Odfjell Sells Stake in Chinese Terminal
Norwegian shipping and tank terminal company Odfjell SE has finalized the sale of its indirect 55% equity stake in Odfjell Terminals Jiangyin (OTJ), China.Reference is made to the stock exchange announcement of May 8th, 2018, in which Odfjell SE (Odfjell) announced that Lindsay Goldberg (LG) is considering a sale of its 49% shareholding in Odfjell Terminals BV.After LG completed the sales of its shareholdings in the US and European terminals, LG is now in the process of selling its shareholding in the Asian terminals.
Video: CMA CGM Box Ship Smashes Into Dock
A CMA CGM containership plowed head-on into a pier at India's largest container port on Saturday, causing visible damage to the dock.The 336-meter, 10,000 TEU CMA CGM Mumbai reportedly lost steering while attempting to berth at the Jawaharlal Nehru Port,on the west coast of India. Officials said damage to the pier is only minor, and the damage to the ship is unkonwn. No injuries were reported.The Hong-Kong flagged vessel, owned by CMA CGM and operated by Seaspan, was delivered in May this year from Chinese yard Yangzijiang Shipbuilding.
Yangzijiang Shipbuilding, Mitsui in Shipbuilding JV
A Japanese and a Chinese shipbuilding group have today signed a joint venture, set to start in April 2019, to build and sell merchant ships. Mitsui E&S Shipbuilding Co., Ltd. (Head Office: Tokyo, President and CEO: Tetsuro Koga), in partnership with Yangzijiang Shipbuilding (Holdings), Ltd. (Head Office: Jiangsu Province, Chairman: Ren Yuanlin) and Mitsui & Co., Ltd. (Head Office: Tokyo, President and CEO: Tatsuo Yasunaga), has entered into a shareholders' agreement to establish…
Scorpio Bulkers Back in the Black
With a net profit of USD 0.8 million, Scorpio Bulkers shows positive results in the second quarter of 2018 compared to a net loss was USD 13.4 million for the the same period in 2017.Total vessel revenues for the second quarter of 2018 were $60.6 million, compared to $37.7 million for the same period in 2017.The shipping company, which owns and operates dry bulk carriers, took delivery of the SBI Lynx, a Kamsarmax vessel, from Jiangsu Yangzijiang Shipbuilding last month.During the second quarter of 2018…
Costamare Orders Five Newbuild Boxships from Jiangsu Yangzijiang Shipbuilding
Costamare announced the conclusion of shipbuilding contracts and long term charter agreements for five newbuild containerships, as well as the acquisition and chartering of two secondhand containerships. The Company has ordered five newbuild containerships from Jiangsu Yangzijiang Shipbuilding Group, each of approximately 12,690 TEU capacity. The vessels are expected to be delivered between the second quarter of 2020 and the second quarter of 2021 and upon delivery they will commence a ten-year time charter to Yang Ming Marine Transport Corp.
Eniram Signs On LNG Powered Bulk Carrier Project
The Project Forward initiative, which is led by Athens-based Arista Shipping, has produced an energy efficient dry bulk carrier vessel that features liquefied natural gas (LNG) propulsion.Finnish clean-tech software engineering company Eniram, a Wärtsilä company, said it has signed a Memorandum of Understanding (MoU) to assist in the development of monitoring and optimization tools.“Our input will help ensure that operational visibility will be maximized, and that the new ships can operate at optimal efficiency…
Scorpio Bulkers Refinances Ultramax Vessel
Monaco-based Scorpio Bulkers announced that the Company has entered into a financing transaction in respect of one of the Company’s Ultramax vessels with an unaffiliated third party in Japan. As part of the transaction, the Company will sell a 2015 Japanese built Ultramax dry bulk vessel, SBI Tango, for a consideration of $19.0 million and then lease it back from the buyer through a five-year bareboat charter agreement at a rate of $5,400 per day. If converted to floating interest rates…
Scorpio Bulkers Gets Loan for Kamsarmax
Monaco-based international shipping company Scorpio Bulkers said it has received a commitment for a loan facility of up to $12.75 million from a leading European financial institution to finance the Company’s Kamsarmax bulk carrier. The bulker will be delivered from Jiangsu New Yangzijiang Shipbuilding in China in the third quarter of 2018. The loan facility has a final maturity date of five years from delivery and bears interest at LIBOR plus a margin of 2.40% per annum. The terms and conditions are similar to those set forth in the Company's existing credit facilities.
Scorpio Bulkers Losses Narrow
Monaco-based dry bulk commodities shipping company Scorpio Bulkers reported a significantly narrowed fourth-quarter loss as it cut expenses and doubled revenue. For the three months ended December 31, 2017, the Company’s GAAP net loss was $1.1 million, or $0.01 loss per diluted share. For the same period in 2016, the Company’s GAAP net loss was $20.6 million, or $0.29 loss per diluted share. Total vessel revenues for the three months ended December 31, 2017 were of $51.1 million, compared to $26.8 million for the three months ended December 31, 2016.
Scorpio Bulkers Acquires Four Vessels
Scorpio Bulkers, announced that it has entered into two separate agreements with unaffiliated third parties to acquire three Ultramax dry bulk vessels and one Kamsarmax dry bulk vessel. The deal was for an aggregate of $90 million, of which $77.1 million is payable in cash and the remaining consideration is in the form of approximately 1.592 million common shares of the Company to be issued to one of the sellers. All of the Ultramax vessels were built at Chengxi Shipyard Co Ltd in China, of which two were delivered in 2014 and one was delivered in 2015.
Navibulgar Orders Up to Six Bulkers
Bulgarian ship owner Navigation Maritime Bulgare (Navibulgar) confirmed the building of another two high-efficiency up-to-date 45000t bulk carriers. This deal is a continuation of the contract for four + two newbuildings of DWT 45 000 t, signed in July this year with one of China’s three largest shipyards. According to local press reports the Chinese yard is Jiangsu Yangzijiang Shipbuilding. The order constitutes another step toward the implementation of Navibulgar’s objective to operate toward the middle of the 2020s its own fleet of 1.5 million tons of average age below seven years.
Yangzijiang Shipbuilding Q2 Profit Surges 73%
China’s Yangzijiang Shipbuilding Holdings reported a 73 percent increase in second-quarter net profit, helped by higher revenue from the construction of larger-size vessels, Reuters reported. The company, which specialises in dry-bulk carriers, posted a net profit of 719.92 million yuan (S$146 million) for the second quarter ended June 30, 2017. Revenue increased 27 per cent year on year to 3.79 billion yuan in Q2 due to higher contributions across its different businesses.
Yangzijiang Bags Newbuild Orders Worth $133 Mln
China’s Yangzijiang Shipbuilding has won six shipbuilding contracts worth a total of $133m during the second quarter of this year, Business Times reported. Three of these orders for 1,800 TEU (twenty-foot equivalent unit) containerships were exercised from options tied to existing shipbuilding orders. Three others for 82,000-deadweight-tonne bulk carriers were new shipbuilding orders. The new ships are scheduled to be delivered in phases between 2018 to 2020. Yangzijiang Shipbuilding…
Yangzijiang Shipbuilding to Slash 2,000 More Jobs
Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up efforts to cut costs as new vessel orders slide amid a volatile global economy. The Singapore-listed firm, which says it is one of the largest private shipbuilding companies in China, has already cut about 4,000 jobs this year, a spokesperson said late on Thursday, bringing its current workforce to 22,000. Earlier this month, it said revenue was nearly halved in the second quarter as it soaked up a broad industry downturn. The company, which has four shipyards in China's Jiangsu province…
Chinese Shipyards Sails in Rough Seas
Shipbuilders in China will continue facing rough weather. According to a report in Bloomberg, new orders received by Chinese shipbuilders fell by nearly half last year from 2014, suggesting more consolidation is in order as the country’s appetite for raw materials wanes and shipping rates languish at multiyear lows. Shipyards in China received new orders amounting to 31.3 million deadweight tons last year, a world-leading 34 percent share of the global market. Backlog orders fell 12 percent to 123 million deadweight tons, or 36 percent of global market share.
Euroseas Gets Newbuild Bulker
Euroseas Ltd, a Greece-based shipping company, took delivery of its newbuilding Kamsarmax dry bulk carrier Xenia and entered into a two-year time charter for its container carrier Evridiki G. The M/V Xenia was delivered from the China-based Jiangsu Yangzijiang Shipbuilding Co. on February 26. Xenia is an “eco” design Kamsarmax fuel efficient bulker with a carrying capacity of 82,000 dwt. Xenia is an "eco" design Kamsarmax fuel efficient drybulk carrier with a carrying capacity of 82,000 dwt.
Paragon Sells Ships, Defer Deliveries
The dry bulk operator Paragon Shipping has reached an agreement with its creditors to liquidate its remaining fleet in order to settle one of its debt obligations. The company agrees to sell its six mortgaged vessels to unaffiliated third parties in exchange for the full and final settlement of the outstanding amount of its syndicated loan facility. "The fleet, consisting of the handysize and panamax bulkers Coral Seas, Golden Seas, Prosperous Seas, Precious Seas, Priceless Seas and Proud Seas, is to be sold to unnamed, unaffiliated third parties," Paragon said.
Chinese Shippers Order for 30 Valemax Vessels
The Chinese shipping companies - Chinese shipping majors Cosco Group, China Merchants Group and ICBC Financial Leasing Co- ordered 30 Valemaxes worth a combined $2.5 billion for delivery starting from 2018, deployed on Brazil-China trade routes, reports WSJ. The vessels will bosst the trade between China and Brazil and also will invest billions of dollars into delaying shipbuilding industry in the country. The vessel will be employed on Brazil-China trade routes, boosting the import of Vale iron ore in China.
Yangzijiang Shipbuilding in Early Talks on Rongsheng Investment
China's Yangzijiang Shipbuilding Holdings Ltd is considering a possible investment in troubled peer China Huarong Energy Co Ltd , formerly known as China Rongsheng, its executive chairman said on Thursday. Ren Yuanlin said the company was still in early talks with stakeholders, and expected to make a decision on the investment by end-June. "The government, banks, and Rongsheng's major shareholder all hope we can be part of the deal, but whether or not we will get in depends on the asset price," he told reporters at a post-earnings briefing in Singapore, where the company is listed. Yangzijiang, in which Ren owns a 26 percent stake and is the biggest shareholder, is one of China's biggest shipbuilders, and the country's most profitable listed shipyard.
Yangzijiang Bags Orders for Six VLOCs
China’s biggest private shipbuilder Yangzijiang Shipbuilding Holdings Ltd has won orders for six dry bulk carriers worth a combined US$510 million. The 400,000 DWT very large ore carriers (VLOCs) are the largest dry bulk carriers ever awarded to the group, the shipbuilder announced on Wednesday (April 13). The six vessels will also be the largest VLOCs that Yangzijiang will be building till date. The VLOCs are scheduled for delivery from 2018 to 2019. The orders were placed by ICBC Leasing…
China Huarong in Distress
China Huarong Energy Co, formerly known as China Rongsheng Heavy Industries, said in a regulatory filing that a memorandum of understanding on the disposal of assets to an unnamed buyer has expired. Huarong announced in March a potential sale of its core shipbuilding and engineering business, subject to formal agreement. Huarong Energy signed the MOU with the potential buyer in April for the sale of its shipbuilding assets as part of its restructuring process. The MOU was effective until 30 June 2015, and the company and the potential purchaser have failed to agree to a deal.
Singapore's SembMarine to Take Full Control of PPL Shipyard
Singaporean rig builder Sembcorp Marine Ltd said it had agreed to buy the 15 percent of PPL Shipyard Pte Ltd it did not already own for about $115 million from PPL Holdings Pte Ltd and E-Interface Holdings Ltd. "This will enable the company to optimally manage the businesses, finance and resources of PPLS, and fully align the latter's corporate strategies to the company to generate sustainable returns," SembMarine said in a statement. PPL Shipyard, 85 percent owned by SembMarine, designs and builds oil rigs and ships. Last week, SembMarine, which has been suffering from a slump in orders due to low oil prices, agreed to buy Norway-based ship design firm LMG Marin AS for $20 million.
Yangzijiang Secures Two VLGC Orders
The Singapore-listed and China-based shipbuilder Yangzijiang Shipbuilding has secured new orders worth $730m, including two very large gas carriers, between September and October. The two 84,000 cbm very large gas carriers (VLGCs) were ordered by Shanghai Zhenrong Energy. Yangzijiang had been in talks to secure the two VLGCs since early this year, and the latest order confirmation has reinforced the company’s progress into building higher specification and higher value ships.