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US Treasury adds tanker to price cap sanctions; GEFO places order for 10 tankers
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has taken its second price cap enforcement action of 2024, while Germany’s inland waterway operator GEFO has placed an order for 10 chemical carriers
GEFO commences 10-vessel investment programme in small chemical carriers
German operator of small chemical tankers in the 1,000-dwt to 7,700-dwt range on the European waterway network, GEFO, has placed an order for 10 more 3,900-dwt vessels at Nantong Xiangyu in China. The state-of-the-art vessels, which are scheduled for delivery between 2026 and 2028, have been designed to be adaptable for the use of alternative fuels and new propulsion systems.
GEFO has said its goal is for its fleet to be carbon neutral by 2045.
Founded in 1961, Hamburg-based GEFO Shipping Group is a medium-sized shipping company with a fleet of 150 maritime and inland tankers, operating primarily in the chemicals and oil and gas sectors. Committed to the highest safety standards, the company says it "routinely invests in new technology to ensure its vessels are the cutting edge of sustainability-linked developments". Watson Farley & Williams advised GEFO on the deal.
OFAC adds tanker to price cap sanctions
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has taken its second price cap enforcement action of 2024, imposing sanctions on four entities and identifying a vessel that sold Russian Urals crude oil in November 2023 that was priced at over US$80 per barrel.
Novoship-owned, 2007-built 115,900-dwt Aframax tanker NS Leader is named in the action, along with UAE-based traders Zeenit Supply and Trading DMCC and UAE-based Talassa Shipping DMCC, and the ship’s manager, Oil Tankers SCF Mgmt FZCO, also of the UAE.
Capital Group, Navios Maritime Partners, Neda Maritime Agency, Star Bulk and Thenamaris launch initiative
Capital Group, Navios Maritime Partners, Neda Maritime Agency, Star Bulk and Thenamaris get behind initiative for a global Maritime Emissions Reduction Centre (M-ERC).
Not-for-profit Athens-based M-ERC will focus on optimising the efficiency of the existing fleet. M-ERC is being created with the goal of removing technical, investment and community barriers for the uptake of solutions to reduce the greenhouse gas emissions of the existing global fleet, offering a collaborative ‘safe space’ for the maritime value chain’s stakeholders, to safely navigate to net zero.
Capital Group, Navios Maritime Partners, Neda Maritime Agency, Star Bulk and Thenamaris, are collaborating with Lloyd’s Register on the project.
Euronav completed CMB.TECH purchase
Euronav reports it has completed the acquisition of 100% of the shares in CMB.TECH NV from CMB NV, for a total purchase price of US$1.15Bn in cash.
Top Ships in tanker sale and leaseback
Nasdaq-listed Top Ships has issued a statement with the Securities and Exchange commission that it has entered into five sale and leaseback financing agreements with three major Chinese financiers for the refinancing of two 157,000-dwt Suezmax tankers (Eco West Coast and Eco Malibu), two 300,000-dwt VLCC tankers (Julius Caesar and Legio X Equestris) and one 50,000-dwt MR product tanker (Marina Del Ray).
The proceeds after repayment of previous debt of the already-concluded financings amounted to US$48M and the company’s president and chief executive Evangelos Pistiolis said, “The amount of cash released from the concluded deals corresponds to about 77% of the current market capitalisation of the company. Taking into account the new debt levels of our fleet following the refinancings, the leverage of the fleet remains at a very conservative level of about 45%.”
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