Marine Link
Thursday, January 18, 2018

Ship Charter News

New Zealand’s Freight Traders Imports Drilling Rigs

Photo: Freight Traders

Freight Traders Ltd arranged the duty free importation of two Dillmec drilling rigs into New Zealand.   This included various mobilizations and demobilizations to remote New Zealand locations in the central north island. With the drilling campaigns complete, Freight Traders Ltd successfully completed re-export formalities from New Zealand over two (2) x  ship charters. The most recent ship charter sailed early May 2016 from Tauranga port in New Zealand.    

Container Ship Charter Rates Seen Surging In 2001

Container ship charter rates are reportedly set to recover from their current depression by 2001, according to shipping analysts.

Independent Online Shipping Exchange Launched

Shipping finance specialist Tufton Oceanic is reportedly launching an independent web-based shipping chartering exchange with a group of e-commerce and investment companies. The exchange, to be called ShipDesk, aims to become the definitive independent chartering exchange, benefiting all market participants, a spokesperson said. ShipDesk, which will go live later this year, has been developed in conjunction with U.S.-based electronic market developer OptiMark Technologies, European e-business investment firm antfactory, and private equity group Whitney & Co. The site will provide a confidential exchange for wet and dry bulk commodity trade from shipment to voyage completion.

APL Finalizes Ship Charter Deal

APL, the container transportation arm of Neptune Orient Lines, has signed a charter agreement for five new post-Panamax container vessels. The ships will each have a nominal capacity of 7,000 TEU (twenty-foot equivalent unit) and will be deployed in the Transpacific trade from 2009. The vessels are being built at Hyundai Heavy Industries in South Korea and will be chartered for five years from German owners, Bernhard Schulte.

Defaulted Charters Seen Spreading To Tanker Market

Unpaid ship charter hire, an increasing problem in the depressed dry bulk shipping market over the last year, is reportedly spreading to the tanker markets.

Pirates Seize Second Stolt Ship

According to a Reuters report, Somali pirates have hijacked a second ship chartered by chemical tanker shipping group Stolt-Nielsen. Gunmen seized the Stolt Strength in the Gulf of Aden on the afternoon of Nov. 10, nearly two months after they hijacked Stolt Valour, a chemical tanker on its way to India. (Souce: Reuters)

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.

Stena Oil Complain of Ship & Cargo Confiscations

The two consfiscated tankships: Photo credit Stena Oil

The West African republic of São Tomé e Príncipe has wrongfully confiscated two ships chartered by the Swedish oil company Stena Oil, including the cargo. The captains have been sentenced to 3 years imprisonment and charged with "smuggling" in a show trial, claim Stena Oil. In addition a fine of 5 million EUR has been imposed, and the vessels and cargo have been confiscated by the state of São Tomé. It is Stena Oil's clear and firm position that the allegations are entirely unfounded.

Tesoro Charters Two from OSG Tankers

Overseas Shipholding Group announced that time charter agreements have been signed for two more Jones Act commercial product tankers being built at the Aker Philadelphia Shipyard. The agreements were made between OSG and Gold Star Maritime Company, an affiliate of Tesoro Corporation (Tesoro), an independent refiner and marketer of petroleum products. Tesoro has chartered a total of four Jones Act commercial product tankers from OSG. of ships chartered of OSG's ten-ship order to eight. Four tankers are currently under construction at the yard, with the first, the Overseas Houston, slated to be named on November 11, 2006. The balance of the tankers will be delivered through 2010.

Persian Gulf Charter for Otto Marine

Photo credit Otto Marine

Otto Marine has secured a ship chartering contract for a firm 180 days with option to extend for its newly-built offshore work maintenance vessel. The vessel will operate in the Kuwaiti, UAE and offshore Iraqi waters. The 4,200 bhp vessel SOC Endeavour measures 75m x 24 m, classified by ABS, will be deployed for general offshore rig maintenance works in various areas of the Persian Gulf. Singapore-based Otto Marine is an offshore marine group engaged in specialized shipbuilding of offshore vessels for primarily deep sea operations.

ROV Support Vessel Sold by Otto Marine

An Otto Marine Vessel: Photo courtesy of Otto Marine

Otto Marine's shipyard has sold the multi-purpose offshore support vessel 'Otto Explorer 3' to RY Offshore Ltd. for about US$ 50-million. Upon completion of the sale, the buyer will charter the vessel to the Ottto Marine Group subsidiary, Go Marine Group Pty Ltd. The company has received a deposit of US$1 million from the buyer for the transaction with the balance to be paid upon delivery of the vessel, which is being built at the Otto Marine shipyard in Batam, Indonesia. Otto Marine Limited is an offshore marine group…

Otto Marine Signs Contracts to Supply 2 AHTS Vessels

Photo: Otto Marine Limited

Go Offshore,  wholly-owned subsidiary of Otto Marine has entered into an agreement for two long-term anchor handling tug supply (AHTS) charter contracts worth USD25.2 million with a large oil and gas company. The two contracts are in respect of two 16,000 brake horsepower (bhp) large anchor handling tugs supply vessels. None of the Directors or controlling shareholders of the Company has any direct or indirect interest on the above transaction other than through their respective shareholding interests, direct or indirect in the Company, Go Offshore or Go Marine.

U.S. and British Navies Aid Evacuation Efforts

The International Tribune has reported that a five-ship United States naval group and a British flotilla were en route to Lebanon today to aid in evacuation efforts. The Navy said it was sending a strike group led by the amphibious-assault ship Iwo Jima to assist in the departure of some of the 25,000 Americans in Lebanon. The ships have hospital facilities, and carry 2,200 marines of the 24th Marine Expeditionary Unit. That unit includes a helicopter squadron that has already ferried scores of Americans to safety from Beirut, beginning with children, the elderly and those with medical problems. The marine unit is “special operations-capable,” the Navy said.

Global Ship Lease Eyes Acquisitions

Photo: Global Ship Lease

The London-based Global Ship Lease (GSL) said that it  is well-positioned as one of few publicly listed containership leasing companies to acquire attractive portfolios of ships, attract growth capital or find a complementary merger partner. The containership charter owner has engaged Evercore to act as financial advisor to assist in reviewing strategic alternatives focused on maximizing shareholder value. GSL has successfully refinanced of all of the its indebtedness in October 2017 and with a strengthening market backdrop.

Somali Relief Ship Escorted by EUNAVFOR Warships

MV Gigante: Photo credit EUNAVFOR

Operation Atalanta (EU NAVFOR) provided protection to MV Gigante, a ship chartered for AMISOM (African Union Mission in Somalia) to bring supplies to the African Union peacekeeping force based in Mogadishu. The German frigate Bremen and the French frigate Guépratte took turns to carry out this mission, from the south Red Sea to Mogadishu. As with the World Food Programme vessels, protecting logistics for AMISOM is part of the mandated tasks of the EU Naval Force -  Operation Atalanta and is part of the Comprehensive Approach of the European Union in the fight against piracy.

Trafigura Fixes 6 Voyage Charters from Golar LNG

Swiss trader Trafigura has taken up to six liquefied natural gas (LNG) vessels from Norwegian shipping company Golar LNG, likely on a single-voyage basis to transport cargoes, trading and shipping sources said. The vessels are to be put at Trafigura's disposal from now through August or possibly September and sources say each vessel may be used for only a single voyage. The sources said this type of arrangement resembles a Contract of Affreightment, which differs from more common ship chartering activity. Trafigura declined to comment and Golar LNG did not respond to requests for comment. There was disagreement among some sources as to the exact number of shipments and whether each vessel would carry out just one voyage.

Tugs, PSV Ordered from Singapore-based Shipbuilder

ASL Marine Holdings Ltd., a marine group engaged in shipbuilding, ship-repair and conversion, as well as ship chartering, has secured contracts worth S$132.5 million for the construction of five vessels. The vessels comprised four 75-tonne bollard-pull Diesel Electric Hybrid Azimuth Stern Drive Tugs and one Platform Supply Vessel, scheduled for delivery between the fourth quarter of 2013 and the fourth quarter of 2014. Separately, the Group’s ship-repair division also secured conversion and upgrading works for two drilling rigs. ASL Marine owns and operates shipyards in Singapore, Batam (Indonesia) and Guangdong (China), providing a comprehensive range of marine engineering services spanning myriad sectors/ industries.

Global Ship Lease Extends TC with CMA CGM

Photo: CMA CGM

Global Ship Lease, a containership charter owner, announced that it has agreed to an extension of its charter with CMA CGM for the GSL Tianjin, a 2005-built, 8,063 TEU containership. The vessel will be chartered for a period of eight to twelve months (at the charterer's option) at a fixed rate of $11,900 per day, commencing in direct continuation from its current charter on January 26, 2018. Ian Webber, Chief Executive Officer of Global Ship Lease, commented, "We are pleased to have secured this extension with CMA CGM for the continued employment of the GSL Tianjin.

Venezuela Oil Output Choked

Venezuela, beset by the strife of a more than two week old strike aimed at ousting controversial President Hugo Chavez, has seen its oil production plummet to less than 15 percent of normal levels, according to wire reports. Venezuela is ranked as the world's fifth largest crude exporter, and provides more than 10 percent of U.S. oil imports. As of Wednesday, December 18, an estimated 40 ships were anchored off ports as international oil firms have been cautious to lift cargoes from replacement workers enlisted by Chavez to break the strike. Vessels attended by uncertified pilots or crews would incur insurance risks. Only a handful of ships, chartered by PDSVA and Citgo, have loaded and sailed since the state giant declared force majuere on exports nearly two weeks ago.

Sinotrans Orders Four Boxships

Image: Sinotrans Shipping

Sinotrans Shipping has ordered four new energy-saving containerships of 1,900 teu in capacity each at CSSC Huangpu Wenchong Shipbuilding Company for $98.2mln. The four newbuildings, each costing $24.55m, are scheduled to be delivered from the shipyard in May, June, September and November 2017, respectively. A 10% deposit has been placed by Sinotrans with the balance payable in four instalments. The construction of such energy-saving containerships will enable the company to optimise the composition of its fleet of containerships, it added.

S&P Cuts International Shipholding Ratings

Standard & Poor's lowered its rating on International Shipholding Corp.'s (ISC) $110 million 7.75% senior unsecured notes due Oct. 15, 2007, and $100 million 9% senior unsecured notes due July 1, 2003. The corporate credit rating on the company is affirmed. The downgrade on the notes is based on the increased proportion of secured debt in the company's capital structure, which has been used to finance the acquisition of additional vessels(primarily car carriers) over the past year and which effectively ranks senior to the unsecured notes. Previously, the unsecured notes carried a rating equal to the corporate credit rating, as the proportion of secured debt was less material.

ASL Marine Group Buys Out Vosta & CFT

Principals of the Companies: Photo credit Vosta LMG

Vosta LMG Group of Companies & CFT International acquired by ASL Marine Group subsidiary Leo Dynamische Investering BV. Vosta LMG’s business is complementary to the Group’s current business segments of shipbuilding, ship repair and conversion and ship chartering. Apart from synergies to be derived on many aspects of the operations and increasing the scope of services to include design and engineering, the Group is also able to strengthen their geographical presence by tapping on Vosta LMG’s existing customer base through their offices in the Netherlands…

Nordic American Tankers Signs TC with Cepsa

Photo: Nordic American Tankers

Nordic American Tankers has announced that it entered into an one-year term charter with the major Spanish oil company Cepsa for a ship. The company says  is the 2004 built Nordic Castor is expected to be delivered on the time charter in late February for a contract of up to 15 months. "She is expected to be delivered on the time charter late February, subject to a satisfactory inspection in next discharge port. The fact that NAT has only one million barrel suezmax ships allows us to achieve economies of scale. The agreed rate secures a good cash flow," said a company statement.

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

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