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

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

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

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

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

OSG Sells Seven Tankers

Overseas Shipholding Group, Inc. (NYSE:OSG) announced today that it agreed to sell seven tankers to Double Hull Tankers, Inc. (DHT) in connection with DHT's initial public offering announced earlier today. In consideration, Overseas Shipholding Group, Inc. (OSG) will receive $412.6 million in cash and 14 million shares of DHT common stock, representing a 47 percent equity stake in the new tanker concern. The total proceeds to OSG value the transaction at $580

Oil Jumps As Support For Cut Extensions Grows

Oil prices surged on Friday as traders began to take seriously the prospect of an extension beyond next March of producers' supply curbs. International benchmark Brent crude traded 63 cents higher at $22.74 a barrel after Kuwaiti Oil Minister Sheikh Saud Nasser al-Sabah said he supported this week's Saudi proposal to consider leaving the output limits in place longer than the one-year term agreed last March.

Oceaneering Receives Letter of Intent for FPSO

Oceaneering Intl. has been granted a letter of intent from Angola Drilling Company (ADC) to charter the FPSO Ocean Producer for a period of seven years to produce the Canuku Area of Block 3 offshore Angola. ADC has a letter of intent from Sonangol Pesquisa and Producao to develop and produce the Canuku Area. Under contract with Sonangol Pesquisa and Producao, Ocean Producer generated more than 12 million barrels of oil from the Kiabo Field in Block 4 over a period of seven years

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