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Splash 247 09/23/2019 00:13
Robert Kuok’s Singapore-listed PACC Offshore Services Holdings (POSH) says that its 50% owned subsidiary POSH Terasea is facing another default claim following the company defaulting on a $27.6m loan this month. POSH Terasea is a joint venture with Ezion Holdings as well as Seabridge Marine Holdings. POSH said the default announced last week has triggered […]
Splash 247 09/22/2019 23:32
The Deep Dive returns with a provocative pod looking at what are the right and wrong datasets to focus on to read the shipping markets correctly. The Splash podcast features BIMCO’s chief shipping analyst, Peter Sand, in the hot seat and he expertly faces a barrage of tough questions. Following on from the last issue […]
Splash 247 09/22/2019 20:55
Ancora Investment Trust has acquired 2007-built MR1 product tanker from Teekay LNG Partners, multiple brokers report. The Greek MR product tanker specialist has paid $11.5m for the tanker according to both Seasure Shipbroking and Advanced Shipping & Trading, a price significantly cheaper than the $12.6m valuation of the ship by VesselsValue. Ancora currently has a fleet […]
Splash 247 09/22/2019 15:59
Greece’s Altomare has acquired 2005-built 310,300 dwt Imabari VLCC , according to broking sources. Altomare has taken the Toyo from Japan’s NYK according to both Seasure Shipbroking and Advanced Shipping & Trading, however Seasure reports the deal at $28m while Advanced says the deal was done at $29.5m. VesselsValue places a market value of $30.4m […]
Splash 247 09/22/2019 15:30
Houston-headquartered McDermott International has received unsolicited approaches to acquire all or part of its technology business Lummus Technology. Due to the approaches, McDermott says it will explore strategic alternatives for the $2.5bn business, and has appointed Evercore as lead advisor. Lummus Technology is a licensor of proprietary petrochemicals, refining, gasification and gas processing technologies, and […]
Splash 247 09/20/2019 00:46
A partial management buy-out at salvage giant Ardent sees top management take a significant shareholding from co-owners Svitzer and Crowley. Ardent was created four years ago and is one of the largest salvage and offshore decommissioning companies in the world. The financial terms of the deal, which was assisted by alternative direct lender Aurelius Finance […]
Splash 247 09/20/2019 00:26
Robert Kuok’s Singapore-listed PACC Offshore Services Holdings (POSH) could be hit with an impairment charge of up to $42m, following the default of its 50%-owned joint venture on $27.6m worth of debt. The joint venture is POSH Terasea, which the company operates with troubled Ezion Holdings as well as Seabridge Marine Holdings. The loan is […]
Splash 247 09/19/2019 23:25
Singapore-headquartered ship management firm Synergy Group has opened a new office in Copenhagen. The office is Synergy’s 13th worldwide, and will be headed by Rune Zeuthen. Zeuthen moves from Teekay, and his career includes stints at Maersk, Topaz Energy, Gulf Navigation and Clarksons. Rajesh Unni, CEO and founder of Synergy Group, commented: “We are delighted […]
Splash 247 09/19/2019 23:13
TMS Cardiff Gas has sealed a seven-year time charter contract for one of its 11 LNG carrier newbuildings with Total Gas & Power. The 174,000 cu m vessel with XDF propulsion is currently under construction at South Korea’s Samsung Heavy Industries (SHI) and scheduled for delivery in 2020. Christos Economou, Founder of TMS Cardiff Gas, […]
Splash 247 09/19/2019 23:00
What a crazy week. November Brent hit highs of $69 before ‘stabilising’ around $64.50. Unsurprisingly this caused huge swings in the bunker market, with delivered bunkers in Singapore hitting highs of over $580 on Tuesday. At this point MGO was at $616, meaning the cost to switch to MGO was only $33. HSFO still remains […]
Splash 247 09/19/2019 22:35
George Procopiou-led Dynagas LNG Partners has secured a syndicated loan of $675m from a group of international banks. The credit facility will be secured by mortgages on the partnership’s entire fleet of six LNG carriers. The loan, together with extra cash, will be utilised to repay the all partnership’s existing debt of $720m in total. […]

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