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Charters News

23 Feb 2024

The APAC Offshore Market: Riding the Wave of Success into 2024 and Beyond

Copyright Peter Hermes Furian/AdobeStock

2023 was the first year of real recovery for owners in the offshore supply market and yet we have barely skimmed the surface of what’s to come.The market is still on an upward trajectory with charter rates accelerating month-by-month, availability changing day-by-day, leading to earnings doubling and, in some segments, tripling since the lows of 2020. Current rates will remind many of the glory days of pre-2014 with the demand for OSVs projected to remain elevated for years to come.In general


13 Feb 2024

Stena Bulk Inks Deal for Four Additional Newbuild Tankers

Erik HĂ„nell, President and CEO of Stena Bulk (Credit: Stena Bulk)

Swedish shipping company Stena Bulk has expanded its fleet with new long-term charter agreements for four newbuild eco Medium Range (MR) tankers.Two of the vessels, Stena Continent and Stena Conquest, will be delivered from Hyundai Mipo by the end of 2025.Two further eco MR tankers, Stena Contender and Stena Concept, will follow in 2026. All vessels are set to use the South Korean yard’s latest 8th generation MR tanker design, which has been recognized for its excellent efficiency performance.The tankers will feature efficient fuel consumption systems


23 Jan 2024

SunStone Lines Up Multi-year Charters for Two Expedition Cruise Ships

(Photo: SunStone Maritime Group)

SunStone Maritime Group announced it has secured multi-year charters for two of its expedition cruise ships.The deals are for SunStone's Infinity Class vessels Ocean Explorer and the Ocean Odyssey, both built by China Merchants Heavy Industry (Jiangsu) and delivered in 2021 and 2022 respectively.Under its new charter agreement, Ocean Explorer will return to polar cruising in October 2024 for SunStone's long-term client Quark Expeditions. The vessel, which ran aground in a remote part of Greenland last year


23 Jan 2024

Algoma Buys Two Product Tankers from Knutsen

© Denys Yelmanov / Adobe Stock

Algoma Central Corporation announced it has acquired two 2009 built, 16,600 dwt product tankers from Norway’s Knutsen OAS Shipping.“We identified an opportunity to secure high-quality ice-class product tankers suitable for trading in Canada and in Northern Europe. These additions will strengthen our capacity to deliver reliable service to our valued customers,” said Gregg Ruhl, President and CEO of Algoma.The vessels are believed to be the Liv Knutsen an Eli Knitsen, built by China's Jiangan Shipyard Corp.The vessels will initially be on bareboat charters back to the sellers.

18 Jan 2024

Bahri Charters Methanol-fueled Tanker Pair

(Photo: Proman)

Bahri business unit Bahri Chemicals will charter two newbuild methanol-powered tankers under a five-year agreement with methanol producer Proman. The vessels, which were officially named during a ceremony hosted at Guangzhou Shipyard International (GSI) in China in November 2023 where both ships were built, will be deployed to transport various products globally.The vessels are the final two of an initial six-strong methanol-fueled tanker fleet commissioned through the partnership between Proman and Stena Bulk.

15 Jan 2024

N-Sea Charters Geo Plus' Survey and ROV Support Vessel

Geo Ranger (Photo: N-Sea)

Subsea solutions provider N-Sea Group announced it has entered into an agreement with Geo Plus to long term charter the Dutch flagged vessel Geo Ranger, a hybrid survey and ROV support vessel.The Geo Ranger will accompany the Geo Focus which is already under N-Sea management and control.The fuel efficient vessel Geo Ranger is equipped with smart on-board technology, comprising various different sensors and a plug-and-play system for additional, project-specific customer equipment.With DP station keeping capabilities


28 Dec 2023

Workboat Power: Alternatives Join Diesel to Power Current—and Future—Vessels

Crowley’s new electric tug eWolf is being built by Master Boat Builders for scheduled delivery in 2024. (Image: Crowley)

Analysts and commentators are quick to point out that fossil fuels will power maritime equipment, and indeed dominate the fueling marketplace, well into the future. However, they will do so alongside new fuels, and new technologies, that will be introduced to the maritime sector in the coming years. In its September, 2023 report “Beyond the Horizon: View of the Emerging Energy Value Chains”, the American Bureau of Shipping (ABS) explains that, “During the recent 80th meeting of the Marine Environment Protection Committee (MEPC 80)


13 Dec 2023

DOF Charters Jones Act-compliant Vessel for Work in the Gulf of Mexico

Connor Bordelon (File photo courtesy Bordelon Marine)

DOF Group announced it has struck a deal to charter a Jones Act-compliant offshore support vessel (OSV) for work in the U.S. Gulf of Mexico.The Norwegian-based company said it is time chartering Bordelon Marine's ultra light intervention vessel Connor Bordelon for a one-year period starting in March 2024. The deal includes an option for an additional year.Built by Bordelon Marine Shipbuilders in 2013, the 257-foot-long DP2 vessel is equipped with a SMST 60-ton active heave compensated (AHC) crane with 3,000 meters water depth capabilities.

06 Dec 2023

GTT Designing Tanks for Purus VLECs

Source: Purus

GTT has received an order from HD Hyundai Heavy Industries for the tank design of two new very large ethane carriers (VLEs), on behalf of shipowner Purus.GTT will design the tanks of these two vessels, which will each offer a capacity of 98,000m3. The tanks will be fitted with the Mark III membrane containment system developed by GTT.Delivery is scheduled between the fourth quarter of 2026 and the second quarter of 2027.The vessels will feature dual-fuel ethane engines and optimized cargo handling systems, enabling lower CO2 and SOx emissions.

28 Nov 2023

Australian Commercial Marine Group Merges with Commercial Vessels Association

Nick Lester courtesy of ACMG

The Australian Commercial Marine Group (ACMG) has merged with the Commercial Vessels Association (CVA).The CVA has been a steadfast advocate for the interests of commercial vessel operators. Specializing in operations on Sydney Harbour and extending its influence throughout regional NSW, the CVA encompasses a diverse range of operators, including ferry services, tour and party boats, houseboats, whale and dolphin watching ventures and fishing charters.The association played a pivotal role in advocating for the Marine Tourism and Charter Vessels Award


20 Nov 2023

Standard Supply to Sell PSV Trio for $72.2M

Credit: Alan Jamieson/Flickr - CC BY 2.0 DEED

Oslo-listed Standard Supply has recently agreed to sell three large platform supply vessels, Standard Viking, Standard Supplier, and Standard Defender, for a gross of $72.2 million.Adjusting for ownership, proceeds to Standard Supply will be $69.5 million gross. The transaction is contingent upon certain conditions to be lifted by the end of November, and completion is expected no later than mid-January 2024. Martin Nes, Chairman of Standard Supply said: “Standard Supply was always intended to be an asset play with an opportunistic approach towards the market.

17 Nov 2023

Seaspan Takes Delivery of New 15,500 TEU Vessel

(Photo: Seaspan Corporation)

Seaspan Corporation has taken delivery of Maersk Cleveland, the second of six new SAVER 15,500 TEU series vessels.The ship was delivered from China's Jiangnan Shipyard on November 15.Seaspan, a wholly owned subsidiary of Atlas Corp., announced contracts to build the six ships in March 2021 as part of a raft of new shipbuilding orders.Upon completion, each vessel will enter long-term charters with global liner customers.The series' first vessel, Maersk Charleston, was delivered earlier this year. The series' remaining ships are scheduled for delivery through mid-2024.

17 Nov 2023

Vard Vung Tau Delivers SOV for Dogger Bank Operations

Grampian Tees - Credit:Vard

Vard, a Norwegian firm specializing in shipbuilding and design, said Friday its subsidiary in Vietnam, Vard Vung Tau, had delivered a newbuild 944 Grampian Tees service operation vessel to owner North Star.This SOV is the third of four purpose-designed and built ships destined for decade-long minimum charters to support operations and maintenance (O&M) work at the Dogger Bank offshore wind farm.Once the wind farm currently under construction is fully operational, it will become the largest in the world, producing enough electricity to power six million British homes.

17 Nov 2023

Purus Orders Two VLECs from South Korean Shipbuilder

Credit: Purus

Purus said Friday it had ordered two 98,000 cbm very large ethane carriers (VLEC) from Hyundai Heavy Industries in South Korea, scheduled for delivery in 2026 and 2027. According to Purus, the VLECs vessels will feature dual-fuel ethane engines and optimized cargo handling systems, enabling lower CO2 and SOx emissions. "Additional energy-saving devices will further contribute to emission reductions. Both vessels shall be delivered directly into long-term time charters." Purus said.Financial details were not disclosed.

13 Nov 2023

Odfjell Announces Deals to Add Six Newbuilds

(File photo: Hudong-Zhonghua Shipyard)

Norwegian shipping company Odfjell SE announced it is expanding its fleet with six newbuildings through a combination of long-term time charter and pool agreements with Japanese shipowners and shipyards.This increases the total to twelve 25,000 - 40,000 dwt stainless steel vessels to be delivered on long-term time charters and pool agreements between 2024 and 2027.The series of newbuildings will be built at multiple shipyards in Japan and are scheduled to be delivered from 1H2026 to 1H2027.

13 Nov 2023

N-Sea Charters Offshore Support Vessel from Rederij Groen

Credit: N-Sea Group

Subsea services firm N-Sea Group has agreed to charter Rederij Groen's Dutch-flagged vessel 4-WINDS, an offshore support vessel built in 2012. The 4-WINDS is 60.25 meters long, with a 14.95-meter beam and a draught of 5 meters.According to N-Sea Group, which offers survey, IRM & construction, subsea cable repair & installation, and UXO ID and disposal services, the 4-WINDS is the ideal vessel to execute survey and other subsea tasks in the North Sea. "With the long-term charter of the 4-WINDS N-Sea is strengthening its footprint and position in the subsea service industry


06 Nov 2023

Brazil: New Fortress Energy Charters FSRU Energos Winter

Credit: Petrobras

New Fortress Energy said Monday it had executed a definitive agreement to charter the Floating Storage and Regasification Unit (“FSRU”) Energos Winter from Brazil's Petrobras starting in December 2023. The FSRU Energos Winter will be immediately deployed to Terminal Gas Sul (“TGS”), NFE’s newest LNG import terminal in Santa Catarina, Brazil, which will start commercial operations ahead of schedule in January 2024.“We are extremely pleased to reach this agreement with Petrobras and begin operations at the TGS terminal in Santa Catarina, Brazil ahead of schedule in January 2024.

03 Nov 2023

Viking Supply Ships Takes Delivery of Andreas Viking AHTS

Credit: Arild/AdobeStock - Illustration only

Swedish offshore vessel owner Viking Supply Ships has taken delivery of the Andreas Viking AHTS, previously known as the Far Senator.In March 2023, Viking Supply Ships said it would take two Ocean Yield-owned AHTS vessels, Far Senator and Normand Statesman, on bareboat charters for a period of five years, with purchase options during the charter period, and an obligation to purchase the vessels at the end of the charter period if requested by Ocean Yield AS. The company, that owns and operates a fleet of offshore supply and icebreaking vessels


01 Nov 2023

Brazilian Offshore Uptick Could Tighten US OSV Fleet

(File photo: Jackson Offshore Operators)

Increased activity in the Brazilian offshore oil and gas sector could help strengthen the market recovery for offshore supply vessels (OSV) in the U.S. Gulf of Mexico.In early October, Brazilian state-owned oil company Petrobras issued requests for quotations (RFQ) for up to 20 OSVs ranging from 3,000 to over 4,500 deadweight tons to support upcoming drilling and production activities. The value of all of these potential long-term charters could approach $1 billion.While Petrobras typically prefers to use Brazilian-flagged vessels


06 Oct 2023

SAL Heavy Lift Charters Chinese Semi-sub Duo

Credit: SAL Heavy Lift

SAL Heavy Lift said Friday it had chartered two modern semi-submersible deck carriers, the “Zhong Ren 121” and “Zhong Ren 122” on a long-term basis together with its partner Shanghai Salvage (China). "Both ships will be delivered in Shanghai between December 2023 and February 2024 and marketed through the Jumbo-SAL Alliance," Sal Heavy Lift said.“We don’t use the term ‘milestone’ lightly – but, in this case, it’s more than appropriate. This project is extremely important to us as a group, both commercially and strategically,” says Dr Martin Harren, CEO of SAL Heavy Lift and the Harren Group.

24 Aug 2023

AMSA Bans Liberian-Flagged Vessel Over Wage Theft

The Australian Maritime Safety Authority (AMSA) has banned the Liberian-flagged bulk carrier MSXT Emily from Australian waters for one year, after finding apparent serious issues of wage theft and seafarer mistreatment onboard.Following a tip-off from the International Transport Workers’ Federation (ITF), AMSA inspected the ship at the Port of Hay Point, in Queensland, and found evidence of several violations of the Maritime Labour Convention, 2006.The vessel had been chartered by K-Line to load a cargo of coal for discharge in Japan.Seafarers onboard the vessel had not been paid in accordance with their Seafarer Employment Agreements: four contained apparently-forged signatures from employees


22 Aug 2023

Maritime Partners Buys AMSC's Jones Act Tanker Fleet

(File photo: Overseas Shipholding Group)

New Orleans-based Maritime Partners has reached a deal to acquire AMSC subsidiary American Tanker Holding Company, which owns a fleet of 10 Jones Act tankers.Maritime Partners' newly formed Project Merchant Acquisition arm signed a share purchase agreement with Oslo-listed AMSC to acquire AHTC for an enterprise value of $746.7 million. AMSC will receive $249.3 million in gross cash proceeds from the sale.The transaction is expected to close on or before October 31, 2023, subject to certain closing conditions and AMSC shareholder approval.ATHC


15 Aug 2023

New Ultramax Vessel Delivered to Norvic Shipping

(Photo: Norvic Shipping)

Dry bulk owner and operator Norvic Shipping has taken delivery of a newly built ultramax vessel on a long-term charter as the organization continues to expand its fleet.The 64,000 dwt fuel-efficient vessel, named Norvic Copenhagen, will be deployed worldwide after being delivered by Imabari Shipyard during a recent handover ceremony in Japan.AJ Rahman, Group Chairman and CEO of Norvic Shipping, said, “Acquiring dry-bulk vessels on lengthy charters is part of Norvic’s strategy to expand our long-term fleet


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