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.
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
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.
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
Nordic Maritime, a leading offshore service operator, today announced a five year time charter for its DP2 IMR Subsea vessel, Mokul Nordic, which has been awarded by Noble Energy, the international energy provider. “At Nordic Maritime, we are delighted to have won this long term charter contract directly with a highly reputed international oil company, Noble Energy. This is a major achievement for us and together with our co-owner of this vessel, MDL Energy
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.
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
Teekay LNG Partners has reported GAAP net income attributable to the partners and preferred unitholders of $84.4 million and adjusted net income attributable to the partners and preferred unitholders of $29.0 million in the fourth quarter of 2016.
As widely expected, the opening of the new, expanded locks at the Panama Canal in June 2016 has considerably impacted the ‘old Panamax’ containership sector, says a report by Clarkson Research Services. The displacement of these narrow beam vessels
A Joint Venture comprising The Shipping Corporation of India Ltd. (SCI), Nippon Yusen Kabushiki Kaisha (NYK), Mitsui O.S.K. Lines, Ltd. (MOL), Kawasaki Kisen Kaisha, Ltd. (“K” Line), and Petronet LNG Ltd (PLL), have taken delivery of a new build Liquefied Natural Gas (LNG) carrier MT
Navigator Holdings Ltd. (NVGS) has reported third-quarter ended September 30, 2016profit of $6.5 million, with earnings per share of $0.12. The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 7
GasLog Partners LP and GasLog Ltd. announced the closing of the Partnership's acquisition from GasLog of 100% of the shares in the entity that owns and charters GasLog Seattle. GasLog Seattle is a 155,000 cubic meter tri-fuel diesel electric liquefied natural gas (LNG)
In the containership market today, Panamax sector, the charter rates rest at rock-bottom rates and the fleet is in steady and perhaps terminal decline, with scrapping at record levels. Is the battle now lost? A report by Clarksons Research.
GasLog Ltd. today announces that it has signed a time charter party with Centrica plc. ("Centrica") to charter a vessel for a period of seven years. The vessel, a 180,000 cubic meter LNG carrier with XDF propulsion, has been ordered from Samsung Heavy Industries
Teekay LNG Partners L.P. has entered into a 15-year time-charter contract with the Yamal LNG project, sponsored by Novatek OAO, Total SA, China National Petroleum Corporation and Silk Road Fund, to provide Yamal LNG with conventional liquefied natural gas (LNG) transportation services
Shell loads first LNG vessel, using new LNG fuel infrastructure at Gate terminal. The new LNG fuel infrastructure included the construction of a new berth. This new berth has now started operations. The loading of Shell’s chartered LNG vessel, the Coral Methane happened on September 19th
MacGregor, part of Cargotec, has won comprehensive equipment package contracts for a variety of seven specialist support vessels that will operate in the Middle East region. MacGregor will deliver deck cranes and a range of deck machinery to each vessel
Securing the position of its low-speed low-pressure X‑DF engines as market leaders, Winterthur Gas & Diesel (WinGD) has been selected to supply two 5-cylinder X72DF (5X72DF) engines for each of a pair of 180,000 m3 LNG carriers ordered by South Korean shipowner SK Shipping Co., Ltd (SK)
DOF Subsea and Technip announce the delivery of Skandi Açu and commencement of contract with Petrobras DOF Subsea and Technip, through 50/50 owned affiliate TechDof Brasil AS, have taken final delivery of the pipe-lay support vessel (PLSV) Skandi Açu
Japanese shipping company Mitsui O.S.K. Lines, has, through its wholly-owned subsidiary Lakler S.A., agreed to conclude a charter contract with Gas Sayago, for a floating storage and regasification unit (FSRU) project in Montevideo, Uruguay.
Issues $140 Million of 6.95% Series F Cumulative Convertible Perpetual Preferred Shares, Renews $150 Million Unsecured Revolving Loan and Enters into $250 Million Lease Financing HONG KONG, CHINA--(Marketwired - May 18, 2016) - Seaspan Corporation ("Seaspan") (NYSE:SSW) announced
The Middle-East-focused marine logistics services provider Atlantic Navigation Holdings (Singapore) Limited has won long term charters for 10 OSVs with a combined value of around $236m from a Middle Eastern national oil company.