Concordia Signs Charter with Hess

Tuesday, June 21, 2005
Concordia Maritime entered a five-year time charter agreement for a P-MAX tanker with the U.S. oil company Amerada Hess Corporation. The charter rate will be $23,000 per day.

The vessel, which is expected to be delivered around mid-2006, will mainly run between the Caribbean and US East Coast.

Amerada Hess Corporation is a global integrated energy company engaged in the exploration for and the production of crude oil and natural gas, the refining of crude oil and the sale of refined products, natural gas and electricity. Almost 70% of the capital is deployed in Exploration and Production. The stock trades on the New York Stock Exchange under the ticker symbol AHC.

The design of P-MAX vessels, which permits a larger freight load than corresponding standard vessels of the same draught, is advantageous in many ports, particularly on the US east coast, and offers customers excellent freight economy.

Thanks to the dual propulsion system, with two engine rooms, two rudders and two propellers, these vessels offer excellent levels of safety and manoeuvrability. The navigation systems and bridge layout have also been developed to facilitate better control, especially in confined and heavily trafficked passages. The bridge has a 360-degree field of view and dual command centres for manoeuvring. This agreement means that Concordia has now secured employment for five of the six P-MAX vessels on order, which will be delivered over a two-year period starting November 2005. Five-year time charter agreements have already been signed for two of the vessels with the French oil company TOTAL, and ten-year time charter agreements for two vessels have been signed with the Russian logistics company Progretra.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Jones Act Tanker Chartered for Airline Refinery

Delta Air Lines Inc's refining unit has chartered a U.S.-flagged oil tanker for the first time, allowing it to tap directly into cheap Texas shale oil as the company overhauls its supply strategy.

Horizon Delivers 4th 74’ Towboat for Canal Barge Co.

Horizon Shipbuilding, Inc., Bayou La Batre, AL, has delivered the fourth in a series of 74’ towboats to Canal Barge Company, Inc. of New Orleans, LA.    The Jane

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

Environmental

BOEM to Gather Data on Potential Oil & Gas Areas

As part of its commitment to a regionally tailored approach to safe and responsible domestic energy production, the Bureau of Ocean Energy Management (BOEM)

Rosneft Starts Up Field Work in the Kara Sea

On July 24 this year, research vessel Geolog Dmitry Nalivkin sailed from Kirkenes (Norway) to the Kara Sea. In the next three months 2D seismic survey, will

MOL Commended with Quality Ship Awards

MOL Commended for ‘FY2013 Best Quality Ship Award’; MOL president Koichi Muto meets with captain and chief engineer, exchanging views and working to establish a more solid safe operation system.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0977 sec (10 req/sec)