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 $938,607 be paid into a law firm's trust account to cover unpaid bunker bills and prevent the detention of the 49,997 deadweight tonne container ship Cosco Piraeus, operated by Cosco Container Lines (Coscon).
When the Documentary Committee of BIMCO met on November 14, 2002 in Copenhagen, Denmark, they agreed to adopt a revision of its General Ice Clause for voyage charter parties. The revision of the General Ice Clause forms part of an undertaking to review over time a series of well-known BIMCO standard clauses to reflect legal and commercial developments. The amendments have been made because the existing ice clause was found to be deficient in a number of ways
GT North of England P&I club has warned its shipowner members to protect themselves from the increasing risk of claims for charterers’ unpaid bunkers. The advice comes in the latest issue of the club’s loss-prevention newsletter Signals. According to Mark Robinson of the club’s freight, demurrage and defence department, “The recent downturn in the shipping markets and the world economy has unfortunately led to some charterers going out of business
The NCSA-USG area remains short of tonnage: a 34,000 dwt bulk ship is well-linked to US$ 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.
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
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
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
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.
Shipowners that charter out container ships to liner operators are hopeful that 2016 will bring increased demand and higher charter rates for containerships, JoC reports. Sentiment is changing in container shipping where, for the first time in five years
Even though shipping is a global industry, ownership is fairly well concentrated in a relatively small number of major centres, says a research from Clarksons. The 20 most popular city locations for shipowners graph is headed, perhaps unsurprisingly, by Athens, with a fleet of 4
"Our first three months of Emission Control Area operation have run without a hitch," said Carisbrooke Shipping CEO Robert Wester. "We put this down to careful preparation supported by the skill and diligence of our sea staff."
Diana Containerships Inc. announces agreement to acquire two Panamax container vessels Through two separate wholly-owned subsidiaries, Diana Containerships Inc. has signed two Memoranda of Agreement to purchase two Panamax container vessels from an unaffiliated third party.
Owners resist charterers moves to force rates under W50; West Africa cargo volumes remain steady. Rates for very large crude carriers (VLCCs) on key Asian routes will face further pressure next week even as owners resist attempts to push rates lower, brokers said.
Fleet Optimization is a broad term which might be described as the best practices and equipment that will make any collection of vessels more environmentally correct, economical and yes, attractive to prospective charterers. In this edition, it means whatever I say it means
A federal court ruled on Wednesday that BP well site leaders on the Deepwater Horizon oil rig cannot be charged with seaman's manslaughter in the deaths of eleven workers that died during the 2010 rig explosion because they were not seamen.
NewLead Holdings Ltd. announced today that it has entered into a Contract of Affreightment for one of its dry bulk vessels, the Panamax Newlead Markela, for the transportation, anticipated to be completed within a twelve month period, of approximately 704
NewLead Holdings Ltd. announced today that it has entered into its first Contract of Affreightment for one of its bitumen tankers vessels, the Katerina L, for the transportation, within a ten month period, of a minimum of 31,000 tons of bitumen over ten voyages, or
With the amount of LNG traded on the spot market continuing to grow, the Baltic and International Maritime Council (BIMCO) is developing a new contract for the transportation of LNG under voyage charter terms. This will add additional flexibility to the spot market and give
NewLead Holdings Ltd. has succeeded in growing the fleet of the Company from two to ten vessels in less than one year following its growth strategy and delivering on its commitments. NewLead's fleet has been entirely transformed to include younger, flexible in size
Second sale-and-leaseback agreement provides immediately accretive earnings growth; acquisition expected to generate annual EBITDA of approximately $9.4 million Global Ship Lease, Inc. (GSL) has agreed to acquire an 8,063 TEU containership from a leading container liner company for a
VOS Pace, the first of six PX121-type platform supply vessels designed by ULSTEIN, was delivered to Netherlands based shipowner Vroon Offshore Services on February 5, 2015. The vessel, built at China’s Cosco Guangdong Shipyard
The Hinode’s 2nd Conference on “Outlook for India’s Seaborne Dry Bulk Trade” held at the Hotel Vivanta by Taj President saw a significant gathering of shipowners, charterers, agents, ship managers, exporters, importers, bankers
Mitsui O.S.K. Lines, Ltd. signed a contract with Mitsui & Co., Ltd. today (January 29) to charter a new 177,000m3 liquefied natural gas (LNG) carrier. This is the third newbuilding vessel chartered by Mitsui & Co., following a contract signed last September 26 for two carriers