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Dry Bulk Transportation News

14 May 2020

Rand Completes American Steamship Acquisition

New Jersey-based Rand Logistics said Thursday it has completed its $260 million acquisition of rival Great Lakes shipping company American Steamship Company (ASC) from GATX Corporation.The combination of Rand and ASC moves almost 50 million tons annually of dry bulk commodities such as iron ore, coal and limestone on vessels ranging in size from 634 feet to over 1,000 feet, the company said."This transaction is a game-changer for both Rand and our customers. Our combined 24-vessel fleet gives us the capability to meet almost every type of dry bulk transportation need on the Great Lakes," said Peter Coxon, Chief Executive Officer of Rand…

05 Mar 2020

Seanergy Maritime Gets Refinancing

The Greek provider of marine dry bulk shipping services Seanergy Maritime Holdings Corporation announced that it received approval, in form of commitment letters, from one of its existing lenders to extend the maturity of two loan facilities.According to the Nasdaq listed pure-play capesize ship-owner said that the loan facilities are secured by the M/V Leadership and M/V Squireship and their respective maturities are extended from March 17, 2020 and November 10, 2021 to December 31, 2022.The underlying terms remain substantially the same, while the commitment letters provide, amongst others, that certain financial covenants and restrictions on dividend payments binding the Company would no longer apply.The approval is subject to completion of definitive documentation, it said.

01 Aug 2019

Seanergy Maritime Completes Retrofit

The drydocking of the vessel M/V Lordship was completed yesterday (August 01), marking the first milestone in Seanergy Maritime Holdings' scrubber and ballast water treatment system (BWTS) installation program.The Greece-based international shipping company said in a stock exchange announcement that the dry docking of the M/V Partnership is currently ongoing."Three vessels will follow within August, September and October 2019, respectively, in line with our initial installation schedule," said the provider of marine dry bulk transportation services through the ownership and operation of dry bulk vessels."In addition, we have agreed with one of our existing charterers…

22 Feb 2019

Auxo Investment Acquires Andrie LLC

Private investment firm Auxo Investment Partners said it is partnering with the Andrie family with an investment in Andrie LLC, a Michigan-based Jones Act bulk transporter of specialty products including liquid asphalt, cement, light oil petroleum products, and calcium chloride throughout the Great Lakes. The deal, terms of which were not disclosed, marks Auxo’s sixth acquisition in 16 months, and builds on the firm’s December 2017 acquisition of M/G Transport Services, a leading dry-bulk transportation and logistics company based in New Orleans.Andrie, founded in 1988, is a company serving the Great Lakes, working extensively with large global customers.

21 Feb 2019

Auxo Investment Partners Acquires Andrie LLC

Stan Andrie, Andrie LLC CEO

Deal builds on Auxo’s December 2017 acquisition of leading dry-bulk transportation and logistics company, M/G Transport Services. Private investment firm Auxo Investment Partners announced today that it is partnering with the Andrie family with an investment in Andrie LLC, a Michigan-based Jones Act bulk transporter of specialty products including liquid asphalt, cement, light oil petroleum products, and calcium chloride throughout the Great Lakes. The deal, terms of which were not disclosed…

02 Oct 2018

Seanergy Maritime Holdings Buys One Vessel, Sells Two

Seanergy Maritime Holdings has anounced that it has signed agreement to acquire one modern capesize vessel and sale of two supramax vessels to become the only US-listed pure-play capesize vessel owner.The international shipping company that provides marine dry bulk transportation services said in a press release that  it has entered into definitive agreements with unaffiliated third parties for the purchase of a modern secondhand Capesize vessel and the sale of two Supramax drybulk vessels.The transactions are expected to be completed in the fourth quarter of 2018. Following these transactions, Seanergy will be the only pure-play Capesize vessel owner listed in the US public markets.The Company has agreed to acquire a modern secondhand Capesize vessel from an unaffiliated third party…

13 Aug 2018

Safe Bulkers Acquires Dry-bulk Vessel

Safe Bulkers announced that it has acquired a 181,000 dwt, Japanese, 2009-built, dry-bulk, Capesize class vessel at an attractive price. The acquisition was financed from cash on hand.The international provider of marine dry-bulk transportation services said that following a dry docking the vessel is expected to be employed in the time charter market.As of August 13, 2018, the weighted time charter average of the Baltic Exchange Cape Index (BCI AVG5TC) was $26,059 per day. Dr. Loukas Barmparis, President of the Company commented: “While we remain focused on the optimization of our capital structure by buying back later this month a Kamsarmax class vessel under sale and lease back agreement…

09 Jul 2018

Seanergy Maritime Holdings Refinances Two Capesize Vessels

Seanergy Maritime Holdings announced that it has successfully completed the refinancing of a previous loan facility secured by M/Vs Lordship and Knightship. Both vessels are Capesize bulk carriers built in 2010 in South Korea, purchased by Seanergy in 2016. The original maturity of the Facility was December 2019. M/V Knightship was refinanced in June 2018 through a sale and leaseback transaction with AVIC International Leasing Co., Ltd., a major Chinese state-owned financing institution. Seanergy sold and chartered the vessel back on a bareboat basis for an eight year period, having a purchase obligation at the end of the eighth year. The Company has the option to repurchase the vessel at any time following the second anniversary of the bareboat charter party.

14 Dec 2017

Safe Bulkers Acquires a Post-Panamax Class Dry-Bulk Vessel

Safe Bulkers, an international provider of marine dry-bulk transportation services, announced today that it has acquired a 92,000 dwt, South Korean 2010 built, dry-bulk, Post-Panamax class vessel at an attractive price. The vessel is a sistership of the Company’s two existing South Korean Post-Panamax class vessels. The acquisition was financed from cash on hand. Dr. Loukas Barmparis, President of the Company commented: “In parallel with the optimization of our capital structure our Board has decided to invest in a second hand vessel which we believe it will be accretive to our revenues. As of October 25, 2017, Safe Bulkers' operational fleet comprised of 38 drybulk vessels with an average age of 7.3 years and an aggregate carrying capacity of 3.4 million dwt.

14 Jun 2017

Seanergy Time Charter Contract for Partnership

Greece-based Seanergy Maritime Holdings announced that it has entered into a time charter contract with a major European utility and energy company for its recently delivered Capesize vessel. The 2012-built M/V Partnership will commence a period employment of about twelve to eighteen months and is expected to generate approximately $8.8 million of gross revenue, assuming the full 18 months employment. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, said: “We are pleased to announce a period employment contract for our most recent Capesize acquisition. The strong rate achieved supports our projections for continued improvement in the Capesize market and overall dry bulk sector.

18 Apr 2017

Seanergy Bags Time Charter for Capesize Bulker

Seanergy Maritime Holdings Corp has entered into a time charter contract (T/C) with a major European charterer, for one of its Capesize dry bulk vessels, for a period of about 18 months to about 22 months. The T/C is for the 180,000 dwt Capesize vessel M/V Lordship and is expected to commence in June 2017, upon expiration of the vessel's current T/C with the same charterer. The net daily charter hire is index-linked rate based on the 5 T/C route rate of Baltic Capesize Index (BCI). In addition, the charter contract provides the option to Seanergy to convert at any time and for a period of minimum three months to maximum 12 months the index-linked rate into a fixed rate corresponding to the prevailing value of the respective Capesize FFA.

11 Jun 2013

Excel Agreements Strengthen Financial Foundation

Excel Maritime Carriers Ltd., an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, has announced that it has reached an agreement in principle with a steering committee of its senior lenders on the terms of a financial restructuring to strengthen its balance sheet. Through this agreement, Excel Maritime expects to reduce its funded indebtedness and enhance its liquidity profile with the support of its senior lenders as it continues to provide first class service as a premier provider of dry bulk transportation services. Under the terms of the agreement…

20 Apr 2012

UMG Barge Line Acquired by Ingram

United Maritime Group, LLC Announces Agreement to Sell U.S. United Barge Line, LLC to Ingram Barge Company. United Maritime Group, LLC ("UMG") today announced that it has entered into a definitive agreement to sell U.S. United Barge Line, LLC ("UBL"), a wholly owned barge transportation subsidiary of UMG, to Ingram Barge Company. Based in Tampa, the subsidiaries of UMG operate businesses in the dry bulk transportation and logistics industry, including U.S. United Bulk Terminal, LLC, the largest coal and petroleum coke handling facility in the Gulf of Mexico, and U.S. United Ocean Services, LLC, which operates the largest Jones Act dry bulk ocean fleet by capacity.

20 Apr 2012

U.S. United Barge Line Sold

United Maritime Group agrees to sell its U.S. United Maritime Group, LLC ("UMG") announces that it has entered into a definitive agreement to sell U.S. United Barge Line, LLC ("UBL"), a wholly owned barge transportation subsidiary of UMG, to Ingram Barge Company. Based in Tampa, the subsidiaries of UMG operate businesses in the dry bulk transportation and logistics industry, including U.S. United Bulk Terminal, LLC, the largest coal and petroleum coke handling facility in the Gulf of Mexico, and U.S. United Ocean Services, LLC, which operates the largest Jones Act dry bulk ocean fleet by capacity. "Since acquiring UBL in 2007…

22 Mar 2012

Safe Bulkers Exercises Option to Purchase Additional Shares

Athens, Greece - Safe Bulkers Inc., an international provider of marine dry bulk transportation services, announced today that it has sold an additional 750,000 shares of common stock pursuant to the underwriters’ option to purchase these shares at $6.50 per share, raising an additional $4,875,000 in aggregate gross proceeds before underwriting discounts and other offering expenses. The option had been granted in connection with a public offering of common stock, completed last week. Morgan Stanley, B of A Merrill Lynch and Credit Suisse acted as book-running managers and Evercore Partners acted as co- manager of the offering, which was made under an effective shelf registration statement.

23 Mar 2011

Algoma Invests in Great Lakes Shipping

Algoma Central Corporation expects to invest close to $400m in Great Lakes shipping as it takes bold steps for the future, Algoma President and Chief Executive Officer Greg Wight said during his keynote address at the Top Hat ceremony marking the 182nd opening of the Welland Canal. “This level of commitment to this industry is unprecedented,” Mr. Wight said. Algoma’s fleet renewal program is starting with the purchase of five new state-of-the-art Equinox Class vessels, with the hope to expand this order. The new Equinox Class was developed in St. Catharines, Ontario by a team of designers at Algoma’s downtown headquarters in partnership with engineers from around the world. Equinox Class ships are the next generation of bulk carriers on the Great Lakes.

28 Oct 2008

Middle East Maritime Talks Emissions

Fuel, emissions and green technology is one of the crucial areas to come under discussion at one of the conferences that will take place alongside Seatrade Middle East Maritime 2008. Like other industries globally, shipping is facing increasingly tough international challenges to achieve emission reductions. Det Norske Veritas, one of Seatrade Middle East Martime's principal sponsors, believe that carbon dioxide emissions can be reduced by as much as 30–50% by actions taken on existing vessels now and for new buildings prior to 2030. The region is playing an increasingly important role in world shipping with the now one of the most active international maritime centres in the world.

15 Oct 2008

Global Downturn Challenges Middle East Shipping

The debate on shipping economics takes place at the Middle East Money and Ships conference (December 14-16), which runs alongside the Seatrade exhibition. High level speakers from international and regional banks specializing in maritime finance along with leading regional shipping operators will be taking part. The region plays an important role in world shipping with the now one of the most active international maritime centers in the world. The region is also pivotal in global energy, and related transport and economic growth across the region has driven record volumes of containers and increasing bulk cargo. Other crucial topics to be debated at the Money and Ships conference include energy and dry bulk transportation…

18 Jun 2008

HITS Selects AMOS for Six Ships

(L to R) Taufani S. SpecTec Asia Pacific – Singapore won a contract with PT. Humpuss Intermoda Transportasi Tbk., (HITS)  Indonesia to supply AMOS Business Suite solutions for six vessels, comprising four product tankers, a chemical tanker and a dry bulker, as well as the office site. There is an option for another seven ships, based on the successful implementation on the initial six. The project was officially kicked off June 2, 2008, and entailed a two-week Requirement Study into PT. Humpuss’s Business Processes, Work Procedures and Requirements Study for each department.

08 Nov 2000

Olympic Engine Selection Evokes Thoughts of

When Olympic Tug & Barge was founded in 1987, owner Harley Franco had environmental responsibility on his mind. Early major oil tanker disasters southeast of Nantucket, Mass., near Galveston, Texas, and off the coasts of England and Mexico were influencing the future of the oil transportation industry. So Franco committed himself to growing his business by assembling a "fleet of the future" built around the most environmentally friendly technology he could afford. Today, parent company Harley Marine Services oversees a combined fleet of more than 40 vessels. Olympic Tug & Barge began as a vessel bunkering operation, leasing a tugboat and barge to transport the bunker barges from ship to ship.

06 Nov 2007

Quintana Maritime Ltd. Reports 3Q Results, Dividend

Quintana Maritime Limited (NASDAQ: QMAR), a leading international provider of dry bulk transportation services, announced its operating and financial results for the three months and nine months ended September 30, 2007. Highlights include: initiated strategic review process to enhance shareholder value; increased net revenues by approximately 156% to $64.0m from $ 25.0m in the third quarter of 2006; increased Adjusted Net Income by approximately 262% to $22.1m from $6.1m in the third quarter of 2006; increased Adjusted EBITDA by approximately 163% to $46.6m from $17.7m in the third quarter of 2006; completed sale-leaseback transactions for 7 oldest Panamax vessels…