Chartering Company News

Electric vehicles are crisscrossing the globe to reach their eager buyers, but the battery technology involved in the zero- emission automobiles is exposing under-prepared maritime shippers to the risk of hard-to-control fires, industry, insurance, and emergency response officials said.That risk has been put under the spotlight by the burning car carrier [Freemantle Highway] drifting off the Dutch coast. The Dutch coastguard said the fire's cause was unknown, but Dutch broadcaster…

Bermuda-based SFL Corporation has sold and delivered Front Hakata, a 2002-built very large crude carrier (VLCC).The international ship owning and chartering company said that the net cash proceeds to SFL was approximately $30 million after a compensation to Frontline Ltd. for the early termination of the charter.SFL Corp, formerly Ship Finance International, does not expect a material book effect from the transaction.The Front Hakata was the last vessel in the fleet remaining from the Company’s inception in 2004 and divesting of older vessels is part of SFL’s strategy to continuously renew and diversify its fleet.Following this transaction…

German shipping asset manager MPC Capital has acquired a strategic stake of 50 percent in compatriot tanker chartering company Albis Shipping & Transport.The Hamburg-based asset and investment manager informed that, Albis, led by Kim Moeller, operates a market-leading commercial platform for tankers of various sizes. Albis offers its customers tailor-made solutions for the chartering and operations of tankers.In addition to the technical ship manager Ahrenkiel Tankers, MPC Capital complements its range of services in the tanker segment by acquiring a shareholding in Albis. Following the recent merger between Contchart and Harper Petersen…

The international ship owning and chartering company Ship Finance International (SFL) announced that it has agreed to acquire three 300,000 dwt crude oil carriers, or VLCCs, currently under construction at Daewoo Shipbuilding & Marine Engineering (DSME) in Korea.The Bermuda-headquartered company said that the net purchase price will be $180 million, or $60 million per vessel and they are expected to be delivered to SFL within the next two months.The vessels were ordered in 2018 by affiliates of the Norwegian listed company Hunter Group, and have all the latest eco-design features, including exhaust gas cleaning systems. After delivery…

The international ship owning and chartering company Ship Finance International Limited (SFL) announced 60th consecutive quarterly dividend declared, $0.35 per share for the quarter ended December 31, 2018.Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "The strength of SFL's business model has been repeatedly proven over 60 consecutive quarters of profitability and dividends. This has been achieved over multiple shipping cycles, and we have been able to accomplish this by taking a very active approach to structuring our investments and managing our balance sheet.""The proceeds from total charter hire was $160m in the quarter from our 100% owned vessels and rigs…

Bermuda-based Ship Finance International (SFL) has entered into lease financing agreements totaling $270 million with an Asian-based institution to finance three 10,600 TEU container vessels acquired in 2018.The vessels are employed under long term time charters to Maersk Line A/S  until 2024, with options to extend the charters by up to four additional years, the ship owning and chartering company said.Each Lease Financing has a term of more than 10 years, with an option to purchase the vessel back after six years, at expiry of the firm period of the charters to Maersk. A portion of the proceeds from the Lease Financings have been used to refinance the $200 million loan facility arranged at the time of the acquisition.The interest rate of the Lease Financings is very attractive…

Ship Finance International Limited (SFL) announced that it has entered into a heads of agreement to amend the long-term chartering agreements with Frontline Ltd. The company currently has 17 vessels on charter to subsidiaries of Frontline, with an average remaining charter term of nearly eight years. The new agreement will take effect from July 1, 2015 and will be a combination of reduced long-term base rates, increased profit split and an ownership share in Frontline. The operating expenses…

Damen Shipyards Group delivered a Multi Cat 2613 on April 30, 2015 to Orkney, Scotland-based chartering company Scotmarine to be used for offshore tidal activities in Scotland’s Northern Isles. The hull of the new vessel was in stock and customized for the client earlier this year. The 50-metric-ton bollard pull vessel has a large crane and will replace the stock vessel Multi Cat Orcadia Scotmarine purchased three years ago. Scotmarine will deploy the new vessel in developing underwater tidal energy farms for Scot Renewables Tidal Power.

At the end of April, 2013 in Korea, MAN Diesel & Turbo’s latest G-type engine passed its Type Approval Test at HHI-EMD, the engine and machinery division of Hyundai Heavy Industries. The ultra-long-stroke G60ME-C9 engine went through its paces under the watchful eye of many interested observers, including representatives from the major classification societies. MAN Diesel & Turbo reports having close to 200 G-type engines on order, spread over a broad spectrum of applications…

The shipping and chartering company Golden Stena Weco has invested in an additional product tanker. The 9,000 dwt vessel, the Golden Avenue, will transport palm oil mainly in Southeast Asia and will sail primarily from Indonesia and Malaysia to India and China. “The Golden Avenue, like her sister the Golden Adventure, is part of our jointly owned fleet and will be employed in transporting Golden Agri’s palm oil cargoes, mainly in Asia. The acquisition is yet another step in building up our joint venture”, says Erik Hånell, President & CEO Stena Bulk. Golden Stena Weco is a joint venture between Stena Weco and the Indonesian palm oil producer Golden Agri Resources (GAR).

Golden Stena Weco recently invested in its first tanker within the framework of the newly established joint venture. The 9,000 dwt tanker, called Golden Adventure, will be delivered from the Chinese shipyard Dongfang Shipbuilding in the next few days after reprofiling. “The Golden Adventure is the first tanker in our jointly owned fleet and will be employed in transporting Golden Agri’s palm oil cargoes mainly in Asia, more exactly from Indonesia and Malaysia to India and China”, says Erik Hånell, MD, Stena Weco. Golden Stena Weco is a joint venture between Stena Weco and the Indonesian palm oil producer Golden Agri Resources (GAR). The shipping and chartering company Golden Stena Weco recently inaugurated its office in Golden Agri Plaza in Singapore.

In December 2011, Damen Pontoons & Barges signed three contracts for a total of five purpose-built Damen Stan Pontoons (SPo): two Damen Stan Pontoons 6511 for Mammoet Maritime (The Netherlands), two Stan Pontoons 8916 ICE for Silverburn Shipping (I.O.M.) Ltd (UK) and one SPo 4113 for Rhumb Maritime (Australia). Delivery of the pontoons will take place between March and September 2012. Melbourne-based chartering company Rhumb Maritme ordered a Damen Stan Pontoon 4113 (41 x 13 m) with an outfitting best suited to the company’s current needs in the Asia-Pacific region.

When one hears “off shore energy” in the marine sector, it is the petroleum industry that comes most readily to mind. Now a Shetland vessel chartering company has taken delivery of a boat with specialized equipment to support the maintenance of off shore wind-powered electrical generating units. Serving a function similar to that of Gulf of Mexico jack-up boats the new vessel has two 15-meter spud legs to hold it in position while servicing the wind mills. The portside push bows have a gap to suit the four-meter base of wind-farm piles, allowing the vessel to push up against the pile without fear of sliding off. The harder you push the less motion is felt at the bow of the vessel therefore allowing the safe transfer of personnel and heavy parts…

Bach Dang Shipyard Corporation, an affiliate of the Vietnam Shipbuilding Industry Group (Vinashin), on September 18 christened the 22,500-ton VTC Dragon. The vessel was later handed over to the Viet Nam Sea Transport and Chartering Company. The ship, 502-ft. long and 85.3 ft. wide, is equipped with a 6,253 kW engine imported from Japan and was built under the supervision of Japan's NK company. VTC Dragon is the third of its kind built to date under a contract of eight such vessels for subsidiaries of the Viet Nam National Shipping Lines (Vinalines). So far, the ships are the largest to be built by the Bach Dang Shipyard. The shipyard is also carrying out a contract to build ships of 4,900 tons for an Italian owner and a 17,500-ton ship for a Republic of Korea owned company.

Following are financial details of a planned fleet privatization in Lithuania. JSC Klaipeda Transport Fleet (KTF) is one of the largest Lithuanian shipping companies, whose principal activities are transportation of refrigerated cargo by sea and lease of sea transport vessels. The authorized capital of the company as of December 31, 2001 amounted to about $38.3 million. KTF owns and operates 16 small- and medium-sized cargo reefers. The main cargo handled by the company includes frozen fish, meat, chicken, butter, fruits and vegetables. The capacity of KTF's vessels is from 85,000 to 470,000 cu. ft., the average capacity - 189,000 cu. ft. The total capacity of the fleet is 85,664 cu. m. According to this class of vessels, the company's fleet is the fourth largest fleet in the world.

After a number of starts and stops, it appears that the new year will bring in fresh opportunities for shipping companies to expand fleets with Lithuanian fleet acquisitions. Both JSC Klaipeda Transport Fleet (KTF) and JSC Lithuanian Shipping Company are set to hit the theoretical auction block. Following are key details of both auctions. KTF is one of the largest Lithuanian shipping companies, whose principal activities are transportation of refrigerated cargo by sea and lease of sea transport vessels. The state holds and offers 105,800,225 (80.89 percent) shares in the company at the starting price of 48,668 thous.LTL (1 EUR=3.4528 LTL). KTF owns and operates 16 medium and small-sized cargo reefers, with a total fleet capacity of 85,664 cu.

The Coast Guard is investigating a tug fire that occurred yesterday south of Demopolis, Ala. on the Tombigbee Waterway. The Alabama Marine Police notified the coast guard Monday morning when the tug, Nonnie, pushing six empty hopper barges had caught on fire and was drifting south on the Tombigbee Waterway. The Coast Guard Cutter, Wedge, from Demopolis, an HU-25 Falcon jet from Aviation Training Center Mobile, and pollution response and investigation teams from Marine Safety Office Mobile were immediately dispatched to the scene. The vessel, owned and operated by Equipment Chartering Company inc. in bay St. Louis, Miss., was en route with the barges to a quarry on the Tennessee River from Back Bay Biloxi, Miss.