Greek Shipping News Cuts
Week 30 - 2010
---While Greek ordering in the first six months of 2010 was dominated by contracting for dry bulk ships, the batch of orders coming to light this week is extremely interesting. Not only have some 20 ships worth over $1bn been the subject of contracting, the orderbook comprises container ships, LNG carriers, kamsarmax, panamax and handysize bulkers.
Last week, Piraeus-based shipbroker, George Moundreas & Co said it believes "the shipping world will temporarily refrain from placing more orders during the summer period, while waiting for some positive signs of a recovery in the freight market and further stability in the growth of China's economy". This maybe the case, but certainly orders are materalising, just now, perhaps before Greek owners leave for a few weeks holiday.
Research by Naftiliaki / Newsfront reveals that around 120 companies controlled by Greek interests currently have ships on order, accounting for over 600 ships. In the first six months of the year, Moundreas says 117 ships were ordered -- 93 bulk carriers and 22 tankers.
While those ordering ships in recent weeks are, in the main, familiar names, some of the ordering is out of type. This, brokers say, indicates leading Greek owners see opportunities in different markets. Indeed, owners like Embiricos, Dinos Martinos, George Economou and George Procopiou have been showing an increasing interest in container ships.
Martinos' Thenamaris is reported as finalising and order for four large feeder container ships with four options. A pair of 1,800teu ships and a pair of 2,500teu units, with two options for each, is said to have been placed in China. The smaller ships are said to be costing $30m and the larger $40m, for a possible investment of $280m.
Peter Livanos-controlled GasLog has moved forward a project to build two 155,000cumtr, tri-fuel LNG carriers at Samsung HI, in South Korea. It first surfaced that GasLog was mulling an order for LNG carriers at Samsung HI during the naming ceremony at the yard of the 154,000cumtr ships GasLog Savannah and GasLog Singapore in the spring. Originally ordered by Chevron they've been delivered to Livanos' Ceres group and are on t/cs to BG for three years.
In another example of a change in direction, Spiros Latsis' Consolidated Marine Management has reportedly ordered two kamsarmax bulk carriers at Hyundai Mipo for delivery end 2012. No price has been given, but brokers say they are likely to be costing $36m each. Once a major player in the VLCC sector the Latsis company currently has four medium range product tankers and five VLGCs.
Meanwhile, Dynacom Tankers/George Procopiou is said to be in the process of switching an order for VLCCs in Hyundai HI to two suezmax tankers and two kamsarmax bulkers. When the orders were placed in mid-2008, the price was said to be $155m a unit with delivery for two VLs second half 2011.
-- Filed: 2010-07-30
Owners blame ore pricing switch
---Optimists predict a dry bulk surge and pin therate collapse on the new iron-ore pricing regime, reports Greg Miller
The bearish counter-argument is that resurgent fourth-quarter Chinese demand will be overwhelmed by the flood of newbuilding deliveries, particularly in the Capesize sector. The bears believe the recent collapse of the Baltic Dry Index is evidence of a systemic crisis induced by oversupply.
Source: Fairplay - Markets 29 Jul 2010
Polembros orders four very large bulkers
--- * Monday 02 August 2010
* by Nigel Lowry
Piraeus-based owner signs deal for 205,000 dwt bulk carriers at Qidong Daoda yard
JIANGSU-based shipbuilder Qidong Daoda Heavy Industry has been reported by Chinese and Greek sources as landing a project to build four giant 205,000 dwt bulk carriers for Piraeus-based Polembros Shipping.
The price has not been disclosed but the four vessels are said to be scheduled for delivery by the end of 2012.
The deal has been cast as the largest order for the shipyard since the start of the global financial crisis in late 2008. In mid July this year, the shipyard secured another order for two 57,000 dwt supramax vessels from a German shipowner.
There was no immediate confirmation of a final contract in Greece and no senior Polembros executive was available for comment.
Qidong Daoda has an order backlog of 20 vessels, which includes 13 30,000dwt handysize and multi-purpose vessels, five 5,000 dwt heavy lift carriers and two 57,000 dwt supramax bulk carriers.
Some Chinese reports said the yard had joined forces with Shanghai-listed port machinery manufacturer Shanghai Zhenhua Heavy Industry to win the Polembros business.
ZPMC and Qidong Daoda refused to comment on the transaction.
No Georgiopoulos deal
Representatives of Georgiopoulos did inspect the Byzantine vessels, reliable sources tell TradeWinds. Brokers also have reported details of negotiations between the parties. Some even reported prematurely that a sale had been concluded.
But sources told TradeWinds at presstime this week that talks had stalled and perhaps broken off over the price issue.
By Joe Brady in Stamford
Published: 18:05 GMT, 30 Jul 10 | updated: 18:16 GMT, 30 Jul 10
TEN buys four - sells one
(July 30 2010)
Tsakos Energy Navigation (TEN) has acquired four fully-coated 2009 South Korean-built panamax tankers for $218 mill, while at the same time has disposed of an older similar size unit.
Two of the new acquisitions will be delivered immediately and two in the fourth quarter of 2010.
Both of the new acquisitions are on timecharter to a major South American state affiliated oil entity at a minimum base rate with 100% upside for the company. The charters expire in April and June 2011, respectively.
When combined, these charters are expected to generate at least $10 mill minimum revenues over the vessels' respective employment, TEN said.
In addition, TEN said that it had further expanded and solidified its strategic partnership with the charterer by expanding the number of vessels employed by the client from five to seven.
All four vessels were acquired from affiliated companies and will continue to be managed by Tsakos Columbia ShipManagement to ensure a seamless transfer.
The total price of $218 mill includes quality enhancements to the two newbuildings.
A bank loan has been secured for the acquisition of the first two vessels and TEN is currently negotiating the financing of the remaining two with various international banks.
The equity portion of the transaction will be financed from TEN's own funds.
He added, "We project these acquisitions will be immediately accretive to net income and per share earnings and enhance shareholder value."
Source: Tanker Operator news
Navios Navy Adds Battleships
As Ms. Angeliki Frangou commented, the latest deal was done a mere 2 months after the formative transaction was approved and was transformational. The transaction will be accretive form the outset contributing a secured aggregate base EBITDA over the fixed charter period of $651 million (111% of the purchase price), which excludes profit sharing, and is based upon 355 revenue days and a daily operating expenses of $10,000/day escalated 3% annually. After this transaction, Acquisition will own 20 vessels and have contracted coverage of 89.1% and 80.2% in 2010 and 2011 respectively.
Of course, our concerns are largely mitigated by the longterm time charter coverage; however, we believe these charters would not be insured as the insurance cover derives from its acquisition of dry bulk owner/operator Kleimar.
Presumably this policy was underwritten on the basis of dry bulk risk. While in the main the counterparties are strong, they are not the major oil companies.
While busily digesting its recent acquisitions, Navios knows no summer doldrums and presumably is working on the much anticipated partial spin-off of the logistics business.
Source: www.marinemoney.com Freshly Minted Newsletter VOLUME 8, ISSUE 30, July 29, 2010
Safe Bulkers, Inc. Announces Acquisition of One Newbuild Panamax-Class Drybulk Vessel
Globus Maritime Ltd Announces Reverse Split Effective July 29, 2010
Shareholders who hold their shares in certificated form will receive a new certificate within 14 days of the Record Date. Old certificates are now invalid. Shareholders holding a number of shares that is not evenly divisible by the ratio of the reverse stock split will not receive a cash payment for any fractional shares.