TOP Ships Agrees 3-Year Charter with Clearlake

first_imgGreek shipowner TOP Ships has agreed to enter into a time charter deal with Singapore-based Clearlake Shipping for one of its product/chemical tankers.The company informed that the 39,208 dwt, 2015-built Eco Fleet would be employed for a firm period of 36 months plus two additional 12 month periods, at the charterer’s option.The revenue backlog expected to be generated by this fixture, assuming all options are exercised, is about USD 25 million.“We are happy to have concluded a new fixture with a high quality charterer which, in line with our strategy, further extends our charter coverage,” Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said.“Following this fixture, total gross revenue backlog for the fixed charter period of operating vessels, from June 30, 2018, stands at about USD 211 million, increasing to about USD 225 million when adding the 50% of our joint venture vessels.”Separately, the company informed that it is offering an aggregate of 2 million of its common shares and warrants to purchase up to 3.5 million of common shares. The warrants will have an exercise price of USD 1.50 per share, TOP Ships said, adding that the warrants will be exercisable for four months from the date of issuance.last_img read more

DHB to be reopened to marine traffic on Thursday

first_imgFollowing the discovery, over the weekend, that one of the hydraulic winches on the Demerara Harbour Bridge (DHB) has failed, resulting in the Bridge being closed to marine traffic, General Manager Rawlston Adams on Tuesday told shippers that the Bridge was expected to be reopened to marine traffic on Thursday.DHB General Manager Rawlston AdamsAfter closing the Bridge for seven hours on Saturday for the replacement of a pontoon at the retractor span, engineers discovered mechanical failures during the reconnection process. It was discovered that one of the hydraulic winches were not holding pressure under load.General Manager Adams said that they initially thought that the problem was with the gearbox, but after stripping it, they discovered that it was in working order. Further diagnostic tests revealed that the spline in the shaft of the barrel was damaged and had to be repaired. Adams noted that the spline was damaged because moisture was trapped in the barrel.“We did some testing and it failed on the test, and we isolated the problem to the shaft on the barrel; when we opened that shaft, it took a long time and we realised that the spline is damaged. Over the years, moisture go into the spline and it got damaged. The guys are in the process of machining the part and we will hook it up and test it,” he said.The General Manager said engineers would carry out tests before installing it later on Wednesday.“We expect it to be completed by tomorrow 12 noon (today) and we will install and do the testing. For those in the shipping industry, we expect that your next retraction is going to be Thursday at 03:30 (am),” he added.Adams, in a meeting with shippers, told them that the DHB Corporation was now contemplating testing the remaining three winches on the retractor span. However, he noted that many factors have to be taken into consideration before they embark on the project.The retractor span of the Bridge comprises eight winches, four of which are small four- ton equipment while the remaining four are 12 tons each. The faulty winch has been identified as the north-eastern 12-ton apparatus.The bridge company did not have any replacements at hand and as such, it now turned to two private entities – Industrial Fabrications Inc and EC Vieira Investments Ltd to assist.Stemming from the hiccups encountered, works are currently underway to diagnose the direct cause of the problem, after which reinforcements will be put in place.This issue derived just as the floating bridge was undergoing the second of a two-part rehabilitation process on the retractor span, which carries a total cost of $103 million.The Bridge usually facilitates up to four marine vessels on a daily basis, the majority of which are attached to the fuel, bauxite and timber industries. Despite this interruption in passage, the DHB General Manager did indicate that financial losses remained at a minimum.last_img read more


first_imgTHE city that never sleeps has welcomed the players that never stop – Sam Maguire is in New York!Pictured are Donegal’s Karl Lacey, with the Sam Maguire Cup, and Kilkenny’s Henry Shefflin, with the Liam MacCarthy Cup, in Times Square!  LACEY TAKES SAM ON WORLD TOUR OF NEW YORK was last modified: November 16th, 2012 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:LACEY TAKES SAM ON WORLD TOUR OF NEW YORKlast_img read more