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Tuesday, July 16, 2019

Marshall Islands News

GSL Acquires Three Boxships

Marshall Islands-incorporated Global Ship Lease (GSL) announced that it has agreed to acquire three 2004-built, 7,849 TEU containerships for an aggregate purchase price of $48.5 million.Upon delivery during the second quarter, the first vessel will commence a five-year charter with Maersk Line, said a press release from the owner of containerships with a diversified fleet of mid-sized and smaller containerships.The two other vessels are expected to be delivered during the third quarter and will commence three-year charters with Maersk Line…

File Image: AdobeStock / © Renaschild

U.S. Imposes Venezuela Sanctions on shippers, tankers

The United States has imposed sanctions on two shipping companies and two tankers involved in trade with Venezuela, the U.S. Treasury Department said on Friday.The two companies are based in Marshall Islands and Liberia, and both tankers have Panama flags, the Treasury said in a statement on its website.Reporting by Makini Brice

Mjølner, MID-SHIP Partner for Product Solutions

Mjølner Shipping Holdings LLC and MID-SHIP Capital LLC has announced the expansion of their joint venture with the launch of their second fund, Mjølner Product Solutions LLC.Mjølner Shipping Holdings LLC (“Mjølner”) and MID-SHIP Capital LLC (“MID-SHIP”) has announced the successful closing of a product tanker-focused investment fund, Mjølner Product Solutions LLC (“Product Solutions”), a Marshall Islands company.Product Solutions was formed to provide investors with efficient…

Pic: Global Ship Lease

GSL Extends Hapag-Lloyd Charter

Marshall Islands-incorporated  containership charter owner Global Ship Lease (GSL) has agreed a three-year charter with Hapag-Lloyd for the 2015-built, 9,115 TEU containership UASC Al Khor.The new charter is in direct continuation of the current charter and is expected to commence in June, 2019, with re-delivery in the second quarter 2022, said the owner of containerships with a diversified fleet of mid-sized and smaller containerships.The charter is expected to generate approximately $28 million of Adjusted EBITDA.Ian Webber…

Kevin Austin (Photo: Hill Dickinson)

Hill Dickinson Strengthens Team

Hill Dickinson announced a series of high-level appointments.Joining Hill Dickinson are Master Mariner Kevin Austin, Korean market specialist Beth Bradley, and transactional lawyer Sung Hwan Choi.Experienced Master Mariner Kevin Austin, currently a Legal Director with Norton Rose, is especially well known in the London Hull Market. He will join Hill Dickinson as a Legal Director in London, following a strategic rearrangement of the firm’s mariner team, which sees Joe Quain return…

Marshall Islands-flagged LNG carrier ‘LNG/C Golar Snow’  (Photo: GAC Group)

GAC Handles First Tanker at New LNG Terminal

GAC has handled the first tanker to berth at the newly constructed Liquefied Natural Gas (LNG) terminal inside Kamarajar Port, Ennore in Chennai, India. The Marshall Islands-flagged LNG carrier ‘LNG/C Golar Snow’ was carrying the first consignment of 78,037m³ of LNG from Ras Laffan in Qatar for the commissioning of the terminal.Agency operations were overseen by Captain Srinivasan Sethumadhavan, General Manager of Shipping Services at GAC’s Chennai Office, who is optimistic about…

Photo: Danica

Danica Takes on Ultramax New Building

Danica has announced it has been entrusted with the crew management of the newbuilding ultramax Port Imabari for Lisbon headquartered Portline Bulk International.Delivered in January, the 63,500 DWT Port Imabari, equipped with four 30.5 tonnes (SWL) grab cranes, was built at Japan’s Imabari Shipyard. The Marshall Islands-flagged bulk carrier brings Danica’s fleet of crew managed vessels to 23.Henrik Jensen, Danica Managing Director, said: “We thank the owners for the trust they…

Image: Capital Product Partners L.P.

Product Tanker Market Looks Up

The product tanker market registered a robust recovery in the fourth quarter of 2018, partially reversing the downward trend observed in the first nine months of the year, said Capital Product Partners.The Marshall Islands' tanker company said in a stock exchange annoucement that the beginning of the quarter was weak in line with the previous quarters, as rates hovered close to historically low levels, but the market gained momentum from early November onwards.In the West, the…

Alfonso Castillero  (Photo: LISCR)

Liberia Confirmed as World’s Second-largest Ship Registry

Liberia is the second largest ship registry in the world, according to leading shipping analyst Clarksons in its Clarksons World Fleet Monitor January 2019. This report confirms that, in gross tonnage terms, Liberia has overtaken and outgrown the Marshall Islands, which now languishes in third place.Alfonso Castillero, CCO of the Liberian International Ship & Corporate Registry (LISCR), the US-based manager of the Liberian Registry, says, “This is about quality of service, not…

Pic: Mitsui O.S.K. Lines

Asahi MOL Tankers Established

Japanese shipping company Mitsui O.S.K. Lines (MOL) and the marine transportation services provider Asahi Tanker Co have launched a new MR product tankers pool with a fleet of about 25 ships.The new pool, named Asahi MOL Tankers and headquartered in Republic of the Marshall Islands, will also launch MR product tankers that will be assigned to the pool.MR stands for Medium Range and refers to product tankers in the 45,000-55,000 deadweight ton class. This ship type has great versatility in transporting petroleum products such as gasoline…

Pic: BW Group

Hafnia/BW Tankers Create Product Tanker Giant

The merger of BW Tankers with Hafnia Tankers is being operationalized creating one of the world’s largest owners and operators of product tankers.The merged company owns and operates a fleet consisting of approximately 100 product tankers, four newbuildings and three product tanker pools, managed by Hafnia Management and Straits Tankers with vessels in the LR2, LR1, MR and SR segments.BW Tankers will be the surviving legal entity, but it will change its name to Hafnia, said company sources."All the conditions for the Merger have been fulfilled…

File Image: Global Ship Lease

Global Ship Lease Closes Poseidon Containers Deal

Marshall Islands-based Global Ship Lease (GSL) announced that it has completed the proposed merger deal with Greece's Poseidon Containers.According to a release from GSL, the combined company will have a fleet of 38 vessels with a total capacity of 198,793 TEU, and, as of September 30, 2018, an average fleet age weighted by TEU of 10.7 years, and with the recently announced new charters, contracted revenue of approximately $720 million. "The closing of the merger creates a market leader with an asset base of more than $1.3 billion…

Pic: CMA CGM

Global Ship Lease Bags New TC with CMA CGM

Containership lessor Global Ship Lease, announced a new time charter with ANL, a wholly owned subsidiary of CMA CGM, for the 2003-built, 2,207 TEU containership GSL Keta (formerly Delmas Keta).The containership charter owner informed that the new charter, commencing on or around November 20, 2018, is for a period of between seven and 10 months (at charterer’s option) at a rate of $8,450 per day, up from $7,800 per day under the preceding charter.The company incorporated in the Marshall Islands has also exercised options to extend the existing charters of the 2002-built…

Gulfport as it appears today.

Gulfport’s Long Road Back From Hurricane Katrina

When Jonathan Daniels, executive director of the Mississippi State Port Authority at Gulfport spoke to the audience at the annual state of the port luncheon July 27, 2018 at the newly rebuilt Island View Casino, he had a lot to offer in terms of jobs. And he had two aces in the hole: SeaOne, an untested compressed liquefied gas company and Yilport, a terminal company operated by an ambitious Turkish port developer. Both had letters of intent dating back two years with much to do.As has been the case since before Daniels took over from Don Allee in 2013…

Challenger software main menu, taken on board the Hapag-Lloyd vessel Callao Express (Photo: Poseidon Navigation Services)

Poseidon Navigation Services Inks Deal with Hapag-Lloyd

Global container carrier Hapag-Lloyd has appointed Poseidon Navigation Services Ltd as the supplier of all Chart Management Services for the fleet managed by Hapag-Lloyd Hamburg.The appointment, announced after an in-depth evaluation process, starts immediately and will include Poseidon Navigation Services’ ‘Challenger’ software platform which will provide weekly updates for all Admiralty products, both paper and digital.Thomas Gunn, Managing Director at Poseidon Navigation Services…

Image: Global Ship Lease

Global Ship Lease Adds 2,800 TEU Containership

Global Ship Lease, a containership charter owner, announced that the Company has taken delivery of a 2005-built, 2,800 TEU containership, now named GSL Valerie. Shortly after delivery, and as agreed at the time the Company contracted to purchase the vessel, GSL Valerie will commence charter employment with CMA CGM for a period of 12 months at a fixed rate of $9,000 per day. The Company’s fleet now comprises 19 vessels with a total capacity of 85,112 TEU. Ian Webber, Chief Executive Officer of Global Ship Lease…

Image: Watson Farley & Williams

WFW Advises CMBFL on Sale, Leaseback of 15 Dry Bulker

Watson Farley & Williams (WFW) has advised CMB Financial Leasing (CMBFL) on a US$180.4m sale and leaseback transaction with Star Bulk Carriers Corp, a Nasdaq-listed global shipping company providing worldwide seaborne transportation of dry bulk cargoes.The funds obtained by Star Bulk under this new five-year capital lease of US$180.4m entered into with CMBFL were used to part-finance the cash portion of the consideration with regards to Star Bulk’s acquisition of 15 dry bulk vessels from Norwegian shipowner Songa Bulk ASA.Founded in 2008…

Marshall Islands Confirms No Class Certificate Surcharge

International Registries, Inc. and its affiliates (IRI) announced that the Republic of the Marshall Islands (RMI) Registry will not levy surcharges and commissions on vessel documents and certificates issued on its behalf by the classification societies."The RMI Registry will continue to provide its clients with a transparent pricing structure for the issuance of key certificates needed by shipowners," it said in a statement.Bill Gallagher, President of IRI, which provides administrative and technical support to the RMI Registry…

 Image: NAPA

NAPA Brings Digital Logbooks Within Reach of More Ships

NAPA, the maritime software, services and data analysis provider announced that its industry-benchmark electronic logbook, NAPA Logbook, is now available as a monthly service solution.According to media release, this reduced barrier to entry will bring the connectivity and job automation benefits of digital logbooks to more of the maritime market. NAPA Logbook will also be one of the first integrations with NAPA Mobile, enabling support for smartphone logbook entries wherever the crew are onboard.As the world’s leading provider of electronic logbooks…

Image:  Liberian Registry

Liberia Becomes Fastest Growing Flag in Shipping

Liberia is the fastest growing major open registry in 2018 in both the shipping and offshore sectors, according to shipping services provider Clarksons in its Clarksons World Fleet Monitor June 2018.Alfonso Castillero, CCO of the Liberian International Ship & Corporate Registry (LISCR), the US-based manager of the Liberian Registry, said: “I am delighted to see that Liberia continues to be the leading flag in 2018. It has grown by 2.2 percent in terms of gross tonnage overall so far this year…

Photo: Danaos Corporation

Norton Rose Fulbright, Citibank on USD 2.2bln Danaos Corp Restructuring

Global law firm Norton Rose Fulbright has advised Citigroup and other lenders of Danaos on a $2.2 billion restructuring of NYSE-listed Danaos Corp (DAC), one of the world’s largest independent owners of modern, large-size containerships.Norton Rose Fulbright’s Athens, London and New York offices advised Citigroup and certain other lenders (including China Exim Bank and Eurobank) on new money, take out and refinancing facilities, restructuring support agreements, debt for equity arrangements…

© vladsv / Adobe Stock

RMI Registry Establishes Worldwide Gas Team

The world's second largest ship registry said it is looking to advance its position as the largest registry of gas carriers and expand its footprint in the transportation and processing of liquefied gases with the formation of a dedicated gas experts team.The Republic of the Marshall Islands (RMI) Registry said its new Worldwide Gas Team is comprised of experts in the design, technical management, inspection and commercial operation of gas carriers. The group is able to provide guidance from inspection and registration to technical issues and regulatory challenges…

File Image: Global Ship Lease

Global Ship Lease Bags New Time Charter with Maersk Line

Global Ship Lease announced a new time charter with Maersk Line for the 2004-built, 8,063 TEU containership OOCL Ningbo, which has been renamed GSL Ningbo, following her redelivery by OOCL on September 17, 2018.The containership charter owner said in a press release that the vessel will be chartered, commencing on or around September 21, 2018, for a period of between two and 12 months, with a subsequent option for an additional 12-month extension (at charterer’s option).During the first three months…

File Image: a recent Matson newbuild vessel (CREDIT Matson)

Matson Launches New U.S. Flag Marshall Islands Service

Matson has launched its new direct U.S. flag service between Honolulu and the Republic of the Marshall Islands ("RMI"), reducing cargo transit times to the RMI from the U.S. mainland by as many as eight days. The new service will call at three ports in the RMI - Kwajalein, Ebeye and Majuro every 17 days. Matson purchased a 700-TEU, U.S.-flagged containership to operate the new service. Christened Kamokuiki, or 'small island or vessel' in the Hawaiian language,  the vessel is well suited to serving island communities with two 45 ton cranes onboard…

Photo: EuroDry Ltd

Euroseas Completes EuroDry Spinoff

Euroseas announced  that it has completed the spin-off of its drybulk fleet into EuroDry Ltd. Euroseas shareholders received one EuroDry Ltd share for every five shares of the Company they owned. Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are very pleased to complete the spin-off of our drybulk fleet into a separate publicly listed company, EuroDry Ltd. Euroseas now becomes a pure containership company, the only US-listed containership owner focused on the feeder sector. EuroDry was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands.

Courtesy Euronav

Euronav Secures Loan for Four Ice-class Suezmaxes

Tanker shipping company Euronav has secured a loan facility providing financing for four ice-class suezmax newbuildings under construction by Hyundai Samho Heavy Industries Co., Ltd., two of which have recently been delivered with the remaining two scheduled for delivery later in 2018.Watson Farley & Williams LLP (WFW) said it acted for Crédit Agricole Corporate & Investment Bank in relation to a $173.5 million loan facility for Euronav NV signed on March 22, 2018. The commercial lenders were Crédit Agricole Corporate & Investment Bank…