Owned Subsidiary News

07 Nov 2019

Diana Shipping Sells Panamax Bulker

Pic: Diana Shipping

Diana Shipping announced that it has signed through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party, the 2005-built vessel “Clio”.The global shipping company specializing in the ownership of dry bulk vessels said that the delivery to the buyer is expected latest by November 29, 2019. The sale price of of Clio is US$7.4 million before commissions, it said.Upon completion of the aforementioned sale, Diana Shipping Inc.’s fleet will consist of 42 dry bulk vessels (4 Newcastlemax…

06 Nov 2019

Bulk Shanghai Joins 2020 Bulkers

Image: 2020 Bulkers

Norway-based dry bulk shipping company 2020 Bulkers has taken delivery of Bulk Shanghai, the fourth of eight 208,000 dwt Newcastlemax newbuilds.The 300-meter-long bulker, which commenced a 13-year bareboat charter with 2020 Bulkers, is owned by Norwegian shipping company Ocean Yield.Two further vessels are expected to be delivered by January 2020, and the remaining two vessels are expected to be delivered by May 2020.The vessel will on November 9, 2019, commence a 11-13 month index-linked timecharter with ST Shipping…

03 Nov 2019

Farstad Supply Sells PSV Far Swift

Image: Solstad Offshore

Norwegian offshore service and supply ship shipping company Solstad Offshore said that its wholly owned subsidiary Farstad Supply AS has sold the platform supply vessel (PSV) Far Swift.Delivery of the 2003-built vessel to the new owner took place October 31st, 2019, said a press note.The sale of the vessels will have a minor positive accounting effect for 4Q 2019, it said.Farstad Supply AS manufactures and supplies offshore vessels. The company offers anchor handling tug, platform supply, and sub-sea vessels for material transportation, as well as provides logistic services.

01 Nov 2019

Hunter Group Takes Delivery of 3rd VLCC

Image: Hunter Group

Norwegian investment company Hunter Group said that its wholly owned subsidiary Hunter Tankers has taken delivery of its third newly built very large crude carrier (VLCC) and subsequently delivered it to its new owner.The new VLCC with hull number 5457, built by South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME), was handed over on October 31 in accordance with a Memorandum of Agreement signed in June 2019. All funds have been transferred and the transaction is complete, the company informed in a press note.On 19 October 2019, Hunter Tankers took delivery of “Hunter Saga” (NB No.

22 Oct 2019

Taronis Opens Facility in Amsterdam Port

Pic: Port of Amsterdam

The US-based Taronis Fuels will be launching its first-ever production facility in Western Europe in the port of Amsterdam. The new site will be dedicated to the production of bio-based welding gas, a fuel type commonly used in the construction and shipbuilding industries.Taronis Fuels, a wholly-owned subsidiary of Taronis Technologies, decided on Amsterdam on account of its strong focus on sustainability and innovation, combined with a fertile sales market due to its proximity to the sea…

22 Oct 2019

Hunter Adds VLCC Newbuild

Image: Hunter Group

Hunter Tankers, a wholly owned subsidiary of the Norwegian investment company Hunter Group, has taken delivery of the second of seven identical ECO design VLCC newbuildings, the Hunter Saga.The vessel was handed over from Daewoo Shipbuilding & Marine Engineering (DSME) on October 19.One additional VLCC is scheduled for delivery in 2019, while the remaining four vessels will delivered between March and July 2020.All seven of the Company’s VLCCs are built to the highest standards and will be fitted with scrubbers.With reference to the sale-and-leaseback transaction announced on 6 September 2019…

21 Oct 2019

Temasek Bids $3 Bln for Control of Keppel

(File photo: Keppel Offshore & Marine)

Singapore state investor Temasek Holdings is offering to buy control of conglomerate Keppel Corp in a S$4.1 billion ($3 billion) deal that could hasten a consolidation in the rig building sector which is battling the effects of low oil prices.The announcement, which confirmed what two sources with knowledge of the matter told Reuters earlier on Monday, boosted shares in rig builder Sembcorp Marine by 12% on expectations of a likely shake-up in the industry. Shares in Sembcorp's parent Sembcorp Industries rose 10%.Keppel's offshore and marine unit…

20 Oct 2019

Castor Maritime Acquires Third Panamax Bulker

Pic: Castor Maritime

Cyprus-based dry bulk shipping company Castor Maritime has acquired its third Panamax dry bulk carrier for $10.2mln.The global shipping company specializing in the ownership of dry-bulk vessels informed that through a separate wholly-owned subsidiary, it has entered into an agreement to purchase a 2005 Japan built Panamax dry bulk carrier from a third party  in which a family member of Castor’s Chairman, Chief Executive Officer and Chief Financial Officer has an interest.The acquisition…

17 Oct 2019

Jutal Offshore Wins Contracts Worth $490m

Image: Jutal Offshore

Chinese oil and gas techincal services company Jutal Offshore Oil Services has announced that the company has obtained a slew of new contracts with total value of RMB3.5bn ($490mln).The number of new contracts include large-scale core modules construction of Arctic LNG 2 natural gas project, wind turbine jacket construction, and other offshore engineering and services said the company engaged in the fabrication of oil and gas facilities and oil and gas processing skid equipment business."Site construction of some large-scale construction projects have been gradually commenced…

13 Oct 2019

Diana Shipping Inks TC with Al Ghurair

Polymnia. Image: Diana Shipping Inc

Greek dry bulk owner Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Al Ghurair Resources International L.L.C., Dubai, for one of its Post-Panamax dry bulk vessels, the m/v Polymnia.According to a press release from the global shipping company specializing in the ownership of dry bulk vessels, the gross charter rate is US$14,500 per day, minus a 5% commission paid to third parties, for a period of minimum 12 months to about 14 months.The charter is expected to commence on October 23, 2019, it said.

11 Oct 2019

POSH Acquires Pacific Workboats

Image: POSH

Singapore-listed operator of offshore support vessels PACC Offshore Services Holdings (POSH) has agreed to acquire the 50 per cent stake held by Sembcorp Marine (SMM) in harbour services provider Pacific Workboats Pte Ltd (PWPL) for over US$679,400 in cash.PWPL is a 50:50 joint venture between POSH and Dolphin Shipping Company, a 100% owned subsidiary of Sembcorp Marine Limited. The 50% stake actually belongs to Dolphin. PWPL offers harbour services in Singapore and across the region.The Acquisition is expected to complete by end 2019…

10 Oct 2019

MISC Secures ExxonMobil LNG Tanker Contract

Photo: MISC

MISC Berhad (MISC) through its wholly-owned subsidiaries have secured agreements with Exxon Mobil Corporation’s wholly-owned subsidiary, SeaRiver Maritime LLC (SeaRiver) for the time charter contracts of two Liquefied Natural Gas (LNG) carriers.Each of the LNG carriers will respectively serve the transportation needs of ExxonMobil’s worldwide LNG portfolio on a 15-year charter contract.Prior to this, MISC, through the same subsidiaries have also signed an agreement with Samsung Heavy Industries Co., Ltd. (SHI) for the construction of the LNG carriers in Korea.

10 Oct 2019

COSCO VLCC Discharges at Exxon's Singapore Facility

A supertanker owned by a subsidiary of COSCO Shipping Tanker (Dalian), which is under United States sanctions for alleged transportation of Iranian oil, has docked in Singapore to discharge its Middle East crude cargoes, shipping data on Refinitiv Eikon showed on Thursday.Coswisdom Lake, a very large crude carrier capable of holding 2 million barrels of oil, docked at Exxon Mobil Corp's terminal on Jurong Island late on Wednesday.Coswisdom Lake is owned by Pan Cosmos Shipping & Enterprises Co, which is a fully owned subsidiary of COSCO Dalian, according to a document issued by Cosco Shipping Energy Transportation on Oct. 1.Reporting by Florence Tan, Shu Zhang and Roslan Khasawneh

05 Oct 2019

Methanol-Fueled Chem Tanker Delivered to NYK

Built in South Korea at Hyundai Mipo, Nippon Yusen Kaisha (NYK Group) has taken delivery of Takaroa Sun. Photo: NYK

Nippon Yusen Kaisha (NYK Group) has taken delivery of Takaroa Sun, a methanol carrier equipped with two-stroke dual-fuel engine tech that allows the vessel to be powered by methanol. Built in South Korea at Hyundai MIPO Dockyard, the new ship was funded through NYK’s green financing initiative established to support environment-friendly projects.Takaroa Sun was built with the MAN Energy Solutions second-generation B&W ME-LGIM two-stroke dual-fuel engine that runs on both methanol and conventional marine fuel.

01 Oct 2019

Excelerate Charters Out Maran Gas FSRU

From left to right, MGM owner John Angelicoussis and Excelerate Managing Director and President Steven Kobos sign the agreement. Photo: Excelerate Energy

Excelerate Energy and Maran Gas Maritime have signed a five-year bareboat charter agreement (BBC) for the floating storage regasification unit (FSRU) hull 2477.During the five-year BBC Excelerate will have the option to purchase Hull 2477. MGM is currently building Hull 2477 at Daewoo Shipbuilding and Marine Engineering (DSME) shipyard and is scheduled for delivery in April 2020, when the BBC will start.The vessel will have a storage capacity of 173,400 m3 and will be capable…

29 Sep 2019

Keppel Sells Logistics Units to Sinotrans

Image: Keppel Corporation Limited.

Keppel Telecommunications & Transportation (Keppel T&T) has entered into agreements to divest its entire stakes in Keppel Logistics (Foshan) Co (KLF) and Keppel Logistics (Hong Kong) to Sinoway Shipping, a subsidiary of Sinotrans Limited, for about S$39 million.Expected to be completed in 2019, the proposed divestments are in line with Keppel T&T's strategy to unlock value and recycle capital, allowing the company more flexibility to pursue other opportunities.Thomas Pang, CEO of Keppel T&T…

24 Sep 2019

Hunter Tankers Takes Delivery of ECO VLCC

Image:  Hunter Tankers

Hunter Tankers, a wholly owned subsidiary of the Norwegian investment company Hunter Group, has taken delivery of its first of seven identical ECO design VLCC newbuildings, the Hunter Atla.The vessel was handed over from the South Korean shipbuilding giant Daewoo Shipbuilding & Marine Engineering (DSME), said the company.Two additional VLCCs are scheduled for deliveries in 2019, while the remaining four vessels will delivered between March and July 2020.All seven of the Company’s…

24 Sep 2019

MISC, NYK and Mitsubishi Partner for the LNG Canada Project

Logo: MISC

MISC Berhad (MISC) through its subsidiary have signed an agreement with Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK) to co-own two newbuild LNG vessels mainly for the LNG Canada project.Both LNG carriers have a capacity of 174,000 cubic meters (cbm) and are currently being built by Hyundai Samho Heavy Industries (HSHI). These vessels will feature state-of-the-art technologies including modern XDF propulsion and partial re-liquefaction facility for higher efficiencies…

18 Sep 2019

Frontline Says No to Tankers Options from Trafigura

Image: Trafigura

The world's largest oil tanker shipping company Frontline Ltd has declined options to buy four more tankers from Trafigura Marine Logistics (TML) and said that it will keep to buying only 10 tankers.Last month, the Bermuda based company announced an agreement with TML  to acquire ten Suezmax tankers, with two separate options to acquire two plus two additional Suezmax tankers.The options were part of a deal reached between the two companies last month to acquire ten Suezmax tankers…

18 Sep 2019

Solstad Offshore Sells AHTS Vessel

Far Saltire. Image: Solstad Offshore ASA

Norwegian offshore vessel owner Solstad Offshore said that its wholly owned subsidiary Farstad Marine has sold one of its anchor handling tug supply (AHTS) vessels."Farstad Marine has sold the 16304-hp, 2002-built anchor handling tug supply vessel Far Saltire," said the services provider to petroleum related offshore activities.Delivery of the vessel to the new owner took place yesterday (September 18th, 2019).The sale of the vessels will have an immaterial accounting effect for 3Q 2019…

13 Sep 2019

Frontline, Trafigura Extend Suezmaxes Option

Image: Trafigura

Frontline, the world's largest oil tanker shipping company, and Trafigura Maritime Logistics (TML) have agreed to extend an option for Frontline to acquire two Chinese-built suezmax tankers.The first option to acquire two Suezmax tankers expires on 12 September 2019. Frontline and TML have agreed to extend the expiry date for the first option to 18 September 2019. TML is a wholly-owned subsidiary of Trafigura Pte Ltd, the multinational commodity trading company.The options are…

03 Sep 2019

Singapore’s first LNG-Powered Bunker Tanker Christened

The Marine Vicky (CREDIT: Sinanju Tankers Holdings Pte Ltd)

The Vessel is on track to commence deliveries of compliant marine fuels from Q1 2020.Singapore-based bunker tanker owner and operator Sinanju Tankers Holdings (“Sinanju”) achieved a new milestone today with the launch of the republic’s inaugural LNG-powered conventional bunker tanker.The 7,990 dwt vessel was christened “Marine Vicky” by her Lady Sponsor, Ms. Quah Ley Hoon, Chief Executive of the Maritime and Port Authority of Singapore (MPA) at a launch ceremony held in Nantong, China at Keppel Nantong Shipyard, a wholly-owned subsidiary of Keppel Offshore & Marine (“Keppel O&M”).Ms.

01 Sep 2019

Novatek Wins Arctic Gas Field

Pic: Novatek

Novatek said that its wholly-owned subsidiary Arctic LNG 1 has won an auction for a geological survey, exploration and production license for the subsoil area including the Soletsko-Khanaveyskoye gas field.The license is located on the Gydan peninsula in Yamal-Nenets Autonomous Region, said the natural gas producer in Russia.The license area has estimated hydrocarbon resources of 2,183 billion cubic meters of gas and 212 million tons of liquids, or 16 billion barrels of oil equivalent…

Maritime Reporter Magazine Cover Oct 2019 - Marine Design Annual

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