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 $938,607 be paid into a law firm's trust account to cover unpaid bunker bills and prevent the detention of the 49,997 deadweight tonne container ship Cosco Piraeus, operated by Cosco Container Lines (Coscon).
Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. coastwise trade Crowley Maritime Corp. has christened the second of four new Jones Act product tankers yesterday at the South Florida Petroleum Terminal (The Public Dock) in Fort Lauderdale, Fla. The 50,000 dead-weight-ton (dwt), 330,000-barrel-capacity Texas joins sister ship Ohio, which was christened by Crowley in November
When the Documentary Committee of BIMCO met on November 14, 2002 in Copenhagen, Denmark, they agreed to adopt a revision of its General Ice Clause for voyage charter parties. The revision of the General Ice Clause forms part of an undertaking to review over time a series of well-known BIMCO standard clauses to reflect legal and commercial developments. The amendments have been made because the existing ice clause was found to be deficient in a number of ways
GT North of England P&I club has warned its shipowner members to protect themselves from the increasing risk of claims for charterers’ unpaid bunkers. The advice comes in the latest issue of the club’s loss-prevention newsletter Signals. According to Mark Robinson of the club’s freight, demurrage and defence department, “The recent downturn in the shipping markets and the world economy has unfortunately led to some charterers going out of business
The NCSA-USG area remains short of tonnage: a 34,000 dwt bulk ship is well-linked to US$ 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.
Diana Containerships Inc. announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with MSC-Mediterranean Shipping Co. S.A., Geneva, for one of its Post-Panamax container vessels, the m/v Puelo, a 6,541 TEU container vessel built in 2006. The gross charter rate is $6,500 per day, for a period of 12 months. The charterer has the option to further employ the vessel for a 12 month period, at a gross charter rate of $8
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 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
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
India has instructed an Indian-flagged oil tanker that has been blacklisted by the U.N. not to discharge its cargo of crude oil from Libya's rival eastern government and to await instructions from the United Nations, a senior Indian government official said on Thursday.
An Indian-flagged oil tanker is returning to Libya, the North African country's rival oil corporation said on Thursday, after its failed first attempt to export crude oil led to the ship being blacklisted by the United Nations Security Council.
Crowley Maritime Corp. announced it will hold a christening ceremony Thursday, May 5 in New Orleans for the newly built Louisiana, the company’s third of four new Jones Act product tankers. The 600-foot-long, 50,000-dead-weight-ton (dwt), 330
Capesize rates fall in a quiet market as holidays weigh; 20 charter-free capesize ships could add to downward trend. Freight rates for large capesize dry cargo ships on key Asian routes are set to drift lower next week unless there is an uptick in chartering activity from major miners
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday, helped by firmer rates for bigger vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 16 points or 3
BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) have today jointly issued the first definitive voyage charter party – LNGVOY - designed for the expanding LNG spot market. During the development process, BIMCO and GIIGNL consulted with the industry globally to
Flurry of cargo fixtures push Australia, Brazil rates to highest since December. Freight rates for large capesize dry cargo ships on key Asian routes are likely to hold steady next week near four-month highs if owners continue to reactivate idle tonnage on upbeat cargo demand
Tankers at Qingdao port face up to 30-day wait. At least 15 large tankers wait to offload -shiptracking data. A surge in oil buying by China's newest crude importers has created delays of up to a month for vessels to offload cargoes at Qingdao port
MidEast VLCC rates fall nearly 30 Worldscale points this week; port congestion in Basra, China adding to market uncertainty. Freight rates for very large crude carriers (VLCCs) may drift lower next week on weaker sentiment among owners and reduced chartering demand ahead of the release of May's
Maritime services provider Navig8 Group has agreed to buy shallow-water contractor RK Offshore Management. Singapore-headquartered Navig8 Group, the world's largest provider of maritime services, announced that it has entered into agreements to acquire Africa-focused RKOffshore
Pirates have attacked the Liberian-flagged 4,360 TEU CMA CGM Turquoise, kidnapping two crew members off the coast of Nigeria, with the remainder of the crew said to be safe. Turquoise, managed by Dioryx Maritime Corp. in Greece
Owners resisting charterers' attempts to push market lower; rates slip from 5-1/2-month highs. Freight rates for large capesize dry cargo ships on key Asian routes face an uncertain outlook next week with some owners resisting charterers' attempts to push hire rates down even as freight rates
The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities, rose marginally on Thursday as steady demand for smaller vessels offset weaker rates across capesize and panamax vessels. The overall index, which factors in rates for capesize, panamax
Navios Maritime Acquisition Corporation, announced today the employment of three product tankers at charter rates that are, on average, 14 percent higher than their previous charter rates. The Nave Equator, an MR2 product tanker, has been chartered to a high-quality counterparty for 18
The London P&I Club has issued a warning about continued problems associated with the carriage of Indonesian thermal or ‘steam’ coal, following a number of recent incidents involving owners and charterers. Indonesian coal has a propensity to self-heat and/or emit methane