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Friday, November 16, 2018

Voyage Charter News

Eagle Bulk Shipping Q1 Revenue Jumps Up

Photo: Eagle Bulk Shipping

Eagle Bulk Shipping generated net revenues of $79.4 million for the three months ended March 31, 2018, representing an increase of 73% compared to the same period in 2017. The owner-operators in the Supramax / Ultramax segment took delivery of the New London Eagle, a 2015-built CROWN-63 Ultramax, closed the sale of the Avocet, a 2010-built DIAMOND-53 Supramax, and signed a memorandum of agreement to sell the vessel Thrush for $10.9 million net of commissions and selling expenses.

Golar FSRU Golar Freeze Lined Up for Jamaican Project

Golar Freeze. Photo: Emerson

Norwegian shipping company Golar LNG Partners is deploying a floating storage and regasification unit (FSRU) to Jamaica for up to 15 years from the fourth quarter of 2018."FSRU Golar Freeze will shortly arrive offshore Jamaica where she will service a 15-year charter for an energy and logistics company," the partner company of Golar LNG Limited said in a stock market annoucement.From commencement of commercial operations, expected during January, 2019, hire will be receivable at the full daily base rate…

BIMCO's New Charter Contract for LNG Shipping

Image: BIMCO Headquarters

With the amount of LNG traded on the spot market continuing to grow, the Baltic and International Maritime Council (BIMCO) is developing a new contract for the transportation of LNG under voyage charter terms. This will add additional flexibility to the spot market and give parties alternative means to manage their risks and control costs. Due to the nature of LNG cargo and its common use as propulsive fuel, it creates a number of challenges when carried under conventional voyage charter party terms.

Concordia Maritime, P-Max in Charter Deal

Concordia Maritime has just won a new contract with a major oil and gas company for a consecutive voyage charter arrangement for the P-MAX tankers Stena Provence and Stena Polaris. The agreement is for 6 months initially and will run until the end of 2014. "We are very proud to have concluded this deal and we are looking forward to continuing to develop this growing trade with refined petroleum products into the Asia Pacific with our business partner,” says Kim Ullman, CEO of Concordia Maritime.

K-Line Welcomes 'Galaxy River'

“K”-Line Welcomes Galaxy River

Kawasaki Kisen Kaisha, Ltd., Tokyo, (hereafter called "K" Line) announced delivery of "GALAXY RIVER", an 82,200 cbm-type LPG Carrier at Sakaide Shipyard of Kawasaki Shipbuilding Co., Ltd., Japan on June 27, 2014. GALAXY RIVER will be operated by "K" Line under a Consecutive Voyage Charter Contract with Japan Gas Energy Corporation. The main cargo that will be transported is LPG (Liquefied Petroleum Gas) from the Middle East to be discharged in Japan and other Far East ports. In addition…

Goldenport Holdings: Delivery of Two New-Build Bulk Carriers

Goldenport Holdings Inc., (LSE: GPRT) the international shipping company that owns and operates a fleet of container and dry bulk vessels announces that on 18 April 2011 it took delivery of the third new-build geared bulk carrier vessel with 57,000 DWT capacity from the COSCO (Zhousan) Shipyard Co Ltd., in China. The vessel was named 'Pistis' and commenced its agreed one year time charter immediately following delivery, at a daily rate of $14,250. Additionally, on 9 May 2011, the Company took delivery of the new-build bulk carrier vessel with 93,000 DWT capacity from Yangzijiang Shipbuilding Co Ltd., in China. The vessel was named 'D Skalkeas' and commenced its first voyage. Following the delivery of 'Pistis' and 'D Skalkeas', Goldenport's operational fleet consists of 24 vessels.

Euronav Warns Against Speeding up Tankers

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Many investors are asking questions about the dynamics of the tanker market and asked us to confirm their views on vessel utilisation across the tanker market. This answer is very much linked to how supply and demand balance one another in a bulk tramping market. Whilst there is no precise correlation between earnings and supply, it is critically important to understand that small changes can have major impact on the market as a whole. When the market is undersupplied with tankers…

BIMCO, GIIGNL issue Voyage Charter for LNG Trade

Photo Courtesy  GIIGNL

BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) have today jointly issued the first definitive voyage charter party – LNGVOY - designed for the expanding LNG spot market. During the development process, BIMCO and GIIGNL consulted with the industry globally to gather a clear picture of how an LNG voyage charter party should work in practice. Careful account was taken of the interests of both owners and charterers to create a balanced and clearly worded agreement.

Greece's Star Bulk on Ship Buying Spree

Star Bulk's 'Star Thetis': Photo courtesy of Star Bulk

Star Bulk Carriers contracts China's Shanghai Waigaoqiao Shipbuilding to build two Capesize dry bulk carriers, & also signs Letters of Intent with a major Japanese shipyard for construction of two Ultramax dry bulkers. The eco-type, fuel efficient Capesize drybulk vessels are to be delivered in Q4 2015 and Q1 2016, respectively and similar specification Ultramax dry bulkers in 2015. The aggregate purchase price of all four newbuilding vessels is approximately US$151.0 million. Star Bulk say they have been notified by the  receivers of STX Pan Ocean Co. Ltd.

Charter Party Laytime Definitions Updated

Uncertainties in laytime definitions currently used in charter parties have been addressed in the latest Laytime Definitions of Charter Parties 2013, created by a shipping industry working group consisting of BIMCO, the Baltic Exchange, Comitė Maritime International (CMI) and the Federation of National  Associations of Shipbrokers and Agents  (FONASBA). The new document sets out statements of meaning of words and phrases commonly used in the context of laytime and reflects contemporary market understanding based on the current state of English law. Separate meanings have been given to the different formulations of phrases such as “Weather Working” day…

Star Bulk Redeploys Star Sigma

Star Bulk Carriers Corp. (Nasdaq: SBLK) said that the vessel Star Sigma which was time chartered to Pacific Bulk Shipping Ltd. of Hong Kong until October 2013 at a gross daily rate of $38,000, was redelivered to the Company. Pacific Bulk has agreed to pay the Company a lump sum of $5.734 million in cash for the early redelivery of this vessel. The Company received a cash installment of $3.5 million on January 5, 2012 and the remaining balance of $2.234 million is scheduled to be paid by Pacific Bulk on/or about January 20, 2012. In addition to the lump sum payment, Pacific Bulk supplied Star Sigma with 1,027 metric tons of fuel, valued approximately $0.7 million.

Frontline & TI form new VLCC Company

Frontline Management (Bermuda) Ltd., and Cyprus-based Tankers International LLC (TI) have started a new company named VLCC Chartering Ltd.,

Frontline Management (Bermuda) Ltd. and Tankers International LLC (TI) today announced the formation of a new company, VLCC Chartering Ltd ('the Company'). *to reduce voyage related expenses and thereby improve the net earnings (TCE) of the Very Large Crude Carriers (VLCCs) operated by both owning companies through optimisation of voyages. *to reduce carbon emissions as a direct consequence of using less fuel for cargo movements through fleet optimisation. VLCC Chartering will…

NewLead Holdings Announces Commercial Competency of MT Sofia

MT Sofia Photo Newlead

NewLead Holdings Ltd.announced today a review of the commercial competency of one of its bitumen tanker vessels, the MT Sofia since the vessel was delivered to NewLead's fleet. The Sofia is a 2008-built bitumen tanker vessel of 2,888 dwt and is one of the five bitumen tanker vessels that were delivered to NewLead's fleet during the fourth quarter of 2014. Since the end of November 2014, when NewLead took delivery of the Sofia, the vessel has been trading in the spot market under consecutive voyages.

BIMCO Tackle Shipping Issues at Singapore Meeting

BIMCO’s Documentary Committee, chaired by Mr Karel Stes, gathered in Singapore for its spring meeting on 23 April. The Committee’s contract experts reviewed a number of new contracts and clauses dealing with a wide variety of topical subjects ranging from wind farms to solid bulk cargoes that can liquefy. A new standard pooling agreement was adopted following two and half years of development work. Also adopted by the Committee were three new standard clauses covering EU advanced cargo declaration requirements under voyage charter parties; slow steaming under a voyage charter; and a clause addressing the very topical issue of solid bulk cargoes that liquefy.

Sinotrans Shipping in the Red

Photo: Sinotrans Shipping

Sinotrans Shipping slid back into the red for the first half of 2015, turning to a $18.3m loss from a small $2.3m profit in the previous corresponding period. The dry bulk and container shipping arm of Chinese state-owned Sinotrans & CSC Group continues to feel the pain of low rates. The  company is now considering diversifying its shipping business. Revenue of the Hong Kong-listed  company dropped 19% year on year (y/y) to $485.1 million , a stock filing of Sinotrans Shipping said on 14 August.

Dorian LPG Reports 2Q 2015 Financial Results

Logo Image

Dorian LPG Ltd. today reported its financial results for the three months ended September 30, 2014. Took delivery of the second vessel under our VLGC newbuilding program, the Corsair, from Hyundai Heavy Industries Co. Ltd. ("Hyundai"), on September 26, 2014 - which is trading in the spot market. Captain John NP recorded time charter equivalent ("TCE") rate of $71,355 for the three months ended September 30, 2014. John Hadjipateras, Chairman, President and Chief Executive Officer…

BIMCO, WFP Issue Modernized Charter Party

Photo: BIMCO

BIMCO has together with the UN World Food Programme (WFP), updated and modernised the WORLDFOOD voyage charter party used by the UN organisation to transport food to emergency areas around the world. The aim was to create a contract that made WFP’s work easier and faster. "The WORLDFOOD charter is an essential tool for the WFP as the majority of food that we deliver is transported by chartered ships at sea. It is crucial that we have a charter party that gives us the flexibility required when operating in volatile areas of the world.

OAO Sovcomflot’s 9M/Q3 2014 Results

OAO Sovcomflot (SCF Group) today reported results for the nine months and third quarter (Q3) ended 30 September 2014. n.a. Commenting on the results, Sergey Frank, President and CEO of OAO Sovcomflot, said, “Sovcomflot has performed strongly in the first nine months of 2014, with revenue and profits significantly ahead of the comparable period last year. These financial results reflect an improved freight rate environment over the period, especially within the crude oil segment of the tanker market. Equally, they demonstrate the benefits of our work to develop long-term relationships with ‘blue chip’ charterers across the globe, in order to provide safe and reliable transportation for their cargoes. “During the period, we continued to focus on implementation of the Group’s strategy.

Concordia Renews Charter of 2 P-MAX Tankers

Stena Provence (Photo: Concordia Maritime)

Concordia Maritime has renewed its contract with a major oil and gas company for a consecutive voyage charter arrangement for the P-MAX tankers Stena Provence and Stena Polaris. The agreement will run until the summer of 2015. “This is a testament to the fact that our P-MAX tankers make a major difference when properly utilized. We are very pleased to be able to extend this charter, which, alongside our business partner, we have long and successfully cultivated in this region of the world,” said Kim Ullman, CEO of Concordia Maritime.

Concordia Maritime Extends Charters for Tanker Duo

P-MAX tanker

Concordia Maritime has just renewed its contract with a major oil and gas company for a consecutive voyage charter arrangement for the P-MAX tankers Stena Provence and Stena Polaris. The agreement will run until the summer of 2015. “This is a testament to the fact that our P-MAX tankers make a major difference when properly utilized. We are very pleased to be able to extend this charter, which, alongside our business partner, we have long and successfully cultivated in this region of the world,” says Kim Ullman, CEO of Concordia Maritime.

Eagle Bulk Shipping Reports 4Q Loss

Image: Eagle Bulk Shipping

US based owner-operators of Supramax dry bulk vessels reported a loss of $16.6 million in its fourth quarter ended December 31, 2017, compared to a net loss of $142.4 million for the fourth quarter in 2016. The shipping company posted revenue of $74.6 million in the period, representing an increase of 78% compared to the same period in 2016. Gary Vogel, Eagle Bulk's CEO, commented, "During the fourth quarter, Eagle Bulk's active management operating model drove outperformance of the benchmark Baltic Supramax Index for the fourth consecutive quarter…

Ship-to-ship Transfer Clause for Dry Bulk

BIMCO

A new clause for dry cargo voyage charters is set to plug the gap in contracts that do not address ship-to-ship transfer (STST) cargo operations. STST cargo operations are a common feature in most tanker voyage charters, but rarely form part of dry cargo standard forms. If a charterer wants to conduct STST cargo operations and the charter party form does not contain the required wording, then this clause should be incorporated. It is very important to have such a clause because of the increased risk to the ship of such cargo operations.

BIMCO Signs New LNG And Shipbuilding Supervision Contracts

BIMCO Headquarters. Photo by  BIMCO

The twice yearly meeting of BIMCO’s Documentary Committee took place in Hamburg on 19 November. In his first meeting as Chairperson of the Committee, Belgium’s Francis Sarre presided over the adoption of several new contracts and clauses and an update of BIMCO’s extensive suite of bills of lading and waybills. Two new owner representatives joined the Committee from Canada and Brazil, reflecting the importance of the Americas in BIMCO’s global coverage of documentary matters. In addition to the adopted contracts and clauses…

Maritime Reporter Magazine Cover Oct 2018 - Marine Design Annual

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