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Ship Charter News

03 Aug 2023

Burned-out Car Carrier Towed to Dutch Port

(Photo: Netherlands Coastguard)

A burned-out car carrier off the Dutch coast is being towed to port for salvage, Dutch authorities said on Thursday.The Fremantle Highway, which was travelling from Germany to Egypt when the blaze broke out on July 26, will be towed from its current location north of the islands Ameland and Schiermonnikoog to nearby harbour Eemshaven, the Dutch public works and water management ministry said in a statement."Most of the ship has now been inspected and there are no indications that there is still fire on board," Rijkswaterstaat said, adding that the situation on board is now stable.The fire aboa

31 Jul 2023

Burning Car Carrier off Dutch Coast Being Towed Away from Shipping Lanes

©Rijkswaterstaat

A burning car carrier off the Dutch coast is being towed to a new location away from shipping routes as part of a difficult operation to salvage the ship, the Dutch water board Rijkswaterstaat and media said.The ship will be towed to a location 16 km north of the Dutch islands Ameland and  Schiermonnikoog, Rijkswaterstaat said in a statement on Sunday.The towing operation began on Sunday, and it was not known when the ship, which was traveling from Germany to Egypt when the fire broke out…

28 Jul 2023

Burning Ship of Dutch Coast Carries 498 Electric Vehicles, Not 25 as Initially Thought

Source: Dutch Coast Guard Aircraft

The car carrier burning off the Dutch coast since Tuesday night is carrying nearly 500 electric vehicles, ship charter company "K" Line said on Friday, significantly more than the 25 initially reported by the coastguard.The fire on the Panamanian-registered Fremantle Highway, which was carrying new cars, resulted in the death of an Indian crew member and injury of seven others who jumped overboard to escape the flames.There were 3,783 vehicles on board, including 498 battery electric vehicles, a Tokyo-based spokesperson for K Line (Kawasaki Kisen Kaisha), which had chartered the vessel, said.

22 Jun 2021

Container Delays Could be Resolved in Q2/Q3, Hapag-Lloyd CEO Says

Image by Björn Wylezich/AdobeStock

Container shipping firm Hapag-Lloyd said surging demand for bulky goods like exercise equipment from locked-down consumers may flatten out in the second or early third quarter, helping to ease disrupted shipping logistics."Things will normalize somewhere hopefully in the course of the second quarter or towards the beginning of the third quarter," Chief Executive Rolf Habben Jansen said in an embargoed briefing session with journalists held on Thursday.Around the world, port waiting times have lengthened due to labor shortages and traffic snarl-ups during the coronavirus pandemic…

18 Nov 2020

Container Freight Rates Soar

© VanderWolf Images / Adobe Stock

Global container shipping rates have surged to records on a spike in restocking demand in the United States and Europe, container scarcity at export hubs, and changes in freight flows because of the coronavirus pandemic, shipping sources said.The Freightos Baltic Global Container Index (FBX), a weighted average of 12 major global container routes, rose to $2,359 per forty-foot equivalent (FEU) container this week, the highest on record and up 30% since July 1."The spike is driven by very high demand for container freight since July…

03 Jan 2019

Turkey Ban Hits Wellard's Ship Charter

Australia's largest live animal exporter, Wellard, is closely watching reports that Turkey has halted imports of live cattle.Turkey last week unexpectedly revealed that it has halted imports of live feeder cattle from all countries.Wellard informed the local stock exchange that  that it has received preliminary reports that the Turkish Government has imposed a halt on the import of live feeder cattle into Turkey from all countries."At present, it is not clear how long the halt may last. News reports indicate that the halt may be temporary. It appears to be in response to an accumulation of stocks in Turkey and aligns with seasonal conditions…

09 Nov 2018

Poseidon Containers Inks TC with CMA CGM

The containership charter owner Global Ship Lease (GSL) announced that Poseidon Containers, with which it has entered a definitive merger agreement, has agreed five-year time charters with CMA CGM for four of its 6,927 TEU containerships, Mary, Kristina, Katherine and Alexandra.The charters will deliver incremental annualized EBITDA of approximately $11.0 million compared to third quarter 2018 contracted rates. The new charter for Mary commenced recently, and the remaining three new charters will commence upon expiry of their existing charters during the first half of 2019. The new five-year charters are expected to generate total EBITDA of approximately $135 million over the five-year contract period.Ian Webber…

13 May 2016

New Zealand’s Freight Traders Imports Drilling Rigs

Photo: Freight Traders

Freight Traders Ltd arranged the duty free importation of two Dillmec drilling rigs into New Zealand.   This included various mobilizations and demobilizations to remote New Zealand locations in the central north island. With the drilling campaigns complete, Freight Traders Ltd successfully completed re-export formalities from New Zealand over two (2) x  ship charters. The most recent ship charter sailed early May 2016 from Tauranga port in New Zealand.

03 Apr 2014

Shipbuilding Market Prospects: COSCO Leader Shares Insights

Captain Wu Zi Heng: Photo courtesy of COSCO

COSCO Vice-Chairman & President, Captain Wu Zi Heng responded in a question and answer session about his views on the future of the shipping market in an interview incorporated in the company's recent 2013 Annual Report. Q. What do you foresee the next few years will be like for the shipbuilding business? A. The shipping market picked up slightly in the second quarter of 2013 in anticipation of the recovery of the Eurozone economies as well as that of the United States. However, demand was uneven across the various ship types and classes, which were still stuck in an oversupply situation.

26 Feb 2014

German Ship Bank HSH Needs More Aid

Troubled German public-sector bank HSH Nordbank will likely need more state aid than previously thought due to deep losses in shipping lending and back taxes, the bank's supervisory board chairman said. The bank, one of the world's biggest shipping financiers, has said up to now that it may need up to 1.3 billion euros ($1.79 billion) in state backing from 2019 to 2025. "I wouldn't be surprised if we came to the conclusion, while looking at our 2013 results, that it will come out just a tick above that," Thomas Mirow told journalists late on Tuesday in comments embargoed for Wednesday. He declined to be specific because the bank's 2013 results had not been finalised yet, but said the increase would likely be in the hundreds of millions of euros.

15 Nov 2013

Global Ship Lease Profits Slip in Q3 2013

Chartered vessel: Image courtesy of GSL

Container ship charter owners Global Ship Lease (GSL) announce its unaudited results for the 3 months and 9 months ended September 30, 2013. The 17 vessel fleet generated revenue from fixed rate long-term time charters of $36.1 million in the three months ended September 30, 2013, down $3.4 million on revenue of $39.5 million for the comparative period in 2012. Reported revenue of $36.1 million for the third quarter 2013. Reported net income of $7.3 million for the third quarter 2013, including a $1.4 million non-cash interest rate derivative mark-to-market gain.

09 May 2013

Latest US Navy Contracts

The Department of Defense, has issued the following relevant Navy contracts. Teras BBC Ocean Navigation Enterprise Houston, LLC, Bellaire, Texas, is being awarded a $9,847,700 firm-fixed-price contract with reimbursable elements, for the worldwide charter of one U.S. flagged, self-sustaining, non-cellular containership. The containership will be employed in worldwide cargo delivery to support the U.S. Department of Defense. Work will be performed at sea worldwide and is expected to be completed by May 2014. The total cumulative face value of the contract is $47,281,490. Military Sealift Command, Washington, DC is the contracting activity.

27 Jan 2009

Riding Out the Economic Cycle

The roll call of countries and regions now declaring themselves in recession keeps growing, and credible economists around the world offer little hope for relief in the short term. While the impact of the economic turmoil on financial institutions and on global credit liquidity has been written about exhaustively, the impact is now spreading far beyond the Wall Street world, touching businesses that until recently were healthy and growing. For both the marine industry and the insurers who partner with them to protect shipping, the recession threatens an abrupt halt to the unprecedented boom times of recent years. While key indicators of marine industry prosperity are eroding…

29 Oct 2003

CP Ships Report 3Q Results

CP Ships Ltd. was able to report a 37% increase in net income in the third quarter despite higher costs, due to continuing general improvement in industry conditions. The company said its operating profit in the latest quarter was the highest since it went public in October 2001. Third-quarter net income was $33 million or 36 cents a share, up from $24 million or 27 cents a year earlier. The Thomson First Call mean estimate was for net income of 41 cents in the latest quarter. Quarterly revenue rose 16% to $817 million from $704 million. Operating income was $44 million versus $34 million. It said it expects fourth-quarter operating income to be "broadly in line" with the third quarter.

16 Jul 2004

Containership’s Surge: When Will It End

As a range of container ship charter indices reach their highest ever levels, the inevitable question must be, how long can this bull run last? Container ship charter rates have reached highest ever levels across a broad range of sizes with Howe Robinson’s container charter index edging up further this week, to another record of 1571.5. According to the broker’s second quarter container charter market review, “doubters have questioned the sustainability of the charter market since it started to move upwards in January 2002”. In that time, its index has spiraled by almost 250% - from 450.

25 Jun 1999

Defaulted Charters Seen Spreading To Tanker Market

Unpaid ship charter hire, an increasing problem in the depressed dry bulk shipping market over the last year, is reportedly spreading to the tanker markets.

07 Jul 2000

S&P Cuts International Shipholding Ratings

Standard & Poor's lowered its rating on International Shipholding Corp.'s (ISC) $110 million 7.75% senior unsecured notes due Oct. 15, 2007, and $100 million 9% senior unsecured notes due July 1, 2003. The corporate credit rating on the company is affirmed. The downgrade on the notes is based on the increased proportion of secured debt in the company's capital structure, which has been used to finance the acquisition of additional vessels(primarily car carriers) over the past year and which effectively ranks senior to the unsecured notes. Previously, the unsecured notes carried a rating equal to the corporate credit rating, as the proportion of secured debt was less material.

25 Apr 2007

APL Finalizes Ship Charter Deal

APL, the container transportation arm of Neptune Orient Lines, has signed a charter agreement for five new post-Panamax container vessels. The ships will each have a nominal capacity of 7,000 TEU (twenty-foot equivalent unit) and will be deployed in the Transpacific trade from 2009. The vessels are being built at Hyundai Heavy Industries in South Korea and will be chartered for five years from German owners, Bernhard Schulte.

06 Aug 1999

Container Ship Charter Rates Seen Surging In 2001

Container ship charter rates are reportedly set to recover from their current depression by 2001, according to shipping analysts.

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