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Vessel Charterer

Shippers Take Measures to Limit OW Bunker Fallout

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).


Crowley Christens 2nd LNG-ready Product Tanker

Photo: Crowley

Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. coastwise trade   Crowley Maritime Corp. has christened the second of four new Jones Act product tankers yesterday at the South Florida Petroleum Terminal (The Public Dock) in Fort Lauderdale, Fla. The 50,000 dead-weight-ton (dwt), 330,000-barrel-capacity Texas joins sister ship Ohio, which was christened by Crowley in November


BIMCO Issues New Ice Clauses

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


Court Rules on Liens and Breaches

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


Protection from Unpaid Bunker Claims

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


Handy-size Bulk Carrier Market: Tonnage Shortage Pushes Up Rates

Image in public domain

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.


General Maritime Signs Time Charter Contracts

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


Beware of First-Class Charterers

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


Shipbroker Chases Down Payment Due

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 Highlights Value of Diligent Debt Collection

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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


Asia Dry Bulk-Capesize Rates Should Remain Flat

Western Australia-China rates hit near 17-year low; owners explore laying-up ships. Freight rates for capesize bulk carriers on key Asian routes should remain flat next week as the Lunar New Year holiday in China will curtail chartering activity, shipbrokers said on Thursday.


Baltic Index Touches New Record Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low on Monday on muted vessel demand.   The overall index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser


Noncompliant Cargo Ship Banned from Australia

The 86-meter general cargo ship Noah Satu has been prohibited from entering or using any Australian ports for the second time in less than 12 months, following another round of safety, environmental and regulatory infractions. The direction was issued by the Australian Maritime Safety Authority


MTS Assists Damen in Maersk Connector Sea Trials

MTS assisting Maersk Connector

Leading marine service provider, Marine and Towage Services Group Ltd. (MTS) has supported shipbuilder Damen during sea trials of its latest offshore cabling vessel, Maersk Connector. During the two-week testing period, MTS Vigilant, a Damen Shoalbuster


Bright future for Bunkering at Indian Ports

Bunkering Conference in session

  Hinode’s 5th Annual conference on the Outlook for bunkering and Marine Lubricants in India clearly acknowledged the fact that India was well on its way to becoming a Bunkering destination. Lack of infrastructure, duties, quality of bunkers, etc


No End to Capesize Dry Bulk Misery

A ValeMax size bulk carrier sits alongside the berth (file image)

Rates from Australia to China fall to 14-year low; Brazil to China capesize rates drop to 7-year low. Freight rates for capesize bulk carriers on key Asian routes, which fell to a more than seven-year low on Wednesday, could nudge lower or hold around current levels as too many ships chase too


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


NewLead Renews CoA for MT Katerina

Katerina courtesy NewLead Holdings (1)

  NewLead Holdings Ltd. has today renewed the Contract of Affreightment (the "CoA") for one of its bitumen tanker vessels, the MT Katerina L for an additional twelve month period, for the transportation of a minimum of 49,600 metric tons of bitumen over 16 voyages, or


Recovery for European Shipowners?

Pic: Maersk Line

 European Shipowners may increase freight rates or renegotiate bunker clauses in the coming year in order to capitalise on lower crude oil prices and consolidate the recovery seen in 2015, reports ICIS.   Bunker fuel prices came down significantly amid lower crude oil prices but some


Euroseas Sells Vessels, Refinances Newbuild

Their First Panamax Photo Euroseas

Euroseas Ltd., owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced the sale of several vessels, as well as the refinancing of a newbuild and six older ships.


Slow Start for Tanker Rates in New Year

Berlian Laju Tanker. Pic by mapelveiculos.com.br

 A super year for the VLCCs behind us which ended at earnings Meg/East close to $100k/day, says Fearnleys Week. The new year has started somewhat slower and rates ex Meg are off the peaks, but earnings remain very healthy.   


Pioneer Marine Acquires Eco-Design Vessel

Pioneer Marines  Second 38,500 DWT Green Dolphin Eco-Design Vessel Photo Pioneer Marine

  Pioneer Marine Inc., today accepted delivery of a 38,419 DWT Green Dolphin eco-design handysize vessel, the M.V. Kite Bay. The new vessel, which was constructed at Yangzhou Guoyu Shipbuilding Co., Ltd, is Pioneer’s second Green Dolphin eco-design handysize vessel


Tanker Rates to Remain Under Pressure

Image: The Baltic Exchange

 The reduction in the new 2016 Worldscale flat rates  of Very Large Crude Carriers (VLCC) has led to spot rates increasing as owners look for equivalent 2015 returns, says tanker market assessments from the Baltic Exchange.  


Maritime Faces New Lease Accounting Standards

Michael Simms (Photo: Moore Stephens)

 A new international accounting standard dealing with leases could have major implications for companies in the shipping and offshore maritime sectors, and particularly for time charterers, according to international accountant and shipping adviser Moore Stephens.  


VOS Partner Delivered to Vroon

Photo: Vroon

Netherlands based shipping company Vroon has taken delivery of a newly built platform supply vessel (PSV), VOS Partner. The vessel was handed over to Vroon on January 14 during a ceremony at Cosco Guangdong Shipyard in China.   The Dutch flagged VOS Partner is the third of six PX121-type






 
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