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Timecharter

Capital Product Partners Tankers get Contracts

Image: Capital Product Partners

 Capital Product Partners (CPP) has taken delivery of a new panamax containership, which will commence a five-year timecharter to CMA CGM. It also has won a timecharter from Cargill, and another two have had their charters to Capital Maritime extended.   The NASDAQ-listed company has announced the successful acquisition of the MV 'Akadimos,' as well as new time charter employment for the MT 'Active' and MT 'Anemos I' and a charter extension for the MT 'Atrotos,' each at increased day rates.   The Akadimos (9,288 teu) was delivered to CPP from the Romania’s Daewoo-Mangalia Heavy Industries shipyard on June 10 and will begin its timecharter to CMA CGM for $39,250 daily.   The vessel is the first of three 9,160-teu ‘eco-flex’ containership newbuildings purchased in April from CPP’s sponsor, Capital Maritime & Trading Corp. The two other vessels will be delivered in August and November this year, and will also each commence five-year timecharters to CMA CGM.   CPP’s new tanker Active (50,000 dwt, built 2015) has been fixed on a two-year timecharter to Cargill for $17,700 daily. The company bought the vessel in April from its sponsor Capital Maritime & Trading Corp for $33.5m.   Capital Maritime has extended its existing timecharter of CPP’s tanker Anemos I (47,782 dwt, built 2007) by another year at a gross rate of $17,250 per day


Contract For Three New Car Carriers

Wilh. Wilhelmsen ASA has entered into a contract with Ray Shipping regarding the charter of 3 car carriers on a 15 year timecharter with options. Wilh. Wilhelmsen ASA has entered into a contract with Ray Shipping regarding the charter of 3 car carriers on a 15 year timecharter with options.


Bergesen Sells Tankers

Bergesen has entered an agreement with Tankers International to sell two tankers for a total $156 million. Bergesen would deliver tankers Berge Ichiban and Berge Tokyo, each of 296,000 dwt, to Tankers International led by Frontline Ltd. in July or August 2001. "Both of the two sold vessels are employed on timecharter contracts, and the sales are subject to the charterers' approval," the statement said. The price was $78 million per vessel, reflecting the vessels' timecharter contracts


OSG to Time Charter Product Carriers

Overseas Shipholding signed agreements with subsidiaries of Cido Tanker Holding to timecharter a pair of product/chemical carriers for 10 years. The 47,000 dwt ships will be built at Hyundai Mipo Dockyard and are scheduled for delivery in 2009. The two vessels, the Overseas Polaris and the Overseas Pisces, will have six segregations, and will be able to transport petroleum products, vegetable oils and IMO III chemicals. Delivery of the vessels will increase the number of International and U


Asian Panamax Rates Heading Up?

Asian Panamax rates for dry bulk cargo are likely to inch up later this week on brisk demand for grain shipment after easing slightly in thin trade last week on the New Year holidays, Reuters reported. "The freight market is expected to gain momentum with the regional business returning to normal after the New Year holiday, and on expectation of active grain chartering before the Chinese New Year holiday starts," said a shipping broker in Seoul. The Lunar New Year falls on January 24


Capesize Bunker Consumption: Baltic Exchange Issues Brokers Guidance

Capesize Bulk Carrier: Photo courtesy of K-Line

The Baltic Exchange advises panellists that with the prevalence of 'slow steaming' they should assume that if steaming at 12kts laden/13kts ballast, Capesize vessels will consume 44 tonnes per day (NDAS). The London market exchange has provided its shipbroker panel members with further guidance on the way in which they assess the capesize market. The move has followed extensive market consultation and reflects the need for greater precision on the slow steaming characteristics of the


Concordia Maritime Signs Contracts with Lukoil

Concordia Maritime has signed two-year timecharter contracts for the V-MAX vessels Stena Vision and Stena Victory with Litasco, a subsidiary of the Russian oil company Lukoil. The new time charters will begin immediately upon expiration of the current charter contracts with the American oil company Sunoco at the end of 2007. The vessels are chartered in from Arlington Tankers Ltd until the end of 2009. With the new time charter contracts Concordia Maritime has secured employment


Odfjell Enters Long-Term Timecharter

Odfjell announced the long-term timechartering of two 30,000 dwt. stainless steel type tankers to be built in and owned from Japan. These ships will enter service during 2005 and 2006, bringing the number of such deep-sea chemical tankers chartered by the company to a total of five.


Golden Ocen Group Secures Timecharter

Golden Ocean Group secured a time charter contract for its Capesize vessel Channel Navigator. The 172,000 dwt vessel was fixed out on a five-year contract beginning by the end of April 2009. The daily charter rate is $53,500 less 3.75% commission. Golden Ocean Group on Monday also announced a ten year time charter contract for a Capsize tanker currently under construction at the Zhoushan Jinhaiwan Shipyard in China.


Price of Old Panamax Bulkcarrier Dipped to $13m

Graph: Clarksons Research

 Back in early 1999 the price of a 5 year old Panamax bulkcarrier dipped to $13.5m, and ever since analysts have hailed purchase decisions made at that time as some of the most lucrative shipping deals ever seen, says a report from Clarksons.   Today, with the price back at $13m, perhaps it’s a good time to reflect on how successful investors were back in 1999 and whether there are similar opportunities once again.  


Team Tankers Acquires New Vessels

Photo: Team Tankers International Ltd

 Team Tankers International (TTI) completed the acquisition of the ‘Sichem Amethyst’ and ‘Sichem Contester’, previously on timecharter in the Q4 2015. In addition, two of the company's older and smaller ships were sold.  


D’Amico Buys Product Tanker from Itself

Photo courtesy D’Amico

D’Amico Tankers Limited (Ireland) will acquire the product tanker Cielo di Milano (launched in 2003 by Shina Shipbuilding shipyard (South Korea) from its Italy-based sister company d’Amico Shipping Italia for $14m. “The purchase need arises from the characteristics of the


Dry Bulk Market in Historically Bad State -MSI

Figure 1 (Image: MSI)

Dry bulk sector revisits 1980s lows and faces uncertain longer term outlook; with the market near bottom, attention is turning toward the length of the downturn, the effect on asset values and the impact of broader demand side changes.  


Phaethon Takes Diana Panamax on Timecharter

Pic: Diana Shipping

 Phaethon International has chartered a panamax bulk carrier Which is owned by the Greek shipping Diana Shipping on for up to eight months with a daily rate of US $ 5,250, according to the Baltic Exchange data.   Coronis (74,381 dwt


Gasum, Anthony Veder Pact for a New LNG Carrier

Artist impression of Anthony Veder’s 18,000 cbm Ice Class 1A Super. Pic:  Anthony Veder

 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


FLEX Acquires LNG Assets from EXMAR

Image: EXMAR LNG

 Nicolas Saverys-led Exmar has agreed to integrate its LNG assets and infrastructure with those of John Fredriksen’s Geveran and Flex LNG under a new USD 2.3 billion company – Exmar LNG Ltd.   Belgian liquefied natural gas (LNG) carrier owner and operator Exmar and Geveran


Sinotrans Shipping in the Red

Photo: Sinotrans Shipping

 Sinotrans Shipping slid back into the red for the first half of 2015, turning to a $18.3m loss from a small $2.3m profit in the previous corresponding period.   The dry bulk and container shipping arm of Chinese state-owned Sinotrans & CSC Group continues to feel the pain of low


Diana Fixes Artemis to China Shipping

Artemis. Photo: Diana Shipping

 Diana Shipping Inc, a global provider of shipping transportation services through its ownership of dry bulk vessels, has chartered out one of its panamax bulkers - Artemis (76,942 dwt, built 2006)  - to China Shipping Bulk Carrier.    


Diana Shipping Extends Charter for Crystalia With Glencore

Crystalia. Photo by Diana Shipping Inc

 Diana Shipping Inc., has, through a separate wholly-owned subsidiary, agreed to extend the present time charter contract with Glencore Grain B.V., Rotterdam, for one of its Ice Class Panamax dry bulk vessels, the MV Crystalia.  


Tsakos Fixes Three LR2s on Timecharter

Photo: Tsakos Energy Navigation Ltd

 Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd (TNP) announced the charter for an average of 36-months per vessel for its three LR2 Aframax tankers to a major European oil concern for crude trading operations. The total gross revenues from these three fixtures are


TMS Cardiff Orders Two More LPG Carriers

Pic by TMS Cardiff Gas Ltd

 The Economou family's TMS Cardiff Gas Ltd.  has exercised options on its contracts with Hyundai Heavy Industries of Korea for the construction of an additional two 78,700 cbm LPG carriers.   Both vessels are scheduled for delivery in Q4 2017


When is a Master Entitled to Refuse Damaged Cargo? A Reminder from the Standard Club

Image: Standard Club

 A master’s authority to clause bills of lading issued by or on his behalf can sometimes become the cause of disagreement between shippers, charterers and carriers.   Under Article III Rule 3 of the Hague/Hague Visby Rules after receiving the cargo


Explosion in Cargo Carrier in Brazil

MV Akaki. Photo by Agencia Maritima Rioplat

 A kamsarmax bulk carrier owned by Greece’s Transmed Shipping was hit by an explosion in one of its cargo holds while anchored at Paranagua Port in Brazil.   The Paranaguá Port Authority says it received a report at about 3 p.m


Vessel Demand Suffers Shock

Table: Clarksons Research

 Containership owners have experienced some tough times in recent years, and early in 2015 it looked as if things might at last be on the up, says Clarksons Research.   However, last year proved to be the classic ‘game of two halves’


Small Ships the Potential Bright Spot in Miserable Dry Bulk Market

The latest Dry Bulk Freight Forecaster from Maritime Strategies International (MSI) reports a deterioration of the consultancy’s cautiously optimistic view for improvement in the dry bulk market in the next six months.   Misery piled on misery for dry bulk owners in January as spot






 
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