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Ship Chartering

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.


Stena Oil Complain of Ship & Cargo Confiscations

The two consfiscated tankships: Photo credit Stena Oil

The West African republic of São Tomé e Príncipe has wrongfully confiscated two ships chartered by the Swedish oil company Stena Oil, including the cargo. The captains have been sentenced to 3 years imprisonment and charged with "smuggling" in a show trial, claim Stena Oil. In addition a fine of 5 million EUR has been imposed, and the vessels and cargo have been confiscated by the state of São Tomé.


Otto Marine Charters PSV Otto Explorer

Otto Explorer.jpg

Otto Marine Limited announced that it has successfully found a charter for its MT6009 PSV, named Otto Explorer. The vessel will be chartered out to the Group’s subsidiary, Singapore-based Reflect Geophysical Pte Ltd, on a bare boat charter for a contract term of 7+1+1+1 years. The MT6009 PSV, a Multi Purpose Field Support Vessel (Hull 7037), is the first of her kind to be built in Asia on a turnkey basis. The MT6009 PSV is a DNV Class


Otto Marine Secures $131 mln in New Contracts

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


Otto Marine Signs Contracts to Supply 2 AHTS Vessels

Photo: Otto Marine Limited

 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


Sinotrans Orders Four Boxships

Image: Sinotrans Shipping

 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.  


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.


Fednav - Complete IMOS Solution

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


BMT Completes Berth Capacity Study

BMT Isis (BMT), a subsidiary of BMT Group, the international engineering, maritime and risk management consultancy, has recently completed a berth capacity study for Knauf ahead of significant planned investment for its jetty located on the Swale in the south east of England. The Grovehurst Jetty near Ridham Dock is operated by Knauf to import and transport gypsum to its factory in Sittingbourne, Kent where the mineral is used to produce plasterboard


Otto Marine 3Q2014 Earnings at $2 mi

Courtesy Otto Marine

 * Group revenue increased by 16.8% to US$ 96.8 million for 3Q2014, higher revenue across all the three business segments  * Offshore Chartering, as the major revenue and profit generator, registered higher profit even as overall market was weak *  Strong order book of US$494 million as at 30 September 2014  Otto Marine Limited, specializing in building complex offshore support vessels, ship chartering and offers specialized offshore services


Asia Dry Bulk-Capesize Rates Under Pressure

A so-called ValeMax bulk carrier at the berth (File image: Vale)

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


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


Front Vanguard Contract Terminated

VLCC Front Vanguard Photo Ship Finance

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


Ardmore Shipping Opens Houston Office

Holly Cummins (Photo: Ardmore Shipping)

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


BBC Chartering Opens Office in London

BBC London Courtesy BBC Chartering

  BBC Chartering announces the opening of a new representative office in London, United Kingdom, starting immediately. “We continue to strengthen our position at important shipping hubs for breakbulk, heavy lift and project cargo”, said Svend Andersen, CEO of BBC Chartering


Otto Shipyard Eyes Expansion in Asia

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


Diana Secures Time Charter with Transgrain

Nirefs (Photo: Diana Shipping)

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Transgrain Shipping B.V., Rotterdam, for one of its Panamax dry bulk vessels


SwissMarine Hires Diana's Capesize Bulker

Courtesy Diana Shipping

  Diana Shipping Inc. today announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Aliki. The gross charter rate is US$5,300 per day


Diana Newcastlemax in $2.13m RWE deal

Courtesy Diana Shipping

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with RWE Supply & Trading GmbH, Essen, Germany


Hapag-Lloyd Buys 2 Ships for S.America Trade

Acquisition of two modern wide-beam vessels for first deployment in the South American business; two more identical ships chartered; four efficient wide-beam vessels chartered for Mediterranean–Canada service   Hapag-Lloyd has taken delivery of two wide-beam 3


Diana Shipping Charters out Coronis

Courtesy Diana Shipping

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Narina Maritime Ltd


Diana Fixes Bulker Duo with Glencore

Erato. Photo: Diana Shipping Inc

 Diana Shipping Inc  has inked new time charters with Glencore Grain B.V., Rotterdam for two of its panamaxes at rates below the previous charters, with the contracts commencing on March 26.   Diana entered into a time charter contract with Glencore for 74


Asia Dry Bulk-Capesize Rates Likely to Stay High

A so-called ValeMax bulk carrier at the berth (File image: Vale)

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


Container Market - Between a Rock and a Hard Place

Containership ownership by size range, active and on order, April 2016 (‘000 teu). Graph by Drewry Maritime Research

 The pain of the current container market downturn extends beyond carriers, says Drewry's Container Insight Weekly.    Some independent ship-owners are faced with either lowering charter rates to help save ailing carriers or risking their assets going idle.  


Raytheon Anschütz Steering Gear Control for Luxury Cruise Ships

NautoSteer (Photo: Raytheon Anschütz)

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






 
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