TOP Tankers Inc (Nasdaq: TOPT) announced the sale and immediate leaseback of the handymax tankers M/T Restless and M/T Sovereign. The vessels have been leased back under seven-year bareboat charters, with TOP Tankers performing the operational and commercial management of the vessels. The vessels will continue their employment under time charter contracts with Vitol and Glencore for the remaining period of two and four years, respectively, under those contracts. The Company expects to generate a gain of approximately $7.0 million as a result of the sale/leaseback transactions, which will be amortized over the seven-year bareboat charter period. The Company believes that the bareboat charters will qualify as operating leases under U.S. GAAP. Evangelos J. Pistiolis, President and CEO of TOP Tankers Inc commented, "The sale and charter back of the M/T Restless and the M/T Sovereign should further strengthen our balance sheet and enhance our ability to pursue further acquisition opportunities in the second-hand tanker market."
Euronav NV completed the first tranche of the implementation of the Tanklog transaction. Five newbuilding contracts and two bareboat time charter contracts were novated to Euronav in exchange for a cash payment and a capital increase by means of a contribution in kind by which a total of 1,534,310 new shares were issued to companies related to Tanklog Shipholdings Ltd. The new shares will be listed on Euronext as from June 30, 2005
SeaBird Exploration Limited (BVI) (SBX) has acquired the remaining 50 percent ownership in the Joint Venture entity Sana Navigation Company Limited (Sana) which charters the M/V Northern Explorer from Russian owners on a long term bareboat charter. The purchase price is $25.5m. The Joint Venture is now terminated in all respects. The acquisition of the 50% interest in Sana includes the long term bareboat contract, the liquid cash, other current assets
Teekay LNG Partners L.P. announced that it has agreed to acquire a 155,900 cubic meter (cbm) liquefied natural gas (LNG) carrier newbuilding from Awilco LNG ASA, a Norwegian-based owner and operator of LNG carriers. The vessel, which is currently under construction by Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) of South Korea, is expected to deliver in the third quarter of 2013, and subsequent to delivery from DSME to Awilco
Deploys all redelivered vessels on longer term employment. • Revenue stability enhanced; two product tankers time chartered to Petrobras and three chemical tankers deployed in the ‘Nordic Siva’ pool • Cash reserves rose to US$33.2 million; improving resilience against uncertainties in shipping market • Revenue continues to be at risk FSL Trust Management Pte. Ltd. (“FSLTM”)
DryShips Inc. announced t that it has taken delivery of m.v. Hille Oldendorff a 2005 built, 55,566 deadweight ton, or dwt, handymax drybulk carrier which it acquired recently. m.v. Hille Oldendorff comes with a bareboat charter at $19,745 per day, net of commissions, until March 2007.
TOP Ships announced that it has entered into an agreement for the sale of M/T Stainless, a 149,599 Dwt, double-hull Suezmax tanker built in 1992. Under the agreement, the purchaser will bareboat charter the M/T Stainless until the vessel’s final delivery, which is expected to take place by the end of July 31, 2008. The purchaser is paying to the Company a net daily hire of $20,000 beginning January 31, 2008 until final delivery
Chiles Offshore LLC has begun a bareboat charter arrangement with Perforadora Central of Mexico City, who is the owner of the Mobile Offshore Drilling Unit, Tonala. Designed by LeTourneau, Tonala is a super 116-C cantilever jackup able to work in up to 350 ft. of water, built for Perforadora by TDI Halter Marine. Completed this past January, Tonala is expected to enter service in mid-March 2000, where it will commence a contract with CNG Producing Company to drill two wells in the U.S
Revenues up 10.5% vs. full year 2012 to €1.312 billion and up 6.0% vs. fourth quarter 2012 to €331.6 million impacted by U.S. Dollar depreciation against the Euro • Annual Revenues up 10.5% partly due to a 5.9% increase in the size of the fleet and a positive offshore demand environment • Utilization rate of the fleet remains at a high level at 89.5% (-0.9 pts compared with 2012), despite the increase in the size of the fleet
Belgium's Euronav sells Samsung newbuild 'Cap Isabella' 157,648 dwt to new owners then charters the vessel back long-term. Cap Isabella was sold for US$ 54,000,000, with delivery from Korea's SHI to the new owners due shortly. The vessel will be taken back under a bareboat charter for a fixed period of 2 years at current market rates and with 3 options to extend the charter by a further year. In the event of a sale of the vessel by the new owner during the currency of the bareboat charter
Viking Offshore & Marine Limited (Viking) which is building a portfolio of mainstream offshore, marine and drilling assets, said today that it has secured a 50-month bareboat charter for a land rig system worth approximately US $32 million.
CMA CGM Group announced that the maiden voyage of the CMA CGM Danube will begin on June 30 in China. The 9,400 TEU vessel is the first of a series of 28 ships from 9,400-10,900 TEU which will be delivered through the third quarter of 2016.
Q1 2014 revenue up 7% over Q1 2013 to US$ 89.4 million as a result of the expansion of the core vessel fleet and high vessel utilization. Topaz Energy and Marine has announced the results of its subsidiary Nico Middle East Ltd. (“NMEL”) for the three months ended 31 March 2014
Singapore-based First Ship Lease Trust (“FSL Trust”) informs in its Q1 2014 financial report that its loss for the quarter was reduced by nearly 30% to US$4.9 million from US$7.0 million posted the year before. The reduced loss was partly due to the impairment loss on financial
Wells Fargo Equipment Finance, through its Energy and Marine and Capital Markets Groups, acting in the capacity of lead arranger, closed a $209 million financing facility today for Signet Maritime Corporation, a global marine transportation company based in Houston.
Private equity firm Avista Capital Partners informs it has invested in a newly-formed joint venture (J/V) with SEACOR Tankers Inc., a subsidiary of SEACOR Holdings Inc. that operates a fleet of 7 U.S.-flag Jones Act vessels (5 owned and 2 chartered-in) in the U.S
Drilling and deal activity on the UK Continental Shelf (UKCS) will remain at a steady low for at least the next year, suggests a new report from business advisory firm Deloitte. Poor weather and high costs have already had an impact on the amount of exploration and appraisal (E&A) work
The UK government’s Budget 2014, issued on 19 March 2014, is good news for UK shipping as it ensures the continuation of a stable UK tax regime for shipping, as has been the case for the past few years, according to international accountant and shipping adviser Moore Stephens.
A changing tax landscape doesn’t have to mean bad news – at least not just yet. A Changing Landscape Historically, bonus depreciation has had a significant effect on construction of new vessels, allowing businesses to initially expense 30 percent
Net Income Group share up 174% to €115 million. Increased operating margin1 and capital gains generated €575.7 million EBITDA, up 41.7% compared to 2012. EBITDAR2 (excluding capital gains) reached €450.3 million (+17.6%), an increase of 2.1 pts to 34
Formerly financially troubled FSL Trust Management (FSL Trust) says in its latest FY 2013 report that it has successfully secured a loan covenant relaxation until 31 December 2014, which they hope will enable them to move forward.
Star Bulk charters two fuel efficient newbuilding newcastlemax vessels under 10-year bareboat charters with purchase obligation Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargos, announced that it has entered into agreements with CSSC (Hong
Nordic American Tankers (NAT) announced that an arbitration panel in London has produced an award in favor of NAT. Gulf Navigation Holding PJSC (GulfNav) was the other party in the arbitration. The case relates to the six-year bareboat charter with GulfNav of the Suezmax vessel Gulf Scandic (now
Topaz Energy and Marine has announced the acquisition of two large and modern Anchor Handling Towage and Supply Vessels (AHTSV) at a purchase price in excess of $100 million (USD). The vessels, the Caspian Challenger and the Caspian Endeavour
Following the 19 November 2013 suspension of trading of First Ship Lease Trust (FSL) on the Singapore Stock Exchange, the Board of Directors informs that the company remains in on-going discussions with lenders to seek a longer loan covenant relaxation and are working hard to resolve the situation