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Charter Agreement

Costamare Purchases, Disposes of Vessels

Costamare Inc. (NYSE: CMRE)has reached agreements for the purchase and time charter of two secondhand vessels; time charter extensions for six existing vessels; and the disposal of two older vessels which the company agreed to sell for demolition. In addition, it finalized the financing arrangements for its Newbuilding Program. The Company has reached an agreement to acquire: 1) the 6,724 TEU, 2003-built containership MSC Viviana (to be renamed MSC Messinia) for a purchase price of $60 million. The vessel is expected to be delivered by the end of October 2011 and immediately upon delivery it will commence a time charter with MSC for a duration of approximately 10 years, at a daily rate of $29,000; and 2) subject to final documentation, the 4,132 TEU, 2002-built MSC Ulsan for a purchase price of $30 million. The vessel is expected to be delivered within the first quarter of 2012 and immediately upon delivery it will commence a time charter with MSC for a duration of approximately 63 months, at a daily rate of $16,500. Both acquisitions will be financed by cash from operations and the use of a committed credit line. The Company has entered into agreements to extend the time charters for the following six existing vessels: 1) The time charter agreement with MSC for the 1991-built, 2,023 TEU c/v MSC Sierra II, has been extended as from July 1, 2012, for a further period of approximately two years, at a daily rate of $11,500.


Seanergy Maritime, Three New Time Charters

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP; SHIP.W) announced that the MVs African Joy, African Glory and Asian Grace, owned though the company’s wholly owned subsidiary Maritime Capital Shipping Limited (MCS), have entered into new charter agreements with first class charterers. The MV African Joy, a 1996 built and 26,482 dwt handysize dry bulk carrier, entered into a time charter agreement for a period of eleven to thirteen months with a first class charterer at a gross charter


Evergreen Enters Slot-Charter Agreement with Hanjin

Evergreen Marine Corporation has entered a slot-charter agreement with Hanjin Shipping Company on the trade lane between the East Coasts of North and South America and another encompassing Asia, South Africa and South America. The US/South America service encompasses the ports of New York, Norfolk, Savannah and, in South America, Rio Grande, Itajai and Santos, all in Brazil. The trade route is know as the ECAS and commenced with a northbound voyage of the M/V YM Santos


APL Finalizes Ship Charter Deal

APL, the container transportation arm of Neptune Orient Lines, has signed a charter agreement for five new post-Panamax container vessels. The ships will each have a nominal capacity of 7,000 TEU (twenty-foot equivalent unit) and will be deployed in the Transpacific trade from 2009. The vessels are being built at Hyundai Heavy Industries in South Korea and will be chartered for five years from German owners, Bernhard Schulte.


Star Bulk Enters Into New Time Charter Agreements

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ATHENS, GREECE, April 7, 2011- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK), today announced the following vessel chartering activities: Star Cosmo The Company entered into a time charter agreement with SK Shipping for the vessel Star Cosmo for a period of 11-13 months, at a gross daily rate of $16,500. The new contract will contribute minimum $5.5 million to maximum $6.8 million in gross revenue


Star Bulk Acquires Two Capesize Vessels

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Star Bulk Carriers Corp. (Nasdaq: SBLK),a global shipping company focusing on the transportation of dry bulk cargoes, today announced that it has entered into definitive agreements to acquire two Capesize bulk carriersfor an aggregate purchase price of approximately $51.5 million. The first Capesize vessel has a carrying capacity of approximately 168,000 dwt and was built in South Korea in 1996. This vessel has a time charter agreement with a major mining company until November 2015 at the


BP to Charter New Product Tanker from U.S. Shipping Partners

U.S. Shipping Partners L.P announced that it has entered into a long-term charter agreement with BP for a new double-hulled product tanker being built for U.S. Shipping Partners' tanker joint venture by General Dynamics NASSCO in San Diego. This vessel is due for delivery in early 2009 and will be employed by BP in the U.S. domestic coastwise trade. The ship is the first in U.S. Shipping's new series of nine vessels.


Aker and OSG Announce Agreement for up to Six More Tankers

Aker American Shipping ASA and Overseas Shipholding Group, Inc. announced that they have signed an agreement in principle pursuant to which Aker American Shipping subsidiary, Aker Philadelphia Shipyard, will construct up to six additional Veteran Class MT-46 Jones Act Product Tankers (three fixed plus three options) and transfer them to another subsidiary, American Shipping Corporation, which will bareboat charter them to subsidiaries of OSG for initial terms of 10-15 years.


Seanergy Time Charter Agreement

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) (NASDAQ: SHIPW) announced that it has entered into a time charter agreement for the M/V Davakis G. The charter is for approximately one year at a gross daily rate of $21,000 and is expected to commence upon completion of the vessel's present employment. As a result, the company's current controlled fleet includes 11 drybulk carriers (four Capesize, three Panamax, two Supramax and two Handysize vessels) with a total carrying capacity of 1,043


Greece's Star Bulk on Ship Buying Spree

Star Bulks Star Thetis: Photo courtesy of Star Bulk

Star Bulk Carriers contracts China's Shanghai Waigaoqiao Shipbuilding to build two Capesize dry bulk carriers, & also signs Letters of Intent with a major Japanese shipyard for construction of two Ultramax dry bulkers. The eco-type, fuel efficient Capesize drybulk vessels are to be delivered in Q4 2015 and Q1 2016, respectively and similar specification Ultramax dry bulkers in 2015. The aggregate purchase price of all four newbuilding vessels is approximately US$151.0 million.


Sovcomflot Reports on Slippery 2013 Financial Slope

SCF Melampus: Image courtesy of the owners

SCF Group (Sovcomflot)
 has released its audited financial results for the year ending 31, December 2013, indicating a slip in profitability during what they describe as another challenging year for the international tanker industry. 2013 Financial Highlights


Harkand Charters Jones Act Vessel for Gulf of Mexico

HOS Mystique

Global inspection, repair and maintenance (IRM), survey and light construction contractor Harkand has entered into a charter agreement with Hornbeck Offshore for the offshore construction vessel HOS Mystique for a firm period of two years plus options.


Rickmers Maritime Report Fair Sailing in 2013

Chairman (L) & CEO: Image Rickmers

In a letter to unitholders introducing its 2013 financial results, the chairman and the CEO of Rickmers Maritime, state that its commitment to long-term, fixed-rate container ship time charter agreements has provided insulation from the continued pressure on time charter rates


Icebreaking AHTS 'Tor Viking' Sub-Arctic Charter 2014/15 Cancelled

Tor Viking: Image Viking Supply

Sweden's Rederi AB TransAtlantic owners of the offshore drilling vessel 'Tor Viking' inform that the charter agreement for “Tor Viking” for the 2014 and 2015 seasons has been cancelled but the contract is still valid for the remainder of its period covering 2016 & 2017


Navis Builds on Singapore Success

Resolution

Navis Engineering has completed work on its latest project involving fast-growing Singaporean offshore specialist Miclyn Express Offshore (MEO), following the commissioning of the DP2 system on board the 70m ROV and diving support vessel Resolution


Jones Act Tankship Chartered at Record Daily $100,000

Tankship Overseas Cascade: Photo courtesy of the owners

ExxonMobil Corp has agreed to renew its charter agreement for the 337,000-barrel 'Overseas Cascade' at an unprecedented $110,000 a day, nearly a 50 percent increase from its previous rate for the same ship this summer, reports Reuters, citing shipping sources.


Siem PSV Chartered by Petrobras

Siem Atlas (courtesy Siem Offshore)

Siem Offshore and Petrobras have entered into a charter agreement for the Platform Supply Vessel (PSV) Siem Atlas. The charter period has commenced and is for a firm period of two years. Petrobras has an option to extend the charter for two additional years, upon terms to be mutually agreed.


Bourbon and CGG Partner for Seismic Survey Success

The Seismic Support Vessel Bourbon Petrel at sea.  (Photo: Bourbon)

Announced in June 2011, Bourbon and CGG entered a five-year charter agreement for a series of six custom newbuild seismic support vessels. Now more than two years later, the third ship in the series, Bourbon Gannet, is due to enter service in the early part of 2014


Bourbon Achieves $770m USD in Vessel Sales in 2013

Photo:  Bourbon

In line with its strategy, BOURBON achieves US$ 770 million of vessel sales in 2013. Bourbon has sold 12 additional vessels to ICBC Financial Leasing for US$ 378 million and concluded a new sale and bareboat charter agreement with Standard Chartered Bank for US$ 150 million


Bourbon Revenues Rise in 2013

Photo: Bourbon

Revenues up 10.5% vs. full year 2012 to €1.312 billion and up 6.0% vs. fourth quarter 2012 to €331.6 million impacted by U.S. Dollar depreciation against the Euro •    Annual Revenues up 10.5% partly due to a 5


Louisiana LNG Project Gets Important Non-FTA Export Approval

Signing ceremony: Image courtesy of GDF Suez

Cameron LNG, one of the most advanced US LNG export projects, (promoted by GDF SUEZ as a shareholder and a capacity holder), has been granted conditional non-Free Trade Agreement (FTA) approval from the US Department of Energy (DOE). The Non-FTA agreement will enable GDF SUEZ to export LNG


Rickmers FY 2013 Loss Impacted by Impairment Charge

Image courtesy of Rickmers Maritime

Container ship owners and operators, Rickmers Trust Management, report a net loss of US$8.0 million in 4Q2013 and a lower net profit of US$23.5 million in FY2013, compared to net profits of US$2.2 million and US$27.6 million in 4Q2012 and FY2012 respectively due to a a US$2


Bibby Remote Intervention Expands Fleet

Olympic Ares, on charter to Bibby Offshore from April this year.

Bibby Remote Intervention Limited (BRIL), part of Aberdeen-based subsea installation contractor, Bibby Offshore, has further expanded its fleet by signing a charter agreement for an IRM (Inspection Repair and Maintenance) light construction vessel and adding an additional two ROVs (Remote


Second Damen Offshore Carrier Ordered

Photo: Damen

A charter agreement between expanding subsea contractor DeepOcean and Maersk Supply Service has triggered an order for a Damen Offshore Carrier DOC 8500 - the second order for this new ship design from Damen Shipyards Group. The DOC 8500 will extend DeepOcean’s capabilities in the larger


FMC Recovers $350,000 in Penalties

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The Federal Maritime Commission (FMC) announced that it has completed compromise agreements recovering a total of $350,000 in civil penalties. The agreements were reached with a vessel-operating common carrier and three non-vessel-operating common carriers (NVOCCs)


 
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