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Tuesday, August 20, 2019

Bermuda News

Pic: DHT Holdings

DHT Holdings Bags 3-Year Time Charter

Bermuda-based crude oil tanker company announced that  it has entered into a three year time charter with a leading refining company for one of its 2012 built very large crude carriers (VLCC).The charter will commence after the vessel completes a scrubber retrofit in the fourth quarter of this year, said the New York-traded company.The time charter has a base rate of $30,000 per day with all earnings up to $37,500 to DHT following a profit sharing structure that includes scrubber…

Photo: CMA CGM

Shipping Firms Drop UK Flag as Brexit Looms

Companies are leaving Britain's shipping registry due to uncertainty over Britain's departure from the European Union and future commercial arrangements with the bloc, industry officials say.All commercial ships have to be registered, or flagged, with a particular country partly to comply with safety and environmental regulations. Shipping companies in many so-called "flag states" pay corporation tax based on vessel tonnage rather than profit.Britain's ship registry forms part…

Pic: Nordic American Tankers Limited

NAT Closes Busiest Year!

Bermuda-based Nordic American Tankers Limited (NAT) said in a press release that the last 12 months have been the busiest period for the international tanker company.Sale of 10 suezmax vessels and delivery of 3 new suezmax units took place in the last six months of 2018 and ensured a renewal of its fleet which count suezmaxes only. The operating costs for the NAT fleet came down further, a release said."Maximizing dividend is our strategy. We also aim at reducing the debt level and thereby lowering the cash break even further…

Pic: Avance Gas

Avance Gas Names Ulrik Andersen as CEO

Avance Gas Holding, a Bermuda-based company engaged in the transportation of liquefied petroleum gas, announced the appointment of Ulrik Andersen as Chief Executive Officer of Avance Gas AS, the management company of the Avance Gas group.Ulrik Andersen is appointed as Chief Executive Officer effective August 2019, a press note said.Ulrik has extensive experience from VLGC ship owning, most recently as Commercial Head of Shipping for Petredec. Prior to working with Petredec, Ulrik served as Managing Director for Neu Gas Shipping…

Graphics: Cruise Lines International Association

CLIA: 28.5 Million Cruised in 2018

The global cruise passenger continues at a paced growth around the world with an almost seven percent increase from 2017 to 2018, totaling 28.5 million passengers.According to Cruise Lines International Association (CLIA)'s latest global cruise passenger statistics, the average age for a cruise passenger is 47 years.Research also shows North American travelers continue to embrace cruising with an annual passenger increase of nine percent (14.2 million passengers) in 2018.While the cruise sector represents two percent of the overall global travel industry…

Pic: Nordic American Tankers

Nordic American Tankers Still in the Red

Nordic American Tankers (NAT) reported a net loss for 4Q2018, came in at -$10.5 million. This was a substantial improvement from the previous quarter (3Q2018) which saw a net loss of -$37.9 million. "It is important to note that we have concluded a refinancing of the company with CSG CSG Investments, Inc, funded by Beal bank Texas, USA. This refinancing strengthens the position of nat going forward. The new capital structure allows for greater flexibility as regards dividend payments," the Bermuda-based company said.NAT is well positioned in the tanker market, it added.

File Photo: Navios Maritime Containers Inc.

Navios Containers Updates on Fleet

Monaco-based container shipping company Navios Maritime Containers has exercised an option to acquire a 2011-built 10,000 TEU containership from an unrelated third party for a purchase price of $52.5 million.The containership is chartered out at a net rate of $26,325 per day until November 2020 and $27,300 per day until October 2021, and is expected to be delivered in the first quarter of 2019.Navios Containers also entered into an agreement where it has the option to acquire one 2011-built 10…

Pic: NGO Shipbreaking Platform

UAE, Greece, USA: Worst Vessel Dumpers

The United Arab Emirates (UAE), Greece and the United States of America (USA) top the list of country dumpers of ocean-going commercial vessels in 2018, according to new data released today by the NGO Shipbreaking Platform.UAE owners were responsible for the highest absolute number of ships sold to South Asian shipbreaking yards in 2018: there were 61 ships in total.Greek owners, beached 57 vessels out of a total of 66 sold for demolition. American owners closely followed with…

Photo courtesy of Stena

Transport Firms Reviewing UK-registered Ships Ahead of Brexit

Sweden’s Stena and Bermuda-registered Stolt-Nielsen are reviewing their UK-registered ships ahead of Britain’s departure from the European Union, the two leading transport companies told Reuters separately on Wednesday."In the light of the Brexit process we are considering whether the UK flag can become a possible issue for us when it no longer will be an EU flag post the 29th March 2019, but we have taken no decisions and are reviewing different scenarios," said Ian Hampton, chief people & communications officer and Brexit spokesperson for Stena Line.A spokeswoman for Stolt-Nielsen…

Pic:  Teekay LNG Partners

Teekay LNG Partners Repurchases USD 100mln Common Units

Bermuda-based shipping company Teekay GP, the general partner of Teekay LNG Partners, has announced that its Board of Directors has authorized a common unit repurchase program for the repurchase of up to $100 million of Teekay LNG’s common units. Common units may be repurchased in the open market or privately-negotiated transactions or otherwise at times and prices considered appropriate by the Partnership., said a stock exchane annoucement from the marine energy transportation…

File Photo: Navios Maritime Containers

Navios Maritime Containers Adds Two Boxships

The owner and operator of containerships Navios Maritime Containers announced that it took delivery of the Bahamas and the Bermuda, two 2010-built 4,360 TEU containerships on December 7, 2018 and December 17, 2018, respectively.As previously announced, the containerships were acquired for a total purchase price of $23.6 million, said a company release.The acquisition of the vessels was financed with cash on the balance sheet and from a new $50.0 million loan from a commercial bank that has also refinanced the company’s credit facilities maturing in the fourth quarter of 2019.

Image: Horizon Maritime

Nordic American Offshore Shelves Horizon Maritime Combination

The owner and operator of platform supply vessels (PSVs) Nordic American Offshore (NAO) has informed that its project to combine with Horizon Maritime Services has been called off.A stock exchange announcement from the Bermuda-based company said: "The contemplated business combination, involving NAO and a group in Eastern Canada (Horizon Maritime), has been shelved as it has been decided not to move forward at this time."It added that a Nordic company (Nordic Canadian Shipping…

Arendal Spirit. Image: Teekay Offshore Partners

Teekay Offshore Settles Dispute with Petrobras

Bermuda-based marine services company Teekay Offshore Partners announced that certain of its subsidiaries have entered into a settlement agreement with Petrobras with respect to various disputes relating to the previously-terminated charter contracts of the HiLoad DP unit and Arendal Spirit unit for maintenance and safety (UMS). As part of the settlement agreement, Petrobras - on behalf od its subsidiaries Petróleo Brasileiro and Petroleo Netherlands - has agreed to pay a total amount of $96 million to Teekay Offshore…

Image: GOGL

Golden Ocean Group Appoint Two New Board Members

Norway based dry bulk shipping company Golden Ocean Group Limited IGOGL) has announced that Ulrika Laurin and James O'Shaughnessy have been elected as new board members.Ulrika Laurin has been the Executive Chairman of ship-owning company Anglo-Atlantic Steamship Co. Ltd. and the Chairman of Laurin Shipping AB, an international ship-management company.She has served as the CFO of Anglo-Atlantic Steamship Co. Ltd. and as Commercial Manager of Laurin Maritime (UK) Ltd. Prior to that, she worked with fund manager Tufton Oceanic Ltd. and with management consultant Karlöf & Partners.

Photo: Team Tankers International

Team Tankers Back into the Black

Bermuda-based chemical tanker company Team Tankers International managed to return to profitability in the second quarter of 2018,  as 14 new ships from recent acquisitions boosted earnings.The company posted a net income of USD 4.4 million in Q2 2018, compared to a net loss of USD 7.3 million in Q1 2018 and a net loss of USD 7.1 million in Q2 2017.The average time charter equivalent rate for the fleet was $11,316 per day this quarter, compared with $10,610 per day in the previous quarter.Team's CEO…

Image: Höegh LNG

Höegh LNG Secures Debt Financing for 9th FSRU

Norway's floating storage and regasification unit (FSRU) giant Höegh LNG said it has secured a USD 177 million debt financing for its FSRU delivery unit number 9. The FSRU is scheduled to be delivered in the fourth quarter of 2018. The facility comprises a 12-year tranche of USD 132 million guaranteed by K-SURE (South Korean export credit agency) and a five-year non-amortising commercial bank tranche of USD 45 million. A combination of existing and new lenders are participating…

Image: GoodBulk Ltd.

GoodBulk Announces Fleet Update

Bermuda-based owner and operator of dry bulk vessels GoodBulk entered into an agreement to sell the M/V Aquapride, a 2012 built Supramax vessel of 61,465 dwt built by Imabari, JPN at $20.0 million to Suisse Bulkers, an unrelated party.The vessel is expected to be delivered to its new owner between September and November 2018. The M/V Aquapride was acquired by GoodBulk, for a total consideration of $17.0 million and is expected to contribute net profit of approximately $2.3 million…

Graph: Allianz Worldwide

Shipping Losses Continue to Fall

Large shipping losses have declined by 38 percent overall in the past decade, according to the Safety & Shipping Review 2018 by Allianz Global Corporate & Specialty (AGCS).Further, the number of total losses declined by 4 percent to 94 last year, the second lowest number in a decade.“Insurance claims have been relatively benign, reflecting improved ship design and the positive effects of risk management policy and safety regulation over time,” says Baptiste Ossena, Global Product Leader Hull & Marine Liabilities…

Image: Nordic American Tankers

Samsung Heavy Industries Delivers New Vessel to Nordic American Tankers

South Korea's Samsung Heavy Industries (SHI) delivered the first new building, named Nordic Aquarius, to Nordic American Tankers (NAT). The Bermuda-based NAT said in a press release: "We have previously advised you of the new buildings coming from Samsung shipbuilding in South Korea in 2018, the first one now in July. The second ship is scheduled for delivery at the end of August and the third one at the end of October. It said that over the years they have received several new buildings from Samsung. All transactions have been performed in a flawless way.

Photo: GoodBulk Ltd.

GoodBulk Files for a $100 Mln IPO

GoodBulk, an owner and operator of dry bulk vessels, announced that it has filed a registration statement on Form F-1 with the United States Securities and Exchange Commission (SEC) relating to a proposed initial public offering (IPO) of its common shares.Morgan Stanley and Credit Suisse are acting as lead book-runners, Clarksons Platou Securities, Evercore ISI, Pareto Securities and UBS Investment Bank are also acting as book-runners, and ABN AMRO is acting as co-manager for…

Photo:  Nordic American Tankers

Nordic American Tankers to Sell Tanker Pair

Bermuda-based Nordic American Tankers (NAT) is planning to sell two of its older suezmaxes, thus reducing its fleet size to 31 tanker vessels. NAT described the move as a means of “retaining the flexibility of NAT going forward”. "We expect that the sales will take place over the next couple of weeks. From a Far Eastern shipyard, we have 3 newbuildings joining our fleet in early July, end of August and end of October 2018 – 3 vessels in total. The adjustment of our fleet should be seen in this light," said a press release. "Our solid vetting performance, i.e.

Image: Team Tankers International

Team Tankers International Acquires Two Firms

Team Tankers International announced that the acquisitions of Laurin Shipping AB and Anglo-Atlantic Steamship Company have been completed. The Bermuda-based chemical tanker company on 28 February 2018 and 23 March 2018 regarding its agreements to acquire all of the outstanding shares in each of Laurin Shipping AB and Anglo-Atlantic Steamship Company Ltd. The preliminary purchase prices payable at closing for the shares in Laurin Shipping AB and Anglo-Atlantic Steamship Company Ltd. have been estimated to USD 10.4 million and USD 55.3 million respectively.

Image: WISTA

WISTA International Appoints Diversity Committee

The Women’s International Shipping and Trading Association (WISTA) is proud to announce the formation of its Diversity Committee. A member-driven project created as a next step after the #METOO campaign, the WISTA Diversity Committee will focus on providing practical solutions to increase opportunities for gender diversity in the maritime industry. The committee works as part of WISTA International’s 2018 theme: The Women Who Move the World. “WISTA has always advocated for increased gender diversity in the maritime industry.

File Photo: Golden Ocean Group Ltd

GOGL Acquires New Vessel

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.

Nieuw Statendam, a new cruise ship under construction for Holland America Line brand at Fincantieri’s shipyard in Marghera, Venice. (Photo: Fincantieri)

Four Carnival Brands to Debut New Ships in 2018

Carnival Corporation & plc will roll out four new ships in 2018 across four of its 10 global brands, as the company will add 18 new cruise liners to its fleet between 2018 and 2022. The new vessels to set sail in 2018 will be for Carnival Cruise Line, Holland America Line, Seabourn and AIDA Cruises, and follow three new ships debuted by Carnival Corporation in 2017. “Our fleet enhancement program enables us to manage the overall fleet by aligning new ship deliveries with our strategy for measured capacity growth over time…

Photo: GoodBulk Ltd.

GoodBulk Opts for Six More CarVal Capesizes

Greek dry bulk owner Goodbulk  informed that it expects to exercise the options to buy six more Capesize vessels for a price of USD 134.2 million. The purchase option was part of an agreement signed between Goodbulk and Carval Investors in October this year for a total of 13 Capezsize bulkers. "The option exercise is expected to be funded by a combination of cash on hand, availability under existing and new credit facilities, and issuance of $80.4 million of new shares, including 3…