NYK Auto Logistics Pact with Adani Logistics
NYK Auto Logistics India (NALI), an NYK Group company, signed an agreement with Adani Logistics(ALL) to form a joint venture that specializes in the transportation of finished vehicles using automobile freight trains.The automotive production volume is expected to further increase in India, and there is increasing demand for transporting vehicles by rail, which places less of a load on the environment.NALI currently provides an integrated transport service for finished cars in India…
Diana Containerships Sells m/v Puelo
Diana Containerships has announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party the 2006-built vessel “Puelo”, with delivery to the buyer by latest June 30, 2018, for a sale price of US$20.5 million before commissions. Theglobal shipping company specializing in the ownership of containerships said that it expects to use the whole or part of the net proceeds from the sale of the vessel to prepay existing indebtedness based on the outstanding amount of such indebtedness upon completion of the transaction.
International Seaways Completes Acquisition of Six Euronav VLCCs
US-based tanker shipping company International Seaways (INSW) has completed the acquisition of six 300,000 dwt very large crude carriers (VLCCs) from Euronav NV. The tanker company providing energy transportation services for crude oil, petroleum products and liquefied natural gas announced in a press release that it has completed its previously announced acquisition of six 300,000 DWT VLCCs for a purchase price of $434 million, inclusive of assumed debt, from Euronav. The six vessels have an average age of two years and include five 2016-built VLCCs and one 2015-built VLCC…
Seanergy Maritime Holdings Refinances Two Capesize Vessels
Seanergy Maritime Holdings announced that it has successfully completed the refinancing of a previous loan facility secured by M/Vs Lordship and Knightship. Both vessels are Capesize bulk carriers built in 2010 in South Korea, purchased by Seanergy in 2016. The original maturity of the Facility was December 2019. M/V Knightship was refinanced in June 2018 through a sale and leaseback transaction with AVIC International Leasing Co., Ltd., a major Chinese state-owned financing institution.
ZIM Ranked First in Schedule Reliability
ZIM Integrated Shipping Services (ZIM) ranked first in schedule reliability on the Asia - US East Coast trade, said a press release from the company. According to the recent Seaintel Global Liner Performance Report for June 2018, ZIM is the best performing carrier on the Asia - US East Coast trade among the top-19 companies reviewed. ZIM President & CEO Eli Glickman said: “ZIM’s performance on this trade has been consistently one of the best in the industry, with reliability levels above the industry average. ZIM is one of the leading carriers in the global container shipping industry.
"Vladimir Rusanov" Completes First Eastern Transit
Mitsui O.S.K. Lines (MOL) announced that the Ice-Breaking LNG Carrier "Vladimir Rusanov", which is jointly owned by MOL and China COSCO Shipping Corporation, has successfully arrived at the Bering Strait. The vessel carried out a LNG loading operation in the Yamal LNG plant at Sabetta port, before sailing for the Far East via the Northern Sea Route on 25 June. The vessel safely arrived at the Bering Strait on 6 July, and is planning to call Jiangsu Rudong port in China for an unloading operation of its LNG cargo.
Tim Bush Promoted to Crowley VP, Deputy General Counsel
Crowley Maritime Corp. has announced that Tim Bush has been promoted to vice president and deputy general counsel. In his new position, Bush will help support the company’s growth as a provider of solutions for the U.S. government and various public-sector agencies. He will be based in Houston and report to Michael Roberts, senior vice president and general counsel. “Tim is an outstanding lawyer, and adds a great deal of value to the Crowley team,” Roberts said. Bush will continue to serve as Crowley’s lead attorney on several large projects for the U.S government…
Crowley Launches New Caribbean Shipping Service
Crowley Maritime Corp.’s liner services group announced today that it has launched a new feeder shipping service connecting San Juan, Puerto Rico; Rio Haina, Dominican Republic; and St. Croix and St. Thomas in the U.S. Virgin Islands (USVI).With the new service, vessels depart Rio Haina on Sundays and arrive in San Juan on Tuesdays. After departure on Thursdays, cargo arrives in St. Thomas and St. Croix on Fridays, before the vessel moves to the Dominican Republic again for Sunday operations.
Grindrod Shipping Makes US Debut
"On 18 June 2018 at 09h30 EST in New York City, the bell rang on the Nasdaq trading floor signifying the first day of trade for Grindrod Shipping Holdings. The seven-storey Nasdaq Tower in Times Square lit up with the Grindrod Shipping logo and displayed Grindrod Shipping’s majestic vessels," said a press release from the company. The separation and listing of the Shipping division on an offshore stock exchange was contemplated for many years. The separate listing will enable…
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.
Algoma Adds Algoma Innovator
Algoma Central Corporation, a leading provider of marine transportation services, today announced that it has taken ownership of the Algoma Innovator from the Uljanik d.d. shipyard in Croatia. The vessel is part of the Company’s Equinox 650’ class of self-unloading dry-bulk lake freighters and is the first new forward mounted boom ship to be built in 45 years. The vessel has been engineered to be a leader in the river class business; it’s forward mounted boom will permit cargo to be delivered into niche spaces allowing greater access and flexibility to customers.
Algoma Purchases Four U.S. Flag 'Lakers'
Algoma Central Corporation, a provider of marine transportation services, today announced it has reached an agreement with American Steamship Company to acquire four vessels. The Company has acquired the M.V. Buffalo, the M.V. Adam E. Cornelius, the S.S. American Valor and the S.S. American Victory. The availability of these vessels presented an opportunity to expand Algoma’s vessel fleet and capacity at extremely attractive values. Both the M.V. Buffalo and the M.V. Adam E. Cornelius…
Fast-growing Global Trade Boosts Fuel Demand
Freight movements in the United States and around the rest of the world are growing at some of the fastest rates this decade, which should provide a big boost for diesel consumption in 2018. In the United States, the volume of freight moved by road, rail, pipeline, barge and air between September and November was around 6 percent higher than in the same period a year earlier. Freight volumes are growing at some of the fastest rates since 2011, according to the freight transportation services index compiled by the U.S. Bureau of Transportation Statistics (http://tmsnrt.rs/2DB9aLY).
Interview: Alison Nolan, GM, Boston Harbor Cruises
Alison Nolan is General Manager and a fourth-generation owner of Boston Harbor Cruises (BHC), a company that moves more than 2.5 million passengers annually on its fleet of 60 vessels with more than 600 daily departures seven ports and more than 30 facilities. But the story of BHC and Alison Nolan transcends raw numbers; as the company and passenger vessel industry are in her DNA, more of a lifestyle than a career. She spoke with Maritime Reporter & Engineering News recently to address the rewards and challenges inherent in her position.
Diana Shipping Reports Loss for 4Q
Greece-based Diana Shipping inc. (DSX) has reported a loss of $436.9 million in its fourth quarter. The net loss attributed to common stockholders of $438.4 million for the fourth quarter of 2017, including a $422.5 million impairment loss. Time charter revenues were $48.9 million for the fourth quarter of 2017, compared to $28.0 million for the same quarter of 2016. The increase in time charter revenues was due to increased average time charter rates achieved for the Company’s vessels during the quarter and increased revenues resulting from the enlargement of the fleet.
Genco Shipping & Trading Announces Fleet Renewal Program
International seaborne drybulk transportation services Genco Shipping & Trading plans to undergo a fleet optimization and renewal plan aimed at modernizing its fleet. As part of this plan, the Company has decided to dispose a total of 15 vessels in its fleet at times and on terms to be determined in the future including vessels it had already decided to dispose of. The plan includes eight Supramax vessels, one Handymax vessel and all of its vessels built in 1999 or earlier. As…
Diana Containerships Sells Sagitta and Centaurus
Diana Containerships announced that it has signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to sell to an unaffiliated third party the m/v Sagitta and the m/v Centaurus, each a 2010 built containership for $12.3M each. The Company expects the Vessels to be delivered to the buyer at the latest by April 27, 2018. Upon completion of the aforementioned sale and the previously announced sales of two Post-Panamax container vessels and one Panamax container vessel, Diana Containerships Inc.’s fleet will consist of 6 container vessels (4 Post-Panamax and 2 Panamax).
International Seaways Updates on VLCC Acquisition and MR Vessel Sales
International Seaways, one of the largest tanker companies worldwide, said it acquired a 2010-built VLCC for $53 million, the Seaways Raffles, which commenced trading in the Tankers International pool, during the fourth quarter of 2017. During the fourth quarter, the company, which provides energy transportation services for crude oil and petroleum products in International Flag markets, sold a 2004-built MR, which was delivered to buyers in November 2017. The Company also sold a 2002-built MR…
Gener8 Maritime Reports 4Q Loss of $45.4 mln
The New York-based Gener8 Maritime Inc. (GNRT) reported a loss of $45.4 million for the fourth-quarter ended December 31, 2017, after reporting a profit of $5.8 million in the same period a year earlier. The crude oil transportation services provider reported a loss of $168.5 million for the year ended December 31, 2017. Gener8 Maritime has increased full fleet "ECO" operating days to 65.1% in the three months ended December 31, 2017, compared to 43.4% in the same period in the prior year.
Euronav, Gener8 Maritime Merger to Close in 2Q 2018
Tanker operators Euronav NV said that it remains confident of closing a takeover of the U.S.-based provider of international seaborne crude oil transportation services Gener8 Maritime in the next three months. On 21 December 2017 the boards of Euronav and Gener8 Maritime announced agreement on a stock-for-stock merger for the entire issued and outstanding share capital of Gener8 pursuant to which Gener8 would become a wholly-owned subsidiary of Euronav (the Combined Entity). "Work on the transaction is proceeding as planned with an anticipated closing in the second quarter of 2018…
JPM shifts its Ballast
GLOG, NM, NAP down early Fri by ~5 pct, ~8 pct and ~3 pct, respectively. Lead analyst Noah Parquette sees most shipping sectors recovering, notes that dry bulk and LNG shipping have progressed furthest but crude tankers' risk trough could be extended to early 2019 on high scrapping activity and low orders. Meanwhile, the Baltic Exchange Dry Index has dropped by ~18 pct since the beginning of the year.
St. Louis, Plaquemines Ports Ink MoU for Mississippi River Cooperation
St. Louis Regional Freightway, Port of Plaquemines and St. Louis Regional Ports Sign Agreement to Foster Economic Growth on the Mississippi River. The pact will help support development of a new transportation link for cargo to move along the Mississippi River. The St. Louis Regional Freightway, Plaquemines Port Harbor & Terminal District located in the State of Louisiana and four ports in the St. Understanding (MOU) to establish and grow an alliance to generate new business by promoting international and inland trade routes at strategic locations along the Mississippi River.
International Seaways Funds FSO Joint Ventures
International Seaways announced that its joint ventures with Euronav NV, which own the FSO Africa and FSO Asia floating storage and offloading service vessels, have closed on a $220 million credit facility. Based on INSW’s 50% ownership in the joint ventures, the Company has received $110 million in proceeds from the drawdown of the facility, which it expects to use for general corporate purposes, including to partially fund the previously announced VLCC acquisition. “With the $110 million term loan…