French tanker operator Copamar said it would have to fold after a French court backed TotalFinaElf's decision to pull out of a five-year charter of two aged tankers. "We have cash-flow problems," said a source at Copamar. "We will certainly have to close. That's life," he added. He said the 25-year old Guri and the 30 year-old Gatteville had been taken on five-year charters by TotalFina in 1998, but the charters had been terminated 10 months ago. TotalFinaElf's decision to terminate the contract came during a change in chartering strategy last year. It said it would not use ships of over 25 years old in French waters following public outrage after the 24-year old Erika broke apart in the English Channel in December 1999, spilling 8,000 tons of fuel oil and polluting Brittany beaches. Shipping sources said a Cherbourg tribunal originally ordered TotalFinaElf to pay 30 million francs to Copamar for breach of contract, but this would now have to be repaid following TotalFinaElf's successful appeal. - (Reuters)
Siem Offshore Inc and Five Oceans Services GmbH have entered into a firm three year charter for the large-size PSV "Siem Carrier" for operation as a world-wide Cable Lay, ROV and Offshore Construction Support Vessel. The contract will commence in fourth quarter 2007. The commercial terms of the contract are confidential between the parties. Siem Offshore Inc expects to invest $6 million in upgrade of the vessel prior to commencement of the contract.
Hydro has declared its option for a further 3 year charter period for Far Saga. The option period commences 01.05.07. The last 5 years Far Saga has supported Hydros' subsea/ROV activities through a contract with Acergy. This co-operation will continue through the period. Acergy has further options to hire the vessel after the end of the charter period to Hydro. Before commencing the 3 year period, the vessel's ROV-capacities will be upgraded.
New Charters Expected to Generate a Minimum of $42M in Gross Revenue Tsakos Energy Navigation Ltd. (TEN) announced the fixture of the 2006-built 1A ice-class Handysize product tanker Andromeda for three-years to an international trading house for a minimum rate and a 50:50 profit share if rates exceed that minimum. Concurrently with this fixture, TEN concluded a three-year charter, to the same end-user and for the same
Star Bulk Carriers Corp., announced that it has entered into a definitive agreement to acquire a Supramax bulk carrier of approx. 52,200 dwt, built in 2005, for approx. $68.8 million. The vessel, to be renamed the Star Cosmo, will be financed through a combination of company cash and bank debt.The Star Cosmo is scheduled to be delivered to Star Bulk within June/July 2008. The vessel comes with a staggered 3-year charter to Korea Line that commenced on March 17, 2008
On Nov. 6, Odfjell sold MT Bow Sky with a net gain of $32m. Odfjell has been working on ways of strengthening their equity since the Norwegian retroactive tax was imposed last year. This process has been hindered by the impact of the financial crises. Despite the difficult financial markets, Odfjell announced the sale of MT Bow Sky(40,005dwt/built 2005) with an eleven year charter back. The transaction is entered into with a subsidiary of nabCapital
Clough Limited has entered into an agreement for an eight year charter of a new subsea operational support vessel. The as yet unnamed vessel will be ready for service in June 2008. Once operational the vessel will be deployed on various projects and contracts, primarily in the Australasian and SE Asian regions. The vessel is an advanced multi-purpose subsea construction vessel, developed in cooperation with owner and yard. Measuring 385 ft. long, with a beam of 72 ft
Hallin Marine signed a three year charter on a new subsea operations vessel with Seacor Marine (Asia) Pte Ltd, part of Seacor Holdings Inc. Hallin will take delivery of the new build Seacor Penrith in the second quarter of 2008 and will use the vessel to support its diving and Remote Operated Vehicle operations. The 67-m, dynamically positioned (DP2) vessel, has on board accommodation for 52 personnel and is fitted with a 20T SWL active heave compensated subsea crane.
Chinese shipyards register a 49% plunge in first half 2012 orders. 'Gulf News' informs that China has 1,536 shipyards with annual sales of more than five million yuan ($780,000), according to the China Association of the National Shipbuilding Industry. Shipbuilding and shipping capacity surged because of speculation fuelled by China’s demand for raw materials. The government also provided low-cost financing for new vessels to help support shipyards.
Oceaneering International, Inc. (NYSE:OII) has announced that it has entered into a five-year charter for use of the Cade Candies, a multi-service subsea support vessel owned by Otto Candies LLC. The charter is expected to commence during the second quarter of 2013. This state-of-the-art, U.S. flagged vessel was built in 2010. It has an overall length of approximately 309 feet (94 meters), a Class 2 dynamic positioning system, accommodations for 69 personnel
In what it calls a natural step in the process of expanded subsea services in the oil and gas industry, MMT has signed a two-year charter contract for M/V Stril Explorer, operated by Simon Mökster Shipping AS. MMT said it has conducted various survey assignments from this vessel during
China, Japan shipyards reel-in the orders in the past week, Korea figures too in the VLGC sector: interestingly there was just one new order in the tankship market, reports Clarkson Hellas in their latest S&P Weekly Bulletin, as follows: Dry bulk ships
Robert Allan Ltd. says it has been selected by Teekay Shipping (Canada) Ltd. to provide the contract engineering package for the conversion of the M/V Navion Clipper from a shuttle tanker into a Floating Storage and Offloading (FSO) unit. Scope of work
Robert Allan Ltd. announced that it was selected by Teekay Shipping (Canada) Ltd. to provide the contract engineering package for the conversion of the M/V Navion Clipper from a shuttle tanker into a Floating Storage and Offloading (FSO) unit.
Euroseas Ltd. reports results for the 6-month period and quarter ended June 30, 2013, despite net loss declares quarterly dividend, announces the sale of a vessel and the chartering of one of its bulkers. Second Quarter 2013 Highlights: •Net loss of $8.9 million or $0
Golar has been contracted by Kuwait National Petroleum Company to provide loating storage and regasification ("FSRU") services to support their LNG import operations at Mina Al Ahmadi. The contract will be for an initial period of 5 years and comprises the provision of portside FSRU
GasLog has ordered two new 174,000 cbm Tri-Fuel Diesel Electric LNG carriers from Samsung Heavy Industries Co., Ltd. in South Korea. The vessels are expected to be delivered in Q3 and Q4 2016, respectively, and upon delivery will commence firm seven-year charters with a subsidiary of BG Group plc
GasLog Ltd. an international owner, operator and manager of liquefied natural gas (LNG) carriers, report its financial results for the quarter ended June 30, 2013. Highlights Contracted 2 LNG newbuildings at Samsung Heavy Industries for delivery in 2016
In 2011, Bourbon entered a five-year charter agreement with CGG for a series of six new seismic support vessels, an industry first. Two years later, the Bourbon Petrel and the Bourbon Fulmar are already in service in the Black Sea and Northern Europe, and a third vessel, the Bourbon Gannet
Marcon International, Inc. of Coupeville, Washington reported that Tiong Woon Marine Pte. Ltd. of Singapore has sold their 3,000BHP twin screw tug Tiong Woon Ocean 15 (ex-Uni Haul Ruth) to Latin American interests. The 31.0m x 9.0m x 4.5m depth / 3
Navis Engineering has completed work on its latest project involving fast-growing Singaporean offshore specialist Miclyn Express Offshore (MEO), following the commissioning of the DP2 system on board the 70m ROV and diving support vessel Resolution
ExxonMobil Corp has agreed to renew its charter agreement for the 337,000-barrel 'Overseas Cascade' at an unprecedented $110,000 a day, nearly a 50 percent increase from its previous rate for the same ship this summer, reports Reuters, citing shipping sources.
OOS International B.V., a company providing offshore accommodation services, announced that with support from CIMC Capital it has secured a four-plus-four-year charter contract for two semisubmersible crane and accommodation platforms for Petrobras Brazil.
Announced in June 2011, Bourbon and CGG entered a five-year charter agreement for a series of six custom newbuild seismic support vessels. Now more than two years later, the third ship in the series, Bourbon Gannet, is due to enter service in the early part of 2014
Mitsui O.S.K. Lines (MOL) inform it has signed a Head of Agreement on joint ownership and 20-year charter contract for a newbuilding LNG carrier with Tokyo LNG Tanker Co., Ltd. At the same time, MOL signed a contract with Japan Marine United Corporation to build the new vessel.