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.
Tesoro Expands Relationship with OSG and Charters Two Additional Jones Act Product Tankers Overseas Shipholding Group announced that time charter agreements have been signed for two more Jones Act commercial product tankers being built at the Aker Philadelphia Shipyard. The agreements were made between OSG and Gold Star Maritime Company, an affiliate of Tesoro Corporation (Tesoro), an independent refiner and marketer of petroleum products.
The International Tribune has reported that a five-ship United States naval group and a British flotilla were en route to Lebanon today to aid in evacuation efforts. The Navy said it was sending a strike group led by the amphibious-assault ship Iwo Jima to assist in the departure of some of the 25,000 Americans in Lebanon. The ships have hospital facilities, and carry 2,200 marines of the 24th Marine Expeditionary Unit.
Veson Nautical, the US-based developer of software solutions for the commercial maritime community, announced that Fednav Limited of Montreal, a Canadian ocean-going, dry-bulk ship owning, operating and chartering group, has chosen to implement the full complement of Veson Nautical’s Integrated Maritime Operations System (IMOS). Fednav Limited will implement IMOS to manage their chartering and operations departments worldwide as well as link IMOS to their present accounting system
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. Third Quarter and Year To Date Highlights Reported revenue of $36.1 million for the third quarter 2013
The government continuously improves incentives for shipowners to register their ships under the Cyprus flag. Communication & Works Minister Flourentzou pointed out Cyprus ranks among the largest international ship registries in the world, but unlike other open registries, he added, Cyprus is also a major base for international shipping operations and for other activities related to shipping. The Minister noted that “a maritime cluster has been developed
Newport News Shipbuilding has been awarded two separate contracts for ship repair work. The first award is for the M/V 1st Lt. Alex Bonnyman, a Military Sealift Command (MSC) pre-positioning ship chartered through Maersk Lines. Work being performed on the ship includes hull blasting and painting; tank blasting and painting; overhaul of deck cranes; survey and repair of main propulsion equipment; repair of machinery components; cargo equipment refurbishment; and deck equipment survey and repair
Royal Dutch Shell plc has announced the completion of the acquisition of Repsol S.A.'s liquefied natural gas (LNG) portfolio outside North America for a headline cash consideration of $4.1 billion. As part of the transaction, Shell will also assume $1.6 billion of balance sheet liabilities relating to existing leases for LNG ship charters, substantially increasing the shipping capacity available to Shell's LNG marketing business.
Singapore-based Otto Marine & group subsidiaries issue a warning regarding its forthcoming financial results. Otto Marine Group is expected to report a loss for the financial year ended 31 December 2012 largely due to, amongst others, the following: Losses from its subsidiary Reflect Geophysical Pte. Ltd. mainly due to low utilization of its seismic vessel; Impairment of investment and provision of doubtful debts owing to its subsidiary, Reflect Geophysical Pte. Ltd
Greece-based Paragon Shipping fix Panamax, Supramax, bulk carriers on time charter Paragon Shipping Inc. has signed fixed rate time charter agreements for two of its vessels, M/V Diamond Seas and the M/V Sapphire Seas The M/V Diamond Seas, a 2001 built 74,274 dwt Panamax bulkcarrier, has been fixed to HYundai Glovis Co. Ltd for a period of 3 to 6 months at a gross daily rate of $9,150. The M/V Sapphire Seas, a 2005 built 53,702 dwt Supramax bulkcarrier
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
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
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
Diana Shipping Inc. announces delivery of the newly built Capesize Dry Bulk Carrier m/v Santa Barbara; time charter contracts for m/v Polymnia with Vroon and m/v Danae with Glencore Diana Shipping Inc. announced that, through a separate wholly-owned subsidiary
Tanker vessel owner and operator Navios Maritime Acquisition Corporation announced the delivery and employment of one VLCC and one MR2 product tanker and the employment of one VLCC and two product tankers. VLCCs The Nave Synergy, a 2010 Japanese-built VLCC of 299,973 dwt
Charter rates at 6-year lows as cargoes scarce; some owners anchoring ships rather than leasing at a loss. Rates for capesize bulk carriers have plunged to fresh six-year lows and could fall further with cargoes scarce in the post-holiday period, brokers said.
Knightsbridge Shipping Limited (KSL) has entered an agreement with RWE Supply & Trading GmbH, a wholly owned subsidiary of RWE AG, for chartering out a total of 15 Capesize vessels on long term contracts. The basis of the transaction is to employ the vessels on index linked contracts
Diana Shipping Inc., through a separate wholly-owned subsidiary, has entered into a time charter contract with RWE Supply & Trading GmbH, Essen, Germany, for one of its Capesize dry bulk vessels, the m/v Houston. The gross charter rate is $12
Commissioner William P. Doyle’s in a statement today said, "I am voting to take no further action on the Hanjin/UASC/CMA CGM/CSL Vessel Sharing and Slot Charter Agreement. This agreement is scheduled to become effective on January 2, 2015."