4.1.10

Pramoni: part of Norway's Platou Finance


The Singaporean-flagged chemical tanker, the Pramoni, which was highjacked by Somali pirates on January 1st, is owned by a Norwegian shipping group, and leased by an Indonesian company.

The ship, managed by Platou Finance in Oslo was seized in the Gulf of Aden while en route to India, and this was the the first attack by Somali pirates this year. The DH fully stainless steel ’Pramoni’ (19,990dwt-built 2008) was acquired by Platou K/S for 52.75 $m, including 12 years BBC to Berlian Laju at 15,100$/day, with purchase option.

Among the 20,000 deadweight-ton vessel’s 24-man crew are 17 Indonesian nationals, five Chinese, a Nigerian and a Vietnamese,

RS Platou Finance is an independent company within the Platou Group utilising the full potential of having close contact with shipbrokers, ship-owners, ship managers, bankers, lawyers and consultants worldwide. Oslo, Singapore, Aberdeen, London, Houston, Moscow, Lagos, Copenhagen, Shanghai, Istanbul, Geneva and Rio de Janeiro. Our multinational staff numbers about 280 persons.



Berlian Laju Tankers (BLT) reported Q3'09 EBITDA just slightly below our estimates. While peers have reported double digit declines in chemical tanker earnings q/q, BLT's rates were only down 3% likely due to its robust operation and limited dependence on the product tanker market.

* Net revenues were USD 99m just as we had estimated in our Shipping Quarterly. EBITDA came in at USD 48m vs. our USD 51m. Deviation due to USD 3m higher costs evenly distributed on charter hire and G&A. Vessel opex remained unchanged at a low $4,100/day on average.
* We calculate that time-charter equivalent earnings were down only 3% on average compared to Q2. This is much better performance than peers which have reported declines of 19% (Odfjell) and 15% (Eitzen Chemical) due to their exposure to the weak product tanker market. BLT has 63 chemical tankers in operations mainly in the regional, stainless steel segment.
* No news about the ongoing take-over of Camillo Eitzen. We make marginal changes to our operating estimates while increase our interest expense assumption somewhat. Based on our estimates, BLT trades attractively at 80% of NAV and 7.6x 2010e EBITDA (based on 5% higher chemical rates y/y).

2.1.10

Singapore-flagged Pramoni seized by pirates



A Singapore-registered chemical tanker, M.T. PRAMONI, was boarded by pirates while transiting the Gulf of Aden, according to the Maritime and Port Authority of Singapore (MPA). The Pramoni is owned by Singapore-based GBLT Shipmanagement Pte.
"A distress alert was sent by the vessel at about 1730hrs on 1 Jan 2010 (Singapore time) while at position Lat 12° 30'N Long 47° 17'E," said the MPA in a statement.

The vessel, with a crew consists of 17 Indonesians, five Chinese, one Nigerian and one Vietnamese, was on its way from Genoa, Italy to Kandla, India.

Pramoni
Type of ship: Tankship
IMO Number: 9408803
MMSI Number: 565925000
Flag: Singapore
Callsign: 9VLH7
Length: 147.0m
Beam: 24.0m


SOLD ENBLOC PUSPAWATI AND PRAMONI FOR $108.5m BOTH UNITS. SELLERS ARE GBLT SHIPMANAGEMENT SINGAPORE . SALE INCLUDES 12 YEARS BBB AT $14300/DAY
Pramoni/Puspawati: 19,999 dwt blt 08 Shin Kurushima. Sold region USD 108,500,000 en bloc to Atlantis Shipping, sale incl 12 years BBB at 14,300 per day.
06/08 Pramoni Tank 19999 08 Kurushima MAN-B&W IMO II/III 12y bb $14300 54.2 . Turkish Atlantis
Pramoni 20,000 2008 tanker [from]BLT, Indonesia bb back [buyer]Atlantis Shipping, Oslo
Pramoni 19,900 2008 tanker [from] BLT, Indonesia USD 52 m bb [buyer]KS T Klaveness, Oslo

Pramoni 19,998 2008 [from] Pareto Finance 52.75 Incl 12 yr bb back to Gold Bridge Shipping

1.1.10

Arctic Sea docks in Kotka, NBI to examine vessel





The notorious cargo ship Arctic Sea docked in the port of Kotka 30 Dec 09. The National Bureau of Investigation is to examine the vessel, which it considers a crime scene.

The Arctic Sea, a Finish-owned Maltese-registered freight vessel, which was the centre of a bizarre hijack drama earlier this year, arrived in the Mussalo harbour with a load of 4,200 tonnes of lime from the south of France.

According to Sergei Kurashin, the operator of the Finnish Solchart Management shipping line, the ship will continue to be unloaded until Jan.4.
After that, the Arctic Sea will complete the circle, returning to the port of Pietarsaari, where it will pick up a load of sawn timber, which it is to take to Algeria.
It was on such a voyage in July that the ship was commandeered by a group of eight armed men in a rubber boat off the Swedish coast. The hijackers held the ship for nearly a month, until they were overpowered by the Russian navy off Cape Verde off the west coast of Africa.

While it is docked in Finland, the National Bureau of Investigation (NBI) plan to examine the vessel, says Rabbe von Hertzen, who has headed the NBI’s investigation in the matter
The ship has already been examined by Russian, Maltese, and Algerian officials, none of whom found traces of any suspicious material or high radiation levels.
Kai Naumanen, CEO of Rets Timber, which provided the cargo for the previous trip, and the new one, says that the hijackers never touched the cargo.
Solchart Management CEO Viktro Matvejev says that the only possible hiding place on the ship for rumoured contraband would have been the ballast tanks, which were full of water.

During the hijacking, the Arctic Sea had a different crew. The members are now back home in Archangel.
The crew said that the hijackers had kept them locked inside their cabins. They also constantly wore masks and gloves.
One of the sailors was put in a harness and forced to paint a new name on the hull, indicating that the ship was a North Korean vessel, the Jon Jin 2.
The crew members said that they had been beaten, and that the hijackers staged a mock execution.


But see: story


The twists and turns over the months: 1 2 3 4 5 6

In May, 2009, "Russia's customs service said Thursday it uncovered a ring of active and retired military officers suspected of involvement in stealing millions of dollars worth of missile components and smuggling them out of Russia.

The Federal Customs Service said it has detained a dozen suspects and confiscated about 22 tons of missile components intended for smuggling.

It said that the criminal ring had smuggled parts of S-75, S-125, S-200 and S-300 air defense missile systems.

The customs agency said that the ring included Russian military officers on active duty along with some retirees and citizens of Belarus and Ukraine. It said the suspects were believed to work with senior officers of the military's air defense forces stationed in Russia's northwest, but would not give any names.


The information available to YLE is that Russian, Swedish, Maltese and Finnish officials closely monitored the movements of the vessel when located and the Russian Navy implemented the rescue operation. YLE

One outstanding mystery is why, if the ship was hijacked on 24 July, none of the crew was able to get the word out before contact was lost a few days later. "The vessel had all the necessary modern means of communication and emergency alarms, and was located in waters where ordinary mobile telephones work," said Mikhail Voitenko, editor of the Russian maritime journal Sovfrakht. "To hijack the vessel so that no one makes a peep – can you imagine how that could be? I can't." Mr Voitenko is one of the few commentators who have provided a trickle of information about the ship. He and other Russian experts have aired suspicions that the 98-metre freighter was carrying an undeclared cargo and that high-level state interests were involved, but so far nobody has been able to provide details. Independent


Dmitri Bartenev , a rhib pilgrim picked up by the Arctic Sea on 24 July, said the eight pilgrims were testing out a navigation system before starting environmental work off the Estonian coast. There were four Estonians, two Latvians and two Russians. [On 28 July Solchart Finland reported the "boarding "- Russian Navy deployed 12 August] On 17 August, when the Russian naval frigate, the Ladny, came alongside. The Arctic Sea's crew had spotted the heavily armed vessel two days previously [15 August - press said found on the 14th ] and the crew broke out the vodka again. "We spent the last two nights on board getting drunk with the crew." [Bartenev had previous arrests for possessing amphetamines and drink driving.]

The level of detail given in this account is striking and it is likely to fuel suspicions that the eight were set up to try to save Russia the embarrassment of explaining what the Arctic Sea was really carrying. Guardian Telegraph

31.12.09





ARCTIC SEA arrived at KOTKA Finland, 30 December 2009 18:00. "At this point, there is, fortunately, no need to file an insurance claim because we still do not know where the ship and its crew are located," Vladimir Voronov said in September, without disclosing the amount the vessel was insured for. "The Arctic Sea is primarily owned by a Malta-based company, Arctic Sea Ltd. which is owned by Oy White Sea Ltd. According to the Finnish Trade Registry, Victor Matveev (Viktor Matvejev), a Russian citizen living in Finland holds 70 per cent of Oy White Sea Ltd’s shares. The rest are owned by two other Russian men living in Finland. The rest of the ship may well by owned by Solchart Askhangelsk Ltd of Finland, since it claims ownership of the ship in an article by Cristina Batog, a graduate of Georgetown University, specializing in Russia and Eastern Europe quoting director and assistant director Nikolai Karpenkov and Ivan Boiko in Askhangelsk, Russia.

30.12.09

Navios Apollon: hijacked mid-transfer?



Navios Maritime Holdings Inc. announced the sale to Navios Maritime Partners L.P on 10/28/2009. Navios Holdings intends to use the proceeds from the sale of this vessel for operating purposes, such as repayment of indebtedness or reinvestment in vessels. The buzz expects the company to negotiate a safe release of the vessel and crew and for any damages and losses to be covered by insurance. Navios Maritime Holdings Inc. agreed to sell the now hijacked Panama-flag Navios Apollon, a 2000 built Ultra-Handymax vessel with a capacity of 52,073 dwt to Navios Maritime Partners L.P. for $32.0 million in cash. Navios Apollon has been chartered out at a net rate of $23,700 per day for the remaining period of three years expiring in November 2012. Was The vessel delivered to Navios Partners at the time of its Annual General Meeting, Dec 16, 2009?

29.12.09

NAVIOS APOLLON: Panamanian bulker hijacked

Ms. Angeliki Frangou, chairman and Chief Executive of Navios Maritime Holdings




NAVIOS APOLLON IMO:9211145
Kleimar N V
Navios Shipmanagement Inc

NAVIOS Maritime Holdings has confirmed that its 52,068 dwt bulk carrier Navios Apollon was attacked 800 miles off the coast of Somalia on Monday.
Navios in Greece lost contact with the Panamanian-flagged vessel, owned by Navios Maritime Partners, and the last contact from the ship was a report that armed men were boarding the vessel.

Arctic Sea: return to the scene of the crime