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Hong Kong Shipping News

26 Oct 2020

Noncomprehensive Sanctions: Venezuela, Global Magnitsky, Hong Kong

© STOCKSTUDIO / Adobe Stock

This article will focus on “noncomprehensive sanctions,” which target “Specially Designated Nationals” (SDNs), but otherwise do not prohibit most trade between the U.S. and the target country (if any). While there are multiple noncomprehensive sanctions programs, we will focus on three: Venezuela (which can be thought of as quasi-comprehensive), Global Magnitsky (human rights) and Hong Kong. Russia also has a substantial noncomprehensive sanctions program, which we will address in a later article.NONCOMPREHENSIVE SANCTIONS PROGRAMS: IN GENERALThe U.S.

17 Sep 2020

ASRY Signs New Agent for Singapore, Hong Kong

Photo: ASRY

ASRY (Arab Shipbuilding & Repair Yard) signed a representation agreement with AMS to exclusively market ASRY’s products, services and facilities to the Singapore and Hong Kong shipping market, part of ASRY’s new management’s strategic re-alignment of its international agent’s network following the takeover of the National Oil and Gas Authority in the Kingdom of Bahrain (NOGA) of Bahrain’s shares in the company last year.AMS has a network of four offices in Asia.

21 Nov 2019

ICS Opens China Liaison Office in Hong Kong

The global trade association for shipowners and operators, International Chamber of Shipping (ICS) opened its China Liaison Office in the Hong Kong Special Administrative Region (SAR) on Tuesday, 21 November, during a reception hosted by the Hong Kong Shipowners Association.Liu Xiaoming, the Deputy Minister of Transport from the People’s Republic of China, Huang Liuquan, the Deputy Director of Hong Kong, Macau Affairs Office of State Council of the People’s Republic of China, and Frank Chan, Secretary for Transport and Housing Bureau of Hong Kong SAR were present to help oversee proceedings.On 20 November 2019, Mrs Carrie Lam, Chief…

21 Aug 2019

Vista Shipping to Finance Product Tankers

Hafnia Tankers, a member of BW Group, and shipyard-affiliated leasing company CSSC (Hong Kong) Shipping have formed a joint venture named Vista Shipping to finance and operate product tankers.A term loan facility of USD 111 million is intended to be used to finance four LR1 newbuildings. A banking consortium consisting of KfW IPEX-Bank, Societe Generale Hong Kong Branch and OCBC Singapore participate with 33% each as lenders at the term loan facility and have reached financial close.KfW IPEX-Bank acts as Facility Agent, Sinosure Agent and Security Agent. The 12-year post-delivery financing profits from Sinosure cover and is secured by…

28 May 2019

CSSC Mulls $280 million Hong Kong IPO

The ship-leasing unit of China’s state-owned shipbuilder China State Shipbuilding Corp. (CSSC) plans to raise as much as HK$2.2 billion ($280 million) in an initial public offering in Hong Kong.CSSC (Hong Kong) Shipping, the leasing company, is issuing 153.4 million shares at an indicative price range of HK$1.34 to HK$1.42. The minimum investment is HK$2,868.62 per lot of 2,000 shares.CSSC (Hong Kong) Shipping owns 100 vessels with a total value of $5.6 billion.According to Caixin, CSSC will remain the largest shareholder of the Hong Kong unit with 75% after the listing.The report said that CSSC (Hong Kong) Shipping has secured four cornerstone investors that subscribed for a combined 1.25 billion shares.The investors are China Reinsurance Corp., China Shipping Container Lines Co.

30 Jan 2019

SHIPBUILDING: CSSC Signs for 36 Newbuilds, Worth $1.48B

Chinese shipbuilding conglomerate China State Shipbuilding Corporation (CSSC) has signed  contracts for 36 newbuildngs worth a total contracts value of over RMB10bn (USD1.48bln).According to the state media Xinhua, the vessels will be built at a number of different yards under the CSSC umbrella and CSSC (Hong Kong) Shipping Company, will provide financing service to all 36 newbuildings.The contracts include manufacturing of 36 new ships including 174,000-cubic-meter liquefied natural gas (LNG) ships, 13,000-tonne multi-purpose heavy lift ships, 300,000-tonne VLCC feeder container ships, 95,000-tonne ice-enhanced bulk carriers as well…

28 Jun 2018

Star Bulk Carriers Acquires 3 Dry Bulkers from Oceanbulk Container Carriers

Star Bulk Carriers announced that it has closed the previously announced acquisition of three  newbuilding Newcastlemax dry bulk vessels in an all-share transaction, from Oceanbulk Container Carriers (OCC). The final consideration for the OCC Vessel Purchase Transaction is 3,304,735 million common shares of the Company. OCC is an entity affiliated with Oaktree Capital Management and with family members of our CEO, Petros Pappas and entities affiliated to them. The three vessels are being constructed at Shanghai Waigaoqiao Shipbuilding (SWS), with expected delivery dates in the end of 2018 and first half of 2019. CSSC (Hong Kong) Shipping Company Limited has agreed to provide $104.4m to finance the remaining $103.8m capital expenditure of the three vessels via a ten-year capital lease.

15 May 2018

Star Bulk Carriers Acquires Songa Bulk Fleet

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 . The cash portion of the Songa consideration will be financed through proceeds of a new five-year capital lease of $180 million with China Merchants Bank Leasing with a margin of 280 bps…

15 Sep 2017

Hong Kong Looks to Ride Out Boxship Turmoil

Hong Kong's port expects a slight rise in container shipping volumes this year despite continuing global turmoil in the sector. The global container industry, which transports everything from bananas to iPhones, is showing signs of better returns after a near-decade long slump. Nevertheless, worries over global retail demand and too many ships have continued to put the brakes on a bigger recovery. Hong Kong's Secretary for Transport and Housing, Frank Chan Fan, said container throughput was expected to increase slightly this year from 19.8 million TEUs (20-foot equivalent units) in 2016 and 20 million TEUs in 2015. "This year it is going up by a single digit percentage…

08 Mar 2017

Star Bulk Acquire Two Modern Kamsarmax Vessels

Star Bulk Carriers, a global shipping company focusing on the transportation of dry bulk cargoes, announced that it has entered into definitive agreements to acquire two modern Kamsarmax drybulk carriers from an unaffiliated third party for an aggregate total consideration of approximately US$30.3 million. Each of the Vessels has a carrying capacity of 81,713 deadweight tons and was built with high specifications at Jiangsu New Yangzijiang in 2013. The Vessels are expected to be delivered to Star Bulk between March and May 2017. The Company is currently in advanced discussions with a financial institution to secure financing for up to 50% of the acquisition costs of the Vessels.

24 Jan 2017

Navig8 Acquires Seventh LR2 from Guangzhou Shipyard

Navig8 Product Tankers Inc. today announced that it has taken delivery of the Navig8 Gladiator, a 113,000 DWT LR2 tanker from Guangzhou Shipyard International Company Limited (“GSI”), formerly CSSC Offshore & Marine Engineering (Group) Company Limited. The Navig8 Gladiator is the seventh of eight vessels contracted at GSI to be delivered to the Company and is the seventh vessel to be delivered under the sale and leaseback agreements entered into with CSSC (Hong Kong) Shipping Company Limited (“CSSC”) announced on June 25, 2015. Following delivery from GSI, the Navig8 Gladiator was delivered to CSSC under the terms of the Sale MOA and then delivered back to the Company under bareboat charter. The Navig8 Gladiator will be entered into and operated in Navig8 Group’s Alpha8 commercial pool.

18 Aug 2016

Hong Kong Shipping Group Wants Aid to Arrested Ship's Crew

The Hong Kong Shipowners Association (HKSOA) on Thursday called on the city's authorities to provide assistance to the crew of a Hong Kong-flagged coal ship off the east coast of Australia that is running out of food and fuel. Local Australian media and Great Britain's Guardian newspaper reported this week that the Five Stars Fujian, a 180,000 deadweight tonne capsesize class coal carrier, has been sitting in the middle of the Great Barrier Reef for the past month with supplies diminishing and salaries going unpaid. The HKSOA said in a statement that the ship was under detention by the Australian Maritime Safety Authority (AMSA), off the port of Gladstone, for breaches of the Maritime Labour Convention relating to lack of provisions and unpaid wages.

22 Jul 2016

HK Shipping Tycoon George Chao Dies

Following a long illness George Chao, a shipping legend in Hong Kong and president of Wah Kwong Maritime Transport, died, aged 76, in hospital. WAH Kwong Maritime Transport Holdings, established 64 years ago, is now one of the largest privately owned shipowners in Hong Kong. George Chao is one of four sons of T.Y. Chao, the founder of Wah Kwong, and father of Sabrina Chao, the current chairman of the company. The Chao family represents one of the most prominent of Hong Kong’s shipping dynasties. Wah Kwong is a founding member of the Hong Kong Shipowners Association (HKSOA). As with most other founding members, the company’s heritage can be traced back to the mainland.

29 Jun 2016

Star Bulk Carriers Reports 1Q Loss, Adds 3 Vessels.

The Athens, Greece-based Star Bulk Carriers Corp. (SBLK) has reported a loss of $48.8 million in its first quarter. The shipping company posted revenue of $46.3 million in the period. Star Bulk has added three vessels during this period. On April 1, April 4 and May 30, 2016, the vessels Indomitable, Obelix and Star Michele respectively, were delivered to their buyers. On June 6, 2016, it took delivery of the Newcastlemax vessel Star Libra (ex-HN 1372), which is financed under a bareboat charter accounted for as a capital lease, from CSSC (Hong Kong) Shipping Company Limited. On June 6, 2016, it  took delivery of the Capesize vessel Star Taurus (ex-HN 1339), which was sold to a third party pursuant to a preexisting agreement upon its delivery from the shipyard.

13 Jun 2016

CMA CGM to delist NOL

French container shipping firm CMA CGM plans to delist Neptune Orient Lines (NOL) following its takeover of the Singaporean shipper, CMA CGM's vice chairman Rodolphe Saade told French daily Les Echos. CMA CGM, the world's third-largest container shipping company, said earlier this month it holds over 78 percent of NOL shares after buying Temasek Holdings' stake in a $2.4-billion deal agreed last year. Minority shareholders can sell their shares to CMA CG until July 18. Saade said he was confident they will sell and added that as soon as CMA CGM holds 90 percent of NOL, Singapore law will oblige any remaining minority shareholders to sell, after which NOL will be delisted.

07 Mar 2016

Hong Kong Shipping Register Crossing 100 Million Gross Tonnage

The Hong Kong Shipping Register has  crossed of 100 million gross tonnage, informed the Secretary for Transport and Housing, Professor Anthony Cheung Bing-leung. To Hong Kong, it’s more than a vote of confidence, Anthony said. Hong Kong’s maritime tradition is almost two centuries old. Hong Kong served as a port of registry under the UK Ship Register since the 1840s until the establishment of the autonomous Hong Kong Shipping Register in 1990 under the administration of the Marine Department. For those who are interested, our first shipping register is now on display at the other side of the hall. Upon its inception in 1990, the Hong Kong Shipping Register had a mere 765 ships with a total gross tonnage of six million.

21 Jul 2015

Golar Receives Financing Commitment for GoFLNG Hilli

Golar LNG Limited has received an underwritten financing commitment for its first GoFLNG project from CSSC (Hong Kong) Shipping Co. Ltd (CSSCL) in relation to a conversion financing and sale and leaseback transaction for the GoFLNG Hilli, the company announced today. The financing structure will fund up to 80 percent of the project cost and will be split into two phases. The first phase enables Golar to drawdown up to $700 million from the facility to fund the ongoing conversion cost, once Golar has spent $400 million of the estimated $1.2 billion conversion cost and the tolling contract with Perenco and SNH have been ratified by the Cameroon government, expected during the third quarter of 2015.

06 Mar 2013

HK Shipping Industry Needs Direction Say Group

A group of shipping sector directors urge the future direction of HK's maritime industry to be set out and implemented by the government. A blueprint setting out the future direction of Hong Kong's maritime industry should be prepared and the government should then commit to implementing the plan if Hong Kong is to stave-off competition from other regional shipping sectors, says a group of shipping directors, as reported by the South China Morning Post. At present the Hong Kong shipping register is the world's fourth-largest. The proposal, which includes signing more double tax agreements with potential trading partners, tax incentives for companies planning to incorporate in Hong Kong…

05 Jan 2001

Hong Kong Registry Exceeds 10 mgt

The Hong Kong Shipping Register had achieved a record 10.71 million gross registered tons (GRT) with a total of 581 ships signed up as Hong Kong vessels, Reuters reported. The tonnage on the government-administered register had grown by more than four million GRT in less than two years and exceeded 10 million GRT two years earlier than originally forecast, a government statement said. It reached a peak of nine million GRT in June 1996, but the uncertainty associated with the change of sovereignty in July 1997 had caused it to tumble to an all-time low of 5.5 million GRT in November 1997.

06 Jun 2000

Bocimar, Investor Offer To Buy Out Wah Kwong

Bocimar Far East Holdings, along with a shareholder of Wah Kwong Shipping Holdings Ltd., have offered to buy out the Hong Kong shipping group, which has been suspended from trading since June 1 pending news of the offer, officials said. Bocimar - a unit of Belgian shipping firm Compagnie Maritime Belge SA (CMB) - and Wah Kwong investor George Chao made a joint offer to buy the 57.7 percent they did not already own at HK$5.65 ($.73) per share. Bocimar already owns 27.1 percent, and Chao owns 15.2 percent, a spokesperson said. Bocimar and Chao plan to delist Wah Kwong from the London and Hong Kong stock exchanges if they are successful in buying up all of the shares, CMB officials said.

02 Aug 2013

GL Shares Ship Management Study Results

Germanischer Lloyd (GL) will introduce the results of a joint global study on 'Best Practice in Ship Management', conducted with the Fraunhofer Center for Maritime Logistics and Services (CML), to the Hong Kong Shipping community on August 7. This will be the first in a series of events where GL and Fraunhofer will share with maritime stakeholders insights into what shipping companies across the globe consider best practice in their industry. "In a difficult market situation shipping companies are expected to reconcile low operational costs with high crew quality…

21 Jul 2015

Golar Acquires Financing for GoFLNG

Golar LNG Limited announced today that it has received an underwritten financing commitment for its first GoFLNG project from CSSC (Hong Kong) Shipping Co. Ltd ("CSSCL") in relation to a conversion financing and sale and leaseback transaction for the GoFLNG Hilli. The financing structure will fund up to 80% of the project cost and will be split into two phases. The first phase enables Golar to drawdown up to $700m from the facility to fund the ongoing conversion cost, once Golar has spent $400m of the estimated $1.2bn conversion cost and the tolling contract with Perenco and SNH have been ratified by the Cameroon government, expected during Q3 2015.

26 Feb 2014

Star Bulk Charters Two Newbuilds

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargos, announced that it has entered into agreements with CSSC (Hong Kong) Shipping Company Limited, an affiliate of Shanghai Waigaoqiao Shipbuilding Co. Ltd of China (SWS) to bareboat charter, two fuel efficient Newcastlemax dry bulk vessels, hull numbers 1372 and 1371 each with a cargo carrying capacity of 208,000 deadweight tons, which are currently under order at SWS, at a monthly hire rate for each CSSC vessel ranging between $371,000 to $410,800 plus LIBOR.