CSBC Corporation

Kaohsiung, Taiwan

CSBC Corporation

Kaohsiung, Taiwan
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News Article | July 30, 2017
Site: www.prnewswire.com

Gerry Wang, Chief Executive Officer and Co-Founder of Seaspan, commented, "During the second quarter, Seaspan grew its operating fleet with the delivery of the YM Wind, a 14000 TEU containership on a long-term fixed rate time charter. We also achieved strong operating results, highlighted by our ongoing success in reducing costs and our high utilization rate for the quarter." Mr. Wang added, "We took important steps to further strengthen our financial position during the quarter, including entering into a sale-leaseback transaction to fund the YM Wind delivery and renewing our unsecured revolving loan facility. Both of these transactions demonstrate the company's strong access to capital. We remain committed to creating long-term shareholder value and are pleased to enter the second half of the year with a strong cash position and the financial flexibility to capitalize on future opportunities." Summary of Key Financial Results (in thousands of US dollars): In May 2017, Seaspan accepted delivery of one 14000 TEU vessel, the YM Wind. The vessel was constructed at CSBC Corporation, Taiwan using our fuel-efficient SAVER design and commenced a 10-year fixed rate time charter with Yang Ming Marine in June 2017. In May 2017, Seaspan entered into a sale-leaseback transaction with special purpose companies ("SPCs") for the YM Wind for gross proceeds of $144.0 million. Under the lease, Seaspan sold the vessel to the SPCs and leased the vessel back for 12 years, with an option to purchase the vessel at the 9.5 year anniversary for a pre-determined fair value purchase price. Seaspan used approximately $53.2 million of the proceeds to repay a credit facility. In April 2017, Seaspan completed the renewal of its 364-day unsecured, revolving loan facility for a total commitment of up to $120.0 million. The facility includes features providing for an increase in commitments by up to $30.0 million, enabling a total facility size of up to $150.0 million. During the first quarter of 2017, Seaspan entered into an equity distribution agreement under which it may, from time to time, issue Class A common shares in at-the-market ("ATM") offerings for up to an aggregate of $75.0 million. During the three and six months ended June 30, 2017, Seaspan issued a total of 5,650,000 and 9,350,000 Class A common shares under the ATM offerings for gross proceeds of approximately $33.9 million and $58.6 million, respectively. In July 2017, Seaspan declared quarterly cash dividends on its common and preferred shares. Results for the Three and Six Months Ended June 30, 2017 At the beginning of 2017, Seaspan had 87 vessels in operation. Seaspan acquired one 4250 TEU vessel and accepted delivery of one 14000 TEU vessel during the six months ended June 30, 2017, bringing its operating fleet to a total of 89 vessels as at June 30, 2017. Revenue is determined primarily by the number of operating days, and ship operating expense is determined primarily by the number of ownership days. The following table summarizes Seaspan's vessel utilization by quarter and for the six months ended June 30, 2017 and 2016: The following table summarizes Seaspan's consolidated financial results for the quarter and six months ended June 30, 2017 and 2016: Revenue decreased by 8.8% to $204.6 million for the three months ended June 30, 2017, compared to the same period in 2016, primarily due to lower average charter rates for vessels that were on short-term charters. The decrease was partially offset by the delivery of newbuilding vessels in 2016 and 2017 and the addition of two leased-in vessels in 2016. Revenue decreased by 7.7% to $405.9 million for the six months ended June 30, 2017, compared to the same period in 2016, primarily due to lower average charter rates for vessels that were on short-term charters and an increase in unscheduled off-hire, primarily relating to vessels being off-charter. For the six months ended June 30, 2017, 200 of the off-charter days related to three 10000 TEU vessels that were previously on long-term charters and commenced short-term charters with Hapag-Lloyd AG commencing in March and April 2017. The remaining off-charter days primarily related to panamax vessels, including four secondhand vessels purchased in December 2016. The decrease was partially offset by the delivery of newbuilding vessels in 2016 and 2017 and the addition of two leased-in vessels in 2016. The increase in operating days and the related financial impact thereof for the three and six months ended June 30, 2017, relative to the same periods in 2016, are attributable to the following: Vessel utilization remained stable for the three months ended June 30, 2017, compared to the same period in 2016. Vessel utilization decreased for the six months ended June 30, 2017, compared to the same period in 2016, primarily due to an increase in off-charter days as previously described. During the six months ended June 30, 2017, Seaspan completed dry-dockings for two 4250 TEU vessels, which were completed between their time charters. Ship operating expense decreased by 9.0% to $44.8 million and by 6.6% to $90.4 million for the three and six months ended June 30, 2017, respectively, compared to the same periods in 2016, primarily due to cost savings initiatives. These decreases were achieved while the ownership days increased by 5.6% and 6.5% for the three and six months ended June 30, 2017. As a result, ship operating expense per ownership day declined by 13.8% and 12.3% for the three and six months ended June 30, 2017, compared to the same periods in 2016. Depreciation and amortization expense decreased by 8.7% to $49.8 million and by 12.0% to $99.7 million for the three and six months ended June 30, 2017, respectively, compared to the same periods in 2016, primarily due to lower depreciation on 16 vessels that were impaired as of December 31, 2016. General and administrative expense decreased by 17.4% to $7.5 million and 11.2% to $15.0 million for the three and six months ended June 30, 2017, respectively, compared to the same periods in 2016, primarily due to higher professional fees and other expenses incurred in 2016, partially offset by an increase in non-cash stock-based compensation expense related to grants of restricted and performance stock units in 2016. Operating lease expense increased to $28.1 million and $54.7 million for the three and six months ended June 30, 2017, respectively, from $20.7 million and $35.5 million for the same periods in 2016. The increase was primarily due to the delivery of two vessels in 2016 and one vessel in 2017 that were financed through sale-leaseback transactions and two operating leases entered into in 2016. For the six months ended June 30, 2017, the increase was also due to the delivery of one 10000 TEU vessel financed through a sale-leaseback transaction in the first quarter of 2016. Interest expense and amortization of deferred financing fees decreased by $1.8 million and $3.5 million to $28.3 million and $56.7 million for the three and six months ended June 30, 2017, respectively, compared to the same periods in 2016, primarily due to repayments made on existing operating borrowings in 2016 and 2017, partially offset by an increase in LIBOR. Change in Fair Value of Financial Instruments The change in fair value of financial instruments resulted in losses of $13.6 million and $17.0 million for the three and six months ended June 30, 2017, respectively, which losses  were primarily due to the impact of swap settlements, partially offset by an increase in the forward LIBOR curve. Seaspan provides many of the world's major shipping lines with creative outsourcing alternatives to vessel ownership by offering long-term leases on large, modern containerships combined with industry-leading ship management services. Seaspan's managed fleet consists of 114 containerships representing a total capacity of over 915,000 TEU, including nine newbuilding containerships on order scheduled for delivery to Seaspan and third parties by the end of 2018. Seaspan's current operating fleet of 89 vessels has an average age of approximately six years and an average remaining lease period of approximately four years, on a TEU-weighted basis. Seaspan has the following securities listed on The New York Stock Exchange: Seaspan will host a conference call and webcast presentation for investors and analysts to discuss its results for the three and six months ended June 30, 2017 on August 1, 2017 at 5:30 a.m. PT / 8:30 a.m. ET. Participants should call 1-877-246-9875 (US/Canada) or 1-707-287-9353 (International) and request the Seaspan call. A telephonic replay will be available for anyone unable to participate in the live call. To access the replay, call 1-855-859-2056 or 1-404-537-3406 and enter the replay passcode 62493328. The recording will be available from August 1, 2017 at 8:30 a.m. PT / 11:30 a.m. ET through 8:30 p.m. PT / 11:30 p.m. ET on August 15, 2017. The conference call will also be broadcast live over the Internet and will include a slide presentation. To access the live webcast of the conference call, go to  and click on "News & Events" then "Events & Presentations" for the link. The webcast will be archived on the site for one year. SEASPAN CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2017 AND 2016 (IN THOUSANDS OF US DOLLARS) A. Cash Available for Distribution to Common Shareholders Cash available for distribution to common shareholders is defined as net earnings adjusted for depreciation and amortization, interest expense and amortization of deferred financing fees, refinancing expenses, share-based compensation, change in fair value of financial instruments, bareboat charter adjustment, gain on sale, expenses related to customer bankruptcy, termination fee, amortization of deferred gain, dry-dock reserve adjustment, cash dividends paid on preferred shares, interest expense at the hedged rate and certain other items that Seaspan believes are not representative of its operating performance. Cash available for distribution to common shareholders is a non-GAAP measure used to assist in evaluating Seaspan's ability to make quarterly cash dividends before reserves for replacement capital expenditures. Cash available for distribution to common shareholders is not defined by GAAP and should not be considered as an alternative to net earnings or any other indicator of Seaspan's performance required to be reported by GAAP. In addition, this measure may not be comparable to similar measures presented by other companies. SEASPAN CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2017 AND 2016 (IN THOUSANDS OF US DOLLARS, EXCEPT PER SHARE DATA) Normalized net earnings is defined as net earnings adjusted for interest expense, excluding amortization of deferred financing fees, refinancing expenses, expenses related to customer bankruptcy, change in fair value of financial instruments, termination fee, interest expense at the hedged rate, write-off of vessel equipment and certain other items Seaspan believes affect the comparability of operating results. Normalized net earnings is a useful measure because it excludes those items that Seaspan believes are not representative of its operating performance. Normalized net earnings and normalized earnings per share are not defined by GAAP and should not be considered as an alternative to net earnings, earnings per share or any other indicator of Seaspan's performance required to be reported by GAAP. In addition, this measure may not be comparable to similar measures presented by other companies. SEASPAN CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2017 AND 2016 (IN THOUSANDS OF US DOLLARS) Adjusted EBITDA is defined as net earnings adjusted for interest expense and amortization of deferred financing fees, interest income, undrawn credit facility fees, depreciation and amortization, refinancing expenses, share-based compensation, gain on sale, expenses related to customer bankruptcy, termination fee, amortization of deferred gain, bareboat charter adjustment, change in fair value of financial instruments and certain other items that Seaspan believes are not representative of its operating performance. Adjusted EBITDA provides useful information to investors in assessing Seaspan's results of operations. Seaspan believes that this measure is useful in assessing performance and highlighting trends on an overall basis. Seaspan also believes that this measure can be useful in comparing its results with those of other companies, even though other companies may not calculate this measure in the same way as Seaspan. The GAAP measure most directly comparable to Adjusted EBITDA is net earnings. Adjusted EBITDA is not defined by GAAP and should not be considered as an alternative to net earnings or any other indicator of Seaspan's performance required to be reported by GAAP. (1) Change in fair value of financial instruments includes realized and unrealized losses (gains) on Seaspan's interest rate swaps, unrealized losses (gains) on Seaspan's foreign currency forward contracts and unrealized losses (gains) on interest rate swaps included in equity income on investment. (2) In the second half of 2011, Seaspan entered into agreements to bareboat charter four 4800 TEU vessels to MSC Mediterranean Shipping Company S.A. ("MSC") for a five-year term, beginning from vessel delivery dates that occurred in 2011. Upon delivery of the vessels to MSC, the transactions were accounted for as sales-type leases. The vessels were disposed of and a gross investment in lease was recorded, which was amortized to income through revenue. The bareboat charter adjustment in the applicable non-GAAP measures is included to reverse the GAAP accounting treatment and reflect the transaction as if the vessels had not been disposed of. Therefore, the bareboat charter fees are added back and the interest income from leasing, which is recorded in revenue, is deducted resulting in a net bareboat charter adjustment. During the fourth quarter of 2016, Seaspan sold these vessels to MSC pursuant to the agreements entered into in 2011. (3) The gain on sale relates to the proceeds received in excess of vessel cost upon the sale and leaseback transaction of one 14000 TEU vessel during the three and six months ended June 30, 2017. Under this transaction, Seaspan sold the vessel to special purpose companies and is leasing the vessel back. For accounting purposes, the gain is deferred and amortized as a reduction of operating lease expense over the term of the lease. (4) Expenses related to customer bankruptcy primarily relates to costs and expenses related to the Hanjin bankruptcy in 2016. As of September 1, 2016, after Hanjin declared bankruptcy, no revenue was recognized on the Hanjin charters. (5) The termination fee relates to a non-cash payment in connection with the termination of the financial services agreement with SFSL, an entity controlled by former Director Graham Porter. (6) As of June 30, 2017, 11 vessels have been sold and leased back by Seaspan. For GAAP accounting purposes, the gain on sales was deferred and is being amortized as a reduction of operating lease expense over the term of the lease. (7) Interest expense at the hedged rate is calculated as the interest incurred on operating debt at the fixed rate on the related interest rate swaps plus the applicable margin on the related variable rate credit facilities and leases, on an accrual basis. Interest expense on fixed rate borrowings is calculated using the effective interest rate. (8) Commencing in May 2015, Seaspan installed upgrades on certain of its vessels to enhance fuel efficiency. As a result, Seaspan incurred non-cash write-offs related to the original vessel equipment of $2.2 million and $9.0 million for the three and six months ended June 30, 2016, respectively. These write-offs are included in depreciation and amortization expense. The costs of the vessel upgrades are recoverable from the charterer. (9)  Seaspan's shares of common stock issuable upon conversion of its convertible Series F preferred shares are not included in the computation of diluted earnings per share because their effect is anti-dilutive for the period. (10)  The decrease in normalized earnings per share for the three and six months ended June 30, 2017 is detailed below: This release contains certain forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended), which reflect management's current views with respect to certain future events and performance, including, in particular, statements regarding: future operating or financial results; industry fundamentals, including estimated supply and demand for containerships; ship operating expense; vessel dry-docking schedules; Seaspan's access to capital and financial strength and flexibility; and Seaspan's ability to capitalize on future opportunities. Although these statements are based upon assumptions Seaspan believes to be reasonable, they are subject to risks and uncertainties. These risks and uncertainties include, but are not limited to: the availability to Seaspan of containership acquisition or construction opportunities; the availability and cost to Seaspan of financing, including to refinance existing debt and to pursue growth opportunities; the number of off-hire days; dry-docking requirements; general market conditions and shipping market trends, including chartering rates, scrapping rates and newbuild orders; increased operating expenses; Seaspan's future cash flows and its ability to make payments; the time that it may take to construct new ships; Seaspan's continued ability to enter into primarily long-term, fixed-rate time charters with customers; changes in governmental rules and regulations or actions taken by regulatory authorities; the financial condition of shipyards, charterers, customers, lenders, refund guarantors and other counterparties and their ability to perform their obligations under their agreements with Seaspan; the potential for newbuilding delivery delays; the potential for early termination of long-term contracts; changes in accounting rules or treatment; working capital needs; conditions in the public capital markets and the price of Seaspan's shares; Seaspan's ability to maintain its reputation as a leading containership owner and operator; and other factors detailed from time-to-time in Seaspan's periodic reports and filings with the Securities and Exchange Commission, including Seaspan's Annual Report on Form 20-F for the year ended December 31, 2016.  Seaspan expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in Seaspan's views or expectations, or otherwise.


News Article | August 1, 2017
Site: worldmaritimenews.com

Hong Kong-headquartered containership manager and owner Seaspan Corporation recorded a net income of USD 28.3 million for the three months ended June 30, 2017, a drop of 22.3 percent when compared to a net income of USD 36.4 million seen in the same quarter last year. Revenues for the quarter dropped by 8.8 percent to USD 204.6 million from USD 224.3 million posted in 2Q 2016. As explained, this was primarily due to lower average charter rates for vessels that were on short-term charters. The decrease was partially offset by the delivery of newbuilding vessels in 2016 and 2017 and the addition of two leased-in vessels in 2016, according to the company. Additionally, the company’s adjusted EBITDA decreased to USD 153.9 million in the three-month period ended June 30, 2017, from USD 177.2 million recorded in the same quarter a year earlier. In May 2017, Seaspan took delivery of one 14,000 TEU vessel, YM Wind. The vessel was constructed at CSBC Corporation’s shipyard in Taiwan by using the fuel-efficient SAVER design. It commenced a 10-year fixed rate time charter with Yang Ming Marine in June 2017. Also in May, Seaspan entered into a sale-leaseback transaction with special purpose companies (SPCs) for YM Wind for gross proceeds of USD 144.0 million. Under the lease, Seaspan sold the vessel to the SPCs and leased the vessel back for 12 years, with an option to purchase the vessel at the 9.5 year anniversary for a pre-determined fair value purchase price. The company said it used approximately USD 53.2 million of the proceeds to repay a credit facility. Furthermore, the company completed in April the renewal of its 364-day unsecured, revolving loan facility for a total commitment of up to USD 120 million. The facility includes features providing for an increase in commitments by up to USD 30 million, enabling a total facility size of up to USD 150 million. Seaspan also raised gross proceeds of USD 33.9 million through common equity sales in “at-the-market” offerings during the three months ended June 30, 2017, and USD 58.6 million for the six months ended June 30, 2017. “During the second quarter, Seaspan grew its operating fleet with the delivery of the YM Wind, a 14,000 TEU containership on a long-term fixed rate time charter. We also achieved strong operating results, highlighted by our ongoing success in reducing costs and our high utilization rate for the quarter,” Gerry Wang, Chief Executive Officer and Co-Founder of Seaspan, commented. “We took important steps to further strengthen our financial position during the quarter, including entering into a sale-leaseback transaction to fund the YM Wind delivery and renewing our unsecured revolving loan facility. Both of these transactions demonstrate the company’s strong access to capital. We remain committed to creating long-term shareholder value and are pleased to enter the second half of the year with a strong cash position and the financial flexibility to capitalize on future opportunities,” Wang concluded. Seaspan’s managed fleet consists of 114 containerships representing a total capacity of over 915,000 TEU, including nine newbuildings on order scheduled for delivery by the end of 2018. As of June 30, 2017, Seaspan had a total of 89 vessels in operation.


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.


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.


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.


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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