Tsakos Energy Navigation Ltd. (TEN) (NYSE: TNP) announced three-year time-charters to a major European oil company for the 2007-built 1A ice-class suezmax tanker Antarctic and the 2005-built 1C iceclass suezmax tanker Eurochampion 2004. The charters are structured with a minimum rate and a 50/50 profit-share when rates exceed that minimum. Prior to these charters both vessels operated in the spot market. The Antarctic charter began on October 27, 2007, while the Eurochampion 2004 charter is expected to commence at the beginning of November 2007. The gross proceeds from these charters, assuming only the minimum rate, are expected to exceed $76m over the corresponding charter period. With the commencement of these charters, the Company, based on a total fleet of 43 vessels in operation, has fixed forward 75% of the available earning days for 2008 and 60% for 2009. Of the 43 vessels, 38 operate in period charters some extending beyond 2009. The minimum gross revenue therefore already secured from these charters before any profit-sharing, as of October 30, 2007, is in excess of $700m.
Danaos Corporation has signed an agreement with the United Arab Shipping Corporation to time charter the 3,908 TEU Norasia-Hamburg for a period of 36 months. During the first 12 months of the charter, the charterer has the option to convert the three year charter to a 5 year charter, at lower rate. The charter will begin as of the date when the current employment of this vessel ends in the first quarter of 2008. The Norasia-Hamburg is currently on time charter with CSAV.
Under the related time charter agreement, ICI was obligated to pay Star Bulk a gross daily charter hire rate of $106,500 until February 2010. In turn, ICI sub-chartered the vessel for one year to Oldendorff Gmbh & Co. KG of (Oldendorff) at a gross daily charter hire rate of $130,000 until February 2009. ICI has assigned its rights and obligations under the sub-charter to Star Bulk in exchange for it being released from the remaining term of the ICI charter.
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 today that a subsidiary of the Company has entered into a one year time charter period agreement for one of its containership vessels, the M/V Jonathan P. The M/V Jonathan P, a 1,932 teu, 1990 built handysize container ship, will enter a time charter agreement for about one-year at a gross daily rate of $16
Stelmar Shipping Ltd. has renewed an existing time charter for the Primar and an existing time charter for the Petromar. The company also announced that it has signed a new time charter for the Allenmar, which had been trading in the spot market since the end of October, after being redelivered in late October from its previous time charter. Primar, a 1988 double sided product tanker, has been renewed on a six-month time charter with Adam Maritime Corporation at a rate of $11,250 per day
Arlington Tankers Ltd. (NYSE: ATB) announced financial results for the third quarter and the nine months ended September 30, 2007. For the quarter ended September 30, 2007, the Company's total revenues were $17.5m, consisting of $16.5m in basic vessel charter hire and $1.0m in additional charter hire that the Company received under its profit sharing arrangements. On the basis of the third quarter results, Arlington's Board of Directors has declared a cash dividend of $0.59 per share.
Diana Shipping Inc. took delivery of the newly-built Semirio, a 174,261 dwt Capesize dry bulk carrier, built by Shanghai Waigaoqiao Shipbuilding Co. Ltd. As previously announced, the company has entered into a time charter contract with BHP Billiton Marketing AG for the Semirio for a four-year period with one year extension at the charterer's option. For the first two years of the charter the gross daily charter hire rate will be $51
Rickmers Maritime is a Singapore business trust formed to own and operate containerships under long-term, fixed-rate time charters to leading container liner companies. Financial highlights for the third quarter and nine months ended 30 September 2013 are as follows: Charter revenue stable at US$36.6 million Net profit surged 59% year-on-year to US$13.1 million Achieved vessel utilisation rate of 99.9%; Kaethe C. Rickmers’ charter extended for a
Concordia Maritime and the French oil and energy company TOTAL signed an agreement today covering charters totalling nine years for three different P-MAX tankers. The agreement is for a 5-year time charter of the Stena Progress, which will be delivered from Brodosplit Shipyard at the end of 2009 as well as 2-year extensions of the existing charters of the sister ships Stena Paris and Stena Provence, whose current 5-year charters expire in 2010 and 2011, respectively.
Seaspan Corporation (NYSE:SSW) announced the delivery of its 44th and 45th vessels, the Guayaquil Bridge and the COSCO Japan. The Guayaquil Bridge, a 2500 TEU vessel delivered on March 5, 2010, was built by Jiangsu Yangzijiang Shipbuilding Co., Ltd. It is on charter to Kawasaki Kisen Kaisha Ltd. (K-Line) of Japan under a ten-year, fixed-rate time charter. The Guayaquil Bridge is the first of seven Seaspan vessels to be chartered to K-Line
Sino-Global Shipping America, Ltd. a shipping agency, logistics and ship management services company, today announced that it has entered into a Memorandum of Understanding (the "MOU"), between the Company and Rong Yao International Shipping Limited
A new BIMCO clause provides a simple, practical and commercial solution focusing on the basic obligations and responsibilities of owners and charterers when dealing with the Asian Gypsy Moth (AGM). The spread by ships of AGM poses a severe risk to agricultural resources in many parts of
Dutch ship owner Vroon has confirmed the purchase of the MT ST Charlotte, a 2006-built bitumen/molten sulphur tanker. The vessel will be renamed Iver Ability and brings the total number of Vroon's bitumen tankers to twelve. A statement on Vroon's website said
After concluding two 3,500HP tug sales on December 30, Marcon International Inc. has started 2015 with three ocean barge sales, and hopes to report on several additional sales before the end of this month. Five 4,500-6,000HP tugs, one 5,150BHP AHTS and two 3,200 – 5
Oil traders have booked up to 20 tankers to store an estimated 40 million barrels of crude at sea, rising from 25 million barrels last week, as they soak up a stocks glut in anticipation of future profits, shipping and oil market sources said.
Companies in the offshore maritime sector could be among those hit by a 25 percent Diverted Profits Tax (DPT) charge under draft UK legislation scheduled to enter force in April 2015, international accountant and shipping adviser Moore Stephens said.
A new clause for dry cargo voyage charters is set to plug the gap in contracts that do not address ship-to-ship transfer (STST) cargo operations. STST cargo operations are a common feature in most tanker voyage charters, but rarely form part of dry cargo standard forms.
The Port of Gibraltar will showcase its bunkering and marine services at the International Bunker Industry Association (IBIA) Regional Forum, February 24-27. The forum, which takes place at Gibraltar’s Sunborn Hotel, will include a workshop on bunkering; a session focusing on mega yacht and
Golar LNG announced today that it has been awarded 2 time charters by Nigeria LNG Ltd ("NLNG") to employ the recently delivered Golar Frost and Golar Crystal. Employment of both vessels under these contracts will commence in January 2015 and will continue for a duration of
Chinese authorities have confirmed that 21 people were killed and one is still missing after a tug boat undergoing sea trials sank in the Yangtze River, the state-run Xinhua news agency reported on Saturday. The boat had 25 people on board when it sank on Thursday and three were rescued
Hinode Maritime Conferences have announced their "2nd Annual Conference on the Outlook for India's Seaborne Dry Bulk Trade". Considered the largest conference in India on Dry Bulk Trade to be held on January 22, 2015 at Hotel Vivanta by Taj-President Mumbai
Dry bulk shipowner Pacific Basin Shipping announced a total of US$132 million (HK$1 billion) impairment charges on chartered-in vessel contracts and bunker fuel swaps. The Hong Kong-listed company informed the stock exchange that it took US$101 million provisions mainly
The MOL Express, a 4,600 TEU container vessel which went aground in Tateyama Harbor, Japan on January 11, was successfully refloated, Seaspan Corporation reports. No crew injuries and no environmental consequences from this incident have been reported
Inspection, maintenance and repair (IMR) specialist N-Sea has extended its charter agreement with Siem Offshore following three years of operations. The renewed agreement, concerning Siem Offshore’s offshore subsea construction vessel, Siem N-Sea (previously Siem Stork)
Seaspan Corporation reports the MOL Express, a 4,600 TEU container vessel went aground in Tateyama Harbour, Japan on January 11, 2015. There were no reported crew injuries and all preliminary reports indicate the hull is in a stable condition, and no environmental damage has occurred