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Capital Product Partners L.P. Announces One Year Time Charter

Capital Product Partners L.P. (CPLP) has  announced the chartering of the M/T Avax to BP Shipping. The M/T Avax (47,834 dwt, IMO II/III Chemical Product Tanker built 2007 Hyundai Mipo Dockyard, South Korea) was chartered in October 2013 to BP Shipping for a minimum charter term of one year (+/- 30 days). BP Shipping has the option to extend the charter for an additional 12 months at a gross day rate of $15,600 per day. The vessel had been under charter with Capital Maritime & Trading Corp., CPLP's sponsor, as of April 2013 for 12 months (+/- 30 days) at a gross daily charter rate of $14,750. The vessel's actual earnings under the new charter are $14,750 gross per day until May 2014 and $14,800 gross per day between May and October 2014, as the new daily charter rate includes compensation that Capital Maritime will pay to the Partnership for the vessel's early redelivery in accordance with the terms of the charter party agreement with Capital Maritime. The transaction was unanimously approved by CPLP's conflicts committee.  


Safe Bulkers Time Charter for a Capesize Vessel

Safe Bulkers, Inc. (NYSE: SB) announced that it has entered into a new period time charter for the Kanaris, a 177,000 dwt Capesize class vessel, for a minimum duration of 12 months and a maximum duration of 14 months, at a gross daily charter rate of $31,000 less 5% total commissions. The new time charter will commence upon completion of the current charter, scheduled to occur in September 2010. Upon expiration of the completion of this new charter


Knightsbridge Announces Time Charter

Knightsbridge Tankers Limited entered into new time charter agreements for its two very large crude carriers, TI Ningbo and TI Qingdao. The two VLCCs, which are currently time chartered to Tankers International LLC, will commence their new time charter employment directly after the current charters expire in the first half of 2007. The TI Ningbo has been chartered for a period of four years and the TI Qingdao for a period of five years


Stealthgas Announces Charter Renewals

Stealthgas has entered into new time charter agreements for M/V Gas Sophie, M/V Gas Czar and M/V Gas Nemesis. The company has entered into a new bareboat charter for M/V Gas Ice and extended time charters for M/V Gas Renovatio, M/V Gas Zael, M/V Gas Sincerity, M/V Gas Shanghai, M/V Gas Kalogeros, M/V Gas Legacy, M/V Gas Icon and the M/V Gas Spirit. The M/V Gas Sophie, upon its scheduled delivery in October 2007 will be deployed on a time charter for 12 months to an international gas trader


Arlington Tankers 2Q Results

Arlington Tankers announced financial results for the second quarter ended June 30, 2008. For the quarter ended June 30, 2008, the company’s total revenues were $17.4m, consisting of $16.5m in basic vessel charter hire and $900,000 in additional charter hire that the company received under its profit sharing arrangements. On the basis of the second quarter results, ’s Board of Directors has declared a cash dividend of $0.56 per share


CPLP, OSG Reach Conditional Agreement

Capital Product Partners L.P. (the "Partnership" or CPLP) (NASDAQ: CPLP) has reached a conditional agreement with Overseas Shipholding Group Inc. (OSG) and certain of OSG's subsidiaries regarding the long term bareboat charters of three of its product tanker vessels. On November 14, 2012, OSG made a voluntary filing for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware


Stelmar Shipping Announces Time Charters

Stelmar Shipping Ltd. has renewed an existing time charter for the Primar and an existing time charter for the Petromar. The company also announced that it has signed a new time charter for the Allenmar, which had been trading in the spot market since the end of October, after being redelivered in late October from its previous time charter. Primar, a 1988 double sided product tanker, has been renewed on a six-month time charter with Adam Maritime Corporation at a rate of $11,250 per day


Diana Shipping Puts Vessel on Charter

Diana Shipping Puts Its Panamax Carrier Danae on a 2-Year Charter at a Daily Rate of $29,400 Diana Shipping Inc., which owns and operates a fleet of dry bulk vessels, has signed the Panamax carrier Danae to a time charter contract with Hanjin Shipping Co. of Seoul, according to the AP. Athens, Greece-based Diana Shipping said the charter would span between 22 months and 25 months at a daily rate of $29,400. The employment will start on April 22 and the company expects it will generate


BIMCO Publishes ISPS Clause

In response to industry demand for an ISPS provision suitable for voyage charters, BIMCO published on March 3 an ISPS Clause for voyage charter parties to complement the time charter version produced in November last year. The Clause addresses the allocation of costs and responsibilities relating to shipboard and shore-based security measures arising from the implementation of the ISPS Code. The ISPS Clause for Voyage Charter Parties has been drafted by the same team of legal and


Don’t Leave Port without These Terms in Your Vessel Charter

Fred Goldsmith, licensed in Pa., W.V., Ohio & Texas, practices admiralty & maritime, railroad, personal injury, motorcycle, insurance coverage and commercial litigation with Pittsburgh-based Goldsmith & Ogrodowski, LLC (www.golawllc.com). If you have questions about this column, you can reach him at fbg@golawllc.com or (877) 404-6529.

From MarineNews May 2010 Put it in Writing When chartering an asset so valuable and with so many risk exposures as a vessel — whether a 15-ft RIB or a 4,000 HP tractor tug, put the agreement in writing. While I have previously written in this magazine about how maritime contracts can be enforceable under admiralty law (see “Marine Contracts: Do I Have to Put it in Writing?” MarineNews, June 2008), it is far preferable to put the terms in writing


Concordia Maritime Charters Two MR Tankers

Concordia Maritime has signed a contract for the chartering of two IMO2/3 class MR tankers. This a joint chartering arrangement with Stena Weco, and Concordia Maritime’s share amounts to 50 percent. The contract is for one year, and the charters run from June and July 2017.


Polarcus Amani Delivered to Sovcomflot

Polarcus Amani (Photo: Polarcus)

 A 5.5 year bareboat charter agreement between Polarcus Limited Norwegian subsidiary Polarcus Amani AS and SCF GEO AS (Sovcomflot) has been signed, and the vessel delivered to Sovcomflot in Bergen.   The vessel was delivered without streamers


Navios Maritime Acquires One Capesize Vessel

Image: Navios Maritime Partners

 Navios Maritime Partners, an international owner and operator of drybulk and container vessels, announced that it has agreed to acquire one 2010-built Capesize vessel of 178,132 dwt for a purchase price of $27.5 million.   The vessel is expected to be delivered to Navios Partners'


Scorpio Bulkers Charters in Ultramax Vessel

Dry bulk vessels owner Scorpio Bulkers Inc. said it has entered into a time charter-in agreement with an unrelated third party on one Ultramax vessel.   The agreement is for two years at approximately $10,125 per day with an option to extend the agreement for one year at approximately $10


Asia Dry Bulk-Capesize Rates Set to Climb Again

File Image (CREDIT: AdobeStock / Lidian Neeleman)

Capesize rates hit new multi-month highs this week; BHP and FMG likely to renew chartering activity next week.   Freight rates for large capesize dry cargo vessels on key Asian routes, which hit multi-month highs on Tuesday, could climb further on increased chartered activity by miners


Baltic Index Drops as Cyclone Dampens Demand

On March 29, 2017 at 3:24 a.m. UTC the VIIRS instrument aboard NASA-NOAAs Suomi NPP satellite captured this visible image of Tropical Cyclone Debbie over Queensland, Australia. (Photo: NASA/NOAA)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Friday as closure of mines and ports in Australia due to a cyclone weighed on demand for capesize vessels. Cyclone Debbie, which struck Queensland this week


Capesize Rates Further Impacted by Cyclone Debbie

© Lidian Neeleman / Adobe Stock

Coal shipments from eastern Australia could stop for 3-4 weeks.   Freight rates for large capesize dry cargo vessels on key Asian routes, which fell to multi-week lows this week, are likely to remain depressed in the absence of Australian coal cargoes and iron ore and coal from South Africa


BP Extends PSV Deals with Deep Sea Supply

Photo: Deep Sea Supply

 Oslo-listed offshore vessel owner Deep Sea Supply has secured two time charter contract extensions with BP Egypt.   The PSVs Sea Spear and Sea Spark have been awarded a 1 year extension of their charter contracts with start from end of current firm period, in July 2017.  


MPC Rolls Out New Box Ship Investment Firm

Photo: MPC Capital AG

 MPC Capital AG, an international asset and investment manager, has initiated an investment company with a focus on small-size container ships between 1,000 and 3,000 TEU.    The newly formed 'MPC Container Ships AS' raised USD 100 million in equity in a private placement towards


DryShips Enters into Newcastlemax Contract

Pic: DryShips

 DryShips Inc has entered into a one year time charter with a major grain house for one of its 206,000 dwt Newcastlemax drybulk vessels for an expected duration of about one year.   The Company anticipates a total gross backlog of $7


Seanergy Bags Time Charter for Capesize Bulker

Photo: Seanergy Maritime Holdings Corp

 Seanergy Maritime Holdings Corp has entered into a time charter contract (T/C) with a major European charterer, for one of its Capesize dry bulk vessels, for a period of about 18 months to about 22 months.    The T/C is for the 180


CSN Iron Ore Terminal Not Operating after Accident

The loading of iron ore at Brazil's Itaguaí terminal operated by mining and steel firm Companhia Siderúrgica Nacional, or CSN, have been halted since Saturday due to an accident, sources and the Itaguaí Port Authority told Reuters on Wednesday.  


PLSV Skandi Búzios Begins Work off Brazil

Skandi Búzios (Photo: TechnipFMC)

Skandi Búzios, a pipelay support vessel (PLSV) owned 50/50 by a joint venture formed between TechnipFMC and DOF Subsea, has commenced an eight-year charter contract with Petróleo Brasileiro S.A. (Petrobras), as scheduled on April 13, 2017.  


Rickmers Sells Entire Containership Fleet to Navios

CMA CGM Azure (Photo: Rickmers Maritime)

Owner and operator of dry bulk and container vessels Navios Maritime Partners L.P. said it has reached an agreement to acquire Rickmers Maritime’s entire containership fleet. The deal, worth about $113 million, will see Navios Partners acquire 14 container vessels from Rickmers Maritime


Piraeus Targets Cruise Sector

File Image: Ferries in passenger port in Piraeus, Athens, Greece. CREDIT: AdobeStock / (c) AnastasiiaUsoltceva

Piraeus Port, Greece's largest, aims to increase its cruise traffic from 1 million passengers a year up to 1.5 million in the short-term and to 3 million long-term, its managing director, Fu Cheng Qiu, said on Friday.   COSCO Shipping






 
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