Term Charter

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.

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

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.

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

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.

Diana Shipping Inc. Announces New Short Term Charter Contract

Diana Shipping Inc., a global shipping transportation company specializing in dry bulk cargoes, announced that it has entered one of its Panamax dry bulk carriers, the Oceanis, into a time-charter contract with J.B. Ugland Dry Bulk A/S for a period of approximately 24 days, estimated to begin on August 22, 2005, at a gross rate of $12,500 per day plus a $198,000 one-time payment. Applying the above mentioned one-time payment to this fixture, and based on the estimated duration of 24 days

MISC Signs Charter with Yemen LNG

MISC Bhd has secured two long-term charters for its LNG carriers with Yemen LNG Company (YLNG) for the transportation of the commodity from Yemen to the US and Mexico, according to a report on www.theedgedaily.com. Under the charter party agreement, MISC will provide two 157,000 cu. m. LNG carriers to YLNG for the shipment of LNG from Balhaf in Yemen to Total Gas & Power Ltd facilities at Sabine Pass, Louisiana and Altamira in Mexico.

Horizon Lines Takes Delivery of First of Five

Horizon Lines, Inc. took delivery of its first new containership, the Horizon Hunter from the Hyundai Mipo shipyard in South Korea. The Horizon Hunter is the first of five new, U.S.-flag, foreign built, sister vessels that the Company is chartering from subsidiaries of Ship Finance International Limited under definitive long-term charters and related agreements closed on April 11, 2006. The gross tonnage of the vessels is 28,592 tons, they have a capacity of 2,824 TEUs

Euroseas Takes Delivery of Container Ships

Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, has taken delivery of the M/V Beauty River to be re-named Despina P and the M/V Honor River to be re-named Jonathan P, two handysize container ships it had previously agreed to acquire, each with a capacity of 33,667 dwt and 1,932 teu. The vessels are sister ships built in 1990 in South Korea.