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News Article | May 26, 2017
Site: worldmaritimenews.com

Hong Kong-based containership manager and owner Seaspan Corporation has taken delivery of YM Wind, a 14,000 TEU newbuilding, from Taiwanese CSBC Corporation. As informed, the ship will commence a fixed rate charter with Taiwan-based Yang Ming Marine Transport Corporation for a ten-year term with an option to extend the charter for an additional two years. YM Wind is the ninth 14,000 TEU SAVER design containership to join Seaspan and expands the company’s operating fleet to 89 vessels. With a gross tonnage of 153,500 tons, YM Wind has a length of 368 meters and a width of 51 meters. Seaspan said it has entered into a sale-leaseback transaction for the YM Wind which provides gross proceeds of approximately USD 144 million. The proceeds will be used to pay for the final YM Wind delivery installment of approximately USD 75 million, with the remainder to be used for general corporate purposes including debt repayment. The lease has a term of 12 years, and Seaspan has an option to purchase the vessel at a pre-determined fair value after 9.5 years. The eight 14,000 TEU SAVER vessel from the batch was delivered to the company in late May 2016. Seaspan’s managed fleet consists of 114 containerships representing a total capacity of over 915,000 TEU, including 10 newbuilding containerships on order scheduled for delivery to Seaspan and third parties by the end of 2018.


Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), announced today that on May 31, 2017 it took delivery of the M/V Partnership, a 179,213 dwt Capesize dry bulk vessel, built in 2012 by Hyundai in South Korea. The Company entered into the agreement to acquire the M/V Partnership in April 2017. The Company funded the gross purchase price of $32.65 million by a secured loan facility from a European bank and from financing arrangements with the Company's sponsor. Read this and more news for SHIP at http://www.marketnewsupdates.com/news/ship.html. Stamatis Tsantanis, Seanergy's CEO, commented, "We are pleased to take delivery of another modern Capesize vessel. We remain committed to expanding our quality fleet in the Capesize segment, which we strongly believe represents the best fundamentals in the dry bulk industry. We will continue to actively pursue accretive acquisition opportunities of quality Capesize vessels with an aim of increasing value for our shareholders." Following this delivery the Company owns a modern fleet of eleven dry bulk carriers, consisting of nine Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1,682,582 dwt and an average fleet age of about 8.1 years. DryShips Inc. (NASDAQ: DRYS), a diversified owner of ocean going cargo vessels, announced this week it has received firm commitment for a senior secured credit facility of up to $150 million (the 'Facility') with ABN AMRO bank and KEXIM, to partly finance the delivery of its four Very Large Gas Carriers (VLGCs). The Facility remains subject to definitive documentation. The Facility will be secured by the Company's four VLGCs, will have a tenor of 6 years, will bear an interest rate of LIBOR plus margin and will have an amortization profile of approximately 12 years. Scorpio Tankers Inc. (NYSE: STNG) announced this month that it has entered into definitive agreements to merge with Navig8 Product Tankers Inc. and acquire Navig8's 27 operating product tankers (the "Merger"). Subject to the terms and conditions of these agreements, Scorpio will acquire four LR1 tankers prior to the closing of the Merger (the 'LR1 Vessel Acquisitions') and the remaining 23 tankers upon the closing of the Merger, in exchange for the issuance of 55 million shares of Scorpio common stock to the Navig8 shareholders. In connection with the LR1 Vessel Acquisitions, Scorpio will pay cash consideration of $42.2 million, which is net of assumed debt. This cash is expected to remain with Navig8 through closing and will form part of the balance sheet of the combined company, subject to the terms and conditions of the merger agreement. Seaspan Corporation (NYSE: SSW) announced last week that it has accepted delivery of the YM Wind, a 14000 TEU containership that will commence a fixed rate charter with Yang Ming Marine Transport Corp. for a ten-year term with an option to extend for an additional two years. The new containership, which was constructed at CSBC Corporation, Taiwan ('CSBC'), is the ninth 14000 TEU SAVER design containership to join Seaspan's fleet, and expands the company's operating fleet to 89 vessels. Nordic American Tankers Limited (NYSE: NAT) - the Chairman and CEO and his immediate family increase its holding in NAT. A company owned by the NAT Chairman and CEO, Herbjorn Hansson and his son, Alexander, this week bought 250,000 shares in NAT at an average price of $5.70 per share. In addition to the holdings of the past, following the transaction, the immediate Hansson family holds shares equivalent to 3.2% of NAT. DISCLAIMER: MarketNewsUpdates.com (MNU) is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. MNU is NOT affiliated in any manner with any company mentioned herein. MNU and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. MNU's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. MNU is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed MNU has been compensated two thousand dollars for news coverage of the current press release issued by Seanergy Maritime Holdings Corp. by a non affiliated third party. MNU HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MNU undertakes no obligation to update such statements.


Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), announced today that on May 31, 2017 it took delivery of the M/V Partnership, a 179,213 dwt Capesize dry bulk vessel, built in 2012 by Hyundai in South Korea. The Company entered into the agreement to acquire the M/V Partnership in April 2017. The Company funded the gross purchase price of $32.65 million by a secured loan facility from a European bank and from financing arrangements with the Company's sponsor. Read this and more news for SHIP at http://www.marketnewsupdates.com/news/ship.html. Stamatis Tsantanis, Seanergy's CEO, commented, "We are pleased to take delivery of another modern Capesize vessel. We remain committed to expanding our quality fleet in the Capesize segment, which we strongly believe represents the best fundamentals in the dry bulk industry. We will continue to actively pursue accretive acquisition opportunities of quality Capesize vessels with an aim of increasing value for our shareholders." Following this delivery the Company owns a modern fleet of eleven dry bulk carriers, consisting of nine Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1,682,582 dwt and an average fleet age of about 8.1 years. DryShips Inc. (NASDAQ: DRYS), a diversified owner of ocean going cargo vessels, announced this week it has received firm commitment for a senior secured credit facility of up to $150 million (the 'Facility') with ABN AMRO bank and KEXIM, to partly finance the delivery of its four Very Large Gas Carriers (VLGCs). The Facility remains subject to definitive documentation. The Facility will be secured by the Company's four VLGCs, will have a tenor of 6 years, will bear an interest rate of LIBOR plus margin and will have an amortization profile of approximately 12 years. Scorpio Tankers Inc. (NYSE: STNG) announced this month that it has entered into definitive agreements to merge with Navig8 Product Tankers Inc. and acquire Navig8's 27 operating product tankers (the "Merger"). Subject to the terms and conditions of these agreements, Scorpio will acquire four LR1 tankers prior to the closing of the Merger (the 'LR1 Vessel Acquisitions') and the remaining 23 tankers upon the closing of the Merger, in exchange for the issuance of 55 million shares of Scorpio common stock to the Navig8 shareholders. In connection with the LR1 Vessel Acquisitions, Scorpio will pay cash consideration of $42.2 million, which is net of assumed debt. This cash is expected to remain with Navig8 through closing and will form part of the balance sheet of the combined company, subject to the terms and conditions of the merger agreement. Seaspan Corporation (NYSE: SSW) announced last week that it has accepted delivery of the YM Wind, a 14000 TEU containership that will commence a fixed rate charter with Yang Ming Marine Transport Corp. for a ten-year term with an option to extend for an additional two years. The new containership, which was constructed at CSBC Corporation, Taiwan ('CSBC'), is the ninth 14000 TEU SAVER design containership to join Seaspan's fleet, and expands the company's operating fleet to 89 vessels. Nordic American Tankers Limited (NYSE: NAT) - the Chairman and CEO and his immediate family increase its holding in NAT. A company owned by the NAT Chairman and CEO, Herbjorn Hansson and his son, Alexander, this week bought 250,000 shares in NAT at an average price of $5.70 per share. In addition to the holdings of the past, following the transaction, the immediate Hansson family holds shares equivalent to 3.2% of NAT. DISCLAIMER: MarketNewsUpdates.com (MNU) is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. MNU is NOT affiliated in any manner with any company mentioned herein. MNU and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. MNU's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. MNU is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed MNU has been compensated two thousand dollars for news coverage of the current press release issued by Seanergy Maritime Holdings Corp. by a non affiliated third party. MNU HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MNU undertakes no obligation to update such statements.


Su C.-L.,National Kaohsiung Marine University | Lin K.-L.,National Kaohsiung Marine University | Chen C.-J.,CSBC Corporation
IEEE Transactions on Industry Applications | Year: 2016

The medium-voltage dc (MVDC) distribution system is a new shipboard power distribution technology that has been extensively discussed and studied by many shipbuilding corporations and ship-owners in recent years. As different types of power converters and ac and dc power distributions simultaneously involved in the system, the system performance for different connections of generators to MVDC converters under varying steady-state operating conditions is essential and important in the design stage of the electrical power distribution system. This type of problem can be analyzed by performing power flow studies. This paper aims presenting a methodology for power flow studies in ship MVDC distribution systems for system planning purpose. A power flow model of the power converters in steady-state is derived to consider medium and low voltage characteristics of electric power system on this type of ship. An ac/dc power flow solution approach then is developed to incorporate ac-system and dc-system models and the ac/dc interface buses in the analysis for determining an appropriate connection of generators and MVDC converters and power converter setting values. Test results of two alternatives for the direct connection of generators to MVDC converters under varying steady-state operating conditions are presented and compared to determine the proper generator-power converter scheme. © 1972-2012 IEEE.


Su C.-L.,National Kaohsiung Marine University | Weng X.-T.,National Kaohsiung Marine University | Chen C.-J.,CSBC Corporation
IEEE Transportation Electrification Conference and Expo, ITEC Asia-Pacific 2014 - Conference Proceedings | Year: 2014

Applications of fuel cells (FCs) to ship power systems have been investigated due to their characteristics of low emission, high efficiency, low vibration, and low noise. Dynamic response is a problem when FCs are installed in ships as power sources. To make the system secure and stable, a methodology for power generation controls of FCs/energy storage hybrid ship power systems is proposed in this paper. The mathematical model of active and reactive powers regulation of the hybrid power system is derived. The model is then applied and integrated into dynamic models of proton exchange membrane fuel cells (PEMFCs) to enhance the system dynamic response. A modified practical ship power system under different operating conditions is selected for computer simulations to ensure and demonstrate the performance of proposed method. © 2014 IEEE.


Su C.-L.,National Kaohsiung Marine University | Lan C.-K.,Jih Yu Fishery Company | Chou T.-C.,National Kaohsiung Marine University | Chen C.-J.,CSBC Corporation
IEEE Transactions on Industry Applications | Year: 2015

A multiagent-based feeder automation system is developed for the service restoration of power systems in a navy ship after fault contingencies. In the system, power-electronic-building-block agents of the multiagent system (MAS) are used to derive the proper restoration plan after the faulted location is identified and isolated. To assure that the restoration plan complies with operation regulation, heuristic rules based on standard operation procedures of the shipboard power system (SPS) are included in the best first search of the MAS. Two control schemes for SPS restoration are investigated, and their performances are evaluated and compared using a discrete event simulation technique with respect to restoration time. For fault contingency when the capacity reserves of supporting feeders are not enough to cover the fault restoration, the load shedding strategy is derived for the MAS to restore service power to as many key loads as possible. A navy SPS with 72 feeders is selected for computer simulation to demonstrate the effectiveness of the proposed methodology. The study concludes that, to cover feeder automation functions, a MAS with distributed processing capability provides better reliability performance than the centralized control. © 2015 IEEE.


Lee S.-K.,Abs Consulting | Yu K.,Abs Consulting | Tseng R.K.-C.,CSBC Corporation
Proceedings of the International Offshore and Polar Engineering Conference | Year: 2012

Slamming phenomenon commonly occurs when a ship navigates in rough seas. Depending on the relative velocities between the ship and the free surface and depending on the size of the slamming area, the slamming impact load can be significant, both locally and globally, and becomes a dominant factor in hull scantling determination. In addition to the hull slamming load, the now popular adoption of energy-saving devices (ESDs) in the stern area means the hydrodynamic load associated with the stern slamming situation on ESD also becomes an issue in design. In energy-saving propulsion configurations, the structural integrity of ESD is important because a damaged ESD can result in increased propulsive energy-loss. An accurate estimate of hydrodynamic loads in slamming situations is still a challenging topic as it involves many complex physical phenomena simulations such as large amplitude ship motion, non-linear breaking wave and transient impact load. In this study, an overset grid Computation Fluid Dynamics (CFD) methodology with level set function formulation for violent free surface simulation is adopted to study the hydrodynamic loads due to bow and stern slamming for a containership fitted with energy-saving rudder fins. Copyright © 2012 by the International Society of Offshore and Polar Engineers (ISOPE).


Patent
CSBC Corporation | Date: 2013-09-25

A marine vehicle (200) includes a hull (210), a propeller (201), anda thrust boosting device (2) mounted to the hull (210) and disposed forwardly of the propeller (201). The thrust boosting device (2) includes first, second and third fin members (21, 22, 23) extending radially with respect to a rotational axis (L) of the propeller (201). The first, second and third fin members (21, 22, 23) form first, second and third angles (1, 2, 3) with a reference line (S) that extends upwardly from and that is perpendicular to the rotational axis (L), respectively. The first angle (1) ranges between 70 and 110, the second angle (2) ranges between 225 and 255, and the third angle (3) ranges between 285 and 315.


Patent
CSBC Corporation | Date: 2011-10-19

A container vessel includes a hull (2) defining a container-retaining space (22) therein and having a top area (21), and a pair of carrier structures (31). The carrier structures (31) are disposed respectively on two lateral surfaces (24) of the hull (2). Each of the carrier structures (31) passes through a waterline of the hull (2) and has a top surface (315). The top surfaces (315) of the carrier structures (31) and the top area (21) of the hull (2) cooperate with each other to form a supplementary container-storing region (4).


Tseng R.K.C.,CSBC Corporation
Marine Technology | Year: 2011

The twin-island design has emerged as the new trend in designing new container vessels for the expanded Panama Channel. The new design concept involves the engine room being retained at the conventional location with the funnel, while some duty rooms are reserved. This concept also allows fuel oil tanks to be located underneath the forward deckhouse and are fully protected. Experts have also found that widening of a vessel's beam from 32.31 meters to 49 meters will not cause any problem for the stability concerns of the new container vessels. The minimum ballast tanks for ship operation need to be considered to sustain GM limit due to SOLAS damage stability and other issues to increase time efficiency and to control construction and operational costs.

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