Shipping firms have paid millions of dollars into U.S. accounts to prevent their vessels from being detained due to non-payment of bills for fuel supplied by the bankrupt OW Bunker, indicating the impact from the collapse of the Danish firm was spreading. OW Bunker filed for bankruptcy in November after losing almost $300 million in alleged fraudulent trading in Singapore, leading to claims by distributors who sold shipping fuel on behalf of OW Bunker but had not been paid. Some 13 cases involving bunker bills totalling about $12 million have been filed at New York's southern district court, a maritime lawyer said. U.S. court documents seen by Reuters show 11 firms, including Germany's Hapag Lloyd and European gas carrier Exmar, have agreed to pay about $10.3 million into court and a law firm's trust account since November. A bond for about $180,000 has been paid into court on behalf of Hapag Lloyd to cover unpaid bunker bills, said Peter Gutowski, a partner in Freehill Hogan & Mahar. Law firms acting on behalf of other companies declined or were unable to comment. A New Jersey judge agreed last week that $938,607 be paid into a law firm's trust account to cover unpaid bunker bills and prevent the detention of the 49,997 deadweight tonne container ship Cosco Piraeus, operated by Cosco Container Lines (Coscon).
When the Documentary Committee of BIMCO met on November 14, 2002 in Copenhagen, Denmark, they agreed to adopt a revision of its General Ice Clause for voyage charter parties. The revision of the General Ice Clause forms part of an undertaking to review over time a series of well-known BIMCO standard clauses to reflect legal and commercial developments. The amendments have been made because the existing ice clause was found to be deficient in a number of ways
GT North of England P&I club has warned its shipowner members to protect themselves from the increasing risk of claims for charterers’ unpaid bunkers. The advice comes in the latest issue of the club’s loss-prevention newsletter Signals. According to Mark Robinson of the club’s freight, demurrage and defence department, “The recent downturn in the shipping markets and the world economy has unfortunately led to some charterers going out of business
Persistence pays off for shipbroker's legitimate claim for outstanding financial commission due from time-charterer. In the latest issue of its Claims Review, International Transport Intermediaries Club (ITIC) recounts the case of a shipbroker owed outstanding commission by time-charterers who were widely thought to be in financial difficulties. The charter party provided that the time-charterers were obliged to deduct the broker’s commission from the hire and pay this directly
ITIC highlighted the value of diligently pursuing the collection of shipping industry debts in today’s difficult economic climate. In its latest Claims Review, ITIC notes that a shipbroker acting for charterers was owed $25,000 in commission by an Indian voyage charterer under a charter party which provided that the charterer would deduct the commission. Having written to the charterer and not received a response
The NCSA-USG area remains short of tonnage: a 34,000 dwt bulk ship is well-linked to US$ 15,000 daily for a short period of 3-5 months, reports BMTI in its latest 'Handy Bulk Market Viewpoint'. Owners of a similar size of tonnage were seeing US$ 24,000 daily for a trip to Europe. A range of US$ 20,000 daily from NCSA via the USG to the Continent from owners of a 36,000 dwt was rebuffed by charterers as being too expensive.
A Lesson in admiralty law was recently provided by the U.S. Court of Appeals for the Fifth Circuit when it ruled that a maritime lien for breach of a charter party attaches when the vessel is placed at the charterer's disposal. Dennis Bryant, writing about the case on the Maritime Liens website, notes, "A vessel owner entered into a time charter and accordingly delivered the vessel. The vessel was then sold to a third party, subject to the time charter
General Maritime Corporation has signed two-year time charter contracts, with a trading company, for up to nine of its Aframax OBO Vessels (combination vessels which can perform both wet and dry trades). The initial time charter contracts are for four of the Company's Aframax OBO vessels. The contracts for the four vessels will provide net voyage revenue to General Maritime in the first year of approximately $28 million
The club says one of the most common reasons for guarantees being avoided is that they have not been signed by the guarantor or someone lawfully authorized by the guarantor. There must also be consideration for a guarantee to be legally binding. Usually this is a promise by the owner to enter into the charterparty, but if the guarantee is given after concluding the charterparty the consideration is past and no longer valid.
The International Transport Intermediaries Club (ITIC) has advised shipbrokers against using the term "first-class charterers" when conducting fixture negotiations, following a claim made by shipowners against one of its broker members in respect of the failure of charterers to perform a contracted fixture. Writing in the latest issue of its Claims Review, ITIC explained, “Norwegian shipbrokers were involved in negotiations for a voyage charter
Tonnage list grows in Pacific, Atlantic oceans; lack of coal cargoes weigh on freight rates. Freight rates for capesize bulk carriers are set to slide further next week, after falling to their lowest level in five weeks, due to a mounting supply of tonnage and uncertain cargo demand
The global dry bulk freight market, crippled by oversupply but seeing signs of renewed activity, is expected to take at least a year to hit the road to recovery, according to the latest Platts survey of shipping market participants.
The Company: Baker Marine Solutions (BMS) is an industry leader providing marine assurance and consulting services, performing DP assurance, OCIMF- OVID inspections, IMCA CMID inspections, and marine warranty surveys as well as on board marine representation
A mini order boom fueled by gas, “green-tech”, tankers and new rules is underway in shipbuilding. It won’t fill all yards, but changes like the July 2015 cap on sulfur emissions garner retrofit and rush orders. Even China’s Directive 55 obliges its mixed bag of yards to
NorShipping debate centers on the matter of ship fuel efficiency The Immediasea Shipping Debate Forum ‘Fuel Efficiency - The Way Forward’ was held in connection with the Nor-Shipping event in Oslo, Norway, in June. Leading the panel was Mark Fuhrmann from Blue-C who invited leading
DryShips Inc., a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc., of off-shore contract drilling oil services, has announced the agreement with one of its charterers to write-off about $16
Singapore-based Senat Shipping said on Friday it had done nothing illegal and that it was unreasonable to be put on a U.S. sanctions list for alleged connection with a blacklisted North Korean shipping company. The U.S. Department of Treasury on Thursday listed Senat
NewLead Holdings Ltd.announced today a review of the commercial competency of one of its bitumen tanker vessels, the MT Sofia since the vessel was delivered to NewLead's fleet. The Sofia is a 2008-built bitumen tanker vessel of 2
Capesize market "overheated" as rates near eight-month highs; optimism for a busier fourth quarter looms. Freight rates for capesize bulk carriers are likely to take a breather and drift lower after climbing to their highest level in nearly eight months this week following bad weather
Diana Containerships Inc. announced that yesterday it signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to purchase from an unaffiliated third party two Post-Panamax container vessels, the m/v Rotterdam and the m/v Hamburg.
GasLog Ltd. today announced that it has ordered two new 174,000 cubic meter LNG carriers from Hyundai Heavy Industries Co., Ltd. ("Hyundai") in South Korea. The vessels are expected to be delivered in the second half of 2017
Container shipping company Diana Containerships Inc. announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Maersk Line A/S for one of its Post-Panamax container vessels, the m/v Great.
Genco Shipping & Trading Limited takes delivery of Ultramax newbuilding Baltic Scorpion to commence spot market-related time charter Drybulk cargo shipper Genco Shipping & Trading Limited announced that it has taken delivery of a 64
• Marked improvement in performance as losses after tax for 2Q2015 reduced to US$2.5 million from US$13.3 million in 1Q2015. • Group secured new chartering contracts worth a total of US$132.2 million in 2Q2015 and that brought total order book to US$307
Dynagas Ltd., GasLog Ltd. and Golar LNG Ltd today jointly announced having entered into an LNG carrier pooling agreement to market their vessels, which are currently operating in the LNG shipping spot market. The LNG Carrier Pool allows the participating owners to optimise the operation