GAIL, Gunvor Sign Time-Swap for U.S. LNG
State-run gas company GAIL (India) Ltd has signed a time-swap deal with Swiss trader Gunvor to sell some of its U.S. liquefied natural gas (LNG), sources said, as the Indian firm tries to ease the burden of its costly foreign LNG supplies. It is the first time-swap agreement by GAIL, which is trying to juggle its LNG portfolio to cut costs for price-sensitive Indian customers after a sharp fall in Asian spot prices made its U.S. gas unattractive. The deal equates to around 5 percent of India's 2015/16 LNG imports and will support a government push to promote use of the cleaner fuel in fertiliser and the power sector, even as India's local gas production is falling.
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 documentation. Currently, Genco has approximately 54% of its fleet's estimated available days secured on contracts for 2010.
General Maritime Signs Time Charter Contracts
General Maritime Corporation has signed two-year time charter contracts, with a trading company, for up to nine of its Aframax OBO Vessels (combination vessels which can perform both wet and dry trades). The initial time charter contracts are for four of the Company's Aframax OBO vessels. The contracts for the four vessels will provide net voyage revenue to General Maritime in the first year of approximately $28 million, and could provide an additional $28 million in the second year through the exercising of the charterer's option. If the charterer does not exercise the option, General Maritime has the option to extend the time charter for an additional year, which would generate net voyage revenue of approximately $22.5 million.
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 Shipping to Sign Time Charter for the Genco Vigour
Genco Shipping & Trading Limited announced it has reached an agreement to enter into a time charter for the Genco Vigour, a 1999-built Panamax vessel, with STX Panocean (UK) Co. Ltd. The time charter will be for 23 to 25 months at an average rate of approximately $29,000(1) per day, less a 5% third party brokerage commission. Specifically, the time charter rate will be $33,000 per day for the first 11 months, $25,000 per day for the following 11 months and $29,000 per day thereafter. The time charter will commence following the expiration of the vessel's current time charter.
Genco to Sign Time Charters for Drybulk Vessels
Handymax vessel, with Pacific Basin Chartering Ltd. Merchant Marine Co., Ltd. of $25,750 per day, equivalent to a gross rate of approximately $27,105. pool of approximately 45 vessels. respectively. commence following the expiration of its current time charter. time charters are subject to the completion of definitive agreements.
Overseas Shipholding, Tesoro Maritime Sign Time Charter
Overseas Shipholding Group signed time charter agreements with Tesoro Maritime for two more of the 10 Jones Act commercial product tankers being built at Aker Philadelphia Shipyard. With two additional two-ship time charters announced previously with Shell Oil and BP Shipping, 60% of the 10-ship order due for completion in 2010 has signed charter agreements in place. Work on the Veteran MT-46 Class tanker vessels commenced soon after Aker and OSG announced the 10-ship, $1b order in April 2005. The company said construction on two ships in the series was well on track. The steel cutting for the third vessel is expected to begin this spring. (Source: TheStreet.com)
