Chartering News

BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can ensure the charterers’ uninterrupted use of a ship if the owner defaults under the financing facility. The QELs will be provided by the lender to the charterer to ensure that the charterer, who does not have a contractual relationship with the lender but only with the owner, can continue to “quietly enjoy” the ship in case of the owner’s default.

Chartering, sale and purchase, and market intelligence brokerage Colebrook Offshore has changed its name to CSO Shipbrokers in a strategic rebrand.“We have achieved significant growth over the past two years, more than doubling the size of our team and consistently developing our client base and list of active projects” said Tony Colebrook, Chief Executive Officer of CSO Marine Group.“Colebrook Offshore has served us well up to this point, but with Sam Stout now taking the reins as Managing Director of the Brokerage…

Dry bulk shipowner Diana Shipping on Monday announced that it has lined up a time charter contract with agribusiness Bunge for one of its Ultramax dry bulk vessels, DSI Andromed—a 60,309 dwt Ultramax dry bulk vessel built in Japan in 2016.The charter, which Diana entered through a separate wholly-owned subsidiary, is expected to commence on November 24, 2023.The gross charter rate is $13,500 per day, minus a 5% commission paid to third parties, for a period until minimum February 20…

The Sea Cargo Charter, a global framework for assessing and disclosing the climate alignment of chartering activities, has released its annual report covering 2022, highlighting the disclosure of emissions data and calling for action from the IMO.The 33 signatories covered by the report account for more than 17% of total bulk cargo transported by sea over the year. Their average reporting rate increased since last year to 90%.“While achieving full decarbonisation by 2050 may seem far off…

Dry bulk shipowner Diana Shipping on Monday announced it has extended the time charter contract with SwissMarine Pte Ltd., Singapore, for one of its Post-Panamax dry bulk vessels, the Alcmene.The gross charter rate is $13,000 per day, minus a 5% commission paid to third parties, for a period until minimum January 10, 2024 up to maximum March 25, 2024. The new charter period is expected to commence on December 27, 2022.The Alcmene is a 93,193 dwt Post-Panamax dry bulk vessel built in 2010.The employment is anticipated to generate approximately $4.86 million of gross revenue for the minimum scheduled period of the time charter, Diana Shipping said.

Himalaya Shipping on Monday announced it has entered into time charter agreements for four dry bulk vessels with Koch Shipping Pte Ltd.The bulk carrier newbuilds will commence a 24-month time charter with an evergreen structure upon delivery from China's New Times Shipyard in the second and third quarter of 2023, with certain options to roll two charters to 2024.Himalaya Shipping said the vessels will earn an index linked rate, reflecting a significant premium to the Baltic 5TC index…

Shipping company Castor Maritime on Monday announced it has lined up time charter contracts for three of its bulk carriers. The Magic Moon, a 2005 built Panamax dry bulk carrier, has been fixed on a time charter contract at a gross daily charter rate of $25,500. The charter commenced on April 7, 2022, and has a duration of about 25 days.The Magic Rainbow, a 2007 built Panamax dry bulk carrier, has been fixed on a time charter contract at a gross daily charter rate of $16,500. The charter commenced on April 12, 2022, and has a duration of about 60 days.The Magic Horizon, a 2010 built Panamax dry bulk carrier, has been fixed on a time charter contract at a gross daily charter rate of $17,500. The charter commenced on April 15, 2022, and has a duration of about 55 days.

German shipowner Leonhardt & Blumberg has entered the tanker shipping sector with the purchase of three MR2 product tankers from Ireland-based Ardmore Shipping.The companies announced Monday that they agreed to terms for the sale of three 2008-built vessels for an aggregate price of $40 million. Immediately following the completion of the sales, which are expected to take place in the second quarter, Ardmore will time charter back each vessel for at least two years. Completion of each sale is subject to the satisfaction of certain conditions, including, for one vessel, a proposed closing date currently in advance of the current purchase lease option exercise date for that vessel…

Shipowner SFL Corporation Ltd. announced Monday that it has agreed to charter out six 14,000 TEU containerships to German container shipping line Hapag-Lloyd AG for a fixed period of five years, following the expiry of the vessels’ existing charters to another container line in 2023-2024.The vessels will have charter coverage until 2028-2029 at firm rates, reflecting the current strong container market, SFL  said.The new time charter contracts will add approximately $540 million to SFL’s fixed rate charter backlog, increasing the backlog to $3.8 billion, the company added. Ole B. Hjertaker, CEO of SFL Management AS, said, "We are excited to build a long term relationship with Hapag-Lloyd, who is the world’s fifth largest container line.

Buyers of Russian oil have faced difficulties over payments and availability of vessels after imposition of Western sanctions against Moscow over Ukraine, traders said on Monday, while BP Plc has canceled fuel oil loadings from a Black Sea port.The West has introduced sweeping sanctions, including on the banking sector, after Russia's invasion of Ukraine. Russia calls its action a "special operation" to disarm Ukraine.The United States and its allies on Saturday moved to block certain Russian banks' access to the SWIFT international payment system that helps international trade flow smoothly.