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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


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


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


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


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


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


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


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


MSC Geneva Gets Fatter

 A revolutionary new option to scrapping for younger panamax containerships deemed too small for a tradelane involves widening the vessel rather than adding length.   The enlargement operation of MSC Geneva was held at the Chinese shipyard Huarun Dadong (HRDD)


Teekay LNG Partners Declares Distribution

Logo

  Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14, 2015 to all unitholders of record as at July 14, 2015.


Qatar Navigation Absorbs Balance of SocGen Gasships

Qatar Navigation (Milaha) said on Thursday its unit Qatar Shipping Company had acquired the remaining 60 percent interest in two firms which own Liquefied Natural Gas (LNG) carriers from France's Societe Generale. The two entities, Milaha Ras Laffan and Milaha Qatar


GasLog Partners To Buy Three Vessels

Methane Shirley Elisabeth

  GasLog Partners LP and GasLog Ltd. announced today the closing of the Partnership’s acquisition from GasLog of 100% of the ownership interests in the entities that own and charter the liquefied natural gas (“LNG”) carriers the Methane Alison Victoria


WISTA Seminar on Dry Bulk Receives Wide Response

T V Shanbhag, Ex- Chief Controller of Chartering, Government of India being felicitated

  A Shipping Seminar on "Dry Bulk Chartering, Operations and Arbitration”  held on 27th June 2015 at the Narottam Morarjee Institute of Shipping, Nariman Point, Mumbai was well attended. The event which saw good response from WISTA members was orchestrated by WISTA Jt


Mega Valemax Enteres China for First Time in Two Years

 Valemax “Yuan Zhuo Hai”. Pic: China Ocean Shipping Company (Cosco)

 Mega-ore carrier  Valemax  Yuan Zhuo Hai, which is owned by China Ore Shipping,  has arrived Dongjiakou Port in Qingdao for unloading iron ore. This is the first entry of such a bulk carrier tonnage in the sea port of China for the past two years.  


Box Ships Enters Financial Deal

Image: Box Ships

 Athens-based Box Ships has announced that it has secured a two year extension on a loan facility with ABN Amro, which was scheduled to mature next month.   Following this extension, the balloon amount of $10 million is repayable in 8 equal quarterly installments of $250


UK Navy’s Ice Patrol Ship Gets a New Coating

On December 2, 2013, HMS Protector conducted a base inspection on the Ukrainian Vernadsky Research Base. The base was renamed Faraday Station in August 1977 in honor of British scientist Michael Faraday until Ukraine took over the operation of the base in February 1996. (Photo: UK Defense)

U.K. Royal Navy Ice Patrol Ship HMS Protector is deployed on operations for 330 days a year, mostly in the Antarctic region, making it essential that her underwater hull is protected against the harsh icy conditions she faces.   At the end of May


Huge Yacht Carrier Headed for South Pacific

DYT Yacht Transport’s largest semi-submersible ship, Yacht Express, will make its first trip to Sydney, Australia. (Photo credit: Onne van der Wal)

New policies making it easier for foreign-flagged vessels to explore the coastlines of Australia have lead DYT Yacht Transport (DYT) to schedule its largest semi-submersible yacht carrier, the 686-foot (209-metre) Yacht Express, to deliver yachts to the South Pacific


Protests Shut Channel Tunnel Again

The Channel Tunnel closed again on Tuesday due to protesting MyFerryLink workers, its operator Eurotunnel and French traffic supervision body Bison Fute said. The entrance to the tunnel was blocked by angry workers who set fire to tyres thrown on the tracks, a Reuters witness said.


Global Ship Lease Extends Panamax Charter with X-Press Feeders

Image: Global Ship Lease (GSL)

 Global Ship Lease, Inc. has agreed to extend the time charter for the Ville d'Orion, a 1997-built, 4,113 TEU vessel currently on charter with Sea Consortium Pte Limited, doing business as X-Press Feeders.    The extension is to between November 26, 2015 and February 26, 2016


HHI Delivers 14,000 TEU Box Ship to Seaspan

Seaspan Corporation accepted delivery of a 14,000 TEU containership, the YM Witness. The new containership, which was constructed at Hyundai Heavy Industries Co., Ltd., is Seaspan's fourth 14,000 TEU SAVER design containership and fifth delivery in 2015.


Otto Marine Secures $131 mln in New Contracts

Otto Marine Limited, an offshore marine company which specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, has announced that in the second quarter of financial year 2015 (Q2FY2015) till date


Scorpio Bulkers Charters Out Newbuild Bulker

Dry bulk marine transport provider Scorpio Bulkers Inc. announced today that it has agreed to time charter-out the SBI Montesino, a Capesize vessel that is currently under construction in South Korea with delivery expected in July, 2015. Upon delivery from the shipyard


China's State Audit Uncovers Misdeeds in Cosco

Photo: Cosco

 Intensifying crackdown on corruption China’s National Audit Office released an audit report for state-run shipping conglomerate Cosco Group in which it has uncovered substantial financial irregularities.   The report found that Cosco had falsely left out a sum of RMB298m ($48m)






 
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