Tanker Charter Rates
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 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 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.
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 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 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 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 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 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
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has announced that the Nave Equinox and the Nave Pulsar have been chartered out to an investment grade counterparty for one year at a rate of $14,813 net per day plus a $2,000 per day premium when vessels are trading in ice. The vessels are expected to generate approximately $6 million of aggregate base EBITDA for the period of this charter assuming operating expense approximating current operating costs
Diana Shipping Inc., through a separate wholly-owned subsidiary, has entered into a time charter contract with Clearlake Shipping Pte. Ltd., Singapore, a member of the Gunvor Group, for one of its Capesize dry bulk vessels, the m/v New York.
The oil price drop will hand tanker markets an unexpected bonus next year, boosting demand for oil storage at sea while distant eastern markets also bargain-hunt fuel and need shipping. Supertanker rates are already close to five-year highs of over $83
Scientists at the U.S. Naval Research Laboratory (NRL) along with Mercury Continuity (MC) have demonstrated the Tactical Reachback Extended Communications (TREC) system in the port of Miami. The NRL-developed communications technology
Teekay Tankers Ltd. announced that it will acquire four coated Aframax tankers and one uncoated Aframax tanker for an aggregate purchase price of approximately $230 million. The five vessels, which are expected to be delivered in the first quarter of 2015, were constructed in 2008
Diana Containerships Inc. reported net income of $1.4 million for the third quarter of 2014, compared to a net loss of $0.7 million for the respective period of 2013. Time charter revenues, net of prepaid charter revenue amortization, were $13 million for the third quarter of 2014
Highlights of Navios Maritime Holdings Inc. Financial Results for the Third Quarter and Nine Months Ended September 30, 2014: Revenue 25% increase to $152.6 million for Q3; 10% increase to $420.2 million for nine months EBITDA 5% increase to $42.4 million for Q3;
Frontline, once the world's biggest crude oil tanker company, reported a bigger than expected third-quarter loss on Tuesday and said it is still considering options to restructure its debt and lease obligations. The Oslo-listed tanker business of shipping tycoon John Fredriksen said its results
Diana Containerships Inc. announced direct continuation of time charter agreements for m/v Cap Domingo and m/v Cap Doukato Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, today announced that
Owners see rates climb by nearly $22,000 per day; Rates could peak as more tonnage comes free. Rates for very large crude carriers (VLCCs) on key Asian routes could nudge higher amid a flurry of new cargoes and tighter tonnage supply that propelled rates to their highest in nine months
Concordia Maritime signed time-charter contract for two P-MAX tankers and launched a pool with four vessels. The time-charter contracts are with Stena Bulk and cover the wholly owned Concordia Maritime tankers Stena Perros and Stena President, for one year each
Diana Containerships has announced that on November 28, 2014, through a separate wholly-owned subsidiary, it took delivery of the m/v “Santa Pamina”, a 2005-built Panamax container vessel of approximately 5,000 TEU capacity that the Company entered into an agreement to purchase on
Concordia Maritime takes a position in the Stena Bulk’s Suezmax fleet corresponding to a 50 percent charter of one tanker. The transaction was done by Stena Bulk and the vessel will operate during one year on the open spot market in the successful Stena Sonangol Suezmax pool
Capesize rates fall to six-year lows; rates below ship operating costs, according to accountancy firm. Rates for capesize bulk carriers on key Asian routes, which crashed close to six-year lows on Wednesday, will continue their inexorable fall in the face of few fresh cargoes, brokers said.
NORDEN has taken a $230 million provision with no cash flow effect for onerous time charter contracts in Dry Cargo and reduces full-year guidance – underlying operations unchanged. Following an updated market evaluation, NORDEN has concluded that it is no longer likely that certain
International diversified shipping company Capital Product Partners L.P. announced that it has secured time charter employment for the M/T Aias and M/T Arionas. The M/T Aias (150,393 dwt, Crude Oil Carrier, built 2008, Universal Shipyard, Japan) will be employed with Repsol Trading S.A