Greek Ship Chartered Way Below Previous Rate
Diana Shipping Inc has signed a contract for one of its dry bulk vessels at $13,000 per day, 76 percent below the ship's previous charter rate Diana chartered its dry bulk carrier the Salt Lake City to Morgan Stanley Capital Group Inc with effect from August this year, reports Reuters. Rates for dry bulk vessels, which transport commodities such as coal, iron ore and grain, crashed in the last four years as the delivery of a large number of new ships coincided with a global economic downturn.
Diana Shipping Inks Time Charter Contract for Capesize Bulker
Diana Shipping Inc.(NYSE:DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, announced that it has entered into a time charter contract with Morgan Stanley Capital Group Inc., through a separate wholly-owned subsidiary, for one of its Capesize dry bulk carriers, the m/v "Salt Lake City". The gross charter rate is US$13,000 per day, minus a 5% commission paid to third parties, for a period of minimum twenty-two (22) months to maximum twenty-eight (28) months. The charter is expected to commence in the beginning of August 2012. This employment is anticipated to generate approximately US$8.6 million of gross revenue for the minimum scheduled period of the charter. The Salt Lake City is a 171,810 dwt Capesize dry bulk vessel built in 2005.
Bulk Carrier Charter Agreement With Morgan Stanley Capital Group
Paragon Shipping Inc. (NYSE: PRGN) entered into a fixed rate time charter agreement for its Panamax Vessel, M/V Coral Seas, with Morgan Stanley Capital Group Inc. The M/V Coral Seas, a 2006 build, 74,477 dwt Panamax bulkcarrier, has been fixed to Morgan Stanley Capital Group Inc. for a period of 23 to 25 months at a gross daily rate of $12,000. In addition, the Charterers have an option to extend the charter period for an additional 11 to 13 months at a gross daily rate of $14,500. As a result, the Company’s fixed revenue days have now increased to 89% from 84% in 2012, to 66% from 59% in 2013 and to 37% from 30% in 2014 based on latest redelivery dates.
Diana Shipping: Time Charter for M/V Nirefs
Diana Shipping Inc. (NYSE:DSX) announced that it has entered into a time charter contract with Morgan Stanley Capital Group Inc., for one of its Panamax dry bulk carriers, the m/v Nirefs, at a gross rate of $12,250 per day, minus a 5% commission paid to third parties for a minimum thirteen (13) to sixteen (16) month period. The charter is expected to commence in early December 2011. This employment is expected to generate approximately $4.78m of gross revenues for the minimum scheduled period of the charter. The Nirefs is a 75,311 dwt Panamax dry bulk carrier built in 2001.
Diana Shipping: Time Charter Contract for M/V Boston
Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the transportation of dry bulk cargoes, has entered into a time charter contract with Morgan Stanley Capital Group Inc., for one of its Capesize dry bulk carriers, the m/v Boston, at a gross rate of $14,000 per day, minus a 5% commission paid to third parties for a minimum twenty-two (22) to a maximum twenty-six (26) month period. The charterer has the option to employ the vessel for a further minimum eleven (11) to a maximum thirteen (13) month period at a gross rate of $15,000 per day starting twenty-four (24) months after delivery of the vessel to the charterer. The charter is expected to commence at the end of September 2011.
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.
Genco Takes Delivery of Capesize Newbuild
Genco Shipping & Trading Limited (NYSE:GNK) announced that it has taken delivery of the Genco Commodus, a 170,500 dwt Capesize newbuilding. The Genco Commodus is the seventh vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group. The Genco Commodus is expected to be delivered to its charterer, Morgan Stanley Capital Group Inc., on or about July 23, 2009 to commence a time charter for 23 to 25 months at a rate of $36,000 per day, less a 5% third party brokerage commission. Currently, Genco has approximately 68% of its fleet's estimated available days secured on contracts for the remainder of 2009 and 44% for 2010.
Genco Shipping Time Charters
Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to enter into a time charter for the Genco Commodus, a Capesize newbuilding, with Morgan Stanley Capital Group Inc. for 23 to 25 months at a rate of $36,000 per day, less a 5% third-party brokerage commission. The time charter for the Genco Commodus will commence upon delivery of the vessel, which is expected during July 2009, and is subject to the completion of definitive documentation. The company also announced it has exercised its option to convert the balance period of its charter party for the Genco Thunder, a 2007-built Panamax vessel, with Baumarine AS to a fixed rate.
Successful Delivery of M/T Anemos I Announced
Capital Product Partners L.P. (Nasdaq:CPLP) announced that it took successful delivery of its thirteenth product tanker, M/T Anemos I, from Hyundai Mipo Dockyard Ltd., A Korean shipyard, on September 28, 2007. M/T Anemos I, an ice strengthened vessel (Ice Class 1A), has a carrying capacity of 47,823 dwt and is capable of carrying a range of refined oil products, chemicals (including ethanol and biodiesel feedstock), and crude oil worldwide. The vessel has been fixed under a time charter with Morgan Stanley Capital Group Inc. for three years at a base rate of $20,000 per day, subject to a profit sharing arrangement which allows each party to share additional revenues equally when spot rates are higher than the base rate.
M/T Apostolos Delivered
Capital ProductPartners L.P. September 20, 2007. feedstock), and crude oil worldwide. time charter with Morgan Stanley Capital Group Inc. revenues when spot rates are higher than the base rate. the existing revolving credit facility. tankers that Capital Product Partners L.P. has agreed to purchase from Capital Maritime & Trading Corp.
CPP Awaits Two New Tankers
Capital Product Partners L.P. September 20 and September 28, 2007, respectively. respectively. and crude oil worldwide. been fixed under time charters with Morgan Stanley Capital Group Inc. base rate. credit facility. seven additional MR product tankers that Capital Product Partners L.P. has agreed to purchase from Capital Maritime & Trading Corp. commencing at the time of delivery.
Overseas Shipholding Buys Heidmar Unit
Overseas Shipholding Group Inc., which owns and operates a fleet of crude oil and petroleum products tankers, completed the purchase of Heidmar Inc.'s lightering business for $41m in cash. Heidmar is a unit of Morgan Stanley Capital Group Inc. Lightering involves the transfer of oil cargo between vessels of largely different sizes when port facilities aren't able to accept large ocean-faring oil tankers. The deal includes a fleet of four international flag Aframax tankers and two U.S. flag workboats that provide lightering services to refiners, oil companies and trading firms, mostly in the Gulf of Mexico. Overseas Shipholding also took on a staff of eight people in the transaction. The company plans to rename the business OSG Lightering. Source: AP
OSG to Acquire Heidmar Lightering
Inc. a subsidiary of Morgan Stanley Capital Group Inc. The operation, a fleet of four International Flag Aframax tankers and two U.S. Flag workboats, provides crude oil lightering services to refiners, oil companies and trading companies primarily in the U.S. Gulf. contracts. tankers. entering into definitive documentation. significant Aframax cargo and logistical system in the Atlantic basin. In addition, it provides opportunities to serve U.S. customers with lightering service using OSG's Panamax tankers. since beginning operations in November 2002. Houston. and Head of OSG's Crude Tanker unit.
MSCGI Signs Agreement to Acquire Heidmar
Morgan Stanley Capital Group Inc. (MSCGI), has reached a definitive agreement to acquire the Heidmar Group of companies, including Texas-based Houston Marine Services, Inc. (Heidmar). The acquisition is expected to close during MSCGI’s fiscal fourth quarter, subject to the customary closing conditions, such as regulatory and antitrust reviews. Financial terms were not disclosed. Under terms of the transaction, Per Heidenreich will continue to serve as non-executive chairman; Tim Brennan will continue as president of Heidenreich Marine Inc.; Jim Bailey will continue as president of Heidenreich Lightering Services Inc. and Houston Marine Services…