Can you copy and paste where it says that? I thought when they bought out Scandic American shipping that is no longer the case, and that's y he buys on every offering?
gotcha. I don't think they should hold onto them to long. or look for a fixed rate deal. rival firms have already begun ordering new vlcc. scorpio has ordered up to 7 vlccs, dht for 2. and there is more from unidentified buyers. they are gonna kill a recovery imo.
on the foreclosed vlcc does pervious owner still have claim or are they teekays 100%? not sure how that works. I originally thought that once teekay recoup their investment it would go back to previous owner.
they arrange these things ahead of time. morgan Stanley im sure talked to all their clients. see what kind of demand there was. they keep going lower until there is demand. there is so much money supply in the system right now it seems endless the amount of offerings these shipping companies can raise.
Its a good investment imo platform supply vessels are in big demand to service oil platforms. This new company will pay div most likely and will come back into Nat and be passed thru to investor. As well as management of vessels. He could also give shareholders shares of new company. Herb being largest shareholder of Nat would ensure a significant share of nao. Either way this should increase book value of Nat.
this is mostly to fund Nordic American Offshore investment. you all had to see this coming after the announcement of investment of 50 million. then they added a seventh ship to needed even more. where did you think the money would of come from?
I agree. I made good money in scorpio so far in products side but that sector is getting crowded with newbuilds. I feel we are on cusp of a turn in crude. everone has written of the dirty trade. once fredriksen orders crude tankers the investors will pile in.
ill play devils advocate
i think something else is going on. Saudis are pumping for 2 reasons. and vlcc are preferred lifting option from gulf. 1 they see iran supply coming online after negotiations to lift sanctions will drive down Dubai oil price so get higher price while getting is good. in the end the shipping portion of sale of 2 million barrels of oil is insignificant. if a oil sale offers a $1 less price per barrel that covers the shipping. 2 they hate Iranians so give ample supply to show world they don't need iran supply and keep sanctions in place.
i don't think suezmax will streghthen past ws 62 till Libya and Iraq comes back online. Libya is only putting out 10% right now. the middle east action may draw the vlcc out of atlantic stealing suezmax cargos and balance out.
do you know the names of the vlcc spot trading? ive been looking but haven't seen any reported vlcc voyages with a spirit after it.
Yeah I think we may see a 50 million secondary offering to pay for this investment in nao.
same here I don't want to be in vlcc. the one spirt order was what brought me here because of flexibility to go crude/product. listening to scorpio c.c. bugbee is saying product vessel prices are rising and window for opportunistic ordering has pretty much closed for the quality Korean yards. stx seems to be making progress on restructuring so I think we will know soon if they are gonna honor the order.
It has always been difficult to keep up with what Greek shipowners are up to. The job became a little easier with the advent of the equity market and the string of statements required to be made by listed companies in the name of transparency. IT has also made it possible to get a lead, at least, as to what is what.
Among the most active of Greece’s shipping personalities is Peter G Livanos. He is also one of the most secretive seldom seen in public and never ready to comment, though his views are among the most sought after. He let’s others do the talking… well sometimes as the code of silence runs deep in the Livanos headquarters.
At the dawn of the millennium the Livanos-controlled Ceres Hellenic Enterprises was Greece’s largest shipowner, running a fleet of some 4.8m dwt. Today it is difficult to discover what sort of a fleet Ceres controls. He and his people always refer to investors.
Still, while not at the top of Greece’s biggest owners, that honour goes to John Angelicoussis and his near 19m dwt fleet of tankers, gas carriers and bulkers, Livanos, 54, certainly has his finger in many pies’
According to many people around the world, Livanos is probably one of the most influential behind the scenes figures in world shipping.
The chairman of Ceres Hellenic Shipping Enterprises, is now best known as executive chairman of NYSE-listed GasLog, a major owner of LNG carriers. He founded its forerunner in 2001.
However, he serves as chairman, vice chairman, director or advisor of a host of shipping companies and industry related bodies, including Euronav, Seachem Tankers, Odfjell ASA, DVB Bank and ABS.
In light of his past and the way he likes to operate, the deal Livanos’ Ceres struck this week with the Robert Bugbee-led Scorpio Tankers is interesting as it opens the way for him to become a stakeholder in one of Wall Street’s current stars.
Fast expanding New York-listed Scorpio Tankers is to takeover ownership of four MR product tankers under construction for Ceres at SPP Shipbuilding in South Korea, after agreeing to issue new shares to “unaffiliated third parties”, including Ceres, in return for the ownership.
The MRs are four of eight 50,300dwt tankers ordered by Ceres last year, the quartet costing a reported $132m, all for completion in 2014. They are costing Scorpio, considerably more, a total of $151m and are similar to Scorpio's newbuildings at the same shipyard.
The transaction also includes a time charter out agreement for each of the four for a fixed daily revenue amount at current market levels plus a profit sharing scheme whereby earnings in excess of the base t/c rate will be split between the company and charterer, Valero. The first vessel delivered will be chartered out for a 24 month period, at a reported $17,000 a day, and the remaining three will each for 12 month periods.
Of the deal involving Ceres, Scorpio says about 30% of the $151m will consist of newly issued common shares of the company having a valuation based on the fair market value of the shares at the time of issuance. Shares will be issued to Ceres, Valero and a group of institutional investors advised by JP Morgan Asset Management; the remainder of the purchase price will be paid to the shipyard from cash-on-hand and bank debt.
The deal is similar to others Livanos has negotiated. In 1989, he formed Seachem Tankers, which joined forces with Odfjell in 2000, creating Odfjell ASA. He secured the transaction which merges his TankLog's assets to Euronav, with a stake in Euronav involved. Since 2005, Livanos has been vice chairman of Euronav NV, which is listed on the NYSE’s Euronext.
if they want your info they can get it. nothing is secure from the hackers.