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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


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


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.


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


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.


Stena Bulk Strikes Deal with Neste Oil

Stena Bulk has sold 50 percent of the tanker Stena Arctica to the Finnish oil company Neste Oil, which will also operate the vessel on a 10-year charter from 1 January, 2007 – mainly to transport oil from Primorsk to the Finnish port Porvoo in the Baltic. The 117,100 DWT Stena Arctica was delivered at the end of 2005 from the shipyard Hyundai Heavy Industries in South Korea and is the world’s largest tanker with the highest ice class (1A Super) currently in service.


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


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.


Navios Charter out Newbuild Capesize Vessel

Navios Maritime Partners L.P., owner and operator of dry cargo vessels, chartered out the Navios Joy, a newbuilding Capesize vessel for three years. The Navios Joy has been chartered out to an investment grade counterparty for three years at a rate of $19,000 net per day ($20,000 gross). The charterer has been granted an option to extend the charter for two optional years, the first at $22,325 (net) per day and the second at $25,650 (net) per day.


BSM Takes Management of Two SOVs

Photo courtesy of BSM

BSM is to take on the ship management of two new ULSTEIN SX175 Service Operation Vessels (SOVs), ordered as part of a WINDEA joint venture involving its parent company Bernhard Schulte. Both vessels are to be built at the Ulstein Verft shipyard in Norway and will be operated by Bernhard Schulte


Otto Marine Secures Charter for Two PSVs

Photo: Otto Marine Limited

 Singapore’s Otto Marine has secured two long term charter contracts for two PSVs to an oil major in Australia, with the value of the contract worth $64m including options.  The 36-month charter contracts (including options) involve two 4,000-dwt platform supply vessels


Another LNG Fueling Milestone for Harvey Gulf

Harvey Energy.JPG

Harvey Gulf International Marine LLC has received the first ABS Classification Certificate and the first USCG Certificate of Inspection for a vessel powered by LNG.  The M/V Harvey Energy is the first LNG powered vessel in service in North America


MOL Expands Container Fleet

Containership Courtesy MOL

  Mitsui O.S.K. Lines, Ltd. announced today that the company has signed a deal for construction of four 20,000 TEU containerships with Samsung Heavy Industries. MOL also concluded an MOU for long-term chartering of two 20,000 TEU containerships with Shoei Kisen Kaisha, Ltd


Video: Reefer RoRo Ship Design Rebooted

Image: Knud E. Hansen A/S

Expanding on the Reefer RoRo Ship design release in September last year, naval architects group Knud E. Hansen A/S has continued the development of the new Reefer RoRo Ship design with version II. A video showcasing the design is available here.


Navios Revenue Up 25% in 3Q 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;


Nordic Prince Chartered by Noble Energy

MKIII subsea service vessel Mokul Nordic has been renamed Nordic Prince

  Nordic Maritime, a leading offshore service operator, today announced its MKIII subsea service vessel Mokul Nordic has been renamed Nordic Prince and has started a long term charter for Noble Energy after arriving in Haifa, Israel.


Nordic Prince On-hire in Israel for Noble Energy

Photo: Nordic Maritime

Nordic Maritime’s MKIII subsea service vessel, Mokul Nordic, has been renamed Nordic Prince and has started a long term charter for Noble Energy after arriving in Haifa, Israel.   Nordic Maritime was awarded a five-year charter for the DP2 IMR Subsea vessel from Noble Energy in October


Vard Wins Farstad's OSCV Contract

VARD 3 17 design, with a total length of 98 metres and a beam of 21.5 metres, and features a 150 tone active heave compensated offshore crane

  Vard Holdings Limited (“VARD”) has secured a contract for the design and construction of one Offshore Subsea Construction Vessel (“OSCV”) for Farstad Shipping (“Farstad”). The vessel will be of VARD 3 17 design


Crewboat Sold to European Buyers‏

Patrice Tide

  Marcon International, Inc. of Coupeville, Washington infomred that Tidewater Marine International Inc. has sold their 41.2m x 8.2m x 3.5m depth / 2.38m draft, high-speed, aluminum crew / supply vessel “Patrice Tide” to private European operators


Moran Sells Deck Barge to Private Buyers

U.S. flag, ocean deck barge “Norfolk” (ex-Columbia Norfolk, Ponce Trader, UMTB 331, MLC-331) (Image courtsy Marcon International)

Moran Towing Corporation of New Canaan, Connecticut have sold their U.S. flag, ocean deck barge “Norfolk” (ex-Columbia Norfolk, Ponce Trader, UMTB 331, MLC-331) to a private buyers on the U.S. East Coast who specialize in the transport of aggregates.


Great Ships of 2014: Top Coral Do Atlantico - A 'Mega' Pipelayer

H.3403 web.jpg

TOP Coral do Atlantico is the first of two, characterized by a high ppelay tension capacity of 550 tons and a storage capacity of 4,000 tons, designed to install umbilical and flexible flowlines and risers to connect subsea wells to floating production units in water up to more than 2


Former ‘Google Barge’ Sold

Photo: Marcon International

After concluding two 3,500HP tug sales on December 30, Marcon International Inc. has started 2015 with three ocean barge sales, and hopes to report on several additional sales before the end of this month. Five 4,500-6,000HP tugs, one 5,150BHP AHTS and two 3,200 – 5


German Shipowner Worst Global Dumper -NSP

Picture: Ernst Komrowski

German shipowner Ernst Komrowski topped the list of the worst global dumpers with 14 end-of-life vessels sold to the beaches, according to a press release from NGO Ship-breaking Platform (NSP).  All of these were formerly part of the Maersk fleet and had been on a long-term charter with the


MOL Takes Delivery of LNG Carrier

Image: Mitsui O.S.K Lines Limited

 Mitsui O.S.K Lines Limited (MOL) has taken delivery of the LNG carrier Papua built by Hudong-Zhonghua Shipbuilding Company.  The Papua is the first in a series of four vessels to provide LNG transportation for the PNG LNG project in Papua New Guinea and the Gorgon LNG project in






 
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