Diana Shipping Dispute Early Charter Termination

MarineLink.com
Wednesday, November 27, 2013
MV Houston: Photo courtesy of Diana Shipping

Diana Shipping subsidiary Gala Properties Inc. has received a notice from the charterers of the 'M/V Houston' claiming that they are entitled to terminate the vessel's charter effective November 26, 2013 for purported breaches by the owners. A claim they firmly dispute as follows:

The Company believes that the owners have fully performed under the terms of the charter since its inception and that the charterers have no basis for the purported termination of the charter. The charterers have not previously alleged breaches by the owners. In contrast, payments by charterers under the charter have been late on numerous occasions.

Despite efforts by the owners to resolve the dispute with the charterers, the charterers have been unwilling to remedy their breach and anticipatory repudiation and/or renunciation of the charter by withdrawing their wrongful termination and providing the vessel with employment orders in accordance with the charter.

Owners have informed the charterers that their conduct constitutes a continuing repudiatory and/or renunciatory breach of the charter bringing the charterparty to an end. Owners will now seek to mitigate their losses as a result of the charterers’ breach and reserve all their rights  to claim such losses from charterers and/or to take appropriate steps to protect their position.

Background
The vessel MV Houston was time chartered to Shagang Shipping Company Limited a guaranteed nominee of the Jiangsu Shagang Group Co., at a gross charter hire rate of $55,000 per day for a period of a minimum of fifty-nine (59) months and a maximum of sixty-two (62) months. The charter commenced on November 3, 2009 and has an initial termination date of October 3, 2014.

Maritime Today


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

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

People & Company News

UASC Shareholding States Vote to Back Hapag-Lloyd Merger

United Arab Shipping Company (UASC) said its six shareholding states backed a merger deal with German container shipping line Hapag-Lloyd AG at a meeting on Wednesday.

List: Top Five UK Ship Owners

Following last week's landmark referendum results, VesselsValue has compiled a list of the top five U.K.-based shipowners and their total fleet value in USD billions.

FMC's Doyle Addresses VGM Rules

U.S. Federal Maritime Commission (FMC) Commissioner William P. Doyle issued a statement on the upcoming implementation of the SOLAS Convention’s verified gross mass (VGM) requirements:   On Friday,

Contracts

AWO Authorizes ClassNK to Perform RCP Audits

The American Waterways Operators (AWO) and ClassNK have signed an agreement under which ClassNK will be authorized to conduct audits of AWO's Responsible Carrier Program,

Radio Holland Wins Contracts for Canadian Coast Guard Vessels

Radio Holland Canada has won two major contracts to support the Canadian Coast Guard. Public Works and Government Services Canada, which is responsible for government procurement,

Young Brothers Orders Four New Tugs from Conrad

Young Brothers, Limited, Hawai‘i’s largest inter-island cargo service provider, and Conrad Shipyard, signed a contract to build four new tugs, a nearly $80 million

Bulk Carrier Trends

Star Bulk Carriers Reports 1Q Loss, Adds 3 Vessels.

The Athens, Greece-based Star Bulk Carriers Corp. (SBLK) has reported a loss of $48.8 million in its first quarter. The shipping company posted revenue of $46.

Agthia Signs 25-year Lease in Abu Dhabi

Abu Dhabi Ports and Agthia Group PJSC have signed a lease agreement aimed at expanding the group’s existing Grand Mills Flour and Animal Feed facilities at Zayed Port.

Baltic Index Rises on Greater Vessel Demand

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Wednesday, boosted by demand that is driving rates up across vessel segments.

Finance

Light at the End of the Tunnel Distant for Multipurpose Shipping

The demand outlook for the multipurpose fleet has not improved since the first quarter of 2016. The breakbulk and project cargo sector remain weak, with little

Star Bulk Carriers Reports 1Q Loss, Adds 3 Vessels.

The Athens, Greece-based Star Bulk Carriers Corp. (SBLK) has reported a loss of $48.8 million in its first quarter. The shipping company posted revenue of $46.

Jinhui Sells Supramax

Jinhui Shipping and Transportation has agreed to sell another supramax dry bulk carrier, having just made a similar deal earlier this month.   The purchaser is a company incorporated in Hong Kong.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar Winch
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: 0.0983 sec (10 req/sec)