OMI Announces Construction of Additional Vessel and Time Charters

Monday, October 13, 2003
OMI Corporation of Stamford, Ct. has exercised an option to have a sixth 37,000 dwt ice class 1A product carrier constructed for it by Hyundai Mipo Dockyard Co., Ltd in Ulsan, Korea; (2) it has entered into time charters for the fifth and sixth of the 37,000 dwt product carriers with the Handytankers KS pool operated by an affiliate of A.P. Moller of Copenhagen for five years from the deliveries in 2005; both of the charters have a base rate and profit sharing on earnings above the base rate. Five of the six vessels now on order have five year time charters with a base rate and profit sharing; (3) the time charters on the vessels RHONE and SEINE with a subsidiary of Total, the French oil major, have been extended for an additional year to April and July 2005, respectively, at a fixed rate for the additional year. Craig H. Stevenson, Jr., Chairman and Chief Executive Officer stated, "The Maersk handysize pool is a top echelon commercial operator of product carriers and we are excited with our direct relationship with them. This gives us two superior charterers with whom we have profit sharing time charters. The additional charters and the extensions of existing charters have increased both our secure revenue base with revenues now into 2010 and our upside from numerous time charters with profit sharing."
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Sanamar Launches 3 Tugs from New Yard

Sanmar’s new custom-built, general purpose shipyard at Altinova, Turkey, has launched three 60-metric-ton bollard pull tugs on the same day, less than five months since work first started at the yard.

Evergreen Names Penultimate L-type Containership

A naming ceremony was held for the Evergreen Group’s newest containership, Ever Lovely, the ninth of its L-type vessels to be built by CSBC Corporation in Taiwan

Technip Wins Jurong's FPSO Conversion Contract

Technip has been awarded a topsides detailed engineering and procurement services contract by Jurong Shipyard Pte Ltd. The project is part of the conversion of a shuttle tanker into a floating,

Tanker Trends

DryShips Sells Six Aframax Tankers

Dry bulk and petroleum cargo shipper DryShips Inc., through its majority owned subsidiary, Ocean Rig UDW Inc. of offshore contract drilling oil services, announced

Shipping Confidence at 7-year Low -Survey

Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the past seven years,

Pirates and Hold-ups: Crime Strikes Venezuela's Oil Industry

When night falls over western Venezuela, armed gangs known as "pirates" sometimes ride boats into muggy Lake Maracaibo to steal equipment from oil wells.   In the country's Paraguana peninsula,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1664 sec (6 req/sec)