21

Stolt-Nielsen pays $575m to take over Jo Tankers’ chemical fleet

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Stolt-Nielsen has agreed to acquire the chemical tanker operations of Jo Tankers for $575m.

The transaction comprises 13 chemical tankers and a 50% share in a joint venture with eight chemical tanker newbuildings. The total purchase price is approximately $575.0 million.

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13

Bahri gets financing fixed for another 15 VLCCs

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National Shipping Company of Saudi Arabia (Bahri) has teamed up with Arab Petroleum Investments Corp (APICORP) to launch a $1.5bn investment fund that could buy up to 15 VLCCs, putting the Saudi owner firmly at the top of the global VLCC ownership ranks.

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16

V. Group: ‘Shipmanagers more relevant than ever’

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“Shipmanagers are more relevant than ever right now,” argues the head of the world’s largest shipmanagement company in an exclusive interview with Maritime CEO today.

Clive Richardson, ceo of V. Group, while notes there’s a focus among owners today on controlling vessel opex and avoiding operational delays, so that vessels earn maximum charter fees in what he describes as “thin trading conditions”.

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17

Greek owner commits suicide

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A well-known Greek shipowner shot himself dead over the weekend.

Kyriakos Mamidakis was found dead at his home near Athens yesterday with a gun by his side, local police said.

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17

Fredriksen pumps $275m into Frontline

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John Fredriksen has stumped up $275m of his own cash as a loan for Frontline for its newbuilding program in China.

Fredriksen’s family firm Hemen Holding is providing the loan, which will go towards eight ships being built in the People’s Republic.

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15

Tankers and the new Panama Canal

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Erik Broekhuizen from Poten & Partners wonders whether an expanded Central American waterway bears any significance for the oil and gas trades.

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18

CSSC Shipping continues VLCC buying spree

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CSSC Shipping, the shipowning arm of Chinese shipbuilding giant China State Shipbuilding Corporation, has emerged as the buyer of an elderly VLCC sold recently.

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13

Nuke ship runs aground at Swedish nuclear power plant

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A vessel used to move nuclear waste ran aground this morning by a decommissioned nuclear plant in southern Sweden.

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11

Primorsk ditches restructuring in favour of ship sell-off

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Russian tanker player Primorsk International Shipping has dropped its restructuring plans in favour of pushing through asset sales, its lawyers told a bankruptcy court in Manhattan on Friday. Creditors have until Wednesday to object to the motion.

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17

Premuda: How shipping got into such trouble

http://splash247.com

Genoa: There are three main factors for the present crisis in some shipping segments according to Premuda’s president, Alcide Ezio Rosina: the emerging role of China in the shipbuilding industry, excess of credit from banks until 2008 and private equity’s liquidity hitting the market in the last few years.

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21

Maritime CEO Forum: Would President Trump be good for tankers?

http://splash247.com

Singapore: As any conference organiser will tell you, getting audience participation is both vital and tricky. When, however, you have Frank Coles, the never dull ceo of Transas on hand, an entertaining, interactive event tends to be on the cards.

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14

IMC eyes chemical tanker newbuilds

http://splash247.com

Singapore-based IMC is eyeing up chemical tanker newbuilds. Kenny Rogers, who heads up the Tsao family’s chemical transportation logistics division, speaking with SplashTV, said: “In the next 12 months we are going to evaluate the potential for newbuild ships.” He added: “We’re confident prices will be attractive to build so long as there is not too much saturation.”

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12

Maersk takes the biscuit with world’s first vessel delivery by drone

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Maersk Tankers has completed a landmark delivery to one of its vessels using a drone.

Denmark is famous for its cookies – and the lucky crew of the Maersk Edgar received a tin of biscuits by air in this groundbreaking trial.

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20

HMM confirms tanker selloff speculation

http://splash247.com

Hyundai Merchant Marine (HMM) has confirmed to Splash it is contemplating offloading its tanker division as it fights to remain solvent.

Splash reported yesterday local media reports from Seoul suggesting HMM, weighed down by debts in excess of $5bn, was willing to sell its tanker division.

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18

Scorpio Tankers sells five MRs to Bahri

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NYSE-listed Scorpio Tankers is to sell five MR product tankers to the National Shipping Company of Saudi Arabia (Bahri) for $166.5m en bloc.

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13

Rosneft and Pietro Barbaro form international shipping venture

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Italian owner Pietro Barbaro has further cemented ties with Russian energy major Rosneft with the signing today of a Memorandum of Understanding to form a joint international shipping venture.

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17

Iran outlines plans to ship 300,000 barrels of oil a day to Europe

http://splash247.com

Iran’s oil minister, Bijan Zanganeh, has spoken officially for the first time on plans to sell 300,000 barrels of oil a day to European customers.

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19

Nordea unhappy with Prisco Chapter 11 ruling

http://splash247.com

Swedish bank Nordea has attacked the terms laid out by a judge in Manhattan that will see Russian tanker firm Primorsk International Shipping (Prisco) keep operating. A New York bankruptcy judge yesterday allowed Prisco to use encumbered cash in order to keep operations of its nine-strong fleet afloat in Chapter 11.

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18

Morgan Stanley questions Teekay corporate structure

http://splash247.com

A report out this week from Morgan Stanley suggests Teekay Corporation might have to reevaluate its ownership structure with a possible reverse merger of the parent company with its three subsidiaries to absorb its assets and liabilities in exchange of shares to stem erosion of its equity value.

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17

Agritrade Resources confirmed as buyer of Euronav VLCC

http://splash247.com

Hong Kong-listed Agritrade Resources has announced that its subsidiary, Sea Oriental Line, has entered into an agreement with Euronav for the acquisition of a VLCC.

Euronav announced last week it was in the final stages of a deal for the vessel without specifying the buyer.

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