Owners and Charterers enter into an agreement known as the ‘charter party’, which is the contract specifying many things, including a ‘performance clause’. This is usually found in the additional clauses, and is often under ‘ship description’. The performance clause, also known as the ‘performance warranty’ is typically worded as … [Read more...]
Petrobras Makes it Official, Signs Charter Agreement for 9 Drillships
Petrobras announced today they have signed contracts with Sete Brasil, Odebrecht and Etesco to charter and operate nine drillships. These ships will be built in Brazil by Singaporean shipbuilders, Keppel and Sembcorp Marine with local content (Brazilian goods and services) of 55-65%. After construction, the rigs will be chartered by Petrobras for 15 years. This is the final … [Read more...]
Diana Shipping Gains New Time Charter Contract for Capesize Bulker, M/V Salt Lake City
ATHENS, GREECE – Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, announced today that it has entered into a time charter contract with Morgan Stanley Capital Group Inc., through a separate wholly-owned subsidiary, for one of its Capesize dry bulk carriers, the M/V Salt Lake City. The gross … [Read more...]
Wicked Payday for American Shipping Companies
Maersk Line Limited, and 10 other US-based shipping companies were awarded nearly $5.9 billion in contracts today by the US Department of Transportation for "international and intermodal distribution services." The following is a breakdown: Maersk Line, Ltd., Norfolk, Va. - $2,100,000,000 American President Lines, Ltd., Inc., Washington, D.C. - … [Read more...]
Atlantic Offshore Wins Four Year Deal for New Emergency Response Vessel
Norway's Atlantic Offshore said Wednesday that it has been awarded a four-year service contract with French energy major Total for the use of a new Emergency Response and Rescue Vessel (ERRV) in the North Sea. Under the deal, Atlantic Offshore will operate the new ERRV at the Martin Linge field located in the northern North Sea. Atlantic says that the contract is initially … [Read more...]