Marine Link
Friday, October 20, 2017

Vessel Charterer

Shippers Take Measures to Limit OW Bunker Fallout

Shipping firms have paid millions of dollars into U.S. accounts to prevent their vessels from being detained due to non-payment of bills for fuel supplied by the bankrupt OW Bunker, indicating the impact from the collapse of the Danish firm was spreading. OW Bunker filed for bankruptcy in November after losing almost $300 million in alleged fraudulent trading in Singapore, leading to claims by distributors who sold shipping fuel on behalf of OW Bunker but had not been paid. Some 13 cases involving bunker bills totalling about $12 million have been filed at New York's southern district court, a maritime lawyer said. U.S. court documents seen by Reuters show 11 firms, including Germany's Hapag Lloyd and European gas carrier Exmar, have agreed to pay about $10.3 million into court and a law firm's trust account since November. A bond for about $180,000 has been paid into court on behalf of Hapag Lloyd to cover unpaid bunker bills, said Peter Gutowski, a partner in Freehill Hogan & Mahar. Law firms acting on behalf of other companies declined or were unable to comment. A New Jersey judge agreed last week that $938,607 be paid into a law firm's trust account to cover unpaid bunker bills and prevent the detention of the 49,997 deadweight tonne container ship Cosco Piraeus, operated by Cosco Container Lines (Coscon).

Crowley Christens 2nd LNG-ready Product Tanker

Photo: Crowley

Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. coastwise trade   Crowley Maritime Corp. has christened the second of four new Jones Act product tankers yesterday at the South Florida Petroleum Terminal (The Public Dock) in Fort Lauderdale, Fla. The 50,000 dead-weight-ton (dwt), 330,000-barrel-capacity Texas joins sister ship Ohio, which was christened by Crowley in November

BIMCO Issues New Ice Clauses

When the Documentary Committee of BIMCO met on November 14, 2002 in Copenhagen, Denmark, they agreed to adopt a revision of its General Ice Clause for voyage charter parties. The revision of the General Ice Clause forms part of an undertaking to review over time a series of well-known BIMCO standard clauses to reflect legal and commercial developments. The amendments have been made because the existing ice clause was found to be deficient in a number of ways

Protection from Unpaid Bunker Claims

GT North of England P&I club has warned its shipowner members to protect themselves from the increasing risk of claims for charterers’ unpaid bunkers. The advice comes in the latest issue of the club’s loss-prevention newsletter Signals. According to Mark Robinson of the club’s freight, demurrage and defence department, “The recent downturn in the shipping markets and the world economy has unfortunately led to some charterers going out of business

Handy-size Bulk Carrier Market: Tonnage Shortage Pushes Up Rates

Image in public domain

The NCSA-USG area remains short of tonnage: a 34,000 dwt bulk ship is well-linked to US$ 15,000 daily for a short period of 3-5 months, reports BMTI in its latest 'Handy Bulk Market Viewpoint'. Owners of a similar size of tonnage were seeing US$ 24,000 daily for a trip to Europe. A range of US$ 20,000 daily from NCSA via the USG to the Continent from owners of a 36,000 dwt was rebuffed by charterers as being too expensive.

Diana Containerships, MSC Enter Time Charter Deal

(Photo: Diana Containerships)

Diana Containerships Inc. announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with MSC-Mediterranean Shipping Co. S.A., Geneva, for one of its Post-Panamax container vessels, the m/v Puelo, a 6,541 TEU container vessel built in 2006.   The gross charter rate is $6,500 per day, for a period of 12 months. The charterer has the option to further employ the vessel for a 12 month period, at a gross charter rate of $8

Court Rules on Liens and Breaches

A Lesson in admiralty law was recently 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. Dennis Bryant, writing about the case on the Maritime Liens website, notes, "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

General Maritime Signs Time Charter Contracts

General Maritime Corporation has signed two-year time charter contracts, with a trading company, for up to nine of its Aframax OBO Vessels (combination vessels which can perform both wet and dry trades). The initial time charter contracts are for four of the Company's Aframax OBO vessels. The contracts for the four vessels will provide net voyage revenue to General Maritime in the first year of approximately $28 million

Shipbroker Chases Down Payment Due

Persistence pays off for shipbroker's legitimate claim for outstanding financial commission due from time-charterer. In the latest issue of its Claims Review, International Transport Intermediaries Club (ITIC) recounts the case of a shipbroker owed outstanding commission by time-charterers who were widely thought to be in financial difficulties. The charter party provided that the time-charterers were obliged to deduct the broker’s commission from the hire and pay this directly

ITIC Highlights Value of Diligent Debt Collection

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ITIC highlighted the value of diligently pursuing the collection of shipping industry debts in today’s difficult economic climate. In its latest Claims Review, ITIC notes that a shipbroker acting for charterers was owed $25,000 in commission by an Indian voyage charterer under a charter party which provided that the charterer would deduct the commission. Having written to the charterer and not received a response

Bahri Data and DNV GL Sign Partnership

Photo: Bahri

 Bahri Data, one of the six business units within Bahri, a global leader in transportation and logistics, and DNV GL, the world’s leading classification society and recognized advisor for the maritime industry, have signed a contract to co-develop and jointly leverage their Big Data capabilities for safety, quality and compliance innovation.    The contract laying the framework for the partnership, was signed in Hamburg, Germany, in the presence of Anwar Siddiqui

DNV GL Rolls Out Electronic Certificates Across Entire Fleet

DNV GL has commenced the roll out of IMO compliant electronic class and statutory certificates across its entire fleet. (Copyright DNV GL)

In a first for the ship classification industry, DNV GL has commenced the roll out of IMO compliant electronic class and statutory certificates across its entire fleet. The widespread use of electronic certificates will result in significant efficiency gains for ship owners, charterers, regulators and crew, cutting down administrative burdens, processing time and document handling costs.   For the past few years

Genco Opens Singapore Office

(Photo: Genco Shipping & Trading Limited)

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

Global Ship Lease New Time Charter with CMA CGM

Photo: 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.  

Shipping Beware Changing Risk Landscape -Moore Stephens

© M. Johannsen / Adobe Stock

Effective management of risk within the industry has improved slightly over the past 12 months, according to the third annual Shipping Risk Survey from international accountant and shipping adviser Moore Stephens. But shipping still needs to up its game in terms of managing its exposure to risk, which is increasing and changing in nature, not least in terms of the threat posed by cyber security, Moore Stephens says.  

VLCC, Product Tanker Rates Headed in Opposite Directions

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

No impact on VLCC rates yet from Hurricane Harvey, even as rates for smaller product tankers double.   Freight rates for very large crude carriers (VLCCs) on Asian routes continue to sink on a glut of available tonnage as owners wait for supply disruptions caused by Hurricane Harvey to help support the market, brokers said.   Charter rates for VLCCs from the Middle East have fallen to around 36 on the Worldscale measure.  

Hans Buch and Loewe Marine Partner Up

Hans Buch Marine has signed a partnership agreement to become the Scandinavian representative of the young German company, Loewe Marine.   “Loewe Marine immediately impressed us, and we are sure that our Scandinavian customers will be too, once we introduce Loewe Marines new rudder design allowing them to save thousands of dollars in fuel consumption,” said Carsten Larsen, Sales Director Hans Buch Marine.  

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.  

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.  

Warning on Hazards of Carrying Bauxite by Ship

Photo:  International Maritime Organization (IMO)

 A new warning that bauxite may become unstable when carried in bulk on a ship, potentially causing the vessel to capsize, has been issued by the International Maritime Organization (IMO).   Bauxite is one of the world’s major sources of aluminium with around 100 million tonnes transported annually by sea. In 2015, a bulk carrier sank while transporting bauxite, with the loss of 18 seafarers.   

Rolls-Royce, Inmarsat Sign Ink Energy Management Deal

Photo courtesy of Rolls-Royce

Rolls-Royce and Inmarsat have signed a Letter of Intent (LOI) to have the option to make the company’s Energy Management system available via Inmarsat Maritime’s Fleet Xpress high-speed broadband service.   With data collected from a multitude of ship control systems and equipment sensors, Energy Management 2.0 reduces energy consumption and supports environmental compliance as well as allowing for the benchmarking of efficiency against historical performance.   

Shipping Confidence Continues to Climb -Report

© weerasak / Adobe Stock

A recent survey found that shipping confidence reached its highest rating in the past three years in the three months to end-August 2017.   According to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens, the average confidence level expressed by respondents to the survey was up slightly from the 6.1 out of 10 recorded in the previous survey in May 2017 to a three-year high of 6.2

Zvezda, Hyundai to Build Russian Aframax Tankers

Signing, left to right: Andrey Shishkin, VP for Energy, Localization and Innovation of Rosneft; Sergey Khramagin, CEO of STLC; Oleg Tereschenko, CEO of Rosnefteflot; Sergey Frank, President and CEO of SCF Group. Standing in back, left to right: Igor Sechin, CEO and Chairman of the Management Board of Rosneft; Viktor Olersky, Deputy Minister of Transport of the Russian Federation, Head of the Federal Agency for Marine and River Transport (Rosmorrechflot)

 A set of agreements between PAO Sovcomflot (SCF Group), Rosneft, the State Transport Leasing Company (STLC) and Zvezda Shipbuilding Complex will see the construction of five Aframax tankers for the export of crude oil and oil products from 2021.   The 114,000 dwt vessels will be built by Zvezda jointly with technology partner Hyundai Heavy Industries (Republic of Korea). The tankers are purpose-designed to use liquefied natural gas (LNG) as their primary fuel and will have an ice

Bahri Data, DNV GL Ink Deal to Leverage Big Data

Photo: Bahri Data

Bahri Data, one of the six business units within Bahri, a leader in transportation and logistics, and DNV GL,  a classification society and recognized advisor for the maritime industry, have signed a contract to co-develop and jointly leverage their Big Data capabilities for safety, quality and compliance innovation.   The contract laying the framework for the partnership, was signed in Hamburg, Germany, in the presence of Anwar Siddiqui, President of Bahri Data, Per Helge Pedersen

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

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