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Monday, January 22, 2018

Vessel Purchase News

Global Ship Lease Eyes Acquisitions

Photo: Global Ship Lease

The London-based Global Ship Lease (GSL) said that it  is well-positioned as one of few publicly listed containership leasing companies to acquire attractive portfolios of ships, attract growth capital or find a complementary merger partner. The containership charter owner has engaged Evercore to act as financial advisor to assist in reviewing strategic alternatives focused on maximizing shareholder value. GSL has successfully refinanced of all of the its indebtedness in October 2017 and with a strengthening market backdrop.

Star Bulk to Acquire 34 Drybulk Vessels

Photo: Star Bulk

Star Bulk entered into a definitive agreement with Excel Maritime Carriers Ltd., and as a result, will acquire 34 drybulk vessels for an aggregate of 29.917 million shares of common stock of Star Bulk and $288.39 million in cash. Star Bulk Carriers Corp. announced today that it has entered into definitive agreements with Excel Maritime Carriers Ltd. pursuant to which the company will acquire 34 secondhand operating drybulk carriers, consisting of six Capesize vessels, 14 sistership Kamsarmax vessels…

Seaspan Delivers Vessel

Seaspan Corporation announced the delivery of its 23rd vessel, the Maersk Moncton, a 4800 TEU containership built in 1989. The vessel was purchased from A.P. Moller Maersk A/S (APMM) and will be time chartered back to APMM for five years from delivery. APMM has options to extend the charter by up to four years from the end of the firm charter period. The Maersk Moncton, formerly named the Mathilde Maersk, is the final ship in the series of four sister vessels purchased from and chartered back to APMM.

Topaz Revenue up 22%

Topaz Energy and Marine, a offshore support vessel company, announced the results of its subsidiary Nico Middle East Ltd. for the 12 months ended December 31, 2013. The period has seen continued strong and profitable growth across the group’s activities with revenues up 22% and EBITDA up 17%. This growth is primarily attributable to the additional vessels that have joined the fleet and the improved utilization (94.5%) it achieved across its core fleet. Topaz won a number of new contracts during the period resulting in a total backlog of medium and long-term contracts amounting to $1.1B.

Firm to Buy Seven Vessels

According to the Star, a Malaysian dredging and reclamation contractor Inai Kiara Sdn Bhd will purchase a fleet of seven vessels, including two dredgers from MSET Shipbuilding Corporation Sdn Bhd, a Terengganu based company. Both companies entered into an agreement on the purchase. The agreement signing was witnessed by Prime Minister Datuk Seri Abdullah Ahmad Badawi and Terengganu Menteri Besar Datuk Seri Idris Jusoh during a Commodores’ Luncheon hosted by the Terengganu Government at the Heritage Bay Club in Kuala Terengganu recently. Inai Kiara was represented by its executive director Kpt Hisham Hashim, while MSET chairman Hasnan Abdullah signed on behalf of his company.

M/T Apostolos Delivered

Capital ProductPartners L.P. September 20, 2007. feedstock), and crude oil worldwide. time charter with Morgan Stanley Capital Group Inc. revenues when spot rates are higher than the base rate. the existing revolving credit facility. tankers that Capital Product Partners L.P. has agreed to purchase from Capital Maritime & Trading Corp.

Groupe Desgagnes Expands Fleet

Group Desgagnes marked the Canadian registration of a new oil tanker purchased in China - in addition to a Russian vessel purchased in August 1996. Constructed in China at the Qiu Xin shipyard in Shanghai, Maria Desgagnes is a technology-driven double-hulled, ice class 1A, type 2 oil and chemical tanker that can carry 12 types of cargo at once. Featuring a total capacity of 15,570 cu. m. and measuring 394 ft. (120 m) in length, the vessel will be chartered by Petro-Nav for the development of bulk liquid transport side of the business. Groupe Desgagnes also recognized the Canadian registration of M/V Anna Desgagnes (formerly Truskavets), a Russian ship acquired in late 1996. This ice class 1A ship is powered by a 10,330-bhp engine and has a total capacity of 24,935 cu. m.

Nordic American Tankers Expands Suezmax Fleet

Nordic American Tankers Limited (NAT) has taken delivery of Suezmax tanker Nordic Luna, the first of four secondhand sister vessels purchased as part of the company’s plans for fleet expansion. The second vessel is expected to join the NAT fleet in mid-June, and the remaining two vessels are expected to be delivered soon thereafter. The four tankers were built in Japan between 2000 and 2004. The aggregate price is $106 million. Following the delivery of these four vessels, the company will have a fleet of 30 Suezmax vessels, including two newbuildings from Korea, scheduled for delivery in August 2016 and January 2017. NAT expects to add a total of 10 vessels between July 2014 and January 2017, including the two newbuilds.

Suexmax Tanker Delivered to NAT

Nordic American Tankers Limited (NAT) has taken delivery of a Suezmax vessel, the Nordic Pollux, built at a Japanese shipyard.   Nordic Pollux is the final of four sister vessels purchased at the aggregate price of $106 million, and delivered to NAT over the course of 41 days.   Following the delivery of these four vessels, NAT will have a fleet of 30 Suezmax vessels, including two newbuildings from Korea, scheduled for delivery in August 2016 and January 2017. NAT’s remaining commitments on the two newbuildings are $64 million.   NAT said its fleet of Suezmaxes has a substantial earnings capacity, and the company has no plans to issue equity in connection with this expansion to 30 vessels, which amounts to a capital outlay of about $170 million.

Bergesen Sells Tankers

Bergesen has entered an agreement with Tankers International to sell two tankers for a total $156 million. Bergesen would deliver tankers Berge Ichiban and Berge Tokyo, each of 296,000 dwt, to Tankers International led by Frontline Ltd. in July or August 2001. "Both of the two sold vessels are employed on timecharter contracts, and the sales are subject to the charterers' approval," the statement said. The price was $78 million per vessel, reflecting the vessels' timecharter contracts. Bergesen said it would book a profit of $28 million. With this sale the company has sold seven of a total of eight vessels purchased from the Hitachi yard in Japan in 2000, it said. - (Reuters)

Baltic Trading Take Delivery of Capesize, & Charter Out

Bulk carrier image CCL

Baltic Trading Limited has accepted delivery of the first of two new bulk carriers, 'Baltic Tiger', a 179,185 dwt Capesize vessel, and found a time charter for the vessel without delay. The Baltic Tiger delivered to its charterer, Swissmarine Services S.A., has commenced a spot market-related time charter for 10.5 to 13.5 months. The rate for the spot market-related time charter, which is subject to the completion of definitive documentation, is based on 102.75% of the average of the daily rates of the Baltic Capesize Index (BCI) published by the Baltic Exchange, as reflected in daily reports.

Teekay Offshore Signs Brazil Shuttle Tanker Contract

Teekay Offshore GP L.L.C., the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) TOO -0.92% , announced today that it has entered into a new long-term contract with a subsidiary of BG Group plc (BG) to provide shuttle tanker services in Brazil. The contract with BG will be serviced by four Suezmax-size DP2 shuttle tanker newbuildings to be constructed by Samsung Heavy Industries in South Korea. Upon delivery in mid- to late-2013, the vessels will commence operations under 10-year time-charters. The contract with BG also includes certain extension options and vessel purchase options. "These strategic new long-term shuttle tanker time-charters with BG further strengthen the Partnership's position in the fast-growing Brazilian offshore market…

TORM Updates Fleet Status

Photo: TORM

Denmark-based shipping company TORM sold three vessels: TORM Anne (1999-built MR vessel), TORM Madison and TORM Trinity (both 2000-built Handysize vessels) during the first six months of 2017. Furthermore, TORM completed sale and leaseback transactions for three vessels: TORM Helene, TORM Mary and TORM Vita. The three sale and leaseback transactions are treated as financial leases but have no purchase obligation attached. Following the balance sheet date, TORM has completed two transactions to purchase a total of six MR resale vessels for a total consideration of USD 185m.

GOGL Acquires New Vessel

File Photo: Golden Ocean Group Ltd

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.

TORM Buys Resale MR Tankers from GSI

(Photo: TORM)

Danish ship owner TORM said it has purchased four resale medium range (MR) tankers from Chinese shipbuilder Guangzhou Shipyard International (GSI), with an option to purchase up to four additional MR vessels. The first four vessels are due for delivery in 2019, and the following four would be delivered in late 2019 – all delivered according to TORM’s specifications. According to TORM Executive Director, Jacob Meldgaard, TORM was able to purchase the vessels “at very favorable prices” thanks to its long-standing relationship with GSI.

Tallink Concludes Vessel Purchases

The Board of Directors of Attica Holdings S.A. announced that it has concluded the sale and delivery of Superfast VII and Superfast VIII to AS Tallink Grupp. The sale and delivery of Superfast IX to her new owners AS Tallink Grupp is scheduled to take place on April 12. The sale price of Superfast VII and Superfast VIII stands at about $249m and the sale price of Superfast IX at 125.9m. Out of the total sale proceeds of $375m, Attica’s cash balances will increase by approximately $123m after repayment of the ships’ debt of $237m and payment of various expenses related to the transaction of approximately $13m. Attica Group will book capital gains of approximately $13m, which will appear in the Group’s second quarter 2006 results.

Hornbeck Completes $114M Sale of OSVs to U.S. Navy

    The HOS Arrowhead in 2010 (Photo courtesy of Military Sealift Command)

Hornbeck Offshore Services has closed the sale of three 250EDF class OSVs to the U.S. Navy, the company announced today. The three vessels were sold for cash consideration of $114 million, the company reported. This is expected to result in a gain on sale of assets of approximately $33.0 million ($20.8 million after-tax or $0.57 per diluted share). The HOS Arrowhead, the HOS Eagleview and the HOS Westwind have been supporting the Navy's submarine fleet on the east and west coasts since they were constructed in 2008 and 2009.

Excel Maritime Fleet Expansion Update

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator and provider of worldwide seaborne transportation services for dry bulk cargoes, announced the delivery of a newbuild Capesize vessel as well as the cancellation of a vessel purchase agreement. Excel Maritime has taken delivery of the newbuild Capesize vessel M/V Sandra on December 26, 2008 from the Imabari Shipyard in Japan. The vessel has a carrying capacity of 180,000 dwt and has been deployed under a 5-year time-charter at the gross rate of $ 39,000 per day. In addition, the company has successfully cancelled its obligation to purchase the 2002 built Supramax vessel M/V Medi Cebu with a carrying capacity of 52,464 dwt.

Sino-Global Purchases First Tanker

  Sino-Global executives after the company's Nasdaq listing (photo courtesy of Sino-Global Shipping America)

Sino-Global Shipping America, which was recently listed on Nasdaq, is becoming a shipowner. The shipping agency, logistics and ship management services company today announced that it has signed a Letter of Intent to acquire a small oil/chemical tanker from Rong Yao International Shipping Limited, a Hong Kong corporation. Sino-Global will issue 1.2 million shares of its common stock to the Rong Yao as partial payment of the vessel purchase price. The parties further agreed that such payment should be valued at $2.22 million, with each share of the company's common stock being valued at $1.85.

Shipping industry market trends for 2014 - John Nikolaou

John Nikolaou

Greek shipowners have returned to the top of the global shipping economy by controlling a gross tonnage of 164 million tons, overtaking the Japanese on 159.4 million tons. According to Clarksons, this global lead illustrates that Greeks operate much bigger ships because they own 4,984 vessels against 8,537 managed by the Japanese and 6,427 by the Chinese. Japanese have invested huge funds during the past decade which resulted in significant losses during the crisis, while Greeks proved to be more conservative during the period of industry growth and had less negative impact on them.

Navios Maritime Containers Acquires Boxship

File Image: Navios Maritime Containers

Navios Maritime Containers, a growth vehicle dedicated to the container sector, announced that it has acquired the Navios Felicitas, a 2010-built, 4,360 TEU containership for a purchase price of USD 11.45 million. The vessel was delivered to Navios Containers’ fleet in December 2017. Navios Containers financed the acquisition of the vessel with cash on its balance sheet and $6.0 million of bank debt under one of its existing credit facilities. Following this acquisition, Navios Containers controls 21 vessels, totaling 88,820 TEU.

TORM Buys Two MR Tankers

(Image: TORM)

Danish ship owner TORM said it has signed an agreement to purchase two 50,000 dwt medium range (MR) tankers currently under construction at the Korean shipyard Hyundai Mipo. “TORM’s strong capital structure allows us to act when we see attractive opportunities to grow the fleet,” said TORM executive director, Jacob Meldgaard. “With these two MR resales delivering in Q3 2017, we have acquired a total of six new high-quality product tankers over the last few weeks. We believe that asset prices are at a cyclical low and that our purchase prices are attractive.

New Golden Gate Ferry Enters Service on Larkspur

The first of two vessels purchased by the Golden Gate Bridge, Highway and Transportation District (GGBHTD) from Washington State Ferry in January 2009 has been completely refurbished and is entering service today, May 16, on the Larkspur-San Francisco Route. The two Washington State Ferry vessels, now named the M.V. Golden Gate (formerly the Chinook) and the M.V. Napa (formerly the Snohomish) were purchased for $2 million each and have a refurbishment budget of approximately $10 million each. The $24 million project is being funded through a combination of federal, state and GGBHTD funds. For perspective, the cost of just one new high-speed catamaran vessel is currently about $20 million. In 2009, the M.V.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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