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Vessel Chartering News

21 Jun 2023

Elisabeth Cosmatos Appointed President of The Heavy Lift Group

Elisabeth Cosmatos (Source: THLG)

Elisabeth Cosmatos, Managing Director of Cosmatos Group, has been elected President of The Heavy Lift Group (THLG), an international association for specialised heavy transport companies.The appointment was made as part of the executive committee election during the 68th THLG Conference on June 5.Taking over from FOX Brasil’s Murilo Caldana, Cosmatos becomes THLG’s first female president. She is joined on the executive committee by Rhenus Projects’ Colin d’Abreo, Alessio Bianchi of DCS Liburnus…

03 Feb 2021

VIDEO: 2021 Will Be a 'Step-change' for U.S. Offshore Wind Industry

Credit:  chungking/AdobeStock

Despite being the second-largest global market for onshore wind, the United States is today a very minor player in comparison to the European and East Asian offshore wind markets, however, this is about to change.Philip Lewis, Director of Research, World Energy Reports said in an interview with Maritime Reporter TV, that 2021 is expected to be a "step-change" for the U.S. Offshore wind industry.But first, where are we today? Per Lewis, the U.S. currently has only two operational projects for a total of 42MW of installed capacity versus a global offshore installed base of 34…

28 Jul 2018

Baker Technology Buys Stake in CH Offshore

Oil and gas equipment supplier Baker Technology on Thursday made a mandatory unconditional cash offer for all the shares in CH Offshore, a vessel chartering firm."BT Investment (BTI), a direct wholly-owned subsidiary Baker Technology, has announced that it has entered into (a) a sale and purchase agreement with Energian, a wholly-owned subsidiary of Falcon Energy Group, a company listed on the Singapore Exchange Securities Trading to acquire 217,800,000 issued and paid-up ordinary shares in the capital of CH Offshore, representing approximately 30.90% of the total Shares for a purchase consideration of S$0.115 per share," said a stock exchange announcement from the company.It has also entered into a sale and purchase agreement with SZ Offshore Investment to acquire 153…

03 Jul 2018

Hapag-Lloyd AG: Bunker Costs Rise, Earnings Sink

© aomvector/AdobeStock

Maritime companies under market pressure have another negative force with which to deal: Steadily rising bunnker costs in tandem with oil's nearly year-long rise. According to Moody's, Hapag-Lloyd on June 29 revised its outlook for EBIT and EBITDA closer to the actual results for 2017 whereas previously the company expected both of those measures to increase. While Moody's noted that the weaker operating performance is a credit negative, the ratings for Hapag-Lloyd are unaffected.Hapag-Lloyd now expects to generate a full-year EBITDA in the range of €900 - €1…

26 Jul 2017

Baydelta Chooses Rapp Marine Electric Tow Winch

Photo: Rapp Marine

For several decades, Rapp Marine has designed and delivered towing winches for workboat market. Combining the best ideas from Rapp’s past work in the other commercial industries and recommendations from the tugboat operators, Rapp Marine has developed long lasting and dependable towing winches. These past towing winches have mainly been powered using hydraulic systems in the North American market. Rapp Marine has previously delivered electric winches to commercial vessels in other industries such as research, oil & gas, and fisheries for years.

28 Dec 2016

Innovative Boats: Marine News' Best of 2016

Image: Vard Marine

Marine News looks back at the past 12 months and showcases the best of North America’s workboat design shop and shipyard output. In a year where some stakeholders might not rank 2016 as the best of years in the shipyard or on the waterfront, we might disagree. And, there is plenty to write about. New contracts, deliveries and designs all combine to show that the collective workboat waterfront is moving forward, with technology, the environment and replacement tonnage requirements as the main drivers.

15 Nov 2016

Rickmers Maritime: Uncertain Outcome casts Doubt on Business

Rickmers Maritime, a Singapore-listed trust that operates container ships, said it faces the risk of going out of business given the uncertain outcome of its discussions with bondholders and senior lenders about restructuring its debt. The firm said it would not be able to pay an interest of S$4.26 million, which is due on Nov. 15, on a S$100 million ($71 million) bond that it has been trying to restructure. "In view of the uncertain outcome of the discussions with senior lenders and the adjourned noteholders' meeting, the trust is unable to demonstrate that it is able to continue as a going concern," Rickmers said in a statement. Rickmers is also currently in discussions with its lenders to obtain waivers on its obligations under existing senior loan facilities.

30 Jun 2016

Rolls-Royce Azimuth Thrusters Ordered for New Tug

Rolls-Royce has won an order for US255 FP z-drives from San Francisco’s Vessel Chartering LLC, a wholly owned division of Baydelta Navigation. The thrusters will provide the propulsion for a new high performance tractor tug designed by Jensen Maritime, Crowley Maritime Corp.’s Seattle-based naval architecture and engineering firm. The multipurpose tractor tug, which is being built by JT Marine of Vancouver, Wash., was jointly developed by Vessel Chartering LLC and Jensen. The 110-foot long vessel will feature the ship assist and escort capabilities of smaller harbor tugs, while delivering the improved towing performance and increased range of larger ocean-going tugs.

04 May 2016

Jensen Debuts New Tractor Tug Design

BayDelta (Photo: Jensen Maritime)

Crowley Maritime Corp.’s Seattle-based naval architecture and engineering firm, Jensen Maritime, reports it has designed a new tractor tug for Vessel Chartering LLC that features some of the first Tier IV engines meeting higher federal air emissions standards among U.S. tugboats. The multipurpose tractor tug, engineered to support ship escorts, assists and towing, was jointly developed by Vessel Chartering LLC and Jensen and is being built by JT Marine of Vancouver, Wash. The tug is planned for delivery in the second quarter of 2017 to Vessel Chartering LLC.…

06 Apr 2016

OML Joins InterManager

International trade association for in-house and third party ship managers InterManager has extended its membership from within the Middle Eastern shipping market, welcoming Overseas Marine Logistics (OML) as a full member. United Arab Emirates-based OML provides ship management services and operations to worldwide clients, specializing in offshore project management, commercial and technical management and vessel chartering. InterManager President Gerardo Borromeo said, “I am pleased to report that InterManager is receiving more applications for membership from around the globe. InterManager represents the interests of the ship management sector on the global maritime stage, particularly at meetings of the International Maritime Organization (IMO) and other key industry bodies.

15 Mar 2016

Thailand: Yang Ming, Regional Container Lines Pact On

Yang Ming Marine Transport Corp. (YM) inked a partnership agreement with Thailand’s Regional Container Lines (RCL) Group aimed at pooling the companies’ resources to weather a persisting downturn in the sector, according to a report in Taipei Times. The agreement  is expected to improve vessel utilization, reduce operating costs and expand coverage. The companies announced plans to expand bilateral cooperation on terminal operations in Taiwan and Thailand, slot exchange and vessel chartering services, as well as laden trucking and equipment interchange contracts. Due to slowing growth in developed markets, the companies are hoping to further tap the Asian market, where growth has been more resilient.

14 Feb 2015

ASL Marine's Profits Plummet

Singapore-based ASL Marine's profits for the second quarter ended 31 December 2014 dived 78.4% year-on-year to SGD1.432 million (USD1.05 million). Revenue also plunged 86% year-on-year to SGD47.44m due mainly to a revenue reversal of SGD95m recognized in the previous financial years, following the rescission of two OSV shipbuilding contracts in December 2014. The company says its first half earnings slashed on account of the difficult market conditions in the offshore sector due to the sharp decline in oil prices. According to ASL Marine's filing to Singapore exchange (SGX), the company felt that the shipping sector has been negatively impacted by the depressed prices of bulk commodities and oil prices.

02 Oct 2014

Vallianz Acquires OER Holdings for $28m

Vallianz Holdings Limited, a provider of offshore support vessels and integrated marine solutions to the oil and gas industry, has today announced that it is acquiring OER Holdings Pte. Ltd. for $27.7 million (USD). Headquartered in Singapore, OER is a provider of manpower services to the offshore industry and has been supplying professional crew with proven experience in offshore work and related hospitality services to clients worldwide including Brunei, Indonesia, Malaysia, Vietnam, Thailand, India and Mexico. OER was founded by Sugianto Tandio, a respected business entrepreneur who has gained recognition for his achievements through several awards…

25 Jul 2014

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 programme for the first 20 days of August, brokers said on Friday. The pause would come after charter rates from the Middle East to Asia jumped this week to their highest levels since February 27 after falling on Monday as owners resisted charterers' attempts to push prices lower, brokers said. "It's been quite busy this week," fuelled by charterers rushing to charter ships before next week's Eid holiday, said Kevin Sy, freight derivatives broker at Singapore's Marex Spectron. "I expect them to stay around the current level and might even move up a bit," Sy said on Friday, although he questioned if the gains are sustainable.

14 Jul 2014

Otto Marine Secures $404m Charter Contracts

Photo courtesy of Otto Marine

Otto Marine Limited, an offshore marine company which owns and operates a large fleet of offshore support vessels, shipyard and offers specialized offshore services, informed that the group has secured charter contracts worth approximately $404 million in the first half of 2014 (1H2014). Backed by long term relationships with leading oil and gas companies, Otto Marine said it holds an orderbook that stood at approximately $450 million as at June 30, 2014, with an average contract tenor of 3 to 5 years.

28 Apr 2014

JFMS Vessel Completes its First 2 Charters

Courtesy of James Fisher Marine Service

James Fisher Marine Service (JFMS) announces the successful completion of the SMV 24 vessel’s maiden charter and immediate subsequent charter at Round Three wind farm sites. The vessel accomplished its first charter working with offshore wind energy developer Forewind to support the Dogger Bank development, and the second charter was to RES Offshore delivering services to Hornsea wind farm. Both projects delivered support to critical metrological masts for the Round Three wind farm sites, transferring crew and equipment to carry out installation and maintenance activities.

17 Aug 2012

INSIGHTS: from Crowley's Todd Busch

Todd Busch: SVP and General Manager, Technical Services at Crowley Maritime Corporation. Todd Busch joined Crowley as an ordinary seaman in 1986, earning his masters’ license working aboard company tugboats before coming ashore in 1994 as a tug dispatcher. Since then, he has held a variety of positions with increasing responsibility within the firm. Today, the 24-year Crowley veteran is a member of the company’s senior leadership team, reporting directly to Crowley CEO Tom Crowley. Based at Crowley’s headquarters in Jacksonville, FL, he is responsible for several of the company’s business enterprises including the project management organization PMOrg (known as Crowley solutions), as well as subsidiaries Titan Salvage, Jensen Maritime Consultants, and Intrepid Ship Management.

27 Jul 2012

OP/ED: Maritime Education

Rear Admiral Richard Gurnon, USMS, is the President of the Massachusetts Maritime Academy.

Will the American University System Follow in the Wake of our Merchant Fleet? Everyone who came to America knew that the most reliable path to financial success and status was hard work and higher education. That formula even worked for those born here. The rush to higher education started in 1947 when the GI Bill sent millions of Americans to college. In fact, for years, almost half of all those entering college were veterans (note: Merchant Mariners were not included in that benefit.) Higher education was seen by the public as both affordable and valuable.

07 Jun 2012

Singapore's Swiber Win Major Offshore Contracts

These awards include offshore construction projects and vessel chartering services in the Asia Pacific region. In addition, it has received a letter of award (“LOA”) through its JV Company to charter out a spread of support vessels in the Middle East. Swiber’s contract wins in the Asia Pacific region include projects for engineering, procurement, and installation of pipelines, umbilicals, and subsea systems; and transportation and installation of wellhead structures and associated pipelines. In addition, the Group will provide vessel chartering services in the region. Work for these projects will commence immediately this year and will carry on into 2014.

06 Jun 2012

ABS Nautical Systems Expands in the Middle East

ABS Nautical Systems has signed a contract with Arina Offshore (Fze) for use of its NS5 Enterprise software, marking the fourth new customer win in this region. The Dubai based company which specializes in vessel chartering and brokerage will utilize the Maintenance Manager module on one of its offshore vessels through the ABS Transfer of Class Agreement (TOCA) Initiative*. The TOCA Initiative offers free software to any vessel that transfers class into ABS. Arina Offshore (Fze) also will implement the Purchasing & Inventory module from the NS5 software suite on two additional vessels. These modules give Arina Offshore (Fze) the ability to proactively monitor maintenance trends as well as streamline purchasing, budgeting and inventory processes.

08 Apr 2011

Star Bulk Enters Into New Time Charter Agreements

ATHENS, GREECE, April 7, 2011- Star Bulk Carriers Corp. The Company entered into a time charter agreement with SK Shipping for the vessel Star Cosmo for a period of 11-13 months, at a gross daily rate of $16,500. The new contract will contribute minimum $5.5 million to maximum $6.8 million in gross revenue. The Star Cosmo is a Supramax vessel of 52,247 dwt built in 2005. The Company entered into a time charter agreement with STX Pan Ocean for the vessel Star Ypsilon for a period of 7-9 months, at a gross daily rate of $13,000.

04 Apr 2012

Cargotec Secures Orders for Offshore Cranes

In March, Cargotec secured new orders for two 100-ton active heave-compensated offshore cranes from the wholly-owned subsidiaries of a Malaysian shipbuilding and vessel chartering group, Coastal Contracts Bhd (together with its subsidiaries "Coastal Group"). The cranes are destined for two 85m newly-built offshore support vessels, currently under construction within the group. "There was strong competition for these new orders," said Frode Grovan, Cargotec Director, Sales and Marketing, Advanced Load Handling. The delivery of the offshore cranes is scheduled within 14 months, and they will be manufactured in China.

23 Apr 2012

GAC Bunker Fuels Appoints new US Bunker Manage

Maurice Lara

GAC Bunker Fuels, part of global shipping, logistics and marine services provider GAC, has announced the appointment of Maurice Lara as its Bunker Manager for East Coast USA. He is based in Norwalk, Connecticut and accountable to Nicholas Browne, Global Director of GAC Bunker Fuels, and Bob Bandos, Managing Director of GAC USA. Lara's background is in marine fuel trading, domestic and international logistics, vessel chartering and negotiating charter party agreements and end-to-end commodity transportation.