Results from the Company's Contract of Affreightment
segment as well as its Other segment were comparable to the year ago period.
OTC: NEWL) ("NewLead" or the "Company") announced today that it has entered into its first Contract of Affreightment
for one of its bitumen tankers vessels, the Katerina L, for the transportation, within a ten month period, of a minimum of 31,000 tons of bitumen over ten voyages, or, at the Charterer's option, up to a maximum of 49,600 tons of bitumen over 16 voyages.
It also has 1-3 years Contract of Affreightment
for the transport of liquid chemical, vegetable oils, and asphalt.
He said the PSO had taken new initiatives including signing a Contract of Affreightment
(COA) with Pakistan National Shipping Corporation (PNSC) for importing furnace oil from foreign ports.
4 Article 287 of the Maritime Law reads as follows (quoted translation): EoACA[pounds sterling]The following claims shall not be heard if opposed and in the absence of lawful excuse: 1- Claims arising out of a marine contract of affreightment
after the expiry of a period of one year from the date of delivery of the goods or from the date on which the goods should have been delivered.
It has contract of affreightment
for the transport of liquid chemicals, vegetable oils and asphalt for 1-3 years to be renewed every time the contract expires.
4 million contract of affreightment
(COA) for carriage of bulk coal.
The contract administration staff also have responsibilities in relation to the contract of affreightment
, the contract of insurance and financial guarantees connected with a contract.
In addition, Vale and Cosco will enter into a similar long term contract of affreightment
which will be serviced by ten very large ore carriers of similar deadweight to be built by Cosco for the transportation of the world's best iron ore from Brazil.