Nordic American Tankers Signs TC with Cepsa
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.
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)
Aker and OSG Announce Agreement for up to Six More Tankers
Aker American Shipping ASA and Overseas Shipholding Group, Inc. initial terms of 10-15 years. $700M (before profit sharing) reflecting the higher rates and longer terms. and agreement of final documentation, and relevant government approvals. Act commercial product tanker being built at Aker Philadelphia Shipyard. time charters in place.
OSG Signs Time Charter for Four
Overseas Shipholding Group, Inc. signed an agreement with Parakou Shipping Ltd., an international shipping company based in Hong Kong, to time charter four product carriers for 10 years each. vessels, two of which are already under construction, will be built by STX Shipbuilding Co., Ltd. in Korea and are scheduled for delivery to OSG in September and October 2006 and April and June 2007. The product carriers, all sister ships with a capacity of 51,000 dwt and six segregations, will be able to transport petroleum products, vegetable oils and IMO III chemicals. Delivery of the vessels will increase the number of International and U.S. Flag product carriers in OSG's fleet to 50.
General Maritime Signs Time Charter Contracts
General Maritime Corporation has signed two-year time charter contracts, with a trading company, for up to nine of its Aframax OBO Vessels (combination vessels which can perform both wet and dry trades). The initial time charter contracts are for four of the Company's Aframax OBO vessels. The contracts for the four vessels will provide net voyage revenue to General Maritime in the first year of approximately $28 million, and could provide an additional $28 million in the second year through the exercising of the charterer's option. If the charterer does not exercise the option, General Maritime has the option to extend the time charter for an additional year, which would generate net voyage revenue of approximately $22.5 million.
Genco Shipping to Sign Time Charter for the Genco Vigour
Genco Shipping & Trading Limited announced it has reached an agreement to enter into a time charter for the Genco Vigour, a 1999-built Panamax vessel, with STX Panocean (UK) Co. Ltd. The time charter will be for 23 to 25 months at an average rate of approximately $29,000(1) per day, less a 5% third party brokerage commission. Specifically, the time charter rate will be $33,000 per day for the first 11 months, $25,000 per day for the following 11 months and $29,000 per day thereafter. The time charter will commence following the expiration of the vessel's current time charter.
Genco to Sign Time Charter for Newly Acquired Vessels
Genco Shipping & Trading Limited announced that it has reached an agreement to enter into a time charter for two vessels it has recently agreed to acquire. The Genco Constantine, a Capesize newbuilding, is scheduled to be on charter with Cargill International S.A. for 54 to 62 months at a rate of $52,750 per day, less a 5% third party brokerage commission. The time charter for the Genco Constantine includes a 50% index-based profit sharing component. In addition, the Genco Warrior, a 2005-built Supramax vessel, is scheduled to be on charter with Hyundai Merchant Marine Co. Ltd. for 35 to 37.5 months at a rate of $38,750 per day, less a 5% third party brokerage commission.
Aker Philadelphia Begins Tanker Construction
Aker Philadelphia Shipyard has commenced production on the third vessel in the ten-ship product tanker build program initiated in April 2005. Steel cutting for the ship, the seventh built by the yard since its opening nearly six years ago, was performed on one of the yard's two state-of-the-art plasma cutting machines. The third tanker vessel is scheduled to be completed in the fourth quarter of 2007. The first steel plates cut for the ship will be used in construction of the engine room of the 46,000 deadweight ton (dwt) product tanker. Upon completion, the tankers will be owned by American Shipping Corporation, a subsidiary of Aker American Shipping, and bareboat chartered to Overseas Shipholding Group, Inc (OSG).
Tesoro Affiliate Secures Additional Tankers in Aker Philly Build Program
Charter agreements have been signed for two more of the 10 Jones Act commercial product tankers being built at Aker Philadelphia Shipyard. The agreements were made between Gold Star Maritime Company, an affiliate of Tesoro Corporation (Tesoro), and Overseas Shipholding Group Inc. (OSG), which has partnered in the new fleet with Aker American Shipping (AKASA), parent company of the shipyard. As part of the Aker group of companies, Aker American Shipping, in conjunction with its subsidiaries, operates as both shipbuilder and ship owner in the Jones Act segment of the U.S. commercial maritime industry. Tesoro had previously secured two vessels in the series in April of this year.
Mitsui Procuring 8 LNG Vessels
President and CEO, Masami Iijima of Mitsui & Co., Ltd. informed that the compnay is currently proceeding with the procurement of eight LNG ships intended to be used for the delivery of LNG mainly to its customers in Japan from the Cameron LNG Export Project in the U.S.A. On September 26, 2014, Mitsui signed time charter parties for five of the above eight ships for a total maximum charter hire amount of approximately 400 billion Japanese yen. Additionally, Mitsui is preparing to conclude time charter parties for the remaining 3 ships.
Concordia Maritime Charters 2 P-MAX Tankers
Concordia Maritime signed time-charter contract for two P-MAX tankers and launched a pool with four vessels. The time-charter contracts are with Stena Bulk and cover the wholly owned Concordia Maritime tankers Stena Perros and Stena President, for one year each. The pool to be started up by Concordia Maritime and Stena Bulk will also include the P-MAX vessels Stena Penguin and Stena Primorsk for the same period of time. The four tankers will transport heavy petroleum products, primarily in the Atlantic market.
GSL Extends TC with CMA CGM
Global Ship Lease, Inc., a containership charter owner, has announced that it has signed time charter extensions with CMA CGM for two 2,207 TEU containerships, the 2002-built Julie Delmas and the 2003-built Delmas Keta. The vessels will be chartered for a period of 12 months (plus or minus 45 days at charterer’s option) at a fixed rate of $7,800 per vessel per day, commencing immediately upon expiration of the current time charters on September 11 and 20, 2017, respectively.
Stelmar Shipping Ltd. Signs Time Charter
Stelmar Shipping Ltd. announced that it has signed a time charter contract for the Ambermar. The time charter for the Ambermar, a 2002 double-hull Handymax tanker, was renewed for another two years by Fuel and Marine Marketing LLC (FAMM), a ChevronTexaco company, at a rate of $14,000 per day. To date, Stelmar has secured 82.4% of the net operating days of its fleet on profitable time charters for 2003 and 39.2% for 2004, representing $138 million and $86 million in revenues, respectively. Peter Goodfellow, Chief Executive Officer and President, stated, "The execution of this contract marks another achievement under Stelmar's time charter strategy for allowing the Company to benefit in a strong rate environment.
Three Tankships Chartered by BAHRI
Saudi Arabia's National Shipping Company of Saudi Arabia (BAHRI) & National Chemical Carriers Company Ltd. (NCC) ink long term charter deal. The National Shipping Company of Saudi Arabia (BAHRI) announces that its 80% owned subsidiary The National Chemical Carriers Company Ltd. (NCC) signs time charter agreements for three chemical tankers with International Shipping and Transportation Company Ltd. (a subsidiary of Saudi Basic Industries Corporation) for a period of 5 years, with an option of extension for another 5 year period. The value of these time charter agreements is approximately (SAR 480 Millions) for the first five years. The financial impact for the first and the second 45,000 DWT tankers will appear during the third and fourth quarter of the current year 2012 respectively.
Genco to Sign Time Charters for Drybulk Vessels
Handymax vessel, with Pacific Basin Chartering Ltd. Merchant Marine Co., Ltd. of $25,750 per day, equivalent to a gross rate of approximately $27,105. pool of approximately 45 vessels. respectively. commence following the expiration of its current time charter. time charters are subject to the completion of definitive agreements.
Evergreen to Charter 11 Containerships
Evergreen Group signed time charter agreements with Shoei Kisen Kaisha, Ltd. (Shoei) to charter a total of 11 18,000 TEU vessels, which include the six units of the same capacity announced by Evergreen Marine Corp. (EMC) and its subsidiary last December. The charter parties were signed by EMC's Chairman Anchor Chang and Shoei's President Yukito Higaki. The ships are planned to be delivered from 2018 through 2019. Evergreen said it will cooperate with Shoei to build the new generation ultra-large containerships, which will measure about 400 meters in length and about 59 meters wide.
Construction Begins on Fourth Tanker in Philly
Dock. series, also currently under construction. As part of the ceremony, coins were placed under the keel block recreating a long-standing tradition whereby shipbuilders hide special coins in the keel section of a ship as a permanent symbol of good fortune and safe travels. Anton Roaldset, Vice President of Procurement, represented Aker American Shipping in the ceremony, with Andrew Hake and Greg Marchese of Overseas Shipholding Group's (OSG) site office at the yard participating on OSG's behalf. of liquid product. Company. to OSG. agreements in place between OSG and Shell, BP and Tesoro.
Aker Philly Shipyard Lays Keel for Tanker
Aker Philadelphia Shipyard has layed the keel for the second vessel in the series, the sixth ship constructed at the yard since it started production in 2000. The first section of the double-hulled product tanker scheduled for completion in 2007 was installed in the yard’s Building Dock just a few hundred yards behind the first ship in the series, also currently under construction in the dock. When completed, each vessel will weigh 46,000 deadweight tons (dwt) and be the most modern product tankers in the U.S. domestic fleet. The first ship in the program is expected to be delivered by the end of 2006, with the second vessel scheduled for completion during 2007.
Naming Ceremony Held for First of Ten OSG Tankers
The Naming Ceremony was held for the first product tanker in OSG's 10 ship series. Aker Philadelphia Shipyard achieved another significant milestone in the build program with keel laying for the third vessel in the series. The first section of the double- hulled product tanker scheduled for completion in late 2007 was lowered into the yard's building dock, the same dock where construction is underway on the second ship in the series. As part of the ceremony, coins were placed under the keel block recreating a long-standing tradition whereby shipbuilders hide special coins in the keel section of a ship as a permanent symbol of good fortune and safe travels.
Wärtsilä Developing Hybrid Tug for Brazil
Wärtsilä said it has signed a memorandum of understanding (MoU) to develop a new environmentally friendly tug design for a new port facility being built in the Brazilian city of São Mateus. The MoU, signed with Petrocity, parent company of a new port facility, will see Wärtsilä develop a harbor tug design based on its recently launched Wärtsilä HYTug, which features hybrid propulsion and energy storage using batteries. The prime consideration is to maximize the ecological operational…
TMS Cardiff Gas Places Order at HHI
TMS Cardiff Gas said it signed a contract with South Korean shipbuilder Hyundai Heavy Industries (HHI) for the construction of one 174,000 cubic meter liquefied natural gas (LNG) carrier, with an option for a second vessel. The newbuild is scheduled for delivery in 2020, when she will enter into a seven year time charter contract with TOTAL Gas & Power Chartering, Limited. This order is the first in the company’s X Carrier Series, which expands the TMS Cardiff Gas fleet of managed vessels to 10 (six LNG carriers and four VLGCs).
Coast Guard Calls off Search for Pilot Missing in GoM
The U.S Coast Guard has called off the search for missing pilot Bill Kinsinger, 55, and his Cirrus aircraft that vanished over the Gulf of Mexico. Last week, Kinsinger had plans to land in Georgiatown, Texas from Wiley Post Airport in Oklahoma City. When the plane failed to land, air traffic controllers attempted to reach Kinsinger, but received no response. Investigators said the plane continued on course past its destination, and was last observed on radar over the Gulf of Mexico, about 219 miles northwest of Cancun.
Gas Natural Fenosa, Baleària Sign LNG Bunkering Deal
Spanish liquefied natural gas (LNG) operator Gas Natural Fenosa signed an exclusive 10-year LNG supply deal with Spanish ferry operator Baleària. According to the company release, the supply contract will initially apply to the ports of Barcelona, Valencia and Algeciras, then extended to all the peninsular ports operated by the shipping company together with the entire new fleet powered by this fuel committed to using LNG as an ecological fuel. The president of Baleària, Adolfo Utor…