French tanker operator Copamar said it would have to fold after a French court backed TotalFinaElf's decision to pull out of a five-year charter of two aged tankers. "We have cash-flow problems," said a source at Copamar. "We will certainly have to close. That's life," he added. He said the 25-year old Guri and the 30 year-old Gatteville had been taken on five-year charters by TotalFina in 1998, but the charters had been terminated 10 months ago. TotalFinaElf's decision to terminate the contract came during a change in chartering strategy last year. It said it would not use ships of over 25 years old in French waters following public outrage after the 24-year old Erika broke apart in the English Channel in December 1999, spilling 8,000 tons of fuel oil and polluting Brittany beaches. Shipping sources said a Cherbourg tribunal originally ordered TotalFinaElf to pay 30 million francs to Copamar for breach of contract, but this would now have to be repaid following TotalFinaElf's successful appeal. - (Reuters)
Siem Offshore Inc and Five Oceans Services GmbH have entered into a firm three year charter for the large-size PSV "Siem Carrier" for operation as a world-wide Cable Lay, ROV and Offshore Construction Support Vessel. The contract will commence in fourth quarter 2007. The commercial terms of the contract are confidential between the parties. Siem Offshore Inc expects to invest $6 million in upgrade of the vessel prior to commencement of the contract.
Hydro has declared its option for a further 3 year charter period for Far Saga. The option period commences 01.05.07. The last 5 years Far Saga has supported Hydros' subsea/ROV activities through a contract with Acergy. This co-operation will continue through the period. Acergy has further options to hire the vessel after the end of the charter period to Hydro. Before commencing the 3 year period, the vessel's ROV-capacities will be upgraded.
New Charters Expected to Generate a Minimum of $42M in Gross Revenue Tsakos Energy Navigation Ltd. (TEN) announced the fixture of the 2006-built 1A ice-class Handysize product tanker Andromeda for three-years to an international trading house for a minimum rate and a 50:50 profit share if rates exceed that minimum. Concurrently with this fixture, TEN concluded a three-year charter, to the same end-user and for the same
Star Bulk Carriers Corp., announced that it has entered into a definitive agreement to acquire a Supramax bulk carrier of approx. 52,200 dwt, built in 2005, for approx. $68.8 million. The vessel, to be renamed the Star Cosmo, will be financed through a combination of company cash and bank debt.The Star Cosmo is scheduled to be delivered to Star Bulk within June/July 2008. The vessel comes with a staggered 3-year charter to Korea Line that commenced on March 17, 2008
On Nov. 6, Odfjell sold MT Bow Sky with a net gain of $32m. Odfjell has been working on ways of strengthening their equity since the Norwegian retroactive tax was imposed last year. This process has been hindered by the impact of the financial crises. Despite the difficult financial markets, Odfjell announced the sale of MT Bow Sky(40,005dwt/built 2005) with an eleven year charter back. The transaction is entered into with a subsidiary of nabCapital
Clough Limited has entered into an agreement for an eight year charter of a new subsea operational support vessel. The as yet unnamed vessel will be ready for service in June 2008. Once operational the vessel will be deployed on various projects and contracts, primarily in the Australasian and SE Asian regions. The vessel is an advanced multi-purpose subsea construction vessel, developed in cooperation with owner and yard. Measuring 385 ft. long, with a beam of 72 ft
Hallin Marine signed a three year charter on a new subsea operations vessel with Seacor Marine (Asia) Pte Ltd, part of Seacor Holdings Inc. Hallin will take delivery of the new build Seacor Penrith in the second quarter of 2008 and will use the vessel to support its diving and Remote Operated Vehicle operations. The 67-m, dynamically positioned (DP2) vessel, has on board accommodation for 52 personnel and is fitted with a 20T SWL active heave compensated subsea crane.
Oceaneering International, Inc. (NYSE:OII) has announced that it has entered into a five-year charter for use of the Cade Candies, a multi-service subsea support vessel owned by Otto Candies LLC. The charter is expected to commence during the second quarter of 2013. This state-of-the-art, U.S. flagged vessel was built in 2010. It has an overall length of approximately 309 feet (94 meters), a Class 2 dynamic positioning system, accommodations for 69 personnel
Nordic Maritime, a leading offshore service operator, today announced a five year time charter for its DP2 IMR Subsea vessel, Mokul Nordic, which has been awarded by Noble Energy, the international energy provider. “At Nordic Maritime, we are delighted to have won this long term charter contract directly with a highly reputed international oil company, Noble Energy. This is a major achievement for us and together with our co-owner of this vessel, MDL Energy
Singapore-based dry bulk operator Pioneer Marine posted a loss of $80.6m for the fourth quarter, and a yearly loss of $96.9m for 2015. Excluding the effect of the impairment loss, net loss as adjusted would have been $22.5 million for the year ended December 31, 2015 or $0
GasLog Ltd. an international owner, operator and manager of liquefied natural gas ("LNG") carriers, announces the delivery of the GasLog Greece. The GasLog Greece, which has been constructed at Samsung Heavy Industries in South Korea, is a 174
Woodside today signed a five-year charter contract with Norwegian company Siem Offshore Australia Pty Ltd — an agreement that delivers Australia its first LNG-powered marine support vessel in 2017. Woodside Chief Operations Officer Mike Utsler said the announcement positioned the company
The first US-built and operated offshore wind farm crew transfer vessel will be named at an official christening ceremony in Quonset Point, Rhode Island. Following the Christening the ‘Atlantic Pioneer’, owned and operated by Atlantic Wind Transfers
GC Rieber Shipping has more than doubled its net profit for the second quarter and recorded a year-on-year increase in profit on more vessels in operations and currency gains. However it has warned of a continued focus on shorter contracts in the future.
Pioneer Marine, a shipowner and drybulk handysize transportation service provider, announced it has accepted delivery of a 38,464 DWT Green Dolphin eco-design handysize vessel, the M.V. Falcon Bay. The new vessel, which was constructed at Yangzhou Guoyu Shipbuilding Co
Tsakos Energy Navigation Limited announces two-year charter renewal at a 20 percent premium to prior contract reflecting strong tanker market fundamental, oil price levels positive for tanker markets Greece-based crude, product and LNG tanker operator Tsakos Energy Navigation Limited
Norwegian shipping company GC Rieber Shipping ASA has entered into an agreement with Dolphin Geophysical to increase Dolphins competitiveness in a challenging market. Rieber has agreed to take early redelivery of the survey vessel Polar Duke from Dolphin as part of an
Financially-troubled Japanese dry bulk specialist Daiichi Chuo Kisen Kaisha plans to halve its current long-distance shipping fleet, reports Nikkei. The debt-ridden shipowner under civil rehabilitation proceedings, also plans to improve profitability by updating charterage to
GasLog Partners LP, an international owner and operator of liquefied natural gas (LNG) carriers, increased quarterly cash distribution by 10% to $0.478 per unit for the third quarter of 2015, equivalent to $1.912 per unit on an annual basis.
Golar LNG Limited announced today that it has executed a firm contract to provide West African Gas Limited (WAGL) with floating storage and regasification unit (FSRU) services to support their liquefied natural gas (LNG) import operations in Ghana.
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
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’
Danaos Corporation one of the world's largest independent owners of containerships, today reported unaudited results for the fourth quarter and the year ended December 31, 2015. Highlights for the Fourth Quarter and Year Ended December 31, 2015:
Malaysian state-owned shipping company MISC has bought the remaining 50% stake in the Gumusut-Kakap Semi-Floating Production System Limited (GKL) for $445m from E&P Venture Solutions (EPV), part of Petronas Carigali.