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Monday, March 19, 2018

Owned Subsidiary News

MPC Container Ships Acquires 5 Feeder Vessels from Simatech

Oslo based MPC Container Ships ASA said it has reached a deal to acquire five feeder containerships presently managed and operated by Simatech Shipping & Forwarding L.L.C., Dubai for a total purchase price of $41.9 million in cash.    MPC said it will establish wholly-owned subsidiaries to take over the five vessels, which include Sima Pride (1,201 TEU, built 2004), Sima Perfect (1,221 TEU, built 2005), Sima Prestige (1,221 TEU, built 2005), Sima Sapphire (1,440 TEU, built 2006) and Sima Sadaf (1,440 TEU, built 2007).   Physical takeover is expected in the first half of 2018, lifting the MPC Container Ships fleet to 64 feeder units.   MPC Container Ships was formed in April 2017 and owns and operates a portfolio of containerships between 1,000 and 3,000 TEU.

Gener8 Maritime Reports 4Q Loss of $45.4 mln

Photo: Gener8 Maritime Inc

The New York-based Gener8 Maritime Inc. (GNRT) reported a loss of $45.4 million for the fourth-quarter ended December 31, 2017, after reporting a profit of $5.8 million in the same period a year earlier. The crude oil transportation services provider reported a loss of $168.5 million for the year ended December 31, 2017. Gener8 Maritime has increased full fleet "ECO" operating days to 65.1% in the three months ended December 31, 2017, compared to 43.4% in the same period in the prior year.

Fincantieri Services set-up in the U.S.

Courtesy Fincantieri

As part of its business development strategy in the United States, Fincantieri has established Fincantieri Services USA, a wholly owned subsidiary, based in Miami, Florida, which will be the focal point in the country for all the services and after sales activities on cruise ships of the Group. Fincantieri Services USA will be the sole front office for cruise customers, offering a wide range of services - particularly all those related to the life cycle management of the vessels - as well as focusing on repairs and refitting.

Diana Containerships Sells Two Panamaxes

Diana Containerships Inc. said it has signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to sell Panamax containerships m/v Sagitta and the m/v Centaurus for $12.3 million each.   The 2010-built vessels are scheduled to be delivered to the buyer, an unaffiliated third party, by April 27, 2018.    With the sale, Diana Containerships Inc.’s fleet will consist of six container vessels, including four Post-Panamax and tow Panamax vessels.

Diana Shipping Sings TC Contract for m/v Calipso With Glencore

Calipso. Photo: Diana Shipping Inc.

Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Glencore Agriculture B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Calipso. The gross charter rate is US$12,200 per day, minus a 5% commission paid to third parties, for a period of about 15 months to maximum 18 months. The charter is expected to commence on March 12, 2018.

Myanmar MOL Obtains License and Registration

Directorate of Investment and Company Administration (DICA) has approved the Permanent Business License of ‘Myanmar MOL Limited.’, a wholly-owned subsidiary of MOL Liner Ltd. on 4th February. MOL is one of the first companies in the Shipping industry that has set up its wholly owned subsidiary.   With over 100 years of MOL presence and continuous commitment in Myanmar, MOL has launched a direct feeder service linking Singapore and Yangon since March 2012.  The service provides a scheduled sailing to our customers in Myanmar with assured transit time and connections to our global network over Singapore.   The establishment of our wholly-owned subsidiary in Myanmar is another indication of our continued commitment to the Myanmar market bringing us closer to our customers.

China's COSCO Acquires German Marine Equipment Firm

COSCO International acquires Germany's Hanyuan to further develop global service network in marine spare parts supply. Yuantong Marine Service Co. Limited, COSCO International’s wholly owned subsidiary mainly engaged in supplying marine equipment and spare parts, has signed a share purchase agreement with COSCO Europe GmbH to acquire the entire issued share capital of its wholly-owned subsidiary, Hanyuan Technical Service Center GmbH. The consideration of the acquisition amounted to EUR1,180,000 (equivalent to approximately HK$11,977,000). Upon completion of the acquisition, Hanyuan will officially become the first wholly owned subsidiary of COSCO International in Europe…

Central Gulf Lines Seeks Transfer Authorization

Central Gulf Lines, Inc., has requested the necessary permissions to transfer one authorization granted under Section 615 of the Merchant Marine Act, 1936, as amended, to a wholly owned subsidiary. Central Gulf’s subsidiary intends to acquire a ship construction contract to be entered into between Liberty Shipping Group Limited Partnership and Oshima Shipbuilding Co., Ltd., for the construction of one 52,200 DWT multipurpose bulk ship. The subsidiary will construct the vessel at Oshima Shipyard in Nagasaki, Japan, pursuant to the Section 615 authorization. Upon issuance of the builder’s certificate by Oshima Shipyard the Central Gulf subsidiary will issue a bill of sale for the vessel to Liberty Shipping.

Greatship Sells AHTS Vessel

Greatship Akhila. Image by Greatship (India) Limited

Indian shipping company Great Eastern Shipping has announced that its wholly owned subsidiary, Greatship, has sold and delivered anchor handling tug supply (AHTS) vessel Greatship Akhila (7,080 bhp, built 2009) to unnamed buyers. "Greatship (India) Ltd (GIL), a wholly-owned subsidiary of Great Eastern Shipping Company Ltd, has sold and delivered the 2009-built 80T Anchor Handling Tug cum supply vessel 'Greatship Akhila', to the buyers," the company said in a filing to BSE. However, it did not specify the buyers.

Oceaneering Acquires Ecosse Subsea

Photo:  Oceaneering International, Inc.

Houston-headquartered Oceaneering International has, through one of its wholly-owned subsidiaries, acquired the Aberdeen-based Ecosse Subsea Limited for approximately GBP 50 million (US$69 Million). Headquartered in Aberdeen, Scotland, Ecosse builds and operates seabed preparation, route clearance and trenching tools for submarine cables and pipelines on an integrated basis that includes vessels, ROVs and survey services. Enabling technologies acquired in the transaction include Ecosse's modular SCAR Seabed System…

China Shipping Expands Tanker Fleet

China Shipping Development Co. Ltd. has entered into a series of ship chartering agreements worth $12.2 million with associates of its parent company China Shipping (Group) Co. On May 26, China Shipping Development entered into a bareboat charter agreement with Shanghai Shipping Industrial Co. Ltd., a wholly owned subsidiary of China Shipping (Group), which agreed to lease to the company three oil tankers for one year, the company said. It also entered into a charter agreement with China Shipping (Hong Kong) Marine Co. Ltd., also a wholly owned subsidiary of its China Shipping (Group), to charter six dry bulk cargo vessels to China Shipping Marine for one year. The company also entered into a charter agreement with China Shipping Container Lines Co.

Keppel O&M Completes Acquisition

Keppel Offshore & Marine Ltd (Keppel O&M), the wholly owned subsidiary of Keppel Corporation Limited, has acquired from the PEM Setal Group the latter’s entire 17.25% interest in FELS Setal S.A. The cash consideration for the purchase is US$5 million. This was arrived at on a willing buyer and willing seller basis taking into account the net assets of the company and existing contracts. With the acquisition, FELS Setal will become a wholly owned subsidiary of Keppel O&M, and will be renamed Keppel FELS Brazil SA. The sale by PEM Setal is due to PEM Setal’s restructuring programme for its group of companies. Keppel O&M is a global leader in offshore rigs and ship conversion and repair as well as a specialised shipbuilder.

Otto Marine Makes AHTS Sale, Re-charter Deal

Otto Marine OSV's: Photo courtesy of Otto Marine

Singapore's Otto Marine Ltd. has sold through one of its wholly-owned subsidiaries, whose shipyard is located in Indonesia, the 2 Anchor Handling Towage & Supply Vessels (AHTS) to a third party buyer for re-chartering. The aggregrate price of the two AHTS was US$ 170-million. On or around the completion of the sale of the vessels, they would be chartered by the buyer to one of the company’s wholly-owned subsidiaries, Otto Fleet Pte. Ltd. (“Otto Fleet”), for a period of 8 years. The Vessels would in turn be hired by one of the Company’s subsidiaries, GO Offshore (Asia) Pte.

Keppel Bags Awilco's Semi-submersible Rig Order

The Offshore Division, helmed by Keppel FELS, leads the industry in the design and building of high performance mobile offshore rigs. Photo Keppel

Following the Letter of Intent signed by Keppel Offshore & Marine Ltd through its wholly-owned subsidiary, Keppel FELS Limited, with Awilco Drilling PLC, Keppel has secured the contract to construct a mid-water semisubmersible (semi) drilling rig for harsh environment use worth about $425 million. As part of the transaction, Awilco has independent options to order up to another three similar rigs to be exercised within 12, 24 and 36 months respectively. The prices of the three…

Solstad Offshore Sells Vessels

Norwegian offshore shipping company Solstad Offshore ASA said on Monday (26 May) that its 71.1%-owned ship-owning subsidiary Normand Skarven KS has agreed to sell its anchor handling tug supply (AHTS) vessel Normand Skarven to foreign buyers.  The sales price for the 1986-built vessel was said to be "around its average broker value as per 31.12.2007" and to result in a gain of approximately NOK130m for Solstad Offshore.Solstad Offshore on Monday also said that its 50%-owned subsidiary Nor Offshore Ltd has agreed to sell the AHTS Nor Sea to Neptun Marine Services Ltd. The sale of the Nor Sea, built in 2005, will result in a gain of approximately $17.5m for Nor Offshore. (Source:

Ocean Rig Ultra-Deepwater Drillship Contract Confirmed

Ocean Rig Skyros: Photo DryShips

Greece's DryShips, says that its wholly-owned subsidiary, Ocean Rig UDW, has signed definitive documentation, following the previously announced contract award for the 6-year contract for drilling operations offshore Angola for its ultra deepwater drillship the 'Ocean Rig Skyros'. The contract is for drilling operations offshore Angola for Total E&P in its Angola Block 32, and is expected to commence in the third quarter of 2015 with an estimated backlog value of $1.3 billion. DryShips Inc. is an owner of drybulk carriers and tankers that operate worldwide.

SapuraCrest, Ramunia Awarded Contracts

Two oil and gas players, SapuraCrest Petroleum Bhd and Ramunia Holdings Bhd, announced major contracts related to the industry worth $120 million and $24 million respectively. SapuraCrest said its 51%-owned unit Tioman Drilling Co Sdn Bhd had been awarded a contract from Carigali-Triton Operating Co Sdn Bhd (CTOC) for the provision of two drilling units– Teknik Berkat and a new mobile drilling vessel, known as T-10 – to CTOC. Tioman is a joint venture between SapuraCrest and Norway's Smedvig group. SapuraCrest, through its 51%-owned subsidiary Crest Tender Rigs Pte Ltd, has awarded a contract worth $48.8 million to Malaysia Marine and Heavy Engineering Sdn Bhd to construct T-10.

Oglebay Norton Sells Six Vessels

Steamship Company, a wholly-owned subsidiary of GATX Corporation. Middletown, S/S Courtney Burton, and M/V Fred R. White. progressing with its negotiations for the sale of the M/V David Z. Earl W. Oglebay to an unidentified purchaser. Great Lakes through a favorable, long-term contract of affreightment.

Stolt-Nielsen Purchased 94,400 of its Common Shares

Stolt-Nielsen S.A. announces that Stolt-Nielsen Transportation Group Ltd. (SNTG), a 100% owned subsidiary of SNSA, purchased today 94,400 of SNSA Common Shares on the Oslo Børs at an average price of NOK 187.49 per share (approximately $29.21 at the current exchange rate). The shares were purchased in accordance with the repurchase program announced on August 25, 2005, authorizing Company to purchase up to $200 million worth of its Common Shares or related American Depositary Shares. Including today's purchases, the Company has purchased Common Shares totaling approximately $179.0 million under the $200 million repurchase program announced on August 25, 2005.

Stolt-Nielsen Purchased 5,400 of its Common Shares

Stolt-Nielsen S.A. announces that Stolt-Nielsen Transportation Group Ltd. (SNTG), a 100% owned subsidiary of SNSA, purchased today 5,400 of SNSA Common Shares on the Oslo Børs at an average price of NOK 190.57 per share (approximately $29.69 at the current exchange rate). The shares were purchased in accordance with the repurchase program announced on August 25, 2005, authorizing Company to purchase up to $200 million worth of its Common Shares or related American Depositary Shares. Including today's purchases, the Company has purchased Common Shares totaling approximately $179.2 million under the $200 million repurchase program announced on August 25, 2005. All Common Shares purchased by SNTG are classified as non-voting shares held in Treasury and issued but not outstanding.

DryShips to Make US$500-Million Notes Offering

Greece's DryShips Inc. through its majority owned subsidiary, Ocean Rig UDW Inc., informs that it intends to offer $500 million in aggregate principal amount of senior notes due 2019 in a private offering within the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to certain other persons outside of the United States in reliance on Regulation S under the Securities Act. Ocean Rig says it intends to use the net proceeds from the offering of the Notes, together with other available funds, to fund the repurchase or redemption of its 9.5% Senior Unsecured Notes due 2016, for which it is conducting a concurrent tender offer, and to pay related fees and expenses. DryShips Inc.

DryShips Re-state Amended US$1.9-Billion Credit Agreement

File picture

From HQ in Athens, Greece, DryShips Inc. announce that through its majority owned subsidiary Ocean Rig, and its wholly-owned subsidiaries, Drillships Financing Holding Inc. (“DFHI”), and Drillships Projects Inc., have entered into an Amendment and Restatement Agreement to the Credit Agreement dated as of July 12, 2013. “We are pleased with the successful closing of this important transaction which extends Ocean Rig’s debt maturities. We effectively refinanced the short-term tranche of the Term Loan B Facility with a fungible add-on to the long-term tranche.

Shanhaiguan Books Order for Six Containerships

Photo by Shanhaiguan Shipbuilding Industry

China’s Shanhaiguan Shipbuilding Industry has booked an order to build up to six feeder containerships for Dalian Port Wantong Logistics and Dalian Jifa Ship Management. The newbuilding contract will see the affiliate yard of China Shipbuilding Industry Corporation (CSIC) construct two 1,100 teu boxships, plus an option to build four more similar vessels. The container vessels are expected to be deployed in domestic waters and along the Yangtze River. The 20,000 dwt newbuildings will be 152 meters long, 25 meters wide, with a draft of 9 meters.

Maritime Reporter Magazine Cover Mar 2018 - Annual World Yearbook

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