Athenian News

Capital Product Partners (CPLP), a Greek shipping company engaged in the seaborne transportation, has agreed to acquire three 10,000 TEU sister container ships for USD 162.6 million from Capital Maritime & Trading Corp.The ships, M/V Athos, the M/V Aristomenis and the M/V Athenian, were built in 2011 at Samsung Heavy Industries S. Korea.The vessels are under long-term time charters with Hapag-Lloyd which will expire in April 2024, said a press note from the shipping company.The gross charter rate for each vessel currently amounts to $27,000 per day, increasing to $28,000 per day for the M/V Aristomenis from October 2020, and from July 2021 onwards for the M/V Athos and the M/V Athenian.

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, more than the daily consumption of South Korea, to reduce the time it takes for customers to ship their crude, Stale Endre Berg, senior vice president of crude and refining at Statoil, told Reuters on the sidelines of the APPEC conference.

The Coast Guard informs it has medevaced a 54-year-old crewmember from the Crowley Maritime's US-flagged motor tanker 'Pennsylvania' approximately 20 miles southeast of Cape Hatteras, N.C. The master of the 576-foot Pennsylvania notified Coast Guard Sector North Carolina watchstanders that a crewmember was suffering from chest pain and needed medical attention. Sector watchstanders launched a crew aboard an MH-60 Jayhawk helicopter from Coast Guard Air Station Elizabeth City, N.C., to assist.

Vera Chalkidis, commercial director of Athenian Sea Carriers has been chosen to succeed Marita Scott of NorthEdge Risk Services, Bergen, who has held the presidency for four years. Athenian Sea Carriers is a tanker management company that prides itself on its support for sustainable commerce. It was the first shipping entity to obtain ISO9001 certification for the design, development and provision of training courses for its seafarers. Chalkidis is a representative of WISTA-Hellas…

Athenian Sea Carriers Ltd has achieved certification to the ISO 14000 Environmental Management System standard. The management system requirements have been audited and certified by ABS Quality Evaluations. "We are dedicated to maintaining and operating our fleet to the highest internationally recognized standards," said Nicolaos Hondos, Chief Executive Officer of Athenian. "This represents another pillar in the development of a new culture of risk management that guides every aspect of our operations," he said. "The first pillar is the renewal of our fleet. The second is the adoption of risk assessment and management strategies that will guide our decision making process. In presenting the certificate to Athenian Sea Carriers, ABS President Robert D.

A situation ongoing at press time half way around the world promises to affect the way in which ship emergencies are handled in the U.S. and abroad. Last month, debates were raging and political fur was flying as the stricken tanker, Castor, carrying 29,000 tons of gasoline, was held in limbo as authorities on many levels debated the best course of action. The ship, which was damaged but still afloat and operational, was turned away from three countries — Morocco, Spain and Gibraltar — as it went to for assistance. Greek operator Athenian Sea Carriers said that the Moroccan Coast Guard instructed the vessel to move 40 miles offshore…

Salvage workers and shipping experts were studying a possible mid-sea transfer of nearly 30,000 tons of gasoline from a damaged tanker at risk of exploding, the ship's operators said. Spanish authorities insisted the tanker would not be allowed back into the country's waters to carry out the potentially risky operation. A tugboat carrying equipment and specialists for the operation had joined the Greek-owned tanker Castor, around 56 km (35 miles) off the Spanish port of Cartagena in the Mediterranean Sea, the ship's operator Athenian Sea Carriers said in a statement. The 1977-built Castor sought refuge in ports in Morocco, Gibraltar and Spain last week after developing a large crack in its main deck but was refused entry amid fears sparks could set off an explosion.

The International Maritime Organization (IMO) called on Monday for measures to ensure refuge for troubled ships like the Greek tanker Castor, which was last week turned away from three countries it went to for assistance, Reuters reported. "The time has come for the organization ... to adopt any measures required to ensure tha t... coastal states review their contingency arrangements so that disabled ships are provided with assistance," Secretary General Bill O'Neil told an IMO committee meeting in London. O'Neil said he was referring specifically to the case of the Castor, which developed a 20-m crack in its deck on New Year's Day and has since been unsuccessfully seeking a sheltered port in which to unload its 29,500 ton cargo of gasoline.

The captain of the damaged Greek tanker Castor, which is carrying 29,000 tons of gasoline and is in danger of exploding, has reportedly told Spanish authorities he and his crew will abandon ship if it was not allowed refuge immediately, the ship owners said. "The rescue team have now issued a warning of a strong smell of gasoline around the vessel," Athenian Sea Carriers said in a statement. Tanker experts are agreed that the rubbing of deck plates alongside a crack in the ship's deck could lead to a spark that would ignite the ship's cargo. "A statement was issued today from the Maritime Rescue Co-ordination Center in Madrid officially requesting the vessel to abandon its current position and remain at least 30 miles off the Spanish coast," said Athenian Sea Carriers.

A damaged tanker, Castor, carrying 29,000 tons of gasoline is being held outside Moroccan waters by the Coastguard, its Greek operator Athenian Sea Carriers said. "The Moroccan Coast Guard has instructed the vessel to move 40 miles offshore," an Athenian Sea Carriers spokesman told Reuters. The company said it had instructed the vessel to head for the Moroccan port of Nador to seek refuge on New Year's Day. The damage developed during heavy weather between December 26 and December 31 on a voyage from Constanza in Romania to Lagos. The company said a surveyor at the site had reported that the crack occurred along a transverse butt-weld next to number four hold. Lloyds agents quoted the Moroccan navy as saying that crack was 20 m long, but that the tanker was not leaking cargo.

Spain's refusal to allow the stricken tanker Castor into sheltered waters is hampering the trans-shipment of gasoline from its damaged holds, its owner Athenian Sea Carriers said on Tuesday. "All we're asking for is to come four to five kilometers (2/3 miles) off the coast where it is more sheltered for a safer trans-shipment," a company official said. Since the Castor, carrying 29,500 tons of gasoline, developed a 20-m crack in its deck 16 days ago it has approached Spain, Gibraltar and Morocco in search of calm waters in which to remove the cargo. Each time it has been refused amid fears that sparks could set off a massive explosion. The 26-man crew left the tanker on January 5 on a rescue vessel chartered by the company.

ABS has completed an extensive review of the complete survey history of the troubled tanker Castor and categorically refutes allegations made by Spanish authorities that the vessel is "substandard." "This vessel is a damaged ship, not a substandard ship," said Robert D. Somerville, President of ABS. "It is unfortunate that many of the good intentions that have flowed from the Erika disaster have led to this sort of political, rather than subjective assessment of a maritime casualty," he stressed. "Age is not the determinant of the condition of a ship. It is the manner in which that ship has been managed and maintained that defines its condition. Since 1997 there has been more than 600 tons of new steel placed into the vessel to maintain full conformance with ABS Rule requirements.

The situation aboard the motor tanker Castor, which suffered heavy weather damage on December 31 is deteriorating rapidly. The owner, manager, classification society and the salvors are concerned that the situation is becoming untenable and that the vessel and its cargo are now in peril. The vessel remains some 40 miles off the coast of Cartagena on the Spanish Coast, still seeking a sheltered location to offload its cargo of 29,500 tons of gasoline. Athenian Sea Carriers CEO, Nicolas Hondos, said, "Our options have narrowed considerably in the last 24 hours. We are becoming concerned that we will not be able to find a positive way out of this very difficult situation.

A situation ongoing at press time half way around the world promises to affect the way in which ship emergencies are handled in the U.S. and abroad. Last month, debates were raging and political fur was flying as the stricken tanker, Castor, carrying 29,000 tons of gasoline, was held in limbo as authorities on many levels debated the best course of action. The ship, which was damaged but still afloat and operational, was turned away from three countries - Morocco, Spain and Gibraltar - as it went to for assistance. Greek operator Athenian Sea Carriers said that the Moroccan Coast Guard instructed the vessel to move 40 miles offshore…

A salvage operation began on Sunday to prevent Castor -- a stricken petrol tanker lying off Spain -- from cracking open and spilling thousands of tons of gasoline into the western Mediterranean, Cyprus, the flag state, said. "The salvor told us the salvage operation started today. He is quite optimistic that it will be successful," a senior surveyor at the Cypriot department of merchant shipping said. Authorities had earlier said the Castor might have to be blown up as a last resort if the salvage operation failed. Castor has proven to be somewhat of an enigma, and is sure to raise the level of discussion around the world regarding ships in distress. Castor, laden with 29,500 tons of gasoline, developed a 20-metre (60-foot) crack in its deck on December 31.

As of February 7, Salvors were still racing against the weather to pump the remaining gasoline from the damaged tanker Castor before excessive swells make the operation too dangerous. The tanker has been refused refuge by several Mediterranean countries because of fears its gasoline cargo could explode. "They're pumping like mad," the Athenian Sea Carriers spokesman said. The transfer operation commenced at 1000 GMT on Tuesday, when the 17,000 ton tanker Yapi came alongside the Castor, which has 20-m crack across its deck, he said. It is taking place 90 miles southwest of Malta. A spokesman for the Greek salvage contractors, Tsavliris, said: "We should be finished by midnight today, weather permitting.

With the final discharge of all cargo from the damaged tanker Castor, and its pending redelivery by the salvors to its owners for repair, a 39 day saga that has involved eight nations and raised serious concerns within the maritime industry has been successfully concluded, classification society American Bureau of Shipping (ABS) reported in a release. "It is unfortunate that political intervention into what should have been a purely technical challenge, put so many elements at risk," said Nicolas Hondos, chief executive of Athenian Sea Carriers, owners of the Castor. The unwillingness of Morocco, Spain, Algeria, Gibraltar, Greece, Tunisia and Malta to grant the vessel access to sheltered coastal waters turned the tanker into a pariah…

Athenian Carriers Ltd. for approximately $585 million. these vessels into its current fleet operations. market conditions. environment. newbuilding program into OMI's operations. crude oil and product tanker businesses. little integration risk. delivery in a historically volatile sector. were impaired. newbuilding program. in July and August of 2004. mortgage debt secured by these vessels. that are associated with this acquisition. operations of acquired vessels for which debt has been raised. coverage is likewise strong, with LTM EBIT/interest of about 6.8x. greater longevity than most market upturns. that this strong market should continue at least through 2005. conditions deteriorate in a cyclical downturn. commitments. strong tanker rate environment through 2005. fundamentals.