Friday, June 19, 2015

Markets---Still more orders as tanker rates firm



Marine Management (Trade & Transport) was believed to be close to ordering two option two Suezmaxes and two option two Aframaxes from CIC Jiangsu.
       
The larger tankers were thought to cost about $57 mill each, while the Aframxes were quoted at $50 mill each, according to brokers reports.

In addition, Knutsen NYK Offshore Tankers (KNOT) has ordered another Suezmax capacity DP2 shuttle tanker on the back of BG exercising its option to charter a third  newbuilding for operation in Brazil.

BG still has a remaining option for one more shuttle tanker.

The new vessel will be constructed by Hyundai Heavy Industries (HHI) ithe builder of the first two vessels in the series.

Upon delivery, expected to be in mid-2017, the vessel will commence operations under a timecharter with BG for a minimum term of five years. If BG exercises all the extension options, the vessel could operate under charter for 20 years.

Elsewhere, Norwegian based Yara was believed to have ordered two MRs at SPP for 2017 deliveries.
Following last week’s news regarding Euronav, the company has now confirmed the purchase of four newbuilding VLCCs for $96 mill each.

Paddy Rodgers, CEO, said; “Euronav is delighted to enhance our fleet with the addition of four high specification modern VLCCs. The tanker sector continues to perform strongly with a positive outlook. This accretive transaction further cements Euronav’s position as the largest, independent quoted crude tanker platform.”

The vessels are due to be delivered as early as September 2015, January, March and May 2016. In addition and against the payment of an option fee of an aggregate amount of $8 mill, the seller has also agreed to grant Euronav an option to acquire up to a further four VLCCs sisters for $98 mill each.

Navios Maritime Acquisition Corp announced that it had agreed to sell the 2000-built VLCC ‘C Dream’ and the ‘Nave Celeste’, a 2003-built VLCC, to Navios Maritime Midstream Partners for $100 mill, payable in $73 mill in cash and $27 mill in a new class of subordinated units.

Finland’s Neste Corp is to sell two of its product tankers to Swedish-based Donsötank for around $15 mill each.

The vessels are the last to be fully owned by the refining company, which in 2013 announced its plans to divest its shipping operations.

The two vessels- ‘Purha’ (25,000 dwt, built 2003) and ‘Jurmo’ (25,000 dwt, built 2004) will be delivered to Donsötank in September. Prior to their handover, they will continue to be managed by OSM Ship Management Finland.

Other sales reported include the 2000-built VLCC ‘Kalymnos’ thought sold to Murmansk Shipping for $39 mill. She is scheduled for drydocking in September, brokers said.

The 1998-built MR ‘Kara Sea’ was said to have been committed to unknown buyers for $9.5 mill and the 2005-built Handysize ‘Faouet’ was said to have been sold to Thenamaris for $16.2 mill.

In the charter market, Capital Product Partners (CPP) newly delivered MR ‘Active’ was fixed on a two-year timecharter to Cargill for $17,700 daily.

The NASDAQ-listed company bought the vessel in April from its sponsor Capital Maritime & Trading Corp for $33.5m.

Active‘s previous charter to Capital Maritime was due to expire in 2017 but was terminated early to enable Cargill to commence the contract in early June. Capital Maritime was paying a gross rate of $17,000 per day for the vessel, plus a 50/50 profit share.

Capital Maritime has also extended its existing timecharter of CPP’s MR ‘Anemos I’ (built 2007) by another year at a gross rate of $17,250 per day. This is an increase on the gross $14,850 per day fixed in the current charter, which expires in mid-June.

CPP’s sister company Capital Maritime has also extended its timecharter of the MR ‘Atrotos’ (built 2007) for another year at a gross daily rate of $15,250, which is $500 per day more than the current rate. The new charter expires in April next year.

BP Shipping was thought to have fixed the 2003-built Aframax ‘CSK Valiant’ for 12 months at $22,000 per day, while the oil major was also linked to the charter of the 2008-built LR1 ‘Athina’for 12 months at $21,000 per day. 

Hafnia was believed to have taken the 2008-built MR ‘FSL Singapore’ for $15,000 per day, plus a profit sharing scheme. Morgan Stanley was said to have taken the 2000-built MR ‘Iver Experience’ for 12 months at $14,250 per day, while Trafigura was believed to have fixed her sister - ‘Iver Exporter’- for the same period and same rate.

Finally, Koch was thought to have fixed the 2010-built MR ‘Swarna Mala’ for 12 months at $16,750 per day.  

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