Worldships: October 2010

Hamilton, Norway, Sep 30, 2010 (Thomson Reuters ONE via COMTEX) -- Knightsbridge Tankers Limited Announces Pricing of Public Offering Knightsbridge Tankers Limited (the "Company" or "Knightsbridge") /quotes/comstock/15*!vlcc.f/quotes/nls/vlccf (VLCCF 18.81, -0.09, -0.48%) announced today the pricing of its previously announced underwritten public offering of 4,250,000common shares at a price of $19.00 per share.The common shares are being offered pursuant to the Company's effective shelf registration statement.The proceeds of the offering are expected to be used to repay indebtedness, fund a portion of the purchase price for a newbuilding Capesize drybulk carrier, the Golden Zhejiang that the Company has agreed to acquire from Golden Ocean Group Limited, or Golden Ocean, subject to certain conditions. The remainder of the net proceeds are expected to be used to fund future vessel acquisitions, for working capital and for general corporate purposes. The Company expects to close the offering of the common shares on October 5, 2010, subject to customary closing conditions.

As part of the vessel acquisition, the Company expects to issue to Golden Ocean 973,684 restricted common shares, for an aggregate value of approximately $18.5 million based on the price to public in the offering of $19.00 per share. The agreement to acquire the Golden Zhejiang is subject to conditions, including the completion of definitive documentation and customary closing conditions, the successful completion of the offering and the refinancing of the Company's amended credit facility with Nordea Bank Norge ASA, or Nordea, for which the Company has obtained a commitment letter from Nordea.

BofA Merrill Lynch is acting as the bookrunning manager and DnB NOR Markets and Nordea Markets are acting as co-managers for the offering. The Company has granted the underwriters a 30-day option to purchase up to 637,500 additional shares to cover overallotments.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering is being made by means of a prospectus and related prospectus supplement. A prospectus supplement related to the offering will be filed with the Securities and Exchange Commission. When available, copies of the prospectus and prospectus supplement relating to the offering may be obtained from the offices of BofA Merrill Lynch at 4 World Financial Center, New York, New York 10080, Attention: Preliminary Prospectus Department or by email at dg.prospectus_requests@baml.com.

Stolt-Nielsen places order for two new bitumen tankers

Sep 28, 2010 (Datamonitor via COMTEX) --

Stolt-Nielsen, a shipping company, has announced that its wholly owned subsidiary Stolt Bitumen Services, or SBS, signed an agreement with Nanjing East Star Shipbuilding in China for the purchase of up to four 3,500 deadweight ton bitumen tanker newbuildings due for delivery from March 2012.

Under the terms of the agreement, SBS has placed firm orders for two ships and holds options to purchase two additional ships.

Niels Stolt-Nielsen, CEO of Stolt-Nielsen, said: "Our bitumen fleet newbuilding program is part of SBS's ongoing development of a distribution network in Asia-Pacific, including terminals, bitumen tankers and bitutainers. With the addition of these new high quality newbuildings, SBS will operate four bitumen tankers to meet the growing transportation requirements of our customers."

http://www.datamonitor.com/

New building orders pick up on improved market conditions

Hellenic Shipping News - 10.09.2010

Newbuilding order activity mainly on dry bulk carriers and tankers is picking up pace during the past few days, as owners have renewed their interest in investing into the renewal of their fleet. According to latest shipbroker reports, as much as 28 new building orders for vessels were made known, just during the past week. shipbroker Fearnley’s said that the contracts

Source:http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=119967&Itemid=93

were evenly distributed between bulkers, tankers and container ships.

“The recent container ordering spree in combination with continued bulker and tanker demand has pushed prices somewhat up. Prices might continue its course upwards during the fall solely based on strong demand” the report said.

Among the orders, Hellenic Shipping News Worldwide pointed out that of Athen Sea Carriers, a company owned by the Kiriakou family. The company reportedly placed an order for a pair of VLCC crude carriers, which have been scheduled for delivery during 2012 and 2013 respectively. Both vessels will bear a capacity of 317,000-dwt and will be built at Hyundai Heavy. The cost of the order wasn’t disclosed, but current newbuilding prices for a VLCC stand at $102 million.

Newbuilding activity still on a roll, although reduced

Hellenic Shipping News - 24.09.2010

With dry bulk rates posting yet more losses this week, on weak market activity for iron ore, ship owners appear to refrain from making any decisions on placing more newbuilding orders for dry bulk vessels. Still, this shouldn’t be the way to go, as the volatility of the dry bulk market is so fierce, that no real strategic decisions should be based on it. Instead, owners should focus on getting more for their money , looking at newbuilding price patterns and the overall prospects of the market, in terms of cargo demand, in comparison with the current flurry of newbuilding vessels delivered.

According to a latest report from Fearnley’s 20 ships were ordered during the past week. “A relatively large share comes from French owner, Jaccar Holding, who ordered 8 ethylene carriers at Sinopacific in China. On the tanker side, Frontline, reported to have added one more VLCC at Jinhaiwan. Frontline have now 5 ships on order at the same yard. The total order intake remains stable, hence prices remain at last week levels” said Fearnley’s. Just for reasons of comparison, last week proved to be rather active in the newbuilding front, with shipbroker Golden Destiny reporting 50 vessels ordered, equalling a total deadweight around 1,868,755 tons, while at similar week of 2009 only 2 orders have been reported in the offshore sector. In terms of reported number of transactions, the bulk carrier sector domains in the newbulidng business holding around a 52% share of the market with kamsarmax being the most popular vessel type.

This is an extract from http://www.balkans.com/open-news.php?uniquenumber=72009

Friday, October 1, 2010

Marine Loading Arm - Used - February 2000- Worldoils Oil, gas and offshore equipment marketplace

Marine Loading Arm - Used - February 2000- Worldoils Oil, gas and offshore equipment marketplace: "Used Tanker Terminal Loading Arm for sale"