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Navios Maritime Announces Long-Term Time Charters

Navios Maritime Holdings Inc., a vertically integrated global shipping company specializing in the dry-bulk shipping industry, announced today that it has secured favorable time charter contracts for three of its vessels. As a result, Navios has extended the coverage of its core fleet to 100.0% for 2006, 73.3% for 2007 and 37.0% for 2008. The time charters, for the Navios Cielo, Navios Orbiter and Navios Sagittarius, have been fixed for approximately 2 years each at rates creating approximately $32.9 million of EBITDA over the charter periods.


Odfjell Buys Secondhand Chemical Tanker

Oslo listed shipping firm Odfjell SE said it has purchased a secondhand stainless steel chemical tanker for $25.5 million.   The M/T Argent Eyebright, built in 2009 by Kitanihon Shipbuilding in Japan, has 16 stainless steel tanks.   On short term time charter to Odfjell Tankers since January 2017, Argent Eyebright will be renamed and put under NIS flag after closing the transaction end of June.


Aframaxes Taken for Short-term Time Charters in Asia

File photo: Tsuneishi Shipbuilding Company

The Asian Aframax market is currently stable but seems to be facing a more positive outlook on the back of short-term time charters as well as an increase in third decade cargoes. Rates for an Indonesia/Japan run basis 80 kt are hovering around w100 to w102.5, while rates for the AG/East route basis 80 kt stand at w115. Reflecting firmer owner sentiment, TD14 inched up steadily w-o-w to w100.78 which translates into daily earnings of around $8,700/day.  


Singapore's Record Fuel Stocks Move to Floating Storage

Record high stocks of fuel oil in Singapore are pushing traders to store the shipping and feedstock fuel into tankers temporarily as demand slows regionally. At least seven very large crude carriers (VLCCs) have been provisionally fixed to store fuel oil on short-term time charters, traders and shipbrokers said. Lower oil prices have boosted refinery profits over most of this year, in turn driving refiners to maximise run rates and increase the supply of fuel oil in the region


OMI Announces Delivery of Acquired Vessel

OMI Corporation announced that it had taken delivery of the Ohio, a new 37,000 dwt product/chemical tanker. The vessel has entered into a previously announced three year time charter. Craig H. Stevenson, chairman, CEO and president of OMI commented that “we are pleased that the company’s fleet and its secure revenues continue to grow. This brings to fourteen the number of vessel on long term time charter, with three more new product tankers to be added during the first quarter of 2002


Grand Elena's Hundredth Voyage

LNGC Grand Elena has embarked on her hundredth voyage from Prigorodnoye

The gas tanker Grand Elena, jointly owned by PAO Sovcomflot and the Japanese company NYK, has embarked on her hundredth voyage from the port of Prigorodnoye in Russia to Japan. The vessel is undertaking her latest shipment of liquefied natural gas (LNG) on behalf of Sakhalin Energy Investment Company Ltd. The LNG carrier is chartered to Sakhalin Energy under a long-term time charter agreement and is operated along with two other vessels of the same series


Primorsk to Build Gas Carrier

The Primorsk Shipping Corporation (PRISCO), as part of the MOL/K Line/PRISCO consortium, has started building a carrier vessel to transport liquefied natural gas (LNG) to participate in the Sakhalin-2 project, the Corporation says. The construction was begun in December 2006. Under the schedule, the gas carrier is to start operating in April 2008. The vessel is being built at a dockyard of Mitsui Engineering and Shipbuilding in Chiba (Japan).


GOGL Adds Dry Bulk Vessel

Golden Shui. File Photo: Golden Ocean Group Ltd

 Golden Ocean Group (GOGL) says that it has taken delivery of one dry bulk vessel, Q Deb.   "GOGL announced that it has entered into agreements to acquire 16 modern dry bulk vessels in an all-share transaction where the Company will issue in aggregate 17.8 million consideration shares," said a stock exchange filing of the company.   The Company is pleased to announce that it has taken delivery of one vessel, Q Deb (to be renamed Golden Deb), it added.  


Dynagas Bags Charter Deals with Gazprom

Photo: Dynagas LNG Partners LP

 Dynagas LNG Partners LP has entered into a new long term time charter agreement with Gazprom Marketing & Trading Singapore Pte Ltd. for the employment of the 2007 built 150,000 cubic meter steam turbine LNG carrier Clean Energy.    The Clean Energy is the Partnership's only non-ice classed LNG Carrier. The charter is expected to commence in July 2018 and will have a firm duration of about 7 years and 9 months.   


Sovcomflot Reports on Slippery 2013 Financial Slope

SCF Melampus: Image courtesy of the owners

SCF Group (Sovcomflot)
 has released its audited financial results for the year ending 31, December 2013, indicating a slip in profitability during what they describe as another challenging year for the international tanker industry. 2013 Financial Highlights Gross revenue: USD 1,262.8 million (2012: USD 1,353.0 million) EBITDA: USD 382.1 million (2012: USD 406.1 million) Net loss: USD 39.2 million in 2013 (2012: USD 32.9 million net profit)


Golden Ocean Adds Golden Keen

Photo: Golden Ocean Group

 Golden Ocean Group (GOGL) has announce that it has taken delivery of the last vessel, Q Keen (to be renamed Golden Keen), hence all 16 vessels are now delivered.    Golden Ocean has issued 1,050,000 consideration shares to Quintana Shipping Ltd


‘Vintage’ Converted VLOCs Still Profitable -BIMCO

(Image: BIMCO, Clarksons)

With an average age of 23.8 years, the fleet of very large ore carriers (VLOC) converted from very large crude carriers (VLCC) is vintage compared to the average age of 5.7 years for non-converted ore carriers above 200,000 DWT, according to BIMCO.  


GOGL Adds Dry Bulk Vessel

Golden Shui. Photo: Golden Ocean Group Ltd

 Norway-based dry bulk shipping company Golden Ocean Group Limited (GOGL) has taken delivery of a dry bulk which it bought in March 2017.   On 14 March 2017, GOGL announced that it has entered into agreements to acquire 16 modern dry bulk vessels in an all-share transaction where the


Global Ship Lease Report Q1 Financials

Image: Global Ship Lease

The containership charter owner Global Ship Lease (GSL) has reported first-quarter net income of $6.8 million. Its revenue stood at $39.6 mln for the Quarter.   Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "During the first quarter of 2017


Ethane Carrier GasChem Beluga Named

GasChem Beluga, pictured on the River Tees for its naming ceremony, is an eco-friendly sea vessel that will carry shipments of ethane gas from Houston in the U.S. to SABIC’s Olefins Cracker on Teesside. (Photo: SABIC)

A new liquefied ethylene gas carrier (LEG) was named on Teesside today.   Operated by German shipping company Hartmann Reederei and GasChem Services, the new eco-friendly sea vessel GasChem Beluga will carry shipments of ethane gas from Houston to SABIC’s cracker at Wilton on Teesside


GasLog Partners buy GasLog Greece

Photo: GasLog

 Greece-based GasLog Partners LP has reached an agreement to buy 100% of the shares in the entity that owns and charters the liquefied natural gas (LNG) tanker GasLog Greece from GasLog Ltd.   The aggregate purchase price for the Acquisition will be $219 million


LR Tankers Taken for Gasoline Storage in Asia

Image: OFE

Long range tankers taken for storage on expectations of tighter Asian gasoline market   Singapore gasoline cracks have averaged $10.72/bbl in February so far, down by 12 percent y-o-y but still relatively firm. Robust demand from the Middle East and intra-Asia as well as a flurry of both


SCF's New Icebreaker Named Gennadiy Nevelskoy

Photo: Eric Haun

A naming ceremony was held January 30 for SCF Group’s new icebreaking platform supply vessel (IBSV), Gennadiy Nevelskoy, named after a famous explorer of the Sakhalin Island and the Russian Far East   Built by Arctech Helsinki Shipyard


New LNG Carrier Delivered for Petronet

Photo: Petronet LNG

A consortium comprising Nippon Yusen Kabushiki Kaisha (NYK), Mitsui O.S.K. Lines, Ltd. (MOL), Kawasaki Kisen Kaisha, Ltd. (“K” Line), and the Shipping Corporation of India Ltd. (SCI) took delivery of a new liquefied natural fas (LNG) carrier on November 30, 2016, in South Korea.


Ethane Carrier GasChem Beluga Delivered

Photo: Hartmann Reederei

On November 11 the first vessel of the new ECO STAR 36k type, GasChem Beluga, was delivered to the owners Ocean Yield ASA in China. The design for this new type of vessel was developed under the lead of German ship owner Hartmann Reederei together with its long-term partners HB Hunte Engineering


Dynagas, Gazprom in New Long-term Time Charter Contract

Photo: Dynagas LNG Partners

 Dynagas LNG Partners signed a new long-term time charter contract for the Clean Energy.   The Partnership, through one of its wholly owned subsidiaries, entered into a new long-term charter agreement with an affiliate of the Gazprom Group for the employment of its 2007 built 150


Euronav Inks Two Charter Deals

Photo Euronav

Euronav NV announces that it has signed two long-term time charter contracts of seven years each with Valero Energy Inc. for Suezmax vessels with specialised Ice Class 1C capability starting in 2018. In order to fulfil this contract, Euronav has ordered two high specification Ice Class Suezmax


TEN Delivers Aframax Tanker

Image: Daewoo Mangalia Heavy Industries

 Tsakos Energy Navigation (TEN Ltd) has announced the delivery of the Aframax crude tanker "Thomas Zafiras" from Daewoo Mangalia Heavy Industries which will immediately enter a long term contract to a Northern European charterer that could generate gross revenues in excess of $100


Unipec to Shed ULCC Storage Charter

The UK-based trading arm of Beijing-backed Sinopec will give up the megatanker it booked to park crude in Asia at the onset of the drop in global prices two years ago, sources told Reuters. Unipec UK took over a lease on the TI Europe, one of just two Ultra Large Crude Carriers capable of


DSME, Sovcomflot Delay Delivery of First Arctic LNG carrier

Yamal LNG project. Photo: PAO Sovcomflot

 South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) and Sovcomflot have agreed to delay a liquefied natural gas carrier being built for the Yamal LNG project in Russia.   According DSME statement the vessel, which was originally scheduled for June this year re-set the






 
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