West Asia Maritime Strikes Bareboat Charter Deal

Tuesday, February 14, 2006
According to reports, Chennai-based shipping company, West Asia Maritime Ltd. (WAM), has signed a memorandum of understanding (MoU) for taking a bulk carrier from Mitsui & Co. of Japan under bareboat charter for $33.527 million. Under the bareboat charter, a vessel charterer has complete possession and control of the ship, including the right to its crew. IHIMU of Japan will build the 56,120 dead weight tonnage (dwt) bulk carrier vessel. The new vessel, which is to be delivered in the first quarter of 2008, has been chartered for more than 12 years and six months and will be trading worldwide for the movement of dry bulk cargoes. Addressing a press conference here on Monday, Abdul Qadir, Managing Director, WAM, said this was the first time that an Indian shipping company had taken this route to control with an option to acquire ships. Under the proposed deal, WAM would be able to use the vessel for a long period with minimal investment and also have a purchase option. WAM could buy the asset at any time during the charter period at a pre-determined price.

WAM planned to augment its present fleet of 25 vessels within the next three years. The ships would be added through outright purchase and through bareboat charter/time charter operation. Company officials said besides owning three handymax dry bulk carriers, the company also acquired 73,879 dwt Panamax bulk carrier and converted the same as a self-unloader. The 2001 built Panamax self-unloader was a on ten-year time charter with Tamil Nadu Electricity/ Poompuhar Shipping Corporation Limited and operated on the East Coast of India for movement of coal. The major part of WAM's income came from the vessels it owned and operated. Source: The Hindu

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Young Taken on PESA Advisory Board

Hoover Container Solutions’ chairman and CEO, Donald Young, has been nominated and elected to the Petroleum Equipment & Services Association (PESA) Advisory Board for a three-year term.

US Navy Tests Latest Aegis Weapon System

The U.S. Navy conducted a series of cooperative air defense test exercises with the Spanish navy that culminated in live missile firing events using the latest Aegis Weapon System baseline July 20-21.

Antwerp Port CEO Scoops Baron Title

After 25 years as CEO of Antwerp Port Authority, Eddy Bruyninckx has been raised to the nobility by H.M. the king of Belgium with the rank of baron. In Belgium

Coast Guard

Migrants Survivors Tell of Struggle at Sea

The bodies of 21 women and one man were brought ashore to Sicily on Friday as fellow migrants described scenes of panic and violence when water poured into their dinghy.

Rescuers Recover 17 bodies, pick up 1,128 Migrants

An Irish navy ship recovered 17 dead bodies on Thursday when it went to the aid of migrants packed onto a wooden boat off the coast of Libya, Italy's coastguard said,

Turkey Scrambles Fighter Jets in Search of Missing Vessels

Turkish F-16 fighter jets scrambled on Wednesday to check reports that missing Turkish coastguard vessels had appeared in Greek waters in the Aegean Sea, Turkish military sources said.

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.0883 sec (11 req/sec)