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 Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

First Subsea Achieves API 17L1 Certification for Bend Stiffener Connectors

Connector technology developer First Subsea has received APL 17LI certification for its bend stiffener connectors from the American Petroleum Institute, the company announced today.

Gulf of Mexico Sees First LNG-powered OSV

A special Offshore Supply Vessel (OSV) has been delivered to Shell for its deepwater operations in the Gulf of Mexico.   The vessel, Harvey Energy, is chartered

Bestobell Bags Hat Trick Order in China

Bestobell Marine, part of the President Engineering Group, has received its third order in the past 12 months from Hudong Zhonghua shipyard in China. The deal

Coast Guard

Bulker Loses Power, Runs Aground

The U.S. Coast Guard is monitoring a vessel that lost propulsion and briefly grounded in the vicinity of Welch Island, Wednesday. The crew of the 738-foot

Coastal Interceptors for Kuwait Coast Guard

Following an extensive evaluation protocol, the Kuwaiti Ministry of the interior has placed an order with Tampa Yacht Manufacturing LLC based in Florida – U.

Cargo Vessel Grounded on Scottish Coast Towed Today

The towing of the DFDS cargo vessel Lysblink Seaways began today at 1:00pm local time, the UK's Maritime Coast Guard Agency announced.   The vessel ran aground

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Sonar Winch
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: 0.1376 sec (7 req/sec)