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January 12, 2017

Deals this week: DryShips, Gulf Navigation, Wartsila

Greece-based dry bulk shipping company DryShips has signed a zero-cost option agreement with companies controlled by its chairman and CEO George Economou.

Crystal Cruises

Greece-based dry bulk shipping company DryShips has signed a zero-cost option agreement with companies controlled by its chairman and CEO George Economou.

Under the agreement, DryShips will buy up to four very large gas carriers (VLGCs) at a price of $83.5m a vessel, which values the total deal at $334m.

The liquefied petroleum gas (LPG) carriers are being built at Hyundai Heavy Industries’ (HHI) South Korean shipyard.

DryShips aims to expand its presence in the gas carrier market through the vessel purchase.

UAE-based maritime subsidiary of Gulf Navigation Holding Group is set to form a joint venture (JV) with Polimar Turkish Holding.

A deal has been signed between the two companies, which will result in the formation of a new JV company that will be headquartered in Dubai and function as a subsidiary of Gulf Navigation Holding Group to serve maritime agencies, and provide vessels’ services and marine products.

The group aims to expand its shipping agency and marine product services portfolio through the JV.

Wärtsilä has received a contract to repower one of Onorato Group unit Moby's passenger ferries.

"The contractor will supply four new auxiliary generating sets with digital automatic voltage regulators."

Named MV Moby Zaza, the ferry is the third to be repowered by Wärtsilä, following two ferries MV Moby Corse and MV Moby Kiss.

The contractor will supply four new auxiliary generating sets with digital automatic voltage regulators, and seawater systems with complete cooling circuits and will be responsible for commissioning and systems integration.

The repowering is expected to reduce vessel downtime and environmental impact.

ABB has been contracted to supply propulsion system, electric power plant, automation and marine software systems for five vessels being built at MV Werften’s German shipyard, for Crystal Cruises and Star Cruises.

Three of the vessels are Endeavor-class mega-yachts with Polar Class 6 classification, meant for Crystal Cruises.


Image: ABB will supply complete propulsion system, electric power plant and other systems for three Endeavor-class mega yachts of Crystal Cruises.

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