Bank are also acting as book-runners, and ABN AMRO is acting as co-manager for…

31 May 2018

Frontline Expects Greater Oil Tanker Demand

© John Regan / MarineTraffic.com

Increased scrapping of older oil tankers and the potential for higher output of OPEC crude are likely to boost vessel demand and thus rates, Oslo-listed shipper Frontline said on Thursday.The company reported a first-quarter operating profit of $2.8 million, while analysts in a Reuters poll on average had expected a loss of $13.3 million.Tanker rates are still low, however, and 78 percent of Frontline's very large crude carriers (VLCCs) are covered at a daily $11,600 for the second quarter compared with $14…

29 May 2018

Baltic Index Falls to Six-Week Low

© snoopymiff23 / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday to a six-week low as rates across vessel segments fell.* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 20 points, or 1.9 percent, at 1,057 points, its lowest since April 17.* The capesize index lost 71 points, or 5.1 percent, to 1,324 points.

22 May 2018

Muted Capesize Activity Weighs on Baltic Index

© Eugene Sergeev / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the sixth straight session on Tuesday, dragged down by lower demand for capesize vessels.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 40 points, or 3.2 percent, at 1,199 points.The capesize index lost 103 points, or 5.3 percent, at 1,854 points."Capesize average earnings declined to about $13,900 per day due to reduced inquiries on Brazil or China voyages while most of Europe began the week with a religious holiday," analysts

21 May 2018

Baltic Index Down for Fifth Straight Session

© hdcphoto / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the fifth-straight session on Monday as capesize vessel rates remained weak.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 34 points, or 2.7 percent, at 1,239 points.The capesize index lost 96 points, or 4.7 percent, at 1,957 points."Capesize rates have continued to soften over the last week to about $14,800 per day, partially reflecting an increase in the number of vessels ballasting to Brazil," analysts at ship broker Clarkson

15 May 2018

Star Bulk Carriers Acquires Songa Bulk Fleet

Photo: Star Bulk Carriers Corp

Greece-based dry bulk shipping firm Star Bulk Carriers has entered into definitive agreements to acquire 18 dry bulk vessels in two all-share transactions. 15 of the vessels will be acquired from Songa Bulk and three of the vessels will be acquired from Oceanbulk Container Carriers. The consideration for the vessels was determined based on average vessel valuations by independent vessel appraisers. The Company has agreed to issue an aggregate of 13.725 million common and pay $145 million in cash for the acquisition of all of Songa’s 15 modern dry bulk vessels .

09 May 2018

Dry Bulk: Baltic Index Touches over 4.5 Month High

© pr2is / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday to its highest in over 4-1/2 months, boosted by rising rates for capesize vessels.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 33 points, or 2.3 percent, at 1,465 points.The capesize index rose 134 points, or 5.4 percent, to 2,616 points, its highest in four months."Capesize rates continued to demonstrate positive momentum, with average earnings improving," analysts at ship broker Clarksons Platou Securities said.Averag

02 May 2018

Baltic Index Rises

© bobo1980 / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday on firmer capesize demand, even as rates across other vessel segments remained unchanged.* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels snapped four straight sessions of losses and was up 19 points, or 1.4 percent, at 1,346 points.* The capesize index rose 61 points, or 2.856 percent, to 2,197 points.* Average daily earnings for capesizes…

01 May 2018

Baltic Index Falls on Broad Retreat

File Image (CREDIT: AdobeStock / © Lucasz Z)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the fourth consecutive session on Tuesday, hurt by weaker rates across all vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 14 points, or 1 percent, at 1,327 points. The capesize index lost 37 points, or 1.7 percent, to end at 2,136 points. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were down $286 to $16,890.

23 Apr 2018

Baltic Index Near 15-week High

File Image: CREDIT: Port of Portland, UK

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday to near 15-week highs, boosted by rising rates for capesize vessels. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 25 points, or about 2 percent, at 1,306 points, its highest since Jan. 10. The capesize index gained 94 points, or 4.9 percent and hit 2,009 points, its highest in 14 weeks. Capesize earnings continued…

23 Mar 2018

Capesize Pick-Up Propels Baltic Index

© bilanol / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, registered its first gain in 10 sessions on Friday, buoyed by higher rates for capesize vessels. The overall index, which factors in rates for capesize, panamax and supramax vessels, rose 5 points, or 0.45 percent, to 1,122 points but was down 1.8 percent for the week. The capesize index gained 28 points, or 2.48 percent, to 1,157 points. "It's a very tight market, so just a few incremental cargoes will prop up rates.

08 Mar 2018

Baltic Index Gains On Higher Panamax, Supramax Demand

© soleg / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday as stronger demand for panamax and supramax vessels offset a fall in capsize rates. The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was up 6 points, or 0.5 percent, at 1,197 points. "In the dry bulk market, capesize rates are continuing to slide as the Atlantic remains relatively quiet," analysts at ship broker Clarksons Platou Securities said.

06 Mar 2018

Baltic Index Strengthens on Panamax, Supramax Vessels

File Image (CREDIT: AdobeStock / (c) Lidian Neeleman)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the fifth straight session on Tuesday on stronger rates for the panamax and supramax vessel segments. The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was up two points, or 0.17 percent, at 1,212 points, a peak since Jan. 29. The panamax index was up 26 points, or 1.73 percent, at 1,528 points, the highest since Dec. 20.

06 Mar 2018

Baltic Index Higher On Strong Rates for Panamax, Supramax Vessels

© fresh_water / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the fifth straight session on Tuesday on stronger rates for the panamax and supramax vessel segments. * The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was up two points, or 0.17 percent, at 1,212 points, a peak since Jan. 29. * The panamax index was up 26 points, or 1.73 percent, at 1,528 points, the highest since Dec. 20.

27 Feb 2018

Lower Capesize Rates Weigh on Baltic Index

© sunsinger / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, broke a six-day winning streak on Tuesday, dragged lower by lower rates for capesize vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, shed three points or 0.25 percent to end at 1,188 points. The capesize index lost 85 points, or 5.06 percent, to end at 1,595 points. "A slow start for capesize dry bulk trading thus far into the week as limited activity levels…

21 Feb 2018

Baltic Index Hits Three-week High

© NS Photography / Adobe Stock

The Baltic Exchange's main sea freight index climbed 2.6 percent on Wednesday to mark a three-week high, boosted by an increase in activity across vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 29 points, or 2.6 percent, to finish at 1,146 points, its highest since Jan. 31. "Sentiment in the dry bulk market is firming up after a return of activity in the Pacific," said analysts at shipbroker Clarksons Platou Securities. The capesize index gained 39 points, or 2.32 percent, to close at 1,717 points.

21 Feb 2018

Aegean to Acquire H.E.C. Europe

Aegean Marine Petroleum Network Inc. announced today that it has entered into a definitive agreement to acquire all of the outstanding share capital of H.E.C. Europe Limited (H.E.C.), the parent company of Hellenic Environmental Center S.A. and a group of companies that together provide global port reception facilities services, from the shareholders of H.E.C., for aggregate consideration of approximately $367 million, including the assumption of certain indebtedness, which consideration is payable in the form of a combination of debt, the assignment of certain accounts receivables, cash (determined in accordance with the definitive agreement) and shares of Aegean common stock…

16 Feb 2018

Baltic Index Falls on Lower Capesize Demand

© sorapop / Adobe Stock

The Baltic Exchange's main sea freight index dipped on Friday, moving near a six-month low hit earlier this month, as capesize vessel activity experienced a slowdown due to the Lunar New Year holiday in Asia. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down five points, or 0.46 percent, at 1,084 points. On Feb. 5, the index touched its lowest since August at 1,082 points. "Rather limited activity across the segments to close the week with Chinese Lunar New Year today," said analysts at shipbroker Clarksons Platou Securities.

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