Friday, April 29, 2016

Markets - Newbuildings almost run dry


In a lacklustre newbuilding market, Aegean Shipping Management has ordered two Aframaxes at China’s Cosco Zhoushan shipyard, plus another two as options.
They are due for delivery in 2018. Brokers put the cost at $41.8 mill per vessel.

This latest order from Aegean was the first since taking delivery of four MRs from Daesun Shipbuilding in South Korea in 2014.

CSSC Chengxi Shipyard was reported to have won its first ever orders to build chemical tankers. This came with Sweden’s Ektank contracting four 18,600 dwt units.

The first of the four new chemical tankers is scheduled to be delivered in the first half of 2018. Financial details of the deal were not disclosed.

Oslo-listed BW LPG has signed a debt facility agreement worth $221 mill for the financing of four of its VLGC newbuildings.

The financing was raised from ING Bank, KFW IPEX-Bank, Oversea-Chinese Banking Corp(OCBC) and Standard Chartered Bank, as mandated lead arrangers, where ING Bank also acted as co-ordinator and facility agent, the company said.

“We are very pleased with this financing, which leverages the well-priced Korean ECA lending to provide an exceptional all-in cost and structure. This is a clear demonstration of BW LPG’s platform value in obtaining market leading financing. We are grateful to our lenders for their continued support,” BW LPG CEO, Martin Ackermann, said in a comment.

BW LPG has also taken delivery of ‘BW Tucana’, the seventh VLGC in its newbuilding programme of eight ships being built by the Hyundai Heavy Industries (HHI), while three VLGCs and four BW Pacific MRs have been timechartered to Nissen Kaiun.

All of the vessels are currently under construction at Japan United Marine Corp (JMU).

In the charter markets, Navios Maritime Acquisition Corp has agreed charter deals for three of its product tankers at 14% higher average charter rates.

The MR2 ‘Nave Equator’ was fixed to an undisclosed party for 18 months at $17,000 per day.The 2009-built ship is expected to generate $5.5 mill of aggregate EBITDA for the complete charter period, Navios said.

Furthermore, Navios Acquisition signed charter extensions for the MR2s‘Nave Titan’ and ‘Nave Orion’, for another year, following the charterers’ options being exercised.

“Pursuant to the options, the applicable increased base rates are $15,306 and $14,813 (net) per day, respectively, plus profit sharing,”Navios said.

Brokers said that two of the three vessels were fixed to Scorpio and Hafnia (‘Nave Titan’).

The 2013-built vessels are expected to generate around $6 mill of aggregate base EBITDA for the one-year charter extensions.

Navios Acquisition also said that it has contracted 91.5% of its available days for 2016.

Gener8 Maritime took delivery of the VLCC ‘Gener8 Nautilus’ on 20th April, 2016 from Hyundai Samho Heavy Industries.

She is the ninth of 21 VLCCs due to enter into Gener8 Maritime's fleet. Upon delivery, the ‘Gener8 Nautilus’ entered Navig8's VL8 Pool.

Meanwhile, Navig8 Product Tankers has entered into a $130.3 mill senior secured credit facility agreement for post-delivery financing for four 74,000 dwt LR1s.

The loan, agreed with Citibank, London Branch and Caixaban, will be used for vessels which were either constructed or are currently under construction at South Korea’s STX Offshore & Shipbuilding.
The loan, which will also cover the 87,500 cu m VLGC ‘Navig8 Experience’ delivered in March, 2016, provides financing of around 65% of the contract price of the four ships.

The financing is split between two separate tranches - a $26.1 mill commercial tranche and a $104.2 mill tranche insured by Korean Trade Insurance Corporation (K-Sure tranche).

“Thus far, we have raised over $1.3 bill through a combination of equity, senior debt and sale and leaseback financings. We will continue to seek diverse and inexpensive sources of capital, as we continue to accept deliveries from our newbuilding programme,” said Nicolas Busch, Navig8 Product Tankers CEO.

Concordia Maritime has signed a new consecutive voyage contract for the P-MAX tanker ‘Stena Polaris’. This contract, which comes into effect in May, 2016, is for one year.

The contractual partner is one of the world’s largest oil and gas companies, Concordia said, without naming the company.

“This is a new niche trade that we have identified together with our customer. The new contract clearly demonstrates that we have found an arrangement that creates value for all parties. The customer has a specific transport need for which the large load capacity of the P-MAX tankers will be well suited. For our part, the contract is fully in line with our commitment to concentrate employment on niche trades where there is potential for premium rates,” said Kim Ullman, Concordia Maritime CEO.

‘Stena Polaris’ has been employed on one of the same customer’s niche trades to Australia and New Zealand since spring, 2014. The vessel will be mainly used to transport light oil products from Singapore to island groups in the Pacific Ocean.

China Shipping Tanker reportedly fixed the 2007-built ‘Yasa Golden Bosphorus’ for 12 months at $26,000 per day, while the recently sold Aframaxes ‘SN Claudia’ and ‘SN Olivia’ were reported as fixed to ST Shipping for 12 months at $22,500 per day each.

The 1999-built MR ’Ocean Quest’ was thought fixed to Petrobras for three years at $17,500 per day, while a 2006-built Handysize was believed fixed for two years at $15,500 per day.

In the S&P sector, Aframaxes were the pick of the bunch on brokers’ reports. For example, the 1996-built sisters ‘CE-Merapi’ and CE-Breeze’ were reported sold to Turkish interests for around $18 mill en bloc.

Indonesian shipowner Soechi was said to have picked up the 1999-built Aframax ‘Jag Laxmi’ for $13.6 mill, while Indian interests were thought to have purchased the 2003-built Aframax sisters ‘Phoenix Alpha’ and ‘Phoenix Beta’ for $40 mill en bloc. Another 2007-built Aframax was also said to be on subjects to Asian interests.

Finally, four newbuilding MRs at STX Jinhae were reported sold to Chinese interests for $140 mill en bloc. They are due for delivery in 2017.  

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