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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


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


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


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


General Maritime to Sell, Leaseback Product Tankers

General Maritime Corporation (NYSE: GMR) announced that it has entered into memoranda of agreement to sell three product tankers, the 2004-built Genmar Concord, the 2005-built Stena Concept and the 2005-built Stena Contest, to affiliates of Northern Shipping Fund Management Bermuda, Ltd., an alternative capital provider to the shipping and offshore oil service sectors.  General Maritime will receive net proceeds totaling $61.7m for the sale of the three vessels


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


Diana Fixes Bulker Duo with Glencore

Erato. Photo: Diana Shipping Inc

 Diana Shipping Inc  has inked new time charters with Glencore Grain B.V., Rotterdam for two of its panamaxes at rates below the previous charters, with the contracts commencing on March 26.   Diana entered into a time charter contract with Glencore for 74,444 dwt panamax dry bulk vessel Erato for a period of 11-14 months at a gross charter rate of $4,650 per day minus a 5% commission payable to third parties. The charter for the 2004-built vessel commenced on March 26.


Busan: Business May Not be As Usual, Post Hanjin

Photo: Hanjin Shipping

Though Busan Port, the largest customer of Hanjin Shipping and hit hardest by the Liner's collapse,  asserts that everything is under control, doubts are being raised on Hanjin rehab plan as ships clog at the South Korean port, reports Reuters.  


Indian Oil Giant May Scrap LNG Vessel Tender

Photo: GAIL

GAIL India, largest state-owned natural gas processing and distribution company in India, will likely scrap the tender for hiring LNG ships after failing to negotiate acceptable terms with bidders in what would hurt India's ambition to build high-tech LNG carriers at home under the Make in India


Shipping Partnerships Create Economic Opportunity in Everett

Courtesy Port of Everett

Every month Eastern Car Liner (ECL) loads aerospace containers for transport back to Japan to be reloaded with new airplane parts. Typically, this is the only cargo loaded on this vessel at the Port of Everett – until recently.  


Shell Loads First LNG Vessel at Gate Terminal

Coral Methane loading (Photo: Shell)

Shell loads first LNG vessel, using new LNG fuel infrastructure at Gate terminal. The new LNG fuel infrastructure included the construction of a new berth. This new berth has now started operations. The loading of Shell’s chartered LNG vessel, the Coral Methane happened on September 19th


Asia Tankers-VLCC Rates Steady, Owners Resist Further Cuts

File Image (Credit: EuroNav)

Daily VLCC earnings fall to around $10,000; vessel deliveries, shorter voyages weigh on rates. Freight rates for very large crude carriers (VLCCs), which fell to multi-year lows on Thursday, are likely to hold steady around current levels as ship owners resist charterers' attempt to push


The Price Ratio Between Newbuild and Secondhand

Graph: Clarksons Research

 Looking at the ratio between newbuild and secondhand prices is a classic method of examining the state of various shipping sectors, says Clarksons Research.   But the metrics can be just as revealing at the older end of the market


Tanker Sale & Purchase Update

Tanker. Pic: TTS Group ASA

 For now, the Sale & Purchase (S&P)  market is pretty dead (because the charter markets are also slightly lifeless). S&P transactions for tankers have almost halved so far this year (Jan 1-Sept 2), reports  Alibra Shipping Ltd. Research.  


ABB Enhances Its OCTOPUS Software Suite

Image: ABB

ABB has launched an updated maritime software analytics platform that brings together the company’s EMMA and OCTOPUS applications into one software suite, under the banner OCTOPUS.   Now external information, such as weather or cargo load parameters


Dry Bulk Insight: BDI likely to stabalise

Graph: Drewry Shipping Consultants Limited

 Drewry expects the Baltic Dry Index (BDI) movements to moderate in September on the back of steady grain, minor bulk and coal trades. However, the iron ore trade is likely to lose its momentum in coming months.   The BDI continued its rollercoaster ride into August first falling then


Seaspan Starts Fixed-rate Charter with Maersk Line

Courtesy Seaspan

Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 10000 TEU containership, the Maersk Genoa. The new containership, which was constructed at Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd., is Seaspan's eleventh 10000 TEU SAVER design containership and fifth delivery in 2016


Seaspan CEO: Hanjin Fallout Is Like Lehman for Shipping

Photo: Hanjin Shipping Co

 Seaspan Corp  chairman and ceo Gerry Wang has described the bankruptcy of South Korea’s biggest container line Hanjin Shipping Co as the industry’s equivalent of the Lehman Brothers collapse that triggered the global financial crisis, reports Bloomberg.  


BV & Ship-to-Ship LNG Bunkering

Ship-to-ship LNG bunkering

Bureau Veritas is supporting the adoption of clean fuel LNG through the classification of both vessels in the world’s first ship-to-ship LNG bunkering operation between two independent ocean-going vessels. On September 3 2016, Terntank Rederi’s M/T Ternsund bunkered LNG from Coral


Hanjin-chartered Ships Sold, More on Block

File Image: A Hanjin boxship underway (Credit: Hanjin)

Three bulk carriers sold charter-free at about market rates. Two Hanjin container ships also up for sale. Three ships chartered to Hanjin Shipping Co Ltd have been sold and two more vessels are up for sale, ship brokers said on Wednesday, kicking off an asset sale sparked by the failure of the


Asia Dry Bulk-Capesize Rates Steady

A so-called ValeMax bulk carrier commly used in the South America-to-Far East trades (credit: Vale)

Holidays in Asia likely to dampen chartering activity; Outlook still "slightly positive" for fourth quarter. Freight rates for large capesize dry cargo ships on key Asian routes could hold steady around current levels next week in a quiet market, ship brokers said on Thursday.


Navig8 Inks Sale and Leaseback Deal with SBI

Courtesy Navig8 Chemical Tankers

Navig8 Chemical Tankers Inc. an international shipping company focused on the transportation of chemicals, today announced that it has entered into a sale and leaseback transaction with subsidiaries of Japan-based SBI Holdings Inc (“SBI”) for two 25






 
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