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TO CHARTERS

Capital Product Partners L.P. Announces One Year Time Charter

Capital Product Partners L.P. (CPLP) has  announced the chartering of the M/T Avax to BP Shipping. The M/T Avax (47,834 dwt, IMO II/III Chemical Product Tanker built 2007 Hyundai Mipo Dockyard, South Korea) was chartered in October 2013 to BP Shipping for a minimum charter term of one year (+/- 30 days). BP Shipping has the option to extend the charter for an additional 12 months at a gross day rate of $15,600 per day. The vessel had been under charter with Capital Maritime & Trading Corp., CPLP's sponsor, as of April 2013 for 12 months (+/- 30 days) at a gross daily charter rate of $14,750. The vessel's actual earnings under the new charter are $14,750 gross per day until May 2014 and $14,800 gross per day between May and October 2014, as the new daily charter rate includes compensation that Capital Maritime will pay to the Partnership for the vessel's early redelivery in accordance with the terms of the charter party agreement with Capital Maritime. The transaction was unanimously approved by CPLP's conflicts committee.  


Safe Bulkers Time Charter for a Capesize Vessel

Safe Bulkers, Inc. (NYSE: SB) announced that it has entered into a new period time charter for the Kanaris, a 177,000 dwt Capesize class vessel, for a minimum duration of 12 months and a maximum duration of 14 months, at a gross daily charter rate of $31,000 less 5% total commissions. The new time charter will commence upon completion of the current charter, scheduled to occur in September 2010. Upon expiration of the completion of this new charter


Knightsbridge Announces Time Charter

Knightsbridge Tankers Limited entered into new time charter agreements for its two very large crude carriers, TI Ningbo and TI Qingdao. The two VLCCs, which are currently time chartered to Tankers International LLC, will commence their new time charter employment directly after the current charters expire in the first half of 2007. The TI Ningbo has been chartered for a period of four years and the TI Qingdao for a period of five years


Stealthgas Announces Charter Renewals

Stealthgas has entered into new time charter agreements for M/V Gas Sophie, M/V Gas Czar and M/V Gas Nemesis. The company has entered into a new bareboat charter for M/V Gas Ice and extended time charters for M/V Gas Renovatio, M/V Gas Zael, M/V Gas Sincerity, M/V Gas Shanghai, M/V Gas Kalogeros, M/V Gas Legacy, M/V Gas Icon and the M/V Gas Spirit. The M/V Gas Sophie, upon its scheduled delivery in October 2007 will be deployed on a time charter for 12 months to an international gas trader


Arlington Tankers 2Q Results

Arlington Tankers announced financial results for the second quarter ended June 30, 2008. For the quarter ended June 30, 2008, the company’s total revenues were $17.4m, consisting of $16.5m in basic vessel charter hire and $900,000 in additional charter hire that the company received under its profit sharing arrangements. On the basis of the second quarter results, ’s Board of Directors has declared a cash dividend of $0.56 per share


CPLP, OSG Reach Conditional Agreement

Capital Product Partners L.P. (the "Partnership" or CPLP) (NASDAQ: CPLP) has reached a conditional agreement with Overseas Shipholding Group Inc. (OSG) and certain of OSG's subsidiaries regarding the long term bareboat charters of three of its product tanker vessels. On November 14, 2012, OSG made a voluntary filing for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware


Stelmar Shipping Announces Time Charters

Stelmar Shipping Ltd. has renewed an existing time charter for the Primar and an existing time charter for the Petromar. The company also announced that it has signed a new time charter for the Allenmar, which had been trading in the spot market since the end of October, after being redelivered in late October from its previous time charter. Primar, a 1988 double sided product tanker, has been renewed on a six-month time charter with Adam Maritime Corporation at a rate of $11,250 per day


Diana Shipping Puts Vessel on Charter

Diana Shipping Puts Its Panamax Carrier Danae on a 2-Year Charter at a Daily Rate of $29,400 Diana Shipping Inc., which owns and operates a fleet of dry bulk vessels, has signed the Panamax carrier Danae to a time charter contract with Hanjin Shipping Co. of Seoul, according to the AP. Athens, Greece-based Diana Shipping said the charter would span between 22 months and 25 months at a daily rate of $29,400. The employment will start on April 22 and the company expects it will generate


BIMCO Publishes ISPS Clause

In response to industry demand for an ISPS provision suitable for voyage charters, BIMCO published on March 3 an ISPS Clause for voyage charter parties to complement the time charter version produced in November last year. The Clause addresses the allocation of costs and responsibilities relating to shipboard and shore-based security measures arising from the implementation of the ISPS Code. The ISPS Clause for Voyage Charter Parties has been drafted by the same team of legal and


Don’t Leave Port without These Terms in Your Vessel Charter

Fred Goldsmith, licensed in Pa., W.V., Ohio & Texas, practices admiralty & maritime, railroad, personal injury, motorcycle, insurance coverage and commercial litigation with Pittsburgh-based Goldsmith & Ogrodowski, LLC (www.golawllc.com). If you have questions about this column, you can reach him at fbg@golawllc.com or (877) 404-6529.

From MarineNews May 2010 Put it in Writing When chartering an asset so valuable and with so many risk exposures as a vessel — whether a 15-ft RIB or a 4,000 HP tractor tug, put the agreement in writing. While I have previously written in this magazine about how maritime contracts can be enforceable under admiralty law (see “Marine Contracts: Do I Have to Put it in Writing?” MarineNews, June 2008), it is far preferable to put the terms in writing


BP Pulls Plug on Oceaneering Vessel Contract

Photo: Oceaneering International, Inc

 UK giant BP will end a contract off Angola with Oceaneering International about eight months early.   Oceaneering International has announced that BP has exercised its right to terminate its use of the chartered vessel Bourbon Oceanteam 101 at the end of May 2016.  


Asia Dry Bulk-Capesize Rates Should Remain Flat

Western Australia-China rates hit near 17-year low; owners explore laying-up ships. Freight rates for capesize bulk carriers on key Asian routes should remain flat next week as the Lunar New Year holiday in China will curtail chartering activity, shipbrokers said on Thursday.


Glencore to Lift Iranian Fuel Oil at Bandar Mahshahr

Anglo-Swiss commodity trader Glencore has chartered a ship to load Iranian fuel oil at the Iranian port of Bandar Mahshahr in a move that signals the return of legitimate Iranian crude and oil products to international markets. The Greek-owned vessel, Green Warrior


Damen Builds Cable Installer For Maersk Supply Service

Photo: Damen

New Damen-built vessel for Maersk Supply Service to undertake long-term charter with DeepOcean   A newbuild DP2 cable installation vessel, Maersk Connector, was handed over from Damen Shipyards Group to Maersk Supply Service on February 4, 2016


ICTSI Wins “Best Corporate Bond” Award

Rafael D. Consing Jr., ICTSI Senior Vice President and Chief Financial Officer, accepted the award Photo ICTSI

International Container Terminal Services, Inc.’s (ICTSI) US$450 million perpetual capital securities issue was recently recognized as the Philippines’ best corporate bond at the The Asset Triple A Country Awards 2015.  ICTSI issued last August the well-structured perpetual


Concordia Maritime Signs Time Charter Contract for P-MAX Tanker

Concordia Maritime signed a contract to charter out another P-MAX tanker. The contract, which comes into effect at the beginning of February 2016, is for one year with an option for a further year. The contract partner is a UK shipping company.


VLCC's Used for Asia-Europe Diesel Liftings

File Image: a so-called Suezmax tanker transits the Suez Canal (image: Suez Canal)

Total charters VLCC to move diesel from Asia to Europe; Vitol ships diesel from Asia to Europe in Suezmax. At least two companies are planning to ship diesel in bigger-than-usual tankers from Asia to Europe in what traders said is a rare move as cheap oil drives up diesel supply and slowing


Navios Maritime Posts 4Q Profit

Photo: Navios Maritime Midstream Partners LP

 Navios Maritime Midstream Partners LP (NAP) on Wednesday reported fourth-quarter profit of $9.1 million. On a per-share basis, the company said it had profit of 44 cents.   The operator of contracted crude oil tankers posted revenue of $25.8 million in the period


Containership Charter Market: Back To The Bottom

Graphics: Clarksons Research

 The dust has now settled on the brief rally and subsequent dramatic downturn of the containership charter market in 2015, says  Clarksons Research.   After a good few years in the doldrums, last year saw some fairly animated movements in boxship charter rates


Asia Dry Bulk-Capesize Rates Likely to Remain Flat

File Image: a so-called ValeMax Bulk Carrier

Chinese iron ore and coal imports to fall in 2016 - Clarkson Freight rates for capesize bulk carriers on key Asian routes are likely to stay flat as vessel volumes outpace cargo demand and the approaching Chinese New Year holiday further dampens chartering activity, ship brokers said on Thursday


Dorian LPG Post 3Q 2016 Profit

Courtesy Dorian-LPG

Dorian LPG Ltd. a leading owner and operator of modern very large gas carriers, today reported its financial results for the three months ended December 31, 2015. Highlights – Third Quarter Fiscal 2016   * Revenues of $93.3 million


Slashed Charter Rate for Diana's m/v Houston

Courtesy Diana Shipping

Diana Shipping Inc. a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels


SwissMarine Hires Diana's Capesize Bulker

m/v Houston: By Diana Shipping

 Greek dry bulk shipping company Diana Shipping has entered into a time charter agreement with Geneva-based SwissMarine Services S.A. for its Capesize dry bulker the m/v Houston.   The gross charter rate is US$5,150 per day, minus a 5% commission paid to third parties


Maybulk Issues Profit Warning

Photo: Malaysian Bulk Carriers

 Malaysian Bulk Carriers Bhd (Maybulk) is forecasting significant losses for the fourth quarter of 2015 and the financial year ended December 31, 2015 amid depressed market condition.   Maybulk, which operates the country’s largest fleet of dry bulk vessels used for international


MES Establishes Unit for FPSO Charters

Mitsui Engineering and Shipbuilding Co., Ltd. (MES) has established a new department to support the chartering of floating production, storage & offloading system vessels (FPSO) for marine oil and gas.   Effective February 1, this new section within the Ocean Business Promotion






 
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