selfunloading bulk carriers

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Klaveness unloads its self-unloaders

Under the terms of the agreement, affiliates of Algoma and CSL will each acquire two vessels and Marbulk Shipping Limited, a company jointly owned by both Algoma and CSL, will acquire one vessel.

The transaction values the five vessels at $190 million in total.

The agreement is subject to technical due diligence on each vessel.

The subjects are likely to be lifted in December 2015, with a completion of the transaction in first quarter 2016.

The transaction will lead to an estimated accounting gain of approximately $30 million for KSH.

Klaveness CEO Torvald Lasse Kristoffersen says the deal “will free up significant investment capacity that we can use to realize projects we have been working on.”

The five vessels are the 49,463 dwt, 2002 built, MV Barkald; the 48,184 dwt, 2002 built MV Balder; the 75,569 dwt,1981 built MV Baldock; and the 71,900 dwt, 2013 built MV Balto and MV Balchen

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Great Lakes bulker operator reports increased net

Before a tax benefit of approximately $0.22, net income per share increased to $0.36 on a fully diluted basis or 12.5% over the prior year period.

“The 2015 sailing season has remained consistent with our initial outlook,” commented Ed Levy, President and CEO of Rand. “We continue to focus our efforts on the factors of our business that we can control. We have experienced continued improvement in the key operating and financial metrics that drive our business, including lower vessel delays and days out of service, combined with improvements in tons hauled, freight and related revenue, and vessel margin per day. The year to date financial impact of these improvements has been masked by a 14% decline in the value of the Canadian dollar versus the U.S. dollar compared to last sailing season.”

Through its subsidiaries, Rand Logistics operates a fleet of four conventional bulk carriers and twelve self-unloading bulk carriers including three tug/barge units. The company is the only carrier able to offer significant domestic port-to-port services in both Canada and the U.S. on the Great Lakes. Its vessels operate under the U.S. Jones Act – which reserves domestic waterborne commerce to vessels that are U.S. owned, built and crewed, – and the Canada Coasting Trade Act – which reserves domestic waterborne commerce to Canadian registered and crewed vessels that operate between Canadian ports.

Freight and other related revenue from company operated vessels (which excludes fuel and other surcharges) decreased $2.3 million, or 4.9%, to $43.8 million during the three-month period compared to $46.1 million in the year ago period. On a constant currency basis, freight and other related revenue increased 4.0%, or $1.9 million.

Total Sailing Days were 1,278 compared to 1,351 in the prior year. The 73-day decline in sailing days was due to 92 lost days attributable to the company’s time chartered bulk carriers. Although these vessels did not operate for the entire quarter, Rand continued to receive daily charter payments at a reduced rate. These lost days were partially offset by a 19 day reduction in days out of service.

Delay Days decreased to 68 from 72. Delay Days as a percentage of total Sailing Days remained relatively constant year over year.

Freight and related revenue per Sailing Day increased $176, or 0.5%, to $34,300 compared to $34,124 per Sailing Day in the year ago period. On a constant currency basis, freight and related revenue per Sailing Day increased 10.0%, or $3,409.Vessel operating expenses decreased $3.6 million, or 10.7%, to $30.0 million compared to $33.6 million during the year ago period. Vessel operating expenses per Sailing Day decreased $1,381, or 5.6%, to $23,498 from $24,879 during the year ago period. On a constant currency basis, vessel operating expenses per Sailing Day decreased 0.9%, or $0.3 million.

Adjusted EBITDA decreased $1.3 million, or 7.3%, to $16.1 million from $17.4 million during the year ago period. On a constant currency basis, Adjusted EBITDA increased 2.0%, or $0.3 million.


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Gypsum giant sheds ships

APRIL 23, 2015 — Chicago based building products giant  USG Corporation (NYSE:USG) says it has entered into agreements to sell the two ships in its non-core shipping business, Gypsum Transportation Limited (GTL),