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.
Two Additions to Maersk Tankers Fleet
At a naming ceremony in South Korea Friday the 8th of April 2016, Maersk Tankers christened two more newbuilds at Sungdong Shipyard in Tongyong, South Korea; Maersk Teesport and Maersk Tianjing. Both vessels are 50,000 DWT Medium Range (MR) and join their sister ship Maersk Tangier, who was delivered on 5 February this year. The vessels are a part of the renewal of Maersk Tankers’ fleet. In 2015 Maersk Tankers took delivery of the first two of 10 vessels in total ordered from the Sungdong Shipyard; Maersk Tampa and Maersk Tacoma.
India Eases Norms For Ship Imports
India has eased norms for the import of ships, the government announced last week. Import of ships by open general license (OGL) under a bareboat charter-cum-demise method, which is similar to hire-purchase, will not need a technical clearance by the government, but will need an evaluation of the import price, officials said. "The price reasonableness (evaluation) and interest margin on rental payments will be verified by ICICI," a government spokesperson said, referring to bareboat charters. ICICI is one of India's leading finance firms. "However, the price reasonableness will be required only if the value of the imported vessel on CIF (cost, insurance and freight) basis is more than 10 million rupees," he added.
Moody's Downgrades MC Shipping
Moody's Investors Service downgraded the senior unsecured rating for bonds issued by MC Shipping Inc to Caa3 from B3. The downgrade reflects the company's deteriorating unencumbered asset base, high leverage, tight liquidity position, weaker operating performance and continuing difficult market situation. Moody's lowered the senior implied rating for the group to Caa2 from B2 and the issuer rating to Ca from Caa1. MC Shipping's unencumbered asset base is declining as a result of the age and declining revenues related to most of its vessels. Currently, MC Shipping operates 21 second-hand vessels (nine liquid petroleum gas carriers, eight container ships, and four multipurpose carriers), eight of which are intended for sale.
Seaarland, Nordic Tankers Sign Joint Venture
Seaarland Shipping Management and Nordic Tankers signed a joint venture that will see both of these companies enter the Handysize product carrier market. The joint venture will involve investment in modern second-hand vessels as well as new buildings. The vessels will be jointly owned by both partners in varying proportions. The first acquisition by the joint venture, the 2000-built 35,820 dwt Hanne, is to be concluded soon. Seaarland will be fully responsible for managing the vessels which will be operated in the Handytankers pool, currently made up of vessels from Seaarland, Maersk, D'Amico, Motia and CST.
Philippine Navy to Receive Two PKM Gun Boats
The Philippine navy will receive two Patrol Killer Medium (PKM) gun boats this year from the government of South Korea, as South Korea's defense minister promised on January 25 during his visit to Manila, www.chinaview.cn reported. The two second-hand vessels were negotiated in 2003 and are expected to boost the Philippines' coastal surveillance capability in its maritime security operations, according to a press release issued by the Philippine Navy after the visit. The transfer of the two vessels is a part of South Korea's security assistance package pledged to the Philippines in 1994, when the two countries signed the Memorandum of Understanding on naval cooperations. (Source: www.chinaview.cn)
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…
General Maritime to Acquire Tankers
General Maritime Corporation has agreed to acquire 19 tankers, including 14 Suezmax and 5 Aframax vessels from Metrostar Management Corporation, a Greek tanker operator. The acquisition of the vessels is expected to commence on March 1, and to be concluded by April 30, 2003 during which time the vessels will be integrated into General Maritime's fleet operations. The acquisition of the tankers will be made for cash and is subject to the customary conditions of delivery. The Company intends to finance the acquisition through the use of cash on hand and the reserve borrowing power from its existing credit facilities as well as the incurrence of additional bank debt for which it has not yet entered into binding arrangements. Peter C.
Nordic American Tankers Mull Expansion Plans
Nordic American Tankers Ltd. is considering expanding its fleet by ordering new vessels or buying second-hand. The company's Board of Directors has declared a dividend of $0.16 for the fourth quarter of 2012. They are assessing expansion plans including ordering of new vessels from shipyards or buying second hand vessels at historically low prices. The level of the declared dividend should be seen in the context of a planned fleet expansion. Expansion is essentially the same as investing in the future. However, also yield is a priority as demonstrated by this payment of dividend for the 62nd consecutive quarter since the autumn of 1997. The record date is expected to be January 30, 2013 and the payment of dividend is expected to take place on or about February 13, 2013.
Ferry Safety Forum for Developing Nations
A blueprint for safer ferry operations in developing nations has been drawn up at the inaugural Regional Forum on Domestic Ferry Safety - organised by the IMO and trade association Interferry under their ongoing joint project to stem ferry fatalities in the developing world. Aimed at national maritime administrations and ferry operators in south-east Asia, the event was hosted by Indonesia in Bali on December 6-7 and attracted 74 participants. After two days of presentations and debate, they agreed an action plan ranging from accident reporting and investigation to guidelines on buying and running second-hand vessels. Delegate attendance was supported by additional funding from South Korea…
Costamare Report Positive Financial Results
Mr. "During the second quarter of the year, the Company continued to deliver positive results. "In May we accepted delivery of two 1998-built, second hand vessels, which replaced two 1984-built vessels in their respective charter arrangements; for an incremental cost of approximately six million per vessel we extended the useful life of those assets by 14 years. "Last week we agreed to buy from an insolvency administrator a 2001-built 1,078 TEUs container vessel. The acquisition will be funded 100% with bank debt and forms part of a broader agreement between the Company and the vessel's current lending bank. "At the same time, we have reduced our re-chartering risk for the coming years.
Epic Gas Continues Fleet Expansion, to Open London Office
Singapore-based Epic Gas Ltd. say that following their recent order of two LPG 11,000cbm vessels from Kyokuyo Shipyard Corporation in Japan, it will add two more similar-sized newbuilds to its expanding fleet. These two 11,000 cbm vessels will be long term bareboat chartered in from Kumiai Senpaku Co., Ltd., of Japan. The first vessel will be built by Sasaki Shipyard Co., Ltd. for delivery in 2015 and the second vessel by Kyokuyo Shipyard Corporation to be delivered in 2016. “We are glad to have formed a strong partnership with a prominent ship owner like Kumiai Senpaku Co.…
Marcon Sees Crewboat Revitalization
Marcon International presently has 102 crewboats officially available for sale, both domestically and abroad. As brokers, the company is starting to see signs of a revitalization in the crewboat market, and it has been perceived by most parties that day rates have bottomed out in the U.S Gulf. Utilization has been steady for the crewboat market, with increasing utilization and fairly steady rates. The main interest at this time, on behalf of owners/operators, still remains in the larger vessel market (120 ft. and larger). Daily rates for the 120 ft. crew boats are running just under the $1,800/day range, while 130 ft. vessels are commanding levels slightly above the $2,000/day range, depending upon the duration of work, etc.
Costamare Adds Three Vessels
Costamare accepted delivery of three second hand vessels during the last quarter ended June 30, 2017, said Gregory Zikos, Chief Financial Officer of Costamare. In a press statement he said that the vessels have been chartered for periods ranging from 5 to 7 years. "During the quarter we entered into debt financing agreements for two of them and we are into discussions regarding the debt finance of the third ship. As of today all of our new building program is fully funded with remaining equity commitments amounting to only US $ 2 million, due in 2018," he added.
Costamere Report Favorable Financial Results
Costamare Inc report unaudited financial results for the third quarter and nine months ended September 30, 2012. Greek-based Costamere is a leading owner and provider of containerships for charter. The Company has a fleet of 57 containerships, with a total capacity of approximately 329,000 TEU, including 10 newbuild containerships on order. • Voyage revenues of $94.9 million and $291.0 million for the three and the nine- months ended September 30, 2012, respectively. • Voyage revenues adjusted on a cash basis of $97.8 million and $294.9 million for the three and the nine- months ended September 30, 2012, respectively. • Adjusted EBITDA of $62.5 million and $190.6 million for the three and the nine- months ended September 30, 2012, respectively.
Greece's Safe Bulkers Weather Challenging Financial Conditions
Bulk carrier owners & charterers Safe Bulkers, Inc. reports results for the third quarter and the first nine months of 2012, pays reduced dividend. Net revenue for the third quarter of 2012 increased by 10.1% to $46.8 million from $42.5 million during the same period in 2011. Net income for the third quarter of 2012 increased by 4.5% to $20.7 million from $19.8 million during the same period in 2011. Adjusted net income1 for the third quarter of 2012 decreased by 12.0% to $22.8 million from $25.9 million during the same period in 2011. Net revenue for the nine-months period ended September 30, 2012 increased by 9.5% to $138.0 million from $126.0 million during the same period in 2011.
Ship Recycling Prices Plunge 25%
Demolition Prices for elderly ships have fallen by a quarter in 2012 to date, and owners are encouraged to dispose of recycling candidates sooner rather than later, says Mark Williams of Braemar Seascope. Addressing the 7th Annual Ship Recycling Conference in London on 19th June, the Braemar Seascope Research Director told delegates that deflating international steel prices were likely to translate into lower offers for recycling tonnage in the coming quarters. Meanwhile, rapid reductions in the value of the Indian…
Dry Bulk Market Crisis: Opportunity or Threat?
The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between supply and demand have lead to historically low freight rates .It seems the downturn will continue until 2017 if a viable equilibrium is not achieved. The recent measures in 2013 which promoted the replacement of older tonnage with newer, in combination with the Chinese financial backing, provided to shipowners resulted in a large orderbook that made freight market to perform at very low rate levels.
Safe Bulkers Acquires a Post-Panamax Class Dry-Bulk Vessel
Safe Bulkers, an international provider of marine dry-bulk transportation services, announced today that it has acquired a 92,000 dwt, South Korean 2010 built, dry-bulk, Post-Panamax class vessel at an attractive price. The vessel is a sistership of the Company’s two existing South Korean Post-Panamax class vessels. The acquisition was financed from cash on hand. Dr. Loukas Barmparis, President of the Company commented: “In parallel with the optimization of our capital structure our Board has decided to invest in a second hand vessel which we believe it will be accretive to our revenues.
MAN ME-Engines for Brazil
MAN Diesel has announced a series of significant orders for its two-stroke, electronic ME-engines in Brazil. The new engines will be delivered to Petrobras and Vale. Petrobras Brazil’s multinational energy company, has ordered 10 × 6S70ME-C engines to power a new generation of Suezmax tankers as part of a massive fleet-renewal programme. The Petrobras engines will be constructed by Doosan Engine in Korea with the ships being built at the new Estaleiro Atlântico Sul (EAS) shipyard.
Miraejet Launches Damen Fast Ferry in Busan
Miraejet Co. Ltd. named its Damen Fast Ferry 4010 JET MV Nina at an official launching ceremony held at the Busan International Ferry Terminal in the Republic of Korea on October 6th. Nina was named after one of the ships deployed on Christopher Columbus’ first voyage to the West Indies. The order for the 440-passenger, Damen Fast Ferry 4010 JET was fulfilled in just four months. Miraejet Co. Ltd., a well-known ferry company in Korea, will operate the new vessel between Busan and Tsushima island, Japan, a very popular tourist destination.
Latest Incat Catamaran Acquired by LD Lines
Incat announced the acquisition of its latest 367.5 ft high speed catamaran by France’s LD Lines. The largest ever fast ferry to operate on the cross channel routes between England and France will enter service between Dover and Boulogne on 29 May 2009. The new fast ferry will be the first-ever freight carrying high speed vessel to operate across the Dover Straits and LD Lines becomes the first-ever French ferry company to operate high speed ferries on the short sea routes from Dover.
GoodBulk Opts for Six More CarVal Capesizes
Greek dry bulk owner Goodbulk informed that it expects to exercise the options to buy six more Capesize vessels for a price of USD 134.2 million. The purchase option was part of an agreement signed between Goodbulk and Carval Investors in October this year for a total of 13 Capezsize bulkers. "The option exercise is expected to be funded by a combination of cash on hand, availability under existing and new credit facilities, and issuance of $80.4 million of new shares, including 3…