Second-hand Ship Sales Reach 10-year High
Shipping struggles to recover from worst crisis in 30 years; market for new ships remains weak. Sales of second-hand ships reached a 10-year high on cautious optimism that one of the shipping industry's worst ever downturns is nearing an end. An increase in cargo demand has helped revive confidence this year in a sector that is starting to emerge from a 10-year slump fueled by owners splurging on thousands of new ships. "Second-hand purchases go up when optimism is thriving. 2017 has certainly been a year that has lent optimism a hand…
Fonasba Endorses Revised Norwegian Saleform
The Federation of National Associations of Shipbrokers and Agents, (FONASBA), has endorsed the newly released SALEFORM 2012, developed jointly by the Norwegian Shipbrokers Association (NSA) and BIMCO. SALEFORM is the shipping industry’s most widely used agreement for the sale and purchase of second-hand ships. SALEFORM 2012 builds upon SALEFORM 93 retaining the accepted general principles and familiar structure. “At FONASBA, we are pleased and proud to support publication of the revised NSF 2012, a document whose development reaffirms the position of NSA and BIMCO at the forefront of our profession,” said. the President of FONASBA, Christakis P. Papavassiliou.
Seaarland Expands into Germany
Hamburg-based TB Marine-Hamburg GmbH. Shipbuilding Co for delivery 2011. up Seaarland Shipmanagement (Hamburg) GmbH & Co. KG. our German ships and other ships owned by TB's partners. 2008. German tonnage. Singapore and Indian companies. market. investment group via Aquarius Marine Consulting, Hamburg. approval and newbuilding supervision for TB's projects. Ice Class 1A chemical/product tankers fixed with long term employment.
Avance Gas Holdings Expands VLGC Fleet
Avance Gas Holding Ltd. adds Transpetrol Gas Holdings Ltd. Stolt-Nielsen Limited announce that Avance Gas Holding Ltd. (AGHL), a joint venture between Sungas Holdings Ltd. and Stolt-Nielsen Gas Ltd. has reached an agreement with Transpetrol Shipping Ltd. (Transpetrol) whereby Transpetrol will sell its two very large gas carriers (VLGC) to AGHL in return for cash and 33 1/3 equity ownership of AGHL. It is expected that the two new ships, Prospect and Progress, both delivered in 2009, will join the AGHL fleet in early July. With Prospect and the Progress, the Avance Gas fleet will consist of nine VLGCs, including the two ships to be acquired from Maran Gas Maritime Inc. The Avance Gas fleet trades mainly in the spot market, loading in the Middle East for destinations primarily in Asia.
Odfjell Expands its Chemical Tanker Fleet
Odfjell has invested more than $130m recently in expanding its fleet, acquiring five chemical tankers. Four of the chemical tankers are second-hand ships with stainless steel cargo tanks and are built between 1995 and 1997. M/T "Giada D" (10 115 dwt./built 1996) is built in Italy, and was delivered 12 September from Italian owners. The vessel has been renamed "Bow Querida". M/T "Euro Azzurra" (13 843 /1997) is built in Italy, and will be delivered late 2006/early 2007 from English owners. This ship is acquired by a Norwegian 50/50 joint venture company owned by Odfjell ASA and Kristian Gerhard Jebsens Skipsrederi AS. M/T "Brage Atlantic" (17 460/1995) and M/T "Brage Pacific" (17 460/1997) are built in Norway.
CP Ships Takes Delivery of Lykes Ranger
Ships Limited has taken delivery of the 3200 teu Lykes Ranger. It is the first in a series of new geared containerships being built under the company's $800 million ship replacement program and was delivered on schedule by China Shipbuilding Corporation in Kaohsiung, Taiwan. Lykes Ranger entered service on 20th June in Hong Kong to begin deployment in the Asia-Americas trade lane, where CP Ships has two twice- weekly services under the Lykes Lines and TMM Lines brands. It replaces the 3000 teu Hyundai Pioneer, which had been deployed on a short-term charter basis. With four sister ships also built by China Shipbuilding scheduled for deployment in the Asia-Americas trade lane by early 2003, customers will benefit from greater fleet uniformity and improved consistency and flexibility.
CP Ships Posts Modest Loss
CP Ships Limited announced an unaudited first quarter 2002 operating loss of $6 million, down from an operating profit of $31 million in the first quarter 2001 and $35 million before exceptional credits in fourth quarter 2001. Net loss was $11 million compared to net income of $25 million in the same period in 2001. Loss per share was 14 cents compared with basic earnings per share of 32 cents in the same quarter last year. In the seasonally weaker first quarter, volume at 436,000 teu was flat compared with the same period last year. Average freight rates were down 7% from fourth quarter 2001 and 13% lower than first quarter 2001. EBITDA was $14 million and cash flow from operations before restructuring costs was nil in the quarter.
IMO Conference to Address Ferry Safety
The International Maritime Organization (IMO) will hold an international conference on the enhancement of safety of ships carrying passengers on non-international voyages, in Manila, the Philippines, on April 24, 2015. The conference, which will be opened by IMO Secretary-General Koji Sekimizu, will be hosted by the Government of the Philippines at the Philippine International Convention Centre, Manila, and is expected to be attended by a number of IMO Member States interested in the matter…
China Rolls-out World's Second-Largest Ore Carrier
The second-largest ore carrier in the world was officially named Yuanhehai and delivered to China Ore Shipping, affiliated with China Cosco Shipping Corporation, in Shanghai, the state media reported. The 400,000-dwt mega ship, which is 362 meters long, 65 meters wide and 30.4 meters high, was delivered almost a year after the deal was made in 2016, China News Service reported. The Yuanhehai is the second-generation very large ore carrier (VLOC) designed by Shanghai Waigaoqiao Shipbuilding Company. The delivery was the first ship of the second-generation VLOC.
Preview: Greece Poised for Posidonia 2004
The year 2004 is shaping to be a monumental year for Greece, with the pinnacle being the hosting of the 2004 Summer Olympics from August 13-29 in Athens. While a maritime exhibition can hardly be mentioned in the same breath as an Olympic Games in terms of stature, the staging of the 19th biennial International Shipping Exhibition to be held in Greece — Posidonia 2004 — is a significant event for the international maritime community, particularly given the country's long and storied maritime tradition. Modern Greek shipowners continue to carry on the legacy, and in the first three months of 2004, they have invested an estimated $2.4 billion in newbuilding projects involving a wide variety of modern tonnage…
Langh Tech Debuts New Water Treatment Systems
Langh Tech’s new generation of water treatment systems has been launched with upgraded membrane technology to increase water cleaning capacity. In 2017, Langh Tech launched a second generation of water treatment systems based on a new type of membrane filter elements. With the new elements, Langh Tech said a 50 percent increase in water cleaning capacity can be reached compared to the previous elements, without increasing the size of the water treatment units. The new membrane elements has been tested onboard Langh Ship’s M/S Marjatta from the first half of 2017…
Biggest Spenders of 2015
Online ships data platform VesselsValue.com has rounded up the top spenders in terms of second hand tonnage for the first half of 2015. Leading the industry in total amount spent on second hand tonnage so far in 2015 is U.S.-based Gener8 Maritime, who spent roughly $1.4 billion on 14 vessels. The seaborne crude oil transportation services company formed earlier this year as result of a merger between General Maritime Corporation and Navig8 Crude Tankers Inc. Second in spending was the Malaysian headquartered tanker shipping group MISC who spent about $1.065 billion on five second hand vessels.
Coast Guard Medevacs Tanker Crewman with Severed Finger
A U.S. Coast Guard helicopter crew medevaced a man Wednesday afternoon from the 392-foot Maltese-flagged tank ship Emek-S, approximately 28 nautical miles southwest of Cabo Rojo, Puerto Rico. Coast Guard watchstanders in Sector San Juan received a call from the captain of the Emek-S at 3:08 p.m. stating that a crewmember, who was a Turkish citizen, had lost part of his left hand's middle finger two hours earlier. The watchstanders notified the Air Station Borinquen flight surgeon…
GOGL Acquires New Vessel
Norway based dry bulk shipping company Golden Ocean Group Limited (GOGL) has taken delivery of the second vessel, Sea Monterrey (to be renamed Golden Monterrey). On October 16, 2017 GOGL announced that it has entered into agreements to acquire two modern Capesize vessels from affiliates of Hemen Holding Limited, a company indirectly controlled by trusts established by John Fredriksen for the benefit of his immediate family (Hemen), the Company's largest shareholder, at a purchase price of USD 43.0 million per vessel. The first vessel, Golden Behike, was delivered in November 2017.
VLGC Asset Values to Fall in Sync with Freight Outlook: Drewry
Given the weak freight rate outlook for LPG shipping over the next twelve months, Drewry believes there is more downside risk to the second-hand values of very large gas carriers (VLGCs), according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry. Shipping analysts have been bearish on the VLGCs market since the beginning of the year and rates so far have been in line with expectations. Vessel earnings in the spot market are currently below operating cost.
Korea Navy Rescue Ship Launched at DSME
Korea's first naval rescue and salvage ship launched at Daewoo Shipbuilding and Marine Engineering (DSME) shipyard. The 3,500-ton Tongyeong will go through a series of tests before being handed over to the Navy next year. The Navy's older rescue ships, the Pyeongtaek and the Gwangyang, were second-hand, bought from the U.S. Navy in 1996 having been originally built in the 1970s. The new rescue ship will take only a day to reach outlying islands Yeongpyeong and Baeknyeong in the West Sea, which is half the time taken by the older vessels.
Norway Awards 75 Oil Exploration Licenses
Norway's energy ministry has awarded 75 offshore exploration blocks to oil companies in a so-called predefined areas (APA) licensing round, handing out acreage to 34 firms, of which 19 got at least one operatorship, it said on Tuesday. A total of 39 firms had applied for the offered acreage, up from 33 companies that applied in the previous round a year ago, when the ministry awarded 56 exploration licenses. (Reporting by Nerijus Adomaitis and Joachim Dagenborg, editing by Terje Solsvik)
World Industry Drives Freight Rates Up
In 2000, freight rates turned out at a significantly higher level than during the previous year. On an average basis, tripcharter rates for Capesizes (150,000 dwt) more than doubled to $17,600/day, while rates for modern Panamaxes increased from $7,500 to $11,100/day. For Handymaxes, tripcharter rates went up from $6,900 to $9,200/day. The freight market showed a steady rise through the first three quarters of the year, but softened somewhat during its final three months. The main cause of the firmer freight market was the strong upturn in world economic growth, and particularly in the U.S. The strong U.S. economy combined with imports of finished goods created strong support for industrial production in and exports from the rest of the world.
Seaspan on Container Ship Buying Spree
Seaspan Corporation orders 4 newbuild 10,000 TEU container ships and, buys 4 second-hand 4,600 TEU ones. Seaspan has signed contracts for the construction of four 10,000 TEU class newbuilding containerships, at Jiangsu New Yangzi Shipbuilding Co., Ltd. and Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd. in China. The vessels are scheduled for delivery in 2014 and will be constructed using Seaspan's fuel efficient SAVER design. Concurrently with executing the newbuilding contracts, Seaspan signed long term, fixed-rate time charters for these vessels with Mitsui O.S.K. Lines, Ltd. ("MOL"). In connection with this transaction, Seaspan has also agreed to purchase from MOL four 2003-built 4…
ACR Electronics Debuts USCG Approved Distressed Flares
ACR Electronics, Inc.expands their marine survival gear offerings by adding two new USCG approved distress flares, the Aurora Red Hand Flare and the Orange Hand Smoke signal. Built by the world leading manufacturer of commercial marine pyrotechnics, these non-SOLAS flares are the first specifically designed to perform like commercial marine flares, but at half the price. ACR has a longstanding history of manufacturing and providing high-quality emergency safety products. With the addition of Aurora pyrotechnics, ACR will be the only company to provide the U.S.
Belships 4Q Results
Belships fourth quarter operating income was $18.98, versus $7.8 million in 4Q 2002. The company's operating result totaled $4.2m. The operating income and operating result were affected by a strong dry bulk market. The product carrier business generated an operating result of $133,000 in the fourth quarter. The gas carrier business generated an operating result of $740,000 in the same period. The improvement is primarily due to the fact that, because of previous write-downs, there was no depreciation posted for the quarter. The dry bulk business generated an operating result for the fourth quarter of $4.1m. The positive results of Elkem Chartering (EC) have already been reported.
Stolt-Nielsen Reports Unaudited Results Q1 2011
LONDON, April 7, 2011 - Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited results for the first quarter ended February 28, 2011. Net profit attributable to shareholders in the first quarter was $31.2 million, with revenue of $458.7 million, compared with $33.0 million and $459.4 million, respectively, in the fourth quarter of 2010. * Stolt Tankers reported an operating loss of $1.0 million, compared with an operating profit of $11.0 million. First-quarter results reflected the impact of higher bunker fuel prices, weather-related delays and port congestion.
MISHA to Install DESMI BWMS Fleet-wide
Danish firm DESMI Ocean Guard A/S said it has finalized a contract to supply CompactClean ballast water management systems (BWMS) to the entire fleet of Turkish ship owner MISHA Shipping. The contract includes delivery of 10 CompactClean BWMS in sizes from 340 to 750 m3/h, with the first system to be delivered later in 2018 for the m/v Mohican currently under construction. MISHA Shipping is a privately held company with both shipping and shipyard activities. Its vessels are shallow-draft dry cargo vessels primarily designed for operations in Russian inland waters…