Time Charters Cancelled by Japanese Charterer

Press Release
Friday, December 28, 2012

NS United Kaiun Kaisha (NSU) resolved early cancellation of dry-bulk ship  time charters due to unfavourable economic market conditions.

The cancellation will result in appropriation of extraordinary loss in Q3 2013.

Reason for the cancellations
The dry bulk market continues to keep at low levels, resulting in harsh conditions for the shipping industry. The mass completion of new vessels is observed to have passed its peak, but the market is forecasted to remain unstable due to excessive tonnage. Under such circumstances, NSU has reviewed the competitiveness of its fleet and in order to improve future profitability, has been negotiating with the shipowners for early cancellation of time charters agreed at high rates.

Conditions for early cancellations

Cancellation fees: The shipowners concerned, in the period January to February, 2013, will be due approximately 2,200 million yen (amount may vary depending on actual redelivery date).

 

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

Contracts

Ballast Water System Retrofits for 11 Containerships

Eleven container vessels owned by Bernhard Schulte GmbH & Co. KG, based in Germany, are to be retrofitted with Wärtsilä Aquarius Ballast Water Management Systems (BWMS), Wärtsilä announced today.

Timing in Doubt on Hapag-Lloyd IPO

German container shipping group Hapag-Lloyd has taken further steps in preparation of a stock market listing and has mandated more banks for the move, but it remains

Asia Tankers-VLCC Rates Will See More Volatility

VLCC market to be "hot" in Q4 -VLCC broker. Freight rates for very large crude carriers (VLCCs) face a roller-coaster ride on uncertain cargo volumes and vessel

Bulk Carrier Trends

Jotun, COSCO Celebrate 10,000th Antifouling Applications

In July, Jotun and Dalian Ocean Shipping Company (a wholly-owned subsidiary of China Ocean Shipping Company, Cosco Group), celebrated the 10,000th application of SeaQuantum,

Kirby Selects ABS as Subchapter M Solutions Provider

Proactive effort shows commitment to safety and environmental protection. ABS, a provider of maritime shipping and offshore classification services, has been

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel was contracted for sale in August 2015.

Finance

Imtech Germany to Be Sold in November

The German unit of bankrupt Dutch engineering services company Imtech is expected to be sold in November, according to Imtech Germany's insolvency administrator.

US Oil Drillers Cut Rigs as Crude Prices Collapse

U.S. energy firms cut a surprisingly sharp 13 oil rigs this week, the first drop in seven weeks, as a renewed slump in prices this summer forced drillers to make a second round of cut-backs.

Timing in Doubt on Hapag-Lloyd IPO

German container shipping group Hapag-Lloyd has taken further steps in preparation of a stock market listing and has mandated more banks for the move, but it remains

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics 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: 0.3705 sec (3 req/sec)