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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


Euroseas Announces Time Charter Extension

Euroseas Ltd. (NASDAQ:ESEA), an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that a subsidiary of the Company has extended for approximately one year (until March 1, 2013) its time charter agreement, for the vessel Despina P, a 1932 teu, 1990 built Handysize containership, at a gross daily rate of $7,000. The new rate will commence on January 19, 2012


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


DOF Subsea Charters New Vessel for the North Sea

Normand Reach

DOF Subsea, a provider of integrated subsea solutions, has chartered a new multipurpose vessel to assist in North Sea operations. The company has entered into a long-term charter agreement with Reach Subsea for the newbuild construction support vessel (CSV) Normand Reach. DOF Subsea has signed a two-year contract with Reach Subsea with two one-year extension options. The Normand Reach is due to be delivered before the end of May 2014 and will replace DOF Subsea’s existing Skandi


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.


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


OSG Charters Two Product/Chemical Carriers

Overseas Shipholding Group, Inc. signed an agreement with subsidiaries of Cido Tanker Holding Co., a privately held shipping company, to time charter two product/chemical carriers for a period of seven years, with an additional three year extension option for each vessel. The vessels will be built by Hyundai Mipo Dockyard in South Korea and are scheduled to be delivered to OSG in May and June 2008. The two vessels, the Overseas Aquarius and the Overseas Leo, will be


Tsakos Energy Navigation Ltd to Build LR1s for Oil Major

TENs LR1

Tsakos Energy Navigation Limited (TEN) announced today the chartering of two of its modern Suezmax tankers with a European oil major for 24 and 12 months respectively with charterers options for another 12 months for each vessel at an accretive base rate with profit sharing


Fastnet Announces Improvement of Deep Kinsale Option

Logo

  Fastnet the UK and Irish listed E&P company focussed on near-term exploration and appraisal acreage in Morocco and the Celtic Sea, is pleased to announce that it has entered into an amended exclusive option agreement with PSE Kinsale Energy Limited ("Kinsale Energy")


TEN Charters Out Suezmax Tankers

Nikolas P. Tsakos, President and CEO of TEN (Credit: TEN)

Tsakos Energy Navigation Limited (TEN) announced the chartering of two of its modern Suezmax tankers with a European oil major for 24 and 12 months, with charterer options for another 12 months for each vessel at a base rate with profit sharing


ABB to Supply Cable for Offshore Wind Farm Extension in the UK

 Location of the farm

  ABB, the leading power and automation technology group, has won an order worth around $30 million from DONG Energy, a leading wind power development company, to supply a high-voltage export cable system that will transmit power from the Burbo Bank Extension Offshore Wind Farm in the UK.


gplink: Remote Monitoring from Finning

Finning Solent Towage 1 WEB.jpg

Solent Towage Ltd (STL) reports that is has saved more than 60-man hours since December 2013 by installing gplink, the remote monitoring and tracking solution from Finning Power Systems (Finning) for Cat engines. The company operates a fleet of seven tugboats off the UK’s south coast


Caterpillar Invests $11m for Africa’s Prosperity

  The Caterpillar Foundation, supported by Caterpillar Inc. , continues working to alleviate poverty worldwide, including on the African continent, through a series of investments. Since 2010 alone, corporate social innovation has driven the Caterpillar Foundation to invest $30 million in


Asia Dry Bulk Capesize Rates Stay Flat

Bulk carrier anon: File photo

Rates for capesize bulk carriers on key Asian routes are set to remain in the doldrums next week, staying flat or gaining just a few cents as an oversupply of ships weighs on cargo availability, ship brokers said. But there could be brighter prospects in the coming weeks on rates for voyages from


ISC Profit Slip in Q2 2014 but Pay Dividend

Jones Act bulk carrier: Image courtesy of ISC

International Shipholding Corporation (ISC) has announced financial results for the quarter ended June 30, 2014, summarized here: Net Loss he Company reported a net loss of $664,000 for the three months ended June 30, 2014. For the comparable three months ended June 30, 2013


Top Ships Enters 3 New Charters

TOP Ships Inc., an international owner and operator of modern, fuel efficient "ECO" MR tanker vessels focusing on the transportation of petroleum products, announced today that it has terminated the charter parties of M/T EShips Taweelah


BOEM Extends O&G Lease Comment Period

The Bureau of Ocean Energy Management (BOEM) is extending the public comment period for the Request for Information (RFI) and Comments on the Preparation of the 2017-2022 Outer Continental Shelf (OCS) Oil and Gas Leasing Program. The RFI was released in mid-June as the initial step in the


Charter Boat Crew Rescued in Gulf of Mexico

The 29-foot fishing charter boat Reel Deep went missing Monday, July 28, 2014. (USCG photo)

U.S. Coast Guard search and rescue crews worked throughout the night to find a missing charter boat with four people aboard as far as 70 miles off Galveston. A Coast Guard HC-144 aircrew located them about 40 miles offshore as they started the last leg of their search Tuesday at 10:33 a.m.


Danaos Corporation 2Q and 1H 2014 Results

Danaos Corporation

  Danaos Corporation ("Danaos") (NYSE: DAC), a leading international owner of containerships, today reported unaudited results for the period ended June 30, 2014. Highlights for the Second Quarter and Half Year Ended June 30, 2014:


Leighton HY14 net margin Up to 2.7%

The Leighton Group reported an increase in total revenue

  Leighton Holdings announced its results for the six months to 30 June 2014.   * Total revenue of $11.9 billion, up on HY13 * EBITDAiii of $843 million. Comparable EBITDAiv of $945 million, up on HY13 * NPAT of $291 million. Underlying NPAT of $319 million, up on HY13


PMA & ILWU Talks Recessed until Aug. 4

  The International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association (PMA) today issued the following statement:   After several days of productive contract talks, both parties concluded negotiations on Friday afternoon.  


SFL Announces Sale of Three Older VLCCs

Front Opalia (Photo courtesy of SFL)

Ship Finance International Limited (SFL) announced that it has agreed to sell the 1999 built VLCCs Front Opalia, Front Comanche and Front Commerce to an unrelated third party. The company has simultaneously agreed to terminate the corresponding charter parties with a subsidiary of Frontline Ltd






 
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