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Ship Charterer

Oil Majors To Supply Tanker Status Reports

A group of 41 oil majors will make their tanker inspection reports available to port examiners in Europe. They also aim to ensure higher standards for their shared reporting system as part of a raft of initiatives to ensure greater tanker safety in the wake of the Erika incident. SIRE (ship inspection reports) do not pass or fail vessels on structural issues but concern operating standards. The Paris MOU is Europe's agreement by which unsafe ships are detained by individual countries' port-based inspectors until repaired. But it is expected that the European Union to increase sanctions on oil companies as ship charterers in the wake of the pollution affecting France's coast from the TotalFina-chartered tanker Erika which broke up in December OCIMF intends to strengthen its report program to overcome criticism by some oil companies that were not convinced their inspection standards were matched by others. The organization will introduce a system of accreditation by examination for its inspectors by the end of the year. The vessel inspection program is also being extended to cover smaller vessels that can operate either as petroleum or chemical carriers. Up to 300 such ships operating in northern Europe and the Mediterranean would be affected.


Advice for Charterers as Legal Liabilities Grow

A surge in the volume of fixed premium business managed by the UK P&I Club and the proportion accounted for by time chartering has highlighted the growth and complexity of insuring these types of shipping operation. The financial results for the year ended February 20th 2007, discussed by the UK Club’s directors earlier this month (May), revealed that $65 million of the Club’s total gross premium income ($358 million) was fixed premium business----and that two-thirds of this came from


ITIC Urges Shipbrokers to Put it in Writing

 ITIC has warned shipbrokers that they face the risk of serious financial loss if they fail to ensure that all parties to fixture agreements are in possession of full, confirmed information prior to the conclusion of negotiations.   In the latest issue of its Claims Review, ITIC cites the case of a shipboker asked by a charterer to increase the volume of cargo already booked under a contract of affreightment


Is Your Email Putting You at Risk?

International Transport Intermediaries Club (ITIC) says that shipbrokers run the risk of exposure to substantial liabilities as a result of inadequate monitoring of their email communications. In the latest issue of its Claims Review, ITIC cites the case of a shipbroker acting for a shipowner which had a demurrage claim against charterers. The charter party included a 60-day notification period and a 90-day time-bar for documented claims


Period Contracts Rise

There has been a marked increase in period contracts since January 2000. Not only has period chartering activity increased, but the length of the periods has also increased and there have again been several contracts above one-year. It is also interesting to see that it is the trader VITOL that has been one of the most active time charterers with 11 contracts, of six months and above, recorded since the beginning of 2000. We have recorded 8 contracts for another trader, Alpine


Aries Maritime Provides Update on its Fleet Deployment

Aries Maritime Transport Limited announced an update on its fleet deployment. The Bora, a 2000-built double-hull products tanker, returned to service last week following the completion of works, which included dry-docking repairs and upgrades, as previously announced. The vessel is being deployed in the spot market, while period charter opportunities are explored. The cost of repairs is expected to total approximately $1.4m.


Attachment of Maritime Lien for Breach of Charter Party

A lesson in admiralty law was provided by the U.S. Court of Appeals for the Fifth Circuit when it ruled that a maritime lien for breach of a charter party attaches when the vessel is placed at the charterer's disposal. In the instant case, a vessel owner entered into a time charter and accordingly delivered the vessel. The vessel was then sold to a third party (subject to the time charter) and the new owner obtained a mortgage loan on the vessel


Gulf Harbor Shipping Opens New Office

Gulf Harbor Shipping, L.L.C., a full service tramp, tanker and project cargo shipping agency has opened a new office located in the World Trade Center, suite 2101, No. 2 Canal Street, New Orleans, La., 70130. Founded by a former Executive and Managers of a major shipping agency company, Gulf Harbor will target charterers and ship owners needing customized representation on the lower Mississippi River and the U.S. Gulf Coast.


Siba Ships Asia expands Bulk Fleet

SINGAPORE-based Siba Ships Asia is has taken delivery of its first two ships, the sister handymax bulk carriers MV Fomalhaut and MV Eltanin, ex Brave Imperial and Brave SV. The geared 46,700 dwt 1999-built vessels have both been reflagged to Singapore and will go on charter to a major charterer for a two year period. "These two modern ships boost our presence in the bulk market, which is especially strong in Asia for flexible handymaxes like these," explains


OPEC Output Increase Could Cause Tanker Shortage

Any easing of OPEC oil output restraints would be unlikely to create a shipping shortage despite charterers currently avoiding older tankers, ship brokers and analysts said. Signs that OPEC oil producers could relax their four million barrel a day output restraints in April which have lifted Brent oil prices to over $27.00 a barrel, were unlikely to cause demand to outstrip tanker supply, they said. This was despite charterers seeking to use newer vessels since the 25-year-old tanker Erika


India: The Admiralty Bill 2017 Gets Upper House Nod

Indian Prime Minister, Narendra Modi. Photo: PIB

 Admiralty (Jurisdiction and Settlement of Maritime Claims) Bill, 2017, introduced during the Winter Session of Indian Parliament came up for discussion in the Rajya Sabha (Upper House) and was passed unanimously by the house.   


Asia Tankers-VLCC Rates Under Pressure on Oversupply

File Image: CREDIT EuroNav

Charterers set to split VLCC cargoes if owners push rates higher.   Freight rates for very large crude carriers (VLCCs) are coming under pressure from a build up in ships waiting for new charters and depressed rates in smaller tanker sizes, brokers said on Friday.  


LNG Carrier GDF Suez Point Fortin Repairs Completed

(Photo: Damen)

Damen Shiprepair Brest (DSBr) said it has completed a two week maintenance program on the 290-meter, 101,000 GT liquefied natural gas (LNG) carrier GDF Suez Point Fortin.   In addition to its expertise and facilities, Operator MOL LNG Transport (Europe) Ltd and ENGIE as charterer selected


Canada Orders Seizure of Oil Tanker

The Federal Court of Canada has ordered the seizure of a 721,915-barrel cargo of crude from Kurdistan aboard the "Neverland" oil tanker on the request of the Iraq Oil Ministry, court documents show.   The Iraq Oil Ministry has also filed a claim against commodity trading house


DryShips VLGC Commences Time Charter

DryShips Inc., an owner of ocean going cargo vessels, announced that on June 29, 2017, its first very large gas carrier (VLGC) commenced its time charter on a fixed rate with five years firm duration to an oil major.   The charterer has options to extend the firm employment period by up to


BIMCO Updates SUPPLYTIME for Offshore Charters

Anastasios Papagiannopoulos, President of BIMCO. Photo: BIMCO

 Now in its fourth edition, BIMCO’s best-selling contract has been updated to reflect contemporary shipping practice and legal developments in the offshore sector. It has a purer knock for knock liability regime and is more neutrally balanced than its predecessor.  


Shipping Confidence Climbs to Three-year High

© Sergey Evsyukov / Adobe Stock

Shipping confidence reached its equal highest rating in the past three years, according to the latest Shipping Confidence Survey for the three months to end-May 2017 from international accountant and shipping adviser Moore Stephens.  


Asia Tankers-VLCC Rates Plateau, Could Edge Higher

File Image: CREDIT EuroNav

Floating storage, West Africa cargoes support rates; further storage charters may push rates to W60.   Freight rates for very large crude carriers (VLCCs), which were supported this week by a shift to using older vessels for floating oil storage


Asia Tankers-VLCC Rates Await Market Pointers

File Image (CREDIT: AdobeStock / (c) Carabay)

Gulf tensions fail to ignite VLCC market; owners waiting for July MidEast cargoes that could buoy rates.   Freight rates for very large crude carriers (VLCCs) face an uncertain week, possibly coming under pressure from a dearth of new Middle East cargoes but they could also find support


Polaris Orders 3 Iron Ore Carriers at Hyundai

Pic: Polaris Shipping Co

 South Korean shipping firm Polaris Shipping Co has placed an order with Hyundai Heavy Industries (HHI) to build three very large iron ore carriers, Yonhap reported.   Polaris said the 325,000-ton iron ore carriers will replace some of its aged ships


VLCC Rates Steady Ahead of Possible Rebound

© rob3rt82 / Adobe Stock

Five/six charterers are making storage inquiries; near-term pressure on tanker rates to continue - Frontline CEO.   Freight rates for very large crude carriers (VLCCs) are set to hold around the current levels ahead of a possible bounce later this month on renewed crude buying from China


LNG-fueled Newcastlemax Bulk Carrier Design Unveiled

The project partners of the Green Corridor Joint Industry Project (JIP) came together for a meeting at the DNV GL Group headquarters in Høvik this week. They also presented the results from stage one of the JIP at the Nor-Shipping trade fair. Photo: DNV GL

Project partners BHP, Fortescue, Mitsui O.S.K. Lines (MOL), Rio Tinto, SDARI, U-Ming, Woodside, and DNV GL presented the results from stage one of their “Green Corridor” joint industry project (JIP), which demonstrated the commercial potential and technical feasibility of bulkers


Kongsberg's K-IMS Passes 100 LNG Installations

Image: Kongsberg Maritime

The Kongsberg Information Management System (K-IMS) has now had more than 100 installations for vessel owners and charterers in the LNG sector. As interest in data-sharing for operational efficiency grows in the LNG sector, Kongsberg  has conducted several successful customer trials to


DNV GL Launches LNG Fuel Finder

Image: DNV GL

 Just in time for Nor-Shipping, DNV GL will launch the LNG Fuel Finder - a new tool on its LNG business intelligence portal LNGi.   The new LNG Fuel Finder service will allow shipowners and charterers to register their interest in using LNG as a ship fuel free of charge


VLCC Rates to Stabilise as Owners' Resolve Stiffens

File Image: CREDIT EuroNav

VLCC's likely to struggle to break even for next two months; three-tier VLCC market weighs on sentiment.   Freight rates for very large crude carriers (VLCCs) are likely to become steady around the current levels as owners resist charterers' attempts to pull down hire rates with the






 
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