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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

Star Bulk Enters Into New Time Charter Agreements


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


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

Doyle Gives Thumbs Up to Ocean Three

Hanjin Shipping

  Commissioner William P. Doyle’s in a statement today said, "I am voting to take no further action on the Hanjin/UASC/CMA CGM/CSL Vessel Sharing and Slot Charter Agreement. This agreement is scheduled to become effective on January 2, 2015." The agreement commonly referred to as the Ocean Three Alliance was filed in October 2014 and went into immediate effect because it met the low market share threshold exemption pursuant to FMC regulations

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.

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

Norden Renegotiates C/P's as Low Rates Bite

Photo: D/S Norden

Danish shipping company D/S Norden has renegotiated charter agreements for nine vessels with their Japanese owners in reaction to record low dry bulk freight rates. The company has made a one-off payment of $51.5 million in return for a reduction in future time-charter payments to $62 million in the next four years, saving it $10.5 million, it said in a statement on Thursday. "We have similar time-charter contracts where we could renegotiate contracts

NewLead Holdings Announces Commercial Competency of MT Sofia

MT Sofia Photo Newlead

   NewLead Holdings Ltd.announced today a review of the commercial competency of one of its bitumen tanker vessels, the MT Sofia since the vessel was delivered to NewLead's fleet. The Sofia is a 2008-built bitumen tanker vessel of 2,888 dwt and is one of the five bitumen tanker vessels that were delivered to NewLead's fleet during the fourth quarter of 2014. Since the end of November 2014, when NewLead took delivery of the Sofia

Rieber Amends Dolphin Deal

Polar Duke. Photo: GC Rieber Shipping ASA

 Norwegian shipping company GC Rieber Shipping ASA has entered into an agreement with Dolphin Geophysical to increase Dolphins competitiveness in a challenging market.    Rieber has agreed to take early redelivery of the survey vessel Polar Duke from Dolphin  as part of an

FSL Trust Buys MR Product Tanker

Alan Hatton and Roger Woods (Photo: FSL Trust)

FSL Trust Management Pte. Ltd. (FSLTM), as the trustee-manager of First Ship Lease Trust (FSL Trust), announced that FSL Trust has entered into a memorandum of agreement to purchase a 2007, Japanese-built, 45,998-dwt MR product tanker for $21.8 million.  

Maersk Line Revamps Far East/Southeast India Network

Container shipper Maersk Line has introduced two new services for its Far East/Southeast India network: the Chennai Express (CHX) and the Chennai Express 2 (CHX2).   From January 2016, the shipper will introduce two new services, a vessel sharing agreement on the Chennai Express (CHX) and

Frontline Reports Strongest 3Q

Frontline has one of the worlds largest fleets of VLCC and Suezmax tankers Credit Frontline

  * Frontline achieved net income attributable to the Company of $17.4 million, or $0.09 per share, for the third quarter of 2015 and net income attributable to the Company of $65.9 million, or $0.42 per share, for the nine months ended September 30, 2015.

EMGS Implements Further Cost Reductions

Resistivity attributes and seismic integration from discoveries

  Electromagnetic Geoservices ASA (EMGS) announce that the Company implements further cost reductions reflecting the challenging market conditions in the oil service industry.   As communicated in the first quarter report, the Company initiated cost reduction measures in the beginning

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

FSL Trust Inks Tanker Contracts

FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust announced new time charter agreements for FSL Shanghai, FSL Hamburg and FSL Singapore. The Trust has reached an agreement with a leading global commodities trader to charter the three vessels for a fixed period of two

Transgrain Charters Diana Panamax Bulker

m.v. Clio

  Diana Shipping Inc. a global shipping company specializing in the ownership of dry bulk vessels, today announced that on July 8, 2015, through a separate wholly-owned subsidiary, it entered into a time charter contract with Transgrain Shipping B.V

Damen Offshore Carrier Maersk Connector Launched

Launch of Maersk Connector at Damen Shipyard

  Yesterday senior representatives of Maersk Supply Service, DeepOcean UK and the Damen Shipyards Group who gathered at Damen Shipyards Galati, Romania witnessed the launching of subsea support vessel Maersk Connector. The vessel is owned and operated by Maersk Supply Service and is built to

GC Rieber Shipping Earns Well

Ernest Shackleton, Polar Research Vessel. Photo: GC Rieber Shipping

 GC Rieber Shipping has more than doubled its net profit for the second quarter and recorded a year-on-year increase in profit on more vessels in operations and currency gains. However it has warned of a continued focus on shorter contracts in the future.  

NewLead's MT Nepheli Update

MT Nepheli

  NewLead Holdings Ltd.announced today a review of the commercial performance of one of its bitumen tanker vessels, the MT Nepheli since the vessel was delivered to NewLead's fleet. The Nepheli is a 2009-built bitumen tanker vessel of 3

NewLead Fixes Tanker

  NewLead Holdings Ltd. announced today that the Company has entered into a new time charter contract for one of its bitumen tanker vessels, the MT Newlead Granadino for a minimum of six months with the charterer's option to extend the contract at the end of the first six months for

Umoe Mandal Places Order with DuroWipers

Photo: DuroWipers

Norwegian operator Umoe Mandal has purchased six External Panorama Pantograph heavy duty windscreen wipers from U.K. based DuroWipers to equip a newbuild Surface Effect Ship (SES).   Statkraft has entered into an initial six month charter agreement for the new WaveCraft vessel to transport

Danaos buys 3 Boxships via new JV

Photo Danaos Corporation

  Danaos Corporation announced today the acquisition of three vessels through a newly-formed joint venture, capitalizing on depressed asset prices in the resale market. The vessels were acquired by Gemini Shipholdings Corporation, a newly-formed entity ("Gemini") beneficially

Rand Takes Delivery of Newest Self-Unloader

Bulk freight shipper Rand Logistics, Inc. has taken delivery of its newest Canadian self-unloading vessel, increasing its fleet to 16 ships, including 10 Canadian flagged and six U.S. flagged vessels.   According to Rand, the new vessel will have the largest carrying capacity of any

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