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
• Marked improvement in performance as losses after tax for 2Q2015 reduced to US$2.5 million from US$13.3 million in 1Q2015. • Group secured new chartering contracts worth a total of US$132.2 million in 2Q2015 and that brought total order book to US$307.2 million as at 30 June • Fleet utilization improved gradually from 59.2% for 1Q2015 to 74.0% for 2Q2015 Otto Marine Limited, a leading offshore marine company that specializes in building complex offshore
MidEast, West Africa rates hit 11-month low. Freight rates for very large crude carriers (VLCCs), which hit an 11-month low this week, could slide further next week amid a seasonal slowdown exacerbated by strong vessel supply, shipping executives said.
Owners anchoring ships rather than fix at low rates. W. Australia-China capesize rates hit over two-month low. Freight rates for large capesize dry cargo ships on key Asian routes are likely to hold steady as ship owners resist charterers' attempts to push rates lower amid a dearth of cargo
Around 47 MidEast charters fixed for July loading so far; older tonnage and new vessels a drag on freight rates. Freight rates for very large crude carriers (VLCCs) are set to nudge higher next week after moving above nine-month lows on increased charters this week, ship brokers said on Friday
The container ship-leasing company Seaspan Corp declined Hanjin Shipping Co.’s request for a cut in charter rates by about 30 percent, dealing a blow to efforts by South Korea’s biggest liner to revamp debt amid a prolonged trade slump, reports Bloomberg.
Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, today announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with SeaGo Line A/S for one of its Post-Panamax container vessels, the m/v March.
Braemar Shipping Services PLC on has terminated its involvement in the ACM ICON Shipping DMCC venture, announcing the sale of its 50% stake to its joint-venture partner Icon Chartering Ltd, says a report by Alliance News. Braemar said it has determined the venture is no longer
Tough measures needed to achieve profitability -BIMCO. Freight rates for large capesize dry cargo ships on key Asian routes are likely to hold around current levels or nudge slightly higher next week on buoyant cargo volumes, likely supported by a raft of off-market charters, ship brokers said
Hanjin Paradip resume its sailing from South Africa as talks continue with owner over unpaid charter fees. The ship had been detained in Richards Bay, South Africa earlier last week over unpaid charter fees. The vessel in 82
Hanjin Shipping-operated bulker Hanjin Paradip has been arrested by a South Africa for alleged unpaid charter fees. The 82,158 dwt bulker, which has been used to transport grain and minerals, was detained in Richards Bay on May 24 due to the unpaid charter fees to an
Ardmore Shipping has expanded its global network with the opening of an office in Houston, to be led by Holly Cummings, who joins Ardmore Shipping as Chartering Manager (Americas). The new Houston office will be responsible for expanding Ardmore’s commercial activities in the
Frontline Ltd. ("Frontline" or the "Company") has agreed with Ship Finance International Limited ("Ship Finance") to terminate the long term charter for the 1998 built VLCC Front Vanguard. Ship Finance has simultaneously sold the vessel to an unrelated third party
Ship Finance International Limited announced that it has agreed to sell the 1998 built VLCC Front Vanguard to an unrelated third party. Ship Finance has simultaneously agreed to terminate the corresponding charter party for the 18-year old crude oil carrier with a subsidiary of Frontline
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
Capesize rates fall in a quiet market as holidays weigh; 20 charter-free capesize ships could add to downward trend. Freight rates for large capesize dry cargo ships on key Asian routes are set to drift lower next week unless there is an uptick in chartering activity from major miners
The German navigation system manufacturer Raytheon Anschütz was awarded a retrofit contract of steering gear control systems for two luxury cruise ships chartered by Noble Caledonia Ltd. The cruise ships will be retrofitted with the Anschütz NautoSteer AS advanced steering gear control