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Charter Extension

TEN Announces Time-Charter Extensions for Tankers

Tsakos Energy Navigation Ltd. (TEN) announced three-year charter extensions for its 2002-built double-hull Suezmax tankers, Cape Baker and Cape Balboa, to a major South American state oil company. The charter rates for the extensions are significantly higher than the prior rates and are over 55% higher than TEN's charter-in obligations, reflecting a healthy outlook for the market. Gross revenues for these two vessels are expected to exceed $75 million over the three-year charter period. These vessels were part of a sale & leaseback transaction TEN entered into in 2003 with options to repurchase the vessels, at specified prices, over the next two years.


Euroseas Announces Charter Agreements for Container Ships

Euroseas Ltd. an owner and operator of drybulk carriers, container ship and multipurpose vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced that subsidiaries of the Company have entered into one year time charterer extensions for two of its containership vessels, the M/V Ninos and the M/V Despina P. The M/V Ninos, a 1,169 teu, 1990 built feeder container ship, has extended its time charter for an additional one-year at a gross daily rate of


TEN Announces Three-Year Charter

Tsakos Energy Navigation Limited (“TEN”) has announced a three-year time charter with profit sharing for the 2007-built double-hull suezmax tanker Arctic. The charter, which began this month, is structured with a minimum rate and a 50/50 profit share up to an agreed maximum rate. The gross proceeds from the charter, assuming only the minimum rate, are expected to exceed $25 million over the corresponding period


Diana Shipping, Clearlake Extend Charter

Myrsini (photo: Diana Shipping)

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that it has agreed to extend the present time charter contract with Clearlake Shipping Pte. Ltd., Singapore, for one of its Kamsarmax dry bulk vessels, the m/v Myrsini. The gross charter rate will remain $15,500 (USD) per day, minus a 4.75% commission paid to third parties, for a period of up to minimum February 15, 2015 to maximum May 10, 2015


Global Ship Lease Extends Ville d'Aquarius Time Charter

Global Ship Lease, Inc. has agreed to extend the time charter for the Ville d'Aquarius, a 1996-built, 4,113 TEU vessel currently on charter with Sea Consortium Pte Limited, doing business as X-Press Feeders. The extension is for an additional four to six months, at charterer's option, at a gross charter rate of $10,700 per day, compared to the current charter rate of $8,390 per day. The extended time charter will commence immediately upon expiration of the vessel's current time charter on


GSL Extends CMA CGM Charters

Marie Delmas. Photo: Marine Marchande

 Global Ship Lease (GSL) has extended the charters of the Marie Delmas and Kumasi, two 2,207-TEU vessels, for up to 3.25 years.   Under the agreement, a revised rate of $13,000 per day will apply from August 1, 2016 until the charters' previous earliest expiry dates in September 2017, after which Global Ship Lease has three consecutive option periods, the first of 1.25 years and the second and third of one year each, through December 31, 2020 at a rate of $9,800 per day.  


U.S. Extends Marine War Risk Insurance

Secretary of Transportation Norman Y. Mineta has approved an extension of the authority to provide war risk insurance under Section 1202 of the 1936 Merchant Marine Act (Act). Unlike Section 1205 insurance, which is provided to the Department of Defense (DOD) on vessels chartered to them at no premium and with a full DOD indemnity, Section 1202 insurance is underwritten by DOT in return for a premium from shipowners. This insurance or reinsurance of vessels is available for vessels (including


Teekay Offshore Signs Brazil Shuttle Tanker Contract

Teekay Offshore GP L.L.C., the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) TOO -0.92% , announced today that it has entered into a new long-term contract with a subsidiary of BG Group plc (BG) to provide shuttle tanker services in Brazil.   The contract with BG will be serviced by four Suezmax-size DP2 shuttle tanker newbuildings to be constructed by Samsung Heavy Industries in South Korea


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. After successful sea trials and a christening ceremony at the Keppel Bay Marina, Singapore, the vessel has departed for Indonesia, on a three-year charter to Seascape Surveys.


Diana Shipping Continues Charter with RWE

m/v Maia (Photo: 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 agreed to extend the present time charter contract with RWE Supply & Trading GmbH, Essen, Germany, for one of its Kamsarmax dry bulk vessels, the m/v Maia, for a period of minimum 17 months to maximum 20 months. The gross charter rate is $7,500 per day, minus a five percent commission paid to third parties


Diana Shipping Grants Lower Price for Bulker Duo

Diana Shipping Agrees Lower Price for Bulker Duo

Diana Shipping Inc. Announces a Reduction of the Contract Price to the Shipbuilding Contracts of Two Newbuildings; Time Charter Contracts for m/v Newport News with SwissMarine and for m/v Leto and m/v Naias with Glencore Diana Shipping Inc


Aramco Extends Seadrill Jack-up Deals

AOD1. Photo: Seadrill Limited

 Seadrill, a London-headquartered offshore drilling contractor, said that Asia Offshore Drilling (AOD) has received three-year contract extensions for two jack-up rigs from Saudi Aramco.    The jack-ups AOD I and AOD II received three year contract extensions from Saudi Aramco


Valencia to Upgrade Three Ports

PHOTO PORT AUTHORITY OF VALENCIA

Spain’s Port Authority of Valencia (APV) has unveiled plans upgrade three of its ports by 2020. The Business Plan approved at the last Board of Directors of the Port Authority of Valencia includes investments in its three ports 56.19 million euros during the year 2017 and plans to invest


Marcon Sells Ocean-going Tank Barge

Photo source:Marcon International PR

Marcon International, Inc. of Coupeville, Washington started out the New Year right with the sale of the ocean-going, combo deck / tank barge “PCC Provider” on 3rd January to Alaskan buyers.   The 5,451 mtdw, 250’ x 74’ x 19’ depth barge was specifically


GasLog Acquires GasLog Seattle

Photo: GasLog Ltd

 GasLog Partners LP  and GasLog Ltd.  announced the closing of the Partnership's acquisition from GasLog of 100% of the shares in the entity that owns and charters GasLog Seattle.   GasLog Seattle is a 155,000 cubic meter tri-fuel diesel electric liquefied natural gas (LNG)


SFL Sells 18-year-old VLCC

Front Century (Photo: SFL)

Ship Finance International Limited (SFL) has agreed to sell the 1998 built VLCC Front Century to an unrelated third party, and has simultaneously agreed to terminate the corresponding charter party for the 18-year old crude oil carrier with a subsidiary of Frontline Ltd.


Hanjin Fleet Shrinks

Photo: Hanjin Shipping Co

 Following its bankruptcy filing, Hanjin Shipping Co.’s fleet has shrunk to about a tenth of its size after the South Korean container line returned most of its chartered vessels to owners, reports Bloomberg.   All but three of the remaining 14 ships are either stranded or have


Dynagas, Gazprom in New Long-term Time Charter Contract

Photo: Dynagas LNG Partners

 Dynagas LNG Partners signed a new long-term time charter contract for the Clean Energy.   The Partnership, through one of its wholly owned subsidiaries, entered into a new long-term charter agreement with an affiliate of the Gazprom Group for the employment of its 2007 built 150


Diana Shipping Gets Charters Two Bulkers

New Orleans. Photo: Diana Shipping

 Greek dry bulk shipping company Diana Shipping has entered into time charter contracts for its two vessels, the M/V Orleans and the M/V Melite, which are scheduled to start in December 2016.   "Diana Shipping, through a separate wholly-owned subsidiary


Eunavfor Renewal Welcomed

Photo: EUNAVFOR

 The International Chamber of Shipping (ICS) has welcomed the extension of EUNAVFOR Operation Atalanta, following a decision by the EU Council, which will continue to see military forces deployed for counter piracy operations in the Western Indian Ocean until December 2018.    


Scorpio Tankers says Upsized and Extended Credit Facility

Courtesy Scorpio Tankers

Scorpio Tankers Inc. announced the upsizing and extension of its BNP Paribas Credit Facility. The Company has received an additional $27.6 million commitment from BNP Paribas to upsize its BNP Paribas Credit Facility. The $27.6 million increase of the bilateral financing will bear interest at


Asia Dry Bulk-Capesize Rates to Slip Further

File Image: A laden bulk vessel underway (Cedit Norden)

Chartering activity falls as holidays loom; Rio Tinto offering rates 5.5 pct lower than index level. Freight rates for large capesize dry cargo ships on key Asian routes will slide further next week in a lacklustre chartering market ahead of Christmas, ship brokers said.


No Operating Income from Hanjin Vessels: Danaos Corporation

Photo: Hanjin Shipping Co. Ltd

 Danaos Corporation reports its results for the third quarter of 2016 in the aftermath of the bankruptcy of Hanjin Shipping, one of Danaos' large customers.    Danaos' CEO Dr. John Coustas says: "As a result of the bankruptcy


BIW: $126m Deal to Modernize DDG 51's

The U.S. Navy has awarded General Dynamics Bath Iron Works, a subsidiary of General Dynamics (NYSE: GD), a $126 million contract extension to manage ongoing post-delivery modernization activities for Arleigh Burke-class (DDG 51) destroyers. The contract extension runs through December, 2017


SFL Takes Delivery of 19,200 TEU Containership

Ship Finance International Limited (SFL) said it has taken delivery of MSC Anna, the first of two 19,200 TEU container vessels from Huyndai Heavy Industries, Korea. The vessel is chartered out for a period of 15 years, and lease financing has been secured for the full term of the charter.






 
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