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
Monaco-based liquefied natural gas carrier owner GasLog has reported a sharp increase in profits in 1Q15, saying the sector's medium- to long-term outlook remains encouraging. Group net profits jumped to $13.8 million in 1Q15 from $6
Italy-listed D'Amico International Shipping (DIS) made a net profit of $11.4m in the first quarter, reversing its net loss of $6.8m last year, as the product tanker freight market improved. The board of the product tanker owner on Wednesday approved first quarter 2015 results of
The first two-deck boat ever built by Blyth Workcats has recently been delivered to a customer in Belgium. The 18-meter Aqualink is the first Blyth Workcat to feature a high bridge and it has now entered service with Ostend Marine Services for which it has been designed to undertake a wide range
Aqueos Corporation, a provider of subsea services to the Gulf of Mexico and Pacific Coast, has entered into a long term time charter of the OSV Clean Ocean, a California Air Emission Compliant 155’ offshore support vessel (OSV), for its West Coast and International operations.
Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Zim Integrated Shipping Services Ltd, for one of its Panamax container vessels
BP Shipping today celebrates its 100-year anniversary, making it the longest continually operating company in the BP group. Formed on April 30, 1915 as the British Tanker Company, the business has adapted to significant world events including two world wars, the Great Depression
Topaz Energy and Marine, an offshore support vessel company, announced a new $550 million facility. The facility is arranged over three tranches. The first is a conventional and Islamic senior secured, term loan of $350 million over seven years which will be used principally to repay
Scorpio Tankers has announced a public offering of 15 million common shares, with an underwriter’s option to purchase up to an additional 2.25 million units. New York Stock Exchange-listed Scorpio says it plans to use the proceeds to fund part of the acquisition costs of
Greek ship-owner Costamare and US-based hedge fund York Capital Management are considering extending the life of their investment joint venture that has already spent more than $1 billion on new and secondhand container ships.
Severn Offshore Services announced that its new vessel Severn Provider has commenced operations in the German sector of the North Sea. The 26-meter Damen Twin Axe crew transfer vessel Severn Provider was recently christened at Damen Shipyards
Crowley Marine Services, Inc. has sold a second sister-tug of the Point Class to Island Tug & Barge Co., Marcon International, Inc. reported. The sale of the ABS +A1, Towing, +AMS classed, 2,100BHP shallow draft ocean towing / push tug Pt
Ship Finance International Limited today announced the agreement to acquire eight Capesize dry-bulk carriers from subsidiaries of Golden Ocean Group Limited ("Golden Ocean"). The vessels are named Golden Beijing, Golden Zhoushan, Golden Magnum, Battersea, Belgravia
DHT Holdings declares $0.15/share quarterly dividend, 200% increase from prior dividend of $0.05. The Hamilton, Bermuda-based Company said it had profit of 25 cents per share. The company has reported first-quarter net income of $23
Rickmers Shipmanagement, the Singapore-based company that has chartered the Maersk Tigris, said Iranian officials fired warning shots at the container ship and boarded it on Tuesday. Spokesman Cor Radings told Danish TV2 news channel the company was concerned for the 24 crew members on
Many investors are asking questions about the dynamics of the tanker market and asked us to confirm their views on vessel utilisation across the tanker market. This answer is very much linked to how supply and demand balance one another in a bulk tramping market