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Time Charter Vessel

Odfjell Expands Fleet

Odfjell has bought M/T "Giada D" from Italian owners. The vessel is built in 1996 at Chantiere Navale de Poli, Italy and she is 10,115 dwt with stainless steel cargo tanks. The change of ownership will take place in 3rd Quarter 2006. Further, Odfjell has entered into a long-term time-charter agreement with purchase option for a vessel of 33.000 dwt with stainless steel cargo tanks. The ship will be built at Kitanihon Shipyard, Japan, and will be owned by Yuyo Steamship Co Ltd, Japan. Delivery of the newbuilding will be 3rd Quarter 2009. This agreement will bring the Odfjell-controlled Japanese deep-sea time-charter vessels on order to a total of 16 units, including five vessels from Ahrenkiel. In addition to this Odfjell has 10 newbuildings on order, and options for another 6 ships.


Missing Tanker Found; Account of Pirate Attack Disputed

M/T Kerala vanished on January 18 off Angola; Angolan Navy says hijacking faked. The Angolan Navy is claiming that the crew of an oil tanker reported missing off its coast on Jan. 18 were part of faked pirate attack. Separately, a regional security expert who declined to be named for the purposes of this report, expressed doubt as to the accuracy or motives of the Angolan Navy statements. The Sonangol time-chartered  vessel was eventually located in Nigerian waters


Genco Shipping to Sign Time Charter for the Genco Vigour

Genco Shipping & Trading Limited announced it has reached an agreement to enter into a time charter for the Genco Vigour, a 1999-built Panamax vessel, with STX Panocean (UK) Co. Ltd. The time charter will be for 23 to 25 months at an average rate of approximately $29,000(1) per day, less a 5% third party brokerage commission. Specifically, the time charter rate will be $33,000 per day for the first 11 months, $25,000 per day for the following 11 months and $29,000 per day thereafter


United Seamen’s Service Marks Anniversary

The world and the American maritime industry have changed dramatically since one of America's darkest hours, World War II, when United Seamen's Service was born to aid exhausted, wounded and battle-traumatized merchant seafarers in faraway places and unsafe harbors. It was 1942, 65 years ago, when President Franklin D. Roosevelt and the maritime unions and management recognized the need to provide havens and facilities in more than 125 worldwide locations for rest


General Maritime Announces Exercising of Three Time Charter Options On Aframax OBO Vessels

General Maritime Corporation today announced that a leading international trading company has exercised its option to time charter three additional Aframax OBO vessels for two years. The contracts for the these three vessels will provide net voyage revenue to General Maritime in the first year of approximately $21 million and could provide an additional $21 million in the second year through the exercising of the charterer's option


Norwegian Car Carrier Charter Fixed

NOCC Caspian: Photo credit Norwegian Car Carriers

Norwegian Car Carriers ASA announce a new time charter contract for their 'NOCC Caspian'. The company's 100% owned car carrier NOCC Caspian's charter is for a duration of about 12 months with commencement in early December 2012. The concluded time charter rate is higher than the rate on the current charter and will generate an EBITDA of about NOK 13.5 million during the twelve months charter period. Norwegian Car Carriers ASA has a fleet of 13 vessels for the transportation of cars


Stelmar Shipping Announces 18-Month Time Charter With ChevronTexaco

Stelmar Shipping Ltd. today announced that it has signed an 18-month time charter contract for the Rimar, a 1998 double-hull Handymax tanker. The time charter is expected to commence at the end of July 2003. The time charter contract is with ChevronTexaco at a rate of $14,000 per day. As part of the contract, ChevronTexaco has options to replace the Rimar with one of the Company's Handymax newbuildings at $14,500 per day and to time charter a second vessel at $14


Quintana Prices Bunge Charters for 2009 at $21,800 Per Day

Quintana Maritime Limited has secured fourteen Kamsarmaxes and three Panamaxes, which were acquired from Metrobulk, under its master time charter with Bunge S.A. for 2009 at an average daily rate of approximately $21,800 per day, which is the ceiling of the rate band for that period. The newly fixed vessels were delivered to Quintana from August 2006 to April 2007. Sixteen of the seventeen vessels are already on long-term charter under a master time charter to Bunge S.A


OMI Announces Construction of Additional Vessel and Time Charters

OMI Corporation of Stamford, Ct. has exercised an option to have a sixth 37,000 dwt ice class 1A product carrier constructed for it by Hyundai Mipo Dockyard Co., Ltd in Ulsan, Korea; (2) it has entered into time charters for the fifth and sixth of the 37,000 dwt product carriers with the Handytankers KS pool operated by an affiliate of A.P. Moller of Copenhagen for five years from the deliveries in 2005; both of the charters have a base rate and profit sharing on earnings above the base rate


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


Euroseas Orders Two Drybulk Newbuilds

Euroseas signs new building agreements for the acquisition of two fuel efficient kamsarmax drybulk carriers and announces new acquisition for its joint venture Euromar. Euroseas Ltd., a Greek owner and operator of drybulk carriers and container vessels and provider of seaborne transportation


Navios Maritime Acquisition Corporation acquires VLCC

 Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced today the acquisition of a 2003-built VLCC of 298,287 dwt. The VLCC was purchased for $43.5 million. The vessel is expected to be delivered in Q2 2014.  


ISC Expects Faltering Q1 2014 Financial Results

ISC Jones Act vessel: Photo courtesy of ISC

International Shipholding Corporation (ISC) provides preliminary guidance for first quarter 2014 results and announces timing of earnings release and conference call. The company says that it expects to report a first quarter net loss, before Preferred Dividends, in the range of $3


Scorpio Tankers' Latest Sale & Purchase Deals

Scorpio tanker: Photo courtesy of the owners

Scorpio Tankers says it recorded a gain of US$51-million from the sale of the 7 VLCC newbuilding contracts announced earlier. In March 2014, the Company received the proceeds from the sale of the seven VLCC newbuilding contracts and recorded a gain of $51 million in the first quarter of 2014


CTruk Launches First Volvo Penta IPS Workboat

SC Falcon (Photo: Volvo Penta)

CTruk, a British boat builder specializing in high-speed composite marine craft, including catamaran workboats and wind farm support vessels, has delivered its first workboat equipped with Volvo Penta IPS (Inboard Propulsion System) to Sima Charters of Holland.


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


Faurisson Joins Heidmar Products Desk

Olivier Faurisson (Photo: Heidmar)

Heidmar announced that Olivier Faurisson will join the company as Managing Director of Chartering and Marketing in the product sector.  Faurisson has experience in product chartering and pool building. He rose to the title of General Manager, Products Division


Navigator Holdings Run a Tight Ship, Report 2013 Profit Surge

Gas carrier: Photo courtesy of Navigator Holdings

In its preliminary fourth quarter and financial year 2013 results, ship owners and charterers Navigator Holdings report that EBITDA increased to $106.8 million for the year ended December 31, 2013 from $63.9 million for 2012. HIghlights


Rickmers Charter Out Two Panamax Container Ships

A Maersk Containership: Photo courtesy of the owners

Rickmers Maritime, inform it has chartered out to Maersk Line the container ships 'Henry Rickmers' (formerly 'Ital Fastosa') and 'Richard Rickmers' (formerly 'Ital Festosa'), each of them 3,450 TEU panamax-size container ships. Henry Rickmers will be delivered to Maersk Line this week and Richard


Concordia, Neste Sell Jointly Owned Tankers

Photo: Concordia Maritime

Concordia Maritime and Finnish Neste Oil have reached an agreement on the sale of the two jointly owned Ice Class 1A panamax tankers, Stena Poseidon and Palva. The buyer is Transport Maritime St-Laurent Inc. and the tankers are expected to be delivered in April/May 2014.


Sovcomflot Reports on Slippery 2013 Financial Slope

SCF Melampus: Image courtesy of the owners

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


Seaspan Accepts Containership Delivery

Seaspan Corporation announced that it accepted delivery of a 10,000 TEU containership, the Hanjin Buddha, which was constructed using Seaspan's fuel-efficient SAVER design. The new containership, which was constructed by Jiangsu New Yangzi Shipbuilding Co., Ltd


Another Mammoth Gas Ship Ordered for MHI

140325-No5514-HP_2.jpg

The U.S. Shale Gas Revolution continues to drive orders for some of the world’s largest, most sophisticated tonnage. Mitsubishi Heavy Industries, Ltd. (MHI) received an order from Astomos Energy Corporation for a very large liquefied petroleum gas (LPG) carrier


Scorpio Bulkers Continue to Think Big with New Orders, Charters

Photo courtesy of Scorpio Bulkers

Monaco-based Scorpio Bulkers Inc. says it has signed agreements to purchase 5 Capesize dry bulkships from South Korea shipyards for a total of US $306 million, and has entered into charter party contracts as set out below: Newbuildings Yard         &n


Rickmers Maritime Report Fair Sailing in 2013

Chairman (L) & CEO: Image Rickmers

In a letter to unitholders introducing its 2013 financial results, the chairman and the CEO of Rickmers Maritime, state that its commitment to long-term, fixed-rate container ship time charter agreements has provided insulation from the continued pressure on time charter rates


 
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