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Grindrod Shipping Agrees Another Sale and Leaseback Deal
Singapore-based Grindrod Shipping has reached an agreement for a third sale and leaseback transaction for one of its Handysize drybulk carriers.
The company said that the deal for the 2011-built IVS Magpie was agreed with a Japanese shipowner for a cash amount of USD 10.3 million.
The company will bareboat charter the vessel back for a period of up to 12 years and has the right, but not the obligation, to acquire the unit from the end of the second year of the charter, with the new owner having the right, but not the obligation, to sell the vessel to the company at the end of the 12 year charter period.
Grindrod Shipping explained that the IVS Magpie constitutes part of the security package for its USD 100 million senior secured credit facility and would be released from the security package in connection with the closing of the transaction.
At closing, which is expected to take place in November 2019, the sale would generate around USD 5.4 million of cash for the company after settling the debt associated with the vessel.
The company earlier reached financing arrangements in respect of IVS Knot and IVS Kinglet.
Additionally, the company said that its charter agreement for the long-term chartered-in 2014-built Japanese eco supramax vessel, IVS Crimson Creek, includes a fixed period ending December 2019, with extension options covering a further two years at pre-determined charter rates.
"We have agreed with the owner of the vessel, subject to conclusion of charterparty documentation, to substitute the existing extension option periods and charter rates with a firm extension at a revised rate structure for a period of about 15 to 17 months from December 2019."Posted On:31-Oct-2019
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Third New VLCC Handed Over to Hunter Tankers
Norwegian investment company Hunter Group has taken delivery of its third newly built very large crude carrier (VLCC) and subsequently delivered it to its new owner.
The vessel with hull number 5457, built by South Korea s Daewoo Shipbuilding and Marine Engineering, was handed over on October 31 in accordance with a Memorandum of Agreement signed in June 2019.
At the time, the company said that the unit would be sold to undisclosed Far Eastern buyers at a price of USD 98 million.
The deal is a part of the company s earlier received offer to sell two of its VLCC newbuildings.
Hunter Group noted that all funds have been transferred and the transaction is complete.
According to data provided by VesselsValue, the 300,000 dwt unit carries the name C Guardian and would be a part of the Tankers International Pool.
Aside from the ships scheduled to be handed over to Hunter Tankers in 2019, the company has another four 300,000 dwt VLCCs under construction at DSME that would join the fleet in 2020.Posted On:31-Oct-2019
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Port of Rotterdam Authority Scales Back Brexit Measures
The Port of Rotterdam Authority has again put its preparatory measures for a No-Deal Brexit on hold following recommendations from the Ministry of Foreign Affairs.
The development comes on the back of an agreement, reached on October 29, by member states of the European Union and the United Kingdom on a Brexit extension until January 31, 2020.
"“Extension does not mean annulment. Although the Brexit extension offers perspectives for an orderly departure of the United Kingdom from the EU, a No-Deal Brexit on January 31, 2020 remains a possibility," the port authority said.
The Port of Rotterdam Authority will therefore continue to stress that exporters and importers need to pre-alert their cargo digitally via PortBase, the digital solution in Dutch ports to ensure that cargo can be transported quickly via Dutch ports even after Brexit.Posted On:31-Oct-2019
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European Commission Launches In-Depth Probe into Fincantieri-Chantiers Deal
The European Commission has officially opened an in-depth investigation to assess the proposed acquisition of France s Chantiers de l Atlantique by Italian shipbuilder Fincantieri under the EU Merger Regulation.
As explained, the commission is concerned that the transaction may reduce competition in the global cruise shipbuilding market.
"Demand for cruise ships is booming globally," Commissioner Margrethe Vestager, responsible for competition policy, said.
"Chantiers de l Atlantique and Fincantieri are two global leaders in this sector. This is why we will carefully assess whether the proposed transaction would negatively affect competition in the construction of cruise ships to the detriment of the millions of Europeans taking cruise holidays every year," Vestager continued.
Specifically, at this stage, the commission is concerned that the proposed transaction may remove Chantiers de l Atlantique as an important competitive force in an already concentrated and capacity-constrained market.
The commission has preliminarily concluded that it is unlikely that a timely and credible entry from other shipbuilders would counteract the possible negative effects of the transaction. The transaction may therefore significantly reduce competition in the market for cruise shipbuilding, which could lead to higher prices, less choice and reduced incentives to innovate, the EC said in a statement.
What is more, the EC has preliminarily concluded that large customers would not have sufficient buyer power to counteract any risk of price increases as a result of the transaction.
The commission will now carry out an in-depth investigation into the effects of the proposed transaction to determine whether it is likely to significantly reduce effective competition.
As informed, the commission now has 90 working days, until March 17, 2020, to make a decision.
The official statement issued by the commission follows media reports indicating that a full-scale investigation into the proposed transaction would be launched.
On October 29, 2019, Fincantieri expressed its disapproval of such decision by the EC, pointing out that there would be still three cruise shipbuilders in Europe following the acquisition.
In January last year, the EC accepted a request from France and Germany to assess the acquisition of Chantiers de l Atlantique by Fincantieri. Under the deal, Fincantieri would assume 50 percent ownership of Chantiers de l Atlantique, with an additional 1 percent to be borrowed from the French state.Posted On:31-Oct-2019
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FSG Launches Siem s Newest RoRo Vessel
Germany s shipbuilder Flensburger Schiffbau-Gesellschaft (FSG) has launched a 4,076-lane meter roll-on/roll-off (RoRo) freight ferry being built for Norwegian shipping company Siem Europe.
The christening and launching ceremony was held in Flensburg on October 29, 2019.Posted On:31-Oct-2019
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Fincantieri Refutes Rumors Linked to Chantiers Deal
Italian shipbuilder Fincantieri has denied reports that EU antitrust authorities would commence a further in-depth analysis of the proposed acquisition of French rival Chantiers de l Atlantique.
"Fincantieri strongly disapproves such rumors, which have also negatively affected its share price today," the shipbuilder said in a statement on October 29, 2019.Posted On:31-Oct-2019
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Singapore Boosting Port Efficiency with New Digital Tool
Singapore s Maritime and Port Authority ( MPA) has launched a maritime single window system that will serve as a one-stop portal for maritime regulatory and port services transactions.
Named digitalPORT@SG, the service is being introduced to improve operations at the port.Posted On:31-Oct-2019
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Abu Dhabi Ports Maqta Gateway, Etisalat Partner Up on Port Digitalization
Abu Dhabi Ports Maqta Gateway has signed a memorandum of understanding (MoU) with telecommunications services provider Etisalat in an effort to enable connectivity and bring digital innovation across the port facilities.
As explained, the partnership will help transform the port with technologies like cloud computing, IoT and big data, paving the way for a new era of digital transformation in the maritime sector.Posted On:31-Oct-2019
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New AMC simulation facility will boost safety at sea
Sydney is now home to state-of-the-art maritime training simulators following the establishment of a new facility in Darling Harbour by AMC Search, the training and consultancy division of the Australian Maritime College (AMC).
Training simulators are as vital for Australia s mariners as they are for its aviators, providing familiarisation and emergency training that helps keep our tens of thousands of maritime workers - and the billions of dollars of goods they transport- safe at sea.Posted On:31-Oct-2019
Credits: www.bunkerportsnews.com |
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Irish ports see reduction in volume of goods passing through
The volume of goods going through Ireland s ports between April and June this year fell in comparison with the same period last year, according to the Central Statistics Office.
The seven main Irish ports - Dublin, Cork, Rosslare, Drogheda, Shannon Foynes, Waterford and Bantry Bay - handled 12.3 million tonnes of goods in the three months.Posted On:31-Oct-2019
Credits: www.bunkerportsnews.com |
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Competition tribunal flips ACCC ruling on Newcastle port shipping charges
A review tribunal has ruled Port of Newcastle can charge coal giant Glencore 65 per cent more than the price set by the Australian Competition and Consumer Commission last year.
The Australian Competition Tribunal announced on Wednesday that the private port operator can charge Glencore $1.0058 per gross tonne in navigation service fees, up from $0.7809.Posted On:31-Oct-2019
Credits: www.bunkerportsnews.com |
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Port of Rotterdam Authority scales back Brexit measures
Following recommendations from the Ministry of Foreign Affairs, the Port of Rotterdam Authority has again put its preparatory measures for a No-Deal Brexit on hold. The reason is the agreement reached yesterday by member states of the European Union and the United Kingdom on a Brexit extension until 31 January 2020.Posted On:31-Oct-2019
Credits: www.bunkerportsnews.com |
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Cyber attack on Asia ports could cost $110 billion - Lloyd s
A cyber attack on Asian ports could cost as much as $110 billion, or half the total global loss from natural catastrophes in 2018, a Lloyd s of London-backed report said on Wednesday.
Cyber insurance is seen as a growth market by insurance providers such as Lloyd s, which specialises in covering commercial risks, although take-up in Europe and Asia remains far behind levels in the United States.Posted On:31-Oct-2019
Credits: www.bunkerportsnews.com |
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