Ship Chartering News

Rising oil tanker chartering rates due to global shipping disruption are forcing oil shippers to take on longer-term shipping charters, executives said this week at an energy conference in Houston.The global oil tanker fleet must now travel further to get crude to refineries and fuel to consumers. European sanctions have forced Russian exporters to send oil to Asia that would have otherwise gone to Europe. Attacks on vessels in the Red Sea have forced some shippers to sail around…

Yemen's Houthis said on Tuesday they could only reconsider their missile and drone attacks on international shipping in the Red Seaonce Israel ends its "aggression" in the Gaza Strip.Asked if they would halt the attacks if a ceasefire deal is reached, Houthi spokesman Mohammed Abdulsalam told Reuters the situation would be reassessed if the siege of Gaza ended and humanitarian aid was free to enter."There will be no halt to any operations that help Palestinian people except when the Israeli aggression on Gaza and the siege stop…

Yemen's Houthis fired a missile that likely targeted the Torm Thor in the Gulf of Aden on Feb. 24 but missed the U.S.-flagged oil tanker, the U.S. Central Command (CENTCOM) said on Monday, as the Iran-aligned militia steps up attacks on ships.Shipping risks have escalated due to repeated Houthi drone and missile strikes in the Red Sea and Bab al-Mandab Strait since November in support of Palestinians in Gaza. U.S. and British forces have responded with several strikes on Houthi…

Electric vehicles are crisscrossing the globe to reach their eager buyers, but the battery technology involved in the zero- emission automobiles is exposing under-prepared maritime shippers to the risk of hard-to-control fires, industry, insurance, and emergency response officials said.That risk has been put under the spotlight by the burning car carrier [Freemantle Highway] drifting off the Dutch coast. The Dutch coastguard said the fire's cause was unknown, but Dutch broadcaster…

Oil major Chevron Corp said on Thursday, its shipping unit has joined the Sea Cargo Charter, an initiative launched last year to cut and track emissions from ships, as efforts intensify to reduce the maritime industry's carbon footprint.Under the Sea Cargo Charter, companies, including agrigroups Cargill, ADM, and Bunge, oil majors Royal Dutch Shell and Total, and mining group Anglo American will disclose annually whether their overall ship chartering activities are aligned with International Maritime Organization (IMO) 2050 goals.IMO…

Some of the world's biggest commodities and energy players on Wednesday launched an initiative to cut and track emissions from the ships they charter as efforts intensify to reduce the maritime industry's carbon footprint.About 90% of world trade is transported by sea, and the UN shipping agency the International Maritime Organization (IMO) aims to reduce overall greenhouse gas emissions by 50% from 2008 levels by 2050.Carbon emissions from shipping rose in the six-year period to 2018 and accounted for 2.89% of the world’s CO2, the latest IMO-commissioned study showed, mounting pressure on the

Dozens of tankers holding jet fuel and gasoline are at anchor in sea lanes around Europe's main storage hubs, unable to discharge their cargoes as onshore tanks are full to capacity following the collapse in demand linked to the coronavirus crisis.Nearly 1 million tonnes of refined products are parked on around 30 tankers off Europe's coast, Reuters calculations found.According to shipping data and trade sources, tankers have dropped anchor near to the Amsterdam-Rotterdam-Antwerp…

Saudi Aramco's shipping arm Bahri has issued an expression of interest (EOI) to charter up to 12 liquefied natural gas (LNG) tankers from 2025, its first foray into the superchilled fuel, industry sources said on Monday.No further details were immediately available and Saudi Aramco declined to comment. EOIs are preliminary enquiries that may or may not turn into full-fledged orders.According to Bahri's website, the national shipping carrier of Saudi Arabia has six business units dealing in oil…

Bermuda-based ship-owning and ship chartering firm Ship Finance International Limited (SFL) has agreed to purchase three very large crude carriers (VLCCs) from Norwegian investment company Hunter Group. The 300,000 dwt oil tankers are currently being constructed by South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME). Hunter Group placed the order for the VLCCs last year. SFI will pay almost $60 million for each tanker and a total of $180 million for all three. The vessels are scheduled to be delivered within the next two months.The tankers will be fitted with exhaust gas cleaning systems to reduce the emissions of sulfur oxides (SOx) and other pollutants, and to meet IMO regulations.

Chinese dry bulk owner Jinhui Shipping and Transportation has acquired a pair of bulk carriers for USS$12mln.The First Vessel is a Supramax of deadweight 50,354 metric tons, built in year 2001. It will be delivered by the First Vendor to the First Purchaser between 2 May 2019 and 7 June 2019.The Second Vessel is also a Supramax of deadweight 50,220 metric tons, built in year 2002. It  will be delivered by the Second Vendor to the Second Purchaser between 2 May 2019 and 31 May 2019. The First Agreement and the Second Agreement are not inter-conditional.According to a stock exchange announcement from the company, wach of the purchase prices…

Art Regan, who has been the Executive Chairman at Genco Shipping and Trading (NYSE: GNK) since October 2016, personifies the new type of shipping executive, savvy on all things maritime (he is a graduate of SUNY Maritime College at Fort Schuyler) coupled with a keen understanding of market dynamics. Regan commenced his maritime industry career at sea, rising through the shipboard officer ranks completing as a Master Mariner during a more than ten-year period sailing on oil tankers and dry bulk vessels.

Al-Iraqia Shipping Services & Oil Trading (AISSOT) is shortly commencing bunkering operations at Iraqi Ports mainly at Basra, Khor Al-Zubair and Umm Qasr. AISSOT is a joint-venture company of Iraqi Oil Tankers Company (IOTC) & Arab Maritime Petroleum Transport Company (AMPTC) to handle plethora of activities ranging from Trading of petroleum products, Ship chartering, Oil terminals, various Marine services, and Bunkering. Iraq ports are growing exponentially as shipping hub over the years and AISSOT is confident to cater to all marine related needs of the shipping lines calling Iraq, anchorage area and nearby ports by offering them end-to-end bunkering solutions meeting international standards on quality and safety.

Project, breakbulk and heavylift cargo transport company Intermarine, LLC announced that its President & CEO, Andre Grikitis, will be awarded with the Admiral of the Ocean Sea by the United Seaman’s Service (USS) at the organization’s 48th annual gala at the Sheraton New York Times Square Hotel, New York City, on October 13, 2017. The Admiral of The Ocean Sea Award (AOTOS) has been presented annually by United Seamen's Service for the past 47 years. The AOTOS Award is given in…

Marco Polo Marine Group  Group recorded a revenue of S$11.4 million in Q1FY2017, a decrease of 33% from that of S$17.0 million in Q1FY2016. Relative to Q1FY2016, the Ship Chartering Operations’ revenue of the Group decreased by 31% to S$4.4 million in Q1FY2017. The decrease was mainly due to the lower utilization and charter rate for the Group’s offshore fleet. The Ship Building & Repair Operations of the Group also recorded a decrease in revenue of 34% in Q1FY2017 relative to Q1FY2016. The decrease was due mainly to reduced ship building projects. The Group recorded a gross profit margin of 34% in Q1FY2017 relative to that of 30% in Q1FY2017, chiefly due to reduced project costs.

Singapore, 20 January 2017– ASL Marine Holdings Ltd. respectively. This means the maturity dates of Series 006 Notes and Series 007 Notes will each be extended for three years to March 2020 and October 2021 respectively. By giving approval to the Consent Solicitation, Noteholders will receive a coupon step-up, with coupon rates of 5.50% p.a. and 5.85% p.a. for Series 006 Notes and Series 007 Notes, commencing on 28 March 2017 and 1 April 2017 respectively, and which are to be increased by 0.5% p.a. thereafter. ASL Marine will also conduct mandatory redemption of 2.5% of the original principal amount of each series at par with interest accrued…

Shipbuilder ASL Marine  has secured a total S$156 million worth of contracts from its shipbuilding, shiprepair & conversion, shipchartering and dredging engineering divisions. The contracts secured are mainly from repeat customers in the region as well as in the Middle East, the US and Europe, it said, adding that there are potential additional orders from a certain customer upon successful delivery of current projects. The shipbuilding and shiprepair & conversion contracts are expected to be delivered over the next one to two years and the shipchartering contracts will have a tenure of two to five years. All of the above contracts are…

Flurry of cargo fixtures push Australia, Brazil rates to highest since December. Freight rates for large capesize dry cargo ships on key Asian routes are likely to hold steady next week near four-month highs if owners continue to reactivate idle tonnage on upbeat cargo demand, ship brokers said on Thursday. "If more idled ships are put back into the market there may not be the support from cargo demand to push rates up any further," said a Shanghai-based capesize ship broker. "Rates from Western Australia to China are still below $4 per tonne. Owners are offering $7 per tonne for Brazil to China, while charterers are bidding $6.50 per tonne," the Shanghai broker said.

Otto Marine Limited, an offshore marine company specializing in building complex offshore support vessels, ship chartering and offers specialized offshore services, has announced that its wholly-owned subsidiary, Otto Marine Shipyard Pte Ltd, has entered into a Memorandum Of Understanding (MOU) with a port operator to explore the potential development of a fabrication and marine facility. The proposed development is strategically located in close proximity to Singapore and to the South East Asia region oil and gas fields. Otto Shipyard currently operates a 65 hectare shipyard through its sister company PT. Batamec. The Proposed Development will use a fraction of the yard space and is not expected to cause any disruption on PT. Batamec's existing shipyard facilities.

Oman Shipping Company (OSC) has performed the naming ceremony for two new product and chemical tankers – the Muscat Silver and Rustaq Silver. The ceremony took place at the Hyundai Mipo Dockyard in Ulsan, South Korea. OSC will now take delivery of the Muscat Silver as part of a deal which will see 10 MR tankers delivered to it over the next year. All the vessels will be chartered to Shell International Trading and Shipping Company Ltd for its Project Silver, which consists of 50 new-builds. They will each operate worldwide with 20-strong crews - including a number of Omani officers. The Muscat Silver and Rustaq Silver are both 183 metres in length and 32.2 metres wide, with a depth of 19.1 metres.

Sinotrans Shipping has ordered four new energy-saving containerships of 1,900 teu in capacity each at CSSC Huangpu Wenchong Shipbuilding Company for $98.2mln.   The four newbuildings, each costing $24.55m, are scheduled to be delivered from the shipyard in May, June, September and November 2017, respectively.   A 10% deposit has been placed by Sinotrans with the balance payable in four instalments.   The construction cost of new vessels is relatively low and the company has an advantage of sufficient capital resources, said Sinotrans   The construction of such energy-saving containerships will enable the company to optimise the composition of its fleet of containerships, it added. It can also expand the capacity of its self-owned fleet and reduce the ship chartering cost.

Go Offshore,  wholly-owned subsidiary of Otto Marine has entered into an agreement for two long-term anchor handling tug supply (AHTS) charter contracts worth USD25.2 million with a large oil and gas company. The two contracts are in respect of two 16,000 brake horsepower (bhp) large anchor handling tugs supply vessels. None of the Directors or controlling shareholders of the Company has any direct or indirect interest on the above transaction other than through their respective shareholding interests, direct or indirect in the Company, Go Offshore or Go Marine. The transaction is expected to have a positive impact on the consolidated net tangible assets per share or earnings per share of the group for FY15.

• Marked improvement in performance as losses after tax for 2Q2015 reduced to US$2.5 million from US$13.3 million in 1Q2015. Otto Marine Limited, a leading offshore marine company that specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, is pleased to announce their financial results for the second quarter 2015. The Group posted US$71.2 million in revenue for 2Q2015. This represented a 51.9% decrease quarter-on-quarter compared with 1Q2015 and a 36.4% decrease year-on-year  compared with 2Q2014 due to a reduction in fleet size and lower charter rates, and decrease in ship conversion revenue. Gross profit increased 655.6% q-o-q to US$14.3 million in 2Q2015 due to lower cost of sales.

Otto Marine Limited, an offshore marine company which specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, has announced that in the second quarter of financial year 2015 (Q2FY2015) till date, the group has secured new orders worth $131 million, primarily contributed by the chartering business. The substantial increase in new chartering contracts was attributable to the group’s strategy to improve the utilization rate of the fleet, in view of the potential cost that idle vessels will incur. Utilization rate for the group’s chartering business has improved for Q2FY2015 against the last few quarters.