Charters News

At a high-level, there are three solutions to transferring technicians from shore bases to offshore wind farms for construction and O&M activities: crew transfer vessel (CTV), helicopter, and SOVs/CSOVs.SOVs and CSOVs generally house 60-120 technicians offshore for a few weeks at a time, allowing them to transfer to structures on integrated heave compensated gangways, by daughter craft or on CTVs. The vessels are also equipped with cranes, storage, and small workshop areas.SOV: Service operations vessels…

Since our last market update in the subsea space about a year ago both our current market view and forecasts have strengthened significantly.While the demand picture is looking solid and arguing for a strong multi-year upcycle, the supply side has also started to wake from its slumber albeit ever so slightly at the time of writing. Moreover, we register an interesting dynamic on the shipowner side, where everyone is trying to position themselves for the impeding market boom.Please note that vessel definitions and abbreviations in this part of our industry can vary…

Chevron has chartered its first hybrid electric bunker tanker from V-Bunkers that will be used to provide fuel to maritime customers in Singapore region.The bunker tanker is expected to consume approximately 20% less fuel compared to a conventional tanker as it goes about its operations, which can reduce emissions and costs, according to Chevron.Instead of three auxiliary engines, as a conventional fueling barge this size would have, the barge has two auxiliary engines and an electric power distribution system.Current technology doesn’t allow barges to run completely on electricity…

Maaskade Group's Sima Charters has christened its latest newbuild crew tender vessel in the Netherlands.The high-speed aluminum monohull vessel, SC Ruby, was built by Neptune Marine.The 23-meter-long vessel is equipped with triple Volvo Penta IPS 1050 propulsion and features a Seakeeper gyrostabilization system for increased workability.

Stena Bulk completed the sale of two of its LNG carriers – Stena Crystal Sky and Stena Clear Sky – to BW LNG.As part of the sale, BW LNG will assume the existing charters for both vessels.Both vessels were originally delivered in 2011 from Daewoo Shipbuilding & Marine Engineering in South Korea. Stena Crystal Sky and Stena Clear Sky each have an LNG carrying capacity of 174,000 cbm.“As part of our strategy to continuously look for new opportunities, Stena Bulk took the decision some time ago to sell Stena Crystal Sky and Stena Clear Sky," said Erik Hånell, President & CEO of Stena Bulk.

QatarEnergy signed time-charter party (TCP) agreements with Qatar Gas Transport Company (Nakilat) for the operation of 25 conventional-size LNG vessels as part of the second shipowner tender under QatarEnergy’s LNG fleet expansion program.Seventeen of the 25 LNG vessels are being built at the Hyundai Heavy Industries (HHI) shipyards in South Korea, while the remaining eight are being built at Hanwha Ocean, also in South Korea.These agreements firm up last month’s selection of…

Rising oil tanker chartering rates due to global shipping disruption are forcing oil shippers to take on longer-term shipping charters, executives said this week at an energy conference in Houston.The global oil tanker fleet must now travel further to get crude to refineries and fuel to consumers. European sanctions have forced Russian exporters to send oil to Asia that would have otherwise gone to Europe. Attacks on vessels in the Red Sea have forced some shippers to sail around…

Shipowner SFL Corporation on Wednesday announced it has agreed to acquire three new LR2 product tankers in combination with long term time charters to an energy and commodities company.The vessels are currently under construction in China, with the latest eco-design features, SFL said, noting the sellers are affiliates of the company’s largest shareholder Hemen Holding Ltd.SFL said it will acquire the three ships for an aggregate purchase price of approximately $230 million, in…

2023 was the first year of real recovery for owners in the offshore supply market and yet we have barely skimmed the surface of what’s to come.The market is still on an upward trajectory with charter rates accelerating month-by-month, availability changing day-by-day, leading to earnings doubling and, in some segments, tripling since the lows of 2020. Current rates will remind many of the glory days of pre-2014 with the demand for OSVs projected to remain elevated for years to come.In general…

Swedish shipping company Stena Bulk has expanded its fleet with new long-term charter agreements for four newbuild eco Medium Range (MR) tankers.Two of the vessels, Stena Continent and Stena Conquest, will be delivered from Hyundai Mipo by the end of 2025.Two further eco MR tankers, Stena Contender and Stena Concept, will follow in 2026. All vessels are set to use the South Korean yard’s latest 8th generation MR tanker design, which has been recognized for its excellent efficiency performance.The tankers will feature efficient fuel consumption systems…

SunStone Maritime Group announced it has secured multi-year charters for two of its expedition cruise ships.The deals are for SunStone's Infinity Class vessels Ocean Explorer and the Ocean Odyssey, both built by China Merchants Heavy Industry (Jiangsu) and delivered in 2021 and 2022 respectively.Under its new charter agreement, Ocean Explorer will return to polar cruising in October 2024 for SunStone's long-term client Quark Expeditions. The vessel, which ran aground in a remote part of Greenland last year…

Algoma Central Corporation announced it has acquired two 2009 built, 16,600 dwt product tankers from Norway’s Knutsen OAS Shipping.“We identified an opportunity to secure high-quality ice-class product tankers suitable for trading in Canada and in Northern Europe. These additions will strengthen our capacity to deliver reliable service to our valued customers,” said Gregg Ruhl, President and CEO of Algoma.The vessels are believed to be the Liv Knutsen an Eli Knitsen, built by China's Jiangan Shipyard Corp.The vessels will initially be on bareboat charters back to the sellers.

Bahri business unit Bahri Chemicals will charter two newbuild methanol-powered tankers under a five-year agreement with methanol producer Proman. The vessels, which were officially named during a ceremony hosted at Guangzhou Shipyard International (GSI) in China in November 2023 where both ships were built, will be deployed to transport various products globally.The vessels are the final two of an initial six-strong methanol-fueled tanker fleet commissioned through the partnership between Proman and Stena Bulk.

Subsea solutions provider N-Sea Group announced it has entered into an agreement with Geo Plus to long term charter the Dutch flagged vessel Geo Ranger, a hybrid survey and ROV support vessel.The Geo Ranger will accompany the Geo Focus which is already under N-Sea management and control.The fuel efficient vessel Geo Ranger is equipped with smart on-board technology, comprising various different sensors and a plug-and-play system for additional, project-specific customer equipment.With DP station keeping capabilities…

Analysts and commentators are quick to point out that fossil fuels will power maritime equipment, and indeed dominate the fueling marketplace, well into the future. However, they will do so alongside new fuels, and new technologies, that will be introduced to the maritime sector in the coming years. In its September, 2023 report “Beyond the Horizon: View of the Emerging Energy Value Chains”, the American Bureau of Shipping (ABS) explains that, “During the recent 80th meeting of the Marine Environment Protection Committee (MEPC 80)…

DOF Group announced it has struck a deal to charter a Jones Act-compliant offshore support vessel (OSV) for work in the U.S. Gulf of Mexico.The Norwegian-based company said it is time chartering Bordelon Marine's ultra light intervention vessel Connor Bordelon for a one-year period starting in March 2024. The deal includes an option for an additional year.Built by Bordelon Marine Shipbuilders in 2013, the 257-foot-long DP2 vessel is equipped with a SMST 60-ton active heave compensated (AHC) crane with 3,000 meters water depth capabilities.

GTT has received an order from HD Hyundai Heavy Industries for the tank design of two new very large ethane carriers (VLEs), on behalf of shipowner Purus.GTT will design the tanks of these two vessels, which will each offer a capacity of 98,000m3. The tanks will be fitted with the Mark III membrane containment system developed by GTT.Delivery is scheduled between the fourth quarter of 2026 and the second quarter of 2027.The vessels will feature dual-fuel ethane engines and optimized cargo handling systems, enabling lower CO2 and SOx emissions.

The Australian Commercial Marine Group (ACMG) has merged with the Commercial Vessels Association (CVA).The CVA has been a steadfast advocate for the interests of commercial vessel operators. Specializing in operations on Sydney Harbour and extending its influence throughout regional NSW, the CVA encompasses a diverse range of operators, including ferry services, tour and party boats, houseboats, whale and dolphin watching ventures and fishing charters.The association played a pivotal role in advocating for the Marine Tourism and Charter Vessels Award…

Oslo-listed Standard Supply has recently agreed to sell three large platform supply vessels, Standard Viking, Standard Supplier, and Standard Defender, for a gross of $72.2 million.Adjusting for ownership, proceeds to Standard Supply will be $69.5 million gross. The transaction is contingent upon certain conditions to be lifted by the end of November, and completion is expected no later than mid-January 2024. Martin Nes, Chairman of Standard Supply said: “Standard Supply was always intended to be an asset play with an opportunistic approach towards the market.

Seaspan Corporation has taken delivery of Maersk Cleveland, the second of six new SAVER 15,500 TEU series vessels.The ship was delivered from China's Jiangnan Shipyard on November 15.Seaspan, a wholly owned subsidiary of Atlas Corp., announced contracts to build the six ships in March 2021 as part of a raft of new shipbuilding orders.Upon completion, each vessel will enter long-term charters with global liner customers.The series' first vessel, Maersk Charleston, was delivered earlier this year. The series' remaining ships are scheduled for delivery through mid-2024.

Vard, a Norwegian firm specializing in shipbuilding and design, said Friday its subsidiary in Vietnam, Vard Vung Tau, had delivered a newbuild 944 Grampian Tees service operation vessel to owner North Star.This SOV is the third of four purpose-designed and built ships destined for decade-long minimum charters to support operations and maintenance (O&M) work at the Dogger Bank offshore wind farm.Once the wind farm currently under construction is fully operational, it will become the largest in the world, producing enough electricity to power six million British homes.

Purus said Friday it had ordered two 98,000 cbm very large ethane carriers (VLEC) from Hyundai Heavy Industries in South Korea, scheduled for delivery in 2026 and 2027. According to Purus, the VLECs vessels will feature dual-fuel ethane engines and optimized cargo handling systems, enabling lower CO2 and SOx emissions. "Additional energy-saving devices will further contribute to emission reductions. Both vessels shall be delivered directly into long-term time charters." Purus said.Financial details were not disclosed.

Norwegian shipping company Odfjell SE announced it is expanding its fleet with six newbuildings through a combination of long-term time charter and pool agreements with Japanese shipowners and shipyards.This increases the total to twelve 25,000 - 40,000 dwt stainless steel vessels to be delivered on long-term time charters and pool agreements between 2024 and 2027.The series of newbuildings will be built at multiple shipyards in Japan and are scheduled to be delivered from 1H2026 to 1H2027.