• 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."

2020 August 6

19:00 FSL Trust agrees to sell three containerships
18:27 Sumitomo Heavy Industries has been granted an “Approval in Principle” for a medium-size high-pressure LNG dual-fueled tanker
18:21 Port of Rostov-on-Don seven-month volume rises 4% to 12.7 million tonnes
18:07 ICTSI 1H2020 net income down 12% to US$113.4mln
17:26 Royal IHC awarded major contract for supply of FPSO equipment for Yinson
17:25 Vodohod’s newbuild Mustai Karim arrives at Saint Petersburg
16:36 Nevsky Shipyard launches the Pavel Leonov, last ship of PV22 series duo
16:15 North Sea Port, Flemish Waterways plc, Port of Antwerp, Port of Oostende, Port of Zeebrugge, the Agency for Maritime and Coastal Services, and the Joint Nautical Management to introduce SWINg in 2021
15:43 Zelenodolsk Shipyard to host tomorrow launching and keel-laying ceremonies
15:41 Maritime Autonomous Surface Ships Port Network was established in Singapore
14:27 MABUX Bunker Weekly Review
13:54 Tolyattii bound heavylift project cargo successfully handled at Port Bronka
13:27 Alaska Marine Lines rail barges upgrade ballast systems
12:46 Davie confirms polar leadership with icebreaker launch
12:35 Transit container transport by RZD network soars 30% in Jan-Jul
11:40 CMA CGM to launch its ever-faster service connecting Spain with Algeria
11:35 Carnival Cruise Line joins industrywide pause in U.S. through October 31
10:18 Shell signs charter contracts for six newbuild LNG carriers
10:15 Fourth IMO Greenhouse Gas Study: Shipping emissions are projected to increase by up to 50% until 2050, relative to 2018
09:58 The Flemish government, Port of Antwerp and SeReAnt together improve the water quality at the Port of Antwerp
09:26 Baltic Dry Index as of Aug 5
09:21 Crude futures prices resume climb
09:10 MABUX: Bunker market this morning, Aug 06
08:11 NYK starts operation of its first finished-car logistics terminal in Japan

2020 August 5

18:57 Valenciaport triples air quality control cabins
18:16 U.S. Coast Guard suspends search for missing spearfisher off Maui
18:04 Port of Helsinki turnover decreased by 26.7% to EUR 33.4 million in January–June 2020
17:35 A delegation of the Port of Gdansk visits Klaipeda
17:06 Voluntary ship slowdown through Swiftsure Bank begins August 1
16:49 Mississippi River will get deeper
16:39 MOL introduces FOCUS Project Part Ⅲ: Virtual Ship Visit Application 'Fleet Tour'
16:29 Admiralty Shipyards starts building fourth CT-192 series trawler the Kapitan Martynov
15:27 Solstad secures contract from BP for three vessels in Australia
14:38 ABS to class first Taiwan-built offshore installation vessel
13:22 Hurtigruten temporarily suspends all expedition cruises
13:18 Krasnoye Sormovo to launch the MS Pola Marina cargo ship on August 7
13:12 The Vostochnaya Stevedoring Company completes the upgrade of more than 18,000m2 of storage yard
13:08 Concept of a modular composite fishing boat gets the thumbs up from MARINET
12:39 Scorpio Bulkers to build Wind Turbine Installation Vessel (WTIV) at DEME
12:01 Fincantieri and Saipem sign deep-seabed mining agreement
11:58 MARINET expects draft amendments on autonomous shipping to Russia’s MSC to be submitted by the end of the month
11:13 Future 12th expeditionary fast transport (EPF 12) for US Navy successfully completes acceptance trials
11:06 SEA-KIT bags two USV orders from Fugro
10:51 Indian Register of Shipping launches vessel for Unichart Navigation
10:23 Baltic Dry Index as of Aug 4
10:18 Crude futures prices remain nearly flat
09:51 MABUX: Bunker market this morning, Aug 05
09:07 EMSA, ECDC release guidance on resuming safe cruise operations in EU

2020 August 4

18:36 UK publishes Guidance on financial sanctions for Maritime Industry
18:21 Avance Gas sells 2003-built VLGC Avance
17:45 Klaveness Combination Carriers takes delivery of the fourth CLEANBU vessel
17:03 Tallink Grupp publishes July 2020 passenger and cargo statistics
16:58 ADNOC L&S and Wanhua Chemical Group form Strategic Shipping Joint Venture
16:33 Dredging of Utrenny LNG terminal’s basin kicked off
16:02 MHI-MME receives generator turbine and VOC firing auxiliary boiler orders for shuttle tankers
15:51 Flag, coastal and port authorities from eight countries come together to encourage development of maritime autonomous surface ships
15:43 Port of Ust-Luga MRC’ priority is taking care of employees
14:50 NOVATEK’s transshipment terminal in Port of Ust-Luga undergoes overhaul
14:02 Stena Line starts new service Liepaja - Karlskrona - Travemünde
13:26 MRA sets its sights on distance training