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SEA NOTE

Little Change in Overall Shipping Confidence

freight.jpg

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


Clean Ships: Knowledge is the Key

Photo courtesy of WSS

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.


Bureau Veritas Polar Rules & Ice Guidance

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.


Courageous Chinese Crew Wins Inmarsat-sponsored Award

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


K-Sea Barge Strikes Object, Fuel Spills

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 Exchange Offer

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)


Horizon Lines Completes Comprehensive Refinancing

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


Weak Capesize Rates Depress Baltic Index

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


Bureau Veritas Launches Wind Farm Service Ships Guidance

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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


Propulsion Annual: ABS: Large Ship Hull Deflections Impact the Shaft Alignment

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


Damen to Launch Composite Water Bus

(Photo: Damen)

Damen said it is set to launch its first composite Water Bus as the prototype undergoes sea trials in the next few weeks.   According to the shipbuilder, the new vessel offers reduced fuel consumption, less maintenance, no corrosion or fatigue problems and is very robust


Japan Navy Chief Urges Resumption of China Port Visits

The head of Japan's navy on Monday repeated criticisms of China's pursuit of territorial claims in Asia but called for a resumption of port and personnel visits suspended for several years amid rising tensions between the two Asian powers.  


VLCC Rates Under Pressure in Oversupplied Market

A EuroNav VLCC Underway (file image, Credit EuroNav)

Owners face difficulty raising rates due to discounted ships. Freight rates for very large crude carriers (VLCCs) are likely to remain under pressure next week as charterers drip-feed cargo in the face of surplus tonnage, shipbrokers said.


Freight Rates in Europe-ECSA Trade Continue Declines

Preliminary data; All data includes dry, reefer and tank cargoes Source Datamar

Container volumes from North Europe and the Mediterranean to the East Coast of South America have now fallen in 26 of the previous 28 months, with the latest statistics from Datamar showing that shipments fell by 8% year-on-year in July. It is the smaller Med to ECSA trade that continues to


Asia Dry Bulk-Capesize Rates Steady

A so-called ValeMax bulk carrier commly used in the South America-to-Far East trades (credit: Vale)

Holidays in Asia likely to dampen chartering activity; Outlook still "slightly positive" for fourth quarter. Freight rates for large capesize dry cargo ships on key Asian routes could hold steady around current levels next week in a quiet market, ship brokers said on Thursday.


Giant Sea Wall to Save Sinking Jakarta

Map by Van der Schaar Investments B.V.

 Greater Jakarta, one of the world's most densely populated cities, sits on a swampy plain and is sinking at a faster rate than any other city in the world.   As per a report in Reuters, Indonesia will resume land reclamation that will help prevent Jakarta from sinking below sea level


Matson Closes $200 Mln Debt Private Placement

Matson, Inc. announced the issuance of $200 million in privately placed 15-year final maturity senior unsecured notes pursuant to a previously announced commitment letter on July 18, 2016. The notes will have a weighted average life of approximately 8.5 years and will bear interest at a rate of 3


Salalah Port's Volume Surges

Salalah container berth

Container throughput at the Port of Salalah, part of the APM Terminals Global Terminal Network, reached 1.584 million TEU* in the first half of 2016, representing a 29% increase over volume handled during the same period the year prior. The completion of a new deep-water General Cargo and


DP World to Address Hanjin Disruption

Port Jebel Ali. Photo: DP World

 Dubai ports operator DP World is  working with customers to minimise disruption following the collapse of Hanjin Shipping, reports National.   About ten ships operated by the Korean company are currently in Dubai’s Jebel Ali Port according to Hanjin data


China, Russia Begin South China Sea Drills

Photos: Russian Navy

 China and Russia began week-long joint naval exercises in the South China Sea today. It is the  first-ever South China Sea iteration of Beijing and Moscow Joint Sea exercises.   The Joint Sea-2016 exercises between the two countries will involve surface ships, submarines


First Offshore Exhibition at Maritime Museum Rotterdam

Frits Loomeijer, General Director of the Maritime Museum

Over forty-five leading companies in the shipping and offshore maritime sector are among those who have contributed to the funding for the first ever exhibition in the Netherlands dedicated to the offshore sector, to be housed at The Maritime Museum Rotterdam for the next seven years


India to Promote Cruise Tourism in Cochin

Photo: Cochin Port Trust

 Cochin Port is planning a new cruise terminal project at Ernakulam Wharf to accommodate cruise vessels in the most professional manner comparable to international standards.    Pon. Radhakrishnan, Hon’ble Union Minister of State for Road Transport, Highways and Shipping


RAstar 3200 for Mauritius Ports Authority

RAstar 3200 for the Mauritius Ports Authority

Robert Allan Ltd. has added yet another vessel to its popular RAstar 3200 Series design, this one constructed by Hong Kong’s Cheoy Lee Shipyards for the Mauritius Ports Authority. The RAstar 3200 terminal support tug, Sir Edouard, was delivered August 21


Fitch Ratings Affirms Panama Canal's 'A' Ratings

Photo courtesy of ACP

Fitch Ratings has affirmed the following ratings for the Panama Canal Authority (ACP): Long-Term Issuer Default Rating (IDR) at 'A' and $450 million senior unsecured notes at 'A', reflecting the ACP's solid revenue profile and low leverage levels.  


Rickmers Maritime Gets Breathing Space

Photo: Rickmers Maritime

 Marine transport company Rickmers Maritime has been offered a credit facility worth USD 260 million in order to cover bank debt. The carrier is also considering converting its debt to bonds worth more than USD 70 million as part of an ongoing restructuring of the listed company's debt burden






 
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