Marine Link
Tuesday, October 16, 2018

Owned Subsidiary News

Diana Shipping TC Contract for M/V Coronis

Coronis. Photo: Diana Shipping Inc.

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with CJ International Italy Societa Per Azioni for one of its Panamax dry bulk vessels, the m/v Coronis, for a period of minimum 12 months to maximum 15 months.The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$8,300 per day for the first sixty (60) days of the charter period and US$11,300 per day for the balance period of the time charter…

Pacific Drilling to Raise USD700mln for Restructuring

Image: Pacific Drilling

Pacific Drilling  announced that a special purpose wholly owned subsidiary of the Company intends to offer $700 million aggregate principal amount of senior secured first lien notes that mature five years following their issuance, subject to market conditions.The notes are being offered in connection with the restructuring of Pacific Drilling as part of the First Amended Joint Plan of Reorganization filed with the U.S. Bankruptcy Court for the Southern District of New York on August 31…

Euronav Updates on Gener8 Merger

Image: Euronav

The acquisition of Gener8 resulted in the recognition of a gain on bargain purchase on business combination of USD 36.3 million being recorded in the consolidated statement of profit or loss in the second quarter, says Euronav.The largest NYSE listed independent crude oil tanker company in the world said that it booked a gain on bargain purchase as a result of the Net Assets acquired being higher than the consideration paid.Paddy Rodgers, CEO of Euronav said: "Completion of the…

Diana Containerships TC Contract for m/v Pamina with HMM

Pamina. Photo: Diana Containerships Inc

Diana Containerships announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Hyundai Merchant Marine Co., Ltd., Seoul, for one of its Panamax container vessels, the m/v Pamina.The global shipping company specializing in the ownership of containerships said that the  gross charter rate is US$11,950 per day, minus a 5% commission paid to third parties, for a period of minimum eight months to maximum 12 months.The charter will commence on August 24, 2018.

Russia's Novatek Ships First LNG Cargo to Brazil

Image: Novatek

Russian natural gas producer Novatek has shipped its first LNG cargo to the Brazilian market with LNG produced from the Yamal LNG project.A statement from PAO Novatek said that its wholly owned subsidiary, Novatek Gas and Power Asia Pte. Ltd. has shipped its first LNG cargo to the Brazilian market with LNG produced from the Yamal LNG project. The cargo was delivered to the Bahia Regasification Terminal owned by Petrobras.“Our LNG marketing strategy aims to diversify our supply geography and customer base,” noted Leonid Mikhelson, Novatek’s Chairman of the Management Board.

Diana Shipping, Hudson Shipping Lines Pact for Time Charter

Photos: Diana Shipping Inc

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Hudson Shipping Lines Incorporated for one of its Panamax dry bulk vessels, the m/v Protefs.The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$11,000 per day, minus a 3.75% commission paid to third parties, for a period of about 12 months to maximum 15 months.The new charter period will commence on September 19, 2018.

NYK Signs LNG Charter Deal with Total

Pic: NYK Line

NYK Line has signed a contract with Total Gas & Power Chartering Limited (TGPCL), a subsidiary of Total, a leading oil and energy company headquartered in France.The contract calls for TGPCL to charter from NYK a newly built liquefied natural gas (LNG) carrier for seven years, with an optional extension period of one year. The new vessel will be built by Samsung Heavy Industries Co. Ltd. in Korea and is due to be delivered in 2021.The LNG carrier will be equipped with a WinGD-made dual-fuel slow-speed diesel engine (i.e.…

GE Shipping Adds VLGC Jag Vasant to its Fleet

Image: GE Shipping

The Great Eastern Shipping Company Limited (G E Shipping) took delivery of secondhand Very Large Gas Carrier "Jag Vasant" of about 83,270 cbm. The company had contracted to buy the vessel in Q2 FY19.The Company's current fleet stands at 49 vessels, comprising 35 tankers (12 crude carriers, 17 product tankers, 6 LPG carrier) and 14 dry bulk carriers (1 Capesize, 8 Kamsarmax, 5 Supramax) with an average age of 10.90 years aggregating 3.98 mn dwt.The Great Eastern Shipping Company Limited is India's largest private sector shipping company which mainly transports liquid…

APH Pushes Container on Vessel Service for St. Louis Region

The concept Container on Barge vessel underway on left.

Innovative waterway concept vessel could deliver transportation savings for shippers on the Mississippi River. Plans to transport freight via innovative waterway vessels that backers say will revolutionize the inland waterway system and provide significant transportation cost savings for shippers, especially those accessing the Midwest by utilizing the Mississippi River and its tributaries, are underway, according to Sal Litrico, CEO for American Patriot Container Transport, a…

New LNG Carrier for Tokyo Gas Named

(Image: NYK)

A naming ceremony for a new liquefied natural gas (LNG) carrier was held Wednesday  at the Tsu shipyard of Japan Marine United Corporation (JMU) in Tsu city, Japan.NYK and Tokyo LNG Tanker Co. Ltd., a wholly owned subsidiary of Tokyo Gas Co. Ltd., have a long-term charter contract for this vessel.At the ceremony, Takashi Uchida, president at Tokyo Gas, named the ship Energy Glory, and his wife cut the ceremonial rope holding the vessel in place. NYK president Tadaaki Naito was…

NASSCO Begins Building Future Oiler USNS John Lewis

U.S. shipbuilder General Dynamics NASSCO has begun building the future USNS John Lewis (T-AO 205), the first ship for the U.S. Navy’s John Lewis fleet replenishment oiler program.Representatives from the shipyard and the U.S. Navy gathered in San Diego on September 20 for a steel cutting ceremony signifying the start of construction for the first of six vessels in the John Lewis-class.Construction of the first ship is scheduled to be complete in November 2020. John Lewis will be operated by the Navy's Military Sealift Command (MSC) and is the first ship named after the civil rights leader and Presidential Medal of Freedom recipient."As the first ship of its class…

U.S. Navy: $481m Funding to GD For Next-gen Ballistic-Missile Submarine

The U.S. Navy has awarded General Dynamics Electric Boat a $480.6 million contract modification to continue the development of the lead Columbia-class submarine, the nation’s next-generation sea-based strategic deterrent. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).The modification includes funding for advance procurement, advance construction and long lead time material for Columbia (SSBN 826). Construction of the lead ship of the class is scheduled to begin in the fall of 2020. The Navy plans to build a fleet of 12 new SSBNs.Initially awarded in September 2017, the overall contract has a potential value of $6.1 billion.

Seaspan to Invest $200 Mln into Offshore Vessel Owner Swiber

Image: Swiber

Singapore-based offshore contractor Swiber has signed a $200 million deal with box ship player Seaspan Corporation, just days after it announced the expiry of a term sheet for a share swop arrangement with Australian power generation firm, Interlink Power & Energy Holdings.In a stock exchange announcement, the offshore construction and services group said that it has signed with Seaspan a binding term sheet on October 3, 2018, which is subject to definitive agreements being entered into on mutually agreed terms.

Diana Shipping Signs TC Contract for m/v Artemis with Ausca

Image: Diana Shipping Inc

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Ausca Shipping Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Artemis.The global shipping company specializing in the ownership of dry bulk vessels said in a press release that the gross charter rate is US$12,600 per day, minus a 5% commission paid to third parties, for a period of minimum 12 months to maximum 15 months.The charter is expected to commence on September 18, 2018.

Höegh LNG Secures FSRU Debt Financing

(File photo: Höegh LNG)

Höegh LNG Holdings Ltd. said it has received commitment letter for a sale and leaseback financing for another floating storage and regasification unit (FSRU) of up to $206 million. FSRU #10 is currently under construction at Samsung Heavy Industries in South Korea, and is scheduled for delivery in the second quarter of 2019.The facility is provided by CCB Financial Leasing Co. Ltd. (CCBFL), a wholly owned subsidiary of China Construction Bank (CCB), and is available to fund 70 percent of the delivered cost of the FSRU…

Diana Shipping Signs TC m/v Medusa with Cargill

Medusa. Photo: Diana Shipping Inc.

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International, Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Medusa.The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$14,000 per day, minus a 4.75% commission paid to third parties, for a period of minimum 13 months to maximum 15 months.The new charter period commenced yesterday.

Naval Group Celebrates 10 years in India

Photo: Naval Group

September 18, 2018 marks 10 years in business for Naval Group in India. From its 2008 start as DCNS India with just 10 employees, Naval Group has grown to have a team of over 50 professionals in the country that specialize in engineering, supply chain and project management while building a sound industrial ecosystem. The team supports the Indian defense industry and Indian Navy under the nation's “Make in India” self-reliance objectives.Naval Group entered India as a 100 percent owned subsidiary of the group with the goal of ensuring its long-lasting presence in the country…

AET and Shell Sign DPST Contract

Image: AET Tankers Pte Ltd

Shuttle tanker owner AET, a wholly-owned subsidiary of  Malaysia's MISC Group, has won its first contract with Shell in Brazil to time charter one new-build dynamic positioning shuttle tanker (DPST).AET earlier this year sealed a long-term charter for two newbuild LNG-fuelled Aframax tankers with Shell that is set to begin in the fourth quarter of this year.AET President & CEO Capt. Rajalingam Subramaniam said: “Shell has chosen to use our shipping services for many years and…

GasLog Orders LNG Duo at Samsung Heavy Industries

Image: GasLog

Monaco-based LNG shipper GasLog  has ordered two 174,000 cubic meter LNG carriers (HN 2300 and HN 2301) with low pressure two stroke (“LP-2S”) propulsion at Samsung Heavy Industries in South Korea, with expected delivery in late 2020.GasLog will use these vessels to fullfill the two new charter party agreements, each for a firm period of seven years, that it had signed with a wholly owned subsidiary of Cheniere Energy.The rate of hire for the Charters is broadly in line with mid-cycle rates and delivers returns in line with GasLog’s financial strategy.In addition to the Charters…

Chelsea Logistics Buys Two Vessels

Pic: Chelsea Logistics Holdings

Philippine-based Chelsea Logistics Holdings (CLC), wholly owned subsidiary of Udenna Corporation, added two new ships to the company’s existing fleet of 83 as part of its expansion program.CLC  inaugurated the M/T Chelsea Providence and M/V Salve Regina at the Manila North Harbour Port, the two vessels that CLC bought with  an investment worth around $50 million.Manila Standard quoted CLC founder and chairman Dennis Uy as saying that his company has  long dreamed of having its…

Belships to Merge with Lighthouse Group

Pic: Belships ASA

Norway-based bulk ship operator Belships has signed a merger plan with the Lighthouse Companies.Belships ASA has announced a merger between certain subsidiaries of Kontrari (the Lighthouse Companies) and one or more subsidiaries of Belships with consideration in Belships shares.A reference is made to the stock exchange announcement made by Belships on 6 July 2018 regarding the acceptance by Sonata of an offer from Kontrari AS and Kontrazi AS relating to a contemplated sale of 14…

Diana Shipping Signs TCC for m/v Semirio with Pacific Bulk

Semirio. Photo: Diana Shipping Inc.

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract (TCC) with Pacific Bulk Cape Company Limited, Hong Kong, for one of its Capesize dry bulk vessels, the m/v Semirio.The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is $20,050 per day, minus a 5 percent commission paid to third parties, for a period of minimum 10 months to about 12 months.The charter is expected to commence on August 30, 2018.

Keppel O&M Bags Stolt-Nielsen Order for Two More LNG Carriers

Pic: Keppel Offshore & Marine

Keppel Singmarine has signed two additional contracts with Stolt-Nielsen Gas B.V. (Stolt-Nielsen Gas) following the exercise by Stolt-Nielsen Gas of its options to build two additional small-scale LNG carriers worth a total of around S$105 million (USD 75.9mln).Keppel Singmarine is a wholly-owned subsidiary of Keppel Offshore & Marine (Keppel O&M).Three options were granted to Stolt-Nielsen Gas as part of the original contract signed in May 2017 between Keppel Singmarine and Stolt-Nielsen Gas to build two LNG carriers.

Maritime Reporter Magazine Cover Oct 2018 - Marine Design Annual

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