Monaco News

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…

Monaco-based liquefied natural gas (LNG) shipper GasLog Ltd signed a new long-term charter deal with a unit of the Spanish utility company Endesa for its newbuild vessel, the GasLog Warsaw.The International owner and operator of LNG carriers said that it is scheduled to take delivery of the 180,000 cubic meter Mark III Flex Plus vessel with low pressure two stroke propulsion (LP-2S) from Samsung Heavy Industries in July 2019. The eight year fixed-term charter to Endesa will commence in May 2021.Paul Wogan…

Monaco-headquarters Dynagas LNG Partners said that it had estimated contracted time charter coverage for 98% of its fleet estimated available days for 2019, 100% of its fleet estimated Available Days for 2020 and 92% of its fleet estimated Available Days for 2021.As of March 21, 2019, the Partnership’s contracted revenue backlog estimate  was $1.38 billion, with an average remaining contract term of 9.5 years, the Liquefied Natural Gas (LNG) maritime transportation company said.

Italian yacht builder Columbus Yachts (part of Palumbo Superyachts) launched its current flagship Dragon - the new 80-meter Columbus Classic - in Ancona.Dragon is set to become the largest vessel ever built by Columbus Yachts, featuring impressive interior volume of over 2,100 GT spread over six decks.The vessel with exterior and naval architecture by Hydro Tec and interior by Francesco Guida Design is to be delivered later this year.Dragon joins the Columbus’ outstanding fleet of superyachts like award-winning Sport Hybrid 40 M/Y Divine and M/Y Eleonora 3…

Alexander Hansson, residing in Monaco, has bought 25,000 shares in NAT for his private holdings. The shares were purchased in the open market at a price of $2.04 per share.On Tuesday March 5, Alexander Hansson bought 25,000 shares at a price of $2.11.  Last week, he bought 25,000 shares at $2.22, 100,000 shares at $2.31 and 50,000 shares at $2.27 in the open market.Alexander Hansson is the son of the NAT Chairman & CEO, and as such an affiliated party.

UAE builder Gulf Craft announced that the 54-metre concept Majesty 175 is currently being constructed by UAE builder Gulf Craft at the company’s Umm Al Quwain facility, with her delivery scheduled to the end of 2019.The completion process of the largest yacht “Made in UAE”, is going at a fast pace, said the manufacturer of luxury yachts and fiberglass boats."Originally introduced to the public during the Monaco Yacht Show in 2016, the 54 metres flagship is being built completely at the advanced facility in Umm Al Quwain.

Singapore-based Sembcorp Marine (Sembmarine) secured new contracts worth $175m, for projects comprising the design and construction of a 12,000-cubic-metre (cbm) LNG bunker vessel as well as repair and modernisation works on 13 cruise ships.The LNG bunker vessel which is for delivery to Mitsui OSK Lines (MOL) in 2021 will be constructed at Sembcorp Marine Tuas Boulevard Yard, said the company specialising in a full spectrum of integrated solutions in ship repair, shipbuilding…

Heesen has unveiled the latest yacht in the 55m Steel class, YN 18455. The YN 18455, now christened Vida and formerly known as Project Antares.Launched earlier this year on January 4, Vida is now entering the systems commissioning phase and is getting ready for sea trials.Vida is the third in the successful 55m FDHF Steel class, which features muscular exterior lines by Frank Laupman of Omega Architects. The profile is clean thanks to the absence of fashion plates and the design…

Monaco-based seaborne shipping company Navios Maritime Containers  announced the appointment of Stefan Kuch and Vasilios Mouyis to its Board of Directors.The owner and operator of container ships informed that Kuch has over 32 years of experience in finance and ship finance, having served in senior leadership positions in the shipping division of Commerzbank AG, one of Germany’s leading financial institutions.He also served as Managing Director of Hanseatic Ship Asset Management GmbH, a vessel-owning company within the Commerzbank Group.

International Maritime Organization (IMO) Secretary-General Kitack Lim has called for Member States and the entire maritime sector including shipping and ports, to come on board to achieve the ambitions set out in the historic IMO initial strategy for reducing greenhouse gas emissions from international shipping, adopted last year.The UN body said that the strategy makes a firm commitment to a complete phase out of GHG emissions from ships, a specific linkage to the Paris Agreement and a series of clear levels of ambition…

Liquefied natural gas (LNG) is expected to have increased by 9%, from 288 million tonnes per annum (mtpa) in 2017 to 313 mtpa in 2018, said GasLog.The Monaco-based owner, operator and manager of LNG carriers said in a stock exchange announcement that China’s LNG imports increased by approximately 16 mtpa, or 41%, to 54 mtpa in 2018, driven mainly by continued coal-to-gas switching in the industrial, commercial and residential sectors.South Korea, Pakistan, Thailand and Mexico also experienced strong growth in LNG imports during 2018.