Little change occurred in the latest monthly Stifel Logistics Confidence Index. Slipping only 0.1 points from 57 in March to 56.9 this month, the overall index did however favor improvements in the present situation increasing 1.6 points to 51.8. However, expectations for the next six months dimmed falling 1.8 points to 62 for April. The monthly airfreight data is such an example. For April, the present situation increased 0.5 points to 49 whereas expectations declined 2 points to 61.3. The present situation indicates a current market in contraction due to the index figure below the 50-level. However, compared to April 2013, the present situation has improved 7 points. By lane, all lanes except U.S. to Europe, are below the 50-level but compared to the same month in 2013, much improvement has been made. Europe to Asia has improved at 8.1 points higher than 2013 followed by U.S. to Europe up 7.1 points. In fact, for the current month, the U.S. to Europe lane climbed above the 50-level for the first time since the Stifel survey begun. The airfreight expected situation declined on all trade lanes except Europe to Asia which noted a 1.2 point increase to 62. Etihad Cargo, a division of Etihad Airways, has noted increases in this trade lane in particular. “We are seeing an adjustment of flows between European exports in China, for example
International classification society Bureau Veritas has published new rules for Polar Class vessels and specific guidance on ice/structure interaction. The rules are aimed at speeding Arctic and Caspian Sea oil and gas development by facilitating the building of tank, cargo and offshore service vessels which can operate unsupported by icebreakers in very heavy ice. The guidance note aims to facilitate floating LNG and oil platform construction in high Arctic conditions.
In the wake of new regulations, Wilhelmsen Ships Services (WSS) says bulk owners and operators must pay as much attention to the products used to clean their cargo holds as the holds themselves. WSS is urging firms to heed details included in the revised MARPOL Annex V Resolution MEPC.201(62), relating to the International Convention for the Prevention of Pollution from Ships, which came into force on January 1, 2016.
AP reported that K-Sea Transportation Partners LP on Friday said one of its tank barges struck an underwater object in the middle of the night, taking in water and leaking unspecified amounts of fuel into the Gulf of Mexico. The company, which runs a fleet of about 100 oil tank barges and tug boats, said the tug boat master reported that the barge rammed an unidentified object in gulf waters. The company noted that it carries both protection and indemnity liability insurance
Hornbeck Offshore Services, Inc. (NYSE:HOS) announced that it has successfully completed its offer to exchange $250m aggregate principal amount of its outstanding 8% Series A Senior Notes due 2017 (CUSIPs440543 AF 3 and U44070 AC 1), which were issued in a private placement and sold in accordance with Rule 144A or Regulation S under the Securities Act of 1933, for an equal aggregate principal amount of its 8% Series B Senior Notes due 2017 (CUSIP 440543 AH 9)
A cargo vessel operated by China Navigation Company helped rescue 246 people & wins a Lloyd's List Global Award sponsored by Inmarsat. The Amver Assisted Rescue at Sea Award was presented by President of Inmarsat Maritime, Frank Coles, to Captain Vimar Vidanagamage, representing the China Navigation Company, at a ceremony in London on 26 September 2012. The Chinese ship MV Kwangtung, was diverted using the Amver system to save the lives of passengers from the ferry Rabaul Queen which
New Capital Structure Provides Opportunity for Significant Deleveraging. Horizon Lines, Inc. (NYSE: HRZ) today announced that it has completed a comprehensive refinancing of the company's entire capital structure. The new capital structure addresses the company's financial needs by providing adequate liquidity to fund continuing operations and the ability to achieve substantial additional debt reduction
International classification society Bureau Veritas has published guidance for designers and builders of Wind Farm Service Ships. Maxime Pachot, offshore service vessel manager at Bureau Veritas, says, “Although some of the existing Offshore Service Vessel fleet can perform the tasks necessary for developing and maintaining offshore wind farms, we see an increasing need for specialist craft. These will include specialised vessels for servicing offshore wind farms
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Tuesday on weak demand for capesize vessels. The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, dropped 12 points, or 1.36 percent, to 869 points. The capesize index fell 41 points, or 2.16 percent, to 1,860 points. Average daily earnings for capesize vessels, which typically transport 150
A report issued earlier this year from ABS indicates that larger ships, driven by the latest generation of very high-powered diesel engines, are particularly susceptible to alignment problems on the bearings supporting the propulsion shafting as well as the main engine bearings. Hull girder deflection is one of the major reasons for the increased number of propulsion shafting and the main engine bearing failures and damages that are being reported
Keppel Offshore & Marine (Keppel O&M)'s wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a Floating Production Storage and Offloading (FPSO) vessel to Armada Kraken Pte Ltd (Armada Kraken), a wholly owned subsidiary of Bumi Armada Berhad (Bumi Armada)
Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore, according to an internal government memo. If that happens, it could make the operations more expensive and strain talks
The Philippines' territorial dispute with China over the South China Sea has not caused Manila to rebalance diplomatic ties with either its ally, the United States, or neighbouring China, Foreign Minister Perfecto Yasay said on Wednesday.
Six (6) countries (Bahrain, Kuwait, Qatar, Saudi Arabia, Oman and UAE) of the Riyadh MoU in the Gulf Region are planning the following PSC Concentrated Inspection Campaign (CIC); Focus of CIC: Pilot Transfer Arrangement CIC period: From 1 September 2016 to 30 November 2016
Environmental regulations for ships are getting more stringent, but automated sensor technology could help ship operators remain in compliance. The recent agreement signed in Paris, at the UN Climate Change Conference, will require all industries to keep reducing their greenhouse gas
Arctic melting slowed enough in midsummer that scientists don't expect this year's sea ice minimum to set a new record. This year’s melt season in the Arctic Ocean and surrounding seas started with a bang, with a record low maximum extent in March and relatively rapid ice loss through
Russian Maritime Register of Shipping (RS) and Palmali Shipping Company have signed a set of five-year agreements based on which RS will render the whole range of services on classification and statutory surveys of ships. Subject of the agreements concluded are 49 ships (oil tankers
President of Indonesia Joko Widodo, commonly known as Jokowi, has vowed to transform Indonesia, which includes 17,000 islands into a ‘maritime power’, and also includes plans to improve port infrastructure, as well as plans to fund a massive infrastructure programme
The 60-meter Royal Bahamas Defense Force Corvette HMBS Nassau (P-61) has arrived at Damen Maaskant Shipyards Stellendam in the Netherlands for an extensive refit. The 17-year old vessel will receive a comprehensive overhaul that comprises full systems and instrumentation replacement.
Oil prices were up about 1 percent on Friday, on track for their biggest weekly gains since May, after a short covering rally was triggered by comments from Saudi Arabia's oil minister in the previous session about possible action to help stabilize the market.
Japan and the Philippines have begun talks for the transfer of two large coast guard ships to Manila, to help patrol the disputed South China Sea, a Japanese foreign ministry official said on Friday, as part of a deal on defence equipment.
More activity from Australian miners buoy capesize rates; dry cargo market remains over-tonnaged as fleet growth outpaces demand. Freight rates for large capesize dry cargo ships on key Asian routes should stay largely unchanged next week on static cargo volumes though shipowners remain
ECDIS ACAT (Annual Competency Assurance Training): the Inspectors training in ECDIS has without doubt increased safety at sea as it highlights that not all is well, regardless of certificates held. Few are aware that the world is halfway through an international project to train around 1
Ince & Co’s London and Piraeus corporate, finance and shipping teams have advised long-standing client Danaos Corporation on Korean container line Hyundai Merchant Marine Co. (HMM), Ltd.’s US$2.1 billion restructuring.
Whenever a Hapag-Lloyd vessel reaches a port, a certain number of containers are usually loaded or discharged before the ship continues along its voyage to the next port. But how do you stow these containers on the ship in the safest and most efficient way possible?