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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.


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


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 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


U.S. Military Charters Bollinger/Incat TSV

The U. S. Military Sealift Command has chartered a 319-ft. (97.22M), high speed catamaran theater support vessel (TSV), now under construction at Hobart, Tasmania, Australia from Bollinger/Incat USA, LLC, for use as a test platform by the U. S. Navy’s Mine Warfare Command. The one-year lease has options for up to an additional 47 months and is the third similar vessel chartered from Bollinger/Incat by elements of the U. S. Department of Defense.


Support for IMO Initiative on Somalia

United Nations Secretary General Ban Ki-Moon has welcomed the recent action taken by the International Maritime Organization (IMO) to address the threat of piracy and armed robbery against ships off the coast of Somalia as both timely and appropriate and has stated his intention to raise the matter with members of the UN Security Council on his return to New York. At a meeting in London today, IMO Secretary-General, Mr. Efthimios E. Mitropoulos, briefed Mr


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


Restructuring Pays Off: Indonesian Shipyard Wins Orders

Singapore-based Otto Marine contracted to fabricate 4 pre-erected columns & pontoon blocks worth S$6.3-million. Otto Marine Limited, an offshore marine company which specialises in building complex offshore support vessels, ship chartering and offers ship repair and conversion and fabrication services, announce that PT Batamec, its Indonesia-based shipyard, has secured contracts to fabricate, assemble and deliver pre-erected columns and pontoon blocks.


Sino-Global to Acquire Tanker

RONG ZHOU

  Sino-Global Shipping America, Ltd. a shipping agency, logistics and ship management services company, today announced that it has entered into a Memorandum of Understanding (the "MOU"), between the Company and Rong Yao International Shipping Limited


Evergreen to Charter 11 Containerships

From left: K.W. Chang, Evergreen Group Vice Group Chairman; Anchor Chang, Chairman of Evergreen Marine Corporation; Raymond Lin, Evergreen Group Vice Group Chairman; Bronson Hsieh, Evergreen Group Second Vice Group Chairman; Toshiyuki Higaki, Chairman of Shoei Kisen Kaisha; Kaoru Iwasa, Senior Managing Executive Officer of Marubeni Corporation; Yukito Higaki, President of Shoei Kisen Kaisha; and Shigefumi Mabuchi, Chairman of Marubeni Corporation Taiwan (Photo: Evergreen)

Evergreen Group signed time charter agreements with Shoei Kisen Kaisha, Ltd. (Shoei) to charter a total of 11 18,000 TEU vessels, which include the six units of the same capacity announced by Evergreen Marine Corp. (EMC) and its subsidiary last December


Pacifica Rolls Out New Container Vessel

Picture by Pacifica Shipping

Pacifica Shipping, New Zealand's coastal shipping company, is launching a new container vessel from March replacing a smaller vessel whose charter has ended, reports The Stuff.  The Spirit of Canterbury would provide greater capacity for customers including reefer cargo and replace the


MOL, Mitsui Ink Charter Deal

Courtesy  Cameron LNG

  Mitsui O.S.K. Lines, Ltd. signed a contract with Mitsui & Co., Ltd. today (January 29) to charter a new 177,000m3 liquefied natural gas (LNG) carrier. This is the third newbuilding vessel chartered by Mitsui & Co., following a contract signed last September 26 for two carriers


Navios Acquisition Announces Fleet Update

Photo courtesy: Navios

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


Diana Shipping Announced Vessel Delivery, Time Charters

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


MOL Express Refloated

MOL Express

  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


Pacific Basin Issues Profit Warning

Image courtesy: Pacific Basin Shipping

 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


Outlook for India's Seaborne Dry Bulk Trade

  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


Golar LNG Secures Charters for Carrier Duo

Golar Arctic

  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


IBIA to Hold Regional Forum in Gibraltar

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


Ship-to-ship Transfer Clause for Dry Bulk

BIMCO

  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.


New UK Tax Could Hit Offshore Sector

Sue Bill (Photo courtesy: Moore Stephens)

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.


Tankers Booked to Store Oil at Sea

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.  


Gypsy Moth Clause Takes Balanced Approach to Risk

Multiple US-bound ships delayed by Asian Gypsy Moth

  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






 
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