Tsakos Energy Navigation Announces Three-Year Time Charter
Tsakos Energy Navigation Ltd. (TEN) (NYSE: TNP) announced three-year time-charters to a major European oil company for the 2007-built 1A ice-class suezmax tanker Antarctic and the 2005-built 1C iceclass suezmax tanker Eurochampion 2004. The charters are structured with a minimum rate and a 50/50 profit-share when rates exceed that minimum. Prior to these charters both vessels operated in the spot market. The Antarctic charter began on October 27, 2007, while the Eurochampion 2004 charter is expected to commence at the beginning of November 2007. The gross proceeds from these charters, assuming only the minimum rate, are expected to exceed $76m over the corresponding charter period. With the commencement of these charters, the Company, based on a total fleet of 43 vessels in operation, has fixed forward 75% of the available earning days for 2008 and 60% for 2009. Of the 43 vessels, 38 operate in period charters some extending beyond 2009. The minimum gross revenue therefore already secured from these charters before any profit-sharing, as of October 30, 2007, is in excess of $700m.
Danaos Re-charters Norasia Hamburg Ahead of 2008 Redelivery
Danaos Corporation has signed an agreement with the United Arab Shipping Corporation to time charter the 3,908 TEU Norasia-Hamburg for a period of 36 months. During the first 12 months of the charter, the charterer has the option to convert the three year charter to a 5 year charter, at lower rate. The charter will begin as of the date when the current employment of this vessel ends in the first quarter of 2008. The Norasia-Hamburg is currently on time charter with CSAV.
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
Euroseas Announces Charter Agreement for Container Ship
Euroseas Ltd. an owner and operator of drybulk carriers, container ship and multipurpose vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that a subsidiary of the Company has entered into a one year time charter period agreement for one of its containership vessels, the M/V Jonathan P. The M/V Jonathan P, a 1,932 teu, 1990 built handysize container ship, will enter a time charter agreement for about one-year at a gross daily rate of $16
Star Bulk Updates Employment Status of Star Beta
Under the related time charter agreement, ICI was obligated to pay Star Bulk a gross daily charter hire rate of $106,500 until February 2010. In turn, ICI sub-chartered the vessel for one year to Oldendorff Gmbh & Co. KG of (Oldendorff) at a gross daily charter hire rate of $130,000 until February 2009. ICI has assigned its rights and obligations under the sub-charter to Star Bulk in exchange for it being released from the remaining term of the ICI charter.
Global Ship Lease New Time Charter with CMA CGM
Global Ship Lease (GSL), a containership charter owner, announced that it has agreed to a new time charter with CMA CGM for an 8,063 TEU containership, the 2005-built OOCL Tianjin, which will be renamed GSL Tianjin. The vessel will be chartered for a period of three to eight months (at the charterer's option) at a fixed rate of $13,000 per day, commencing immediately upon re-delivery from its current charter on or around October 25, 2017.
Diana Shipping Takes Delivery of Bulk Carrier
Diana Shipping Inc. took delivery of the newly-built Semirio, a 174,261 dwt Capesize dry bulk carrier, built by Shanghai Waigaoqiao Shipbuilding Co. Ltd. As previously announced, the company has entered into a time charter contract with BHP Billiton Marketing AG for the Semirio for a four-year period with one year extension at the charterer's option. For the first two years of the charter the gross daily charter hire rate will be $51
Arlington Tankers Announces Results
Arlington Tankers Ltd. (NYSE: ATB) announced financial results for the third quarter and the nine months ended September 30, 2007. For the quarter ended September 30, 2007, the Company's total revenues were $17.5m, consisting of $16.5m in basic vessel charter hire and $1.0m in additional charter hire that the Company received under its profit sharing arrangements. On the basis of the third quarter results, Arlington's Board of Directors has declared a cash dividend of $0.59 per share.
Container Ship Owners Rickmers Q3 2013 Profits Up
Rickmers Maritime is a Singapore business trust formed to own and operate containerships under long-term, fixed-rate time charters to leading container liner companies. Financial highlights for the third quarter and nine months ended 30 September 2013 are as follows: Charter revenue stable at US$36.6 million Net profit surged 59% year-on-year to US$13.1 million Achieved vessel utilisation rate of 99.9%; Kaethe C. Rickmers’ charter extended for a
NewLead Fixes Tanker
NewLead Holdings Ltd. announced today that the Company has entered into a new time charter contract for one of its bitumen tanker vessels, the MT Newlead Granadino for a minimum of six months with the charterer's option to extend the contract at the end of the first six months for additional six month periods up to a maximum of eighteen months. The net charter-out rate is $10,500 for the initial six months and $10,750 for the remaining optional periods
Genco Opens Singapore Office
Genco Shipping & Trading Limited said it has opened an office in Singapore and has appointed Ivo Kempenaer as Vice President and Commercial Director, Head of Major Bulks. “Genco continues to take important steps to optimize our commercial strategy and enable the company to more fully capitalize on its leading and sizeable operating platform. We are excited to establish a Singapore presence and grow our footprint globally
BBC Chartering, Jumbo Shipping Team Up in Global Project Alliance
Two market leaders in their respective fields, Jumbo and BBC Chartering have agreed to an exclusive strategic co-operation; the “GLOBAL PROJECT ALLIANCE”, effective immediately. This unique co-operation between two family-owned companies brings together established and reputed heavy-lift expertise and massive fleet capacity. The alliance is a mutually-shared aspiration to provide comprehensive solutions to customers on a global scale.
Subsea 7 Acquires Normand Oceanic
Subsea 7 S.A. has announced an agreement to acquire the remaining 50% shareholdings in its equity accounted joint ventures, Normand Oceanic AS and Normand Oceanic Chartering AS, from Solstad Farstad ASA for a nominal cash consideration. Effective from the date of the transaction, the Group will become the sole owner of Normand Oceanic, a flex-lay and heavy construction vessel that is being managed by Solstad Farstad while under long-term charter to a third party.
Antwerp Port in Full Sustainable Transition
The first Sustainability Congress was held on Tuesday 10 October with the launch of the fourth Sustainability Report which fully incorporates the 17 Sustainability Development Goals of the United Nations. On this occasion the Port of Antwerp community also presented its revamped website with case studies and the latest information on the sustainable transition currently being implemented by companies in the port.
Navios Takes Delivery of Three Bulkers
Navios Maritime Partners, an international owner and operator of container and dry bulk vessels, announced today the delivery of three dry bulk vessels into its fleet. The Navios Symphony, a 2010-Chinese-built Capesize vessel of 178,132 dwt, was delivered on September 20, 2017. The vessel has been chartered out at a rate of $17,575 net per day until March 2018. The Navios Aster, a 2010-South Korean-built Capesize vessel of 179,314 dwt, was delivered on August 21
LNG Carrier CESI Tianjin Delivered for SINOPEC LNG Project
Mitsui O.S.K. Lines (MOL) announced that the LNG carrier CESI Tianjin, which was ordered by the joint venture of MOL, China COSCO Shipping Corporation Limited (China COSCO Shipping) and China Petroleum & Chemical Corporation (SINOPEC), was delivered at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. (Hudong) on September 26. The CESI Tianjin is the fourth vessel to serve the LNG transport project for SINOPEC announced in April 2013
Statoil Charters ULCC to Hold Crude for Asia buyers
Oil storage is feasible with low freight rates, capital costs; backwardation pushes traders to churn oil faster from storage. Norway's Statoil ASA has chartered the last remaining Ultra-Large Crude Carrier (ULCC), the world's largest oil tankers, to store oil off of Malaysia for distribution in smaller parcels to its clients in Asia, company executives said. Statoil has booked the TI Europe, capable of carrying up to 3 million barrels of oil
Scorpio Tankers Signs Sale-Leaseback with Bocomm
Scorpio Tankers has agreed to sell and leaseback five 2012 built MR product tankers (STI Amber, STI Topaz, STI Ruby, STI Garnet, and STI Onyx) to Bank of Communications Financial Leasing (Bocomm Leasing). As of today, three of the five transactions have been completed, which has increased the Company’s liquidity by approximately $21 million in aggregate after the repayment of the outstanding debt.
Diana Shipping TC Contract for Crystalia With Glencore
Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Glencore Agriculture B.V., Rotterdam, for one of its Ice Class Panamax dry bulk vessels, the m/v Crystalia. The gross charter rate is US$11,100 per day, minus a 5% commission paid to third parties, for a period of minimum 12 months to about 15 months. The charter is expected to commence later today
Finnlines Sells Ro-pax Vessel to Grimaldi Group
Finnlines Plc said it has sold a 1999-built ro-pax vessel MS Finneagle to the Grimaldi Group. The 18-year-old MS Finneagle was chartered out to the Grimaldi Group from June 2017, and it will be delivered to the Grimaldi Group in October 2017. The freight capacity of the vessel is 2,459 lane meters, and passenger capacity is 835 passengers. Finnlines said the sale is part of its “strategy to optimize the use of [its] vessels and routes in order to improve its
Vitol Returns for $8 Bln Loan Refinancing
Geneva-headquartered energy and commodities trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2016, the company announced on Wednesday. The revolving credit facility, which is used for working capital and general corporate purposes, comprises a three-year tranche and a 364-day tranche. The three-year tranche totals over US$7bn. ABN AMRO Bank, Commerzbank, Credit Agricole CIB
Bahri Rolls Out BahriBunge Dry Bulk
Following the announcement of the joint venture agreement by Bahri, a global leader in transportation and logistics, and Koninklijke Bunge, a wholly-owned subsidiary of Bunge Limited, a global agribusiness and food company, the two companies recently inaugurated the offices of BahriBunge Dry Bulk Ltd. in Dubai, UAE. In celebration of the occasion and reveal of the new company’s logo, Mr. Abdulrahman M
Ernst Russ Acquires Ships Financed by ABN AMRO
The Ernst Russ Group has successfully completed another transaction and acquired two container ships with capacities of 2,450 TEU and 2,785 TEU and an average age of just under 12 years. Global Transportation & Logistics provided financing to Ernst Russ. Purchase price for the two container ships is undisclosed. The transaction was structured and carried out by Ernst Russ Maritime Management GmbH & Co. KG as the maritime asset manager of the Ernst Russ Group
Antwerp to Implement “Zero Pellet Loss”
Unique collaboration between industry, logistics and transport to keep plastic out of the environment. Plastics are found everywhere in modern life. The raw materials of which plastic products are made are polymers, usually delivered in the form of small pellets. Antwerp is the main polymer hub in Europe for production, handling and distribution of plastic pellets. Every year, millions of pellets find their way via Antwerp to other hubs in Europe
US Charters Cruise Ship to House Hurricane Relief Workers
The U.S. government has chartered another commercial cruise liner to serve as a floating hotel for relief workers in the U.S. Virgin Islands in the aftermath of hurricanes Irma and Maria. Carnival Cruise Line said it reached an agreement with the Federal Emergency Management Agency (FEMA) that will see the 2,052-passenger vessel Carnival Fascination docked in St. Croix to provide housing and meals for relief workers during a four-month charter from October 15 to February 3