Monaco News

Research scientist and entrepreneur Sverre Dokken believes laser-based remote sensing has big potential in the maritime domain. But what is LADAR, who’s it for and what are the key benefits?“Our mission is to be the world leader in innovative maritime sensor products that enhance the safety and security of shipping and all manner of offshore activity,” says Ladar Ltd (LDR) principal Sverre Dokken.In the sensor vanguardEssentially a laser-based navigational aid, LADAR (Laser Detection and Ranging) combines long-distance object detection with high-accuracy measurement…

Monaco-based international owner and operator of dry bulk vessels GoodBulk has announced that Andrew Garcia has resigned from his position of president and director.The provider of marine transportation services said in a press release that its board has approved Brentwood Shipping and Trading’s appointment of Carlos Pena, Chief Commercial Officer of C Transport Maritime S.A.M. (CTM), as incoming Director.Pena has over 16 years’ experience in shipping across various areas and within CTM…

The provider of marine transportation of dry bulk commodities Scorpio Bulkers has entered into agreements with unaffiliated third parties to sell two ultramaxes and one kamsarmax for about $53.5 million in aggregate.The vessels are the SBI Jaguar and SBI Taurus, 2014 and 2015 built Ultramax vessels, respectively, and the SBI Bolero, a 2015 built Kamsarmax vessel.None of the three vessels have been fitted with scrubbers, said a press release from the Monaco-headquartered firms…

International provider of marine drybulk transportation  Safe Bulkers said that two of its vessels - MV Kypros Sky and MV Kypros Spirit - were sold and leased back recently on a bare-boat charter basis for a period of eight years.The Monaco-headquartered company said that with purchase options are in its favor  commencing three years following the commencement of the bare-boat charter period and a purchase obligation at the end of the bare-boat charter period, all at predetermined…

The Monaco-headquartered provider of marine drybulk transportation services Safe Bulkers Safe Bulkers has sold and leased back eight ships to refinance $105.2m in loans coming due in 2023 and 2025.The New York-listed bulker owner said that it will receive $158.3m in proceeds from the transaction.Under the arrangements, two vessels were leased back, under bareboat charter agreements, for a period of six years and six vessels were leased back under bareboat charter agreements, for…

Monaco-based international owner, operator and manager of liquefied natural gas (LNG) carriers GasLog has announced plans to relocate more of its people and most of the senior management to the Piraeus, Greece office, home of its operational platform.As a result, GasLog will close the Monaco office, whilst the London office will focus primarily on chartering activities and company secretarial duties. The offices in Singapore, Korea and the US will be unaffected by the changes.GasLog CEO…

Navios Maritime Acquisition Corporation (NMAC), a Greece owner and operator of tanker vessels, announced the agreement to acquire five product tankers in liquidation of Navios Europe I Inc.On November 22, 2019, an agreement was reached to liquidate Navios Europe I. As of September 30, 2019, Navios Acquisition had a receivable of $32.3 million from Navios Europe I. This receivable along with debt financing will be used to finance the Acquisition. The agreement is subject to definitive…

Costa Cruises and the Western Ligurian Sea Port Authority have reopened the Calata delle Vele cruise ship quay and Palocrociere Terminal One in Italy’s port of Savona following an extensive renovation.The ceremony was attended by the city's mayor, Ilaria Caprioglio, the Liguria Region president, Giovanni Toti, the president of the Western Ligurian Sea Port Authority, Paolo Emilio Signorini, and the president of Costa Cruises Neil Palomba. In keeping with tradition, the ceremony was also blessed by Mons.

Mediterranean countries underwent International Maritime Organization (IMO)  training on the impacts of anti-fouling systems and ships’ biofouling on the marine environment at a workshop in Valletta, Malta (12-14 November).The event raised awareness of IMO’s Anti-Fouling Systems (AFS) Convention and Biofouling Guidelines – what it means to implement them, and, in the case of the AFS Convention, the requirements and benefits of ratification and enforcement.Biofouling is the build-up of aquatic organisms on a ship’s underwater hull and structures.

Scorpio Tankers, the international provider in the transportation for refined petroleum products, announced that it has completed acquisition of the leasehold interests in 19 product tankers.The Monaco-headquarters acquired subsidiaries of Trafigura, which have leasehold interests in 19 product tankers under bareboat charter agreements with subsidiaries of an international financial institution for aggregate consideration of $803 million on September 26, 2019.Of the 19 vessels…

Monaco-based petroleum products shipping firm Scorpio Tankers has signed a deal to acquire 19 product tankers from Trafigura Maritime Logistics for around $803 million.The acquisition of the leasehold interest in the vessels includes a finance lease arrangement with a financial institution under a bareboat contract arrangement.According to the arrangement, Scorpio Tankers will acquire Trafigura Maritime Logistics’ subsidiaries that have leasehold interests in 19 product tankers.The aggregate value of the vessels is $803 million…

Dynagas LNG Partners LP, an international owner and operator of liquefied natural gas (LNG) carriers, announced it has secured a $675 million syndicated loan from leading international banks.The credit facility will be secured by mortgages on the partnership’s entire fleet of six LNG carriers, the Monaco-headquartered company said.This move is expected to help the company eliminate its existing dept of totaling $720 million.Tony Lauritzen, Chief Executive Officer, Dynagas LNG Partners said: "We are pleased to enter into this transformative re-financing.

Monaco-headquartered provider of marine drybulk transportation services Safe Bulkers reported a net loss for the second quarter, contrary to the market’s expectations for profit.The net revenue at USD 45.5 million for Q2 was hurt by a 3% decline from the second quarter of 2018. For the second quarter, Safe Bulkers reported an adjusted loss of $0.01 per share, compared to earnings of $0.02 per share in the same period of last year.Dr. Loukas Barmparis, President of the Company, said: “In the first half of 2019 the charter market was weak.

C Transport Maritime (CTM), the vessel management company in the dry cargo ocean transport industry, announced that four of its current members have added seven more vessels to the Supramax Revenue Sharing Agreement (RSA) in July and August 2019.According to the Monaco-based provider of ship management service, Chandris (Hellas) added the M/V Serene Juniper (57,185 dwt, 2011 built at STX Dalian).D’Amico Group added the M/V Medi Hakata (58,078 dwt, 2014 built at Shin Kurushima)…

Bermuda-based crude oil tanker company announced that  it has entered into a three year time charter with a leading refining company for one of its 2012 built very large crude carriers (VLCC).The charter will commence after the vessel completes a scrubber retrofit in the fourth quarter of this year, said the New York-traded company.The time charter has a base rate of $30,000 per day with all earnings up to $37,500 to DHT following a profit sharing structure that includes scrubber…

Monaco-based shipowner GasLog has taken delivery of the 180,000-m3 GasLog Warsaw liquefied natural gas carrier (LNGC) from South Korea’s Samsung Heavy Industries (SHI) on July 31.GasLog Warsaw is the first 180,000 cbm LNG tanker delivered to the company by SHI. The shipbuilder has a further seven units for GasLog on order.GasLog Warsaw is a 180,000 cubic meter (cbm) Mark III Flex Plus carrier with low pressure dual fuel two-stroke (X-DF) propulsion.The vessel was immediately delivered…

Global liquefied natural gas (LNG) demand was 86 million tonnes (mt) in the second quarter, compared with 74 mt in the second quarter of 2018, an increase of 16%, said GasLog Ltd.The Monaco-headquartered international owner, operator and manager of liquefied LNG carriers said that higher European imports (up 110% year-on-year) accounted for most of the growth, while demand from Northeast Asia (Japan, China, South Korea and Taiwan) was flat year-on-year, according to Poten.Natural…

Global liquefied natural gas (LNG)  demand was 86 million tonnes (mt) in the second quarter, compared with 74 mt in the second quarter of 2018, an increase of 16%, said GasLog Partners, the international owner and operator of LNG carriers.Monaco-headquartered company quoted a Poten report which says that higher European imports (up 110% year-on-year) accounted for most of the growth, while demand from Northeast Asia (Japan, China, South Korea and Taiwan) was flat year-on-year.Natural…

Monaco-headquartered Scorpio Bulkers completed the sale of the SBI Electra and SBI Flamenco last month.The provider of marine transportation for major bulks said in a press note that it agreed to sell the two 2015 Chinese built Kamsarmax vessels in March 2019, for approximately $48.0 million in aggregate.Scorpio recorded a loss of approximately $7.8 million, including the write-off of deferred financing costs, during the first half of 2019.During the second quarter of 2019, the…

On Friday, May 31, the Shell Ocean Discovery XPRIZE awards event will be livestreamed from Monaco where the winners of the $7 million global ocean mapping competition will be revealed.The three-year competition challenged teams to advance deep sea technologies for autonomous and unmanned, fast and high-resolution ocean exploration.Tune in here at 1:30 p.m. (ET) to see the overall and NOAA bonus prize winners announced.

Monaco-based dry bulk shipping company Scorpio Bulkers has agreed to sell and leaseback six Ultramax vessels to AVIC International Leasing.The dry bulk operator said in a press note that the six vessels are SBI Antares, SBI Bravo, SBI Hydra, SBI Leo, SBI Lyra and SBI Maia.Upon completion, which is estimated to take place in the second quarter of 2019, the Company’s liquidity is expected to increase by up to $62.4 million in aggregate, comprising up to $52.6 million upon closing…

Scorpio Bulkers, a shipping company that owns and operates dry bulk carriers worldwide, announced that it has reached agreements with certain lenders to to increase certain existing credit facilities by a total of $41 million.The Monaco-based dry bulk shipping company said in a press release that the agreement in order to finance the installation of exhaust gas cleaning systems (scrubbers) on certain of its vessels.The additional amounts will be drawn upon the installation of the scrubbers on these vessels, and are structured as upsizings of existing credit facilities.

Monaco-based liquefied natural gas (LNG) shipper GasLog has agreed a 12-year charter contract with world’s largest LNG buyer, Japan’s JERA.The LNG vessel owner said in a press release that the charter party agreement was signed  with LNG Marine Transport Limited (LMT), the principal LNG shipping entity of JERA, for its existing uncommitted newbuild vessel, HN 2274. GasLog is scheduled to take delivery of the vessel, a 180,000 cubic meter Mark III Flex Plus design with low pressure two stroke propulsion…