Marine Link
Saturday, January 20, 2018

Charter Agreement News

Four Japanese Companies Join Modec in Sepia FPSO Deal

Photo:  MODEC, Inc.

Four Japanese companies will invest in a new company established by compatriot Modec with an aim to provide a floating, production, storage and offloading (FPSO) unit for the Petrobras-operated Sepia field offshore Brazil. "MODEC, Mitsui, Mitsui O.S.K. Lines, Marubeni Corporation and Mitsui Engineering & Shipbuilding Co have agreed to jointly invest in a long-term charter business currently promoted by MODEC, for providing a FPSO in the Sepia Area, off the coast of Brazil," said a press release. These companies have entered into related agreements for the FPSO project on January 9, 2018.

Top Ships Gets TC Extension for Four Vessels

Photo: TOP Ships

TOP Ships, an international ship-owning company, announced that it has extended the time charter agreements with Stena Bulk AB (ex Stena Weco AS) by 12 months for M/T Stenaweco Energy and M/T Stenaweco Elegance and by 18 months for M/T Stenaweco Evolution and M/T Stenaweco Excellence. The Company expects a total gross revenue backlog associated with these time charter extensions of $27.4 million.

China Shipping Expands Tanker Fleet

China Shipping Development Co. Ltd. has entered into a series of ship chartering agreements worth $12.2 million with associates of its parent company China Shipping (Group) Co. On May 26, China Shipping Development entered into a bareboat charter agreement with Shanghai Shipping Industrial Co. Ltd., a wholly owned subsidiary of China Shipping (Group), which agreed to lease to the company three oil tankers for one year, the company said. It also entered into a charter agreement with China Shipping (Hong Kong) Marine Co. Ltd., also a wholly owned subsidiary of its China Shipping (Group), to charter six dry bulk cargo vessels to China Shipping Marine for one year. The company also entered into a charter agreement with China Shipping Container Lines Co.

Star Bulk New Time Charters, Vessel Mngmt

Star Bulk Carriers Corp. (NasdaqGM: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes announced that the company entered into a new one-year time charter agreement for the Star Theta, a 52,425 dwt 2003-built Supramax vessel, at a gross daily rate of $11,300. On May 18, 2009 the vessel was delivered to its new charterer, Cargill. The company also entered into a new time charter agreement with the existing charterer for the Star Kappa, a 52,055 dwt 2001-built Supramax vessel, for a minimum of 63 months and a maximum of 65 months at a gross daily charterhire rate of $25,500. The new time charter agreement is effective as of April 7, 2009 and replaces the existing charter.

Seanergy Enters Time Charter Agreement

Seanergy Maritime Holdings Corp.  has entered into a new time charter agreement for one of its Supramax vessels. The M/V Davakis G., a 54,051 Supramax dry bulk carrier built in 2008, has entered into a time charter agreement for a period of about twelve to about eighteen months at a gross charter rate of $14,500 per day with a first class charterer. The charter will commence following the completion of the M/V Davakis G.’s current voyage. As a result of this new time charter agreement, the company has now secured 93% of its ownership days for 2011, 64% for 2012 and 24% for 2013, based on the latest redelivery date of the charter party agreements.

Bahri, Rickmers-Linie Ink Charter Deal

Bahri Rickmers-Linie in Charter deal

Rickmers-Linie, the Hamburg based specialist for project and heavy lift liner services and the National Shipping Company of Saudi Arabia (trading as Bahri Liner) have recently signed a space charter agreement. The agreement covers the ports on the US Atlantic and Gulf Coasts as well as ports in Saudi Arabia, Egypt, Jordan, Kuwait, the UAE, Iraq and the Yemen. It enables the chartering of space from Rickmers-Linie to Bahri Liner and vice versa on vessels operated by the other and…

Bergesen Makes Preliminary LNG Agreement

Bergesen has entered into a preliminary agreement with the Algerian oil company Sonatrach for employment of one LNG-carrier for minimum 20 years from delivery. Sonatrach has an option to extend the agreement by maximum five years. The vessel is the third vessel in a series of seven large LNG-carriers ordered by Bergesen at Daewoo Shipbuilding & Marine Engineering Co. Ltd, Korea. The vessel shall be delivered in third quarter 2004. Sonatrach will participate with an ownership share of 50 percent in the vessel with effect from delivery from the yard, but the vessel will be 100 percent financed by Bergesen. Final agreement with Sonatrach is expected to be concluded in the near future.

Paragon Shipping Enters New Time Charters

Paragon Shipping Inc., a shipping transportation company specializing in drybulk cargoes, announced that it has entered into fixed rate time charter agreements for two of its 37,200 dwt, Handysize newbuildings with Cargill International S.A. Both vessels have been fixed for a period of two years at a gross daily rate of $12,125 commencing upon their delivery to the company, which is expected to take place in the first quarter of 2012. In addition, the charterers have an option to extend the charter period for an additional year at a gross daily rate of $15,500. Paragon also announced that it has entered into a three year time charter agreement for the M/V Deep Seas, a 1999 build, 72,891 dwt Panamax bulkcarrier, with Morgan Stanley Capital Group Inc.

Time Charter for MV Renuar and Elinakos

Excel Maritime Carriers Ltd (NYSE: EXM) announced that it has entered into two new charter agreements for the M/V Renuar and the M/V Elinakos. The M/V Renuar, a 1993 built Panamax bulk carrier with a carrying capacity of 70,128 dwt, has entered into a charter agreement for a minimum period of 12 months to a maximum period of 14 months at the gross daily rate of $22,500. The M/V Elinakos, a 73,751 dwt, 1997-built Panamax bulk carrier, has entered into a short-term charter agreement for a period of a minimum of 4 months to a maximum of 6 months at a gross rate of $25,000 per day.

Star Bulk Announces Charter Agreement

Star Bulk Carriers Corp. announced that the vessel I Duckling (to be renamed Star Zeta) has been committed to a five-year time charter agreement at a gross daily rate of USD 39,500. The charter will commence in March 2008 when the current one-year time charter at a gross daily rate of $30,500 expires. Star Zeta is a 2003-built Supramax vessel of 52,994 dwt.

NewLead Fixes Tanker

NewLead Holdings Ltd. announced today that the Company has entered into a new time charter contract for one of its bitumen tanker vessels, the MT Newlead Granadino for a minimum of six months with the charterer's option to extend the contract at the end of the first six months for additional six month periods up to a maximum of eighteen months. The net charter-out rate is $10,500 for the initial six months and $10,750 for the remaining optional periods. The charter commenced on July 22, 2015. The Newlead Granadino is a 2009-built double hull bitumen tanker vessel of 5,887 dwt and is one of the five bitumen tanker vessels that were delivered to NewLead's fleet in the fourth quarter of 2014.

Bibby Remote Intervention Expands Fleet

Olympic Ares, on charter to Bibby Offshore from April this year.

Bibby Remote Intervention Limited (BRIL), part of Aberdeen-based subsea installation contractor, Bibby Offshore, has further expanded its fleet by signing a charter agreement for an IRM (Inspection Repair and Maintenance) light construction vessel and adding an additional two ROVs (Remote Operating Vehicles) to its operations. The charter agreement with Olympic Shipping is for a newly built MT6021 vessel for a three year period, with options to extend for an additional two years. The vessel will be mobilized with ROVs from BRIL and is expected to arrive in Aberdeen in early April next year.

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. 1) the 6,724 TEU, 2003-built containership MSC Viviana (to be renamed MSC Messinia) for a purchase price of $60 million. 2) subject to final documentation, the 4,132 TEU, 2002-built MSC Ulsan for a purchase price of $30 million. The vessel is expected to be delivered within the first quarter of 2012 and immediately upon delivery it will commence a time charter with MSC for a duration of approximately 63 months, at a daily rate of $16,500.

Seanergy Enters Three Time Charters

Seanergy Maritime Holdings Corp. announced today that it has entered into new time charter agreements for one of its Panamax vessels and two of its Capesize vessels. The M/V BET Intruder, a 69,235 dwt Panamax dry bulk carrier built in 1993, has entered into a time charter agreement for a period of about eleven to about thirteen months at a gross charter rate of $12,250 per day. The charter will commence after the completion of the M/V BET Intruder’s current trip. The M/V BET Fighter and M/V BET Scouter have also entered into time charter agreements for a period of about eleven to thirteen months at a gross charter rate linked to the adjusted Time Charter Average of the Baltic Exchange Capesize Index. Both charters commenced in June 2011.

Bourbon Achieves $770m USD in Vessel Sales in 2013

Photo:  Bourbon

In line with its strategy, BOURBON achieves US$ 770 million of vessel sales in 2013. Bourbon has sold 12 additional vessels to ICBC Financial Leasing for US$ 378 million and concluded a new sale and bareboat charter agreement with Standard Chartered Bank for US$ 150 million. They also announced the transfer of ownership of 12 vessels to the Chinese company ICBC Financial Leasing ("ICBCL") for a total value of approximately US$ 378 million, as part of the sale and bareboat charter agreement for up to 51 vessels signed with ICBCL on April 9, 2013.

Arlington Tankers Announces New Sub-Charter

Arlington Tankers Ltd. announced that Concordia Maritime AB of Sweden (Concordia) has entered into new two-year sub-charter agreements for Arlington's two V-Max tankers, the Stena Vision and Stena Victory. Concordia is the current time charterer for both vessels through 2009. The vessels are currently sub-chartered to Sun Oil International (Sun). The sub-charters with Sun are due to expire during 2007. The new sub-charter agreements are with Litasco, a subsidiary of the Russian energy company LukOil OAO, and will commence immediately upon expiration of the sub-charters with Sun and continue for a two-year term. During the term of these sub-charters…

Euroseas Announces Charter Agreement for Container Ship

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 today that a subsidiary of the Company has entered into an one-year period time charter agreement with Hull & Hatches Logistics (Dubai) for the M/V Quingdao I, a 1,169 teu, 1990 built feeder container ship, at a gross daily rate of $12,800. The vessel was renamed M/V Ninos. Following this charter, approximately 88% of Euroseas total fleet days in 2007 and, approximately, 40% in 2008 are fixed under period charters, already concluded spot charters, or, otherwise protected from market fluctuations.

Seanergy Maritime, Three New Time Charters

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP; SHIP.W) announced that the MVs African Joy, African Glory and Asian Grace, owned though the company’s wholly owned subsidiary Maritime Capital Shipping Limited (MCS), have entered into new charter agreements with first class charterers. The MV African Joy, a 1996 built and 26,482 dwt handysize dry bulk carrier, entered into a time charter agreement for a period of eleven to thirteen months with a first class charterer at a gross charter rate of $14,000 per day. The charterer has the option to extend the charter for another eleven to thirteen months at the same rate. The vessel is expected to commence her charter by the end of October 2010.

FSL Trust Inks Tanker Contracts

FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust announced new time charter agreements for FSL Shanghai, FSL Hamburg and FSL Singapore. The Trust has reached an agreement with a leading global commodities trader to charter the three vessels for a fixed period of two years with options to extend the agreements at a higher rate for FSL Hamburg and FSL Singapore for a further six months and FSL Shanghai for a further 12 months. FSL Hamburg and FSL Singapore are MR product tankers built in 2005 and 2006 respectively whilst FSL Shanghai is an Aframax crude oil tanker that was built in 2007. The time charter agreements…

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 portfolio of customers around the world. Simaisma is the second vessel to be delivered from the shipyard to the Maran Gas Maritime Inc and Qatar Gas Transport Company consortium. It is slated for delivery from the shipyard on September 1. Source: Business Reporter

Overseas Shipholding, Tesoro Maritime Sign Time Charter

Overseas Shipholding Group signed time charter agreements with Tesoro Maritime for two more of the 10 Jones Act commercial product tankers being built at Aker Philadelphia Shipyard. With two additional two-ship time charters announced previously with Shell Oil and BP Shipping, 60% of the 10-ship order due for completion in 2010 has signed charter agreements in place. Work on the Veteran MT-46 Class tanker vessels commenced soon after Aker and OSG announced the 10-ship, $1b order in April 2005. The company said construction on two ships in the series was well on track. The steel cutting for the third vessel is expected to begin this spring. (Source: TheStreet.com)

Star Bulk Enters Into New Time Charter Agreements

ATHENS, GREECE, April 7, 2011- Star Bulk Carriers Corp. The Company entered into a time charter agreement with SK Shipping for the vessel Star Cosmo for a period of 11-13 months, at a gross daily rate of $16,500. The new contract will contribute minimum $5.5 million to maximum $6.8 million in gross revenue. The Star Cosmo is a Supramax vessel of 52,247 dwt built in 2005. The Company entered into a time charter agreement with STX Pan Ocean for the vessel Star Ypsilon for a period of 7-9 months, at a gross daily rate of $13,000.

Rickmers-Linie Adds Ships to Middle East/India Service

Rickmers-Linie, Hamburg, signed a long-term chartering agreement with Samudera Indonesia, Jakarta, securing additional modern capacity to complement its existing fleet deployed on its Middle East and India service. The two multipurpose vessels chartered by Rickmers are the 8,900 dwt Sinar Kudus and 9,100 dwt Ardhianto, built in Japan in 1994 and 1999 respectively. Both ships have box-shaped holds and ‘tweendecks. Shipboard cranes enable Sinar Kudus to lift individual pieces of cargo weighing up to 60 tonnes and Ardhianto 50 tonnes. The first vessel to load for Rickmers under this new charter agreement will be Sinar Kudus in late August. Schedule details for the Middle East/India service and company information are available on the Rickmers-Linie website: www.rickmers-linie.com.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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