Seamec Limited has entered into a Bimco Charter Party agreement with Saudi Arabian firm M/s. Safeen Al Behar Limited Company for the charter hire of its vessel, SEAMEC SWORDFISH. The deal, valued at USD 57.40 million, covers a firm charter period of 730 days with an option for extension on mutually agreed terms. The charter hire will commence between March 1, 2025, and March 30, 2025, and will see the vessel operating in the Kingdom of Saudi Arabia and the UAE.
This international contract marks another milestone for Seamec Limited, reinforcing its presence in the global offshore shipping sector. The agreement is part of the company’s regular business operations and does not involve any related-party transactions.
What is a BIMCO Charter Party?
A BIMCO (Baltic and International Maritime Council) Charter Party is a standardized contractual framework used in the shipping industry to govern the hiring of vessels. It sets out the rights, obligations, and liabilities of both the shipowner and the charterer, ensuring transparency and efficiency in maritime trade. BIMCO is the world’s largest international shipping association, and its charter contracts are widely adopted across the industry for their reliability and legal robustness.
Impact on the Shipping Industry
The agreement between Seamec Limited and Safeen Al Behar Limited underscores the increasing demand for offshore vessels in the Middle East region. With global shipping activity on the rise, securing long-term contracts such as this not only ensures steady revenue streams for shipping companies but also enhances operational stability and market credibility.
Seamec Limited’s latest deal highlights its strategic expansion in the international maritime sector, reinforcing India’s growing influence in offshore services.