• 2006 December 7 12:03

    Quintana pays CMB US$92.5m for capesize newbuilding

    Marshall Islands-registered bulk carrier owner Quintana Maritime has bought a newbuilding capesize bulk carrier under construction at Shanghai Waigaoqiao Shipbuilding Co from Belgian-based CMB for US$92.5m. The 177,000 dwt, to be named Iron Miner, is due for delivery in March next year and has been fixed on a five-year time charter to major capesize market player Transfield, at a net daily rate of US$40,000 with,A statement says: “Quintana Maritime has advanced the sellers a cash deposit of US$9.25m, or 10% of the aggregate purchase price of the vessel, and intends to fund the balance of the purchase price, upon delivery of the ship in March 2007, with borrowings under its existing credit facility, cash on hand, and the proceeds from the exercise of warrants.”It adds: “Quintana expects to partially finance the acquisition with the proceeds from the exercise of approximately 3.2 million warrants, including 1.1 million warrants that have already been exercised, 0.4 million warrants in the process of being exercised, and 1.7 million warrants held by sponsors of the Company. These sponsors, which include affiliates of Corbin J. Robertson, Jr., First Reserve Corporation, and AMCI International, Inc., have expressed their intention to exercise their warrants prior to the delivery of Iron Miner. Certain factors, including a decline in the price of Quintana’s common stock below the exercise price of the warrants prior to the delivery of the vessel, could cause the sponsors not to exercise their warrants. If the sponsors do not exercise the warrants, the company will be required to find an alternative source of financing to pay the balance of the purchase price of the vessel upon delivery.”“Furthermore, a major operator in the Capesize market that operates in excess of 40 Capes. Including the charter on Iron Miner, the Company has secured approximately 90% of 2007 net operating days under time charter contracts, representing approximately $191.0 million in net revenues.
    Quintana Maritime’s CEO and president Stamatis Molaris said: "This latest acquisition is consistent with our articulated strategy to expand our presence in the capesize sector, while at the same time securing profitable long term employment opportunities. We believe this acquisition will be an accretive use of the proceeds received or expected to be received from the exercise of approximately 3.2 million warrants out of the total of 8.2 million warrants issued. We remain committed to grow Quintana, within our selected segments, while at the same time we enhance the stability and predictability of our cash flow and earnings."

2019 September 19

18:04 Bibby Marine Services takes the next step to optimize walk-to-work operations
17:56 Marinet approves Poseidon maritime cyber security project
17:37 American Ethane reveals plans to order 17 VLECs
17:34 Wärtsilä’s Board of Directors decided on the distribution of the second dividend instalment
17:22 Marinet approves T2OT project for high accuracy positioning of seagoing vessels
17:04 VARD secures advanced stern trawler contract with Luntos
16:50 Average wholesale prices for М-100 HFO down to RUB 14,328 in RF spot market
16:34 Zeebrugge port authority invests in new 1,071 meter quay wall
16:04 RINA to classify Swedish Maritime Administration fleet
15:53 Marinet set to establish exports support center in Finland in 2020
15:34 MacGregor secures orders worth more than EUR 20 million for projects in Europe and Asia
15:05 Wärtsilä foresees a lower result for 2019
14:31 North Pole ice-resistant platform presented by Admiralteiskie Verfi at NEVA 2019
14:09 ABS announces LNG Cargo Ready notation for ethane carriers at Gastech 2019
13:46 Hyundai Heavy Industries receives AIP for new LPG carrier design
13:03 Bunker prices go up at the Far East ports of Russia (graph)
12:40 ABS and AEC сollaborate on newbuild VLEC fleet
12:17 Murmansk Sea Fishing Port handled 171,200 tonnes of cargo in 8M’2019, down 28.5% Y-o-Y
11:58 PortNews-TV offers video on naming ceremony for PortNews tanker
11:36 International symposium on Anthropogenic Underwater Noise held in Hamburg on 10 September
11:09 LR awards DSME AiP for 98,000 m3 VLEC design with High MnA steel tank
10:42 Ships of RF Navy’s Caspian flotilla take part in Tsentr 2019 maneuvers
10:09 Singapore and Panama ink MoU to strengthen maritime relations
09:51 Brent Crude futures price is up 0.20% to $63.73, Light Sweet Crude – up 0.33% to $58.23
09:49 MABUX: Bunker market this morning, Sept 19
09:33 Baltic Dry Index is down to 2,266 points
09:18 ABS grants AIP for two next generation gas carrier designs

2019 September 18

18:26 SGRE confirmed member of the Dow Jones Sustainability Indices in 2019
18:03 MOL repays existing loans through issuance of project bond for FPSO charter project
17:48 Russia’s Rosmorrechflot and Ministry of Industry and Trade develop preferential leasing programme
17:30 Vympel DB develops concept design for Arctic cruise ship
17:22 Metal Shark delivers new foil-assisted catamaran excursion vessel to Pure Florida
17:11 US Coast Guard shifts response efforts in Bahamas
17:03 ECSA considers the European State Aid Guidelines for maritime transport highly successful and key to maintaining a strong European shipping sector
16:39 Vigor hosts keel-laying ceremony for the U.S. landing craft MSV(L)
16:21 Vitol announces long-term LNG time charter contract with H-Line
16:03 Despite some positive indicators, concerns remain for offshore energy underwriters, reports IUMI
15:42 Wärtsilä Denmark joins Digitalisation in Shipping: Europe 2019 as Associate Partner
15:24 USCG ends search for migrants of capsized vessel off Martinica Beach
15:03 GTT receives an order from HHI & SHI for the tank design of six Very Large Ethane Carriers
14:50 FSUE Atomflot develops project on construction of 7MW icebreaking tugboat
14:33 Hapag-Lloyd to increase rates from North East Asia to Australia
14:16 Wärtsilä simulators provide advanced training at newly inaugurated Portuguese facility
14:14 Ørsted contracts Van Oord for cable installation at Greater Changhua offshore wind farms
14:12 GTT obtains Approval in Principle for Arc7 ice class ships from Russian Maritime Register of Shipping
14:03 ABS and Samsung Heavy Industries sign digital technology
14:00 SAAM Towage contracts Damen for delivery of tug vessel
13:31 Discussion “Development of recreational crafts and high-speed passenger vessels” begins at Neva 2019
13:10 Wärtsilä launches the Wärtsilä 31SG pure gas engine for marine market applications
13:04 International Association of Ports and Harbors visited by ICHCA representatives
12:38 RS issues Approval in Principle for new GTT’s LNG containment systems
12:03 LR awards Jiangnan AiP for 91,000 m3 VLGC Panda 91T design.
11:49 ADNOC acquires 10% of VTTI
11:30 LNG-fueled tugboat Ishin undergoes 1st LNG bunkering trial in Port of Kobe
11:02 ABS and Samsung Heavy Industries to develop next generation LNG carrier
10:37 Training underway for Jeddah Maritime Information Sharing Centre
10:21 Panama Canal signs agreement with Port of Rotterdam
10:12 TGS announces strategic milestones to accelerate growth
09:44 Brent Crude futures price is down 0.09% to $64.49, Light Sweet Crude – down 0.44% to $59.08
09:15 Baltic Dry Index is down to 2,283 points