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Thursday, September 20, 2018

Seaborne Transportation News

Star Bulk Carriers Lists on the Oslo Stock Exchange

Photo: Star Bulk Carriers Corp

The global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector Star Bulk Carriers Corp will commence trading on the Oslo Stock Exchange under the ticker “SBLK R” starting on Monday July 16, 2018. The ship manager of seaborne transportation announced on July 6 2018 that it had closed the acquisition of 15 operating dry bulk vessels from Songa Bulk for an aggregate of 13.725 million common shares of Star Bulk and $145.0 million in cash.

Star Bulk Carriers Completes Acquisition of 16 Dry Bulk Vessels

Image: Augustea Group

Star Bulk Carriers Corp. announced that it has consummated the previously announced acquisition of 16 dry bulk vessels in an all-share transaction, from entities affiliated with Augustea Atlantica SpA and York Capital Management.The final consideration for the Augustea Vessel Purchase is 10.3 million common shares of the Company, equal to approximately 11.3% of Star Bulk’s common shares after the closing of the Augustea Vessel Purchase.As part of the transaction, the Company will assume debt of approximately $309 million.Following the closing of the Augustea Vessel Purchase…

Euroseas Sells Bulk Carrier M/V Monica

File Photo: Euroseas Ltd.

Euroseas, an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced the delivery of M/V Monica P, a 46,667 dwt drybulk vessel, built in 1998, to its buyer, an unaffiliated third party. The gross proceeds of this sale were $6.45 million. The vessel was held for sale as of March 31, 2018. Following the sale of M/V Monica P, the Euroseas fleet consists of 10 feeder and one intermediate containership with a total carrying capacity of 25,473 teu making the Company the sole US-listed feeder containership company.

WFW Advises CMBFL on Sale, Leaseback of 15 Dry Bulker

Image: Watson Farley & Williams

Watson Farley & Williams (WFW) has advised CMB Financial Leasing (CMBFL) on a US$180.4m sale and leaseback transaction with Star Bulk Carriers Corp, a Nasdaq-listed global shipping company providing worldwide seaborne transportation of dry bulk cargoes.The funds obtained by Star Bulk under this new five-year capital lease of US$180.4m entered into with CMBFL were used to part-finance the cash portion of the consideration with regards to Star Bulk’s acquisition of 15 dry bulk vessels from Norwegian shipowner Songa Bulk ASA.Founded in 2008…

Singapore, Malaysia Joint Chemical Spill Exercise at Sea

Officers from Maritime and Port Authority of Singapore (MPA), National Environment Agency of Singapore (NEA) and Marine Department of Malaysia (MDM) observing the exercise. Photo: Maritime and Port Authority of Singapore (MPA)

The Maritime and Port Authority of Singapore (MPA) and the Marine Department of Malaysia (MDM) conducted a joint chemical spill exercise at sea along the East Johor Strait to test the Joint Emergency Response Plan (ERP) for Chemical Spill Incidents in the East Johor Strait. 2Jointly developed by MPA, MDM, the National Environment Agency (NEA) and Johor Department of Environment (DOE), the objective of the joint ERP is to respond to and mitigate chemical accidents involving the seaborne transportation of hazardous chemicals along the East Johor Strait.

Seanergy Maritime Holdings Revenue up by 20% in 1H 2018

Photo: Seanergy Maritime Holdings

Seanergy Maritime Holdings Corp. net revenues for  six months ended June 30, 2018 were $38.1 million, up 20% from the first half of 2017.The shipping company generated net revenues of $16.8 million for the quarter ended June 30, 2018, an 8% decrease compared to the second quarter of 2017. As of June 30, 2018, stockholder’s equity was $28.6 million and cash and cash equivalents, including restricted cash, was $13 million.Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer…

Five New Marine Technologies @ SMM 2018

Kongsberg Maritime

The SMM 2018 scheduled to take place September 4-7, 2018, in Hamburg, Germany, is held every two years and is the traditional launching platform for a variety of commercial shipping and shipbuilding technologies. Five new marine technologies to look for in Hamburg include:Digitalization & Autonomous SolutionsCompany: Kongsberg MaritimeBooth: B6.104Product: Digital transformation and autonomyKongsberg Maritime will show innovations in its operational, digital and seaborne transportation systems including autonomy and hybrid solutions at SMM 2018.

Euroseas Completes EuroDry Spinoff

Photo: EuroDry Ltd

Euroseas announced  that it has completed the spin-off of its drybulk fleet into EuroDry Ltd. Euroseas shareholders received one EuroDry Ltd share for every five shares of the Company they owned. Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are very pleased to complete the spin-off of our drybulk fleet into a separate publicly listed company, EuroDry Ltd. Euroseas now becomes a pure containership company, the only US-listed containership owner focused on the feeder sector. EuroDry was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands.

IM Skaugen Files for Restructuring in Singapore

Photo: I.M. Skaugen SE

Norway-based owner of liquefied natural gas (LNG) carriers IM Skaugen has filed for restructuring in Singapore seeking court protection from its creditors. "We wish to announce that I.M. Skaugen SE (IMSSE), together with its wholly owned subsidiaries, SMIPL and IMSPL filed applications to the High Court of the Republic of Singapore on 31 May 2018 for a moratorium to commence the reorganisation of liabilities and businesses of the IMS Scheme Companies," said a press release from the company.

DFDS Completes Acquisition of U.N. Ro-Ro

Photo: DFDS

Danish shipping and logistics group DFDS has completed the acquisition of Turkey’s largest operator of Ro-Ro freight ships and will be a major player in the strong and continuously growing trade between the EU and Turkey. In April, DFDS signed an agreement with the owners of  U.N. Ro-Ro to acquire the shares in the company, said a press release from the company. “All relevant authorities have now approved the transaction and I am very pleased to announce that on 7 June we completed the deal. U.N.

Euroseas Reports Q4 Loss

Pic: Euroseas Ltd

Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, reported a total net revenues of $7.3 million for the three month period ended December 31, 2016. Net loss attributable to common shareholders of $18.1 million or $2.17 loss per share basic and diluted. This loss includes, amongst other items, a $0.4 million of dividend on Series B Preferred Shares, a $5.9 million loss on write-down of M/V Eleni which was held for sale…

Euroseas Acquires Container Feeder Vessel

Photo: Euroseas Ltd

Euroseas announced that it signed a memorandum of agreement to purchase the M/V EM Astoria, a feeder size containership vessel of 2,788 teu built in 2004. The vessel is to be acquired at market price from Euromar LLC, the Company's joint venture with two private equity firms. The agreement to acquire the vessel includes 100% bank financing and a profit share agreed with the bank. The vessel is expected to be delivered to the Company in June 2017. Aristides Pittas, Chairman and…

Euroseas Acquires Vessels and Full Ownership of Euromar

File Photo: Euroseas Ltd

Euroseas announced that it signed a memorandum of agreement to purchase the M/V EM Athens and EM Oinousses, both feeder size containership vessels of 2,506 teu built in 2000. The Company also announced that it acquired the option to purchase from Euromar two additional container vessels, the M/V EM Corfu, a feeder size containership vessel of 2,556 teu built in 2001, and the M/V Akinada Bridge, a post-panamax size container vessel of 5,600 teu built in 2001 until September 30, 2017.

Yara Birkeland Model Commences Testing

(Photo: KONGSBERG)

A six meter long, 2.4 ton model of the final design of the autonomous and fully electric container vessel Yara Birkeland was revealed as testing commenced at SINTEF Ocean’s 80 meter test tank facility in Trondheim, September 28, 2017. It was also revealed that ENOVA, a Norwegian government enterprise responsible for promotion of environmentally friendly production and consumption of energy will support the project with a NOK 133 million ($16.7 million) financial contribution.

Boston Carriers Completes Contract of MV Nikiforos

Photo: Boston Carriers Inc

Boston Carriers announces that on October 2017, Nikiforos completed a spot voyage contract to transport approximately 33,000 tons of dry bulk cargo from South America to the Middle East. The contract contributed approximately 1,283,000 USD in the revenues of the Company. Nikiforos has transported approximately 183,000 tons of dry bulk cargo from the beginning of the year and until the date of completion of this voyage and has produced operating revenues of approximately 3,2 million usd compared to approximately 2,1 million usd for the year ended in December 31 2016. Boston Carriers Inc.

Christophe de Margerie Named Engineering Project of the Year

Photo: PAO Sovcomflot

Christophe de Margerie, the icebreaking LNG carrier built to order for SCF Group (Sovcomflot) to serve the Yamal LNG project, has won the award for Engineering Project of the Year at the 2017 S&P Global Platts Global Energy Awards. The winners were announced at an award ceremony held in New York on 7 December 2017. At the award ceremony, SCF Group was represented by Executive Board members Nikolay Kolesnikov, Executive Vice President and CFO of Sovcomflot, and Sergey Popravko…

Star Bulk to Repay Debt Principal

Photo: Star Bulk Carriers Corp

Star Bulk Carriers announced that, in light of the improved performance of the Company and the dry bulk market in general, it is planning to make debt principal repayments that are in total at least equivalent to the amortization payments scheduled prior to the commencement of debt amortization holidays. The repayment will start from January 1st 2018, under the “cash sweep” mechanism incorporated in its loan agreements. Star Bulk had previously agreed with its Lenders debt amortization holidays that commenced on June 1st 2016 and were due to end on June 30th, 2018.

Dry Bulk Market Looks Up: J. Lauritzen

Lauritzen Bulkers. Photo:  J. Lauritzen

Both the dry bulk market and the market for small gas carriers are anticipated to benefit from the expected rise in economic activity in 2018, more so as supply growth will be rather limited in both segments, says J. Lauritzen, the Danish shipping company with worldwide operations. For dry bulk though, slow steaming and congestion are at levels where capacity releases could dent the rise. After strong rises in dry bulk rates in 2017, the outlook for 2018 is for continuation of this trend, but at a lower rate of change. Tonnage prices are forecast to continue increasing.

Euroseas Returns to Profitability

Image: Euroseas Ltd.

Euroseas reported total net revenues of $13.5 million for the fourth quarter of 2017 ended December 31, 2017 representing a 85.2% increase over total net revenues of $7.3 million during the fourth quarter of 2016. The owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes reported a net income for the period of $2.0 million and a net income attributable to common shareholders of $1.5 million, as…

Euroseas Announces Time Charter Contracts

Euroseas Ltd. The new charters will commence on April 9 for the EM Athens and April 7 for the Manolis. Euroseas typically announces charter arrangements of a year or longer duration. Aristides Pittas, Chairman and CEO, of Euroseas commented: “We are very pleased to announce the new charter and the extension of another for one more year for two of our containerships. These charters are roughly 30% higher than what the ships earned prior and is a clear sign that the sector is recovering. We have positioned our container fleet to take advantage of this anticipated rising market and, currently, have 6 more vessels that come up for renewal of their charters within the following 3 months.

Euroseas Sells its Oldest Bulk Carrier Vessel

Image courtesy of Euroseas

Greece-based Euroseas announced the sale of M/V Monica P, a 46,667 dwt vessel, built in 1998, to unaffiliated third party for the gross amount of $6.45 million. The owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes said that the vessel will be delivered to its buyers by June 30 2018. The Company has a fleet of 17 vessels, including 3 Panamax drybulk carriers, 1 Handymax drybulk carrier, 1 Kamsarmax drybulk carrier, 1 Ultramax drybulk carrier, 10 Feeder containerships and an intermediate containership.

Star Bulk Carriers Acquires 16 Vessels

Photo:  Star Bulk Management Inc.

Star Bulk Carriers Corp announced that it has agreed to acquire 16 vessels from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction. As consideration for the Vessel Acquisition, Star Bulk has agreed to issue approximately 10.5 million common shares to the sellers of the 16 vessels, equal to approximately 14.1% of Star Bulk’s common shares after the closing of the Vessel Acquisition. Under the terms of the agreement with the sellers…

Euroseas Bags TC for Newbuilding Kamsarmax M/V Ekaterini

Image courtesy of Euroseas

Euroseas, an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that a subsidiary of the Company has entered into a time charter contract for its newbuilding vessel, M/V Ekaterini, an 82,000 dwt, 2018 built Kamsarmax bulk carrier. Specifically, M/V Ekaterini, which is scheduled to be delivered to the Company from the shipyard on May 7, 2018, has been chartered to a highly reputable European charterer for about two years at a gross daily rate of $13,000.

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