Daewoo Shipping and Marine Engineering Posts Q3 Loss
The South Korean shipbuilding major Daewoo Shipbuilding & Marine Engineering (DSME) has posted a net loss in the third quarter from a year earlier due to one-off losses.According to a stock exchange announcement by the world’s second-largest shipbuilder by orders, the net loss reached 323.9 billion won (US$285.1 million) in the three months ending Sept. 30 from a net profit of 74.9 billion won during the same period last year.DSME's operating profit in the third quarter fell 9.6…
TEN's 15-Vessel Newbuilding Program Nearing Completion
Greece-based Tsakos Energy Navigation (TEN) said that its 15-vessel newbuilding program is nearing completion with the final three aframax tankers expected to be delivered in the coming months. In the second half of the year, with all vessels delivered and 77% of the fleet on full utilization contracts, TEN's industrial shipping strategy will be at full throttle. In line with the programmed deliveries, in January 2017 the VLCC Hercules I was delivered from Hyundai Heavy Industries in South Korea and was subsequently chartered for a period of up to 18 months.
TEN Strengthens Vessel Base
Tsakos Energy Navigation (TEN)'s growth has continued unabated in 2017 with the delivery of one VLCC, the Hercules I, one aframax tanker the Marathon TS and the shuttle tanker Lisboa, currently all under long-term employment to solid counterparties. These came on the back of nine vessels that were delivered or acquired in 2016 and will be followed in 2017 by the last four, of nine, aframaxes that were built against long-term employment to a Norwegian oil major. With the delivery of these remaining high-end aframaxes…
Capital Product Partners Tankers get Contracts
Capital Product Partners (CPP) has taken delivery of a new panamax containership, which will commence a five-year timecharter to CMA CGM. It also has won a timecharter from Cargill, and another two have had their charters to Capital Maritime extended. The NASDAQ-listed company has announced the successful acquisition of the MV 'Akadimos,' as well as new time charter employment for the MT 'Active' and MT 'Anemos I' and a charter extension for the MT 'Atrotos,' each at increased day rates.
TEN Sends New Aframax Tanker to Work for Statoil
Tsakos Energy Navigation Ltd. (NYSE:TNP) has taken delivery of the aframax tanker Elias Tsakos, part of the 15-vessel newbuilding program and the first of the nine assigned for the Statoil long-term business. The vessel was delivered from Daewoo Mangalia Heavy Industries and will immediately be employed by Statoil with potential gross revenues in excess of $100 million. “Following the delivery and long term charter of the VLCC Ulysses, we are pleased to announce the commencement of our strategic relation with Statoil, one of the most recognized oil companies in the world,” commented Mr.
Rio Bravo Christened in Antwerp
The Rio Bravo was christened Nov. 12 in the port of Antwerp. She is the fifth newbuilding in a series of six identical Hamburg Süd container vessels, each with a slot capacity of 5,900 TEU. Sponsor of the Rio Bravo is Laura Madeleine von Schubert, daughter of Roland Oetker, Managing Partner of R.O.I. Verwaltungsgesellschaft mbH and Member of the Advisory Board of the Oetker Group. Following her delivery on 18 August 2009 at Daewoo Mangalia Heavy Industries (DMHI), the Rio Bravo…