Capital Tankers Corp. announces the acquisition of three Scrubber-Fitted VLCC Newbuildings with 2027 deliveries
Capital Tankers Corp. (the “Company”, “CAPT”, “we” or “us”), an international shipping company focused on crude oil transportation, today announced the acquisition from Capital Maritime & Trading Corp. (“Capital Maritime”) of three VLCC shipbuilding contracts for vessels under construction at Hengli Shipbuilding (Dalian) Co., Ltd. (“Hengli” or the “Shipyard”), with deliveries scheduled in 2027. Capital Maritime previously acquired these three VLCC shipbuilding contracts, originally ordered by an affiliate of Hengli, with expected deliveries in September, October and November 2027 (the “2027 SBCs”). Capital Maritime offered the 2027 SBCs to the Company at the original contract price of $122.0 million per vessel, plus $0.7 million per vessel for financing and other costs incurred by Capital Maritime in connection with the 2027 SBCs. Indicative vessel appraisals value the 2027 SBCs at $150.0 million each, or a value accretion of $82.1 million compared to the acquisition price across the three shipbuilding contracts.
The upfront cost to assume the 2027 SBCs, payable by June 30, 2026, is $37.3 million per vessel ($111.8 million in total) and covers the construction payments and financing and other costs borne by Capital Maritime to date. The remaining $85.4 million per vessel (total $256.2 million) will be paid upon each vessel’s delivery from the 2 Shipyard. We expect to fund the upfront payment with cash on hand, while the balance is expected to be financed through a combination of debt and cash on hand.
Following the acquisition of the 2027 SBCs, the Company retains the original 13 options, comprising 11 VLCC and two Suezmax vessels (the “Optional Vessels”). The Company can exercise any or all of the 13 options at the original contract price until December 31, 2026. Thereafter, the Company retains a right of first refusal on any future sale of these vessels. Capital Maritime does not currently control crude tanker vessels other than the Optional Vessels.
Dynacom: Συμφώνησε στην κατασκευή τεσσάρων ακόμη VLCCs
Σε συμφωνία για την κατασκευή τεσσάρων επιπλέον VLCCs (χωρητικότητας 300.000 dwt έκαστο) στο κινεζικό ναυπηγείο Hengli Heavy Industry, προχώρησε η Dynacom Tankers Management, συμφερόντων Γιώργου Προκοπίου.
Με τη νέα παραγγελία, το ναυπηγικό πρόγραμμα VLCC της ναυτιλιακής εταιρείας στο εν λόγω ναυπηγείο ανέρχεται πλέον σε 16 πλοία.
Samsung Heavy Industries Books Order for 4 LNG-powered VLCCs
Samsung Heavy Industries announced on Feb. 18 that it has won an order for four LNG-powered very large crude oil carriers (VLCCs) for a total of 458.7 billion won from a shipping company in Oceania. These ships will be delivered sequentially by June 2023.
Samsung Heavy Industries won orders for nine LNG-powered vessels worth 1.2 trillion won in a week, including the five LNG-powered container ships logged last week.
The ships will feature diverse eco-friendly technologies to satisfy regulations on pollutant emissions, including the S-Fugas, an LNG fuel supply system for high pressure gas-diesel engines, energy saving devices which reduce ship friction resistance, and shaft generators which generate power by using shafts’ turning force.
Meanwhile, Samsung Heavy Industries has won a total of 14 orders so far this year, including one LNG carrier, nine container ships and four crude oil carriers. These contracts add up to US$1.7 billion, which amounts to 22 percent of the company’s order target (US$7.8 billion) for 2021.
Source: Business Korea
DHT Holdings, Inc. announces acquisition of two VLCCs
DHT Holdings, Inc. announced that it has entered into agreement to acquire two VLCCs built in 2016 at DSME (Daewoo) for a total of USD 136 million. The vessels are scheduled to deliver during the first half 2021. The Company will finance the acquisition with available liquidity and projected mortgage debt hence it is expected to be accretive to DHT’s earnings per share. The vessels were built to high specifications by their current owner and are fuel efficient, scrubber fitted Eco-designs that will further improve the DHT fleet’s efficiencies, amongst others its Annual Efficiency Ratio (AER) and Energy Efficiency Operational Index (EEOI) metrics.
Ocean Yield Wins Arbitration Against Okeanis ECO Tankers for four VLCCs
In October 2019, Okeanis ECO Tankers (“Okeanis”) served a notice to exercise options to repurchase four VLCCs (“the Vessels”) that earlier had been bought by Ocean Yield ASA (“Ocean Yield”) and chartered back to Okeanis on long-term charters. The parties disagreed if the conditions for exercising the options had been fulfilled, and the matter was therefore referred to arbitration.
An arbitration tribunal has decided that Okeanis did not have the right to exercise such options to repurchase the Vessels under the lease agreements.