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Term Charter

Otto Marine Send Two AHTS to GoM, One to W. Africa

AHTS Redfish 4: Image courtesy of Otto Marine

Offshore marine services firm Otto Marine informs it has obained a total of US$24.9 million in charter contracts for three offshore vessels – Redfish 4, Go Canopus and Go Altair. Details as follows: Redfish 4, an 8,000bhp Anchor Handling Tug Supply (AHTS) vessel equipped with dynamic positioning 2 capabilities will be deployed for work on long term charter in Mexico. Go Canopus, a 10,800bhp AHTS vessel built in 2009 with DP2 technology has been contracted on long term charter, also for work in the Gulf of Mexico. Go Altair, a 5,150bhp AHTS with dynamic positioning 1 capabilities, has been cotracted for a short term towage project from Singapore to West Africa, and will then be strategically located to the West African market. About the Company Headquartered in Singapore, Otto Marine Limited is an offshore marine group which owns and operates a large fleet of offshore support vessels and is engaged in specialized shipbuilding of offshore vessels for primarily Deep Sea applications. The shipbuilding includes ship repair and conversion.  


GasLog Order More LNG Carriers & Fix Charters

GasLog Singapore: Photo credit GasLog

GasLog has ordered two new 174,000 cbm Tri-Fuel Diesel Electric LNG carriers from Samsung Heavy Industries Co., Ltd. in South Korea. The vessels are expected to be delivered in Q3 and Q4 2016, respectively, and upon delivery will commence firm seven-year charters with a subsidiary of BG Group plc. The company explains that due to the benefits accrued from building a series of ships, these vessels will have a lower delivered cost than the 2 vessels ordered in February


RasGas Names Eighth LNG Ship

RasGas has named its eighth LNG ship Simaisma at a ceremony held at the Daewoo Shipbuilding and Marine Engineering Company, South Korea. RasGas has a long-term charter agreement with the Maran Gas Maritime Inc and Qatar Gas Transport Company, which owns the vessel. Under the terms of the time charter agreement, RasGas will charter the ship for a firm period of 20 years to deliver LNG from its existing and future facilities at Ras Laffan Industrial City (RLC) to its growing


MISC Profit Down 29%

MISC Bhd reported that first quarter net profit dropped 29 percent on lower freight rates for its liner and petroleum divisions. The industry is expected to be either stable or soft because there are more ships in supply than what the market demands and the delay in scrapping old tonnage. Still, MISC's earnings should remain stable on long-term charters from the LNG, petroleum, offshore businesses and the turnaround of its heavy engineering activities.


TEN Extends Charters for Three Product Tankers

Photo courtesy of TEN

Three new charters to generate total revenues of $40 million; spot rates increase in Q4 Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd. (TEN) announced the charter extension for three product tankers, including two Panamaxes and one MR, for two and three years respectively to a South American oil major. These contracts are expected to generate $40 million in total gross revenues over their relevant duration.


Ocean Yield to Acquire Four LR2 Product Tankers

Pic: Navig8 Product Tankers

 Norway’s Ocean Yield ASA has agreed to acquire four 115,000 dwt LR2 product tankers which are currently on order from Navig8 Product Tankers at Sungdong Shipbuilding in Korea.   Ocean Yield has agreed to acquire the product tankers for a total consideration of USD 198.1 million, in combination with 13 years "hell and high water" bareboat charters to Navig8 Product Tankers Inc, says a company statement.  


Euroseas Announces Charter Agreements for Container Ships

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 that subsidiaries of the Company have entered into one year time charterer extensions for two of its containership vessels, the M/V Ninos and the M/V Despina P. The M/V Ninos, a 1,169 teu, 1990 built feeder container ship, has extended its time charter for an additional one-year at a gross daily rate of


CMA CGM Issues Statement to Thwart Rumors

Responding to information circulating, CMA CGM Group states that it has no short term plans to either purchase or long-term charter-in any vessels. The Group has a modern fleet of 408 ships, of which 92 are owned, that enable it to meet the current needs of its customers and provide them with end-to-end service around the world. In today’s economic environment, CMA CGM’s priorities are to reduce its debt and to strengthen its financial position.


Navios Charter out Newbuild Capesize Vessel

Navios Maritime Partners L.P., owner and operator of dry cargo vessels, chartered out the Navios Joy, a newbuilding Capesize vessel for three years. The Navios Joy has been chartered out to an investment grade counterparty for three years at a rate of $19,000 net per day ($20,000 gross). The charterer has been granted an option to extend the charter for two optional years, the first at $22,325 (net) per day and the second at $25,650 (net) per day.


Bangladesh’s First LNG Import Terminal in the Works

Excelerate Energy and Petrobangla in agreement for long-term FSRU charter and construction of LNG import facility Excelerate Energy and Petrobangla have reached agreement on terms for the development and operation of Bangladesh’s first LNG import terminal. The agreement includes the provision of one of Excelerate’s existing floating storage and regasification units (FSRU) under a 15-year long-term charter, as well as the design and construction of the facility


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


Statoil, AET Expand Shuttle Tankers Contract

The shuttle tanker Eagle Barents currently on charter for Statoil from AET. (Photo: Statoil)

Statoil ASA and petroleum and chemical tanker owners and operator AET are extending their partnership in the North Sea shuttle tanker sector. Statoil has, awarded a long-term contract to AET, a subsidiary of Malaysian energy shipping group, MISC Berhad


MOL Bags Yamal LNG Charter Contract for Four Ships

Photo: Mitsui O.S.K. Lines

 Mitsui O.S.K. Lines (MOL) announced it has signed a long-term charter contract for four liquefied natural gas (LNG) carriers with the tank capacity of 174,000m3, which will be delivered and serve on Yamal LNG project in 2019 and 2020 onward, through a wholly-owned subsidiary of MOL. 


FSRUs Provide Better Return Than LNG Carriers, Says Drewry

Graph: Drewry Shipping Consultants Limited

 Despite falling freight rates for floating storage regasification units (FSRUs), investment returns at current asset prices and charter rates are higher compared with standard LNG vessels, according to the latest edition of the LNG Forecaster report published by global shipping consultancy


Odfjell Orders Two Chemical Tankers

Odfjell SE has announced the signing of long term charter agreements for two chemical tankers with stainless steel cargo tanks, for construction in Japan.   The agreement includes two vessels of 35,500 dw tonnes and 28 stainless steel cargo tanks


Mega 20,150 TEU Containership Named MOL Triumph

The 20,150 TEU, 400m-long MOL Triumph is scheduled to be delivered March 27. (Photo: Samsung Heavy Industries)

A new 20,150 TEU containership has captured the “world’s largest” title: MOL Triumph, the first in a series of new mega containerships for Japan’s Mitsui O.S.K. Lines, Ltd., (MOL) was named at Samsung Heavy Industries, Ltd.’s (SHI) Geoje, South Korea shipyard.


Tradewinds Towing Returns to Laborde for Repowers

Photo: Laborde Products

In September of 2006, Dominique Smith of the then one tug company Tradewinds Towing came to Laborde Products, to look at the S12R engine for the repower of the Miss Lis, an Alaskan built low profile tug he planned on repowering. Later that same month, the deal was made, and shortly thereafter


Maersk Line Deploys First Second-gen Triple-E

Madrid Maersk (Photo: Maersk Line)

Four years after the arrival of the first Triple-E vessel, Maersk Line has now deployed Madrid Maersk, the first of its second-generation Triple-E containerships.   With nearly 2,000 more TEU capacity than the prior generation Triple Es, the 20


Euroseas Sees Improvement in Cargo Shipping

Pic: Euroseas Ltd

 The beginning of 2017 found both the drybulk and containership markets recovering from the historical low levels observed during 2016, says Euroseas Chairman.   Aristides Pittas, Chairman and CEO of Euroseas said that the drybulk market improved rapidly during the last two months of


Navios Partners Buys Five Rickmers Containerships

Owner and operator of dry bulk and container vessels Navios Maritime Partners L.P. said it has acquired five containerships from Rickmers Maritime Trust Pte for $59 million.   The five 4,250 TEU vessels are employed on charters with a net daily charter rate of $26


MOL Delivers LNG Carrier CESI Beihai to SINOPEC

Photo: Mitsui O.S.K. Lines

Mitsui O.S.K. Lines (MOL) today announced that the LNG carrier CESI Beihai-ordered by a 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) (Hudong) in


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


NORDEN Grows Its Tanker Fleet

MR product tanker (Photo: NORDEN)

Danish shipping company NORDEN said it has purchased a 2009-built medium range (MR) product tanker with a cargo capacity of 50,000 metric tons. The South Korean-built vessel is expected to be delivered in July 2017 and will be renamed Nord Pearl.  


AET Tankers Unveils Names of LR2 Duo

Photo: AET Tankers Pte Ltd

 AET has unveiled its two new long-range (LR2) petroleum tankers from Hyundai Heavy Industries (HHI) at HHI’s Gunsan Shipyard, Korea, on Thursday, 8 June 2017.    The Singapore flagged 114,000dwt Eagle Lyon and French-flagged Eagle Le Havre, are owned by AET


Gulf Petrochem Expands European Bunkering Division

Prerit Goel (Photo: Gulf Petrochem Group)

Gulf Petrochem Group, the UAE based global bunker supplier, said it is now officially offering physical supply of Gasoil on the River Thames, U.K.   The group’s deliveries will be carried out using a barge on an exclusive long-term charter named the Conveyer






 
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