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.
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
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.
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
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
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.
Chinese shipyards register a 49% plunge in first half 2012 orders. 'Gulf News' informs that China has 1,536 shipyards with annual sales of more than five million yuan ($780,000), according to the China Association of the National Shipbuilding Industry. Shipbuilding and shipping capacity surged because of speculation fuelled by China’s demand for raw materials. The government also provided low-cost financing for new vessels to help support shipyards.
Greek shipowners order construction of iron-ore carriers in the belief that the 5-year charter-rate slump is coming to an end. The companies ordered 12 Capesizes last quarter, the most since the beginning of 2008, according to data from Golden Destiny SA, a shipbroker in Piraeus, Greece
Tsakos Energy Navigation Limited (TEN), a product, crude and LNG tanker operator today announced the successful delivery of its second fully coated DP2 suezmax shuttle product tanker, Brasil 2014, from South Korea. The Brasil 2014 is a sister vessel to the Rio 2016 that was delivered in March
SBM Offshore has received a Letter of Intent (LOI) for the 20-year charter & operation of two FPSOs from BM-S-11 subsidiary Tupi BV. The FPSOs will be deployed at the Lula field in the pre-salt province offshore Brazil. BM-S-11 block is under concession to a consortium comprised of PETROBRAS
Greece-based Tsakos Energy Navigation Limited (TEN) fix 3-year charters for 5 Panamax LR1 product tankers with a major national end-user. These fixtures are expected to generate close to $80 million in gross revenues over the duration of their contracts
5 Vessel Stretch Order highlights a flurry of new activity for the Gulf coast-based marine operator. Harvey Gulf International Marine - announces that the company signed an agreement with Bollinger Shipyard to stretch five (5) of its recently acquired OSV’s from 230 feet to 270 feet
GasLog Ltd. orders two new 174,000 cbm Tri-Fuel Diesel Electric LNG carriers from Samsung Heavy Industries Co., Ltd. The vessels are expected to be delivered in Q1 and Q2 2016, respectively, and upon delivery will commence firm ten-year charters with a subsidiary of BG Group plc.
Seaspan Signs Newbuilding Contracts for Fuel Efficient SAVER Design 14,000 TEU Class Vessels at HHI Secures 10+2 Year Time Charters with Yang Ming Seaspan Corporation (NYSE:SSW) has announced that it has signed contracts for the construction of five 14
Cal Dive International charters out diving vessel & also wins 3 Australian saturation diving contracts. The company's diving vessel Kestrel is chartered to a major contractor in Mexico to perform repair and maintenance work for Pemex. The charter started in mid-October and has a fixed term
Bollinger Shipyards, Inc. has been awarded a contract by Hornbeck Offshore Services (HOS) to convert six (6) 200 class DP1 offshore supply vessels (OSV’s), to 240 class DP2 OSV’s. The announcement was made by Bollinger executive vice president, Ben Bordelon, who said
MAN GenSet engines to power standby ship in harsh climate. On 26 July 2012, Zamakona Shipyard S.A. delivered the 87 m long standby vessel ‘Esvagt Aurora’ to the ESVAGT AS company, belonging to the Danish multinational A.P. Møller-Mærsk Group
Aker Solutions wins contract to supply drilling equipment packages for a series of six deepwater drillships for the Brazilian market. The six new vessels will be operated by Norwegian drilling operators Seadrill and Odfjell Drilling (3 each) under 15-year charter contracts from Petrobras
Harvey Gulf Awarded Four Long Term OSV Charters and Orders 9,000 Long Ton Drydock. Today, Harvey Gulf International Marine announced that it has signed long term charters for 3 of its LNG powered Offshore Supply Vessels, making Harvey Gulf the first company to build and contract
Ultrapetrol (Bahamas) Limited (Nasdaq:ULTR), an industrial transportation company serving marine transportation needs in three markets (River Business, Offshore Supply Business and Ocean Business), announced the sale of 14 wet and dry barges to a third party in Colombia
Golar LNG Ltd. secures Chile's first Floating Storage & Regasification (FSRU) contract award Golar LNG Limited has been awarded the Gas Atacama Mejillones Seaport's FSRU Project ("Gas Atacama"). The FSRU will be moored approximately 1
Athens, Greece – Tsakos Energy Navigation Limited announced the order of one plus one state-of –the–art LNG carrier for delivery in the first quarter of 2015 at a major South Korean yard. The vessel is of the new tri-fuel design, enabling the ship to run on fuel oil