Navios Maritime Holdings Inc., a vertically integrated global shipping company specializing in the dry-bulk shipping industry, announced today that it has secured favorable time charter contracts for three of its vessels. As a result, Navios has extended the coverage of its core fleet to 100.0% for 2006, 73.3% for 2007 and 37.0% for 2008. The time charters, for the Navios Cielo, Navios Orbiter and Navios Sagittarius, have been fixed for approximately 2 years each at rates creating approximately $32.9 million of EBITDA over the charter periods.
Record high stocks of fuel oil in Singapore are pushing traders to store the shipping and feedstock fuel into tankers temporarily as demand slows regionally. At least seven very large crude carriers (VLCCs) have been provisionally fixed to store fuel oil on short-term time charters, traders and shipbrokers said. Lower oil prices have boosted refinery profits over most of this year, in turn driving refiners to maximise run rates and increase the supply of fuel oil in the region
The Primorsk Shipping Corporation (PRISCO), as part of the MOL/K Line/PRISCO consortium, has started building a carrier vessel to transport liquefied natural gas (LNG) to participate in the Sakhalin-2 project, the Corporation says. The construction was begun in December 2006. Under the schedule, the gas carrier is to start operating in April 2008. The vessel is being built at a dockyard of Mitsui Engineering and Shipbuilding in Chiba (Japan).
OMI Corporation announced that it had taken delivery of the Ohio, a new 37,000 dwt product/chemical tanker. The vessel has entered into a previously announced three year time charter. Craig H. Stevenson, chairman, CEO and president of OMI commented that “we are pleased that the company’s fleet and its secure revenues continue to grow. This brings to fourteen the number of vessel on long term time charter, with three more new product tankers to be added during the first quarter of 2002
SCF Group (Sovcomflot) has released its audited financial results for the year ending 31, December 2013, indicating a slip in profitability during what they describe as another challenging year for the international tanker industry. 2013 Financial Highlights Gross revenue: USD 1,262.8 million (2012: USD 1,353.0 million) EBITDA: USD 382.1 million (2012: USD 406.1 million) Net loss: USD 39.2 million in 2013 (2012: USD 32.9 million net profit)
The gas tanker Grand Elena, jointly owned by PAO Sovcomflot and the Japanese company NYK, has embarked on her hundredth voyage from the port of Prigorodnoye in Russia to Japan. The vessel is undertaking her latest shipment of liquefied natural gas (LNG) on behalf of Sakhalin Energy Investment Company Ltd. The LNG carrier is chartered to Sakhalin Energy under a long-term time charter agreement and is operated along with two other vessels of the same series
Höegh LNG has agreed to sell its LNG carrier Höegh Galleon to Maverick LNG Holdings Ltd on private terms. The Vessel is scheduled to be delivered to its new owner between July and October 2007. In the meantime the vessel is available for employment. The buyer intends to use the vessel as temporary LNG storage associated with their LNG transshipment and storage projects, including prospective power generation development
HUAL has entered into long-term time charter arrangements for two large car-carrier newbuildings. The vessels will be built at the Uljanik Shipyard in Croatia and will be delivered 1st half 2007. Leif Höegh & Co Ltd will own 49.5% in both vessels, which were ordered by Norwegian shipping investor Peter Gram. The Pure Car/Truck Carriers (PCTC) are well suited for HUAL's world wide trades and will have a deck capacity of about 59,000 sqm, two hoistable decks
Knightsbridge Tankers Limited announced it has secured medium-term time charter contracts for two of the company's five very large crude carriers (VLCCs). The Company has chartered the vessels to Tankers International LLC, each for a period of three years at a rate of $30,000 per day with a 50:50 profit sharing arrangement for earnings in excess of $30,000 per day calculated by reference to the BITR Index. Tankers International LLC is a pool for the commercial operations of four large tanker
The twice yearly meeting of BIMCO’s Documentary Committee took place in Hamburg on 19 November. In his first meeting as Chairperson of the Committee, Belgium’s Francis Sarre presided over the adoption of several new contracts and clauses and an update of BIMCO’s extensive suite of bills of lading and waybills. Two new owner representatives joined the Committee from Canada and Brazil
Ship Finance International Limited (SFL), announced today that it has agreed to build two 114,000 dwt LR2 oil product carriers at a shipyard in Korea. The vessels are scheduled to be delivered during the second half of 2017 and will thereafter commence long term time-charters to a US based
A new international accounting standard dealing with leases could have major implications for companies in the shipping and offshore maritime sectors, and particularly for time charterers, according to international accountant and shipping adviser Moore Stephens.
Issuer Anthony Veder Group, sole arranger ABN AMRO and sole investor Delta Lloyd Asset Management announcd today that the Anthony Veder €66 million euro private placement concluded in the fourth quarter of 2015 has been confirmed as the first sustainable shipping loan
Navios Maritime Midstream Partners LP (NAP) on Wednesday reported fourth-quarter profit of $9.1 million. On a per-share basis, the company said it had profit of 44 cents. The operator of contracted crude oil tankers posted revenue of $25.8 million in the period
Tanker spot rates rise as oil price drops Tsakos Energy Navigation Ltd., a crude, product and LNG tanker operator, reached an agreement for a long-term time charter to a national oil company of a new DP2 suezmax shuttle tanker for delivery in the first quarter of 2017
Philly Tankers AS announced today that its wholly owned U.S. subsidiary, Philly Tankers LLC, has entered into binding long-term time charter contracts with a domestic end-user for the two 50,000 dwt product tankers it has on order with Aker Philadelphia Shipyard (AKPS)
Traders are cutting plans to use tankers to store oil at sea as the price incentive recedes, the global head of oil at mining and commodities group Glencore's said on Tuesday. In January, the price of spot oil was around 50 percent lower than a peak hit in June
AAL announced that AAL Galveston will join its fleet on long-term time charter and add capacity to its Tramp and Projects division; providing worldwide trade for customers, with a specific focus on EU and US trades. AAL Galveston is a multipurpose
A naming ceremony was held on April 9, 2015 in South Korea for SCF Mitre, the fourth vessel in a series of state-of-the-art Atlanticmax-type LNG carriers built for Sovcomflot (SCF Group). The vessel, as with her sistership SCF Melampus that joined SCF Group’s fleet in January 2015
Aqueos Corporation, a provider of subsea services to the Gulf of Mexico and Pacific Coast, has entered into a long term time charter of the OSV Clean Ocean, a California Air Emission Compliant 155’ offshore support vessel (OSV), for its West Coast and International operations.
Mitsui & Co. has signed a 25-year time charter deal with Trinity LNG Transport for the eight liquefied natural gas (LNG) carrier that will ship the liquefied natural gas from Cameron LNG project in the United States. “Mitsui has newly contracted yesterday the eighth ship
GasLog Partners LP and GasLog Ltd. announced today that they have entered into an agreement for the Partnership to purchase from GasLog, the sole member of the Partnership’s general partner, 100% of the shares in the entities that own and charter the Methane Alison Victoria
Finnish natural gas importer Gasum and Dutch gas tanker ship-owner Anthony Veder have signed an agreement for a long term time charter of a new ICE Class 1A Super LNG carrier. The companies have agreed on a long term timecharter for a state of the art 18,000 cbm LNG carrier
On Wednesday, 14 October 2015 the research icebreaker Polarstern from the Alfred-Wegener Institute, Helmholtz Centre for Polar and Marine Research (AWI), entered its homeport in Bremerhaven. Since mid-May, over 200 biologists, physicists, chemists, ice physicists
AET, an owner and operator of petroleum tankers, has signed contracts worth approximately $500 million combined for the construction of eight new vessels. AET on Tuesday contracted Korean shipbuilder Samsung Heavy Industries Co Ltd (SHI) for four 113