New Forestal Gaia Enters Service

first_imgzoom Tokyo-based Kawasaki Kisen Kaisha (“K” Line) took delivery of Forestal Gaia woodchip carrier from Tsuneishi Shipbuilding on May 24, 2017.Forestal Gaia is in a dedicated service to Nippon Paper Industries for carrying woodchips for paper materials.The vessel sailed on the same day for Dung Quat Port, Vietnam as her maiden voyage.The 49,800 dwt Forestal Gaia inherited her name from a predecessor which was also engaged in service to Nippon Paper Industries.The 200-meter-long vessel has six hatch openings and a holding capacity of 3.6 million cft.last_img read more

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Star Bulk to Buy Eleven Bulkers from Delphin Shipping

first_imgzoomPetros Pappas, CEO of Star Bulk; Image Courtesy: Capital Link Greek shipping company Star Bulk Carriers has entered into an en bloc definitive agreement to purchase eleven dry bulk vessels from entities controlled by Delphin Shipping.The units, that were built by Jiangsu Hantong between 2012 and 2014, would be acquired for an aggregate purchase price of USD 139.5 million, payable in the form of USD 80 million in cash and 4.503 million common shares of Star Bulk.The company said it also secured exhaust gas cleaning systems for all of the vessels “with attractive delivery dates”.The cash portion would be financed through proceeds of a new seven-year capital lease of up to USD 93.6 million with China Merchants Bank Leasing, and an additional tranche of USD 15 million for financing of scrubbers, thus offering around USD 9 million of additional liquidity for Star Bulk.Expected to be finalized in June 2019, the acquisition remains subject to the execution of definitive finance agreements and customary closing conditions.The technical management of the 11 vessels, featuring from 56,600 to 63,100 dwt, would remain with an entity affiliated with Technomar, while commercial management will be taken over by Star Bulk.If concluded, the transaction would increase Star Bulk’s fleet to 120 vessels.last_img read more

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