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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.  


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.


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


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


Pacific Basin Returns to The Black

Pic: Pacific Basin

 Pacific Basin Shipping cut its half-year underlying losses by 32 per cent to US$14.6 million from a year ago, thanks to stringent cost-cutting efforts that helped it mitigate an anaemic dry-commodities shipping market.   Hong Kong-listed Pacific Basin


Damen Delivers First Twin Axe FCS for O&G

Merel-G (Photo: Damen)

Damen Maaskant Shipyards Stellendam have a decade-long relationship with the family-run Groen Offshore, Guard & Support, having built seismic research vessels and completing a majority of its repairs in the past.  On July 17, the two parties were united again in an event marking the


Vallianz Bags $ 458 Mln in Charter Renewals

Courtesy  Vallianz Holdings Limited

  Vallianz Holdings Limited a fast growing provider of offshore support vessels and integrated marine solutions to the oil and gas industry, has signed new contracts valued up to US$458 million that has lengthened the charter duration for 19 of its offshore support vessels currently deployed


Nakilat H1 Profit Up 10 pct

Photo: Qatar Gas Transport Co Ltd (Nakilat)

 Qatar Gas Transport Co (Nakilat), one of the world's largest shippers of liquefied natural gas, has registered a half yearly net profit of $135 million (QR490.2mn), up 10% on the same period last year.   The healthy financial results reflect “Nakilat’s strategic development


Qatari Shipper Nakilat Q2 Net Profit Gains 12.3 pct

Qatar Gas Transport Co (Nakilat), one of the world's largest shippers of liquefied natural gas, posted a 12.3 percent increase in second-quarter net profit on Tuesday, according to Reuters calculations. The company made a net profit of 267.8 million riyals ($73


Ocean Yield Reports Profits

Photo: Ocean Yield

 Oslo-listed owner of chemical tankers Ocean Yield saw second quarter net profit rise to $25.8m from $17.1m for the period in 2014, with its focus on stable earnings from long-term charters.   The Board of Directors has declared a dividend of USD 0.1525 per share for Q2 2015


Stena RoRo Charters Three Vessels

Per Westling, MD, Stena RoRo, Dan Mikkola, MD, Godby Shipping and Olof Berndtsson, DMD, Stena RoRo, after signing ceremony during Stena Match Cup Sweden. Photo Victoria Edström

  Stena RoRo has reached an agreement with the Finnish shipping company Godby Shipping to long-term charter their three RoRo vessels Misida, Misana and Miranda. The configuration of the vessels is very flexible and they can thus be employed in both the Stena RoRo and the Stena Line networks


China's State Audit Uncovers Misdeeds in Cosco

Photo: Cosco

 Intensifying crackdown on corruption China’s National Audit Office released an audit report for state-run shipping conglomerate Cosco Group in which it has uncovered substantial financial irregularities.   The report found that Cosco had falsely left out a sum of RMB298m ($48m)


New DCF Valuations on VV‏

Proud analysis chart

  VesselsValue.com is launching Discounted Cash Flow (DCF) valuations to its existing portfolio of daily, automated valuations for the shipping industry. Discounted Cash Flow vs Market Valuations Discounted Cash Flow Valuations is the amount a vessel would be expected to earn as a


Crewboat Merlin Tide Sold to European Buyers

Photo: Marcon International

Marcon International, Inc. of Coupeville, Washington has announced that Tidewater Marine International Inc. has sold its44.2m x 8.1m x 3.6m depth / 1.7m draft, 168mtdw, high-speed, aluminum crew / supply vessel Merlin Tide\ to private European operators for continued operation in oilfield service


SFL, Frontline Complete Long-term Charter Agreement

On May 29, 2015, Ship Finance International Limited (SFL) entered into a heads of agreement to amend the long-term chartering agreements with Frontline Ltd. The agreement is now completed, and Frontline has issued and delivered 55 million new shares to Ship Finance


Synapsis INS for New Car Carriers

Car Carrier, operated by Siem Car Carriers AS (Copyright: Siem Car Carriers AS)

The German navigation system integrator Raytheon Anschütz has won a contract to supply the latest generation of IMO-certified Integrated Navigation Systems (INS) to three car carriers built by the Croatian shipbuilder Uljanik Brodogradiliste.


Kleven Delivers to Olympic Shipping

Photo: Martin Hauge Nilsen

Offshore construction vessel Olympic Bibby, build no. 371 from Kleven Verft, has been delivered to Norwegian shipowner Olympic Shipping. The vessel has a long term charter with Bibby Offshore, and its first job will be on the British sector of the North Sea


SFL Adjusts Charter Agreement with Frontline

Photo courtesy of Ship Finance International

Ship Finance International Limited (SFL) announced that it has entered into a heads of agreement to amend the long-term chartering agreements with Frontline Ltd. The company currently has 17 vessels on charter to subsidiaries of Frontline


First Damen Twin Axe for Offshore O&G

Contract signing

  To develop its large fleet, Groen Offshore, Guard & Support has selected the first Damen Twin Axe Fast Crew Supplier 2610 to be customised with Offshore Oil & Gas standby capabilities. The Netherlands-based company will deploy the new vessel on long-term charter for a major E&P






 
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