Transportation Services News

10 Feb 2020

Grindrod Shipping Acquires IVS Bulk Stake

Image: Grindrod Shipping Holdings Ltd

The global provider of maritime transportation services in the drybulk and product tanker sectors Grindrod Shipping Holdings announced acquisition of an additional 33.25% stake in its IVS Bulk joint venture and the sale of the 2010-built small product tanker Kowie.A subsidiary of the company, Grindrod Shipping Pte. Ltd (GSPL) has agreed to acquire the 33.25% ordinary and preferred equity shares held by one of its two JV partners in IVS Bulk for a total consideration of $44.1 million, thereby increasing its stake to 66.75%.

09 Feb 2020

Hyundai to Build 2 LNG carriers for Knutsen

Image:  Knutsen OAS Shipping

Norwegian shipping company Knutsen said that  Shell signed separate agreements for four LNG carriers with affiliates of Knutsen liquefied natural gas (LNG), two LNG carriers with Korea Line Corporation and two LNG Carriers with Global Meridian Holdings Limited.The LNG carrier owner and ship management  company informed that the 174,000 cbm LNG carriers will be built by Hyundai Heavy Industries and Hyundai Samho Heavy Industries.The new vessels will all be equipped with efficient dual-fuel X-DF engines…

16 Jan 2020

Safe Bulkers Sells, Leasebacks 8 Vessels

Image: Safe Bulkers

The Monaco-headquartered provider of marine drybulk transportation services Safe Bulkers Safe Bulkers has sold and leased back eight ships to refinance $105.2m in loans coming due in 2023 and 2025.The New York-listed bulker owner said that it will receive $158.3m in proceeds from the transaction.Under the arrangements, two vessels were leased back, under bareboat charter agreements, for a period of six years and six vessels were leased back under bareboat charter agreements, for…

12 Jan 2020

Safe Bulkers Signs Pact with Alfa Laval

Image: Safe Bulkers

The international provider of marine drybulk transportation services Safe Bulkers has entered into a service agreement  with Alfa Laval for 20 scrubber units on its vessels to meet the requirements of IMO 2020.According to the shipowner, the agreement is to minimize down time, enhance regulatory compliance and safeguard scrubber performance over the life-time of the vessel.The agreement provides for a flat yearly fee, lifecycle-oriented services from the Alfa Laval PureSOx 360° Service Portfolio…

02 Jan 2020

Grindrod Eyes Stake in IVS Bulk JV

Image: Grindrod Shipping

Singapore-headquartered provider of maritime transportation services in the drybulk and product tanker sectors, Grindrod Shipping Holdings is planning acquisition of an additional 33.25% stake in its IVS Bulk joint venture."Grindrod Shipping is progressing negotiations to acquire all of the 33.25% ordinary and preference shares in IVS Bulk held by one of its two JV partners for approximately $44.2 million, thereby increasing our stake in the JV to 66.75%," said a press release from the provider of dry-bulk and liquid shipping services.

30 Dec 2019

OSG Acquires Alaska Tanker

Image: Overseas Shipholding Group

Overseas Shipholding Group, the tanker company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets, has entered into agreements with BP Oil Shipping Company USA and BP AMI Leasing to purchase the crude oil carrier vessels operated by Alaska Tanker Company (ATC).OSG currently owns a 37.5% interest in ATC. As part of the above transaction, OSG will acquire the remaining 62.5% interest of ATC that it does not own.According to the publicly traded tanker company…

27 Nov 2019

TEN Orders LNG Carrier at HHI

Pic: TEN

Greece-based crude, product and LNG tanker operator Tsakos Energy Navigation (TEN) ordered has one-option-one 174,000cbm LNG carrier from Hyundai Heavy Industries (HHI) in South Korea with expected delivery, the first, in the second half of 2021 and the second, in the first half of 2022.The provider of international seaborne crude oil and petroleum product transportation services said that with this order, if the option is exercised, its LNG proforma fleet increases to four vessels…

26 Nov 2019

Performance Shipping Adds Aframax Tanker

Image: Performance Shipping

The global provider of shipping transportation services through its ownership of vessels, Performance Shipping has announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/t Briolette (formerly Maersk Jamnagar).The containerships and tanker vessels said in a press releases that it had entered into an agreement to purchase the 2011-built Aframax tanker vessel of 104,588 dwt in June 2019. Including the newly delivered m/t Briolette, Performance…

21 Nov 2019

Performance Shipping Buys a Tanker

Image: Performance Shipping

Greece-based global provider of shipping transportation services through its ownership of vessels has agreed to acquire a 2007-built aframax tanker for US$26.0 million.The company specializing in the ownership of containerships and tanker vessels said that it will acquire the entity from its Chairman and Chief Executive Officer, Symeon Palios, for an aggregate purchase price of US$11.0 million, which will be paid in common shares of the company at a per share price of US$0.9027.

14 Nov 2019

Arista Starts Smart Shipping Journey with ABS

Pic: Arista Shipping

Greece-based shipping company Arista Shipping has signed an ocean data agreement with the global provider of classification and technical advisory services ABS to drive smart shipping operations.The global provider of shipping transportation services and specializes in managing the worldwide transportation of dry bulk cargoes will processed data from the ABS Metocean Hindcast Data application to guide operational decision making for its fleet and managed vessels.Advanced ABS data processing is applied to over a decade of Metocean Hindcast model data from the U.S.

14 Nov 2019

Diana Shipping Fixes Medusa with Cargill

Pic: Diana Shipping Inc

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Medusa.The gross charter rate is US$11,000 per day, minus a 4.75% commission paid to third parties, for a period of about 11 months to maximum 13 months, said the global shipping company specializing in the ownership of dry bulk vessels.The new charter period is expected to commence on November 15…

04 Nov 2019

Kuok Makes Cash Offer for POSH

 Image courtesy: PACC Offshore Services Holdings

The Kuok Group, through its investment vehicle Quetzal Capital, announced a voluntary conditional cash offer to buy out Singapore-listed PACC Offshore Services Holdings Ltd (POSH).Quetzal Capital said that the conditional offer to acquire all of POSH for S$0.215 a share, marking a 97.2 percent premium over the stock’s closing price on 30 October.The offer price represents a premium of approximately 109.8%, 96.2%, 69.6% and 35.3% over the one-month, three-month, six-month and twelve-month volume-weighted average prices respectively…

30 Oct 2019

Grindrod Announces Finance Arrangement

Image: Grindrod Shipping Holdings

Grindrod Shipping Holdings, a global provider of maritime transportation services in the dry-bulk and product tanker sectors, announced a number of transactions relating to a new financing arrangement, its fleet and share repurchases."Further to the previously-announced financing arrangements in respect of IVS Knot and IVS Kinglet, we expect to enter into a similar financing arrangement with a Japanese shipowner in respect of the 2011-built handy-size dry-bulk carrier, IVS Magpie…

22 Oct 2019

Teekay Resolves China LNG JV Issues

Pic: Teekay Group

Teekay LNG’s 50/50 joint venture with China LNG, which owns four on-the-water ARC7 LNG carriers and two ARC7 LNG carrier newbuildings, is also no longer classified as a “blocked person” under Office of Foreign Assets Control (OFAC) rules.According to a press release from the owners and operators of LNG carriers, providing LNG and LPG marine transportation services firm, Teekay Corporation and Teekay LNG Partners announced that COSCO Shipping Energy Transportation, a COSCO group firm…

15 Oct 2019

Korean Shippers Jointly Pitch for Qatari LNG Newbuilds

Image: Qatar Petroleum

Five South Korean shipping companies - Korea Line, Pan Ocean, SK Shipping, Hyundai LNG Shipping and H-Line Shipping -  could partner up to secure liquefied natural gas transportation services for Qatar’s LNG production capacity expansion project.Qatar Petroleum is expected to put up shipping contracts for at least 40 LNG carriers by the end of the year for its North Field Expansion project, which aims to increase the nation’s LNG production capacity from 77 million tons to 110 million tons per annum starting in 2024.According to Yonhap, the Qatari state-run company will need an additional 60 L

13 Oct 2019

Teekay Extends Hummingbird Spirit FPSO

Pic: Teekay Corporation

Teekay Corporation, a provider of crude oil and gas marine transportation services, has entered into an agreement with the Chestnut Joint Venture to extend the employment of the Hummingbird Spirit FPSO unit (Hummingbird) on the Chestnut field in the North Sea until March 2023.Chestnut is  a joint venture between Spirit Energy Ltd. and Dana Petroleum Ltd.The contract extension was done in conjunction with the Chestnut Joint Venture’s plan to drill a new well at the Chestnut field.The new Hummingbird contract took effect on October 1…

23 Sep 2019

K+N to be CO2 Neutral for Shipments

Pic: Kuehne + Nagel

Switzerland-based global transport and logistics company Kuehne + Nagel International AG has launched a Net Zero Carbon program that will aim to reduce the environmental impact of supply chains.In addition to the continuous reduction of its own CO2 emissions, the company now offers its customers solutions for reducing the CO2 footprint of their supply chain. With the use of big data and new digital platforms, the selection of transport routes and modes can be optimized from a…

20 Sep 2019

Algoma Acquires Croatian-Built Vessel

Pic: Algoma Central Corporation

Canadaian provider of marine transportation services Algoma Central Corporation has reached an agreement with 3Maj Brodogradiliste of Croatia under which Algoma will acquire a new Equinox Class 650’ self-unloading dry-bulk carrier upon completion of the vessel by the Shipyard.The vessel, the second of two such ships that were to be built by 3Maj for the Company, is partially built and moored at the 3Maj shipyard in Rijeka. Work on the vessel was halted in 2017 when the Shipyard entered an extended period of financial difficulties.Algoma took delivery of the Algoma Innovator…

20 Sep 2019

Höegh Increases its Frequency to Australia

Pic: Höegh Autoliners

Nowegean provider of Ro/Ro (Roll On/Roll Off) deep sea transportation services Höegh Autoliners announce an increased frequency in its service to Australia. Starting in November, the company will offer five sailing per month to Australia from Europe.Previously, Höegh offered up to four regular sailing per month, and with the increased frequency, the company will strengthen its position in the region.Thomas Ramdahl, Chief of Sales said: "To accommodate the growing demand from breakbulk…

19 Sep 2019

Aurelius Backs Ardent Buyout

© currahee_shutter / Adobe Stock

Alternative direct lender AURELIUS Finance Company has provided financing to support the buy-out of emergency management and offshore decommissioning company Ardent from co-owners Svitzer, a global towage operator, and Crowley Holdings, a holding company of international marine and logistics services provider Crowley Maritime Corporation.The deal will see Ardent’s senior management team acquire a shareholding in the company. The financial terms of the deal have not been disclosed…

11 Sep 2019

Nasdaq: Performance Shipping Out of Compliance

File Pic: Performance Shipping

Greek boxship owner Performance Shipping disclosed that it has received a noncompliance notification from the Nasdaq Stock Market.The notice was received from the regulator because the company's  closing share price was below $1.00 per share for 30 consecutive days, said the global provider of shipping transportation services through its ownership of vessels.Performance Shipping  intends to monitor the closing bid price of its common stock during a grace period and will consider its options…

05 Sep 2019

Evergreen, CN Extend Intermodal Pact

Pic: Canadian National Railway

Canadian National Railway (CN) and Taiwanese container transportation and shipping company Evergreen Line announced that their long-standing relationship of 27 years will continue with a new agreement extending their intermodal partnership.Evergreen and CN have long enjoyed a mutually beneficial partnership, with Evergreen calling at CN served ports such as Vancouver, Prince Rupert, and Halifax. This new agreement furthers the privileged relationship between both companies.“We are pleased to be renewing our partnership with CN…

03 Sep 2019

Safe Bulkers Slips to Q2 Loss

Pic courtesy: Safe Bulkers

Monaco-headquartered provider of marine drybulk transportation services Safe Bulkers reported a net loss for the second quarter, contrary to the market’s expectations for profit.The net revenue at USD 45.5 million for Q2 was hurt by a 3% decline from the second quarter of 2018. For the second quarter, Safe Bulkers reported an adjusted loss of $0.01 per share, compared to earnings of $0.02 per share in the same period of last year.Dr. Loukas Barmparis, President of the Company, said: “In the first half of 2019 the charter market was weak.

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