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"Turkey's Atlantis Tankers has finally got its hands on a tanker originally ordered in 2006.
The 5,650-dwt Atlantis Augusta, its twelfth vessel, was delivered last month following a dispute with yard owner Yildirim Group and various continuing lawsuits that saw it completed at a different shipyard altogether.
Atlantis, controlled by Lorenz Weinstabl, told TradeWinds its newbuilding and management arm Armona inked a contract with Turkey's Marmara Shipyard in 2006 for the construction of three 5,650-dwt tankers.
As construction was about to start, the financially struggling yard struck a deal in April 2007 with Yildirim group company Yilmar to sell 100% of the yard, Atlantis said.
The shipyard then offered to construct the first Atlantis ship for triple the amount of the original contract, Atlantis claimed.
A deal was not agreed, however, and towards the end of 2007 Armona filed a lawsuit against Marmara requesting compensation.
"The lawsuit is still ongoing and it is now in its tenth year with an award in first instance expected before this summer break," Atlantis said.
In January 2015, Armona decided to continue construction of the first two newbuildings and reopened negotiations with Marmara.
Yildirim countered with three lawsuits against Armona for compensation, the cost of storing the blocks, and the last progress payment, Atlantis said.
Armona obtained a preliminary injunction at a district court in October 2015, allowing it to collect a total of 6,000 tons of steel from Marmara.
Blocks for the first tanker were loaded onto two barges and towed to Tuzla, while the rest was transported on 64 low-bed trucks.
Armona then had the vessels built at Selay Shipyard and Selah Shipyard. The second, Atlantis Alicante, is due in June.
Yildirim chief executive Robert Yildirim told TradeWinds that when the orders were placed, Marmara was struggling financially and accepted the contracts at very low prices, along with vessels for Yilmar itself and compatriot owner Duzgit.
Markets then went "crazy" and yards were busy, with a consequent rise in labour costs.
Yildirim explained that it was the labour contract price that had to rise.
Yilmar and Duzgit accepted the labour rise in new contracts as part of the change of control of the yard but Atlantis insisted the yard stick to the original deal.
He said: "I said to Lorenz, we can't build your ships at the current contract price. The contracts were underwater.
"Am I stupid? This is a big loss. Yildirim Group will never work for a loss. We want to make money."
He said Atlantis then refused to move its equipment from his yard. "We later offered to match the cost at the Tuzla yards, but he wanted to go to court. He could have been operating these ships for years."
11/05/2017
TradeWinds published the sixth press release of the Company.
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TradeWinds Press Release #6
11/05/2017
"Turkey's Atlantis Tankers has finally got its hands on a tanker originally ordered in 2006.
The 5,650-dwt
Atlantis Augusta, its twelfth vessel, was delivered last month following a dispute with yard owner Yildirim Group and various continuing lawsuits that saw it completed at a different shipyard altogether.
Atlantis, controlled by Lorenz Weinstabl, told TradeWinds its newbuilding and management arm Armona inked a contract with Turkey's Marmara Shipyard in 2006 for the construction of three 5,650-dwt tankers.
As construction was about to start, the financially struggling yard struck a deal in April 2007 with Yildirim group company Yilmar to sell 100% of the yard, Atlantis said.
The shipyard then offered to construct the first Atlantis ship for triple the amount of the original contract, Atlantis claimed.
A deal was not agreed, however, and towards the end of 2007 Armona filed a lawsuit against Marmara requesting compensation.
"The lawsuit is still ongoing and it is now in its tenth year with an award in first instance expected before this summer break," Atlantis said.
In January 2015, Armona decided to continue construction of the first two newbuildings and reopened negotiations with Marmara.
Yildirim countered with three lawsuits against Armona for compensation, the cost of storing the blocks, and the last progress payment, Atlantis said.
Armona obtained a preliminary injunction at a district court in October 2015, allowing it to collect a total of 6,000 tons of steel from Marmara.
Blocks for the first tanker were loaded onto two barges and towed to Tuzla, while the rest was transported on 64 low-bed trucks.
Armona then had the vessels built at Selay Shipyard and Selah Shipyard. The second,
Atlantis Alicante, is due in June.
Yildirim chief executive Robert Yildirim told TradeWinds that when the orders were placed, Marmara was struggling financially and accepted the contracts at very low prices, along with vessels for Yilmar itself and compatriot owner Duzgit.
Markets then went "crazy" and yards were busy, with a consequent rise in labour costs.
Yildirim explained that it was the labour contract price that had to rise.
Yilmar and Duzgit accepted the labour rise in new contracts as part of the change of control of the yard but Atlantis insisted the yard stick to the original deal.
He said: "I said to Lorenz, we can't build your ships at the current contract price. The contracts were underwater.
"Am I stupid? This is a big loss. Yildirim Group will never work for a loss. We want to make money."
He said Atlantis then refused to move its equipment from his yard. "We later offered to match the cost at the Tuzla yards, but he wanted to go to court. He could have been operating these ships for years."
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Atlantis Almeria had loaded 6000 mts of Vegoil (full-cargo) from Dnepropetrovsk, Ukraine. On her way to the destination port of Mersin, Turkey, she passed by the company building through the Bosphorus Straight at staggering speed of 12.7 knots.
11/05/2017
Atlantis Almeria passed through the Bosphorus Straight on the 11th of May 2017.
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Almeria Speeds through the Bosphorus
11/05/2017
Atlantis Almeria had loaded 6000 mts of Vegoil (full-cargo) from Dnepropetrovsk, Ukraine. On her way to the destination port of Mersin, Turkey, she passed by the company building through the Bosphorus Straight at staggering speed of 12.7 knots.
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After her maiden voyage at Yuzhny, Ukraine, Atlantis Augusta passed through the Bosphorus on the 19th of April for her second voyage to Villagarcia, Spain. The whole staff of Armona Denizcilik and Atlantis Tankers got the opportunity to see the new building on sea, due to the headquarters being located right on the Bosphorus!
19/04/2017
After her maiden voyage at Yuzhny, Ukraine, Atlantis Augusta passed through the Bosphorus on the 19th of April for her...
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Atlantis Augusta on the Bosphorus
19/04/2017
After her maiden voyage at Yuzhny, Ukraine,
Atlantis Augusta passed through the Bosphorus on the 19th of April for her second voyage to Villagarcia, Spain. The whole staff of Armona Denizcilik and Atlantis Tankers got the opportunity to see the new building on sea, due to the headquarters being located right on the Bosphorus!
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"Expanding Turkey-based Atlantis Tankers has reported a drop in earnings for 2016 as chemical tanker rates have softened.
The owner's four 3,500-dwt and four 6,000-dwt ships made $4.3m on a net basis last year, down from $6.9m in 2015.
Revenue fell 8.5% to $30.1m, with no significant change in operating expenses logged.
Chief executive and owner Lorenz Weinstabl said: "The results were not in line with the expectations we had for 2016 and it was hard to explain what had caused the markets to soften again after 2015, which was a year that had achieved a level we would need in consistency.
"There is still an oversupply of tonnage due to the orderbook that was inked in the years 2006 to 2008 and constructions which were later delayed.
"We still see delivery of such vessels in 2017 and expect the overall world fleet size in tankers below 15,000 dwt to start reducing when the ballast water treatment system and low sulphur regulations have started to kick in.”
In February, Atlantis bought two tankers from the Restis Group: the 5,500-dwt Ionian Trader and Lydian Trader (both built 2008).
Weinstabl said the price was "mid-$5m", as opposed to reports putting them at $7m.
It also took over management of the German and Turkish-owned, 6,300-dwt tanker Rekon (built 2013) this year and has two 5,600-dwt newbuildings due this month and in June from Turkish yards.
Weinstabl said it was "amazing" to see the way many owners view their finances.
Expressions such as "sustainable" are already being used to outline the minimum target of surviving in the business, he adds.
The shipowner believes companies must be looking to maintain at least the size of their fleets, or even lower their average ages.
"A fleet size of 20 ships would theoretically mean that every year the fleet's aggregated age will equal the lifetime of one ship, therefore a new ship would need to be added to maintain the average age," he said.
"With the current market being weak, that might just be possible when you have such a fleet size. However, it will mean that you practically need to tie all your liquidity into the modernisation of your fleet."
Looking ahead, the company believes that despite the chemical tanker market having started off weakly in 2017, signs of a stronger-than-expected recovery in European and US economies still give reason to hope that this year will be better than 2016."
19/04/2017
TradeWinds published the fifth press release of the Company.
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TradeWinds Press Release #5
19/04/2017
"Expanding Turkey-based Atlantis Tankers has reported a drop in earnings for 2016 as chemical tanker rates have softened.
The owner's four 3,500-dwt and four 6,000-dwt ships made $4.3m on a net basis last year, down from $6.9m in 2015.
Revenue fell 8.5% to $30.1m, with no significant change in operating expenses logged.
Chief executive and owner Lorenz Weinstabl said: "The results were not in line with the expectations we had for 2016 and it was hard to explain what had caused the markets to soften again after 2015, which was a year that had achieved a level we would need in consistency.
"There is still an oversupply of tonnage due to the orderbook that was inked in the years 2006 to 2008 and constructions which were later delayed.
"We still see delivery of such vessels in 2017 and expect the overall world fleet size in tankers below 15,000 dwt to start reducing when the ballast water treatment system and low sulphur regulations have started to kick in.”
In February, Atlantis bought two tankers from the Restis Group: the 5,500-dwt
Ionian Trader and
Lydian Trader (both built 2008).
Weinstabl said the price was "mid-$5m", as opposed to reports putting them at $7m.
It also took over management of the German and Turkish-owned, 6,300-dwt tanker
Rekon (built 2013) this year and has two 5,600-dwt newbuildings due this month and in June from Turkish yards.
Weinstabl said it was "amazing" to see the way many owners view their finances.
Expressions such as "sustainable" are already being used to outline the minimum target of surviving in the business, he adds.
The shipowner believes companies must be looking to maintain at least the size of their fleets, or even lower their average ages.
"A fleet size of 20 ships would theoretically mean that every year the fleet's aggregated age will equal the lifetime of one ship, therefore a new ship would need to be added to maintain the average age," he said.
"With the current market being weak, that might just be possible when you have such a fleet size. However, it will mean that you practically need to tie all your liquidity into the modernisation of your fleet."
Looking ahead, the company believes that despite the chemical tanker market having started off weakly in 2017, signs of a stronger-than-expected recovery in European and US economies still give reason to hope that this year will be better than 2016."
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Francisco de Jesus Fernandes, from the Lisbon Tanker Brokers, also a very good friend of our collegues here at Atlantis Tankers is also a very talented photographer who has been capturing breath taking pictures of our vessels at the port of Aveiro. We would like to take this moment to thank him for these pictures and his contribution in supporting our Chartering team in the market. Captured by Franscisco's objective is a picture of Atlantis Alhambra departing from the port of Aveiro for her next voyage.
14/04/2017
Francisco de Jesus Fernandes, from the Lisbon Tanker Brokers, also a very good friend of our collegues here at Atlantis Tankers is also...
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A Friend with Talents!
14/04/2017
Francisco de Jesus Fernandes, from the
Lisbon Tanker Brokers, also a very good friend of our collegues here at Atlantis Tankers is also a very talented photographer who has been capturing breath taking pictures of our vessels at the port of Aveiro. We would like to take this moment to thank him for these pictures and his contribution in supporting our Chartering team in the market. Captured by Franscisco's objective is a picture of Atlantis Alhambra departing from the port of Aveiro for her next voyage.
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Admitting nobody can remember but a good guess goes back to a 5 year renewal of the fleets class contract where Bureau Veritas Marine's General Manager Cafer Tekkan, who is holding the vast majority of maintaining our fleets classification body, and our CEO Lorenz Weinstabl recognized that among the intensive day-to-day work, their teams have little or no time to spend on a personal basis to strengthen their friendship. On the 3rd half year meeting, the team of Armona and BV had a great evening eating fish before the season dives into the fishing prohibition period during summer. As Beşiktaş had the Champions League game with Lyon that day, the atmosphere in Beşiktas çarşı, including Turgut Vıdınlı's was as expected; pulsating. From the left side front to back: Koray Gençsoy, Tarkan Ekler, Lorenz Weinstabl, Semih Falay, Kubilay Görmen and Serdal Sağır. From right back to front: Nazım Kanburoglu, Ömer Balta, Ender Bilen, Cafer Tekkan, Ömer Çalık ve Hülya Cinoglu.
12/04/2017
Admitting nobody can remember but a good guess goes back to a 5 year renewal of the fleets class contract where Bureau Veritas Marine&#...
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A Tradition that Continues
12/04/2017
Admitting nobody can remember but a good guess goes back to a 5 year renewal of the fleets class contract where Bureau Veritas Marine's General Manager Cafer Tekkan, who is holding the vast majority of maintaining our fleets classification body, and our CEO Lorenz Weinstabl recognized that among the intensive day-to-day work, their teams have little or no time to spend on a personal basis to strengthen their friendship. On the 3rd half year meeting, the team of Armona and BV had a great evening eating fish before the season dives into the fishing prohibition period during summer. As Beşiktaş had the Champions League game with Lyon that day, the atmosphere in Beşiktas çarşı, including Turgut Vıdınlı's was as expected; pulsating. From the left side front to back: Koray Gençsoy, Tarkan Ekler, Lorenz Weinstabl, Semih Falay, Kubilay Görmen and Serdal Sağır. From right back to front: Nazım Kanburoglu, Ömer Balta, Ender Bilen, Cafer Tekkan, Ömer Çalık ve Hülya Cinoglu.
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What is this? After half an hour of buzzling around the Beşiktaş fish market and inspecting the Turbots’ gill and eye color for indication of freshness, we had concluded the deal for the purchase of 8 kg of fish to satisfy the hunger of twelve people that had worked hard that day to get the Atlantis Augusta registered with the Maltese Flag and to send her on her maiden voyage. After the fish was certified by Koray in situ it was cleaned, sliced, and sent to the restaurant of Turgut Vidinli, who only Fenerbahçe fans will not have heard of... From left to right: Armona’s New Building Manager Tarkan Ekler, Armona CEO Lorenz Weinstabl, General Marine Manager of Bureau Veritas Cafer Tekkan, and Ships in Service Operational Manager of Bureau Veritas Ender Bilen.
12/04/2017
What is this? After half an hour of buzzling around the Beşiktaş fish market and inspecting the Turbots’ gill and eye color for...
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Old Friendships Last
12/04/2017
What is this? After half an hour of buzzling around the Beşiktaş fish market and inspecting the Turbots’ gill and eye color for indication of freshness, we had concluded the deal for the purchase of 8 kg of fish to satisfy the hunger of twelve people that had worked hard that day to get the
Atlantis Augusta registered with the Maltese Flag and to send her on her maiden voyage. After the fish was certified by Koray in situ it was cleaned, sliced, and sent to the restaurant of Turgut Vidinli, who only Fenerbahçe fans will not have heard of... From left to right: Armona’s New Building Manager Tarkan Ekler, Armona CEO Lorenz Weinstabl, General Marine Manager of Bureau Veritas Cafer Tekkan, and Ships in Service Operational Manager of Bureau Veritas Ender Bilen.