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
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
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
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
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, has announced that it has entered into a time charter contract with RWE Supply & Trading GmbH, Essen, Germany, through a separate wholly-owned subsidiary, for one of its Capesize dry bulk vessels, the m/v JK Pioneer, to be renamed P. S. Palios. The gross charter rate is $18,350 per day, minus a 5% commission paid to third parties, for a period of about 22 months to maximum December 31, 2015
Amongst the latest listing of US Department of Defense, Navy, contracts, the existing time charter of a U.S.-flagged, ice-class certified, double-hulled product tanker of Maersk Line Ltd. of Norfolk Va. is extended. The $14,223,440 modification is under a previously awarded firm-fixed-price
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that yesterday through a separate wholly-owned subsidiary, it entered into a time charter contract with Clearlake Shipping Pte., Ltd., Singapore, a member of the Gunvor Group
Russian President Vladimir Putin has signed a law on the liberalization of exports of liquefied natural gas (LNG). According to the document, two new categories of license holders are entitled to the right to export LNG, in addition to Gazprom, reports Arctic-Info.
Baltic Trading Limited has accepted delivery of the first of two new bulk carriers, 'Baltic Tiger', a 179,185 dwt Capesize vessel, and found a time charter for the vessel without delay. The Baltic Tiger delivered to its charterer, Swissmarine Services S.A
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, has announced that, through a separate wholly-owned subsidiary, it took delivery of the m/v P. S. Palios (formerly JK Pioneer), a 2013 built Capesize dry bulk vessel of 179
Diana Shipping Inc. has time- chartered out the 75,336 dwt MV Triton to Bunge S.A., Geneva, at a gross charter rate of US$11,000 per day, minus a 5% commission paid to third parties, for a period of up to minimum September 1, 2014 to maximum October 31, 2014
Nordic American Tankers Ltd. (NAT) inform that they have created a new offshore supply vessel company, Nordic American Offshore Ltd. that has completed a $250m private placement. Earlier this month the investor market was informed that NAT was coordinating the establishment of Nordic American
Diana Shipping subsidiary Gala Properties Inc. has received a notice from the charterers of the 'M/V Houston' claiming that they are entitled to terminate the vessel's charter effective November 26, 2013 for purported breaches by the owners. A claim they firmly dispute as follows:
Ship Finance International Limited announced its preliminary financial results for the quarter ended September 30, 2013, reporting preliminary 3Q 2013 results and quarterly dividend of $0.39 per share Hamilton. Highlights Declares third quarter dividend of $0.39 per share
Oceanteam Shipping ASA (OTS) confirm the extension of the bareboat charter of their 'CSV Southern Ocean' by Fugro TS Marine Australia until the end of 2018. CSV Southern Ocean is a large construction support vessel jointly owned between Bourbon Offshore Norway AS and Oceanteam Shipping ASA
Charterers face significant liabilities, even where shipowners have their own P&I covers, reminds the UK P&I Club and should be properly insured. Liabilities to shipowners, cargo owners and third parties may be contractual (e.g. breach of charter-party) or non-contractual (e.g
In 2011, Bourbon entered a five-year charter agreement with CGG for a series of six new seismic support vessels, an industry first. Two years later, the Bourbon Petrel and the Bourbon Fulmar are already in service in the Black Sea and Northern Europe, and a third vessel, the Bourbon Gannet
Maersk Supply, a subsidiary of the A. P. Moller-Maersk group, came out of the third quarter of 2013 with a profit of US$76-million, against a profit of US$ 48-million in the same quarter in 2012. Revenue rose from US$ 226-million in the period of 2012 to US$ 240 million.
McDermott International, Inc. (NYSE:MDR) announced that one of its subsidiaries has entered into an agreement with Petrobras for a short term charter to supply its subsea construction vessel North Ocean 102 (“NO102”). The NO102 will carry out deepwater umbilical and flexible pipe
Bourbon announces the sale of the 'Bourbon Surf' and 'Bourbon Borgstein', two large 10-year old Norwegian built AHTS (Anchor Handling Tug Supply) vessels for a total amount of US$130 million, generating a total capital gain of approximately US$63 million.