Marine Link
Tuesday, October 17, 2017

Time Charter

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. The Allenmar, a 1989 double sided product tanker, has been signed to a one-year time charter with NYK at a rate of $12,500 per day. The Petromar, a 2001 double hull product tanker, has been renewed on a one-year time charter with Fuel and Marine Marketing, LLC (FAMM), ChevronTexaco Corporation's shipping division, at a rate of $12,750 per day. The renewed time charter for the Primar began in mid-November. The time charter for the Allenmar commenced in early December and the renewed time charter for Petromar will commence in late January 2003. Peter R. Goodfellow, Chief Executive Officer and President of Stelmar Shipping Ltd., said, "With these most recent contracts, we have made further progress securing additional cash flow and improving our expected fleet utilization rate for 2003. We are pleased to have the opportunity to utilize our modern vessels to serve our long-standing customers with a focus on high-quality, safe operations

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

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

Genco Expands Time Charter Coverage to 63%

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to extend the time charter for the Genco Knight, a 1999-built Panamax vessel, with Swissmarine Services S.A. for approximately 11 to 13.5 months at a rate of $25,000 per day, less a 5% third-party brokerage commission. The time charter is expected to commence following the expiration of the vessel's current time charter on or about April 23

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

Costamare Purchases, Disposes of Vessels

Costamare Inc. (NYSE: CMRE)has reached agreements for the purchase and time charter of two secondhand vessels; time charter extensions for six existing vessels; and the disposal of two older vessels which the company agreed to sell for demolition. In addition, it finalized the financing arrangements for its Newbuilding Program. The Company has reached an agreement to acquire: 1) the 6,724 TEU, 2003-built containership MSC Viviana (to be renamed MSC Messinia) for a purchase price of $60

Stelmar Announces Time Charter Contract

Stelmar Shipping Ltd. announced that it has renewed the Rimar, a 1998 double hull product tanker, on a six-month time charter contract for $13,500 per day. Peter R. Goodfellow, Chief Executive Officer and President commented, "In 2002, we have signed or renewed profitable time contracts for all seven tankers that have come off contract. We have also been able to sign new profitable time charter contracts for another two tankers that had been operating in the spot market

Stelmar Shipping Delivers Jademar

Stelmar Shipping Ltd., announced that it has taken delivery of the Jademar, a newly built 69,697 dwt Panamax tanker from the Daewoo Shipbuilding and Marine Engineering Company Ltd of South Korea. The Jademar has entered into a previously announced 24-month time charter with Adam Maritime Corporation. The Jademar is a sister ship of the Pearlmar, which was delivered in January and also entered into a previously announced twenty four month time charter with Adam Maritime Corporation.

Euroseas Time Charter Renewals for Two Containerships

euroseas.bmp

Euroseas Ltd., (NASDAQ:ESEA) an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that two subsidiaries of the Company has entered into time charter agreement for the following vessels: M/V Ninos, a 1,169 teu, 1990 built feeder containership, has been extended for about 1 year at a gross daily rate of $11,200. The new rate will apply from the 1st of June 2011

Scorpio Tankers Receive 7 More Newbuildings

Scorpio tankship: Photo courtesy of the owners

Scorpio Tankers Inc. say it has recently taken delivery of seven newbuilding vessels as follows: STI Madison and STI Park, LR2 product tankers, were delivered from Hyundai Samho Heavy Industries in September 2014. Upon delivery, each vessel began a voyage for 45 days at approximately $30,000 per day. STI Mythos, an MR product tanker, was delivered in August 2014 from Hyundai Mipo Dockyard of South Korea ("HMD")

Scorpio Buys Six Dry Bulk Ultramaxs

Scorpio Bulkers Inc. said it has reached a deal with an unaffiliated third party to acquire six Ultramax dry bulk vessels for $142.5 million.   Of the six purchased Ultramax vessels – all built in China – three were delivered in 2015, one was delivered in 2016, and two were delivered in 2017.   Scorpio said the aggregate purchase will be funded by cash on hand, plus existing and new debt facilities currently under discussion with lenders.  

GOGL Sells 6 Vessels

Photo: Golden Ocean Group Ltd

 Golden Ocean Group has  announced that it has entered into agreements to sell six Ultramax vessels built at Chengxi between 2015 and 2017 en bloc for USD 142.5 million to an unrelated third party.    The net cash proceeds from the sale after the repayment of $39.2 million of associated debt will be slightly in excess of $100 million. All vessels are expected to be delivered to their new owner during the fourth quarter of 2017.  

Statoil Charters ULCC to Hold Crude for Asia buyers

File Image (CREDIT: AdobeStock / (c) Jose Gill)

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

Diana Shipping TC Contract for Crystalia With Glencore

M/V Crystalia. Photo: Diana Shipping Inc.

 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

Oldendorff Revives Newbuild Contracts at Samjin

(Photo: Oldendorff)

 Last month saw the resurrection of two newbuilding contracts, which Oldendorff had concluded originally in June 2012 with Weihai-based Samjin Shipbuilding Ind. Co Ltd (SSI), at the time controlled by Korean shareholders. The initial order was for four 36,000 dwt Handysize newbuildings of the Korean designed FESDEC-36k eco type.   The yard went through financial restructuring due to the problems of its Korean parent

Eagle Bulk Completes Greenship Bulk Fleet Acquisition

Photo: Eagle Bulk Shipping

 Eagle Bulk Shipping, one of the world’s largest owner-operators in the Supramax/Ultramax segment, announced that it has taken delivery of the M/V Westport Eagle, the ninth and final Crown-63 Ultramax dry bulk vessel acquired from Greenship Bulk Trust.   Gary Vogel, Eagle Bulk's CEO, commented, "The successful conclusion of the nine-vessel fleet acquisition from Greenship Bulk provides clear and unambiguous benefits for Eagle

Dryships Adds New VLGC

Image: DryShips Inc.

 DryShips Inc, a diversified owner of ocean going cargo vessels, has announced that it has taken delivery of the previously announced high specifications second newbuilding Very Large Gas Carrier (VLGC).   The VLGC will be employed under a 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 three years.  

Diana Shipping TC Contract for m/v Ismene with DHL

Ismene. Photo:  Diana Shipping Inc

 Diana Shipping Inc. has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with DHL Project & Chartering Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Ismene.    The gross charter rate is US$12,000 per day, minus a 5% commission paid to third parties, for a period of minimum 12 months to maximum 15 months. The charter is expected to commence on September 16, 2017.   

Concordia: Contract Signed for Tanker

 Concordia Maritime signed a contract to charter out the P-MAX tanker Stena Provence. The contract is for one year, with an option for a further year, and runs from mid-September 2017. The contractual partner is one of the world’s largest oil and gas companies. The vessel has previously been used by the same customer for consecutive transportation of refined petroleum products, mainly in the Asia Pacific region

GSL Extends TC with CMA CGM

Photo:  CMA CGM

 Global Ship Lease, Inc., a containership charter owner,  has announced that it has signed time charter extensions with CMA CGM for two 2,207 TEU containerships, the 2002-built Julie Delmas and the 2003-built Delmas Keta.    The vessels will be chartered for a period of 12 months (plus or minus 45 days at charterer’s option) at a fixed rate of $7,800 per vessel per day, commencing immediately upon expiration of the current time charters on September 11 and 20, 2017

DryShips Commences 5 Year TC for Second VLGC

File Photo: DryShips Inc

 DryShips, a diversified owner of ocean going cargo vessels, announced today that, its second Very Large Gas Carrier 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 three years. The Company expects a total gross backlog associated with this time charter of up to USD 92.7 million including the optional periods.  

Seanergy Maritime Updates on Fleet

Photo: Seanergy Maritime Holdings Corp

 Seanergy Maritime Holdings  said that it  took delivery of the 2012 Korean built Capesize M/V Partnership, which commenced its 12-18 months' time charter with a major European utilities company in June at a gross rate of $16,200 per day.    "Our modern fleet now consists of nine Capesize vessels and two Supramax vessels with a combined cargo carrying capacity of 1.7 million dwt," said the company.  

Russian Award for Sovcomflot

Photo: PAO Sovcomflot (SCF Group)

 PAO Sovcomflot (SCF Group) was awarded first prize at the 2017 International Competition of Scientific, Technical and Innovative Developments aimed at the Exploration and Development of the Arctic and the Continental Shelf, held under the auspices of the Russian Ministry of Energy.   The prize was awarded to a team of Sovcomflot experts for the development and practical implementation of technological solutions enabling year-round oil shipments from the Gulf of Ob

Diana Enters TC Contract with Unico Logistics

Maera. Photo: Diana Shipping Inc

 Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Unico Logistics, Seoul, for one of its Panamax dry bulk vessels, the m/v Maera.    The gross charter rate is US$11,900 per day, minus a 5% commission paid to third parties, for a period of minimum nine months to maximum eleven months.   

Scorpio Tankers Updates on Fleet Status

Photo: Scorpio Tankers Inc

Scorpio Tankers sold and leased back, on a bareboat basis, three 2013 built MR product tankers, STI Beryl, STI Le Rocher and STI Larvotto to Bank of Communications Financial Leasing in April 2017.   The sales price was $29 million per vessel and the company bareboat chartered-in the vessels for a period of up to eight years at $8,800 per day per vessel.   The international provider in the transportation for refined petroleum products has the option to purchase these vessels

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

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