Norden Sells 4 Post-Panamax Bulk Carriers
Further tightening its ownership focus within the dry cargo segment to medium-sized Supramax and Panamax vessels, Dampskibsselskabet NORDEN A/S has sold its final four Post-Panamax bulk carriers. Following the sale, which involved Nord Delphinus (114,167 tdw built in 2010), Nord Dorado (114,167 tdw built in 2010), Nord Pisces (114,167 tdw built in 2010) and Nord Pyxis (114,500 tdw built in 2010), Norden no longer owns Post-Panamax vessels, but still operates four chartered vessels of this vessel type. Norden said proceeds from the sale will be reinvested in Supramax and Panamax vessels.
VPT Attracts Panamax Vessels
The Visakhapatnam Port Trust (VPT), which is continuing its supremacy over other ports in cargo handling, is attracting a large number of Panamax vessels after the first phase of deepening in Outer Harbour. The VPT, which was handling vessels with 195 metres LOA (length over all) and 10.21 m draft till recently, has attained the capability to handle Panamax vessels of 230 m LOA, 32.5 m beam and 0.7 m. draft with progress in completion of Inner Harbour deepening. The port is catering to Panamax vessels with 11 m draft. It will have night navigation for Suez max tankers calling at Outer Harbour shortly, once it is widened further. The VPT has undertaken work on augmenting its capacity by deepening the channels in the second half of 2005-06.
U.S. Ports & Inland Waterways Modernization
U.S. Army Corps of Engineers releases the 'U.S. The U.S. Army Corps of Engineers (USACE) has submitted to Congress the "U.S. Port and Inland Waterways Modernization: Preparing for Post-Panamax Vessels" report, an examination of options for future modernization of U.S. ports and inland waterways. The report may be accessed here. "Post-Panamax vessels today make up 16 percent of the world's container fleet, but account for 45 percent of the fleet's capacity," said Maj. Gen. Michael J. Walsh, USACE deputy commanding general for Civil Works and Emergency Operations. "The United States is a maritime nation," continued Walsh. "U.S. Port and…
Dryship Fleet Renewal Continues
DryShips Inc. - The Panamax vessel MV Primera 72,495 dwt built in 1998 for US$ 75 million. 2008. approximately US$ 40 million. - The Panamax vessel MV Paragon 71,259 dwt built in 1995 for US$ 61 million. 2009. approximately US$ 31 million. - The Panamax vessel MV Menorca 71,662 dwt built in 1997 for US$ 77 million. Delivery to the new owners took place in June, 2008. gain of approximately US$ 37 million. from an independent third party. within 2008. charterer at a daily rate of US$ 43,750 per day. commence concurrently with the vessel’s delivery to the Company. within 2008. charterer at a daily rate of US$ 43,750 per day. commence concurrently with the vessel’s delivery to the Company. delivered during the fourth quarter of 2008.
Diana Containerships Sells MV Angeles for Scrap
Diana Containerships Inc. said that it has reached an agreement to sell the 2006-built Panamax vessel Angeles (formerly YM Los Angeles) for demolition, with delivery due to the buyer by mid-November 2016. The vessel was sold through Diana’s separate wholly-owned subsidiary to an unaffiliated third party for a sale price of approximately $6.69 million before commissions. Upon completion of the sale, Diana Containerships Inc.’s fleet will consist of 12 containerships, including six Post-Panamax and six Panamax vessels.
TOP Tankers to Acquire Drybulk Panamax Vessels
TOP Tankers Inc has entered into agreements to acquire three drybulk panamax vessels. The vessels are scheduled to be delivered between September 2007 and March 2008 and to enter into spot market trading. The aggregate purchase price of the vessels is approximately $222 million. The Company intends to finance the acquisition through new loan facilities, working capital, and the proceeds from future capital raisings.
Genco to Sign Charters for Panamax Vessels
Genco Shipping & Trading Limited announced it has reached an agreement in principle to enter into a time charter for the Genco Acheron, a 1999-built Panamax vessel, with STX Panocean Co. Ltd. The time charter would be for eleven to thirteen months at a rate of $30,000 per day, less a 5% third party brokerage commission. The company also announced it has reached an agreement in principle to commence a time charter for the Genco Leader, a 1999-built Panamax vessel, with AS Klaveness Chartering for twenty-three to twenty-five months at a net rate of $25,650 per day, equivalent to a gross rate of approximately $27,000. Since February of 2006, the vessel traded in the Baumarine Pool, a spot pool of approximately 80 vessels.
Dryships Continues Fleet Renewal and Expansion
DryShips Inc., a provider of marine transportation services for drybulk cargoes announced that the company has entered into agreements to sell the Panamax vessel MV Waikiki 75,473 dwt built in 1995 for $63m. Delivery to the new owners will take place during the third quarter of 2008. Once the sale is concluded, the company expects to realize a gain of approximately $36.5m. The company will sell the Panamax vessel MV Solana 75,100 dwt built in 1995 for $63m. Delivery to the new owners will take place during the third quarter of 2008. Once the sale is concluded, the company expects to realize a gain of approximately $28.7m. An agreement was made to sell the Panamax vessel MV Lacerta 71,862 dwt built in 1994 for $55.5m.
Genco Shipping to Acquire Drybulk Vessels
Genco Shipping & Trading Limited announced that the it has agreed to acquire three drybulk vessels from affiliates of Franco Compania Naviera S.A., for an aggregate purchase price of $81.25 million. The acquisition is subject to customary closing conditions and the vessels are expected to be delivered between August and November of 2006. Genco is to finance the acquisition of the three vessels through borrowings on its $550 million revolving credit facility. The three vessels to be acquired are: the Anita, a 1999 Japanese-built Panamax vessel to be renamed the Genco Acheron; the Koby, a 1998 Japanese-built Panamax vessel to be renamed the Genco Surprise; and the Paige, a 1994 Japanese-built Handymax vessel to be renamed the Genco Commander.
Genco Shipping Completes Three Vessel Acquisition
Genco Shipping & Trading Limited has taken delivery of the Genco Surprise, a 1998-built Panamax vessel. The company intends to commence a previously announced time charter for the Genco Surprise for twelve to fourteen months at a gross rate of $25,000 per day upon delivery of the vessel to the charterer on or about November 23, 2006. The Genco Surprise is the final vessel delivered under the Company's previously announced agreement to acquire three drybulk vessels for an aggregate purchase price of $81.25 million. With the addition of its most recent Panamax vessel, Genco's fleet consists of seven Panamax, eight Handymax and five Handysize vessels with a carrying capacity of approximately 1,029,000 dwt and an average age of nine years.
Dryships Cancels 4 Drybulk Carriers
DryShips Inc. (NASDAQ: DRYS) a global provider of marine transportation services for drybulk cargoes announced on Dec. 10 that it has agreed to cancel the previously declared acquisition of four Panamax dry bulk carriers, which was announced on July 3 2008, from companies beneficially owned by George Economou, Chairman and CEO of DryShips Inc. The aggregate purchase price of $400m would have represented a significant cash outflow from the company’s cash reserves given that the company had not obtained bank financing for the acquisition. The Audit Committee of DryShips Inc. concluded that due to the significant deterioration in the dry bulk market since the time the agreements were entered into, it would not be in the best interest of DryShips Inc. to consummate the transaction.
Charleston Harbor to be Deepened
Today the US Army Corps of Engineers released the Draft Integrated Feasibility Report and Environmental Impact Statement for the Post-45 Harbor Deepening project, recommending that the Charleston Harbor be deepened to 52 feet. "The Port of Charleston's ability to handle post-Panamax vessels 24 hours a day without tidal restriction is critical to the future competitiveness of our state port system," said Jim Newsome, SCPA president and CEO. "Completion of our harbor deepening project to 52 feet ensures that SCPA will continue to grow above the market average and remain a top ten port…
Genco Takes Delivery of Two Vessels
1999-built Panamax vessel. per day upon delivery of the vessel. at a gross rate of $28,500 per day, on or about November 9, 2006. S.A., for an aggregate purchase price of $81.25 million. charter for twelve to fourteen months at a gross rate of $25,000 per day.
STX and SCI Sign Contract
Shipping Corporation of India (SCI) has signed contracts for construction and delivery of four Panamax bulk carriers with STX Shipyard, reports said.These vessels would be of higher capacity in the Panamax size range with 80,655 DWT each compared to the conventional Panamax vessels of 75,000 dwt.. SCI has embarked upon a fleet acquisition plan and with signing of this contract, has 32 vessels of 1.44mn GT on order. This include all types of vessels, i.e. crude oil carriers including 2 VLCCs, product tankers, dry bulk carriers, cellular container vessels and offshore supply vessels.
Poseidon to Go Public
Poseidon Containers Holdings, a private equity backed containership operator with an initial fleet of 18 vessels, has filed for an initial public offering. It plans to raise $100 million, which is likely only a placeholder as Poseidon has not specified the number of shares to be offered or the price range. Greece-based Poseidon said it plans to apply to list its shares on the New York Stock Exchange under the symbol PCON. Poseidon's initial fleet of 18 container ships includes five Handymax vessels, two Panamax vessels and 11 Post-Panamax vessels.
DryShips Sells 5 Vessels
DryShips Inc., an international owner of drybulk carriers and offshore support vessels, has sold five of its Panamax vessels for an aggregate gross price of $29.4 million. Company has Sold its two Panamax vessels Amalfi and Samatan, along with their associated bank debt, to entities controlled by the Company's Chairman and CEO, George Economou. As part of the transaction, the Company entered into an agreement to increase its secured revolving facility (Revolver) provided by an entity controlled by George Economou.
Panamax OOCL Panama Christened
Panama Canal Administrator Administrator/CEO Alberto Alemán Zubieta and his wife, Ana Matilde Arias de Alemán, presided over the christening of the sixth 4,500-TEU Orient Overseas Container Line (OOCL) Panamax vessel, the current maximum size for a ship to transit the Canal. At a ceremony held at the Geoje Shipyard in , the new Panamax vessel was given the name OOCL Panama in honor of the historic role that the has played in the development of global commerce. The OOCL Panama will initially be deployed on the Asia-Australia AEA2 service.
Diana Containerships Sells Panamax Ship for Scrap
Shipping company Diana Containerships Inc. has, through a separate wholly-owned subsidiary, signed a Memorandum of Agreement to sell to an unaffiliated third party the 1993-built vessel Hanjin Malta for demolition, with delivery due to the buyer by the end of March 2016, for a sale price of approximately $5.04 million before commissions. Upon completion of the aforementioned sale, Diana Containerships Inc.’s fleet will consist of 13 container vessels, including six Post-Panamax and seven Panamax vessels.
Panama Canal Sets Records
On July 3, 2003, a record 24 Panamax-sized vessels transited the Panama Canal. Nearly one million tons of cargo were transported through the Canal. Never before has the Canal broken two significant records in the same day. Recent Canal improvements and operational efficiencies have reduced Canal Waters Time (CWT), particularly important to transiting Panamax vessels and enhancing reliability. Over the past several months, the ACP has seen a significant rise in Panamax traffic. The previous Panamax record was 21 vessels in one day, set December 2, 2002; the previous tonnage record was 929,915 PC/UMS tons, set November 14, 2002. Panamax vessels, with beams more than 100 feet, were specifically engineered to navigate the Panama Canal.
ACP Charters Post-Panamax Ship for Pilot Training
The Panama Canal Authority (ACP) will charter a Post-Panamax vessel before the opening of the expanded Canal to be used for training purposes in the Third Set of Locks. The Executive Vice President of Operations Esteban Saenz reported that the Panama Canal will charter a Post-Panamax ship to train pilots and tugboat captains that will assist in transits through the new lane. Saenz said the vessel will be used several months before the opening of the expanded Canal to test the new locks. "This is one of the best ways to train our pilots and tug captains in the joint effort required to transit through the two new lock complexes of the expanded Canal," said Saenz. He added that since 2011 the Panama Canal has promoted workforce training for the operation of the expanded waterway.
Star Bulk Sells Star Christianna
Star Bulk Carriers Corp., a global shipping company providing transportation solutions in the dry bulk sector, today announced the sale of M/V Star Christianna (a 74,577 dwt Panamax vessel, built in 1998) to an unaffiliated third party. The company delivered the vessel to the buyers on June 23, 2015. Star Bulk has a fleet of 68 operating vessels. There are 26 newbuilding vessels under construction at shipyards in Japan and China. All of the newbuilding vessels are expected to be delivered during 2015 and 2016.
Diana Containerships Adds Post-Panamax Ship
Diana Containerships Inc. announced it has taken delivery of the 2008-built Post-Panamax container vessel m/v Rotterdam yesterday through a separate wholly-owned subsidiary. Diana Containerships entered an agreement to purchase the 6,500 TEU capacity Rotterdam in July, bringing the total number of vessels in the shipper’s fleet to 14, including nine Panamax and five Post-Panamax vessels. The purchase price was $37.5 million. The company expects to take delivery of another 6,500 TEU Post-Panamax containership, the 2009- built m/v Hamburg, by the end of November 2015, Diana Containerships announced earlier this week that the sale of its 2001-built Panamax container vessel Cap Domingo has fallen through after the buyers could not gain approval from its board of directors.
Bocimar Sells Panamax
CMB confirms that its subsidiary Bocimar International has sold its newbuilding Panamax vessel Jiangnan 2346. The net sale price was $65m. At the time of delivery of the vessel, scheduled to take place in the course of the first quarter of 2008, a capital gain of approximately $32 million will be realized. Further, Bocimar has ordered in joint venture with Wah Kwong two newbuilding Handymax vessels (53,000 dwt) from Chengxi Shipyard (China). The delivery of the vessels is scheduled to take place in March and August 2009.