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EXMAR Sell Two Gas Carriers In Fleet Renewal Program
EXMAR LPG (the Joint Venture between EXMAR and Teekay LNG PARTNERS) announce sale of the Very Large Gas Carrier (VLGC) FLANDERS HARMONY (85,826 m3 - 1993 built) and the Midsize Gas Carrier TEMSE (35,754 m3 - 1994 built). TEMSE is expected to be delivered to its new owners by the end of the first quarter 2014 and FLANDERS HARMONY in the course of the second quarter 2014. The capital gain realized by EXMAR for its 50% share in EXMAR LPG will be approximately USD 10.4 million.
Stolt-Nielsen Reports Improved Fourth Quarter
Stolt-Nielsen Limited has reported unaudited results for the fourth quarter ended November 30, 2013. Net profit attributable to SNL shareholders in the fourth quarter was $36.7 million, with revenue of $524.5 million, compared with $21.8 million, with revenue of $521.8 million, respectively, in the third quarter of 2013. Net profit attributable to shareholders for 2013 was $85.8 million, with revenue of $2…
Dorian Completes Acquisition of Scorpio VLGC Fleet
Dorian LPG Ltd. announced that it has concluded its agreement with Scorpio Tankers Inc. to acquire its Very Large Gas Carrier (VLGC) newbuilding contracts, associated deposits of $83.1 million…
Panama Canal May be a Game-Changer Says FMC Commissioner
FMC Commissioner William P. The Panama Canal may remake world trade patterns. To be finished in 2015, the $5-billion expansion of the Panama Canal will create a third lane accommodating mega-ships nearly three times larger than previously passable and this may significantly reduce shipping time to Asia. The expansion impacts state ports, rail lines, trucking and cargo movement from the south and east to the west.
Bugbee Named 2014 CMA Commodore
Robert Bugbee, President of Scorpio has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2014. Mr. Bugbee follows a long succession of influential maritime industry leaders as Commodore. The 2014 Commodore Award will be presented to Mr. Bugbee on March 19, 2014 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford, Connecticut, U.S.
Clean Marine to Supply EGCS for Hyundai Heavy Gas Carriers
Clean Marine has been selected by Hyundai Heavy Industries in South Korea to supply exhaust gas cleaning systems (EGCS) for a Very Large Gas Carrier (VLGC) being built for Dorian LPG Ltd. The order will enable the new Dorian LPG vessel to comply with future legislation relating to sulphur emissions without switching to more expensive fuels. Dorian LPG has offices in the U.S., U.K. and Greece and is an owner and operator of modern VLGCs.
Dorian LPG Gets Finance for Scorpio Tankers Deal
US-based Dorian LPG has successfully placed 80,405,405 shares to Norwegian and international institutional investors to raise approximately $250 million intended…
Scorpio Tankers Dispose VLGC Newbuild Contracts to Dorian LPG
Dorian LPG Ltd. has entered into an agreement with Scorpio Tankers Inc. whereby Scorpio Tankers will contribute its entire Very Large Gas Carrier ("VLGC") newbuilding contracts, together with a cash contribution of $1.9 million, in exchange for newly issued shares representing 30% of Dorian's pro-forma outstanding shares immediately following the transaction. As of the date of the transaction, Scorpio Tankers will have paid $83.1 million in installment payments for the 11 VLGC contracts.
Scorpio Tankers Order Two More VLGC's
Scorpio Tankers Inc. has exercised options to construct two Very Large Gas Carriers (VLGC) in South Korea. The Company also took delivery of the twelfth MR product tankship vessel under its newbuilding program, 'STI Ville'. The Company has exercised options it held with Hyundai Samho Heavy Industries for the construction of two VLGC's for approximately $75.0 million each. These vessels are 84,000 cubic…
Scorpio Tankers Order More Newbuildings, Receive 11th MR
Scorpio Tankers has reached agreements to construct four Very Large Gas Carriers (VLGC) at two yards in South Korea along with two MR and two Handymax ice class-1A fuel efficient product tankers at Hyundai Mipo Dockyard Co., Ltd. of South Korea (HMD). Additionally, the Company took delivery of the eleventh vessel under its newbuilding program at HMD, 'STI Fontvieille'. The Company has reached agreements…
Newcomer Gas Carrier Firm Closes Share Placement
Dorian LPG Ltd. has successfully closed the private placement of 68.8 million shares at US $2.44/share raising approximately US $168 million. Dorian LPG is a pure-play LPG shipping company…
Korea Yards to Build Scorpio LPG Tankships
Scorpio Tankers signs agreements with two S. Korea shipyards to construct a minimum of 5 & up to 10 LPG tankships, Scorpio's first venture into this specialised market. Emanuele Lauro, chief executive officer and chairman of the board, commented, "We are excited about our entry into LPG which we have long considered an extension of the product market. With common customers, shipbuilders, and trade lanes, and offsetting seasonal swings, the product tanker and LPG markets are highly complementary.
Maersk Tankers Sells its Entire VLGC Fleet
Maersk Tankers exits Very Large Gas Carrier (VLGC) segment by selling its fleet to the BW Group. The BW Group buys Maersk Tankers five owned vessels and takes over the five existing time charter commitments, which Maersk Tankers explains is part of its divestment strategy to focus on fewer segments. Hanne B. Sørensen, CEO Maersk Tankers: “This transaction supports our strategy to focus on fewer segments.
LPG Vessels on Order: More & Larger in Size
Rising demand from emerging country economies has prompted owners to order more and larger LPG vessels, according to Drewry. The increased demand has been further improved by a growing consumption base in emerging economies, with supply bolstered by an expected emergence of new export sources, notably the US and the Russia. LPG demand in the so-called saturated markets, such as Japan and South Korea…
Exmar NV and Teekay LNG Partners Complete Joint-Venture
Exmar NV (NYSE Euronext: EXM) is pleased to announce that together with Teekay LNG Partners L.P. (NYSE: TGP) they have successfully closed their 50/50 LPG joint-venture.
Indian Company to Buy VLGC
The Great Eastern Shipping Company Limited (G E Shipping) has signed contract to buy a Very Large Gas Carrier (VLGC) of about 49,700 dwt (75,000 cbm). The 1990-built…
Avance Gas Holdings Expands VLGC Fleet
Avance Gas Holding Ltd. adds Transpetrol Gas Holdings Ltd. Stolt-Nielsen Limited announce that Avance Gas Holding Ltd. (AGHL), a joint venture between Sungas Holdings Ltd. and 
Stolt-Nielsen Gas Ltd.
Stolt-Nielsen Reports 4Q & FY11 Unaudited Results
Stolt-Nielsen Limited Reports Unaudited Results For the Fourth Quarter and Full Year of 2011. Stolt-Nielsen Limited has reported unaudited results for the fourth…
Hamworthy Krystallon, HHI Contract for Scrubber System
Solvang ASA, through Hyundai Heavy Industries, orders system for 84,000 cbm LPG carrier as three-year countdown to 2015 ECA approaches. Hamworthy Krystallon, the…
LPG Market Rebounds in 3Q: Exmar
EXMAR NV today gave its trading update for the 3Q 2011, numbers which show broad improvement in shipping rates and prospects. The operating result (EBIT) of the…