TOP Ships Inc., an international owner and operator of modern, fuel efficient "ECO" MR tanker vessels focusing on the transportation of petroleum products, announced today that it has terminated the charter parties of M/T EShips Taweelah, Hull number S407 and Hull number S414 with Emirates Ship Investment Company (ESHIPS) LLC and that it has entered into new charters for these vessels with Stena Weco A/S. As a result of this termination, ESHIPS will pay the company a compensation of $500,000. The new charters are for 3 + 1 + 1 years at $16,200 per day for the first three years, $17,200 per day for the first optional year and $18,000 per day for the second optional year. The ESHIPS charters that were terminated were for 2 + 1 years at $16,000 per day for the first two years and $17,250 per day for the optional year. Stena Weco A/S has an option until August 10, 2014 to declare the charter of M/T EShips Taweelah to a 5 + 1 + 1 years at respective gross daily rates of $16,800 for the first five years, $17,500 for the first optional year and $18,200 for the second optional year. "This is a very positive development for the company,” Evangelos Pistiolis, CEO of TOP Ships, stated. “Our gross contracted revenue, over the firm period of our charters, has increased by 18% to $117 million, up from $99 million under the previous charters
Northrop Grumman Corporation’s Newport News sector has appointed David Reith to the position of controller. In this role, Reith has responsibility for internal systems and process controls for Newport News' accounting and operations finance functions. Reith will report to Linda Leukhardt, vice president of Business Management and chief financial officer for the Newport News sector. "Dave's considerable business and financial management experience will be a significant asset to the Newport
MacAndrews has upgraded the existing tonnage on its Swahili Express Service, which provides a regular container service between the Indian sub-continent, the Middle East/Gulf and East Africa, with a new vessel. The new ship, MacAndrews SWALA, is 1100 teu capacity and is one of two vessels in the service which has a nine-day sailing frequency and calls at Khor Fakkan, Karachi, Nhava Sheva, Jebel Ali, Dar es Salaam and Mombasa with a 28-day round voyage time
CMA CGM Group is pleased to announce the upgrading of its ASEA service connecting Asia, Kenya and Tanzania, effective since October 12th, 2011. The new ASEA weekly service will deploy 6 ships of 2500 TEU (4 provided by CMA CGM Group and 2 provided by Emirates Shipping Line) and will allow the Group to provideits customers with below pluses: - Direct weekly service to Kenya and Tanzania gateways - Deployment of bigger vessels
Statoil expands its exploration portfolio with the acquisition of 25% participating interest from Vale SA in BM-ES-22A in the Espirito Santo Basin offshore Brazil. BM-ES-22A is comprised of the two Blocks ES-M-468 and ES-M-527. Petrobras is the operator with 75% equity and Vale holds a 25% share. It is located in the Outer Espirito Santo Basin partially adjacent to the BM-ES-32 license where Statoil is partner and which holds the Indra discovery.
A North Korean-flagged tanker has finished loading crude at the Libyan rebel-controlled port of Es Sider but has not yet left the terminal, Libyan oil officials said on Monday. Libya's government has threatened to bomb the Morning Glory should the tanker try sailing off with crude from the eastern port, one of three seized by armed protesters demanding a share of oil revenues and political autonomy. "The tanker has finished loading but is still anchored in Es Sider
Evergreen Line, Wan Hai Lines Ltd (WHL), and Simatech Shipping have agreed to operate an East Africa Service (EAF) with three ships of 1,200 TEU capacity. Evergreen, WHL, and SSF will each operate one vessel. The East Africa (EAF) service will have the following port rotation: Colombo - Mombasa - Dar es Salaam - Colombo The first EAF sailing is scheduled to commence from Colombo on May 11, 2010.
RPSEA Releases Ultra-Deepwater Program RFP to fund research & development projects to secure energy for America. The Research Partnership to Secure Energy for America (RPSEA) announces the release of the remaining 2011 Ultra-Deepwater Program request for proposals (RFP) to award $14 million in oil and natural gas research and development projects offshore. This RFP will include the following four Technical Areas of Interest:
FORAN has been the CAD/CAM System used by the Chilean shipyard ASMAR in the development of an Oceanographic and Fisheries Research Vessel, a state of the art design built for worldwide oceanographic and fishing service and geological research. The vessel, Cabo de Hornos, has been already delivered. With a length overall of 74.1 m, breadth molded of 15.6 m and depth to main deck of 8.5 m, the vessel can reach a speed of 14.3 knots, with accommodation for 68 persons
Islamic State militants attacked forces guarding one of Libya's main oil ports on Thursday with a gun assault and an attempted car bomb in an escalation of their campaign in the North African state, a local security official said. Islamic State has gained ground in Libya where two rival governments -- one internationally recognized and the other self-declared -- are battling for control, leaving a security vacuum four years after the uprising toppled Muammar Gaddafi.
The Islamic Republic of Iran Shipping Lines (IRISL) plans to become one of the world's top ten shipping lines. It plans to modernize its fleet and ally with international shipping majors to tap western markets , reports WSJ. Mohammad Saeidi
Tanzania started construction work on a $10 billion port and special economic zone on Friday, a project backed by China and Oman that aims to transform the East African country into a regional trade and transport hub. The port, which will be Tanzania's biggest, is being built at Bagamoyo
Work started last week on an $11bn megaport in Tanzania, funded by China and Oman, which the country’s president said would spark an “industrial revolution” in the east African nation. The new port at Bagamoyo will dwarf the country’s current main port at Dar es
As part of the renewal of the fleet of the Navy, The first tranche has been launched in recent months, OCCAR (Organisation de Cooperation Conjointe sur l'Armement, the international organization for cooperation armaments) has ordered an additional Multipurpose Offshore Patrol (PPA) to the
Steelhead Marine, a North American crane manufacturer, has expanded its product offering with the launch of the new E Series 1000 crane. Suited for commercial and recreational vessels, the E Series crane is available primarily in a 1,000-lb model with a 1
Vessel sales for May 2015 (as of June 1) as prepared by Shipping Intelligence, Inc., New York. Date Reported - Vessel Name - DWT - Built - (Age) - Price in Millions USD Bulk Carriers 5/26 - SEA RACER - 18,320 - 00 - (15) - $3.5 5/12 - BIRCH 5 - 26,045 - 97 - (18) - $2.8
Incat Crowther delivered Kilimanjaro V, the eighth Incat Crowther designed vessel for the Tanzania-based operator Azam Marine. Built by Richardson Devine Marine of Tasmania, Australia, the 39m Catamaran Passenger Ferry is a rugged and efficient catamaran
Fincantieri, one of the world’s largest shipbuilding groups and reference player in the naval shipbuilding industry, and Finmeccanica, Italy’s leading manufacturer in the high technology sector, have been awarded the contract for the construction and equipment of one
Cargo volumes at Dar es Salaam port are expected to rise as much as 25 percent this year, helped by expanded capacity and improved efficiency, Tanzanian president Jakaya Kikwete said in his last address to parliament before an election in October.
Maritime professionals from South and East Africa, Europe, Indian Ocean nations and the U.S. met for the Cutlass Express 2016 Main Planning Event (MPE) in Dar Es Salaam, Tanzania Aug. 4 – 7. The four-day planning event aimed to further develop exercise scenarios for partner nations
The U.S. Coast Guard is working with a team of responders to recover a runaway crane barge that sunk near Convent on the Mississippi River. The crane barge broke free of its mooring and sank along with an excavator crane and backhoe near mile marker 160 Monday morning
Vessel sales for August 2015 (as of September 1) as prepared by Shipping Intelligence, Inc., New York. Date Reported - Vessel Name - DWT - Built - (Age) - Price in Millions USD Bulk Carriers 8/24 - MA SIK RYONG - 18,612 87 - (28) - $1
Libya plans to sell a tanker that a former rebel group used in an attempt to bypass the Libyan government and export oil on its own last year, the Tripoli-based state prosecutor said on Thursday. The group had loaded crude on the "Morning Glory" at the eastern port of Es Sider
With China’s COSCO confirming its $1.5-billion order of 11 new 19,000 TEU ships for delivery in 2018, the “arms race” for Ultra Large Container Vessels (ULCV) of over 18,000 TEU continues but carriers are having to be more creative when deciding where to deploy smaller
SENER Ingeniería y Sistemas SA launched a new version of its marine CAD/CAM system, the FORAN V80. The new version is fully compatible with the previous ones and includes improvements in all of its modules. The main upgrades come from the initial and basic project stages