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Term Charter

Otto Marine Send Two AHTS to GoM, One to W. Africa

AHTS Redfish 4: Image courtesy of Otto Marine

Offshore marine services firm Otto Marine informs it has obained a total of US$24.9 million in charter contracts for three offshore vessels – Redfish 4, Go Canopus and Go Altair. Details as follows: Redfish 4, an 8,000bhp Anchor Handling Tug Supply (AHTS) vessel equipped with dynamic positioning 2 capabilities will be deployed for work on long term charter in Mexico. Go Canopus, a 10,800bhp AHTS vessel built in 2009 with DP2 technology has been contracted on long term charter, also for work in the Gulf of Mexico. Go Altair, a 5,150bhp AHTS with dynamic positioning 1 capabilities, has been cotracted for a short term towage project from Singapore to West Africa, and will then be strategically located to the West African market. About the Company Headquartered in Singapore, Otto Marine Limited is an offshore marine group which owns and operates a large fleet of offshore support vessels and is engaged in specialized shipbuilding of offshore vessels for primarily Deep Sea applications. The shipbuilding includes ship repair and conversion.  


GasLog Order More LNG Carriers & Fix Charters

GasLog Singapore: Photo credit GasLog

GasLog has ordered two new 174,000 cbm Tri-Fuel Diesel Electric LNG carriers from Samsung Heavy Industries Co., Ltd. in South Korea. The vessels are expected to be delivered in Q3 and Q4 2016, respectively, and upon delivery will commence firm seven-year charters with a subsidiary of BG Group plc. The company explains that due to the benefits accrued from building a series of ships, these vessels will have a lower delivered cost than the 2 vessels ordered in February


MISC Profit Down 29%

MISC Bhd reported that first quarter net profit dropped 29 percent on lower freight rates for its liner and petroleum divisions. The industry is expected to be either stable or soft because there are more ships in supply than what the market demands and the delay in scrapping old tonnage. Still, MISC's earnings should remain stable on long-term charters from the LNG, petroleum, offshore businesses and the turnaround of its heavy engineering activities.


Ocean Yield to Acquire Four LR2 Product Tankers

Pic: Navig8 Product Tankers

 Norway’s Ocean Yield ASA has agreed to acquire four 115,000 dwt LR2 product tankers which are currently on order from Navig8 Product Tankers at Sungdong Shipbuilding in Korea.   Ocean Yield has agreed to acquire the product tankers for a total consideration of USD 198.1 million, in combination with 13 years "hell and high water" bareboat charters to Navig8 Product Tankers Inc, says a company statement.  


RasGas Names Eighth LNG Ship

RasGas has named its eighth LNG ship Simaisma at a ceremony held at the Daewoo Shipbuilding and Marine Engineering Company, South Korea. RasGas has a long-term charter agreement with the Maran Gas Maritime Inc and Qatar Gas Transport Company, which owns the vessel. Under the terms of the time charter agreement, RasGas will charter the ship for a firm period of 20 years to deliver LNG from its existing and future facilities at Ras Laffan Industrial City (RLC) to its growing


TEN Extends Charters for Three Product Tankers

Photo courtesy of TEN

Three new charters to generate total revenues of $40 million; spot rates increase in Q4 Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd. (TEN) announced the charter extension for three product tankers, including two Panamaxes and one MR, for two and three years respectively to a South American oil major. These contracts are expected to generate $40 million in total gross revenues over their relevant duration.


CMA CGM Issues Statement to Thwart Rumors

Responding to information circulating, CMA CGM Group states that it has no short term plans to either purchase or long-term charter-in any vessels. The Group has a modern fleet of 408 ships, of which 92 are owned, that enable it to meet the current needs of its customers and provide them with end-to-end service around the world. In today’s economic environment, CMA CGM’s priorities are to reduce its debt and to strengthen its financial position.


Bangladesh’s First LNG Import Terminal in the Works

Excelerate Energy and Petrobangla in agreement for long-term FSRU charter and construction of LNG import facility Excelerate Energy and Petrobangla have reached agreement on terms for the development and operation of Bangladesh’s first LNG import terminal. The agreement includes the provision of one of Excelerate’s existing floating storage and regasification units (FSRU) under a 15-year long-term charter, as well as the design and construction of the facility


Crowley Manages Tankers for American Petroleum

The Settlement agreement recently approved by a U.S. Bankruptcy Court Judge in New York became effective July 28, clearing the way for an investor group led by The Blackstone Group to terminate their relationship with U.S. Shipping and to retain Crowley Maritime Corporation to manage five U.S.-flag petroleum tankers for the newly renamed company, American Petroleum Tankers LLC. The five tankers, two of which are in operation and three of which are due for delivery from shipbuilder NASSCO


Euroseas Announces Charter Agreements for Container Ships

Euroseas Ltd. an owner and operator of drybulk carriers, container ship and multipurpose vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced that subsidiaries of the Company have entered into one year time charterer extensions for two of its containership vessels, the M/V Ninos and the M/V Despina P. The M/V Ninos, a 1,169 teu, 1990 built feeder container ship, has extended its time charter for an additional one-year at a gross daily rate of


Subsea 7 Announces PLSV Swap off Brazil

Subsea 7 S.A. said it has reached an agreement with Petrobras to substitute a pipelay support vessel (PLSV) working off Brazil.   The agreement will see the Subsea-7-owned PLSV Seven Mar swapped in for the chartered PLSV Normand Seven in late June.  


TEN Sends New Aframax Tanker to Work for Statoil

Tsakos Energy Navigation Ltd. (NYSE:TNP) has taken delivery of the aframax tanker Elias Tsakos, part of the 15-vessel newbuilding program and the first of the nine assigned for the Statoil long-term business. The vessel was delivered from Daewoo Mangalia Heavy Industries and will immediately


Tsakos Orders Tankers at Sungdong

Photo: Tsakos Energy Navigation Ltd. (TEN)

 South Korean shipyard Sungdong Shipbuilding & Marine Engineering Co. (Sungdong) has won an order from Greece’s Tsakos Energy Navigation (TEN) for two 74,000 deadweight tonnage (DWT) crude-oil carriers with an option for two more.


Atlantic Navigation Bags Ten Vessel Charters

Pic: Atlantic Navigation Holdings

 The Middle-East-focused marine logistics services provider Atlantic Navigation Holdings (Singapore) Limited has won long term charters for 10 OSVs with a combined value of around $236m from a Middle Eastern national oil company.  


Front Vanguard Contract Terminated

VLCC Front Vanguard Photo Ship Finance

Frontline Ltd. ("Frontline" or the "Company") has agreed with Ship Finance International Limited ("Ship Finance") to terminate the long term charter for the 1998 built VLCC Front Vanguard. Ship Finance has simultaneously sold the vessel to an unrelated third party


MOL's LNG Carrier KUMUL Delivered

At the naming ceremony Courtesy MOL

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) announced the delivery of the LNG carrier KUMUL at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. (Hudong) in Shanghai on April 29. A naming ceremony was held at the shipyard on April 8


Atlantic Pioneer Gets to Work at Block Island

Atlantic Pioneer (Photo: Atlantic Wind Transfer)

The first US-built and operated offshore wind farm crew transfer vessel will be named at an official christening ceremony in Quonset Point, Rhode Island. Following the Christening the ‘Atlantic Pioneer’, owned and operated by Atlantic Wind Transfers


First Wärtsilä X62DF Engine Ready for Large LNG Carrier

The Wärtsilä 6X62DF engine’s launching celebration at Doosan’s works in Changwon, Korea. (Photo: WinGD)

On April 5, 2016 Winterthur Gas & Diesel (WinGD), together with Doosan Engine Co., Ltd demonstrated the first low-speed low-pressure Wärtsilä six-cylinder X62DF (W6X62DF) engine for a commercial application.   The event took place at Doosan’s works in Changwon


Charters of Tsakos Tankers Extended

Image: Tsakos Energy Navigation

 Tsakos Energy Navigation (TEN) announced charter extensions with a state oil company with profit sharing provisions for four panamax tankers, with an average duration of 22 months per vessel and minimum gross revenues of $65 million.  


Excelerate FSRU Hits Milestone

The newly upgraded FSRU Explorer arriving at Jebel Ali LNG terminal. (Photo: Excelerate Energy L.P.)

Excelerate Energy said t its newly upgraded floating storage and regasification unit (FSRU) Explorer recently completed its sendout performance tests and reached a sendout capacity of 1.0 Bcf/d – an unprecedented milestone for an FSRU.


ME-GI Engines for World’s Largest Ethane Carriers

Eco Star 85K Very Large Ethane Carrier with its overall length of 231.60 m; maximum breadth of 36.60 m; maximum deadweight of 50,000 mt; and scantling draught of 12.30 m (Image: Hartmann)

JHW has ordered five 85,000 m3 Very Large Ethane Carriers (VLECs) for a JACCAR/Hartmann Reederei joint venture, called UEC (United Ethane Carriers); each vessel will be powered by a single MAN B&W 6G60ME-GI main engine. Dalian Shipbuilding Industry Offshore Co. Ltd


Ocean Rig Loses Two Drilling Contracts

Pic: Ocean Rig UDW Inc

 Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, announced  that two of its drilling contracts have been terminated.    The Nasdaq-listed drilling affiliate of DryShips said that Total E&P Congo has terminated its long-term charter of the


Maersk Line to Face Miserable 2016

Nils Smedegaard Andersen, Group CEO. Photo: Maersk Group

 In a video interview Group CEO of AP Møller-Maersk Nils S. Andersen comments on the 2015 full year result, low oil and freight rates, and the challenges and opportunities for the Maersk Group in these difficult markets.  


MISC Bhd: Revenue Up

Puteri Firus, LNG Shipping. Photo: MISC Berhad

 Malaysia International Shipping Corporation Berhad (MISC Berhad), a shipping arm of Petronas, has seen an increase of 12.3 percent in its net profit for the 2015 full year financials when compared to 2014.   The liquefied natural gas (LNG) shipper said the higher earnings compared


Damen Builds Cable Installer For Maersk Supply Service

Photo: Damen

New Damen-built vessel for Maersk Supply Service to undertake long-term charter with DeepOcean   A newbuild DP2 cable installation vessel, Maersk Connector, was handed over from Damen Shipyards Group to Maersk Supply Service on February 4, 2016






 
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