Marine Link
Monday, January 22, 2018

Fleet Expansion News

GasLog Partners Eyes USD 97mln through IPO

Image: GasLog Partners LP.

US based LNG carrier GasLog Partners is expecting to raise up to USD 97 million by selling shares to finance future fleet expansion. The New York-listed spinoff of LNG shipper GasLog  has announced that it has priced its public offering of 4 million units of its 8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units, liquidation preference US$25.00 per unit at a price to the public of US$25.00 per unit. The underwriters have a 30-day option to purchase up to 600,000 additional Series B Preference Units from the Partnership.

MOL to Expand Fleet

MOL has outlined plans for fleet expansion. MOL announced that it intends to increase the bulkship fleet by 60 vessels over the period to mid-2012. In addition, the iron ore carrier fleet is to be expanded by 44 newbuildings. These ships will include five vessels of 300,000 tons, six of 230,000 tons and another six of 200,000 tons.

Swiber to Increase Fleet

Gulf News reports that Singapore-listed marine engineering firm Swiber Holdings plans to increase the size of its fleet in the next three years by adding 19 new vessels. Swiber's fleet expansion is aimed at enhancing its capabilities as a contractor for the offshore industry, the company said. Source: Gulf News

Qatar Shipping Takes Delivery of Tanker

The Qatar Shipping Co recently took delivery of MT Umlma, the fourth newly built tanker from the series of six 105,000 deadweight ton vessels being constructed by South Korea's Hyundai Shipyard. The tanker was received by Ranjit Singh, Technical Manager, Q-Ship, on behalf of his company at Hyundai's shipyard in Busan. It is reported that they will carry petroleum. New built tonnage is a valuable addition to the Q-Ship fleet expansion program. Source ::: The Peninsula

Rand Hires Robert Bezan, VP Planning and Analysis

Bob Bezan

Rand Logistics, Inc. announced the hiring of Robert (Bob) Bezan for the newly created position of Vice President of Planning and Analysis at its subsidiary, Lower Lakes Towing Ltd. In this role, Bob will be responsible for all operational planning and analysis activities for the Company. Bob has spent the last 14 years at Algoma Central Corporation and Seaway Marine Transport serving in similar capacities. This position was created in response to the company’s recent fleet expansions and to enable us to capitalize on future growth opportunities.  

TEN Reports 2Q Results

Tsakos Energy Navigation Limited (TEN) has reported unaudited results for the second quarter and first half of 2003. Net revenues for the second quarter of 2003 were $61.5 million, a 122% increase over the $27.8 million generated in the second quarter of 2002. This increase reflected the expansion in the fleet (average number of vessels of 25.4 in 2003 vs. 17.0 in 2002) as well as the strong charter market. Net income for the second quarter of 2003 was a record $18.7 million versus $2.2 million in the second quarter of 2002. Earnings per share were a record $1.08 as compared with $0.13 per share in the like period of 2002. Interest and finance costs were $3.3 million in the second quarter of 2003 compared with $3.8 million in the second three months of 2002…

Training Vessel for Royal Navy of Oman Constructed at Damen

The Ministry of Defense in Oman has awarded Damen Shipyards Group a contract for the construction of a Sail Training Vessel (STV). The 87-metre square rigged, three-masted steel clipper and will take up her role as flagship. In addition to its key role of training young Omani navy cadets and officers, the new clipper will be deployed in a distinct diplomatic role and emphasize Oman’s centuries-old maritime tradition. Due for delivery in August 2014, the ship will replace the RNO’s current RNOV Shabab Oman and will be in the RNO Fleet. In March (2013) the ship’s keel laying ceremony took place at Damen Shipyards Galati (Romania). This was conducted by Rear Admiral Al Raisi, the RNO’s commander-in-chief. The RNO has an eight-strong overseeing team stationed in Romania.

Boskalis Orders Two Trailing Suction Hopper Dredgers

Dredging concern Royal Boskalis Westminster nv has placed an order with shipyard IHC Holland for the construction of two innovative 12,000m³ hoppers. The order is part of the multi-year fleet expansion program at Boskalis. The ships will be completed in December 2009 and April 2011. The order involves an investment of more than € 200 million. The new ships stand out because of the use of innovative technologies, strengthening the Boskalis market position in the segment for ‘large trailing suction hopper dredgers’. They will have two separate hoppers, allowing for the optimal use of their capacity in all circumstances, including shallow waters. In addition, the pumping capacity on the vessels is high, allowing them to pump large volumes over longer distances.

Bahri Profits Fall

Photo: Bahri

National Shipping Company of Saudi Arabia (Bahri),  the exclusive oil shipper for Saudi Aramco, made a net profit of 327.8 million riyals ($87.4 million) for the three months to Dec. 31. That compares with 566.4 million riyals in the fourth quarter of 2015. For the year ending December 31, 2016, Bahri has reported a net profit of SR1.76 billion ($469.3 million). The company registered net revenue of SR6.78 billion ($1.8 billion), and earnings per share (EPS) of SR4.48 for the year, it said in a statement. -Lower spot market rates in general and specifically in Oil transportation.

Wilson, Sons 4Q & 2008 Results

Wilson Sons Limited announced its consolidated results for the Fourth Quarter (4Q08) and Full Year 2008 (FY08). The company, through its subsidiaries, is one of Brazil's largest providers of integrated port and maritime logistics and supply chain solutions. With a business track record of over 170 years, the company has developed an extensive national network and provides a comprehensive set of services related to domestic and international trade, as well as to the oil and gas industry. Its principal operating activities are divided into the following business segments: (i) Port Terminals, (ii) Towage, (iii) Logistics, (iv) Shipping Agency, (v) Offshore, and also into (vi) Non-Segmented Activities. Wilson, Sons' consolidated net revenues improved both in 4Q08 and in FY08.

Topaz Secures $42M SCB Financing

Topaz’s newly built 98.4-ft crew boat, Topaz Fujairah (Photo courtesy Topaz Energy and Marine)

Topaz Energy and Marine announced that it had raised $42m from Standard Chartered Bank, Dubai in support of its fleet expansion plans, taking its total financing raised in 2009 to $150m. Topaz has contracted over $150m in bank finance in 2009 and the lion’s share of the funds have been deployed to support its fleet expansion and modernization program. Although finance available for the shipping sector as a whole is scarce, the OSV space that Topaz occupies is a relative bright spot for banks.

Bouchard Orders Two Newbuild ATB Tugs

Morton S. Bouchard III, President and CEO of Bouchard Transportation (Photo courtesy of Bouchard Transportation)

Morton S. Bouchard III, President and CEO of Bouchard Transportation Co., Inc., today announced the next step in Bouchard Transportation Co., Inc.’s ongoing fleet expansion with the construction of two 6,000-hp ATB tugs. The newbuilds, the M/V Bouchard Boys and the M/V Evening Light, will be equipped with Intercon Coupler Systems and constructed by VT Halter Marine, Inc. Measuring 130 feet by 38 feet by 22 feet, the 6,000-hp Twin Screw ATB Tugs will be classed by ABS as A1 Ocean Towing, Dual Mode ATB, USCG Subchapter C, both will be built with Tier III engines and Lufkin gears.

Bouchard Transportation in Expansion Mode

Morton S. Bouchard III, President and CEO of Bouchard Transportation Co., Inc., today announced the next step in the company’s ongoing fleet expansion with the construction of two 6,000-hp ATB tugs. These newbuilds, the M/V Bouchard Boys and the M/V Evening Light, will be equipped with Intercon Coupler Systems and constructed by VT Halter Marine, Inc. Measuring 130 feet by 38 feet by 22 feet, these 6,000-hp Twin Screw ATB Tugs will be classed by ABS as A1 Ocean Towing, Dual Mode ATB, USCG Subchapter C, both will be built with Tier III engines and Lufkin gears.

Silversea Cruises Appoints Albert Peter As CEO

Luxury cruise line, Silversea Cruises, Ltd., has announced that its owners, Italy's Lefebvre family, have completed a restructuring of its family holdings. As part of this process, Dr. Lefebvre. In his first order of business, Dr. Lefebvre has appointed Albert Peter to the position of CEO, effective immediately. Currently in the midst of a fleet expansion that will increase Silversea's capacity by 130 percent, these developments have been put in place to position the award-winning company for continued growth and expansion. The line welcomed the 382-guest, 28,258 grt Silver Shadow in September 2000 and is preparing to take delivery of sister ship Silver Whisper later this month.

W&O Launches New Branch in Halifax, Canada

W&O launched a new branch in Halifax, Canada. The new branch is located at 133 Ilsley Avenue, Dartmouth, NS B3B 1S9. With a branch already established in Vancouver, W&O’s growing Canadian presence well-positions them to support the completion of the Canadian Navy’s $35 billion fleet expansion program over the next 20 to 30 years. “Our established Halifax and Vancouver locations provide us with a competitive advantage over other non-Canadian competitors,” said Michael Hume, President and CEO of W&O. The Halifax branch will be led by Dan Sawler, a longtime resident of Nova Scotia. Sawler joins W&O with an extensive background in the marine industry.

Damen ASD 2810 Hybrid Tug Delivered to Multraship

Multratug 28 (Photo: Damen)

Multraship took delivery of a Damen ASD 2810 Hybrid tug vessel, built at Damen Shipyards Galaţi, in Romania. The delivery is part of Multraship’s fleet expansion program, which involves a number of Damen vessel orders. The new vessel, named Multratug 28, sailed under her own keel to the Netherlands from Galaţi. The tug features an expected bollard pull of 61 metric tons. Damen’s ASD 2810 Hybrid is a new design, and Multratug 28 is the second of its class to be built. Dinu Berariu, Project Manager at Damen Shipyards Galaţi, said, “This hybrid tug is a very unique concept.

Nordic American Tankers Expands Suezmax Fleet

Nordic American Tankers Limited (NAT) has taken delivery of Suezmax tanker Nordic Luna, the first of four secondhand sister vessels purchased as part of the company’s plans for fleet expansion. The second vessel is expected to join the NAT fleet in mid-June, and the remaining two vessels are expected to be delivered soon thereafter. The four tankers were built in Japan between 2000 and 2004. The aggregate price is $106 million. Following the delivery of these four vessels, the company will have a fleet of 30 Suezmax vessels, including two newbuildings from Korea, scheduled for delivery in August 2016 and January 2017. NAT expects to add a total of 10 vessels between July 2014 and January 2017, including the two newbuilds.

Nordic American Tankers Ltd. - Declaration of Dividend

Nordic American Tankers Ltd. announced that its Board of Directors has declared a dividend of $0.16 for the first quarter of 2013, the same as for the 4th quarter of 2012.   The level of the declared dividend should be seen in the context of planned fleet expansion. Expansion is essentially the same as investing in the future. However, also yield is a priority as demonstrated by this payment of dividend for the 63rd consecutive quarter since the autumn of 1997. The record date is expected to be April 30, 2013 and the payment of dividend is expected to take place on or about May 14, 2013.  

UOC Invests $10 Mln in Vallianz

Pic: Vallianz Holdings Limited

Singapore-listed Vallianz Holdings Limited, that provides offshore support vessels and integrated marine solutions to the oil and gas industry, has received an investment of $10 million from institutional investor fund United Orient Capital Pte Ltd (UOC). According to its filing to the Singapore Exchange, Vallianz will issue 10 million convertible preference shares at an issue price of USD1 each to UOC under the subscription deed. Vallianz said the net proceeds of $9.5m will go towards fleet expansion…

Ocean Installer Appoints New CFO and CCO

Ole Sanne has accepted the new position of CCO at Ocean Installer, and Jim Dåtland will join Ocean Installer as the new CFO. Mr. Sanne and Mr. Dåtland enter their new positions mid-February 2013. Mr. Sanne has been with Ocean Installer since the company’s inception and has more than 15 years of experience from the subsea sector, of which 12 years in senior managerial positions, including as Finance and Company Director for Subsea 7 Norway. Mr. Dåtland has spent the last seven years with the offshore drilling contractor Seadrill Limited focusing on investor relations and corporate finance activities. Seadrill has grown to become the world`s largest driller by market capitalization and enterprise value.

Volvo Penta India Wins Large Order

Volvo Penta India won an order for 40 D12MH-350 engines from Sesa Goa for powering their iron ore barges which will ply in Mandovi & Zuari Rivers in Goa, on west coast of India. Volvo Penta is the first imported engine manufacturer in India to offer IRS (India Register of Shipping) approved engines. Sesa Goa is India’s largest producer and exporter of iron ore in the private sector. As a first phase of their fleet expansion plan Sesa Goa will induct 20 barges powered by Volvo Penta 2 x D12MH-350 engines. The IRS inspected engines will be delivered from October 2010 to March 2011. Volvo Penta is the first imported engine manufacturer in India to offer IRS approved engines.

Jumbo Orders Another Heavy Lift Ship

An agreement has been signed with the Brodosplit shipyard in Split, Croatia, for the construction of a top segment heavy lift vessel. The new vessel will have a length of 152.6 m and a beam of 27.4 m and is equipped with 2x 1,100 mt cranes (at 27.5m outreach). In tandem the cranes can lift up to 2,200 mt. This makes it the one of thge strongest heavy lift vessel in the world. To be able to work in Arctic regions, the vessel is to be built under ice class. For offshore operations the vessel will be prepared for future DP2 installation.Estimated delivery date of the new vessel is March 2013. The vessel will be operational in June 2013. Jumbo also has an option for a second vessel at the shipyard in Split.

Euroseas to Purchase Drybulk Carrier

Euroseas Ltd. (NASDAQ:ESEA) signed a memorandum of agreement to purchase a Panamax drybulk carrier of 74,020 dwt, built in 2000 in Japan, for approximately $27.5 million. The vessel comes with a time charter back to the seller until January 2010 at a gross daily rate of $25,200 per day and is expected to be delivered to the Company between July 1, 2009 and August 5, 2009. Following the delivery of the vessel, approximately 74% of Euroseas' total fleet days remaining in 2009 and approximately 40% in 2010 will be fixed under time charters, FFA contracts, already concluded spot charters, or otherwise protected from market fluctuations. "We are delighted to announce the acquisition of a 9-year old Japanese built Panamax drybulk carrier as part of our fleet expansion program.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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