AsiaMiddle EastOffshore

Atlantic Navigation lands ten vessel charter deal

Atlantic Navigation has announced that it has been awarded long term charters for ten offshore supply vessels at a combined value of around $236m from a Middle Eastern national oil company.

The group will supply five maintenance/work/utility vessels and five anchor handling tug, supply and safety standby vessels, which will be on a firm five-year charter with a two-year extension option. Three vessels are to begin their charters from May 2016 and the remaining seven newbuilds will be deployed in 2017 as they are delivered.

“We are pleased to have been awarded these ten vessel contracts. Despite the challenging industry conditions, we continue to pursue our growth strategy together with our regional partners, particularly in our core market in the Middle East,” said Bill Wong, executive chairman and CEO of Atlantic Navigation.

Atlantic Navigation also reported a net loss of $1.06m for the first quarter of 2016 while revenue plunged 49.4% to $6.95m.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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