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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


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


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


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


Stelmar Shipping Announces Time Charter Contract

Stelmar Shipping Ltd. announced it has secured the Vessel Jamar, a double hull product carrier, on a one-year time charter contract for $12,500 per day. Peter Goodfellow, CEO and president commented, "We continue to sign profitable time charter contracts aimed at providing our shareholders with significant earnings visibility. Stelmar has secured 77 percent of the net operating days on profitable time charters for 2002 and 44 percent for 2003


Danaos Orders Boxships from Chinese Shipyard

Danaos Corporation recently announced that it has signed shipbuilding contracts for four 6,800 TEU vessels with China Shipbuilding Trading Company, Limited. The vessels will be built by the Shanghai Jiangnan Changxing Heavy Industry Company Limited and they are expected to be delivered to Danaos during the second and third quarter of 2010. This new order increases Danaos’ total order-book to 19 containerships with a total carrying capacity of 102


Clarksons Report Strong First Half Performance

Clarkson logo

Leading shipping services group Clarkson PLC (Clarksons) has reported its unaudited Interim Results for the six months ended 30, June 2014. Summary     •    Strong performance in continued challenging market conditions


Honghua Group Wins Rig Contract from Orion

Zhang Mi, Chairman & President of Honghua Group

  Chinese rig builder Honghua Group has been awarded a contract by Orion Engineering and Management Ltd  to build a semi-submersible drilling rig, with options to build three more. According to a statement released by Honghua, the rig deal worth US$320 million was signed by its offshore


Bergen Group Sells off Shipbuilding Shares

Photo: Bergen Group

Bergen Group ASA announced it has signed an agreement with Calexco S.a.r.l. regarding sale of the remaining 30 % shares in NorYards AS for a price of $4 million. The completion of the transaction is expected to take place by end of August 2014


Man Winched from Stricken Yacht in North Sea

A man has been rescued after his yacht ran into difficulty 28 nautical miles north of Cromer. Humber Coastguard received a distress alert from the 22-foot yacht just after 8 a.m. this morning. The person on board reported that he was taking on water


USCG Rescues 4 after Vessel Hits Breakwall

The U.S. Coast Guard (USCG) rescued four men after the 30-foot vessel they were aboard struck the breakwall on the north side of the Milwaukee Harbor entrance late Thursday evening. Just after 9:30 p.m., local time, watchstanders at Coast Guard Sector Lake Michigan in Milwaukee received


BIMCO: Tanker Market is Full of Surprises

Photo courtesy of BIMCO

Tanker Shipping: Crude oil tankers out-perform their oil product peers in a market full of surprises Demand Some time ago, BIMCO expected the first signs of a solid recovery in the oil tanker industry to appear in the product tanker market


Roc Oil Starts Drilling on Block 09/05 & FARM-OUT OF 40%

EXPLORATION DRILLING COMMENCED ON BLOCK 0905 & FARM-OUT OF 40%

  Roc Oil (Bohai) Company, a wholly owned subsidiary of Roc Oil Company Limited (ASX:ROC), as operator of Block 09/05, Bohai Bay, Offshore China advises that drilling has commenced on the first exploration well QK11-1-1. Drilling from CPOE Rig 33 commenced at 11:00 China Standard Time on


SAFE Boats Partners with NASBLA

safe boats.jpg

SAFE Boats International announced a Mission Partner Sponsorship with the National Association of State Boating Law Administrators (NASBLA). Signed on July 28, 2014, this agreement unifies the interconnected missions of both organizations to jointly enhance the safety and security of our


S. Korean Shipbuilders Top the Table in July

Shipyard scene: File photo

South Korean shipbuilders have shown signs of picking up after overtaking their Chinese rivals to regain the top spot last month, according to Yonhap News Agency. However, the sum of new orders in the January-July period lags well behind China rivals.


Big Abandonment & Recovery Missions Offshore for AF

AF-offshore-Muchinson.  The platform is one of the largest steel jacket platforms in the North Sea and has  operational since 1980

  AF Group's wholly owned subsidiary, AF Decom Offshore UK Limited, has in a consortium with Heerema Marine Contractors Nederland SE (Heerema AF Consortium), entered into an agreement with CNR, Canadian Natural Resources International (UK) Limited for decommissioning of the Murchison


Ship Master Collects Donations for a Piracy Survivor

Team MSC Vanessa who generously donated towards the noble cause of supporting a fellow seafarers in the time of need.

  An Indian Master, Capt Sukhvinder Bhamra, was sailing onboard the MSC Vanessa when he received an email from Mr Abdul Gani Serang of the National Union of Seafarers of India (NUSI) on the hardships faced by Mr Aman Sharma, recently released from captivity as part of the MV Albedo crew.


USCG, Lake Carriers, Sign Mutual Training Agreement

Agreement handshake: Photo USCG

The U.S. Coast Guard 9th District informs it has jointly signed a Mutual Training Agreement, that further promotes cooperation and education opportunities between the Association’s seventeen member companies that operate cargo vessels on the Great Lakes and the Coast Guard as their


Nordic American Tankers' 2Q Report

Cash  dividend of $0.12 and dividend-in-kind of NAO shares declared (worth $0.16/sh). Operational performance remains strong as  fundamentals improve.   The strong winter market at the beginning of the year subsided in 2Q2014


Gazprom & Rosneft Receive New Sites in the Arctic

The area of the Pritaymyrsky plot is 20,619,000 sq. km. The extractable reserves are estimated to be 104.6 million tonnes.

  The government supplemented the list of the subsoil sites of federal importance that are available for use without auctions. The Prime Minister of Russia, Dmitry Medvedev, signed the respective decree.The list includes the Pritaymyrsky subsurface site in the Laptev Sea


China Rebuffs US Pressure to Ease S. China Sea Tensions

Western Pacific: File photo

China appeared to rebuff pressure from the United States to rein in its assertive actions in the South China Sea on Sunday as Southeast Asian nations declined to overtly back Washington's proposal for a freeze on provocative acts. * ASEAN communique urges self-restraint from all parties






 
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