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Tanker Charter Rates

NOL Expects It To Be A Profitable Year

Neptune Orient Lines Ltd. (NOL) expects a better second half and overall profit in the current year. NOL said the bottoming out of the Asian economic crisis had resulted in higher cargo volumes in most sectors. Freight rates out of Asia to Europe and North America had also increased since mid-year, it said in comments accompanying its result. NOL reported last Wednesday an interim net profit, the first time in two years, but results were disappointing as gains came mostly from non-recurring items. The national shipping giant reported a net profit of S$10.02 million for the six months ended June 30, 1999 against a net loss of S$240.76 million a year earlier. As expected, NOL reaped a net profit of S$285 million from the sale of its non-core North American stacktrain business unit, APL Land Transport Services Inc. in May. Container shipping operations accounted for 72 percent, chartering six percent, logistics eight percent and other investments, namely its stacktrain unit which it sold, 14 percent, NOL's director of corporate finance Cedric Foo said. Foo said the core container transportation activity achieved a 16 percent rise in liftings but overall container freight rates were flat for first half 1999. "The financial turnaround has began but I am not satisfied because afterall, we are talking about a net loss before non-recurring items," Flemming Jacobs, NOL's chief executive officer said.


Navios Announce Delivery of Two Product Tankers

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels,  has announced  that the Nave Capella, a new building MR2 product tanker vessel of 49,995 dwt, was delivered from a South Korean shipyard on July 9, 2013. The Nave Capella has been chartered out to a quality counterparty for one year at a rate of $13,825 net per day.   Navios Acquisition also announced: •    Delivery of the Nave Pulsar


Omega Navigation Takes Delivery of Tanker

Omega Navigation Enterprises, Inc. (has taken delivery of its second Panamax (LR1) double hull product tanker, the Everhard Schulte, to be renamed the Omega King. The Omega King is a Panamax (LR1) double hull product tanker of 74,999 deadweight tons (dwt), built by Hyundai Heavy Industries, South Korea in 2004. The acquisition was funded by in part from the net proceeds of the Company's initial public offering and debt under a senior secured credit facility provided by HSH-Nordbank AG.


NOL Reports Half Profit of $1M

The tough economic situation and business environment has not prevented Neptune Orient Line from first half profits, as the company announced $11 million profits (albeit down 78 percent from 1H 2000 profits) on revenues of $2.3 billion (up 6 percent from 1H 2000 revenues.) In summarizing his company's results, Flemming R. Jacobs, NOL Group president and CEO, said "We have achieved much. We came from a difficult past and we are on the right track to return to full health


Omega Navigation Q2 2009 Results

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the quarter ended June 30, 2009. For the quarter ended June 30, 2009, Omega Navigation reported total revenues of $16.7 million and Net Income of $3.4 million, or $0.23 per basic share, excluding a loss related to the termination of a purchase agreement


Teekay Tankers' Q2 2013 Loss Attributed to Charter Market Changeover

A Teekay tankship in Suez transit: Photo courtesy of Teekay Tankers

Teekay Tankers Ltd. report an adjusted net loss of $6.3 million, or $0.08 per share, for the quarter ended June 30, 2013, compared to adjusted net income attributable to shareholders of Teekay Tankers of $0.9 million, or $0.01 per share, for the same period in the prior year. Teekay explain that the increase in adjusted net loss attributable to shareholders of Teekay Tankers is primarily the result of the change in employment of certain of the Company's vessels from fixed rates to lower spot


Stelmar Announces Charters For Newbuildings

Stelmar Shipping Ltd. has announced that it has signed two year time charter contracts for two double-hull Panamax newbuildings expected to be delivered in late 2003 and early 2004. The two Panamax tankers, which were signed at profitable rates, are part of the Stelmar's 2003 and 2004 newbuilding program for five Panamax tankers. The newbuilding program will make Stelmar the largest owner of modern Panamax tankers and position the Company for future growth in 2004 and 2005


Stelmar Announces Time Charter Contract

Stelmar Shipping Ltd. announced that it has renewed the Rimar, a 1998 double hull product tanker, on a six-month time charter contract for $13,500 per day. Peter R. Goodfellow, Chief Executive Officer and President commented, "In 2002, we have signed or renewed profitable time contracts for all seven tankers that have come off contract. We have also been able to sign new profitable time charter contracts for another two tankers that had been operating in the spot market


Navios Receive Chemical Tanker with Employment

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that the Nave Constellation, a newbuild chemical tanker of 45,281 dwt, was delivered today from a South Korean shipyard. The Nave Constellation has been chartered out to a quality counterparty for two years at a rate of $14,869 net per day, plus 50% profit sharing based on a formula. The charterer has been granted an option for an additional year at a rate of $16,088 net per day


Concordia Maritime Charters Out P-MAX Tanker

Concordia Maritime announced it has chartered out a P-MAX tanker to a Chinese shipping company for two years, effective in late January or early February 2016.   Kim Ullman, CEO of Concordia Maritime, said, “We are now taking advantage of the strong market and chartering out one of our P-MAX tankers over a longer period. This means that we ensure a good level of income for the vessel over the next two years, while balancing our exposure to the spot market in a well-judged way


Dorian LPG Post 3Q 2016 Profit

Courtesy Dorian-LPG

Dorian LPG Ltd. a leading owner and operator of modern very large gas carriers, today reported its financial results for the three months ended December 31, 2015. Highlights – Third Quarter Fiscal 2016   * Revenues of $93.3 million


Slashed Charter Rate for Diana's m/v Houston

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 has entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels


SwissMarine Hires Diana's Capesize Bulker

m/v Houston: By Diana Shipping

 Greek dry bulk shipping company Diana Shipping has entered into a time charter agreement with Geneva-based SwissMarine Services S.A. for its Capesize dry bulker the m/v Houston.   The gross charter rate is US$5,150 per day, minus a 5% commission paid to third parties


Asia Dry Bulk-Capesize Rates Should Remain Flat

Western Australia-China rates hit near 17-year low; owners explore laying-up ships. Freight rates for capesize bulk carriers on key Asian routes should remain flat next week as the Lunar New Year holiday in China will curtail chartering activity, shipbrokers said on Thursday.


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


What is the Scrapping Potential of the Crude Fleet?

Graphics:  Poten & Partners

 Tanker owners are currently doing fairly well, certainly compared to their colleagues in the dry bulk market, says a reserach report from Poten & Partners.   However, history shows that such markets do not last forever and when the downturn comes


Vessel Demand Suffers Shock

Table: Clarksons Research

 Containership owners have experienced some tough times in recent years, and early in 2015 it looked as if things might at last be on the up, says Clarksons Research.   However, last year proved to be the classic ‘game of two halves’


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


BIMCO: Tanker Market Stays Strong, Demand is High

The KOTC operated VLCC Al Kout. (Photo: DSME)

According to a recent BIMCO Shipping Market Analysis, the global tanker market remains a bright spot in the global shipping market, with demand staying high. Below is a synopsis of the report's latest findings.   More than anything else


Concordia Maritime Signs Time Charter Contract for P-MAX Tanker

Concordia Maritime signed a contract to charter out another P-MAX tanker. The contract, which comes into effect at the beginning of February 2016, is for one year with an option for a further year. The contract partner is a UK shipping company.


VLCC's Used for Asia-Europe Diesel Liftings

File Image: a so-called Suezmax tanker transits the Suez Canal (image: Suez Canal)

Total charters VLCC to move diesel from Asia to Europe; Vitol ships diesel from Asia to Europe in Suezmax. At least two companies are planning to ship diesel in bigger-than-usual tankers from Asia to Europe in what traders said is a rare move as cheap oil drives up diesel supply and slowing


Navios Maritime Posts 4Q Profit

Photo: Navios Maritime Midstream Partners LP

 Navios Maritime Midstream Partners LP (NAP) on Wednesday reported fourth-quarter profit of $9.1 million. On a per-share basis, the company said it had profit of 44 cents.   The operator of contracted crude oil tankers posted revenue of $25.8 million in the period


Containership Charter Market: Back To The Bottom

Graphics: Clarksons Research

 The dust has now settled on the brief rally and subsequent dramatic downturn of the containership charter market in 2015, says  Clarksons Research.   After a good few years in the doldrums, last year saw some fairly animated movements in boxship charter rates


Asia Dry Bulk-Capesize Rates Likely to Remain Flat

File Image: a so-called ValeMax Bulk Carrier

Chinese iron ore and coal imports to fall in 2016 - Clarkson Freight rates for capesize bulk carriers on key Asian routes are likely to stay flat as vessel volumes outpace cargo demand and the approaching Chinese New Year holiday further dampens chartering activity, ship brokers said on Thursday


McQuilling Releases 2016-20 Tanker Outlook

McQuilling Services has  announced the release of the 2016-2020 Tanker Market Outlook.    This report is a five-year outlook for eight vessel classes across 18 benchmark trades and represents the company’s 19th forecasting cycle






 
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