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Genco to Sign Time Charter for Newly Acquired Vessels

Genco Shipping & Trading Limited announced that it has reached an agreement to enter into a time charter for two vessels it has recently agreed to acquire. The Genco Constantine, a Capesize newbuilding, is scheduled to be on charter with Cargill International S.A. for 54 to 62 months at a rate of $52,750 per day, less a 5% third party brokerage commission. The time charter for the Genco Constantine includes a 50% index-based profit sharing component. In addition, the Genco Warrior, a 2005-built Supramax vessel, is scheduled to be on charter with Hyundai Merchant Marine Co. Ltd. for 35 to 37.5 months at a rate of $38,750 per day, less a 5% third party brokerage commission.


Genco to Sign Time Charters for Drybulk Vessels

Genco Shipping & Trading Limited announced it has reached an agreement in principle to enter into a time charter for the Genco Carrier, a 1998-built Handymax vessel, with Pacific Basin Chartering Ltd. The Company also reached an agreement in principle to extend the time charter for the Genco Wisdom, a 1997-built Handymax vessel, currently on charter with Hyundai Merchant Marine Co., Ltd. Both time charters would be for eleven to


Aker Philly Shipyard Lays Keel for Tanker

Aker Philadelphia Shipyard has layed the keel for the second vessel in the series, the sixth ship constructed at the yard since it started production in 2000. The first section of the double-hulled product tanker scheduled for completion in 2007 was installed in the yard’s Building Dock just a few hundred yards behind the first ship in the series, also currently under construction in the dock. When completed, each vessel will weigh 46


Genco Plans to Sign Time Charter

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to enter into a time charter for the Genco Vigour, a 1999-built Panamax vessel, with Global Maritime Investments Ltd. for approximately 10.5 to 13.5 months at a rate of $24,000 per day, less a 5% third-party brokerage commission. The time charter is expected to commence on or about January 8, 2010 following the expiration of the vessel's current time charter and is subject to the completion of definitive


Three Tankships Chartered by BAHRI

Saudi Arabia's National Shipping Company of Saudi Arabia (BAHRI) & National Chemical Carriers Company Ltd. (NCC) ink long term charter deal. The National Shipping Company of Saudi Arabia (BAHRI) announces that its 80% owned subsidiary The National Chemical Carriers Company Ltd. (NCC) signs time charter agreements for three chemical tankers with International Shipping and Transportation Company Ltd. (a subsidiary of Saudi Basic Industries Corporation) for a period of 5 years


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. The charter parties were signed by EMC's Chairman Anchor Chang and Shoei's President Yukito Higaki. The ships are planned to be delivered from 2018 through 2019.  


Stelmar Announces Two Time Charter Contracts

Stelmar Shipping Ltd. announced that it has signed the Aquamar and the Maremar, two modern double hull Handymax vessels purchased from the proceeds of the company's recent offering, to profitable time charter contracts. Both tankers currently trade in the spot market and are expected to be deployed on these time charters during the second half of August 2002. The Aquamar, a 1998 double hull product tanker delivered on July 15, 2002


Qatargas 4 Signs LNG Timecharter

Qatargas 4 signed a time charter agreement with Nakilat to use eight of the latter’s mega LNG tankers to ferry liquefied natural gas to QG4 customers worldwide, according to a report on www.gulf-times.com. Four of the eight vessels are in the Q-Flex and the others in the Q-Max categories. In February, Nakilat had signed with Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering Company for the construction of four Q-Flex and four Q-Max class vessels


Seaspan Signs Contract for Five Ships

Seaspan Corp has signed contracts for Samsung Heavy Industries Co Ltd to build five new 4,520 TEU container ships. Seaspan has also completed more than $900 million in debt financing with a long-term fixed interest rate of less than 6 percent. The company has signed 12-year time charters for the vessels with Kawasaki Kisen Kaisha Ltd, Japan's third-largest liner operator. The five new vessels are due to be delivered in 2010 and 2011


Oman Signs Pacts with Ship Classification Bodies

Photo:  Ministry of Transport and Communications

 Oman’s Ministry of Transport and Communications (MoTC) has signed agreements with three ship classification societies for small ships that do not abide by international treaties, said a report in Times of Oman.   The agreements were signed with the British (Lloyds Register of Shipping), Italian (Rina) and Emirati (Tasneef) ship classification societies.   Saeed bin Hamdoon bin Saif Al Harthy, undersecretary of Ports and Maritime Affairs


Brexit: What Next for Shipping Markets?

Image: Open Europe

 For many in shipping, the Brexit was unexpected. Many believe that Brexit’s impact on the shipping industry will be more or less neutral.   The UK Chamber of Shipping remained neutral on the question of Britain's departure during the runup to the vote.   


Post-Brexit: UK Chamber Calls for ‘Free Trade Commission’

Courtesy UK Chamber of Shipping

UK Chamber of Shipping statement on the outcome of the EU Referendum The UK Chamber of Shipping remained neutral on the question of the UK’s membership of the EU but we recognise the decision of the British people. The chamber has always argued that the shipping industry is resilient


Antwerp Port Extends Partnership with DMU of China

Marc Van Peel Shan Hongjun Photo Port of Antwerp

The port of Antwerp is to collaborate with Dalian Maritime University (DMU) in northern China for the next three academic years. DMU is a prestigious Chinese maritime university whose alumni include many prominent figures in the shipping industry


Chemical Tanker Runs Aground off Alaska

A 599-foot Norway flagged chemical tanker Champion Ebony ran aground near Nunivak Island, Alaska on June 24.   U.S. Coast Guard Sector Anchorage watchstanders received a report from the National Response Center that the vessel ran aground carrying approximately 14


Major Shippers Select CargoSmart's VGM Solution

Image:  CargoSmart Limited

 CargoSmart Limited has announced that its customers are preparing to submit the verified gross mass (VGM) of their cargo through CargoSmart's platform to comply with the new Safety of Life at Sea (SOLAS) Convention requirements that go into effect on July 1, 2016.   


SCF Group Secures Funds for New Arctic LNG Tanker

PAO Sovcomflot (SCF Group) and VTB Bank have signed a $260 million 13-year loan agreement, providing financing of construction of an Arctic liquefied natural gas (LNG) tanker for the Yamal LNG project.   The agreement was signed on June 17, 2016 by Sergey Frank


Port of New Orleans COO Joins Green Marine Board

Brandy Christian (Photo: Port of New Orleans)

Green Marine, an environmental certification program for the North American marine industry, elected Port of New Orleans Chief Operating Officer Brandy Christian to its Board of Directors during its annual conference last month.   “Brandy Christian’s nomination shows a


Greece and Canada Partner on Maritime Training

Photo: VIMC

The Vancouver International Maritime Centre (VIMC) and the Department of Shipping, Trade and Transport of the University of the Aegean have signed a signed a Bilateral Agreement to develop faculty and student exchange programs as well as marine-related training initiatives between Greece and Canada


Hundreds of Scientists Urge Obama to Halt Arctic Oil Drilling

Photo Credit: NASA Goddard Space Flight Center

 Nearly 400 scientists from more than a dozen countries signed a letter urging U.S. President Barack Obama to take the Arctic Ocean out of the next federal offshore lease sale plan, thus ruling out the possibility of offshore drilling in the Arctic in the near future.  


Rosneft, Pietro Barbaro JV Enters Global Shipping Markets

Photo: Pietro Barbaro

 Russia's Rosneft and Italy's shipping company Pietro Barbaro have agreed to jointly develop international sea freight operations, as the oil group has been aiming to expand its shipping business.   Rosneft (represented by RN-International projects) and Pietro Barbaro S.p.A


World's First Offshore Fish Farm Rig

(Image: Rolls-Royce)

World's First Offshore Fish Farm Rig: Designed by Global Maritime - Owned by SalMar - Built by Qingdao Wuchuan Heavy Industries - Moored by Rolls-Royce   Rolls-Royce signed a contract for the construction and delivery of an eight point mooring system to the world’s first offshore fish


EU Calls for Free Passage in South China Sea

Countries must be free to pass through the South China Sea, the European Commission said on Wednesday, in its first diplomatic admonishment of Beijing after Chinese jets intercepted a U.S. military plane over the contested waters last month.  


PGS, Radio Holland Expand Service Agreement

Ramform Tethys represents an enormously stable platform with outstanding seakeeping characteristics.(Photo: PGS)

Norwegian marine geophysical company PGS has extended its non-exclusive service agreement with Radio Holland for navigation and communication services onboard nine seismic vessels in its global fleet. Radio Holland is known in the maritime industry for its NavCom and Maintenance services through


Turkey to Modernize Pakistan’s Subs

Photo: STM Savunma Teknolojileri Mühendislik ve Ticaret A.Ş.

 The Turkish defense firm Defense Technologies and Engineering (STM) won the tender to modernize Pakistan's submarines against its French competitor DCNS, reports Daily Sabah. STM and Pakistan’s Ministry of Defence Production (MoDP) have concluded the deal to upgrade the Pakistan


Denmark Adopts Digital Ship Certification

Photo: Danish Maritime Authority

As of June 24, 2016, ships flying the Danish flag are being digitally certified, making Denmark one of the first countries to put an end to the 100-year-old tradition of certifying ships with paper certificates.   Until now, ship certification typically involved printing






 
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