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COSCO China Shipyards Diminish Group Q1 2013 Profits

The Group achieved $9.7 million net profit on turnover of $733.0 million in Q1 2013, but shipyard & drybulk operations contributions down. In Q1 2013, turnover from shipyard operations decreased by 25.5% to $719.2 million from $965.9 million in Q1 2012, owing to lower revenue contribution from the ship repair and ship building segment. The Group delivered 7 bulk carriers in Q1 2013. Of these, COSCO Zhousan and COSCO Guangdong shipyard delivered 2 bulk carriers each while COSCO Dalian shipyard delivered 3 bulk carriers. Turnover from dry bulk shipping and other businesses increased 7.8% from $12.8 million in Q1 2012 to $13.8 million in Q1 2013. Outlook As the Group continues construction in 2013 on new ship building contracts that were secured in 2010 to 2012 at low contract values due to the slumping bulk carrier shipping market then, the Group expects operating margins on these new shipbuilding projects to continue to be under great pressure notwithstanding improving gains in efficiency and productivity. In offshore marine engineering operations, the Group aims to enhance its offerings. It is currently one of the largest marine engineering groups in the People’s Republic of China. Offshore marine projects in its order book as at 31 March 2013 include 1 deep-water drillship, 1 FPSO, 1 semi-submersible accommodation rig, 1 semi-submersible accommodation vessel, 1 jack-up barge, 1 semi submersible, 1 wind turbine installation vessels, 2 pipelay vessels


Bulk Carrier into Unithai for Fix

The largest ship currently under repair at Thailand’s Unithai Shipyard is the 140,532 dwt bulk carrier Eurydice D, owned by Marmaras. Other ships in the yard include the 35,224 dwt bulk carrier Maris, owned by Trust Shipping Enterprise, Piraeus, the 22,857 dwt part containership Med Lerici, owned by B Navi, World CI’s 3,043 dwt lpg vessel Gas Eurasia, the 22,531 dwt general cargo vessel Everise Glory, owned by Everise Maritime, Kuala Lumpur, and Baba Kaiun’s 10


GL Offers New Bulk Carrier Database

Shipping companies and owners of bulk carriers can now use a new database developed by Germanischer Lloyd to obtain comprehensive information about all requirements relating to the structural and equipment aspects in relation to the cargoes to be conveyed in each case. The new cargo compliance tool "PROTOS" (Provisions for Transportation of Solid Bulk Cargoes) was presented at the first Bulker Forum, which was attended by over 40 shipowners and business partners.


Dunkerque-max M/V Cape Garland Delivered

20090130_ph01.jpg

Mitsui Engineering & Shipbuilding Co., Ltd. completed and delivered the 177,000 dwt type bulk carrier MV Cape Garland (Hull No. 1693) at its Chiba Works on January 30, 2009. This ship is the newly designed Cape-size Bulk Carrier of Dunkerque-max Type. It has a double-side skin to cargo holds construction. A Dunkerque-max type is a common name for Cape-size Bulk Carriers built to the restriction of the port of Dunkirque, France


Diana Shipping Time Charter Contracts

Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the transportation of dry bulk cargoes, announced that it has entered into a time charter contract with Louis Dreyfus Commodities Suisse S.A., for one of its Panamax dry bulk carriers, the m/v Nirefs, at a gross charter rate of $21,000 per day for a period of about 23 to about 25 months. The charter is expected to commence in the middle of February 2010.


China's Taizhou Sanfu Yard Launches Bulker

Photo credit: Taizhou Sanfu

Taizhou Sanfu Ship Engineering Co. launch a 92,500 dwt bulk carrier for Indian owners   The builders say that this was the first PSPC compliant vessel ever built in their yard (referring to IMO's 'Performance Standard for Protective Coatings) which applies to dedicated seawater ballast tanks in all types of ships and double-side skin spaces of bulk carriers.   The vessel is 230.0 m LOA, with a molded breadth of 38.0m, and a design draft of 12.50 m. Speed is 14.90 knots


Diana Shipping Inc. Takes Delivery of New Vessel

Diana Shipping Inc. a global shipping transportation company specializing in dry bulk cargoes, today announced that it has taken delivery of the Bolina, a 73,583 dwt Panamax dry bulk carrier built in 2004, to be renamed Thetis. The vessel is chartered to Bunge S.A., Geneva, Switzerland for a period of about 36-38 months, at the charterer's option, at a rate of $25,000 per day, gross of commissions, that commenced on August 4, 2004. Diana Shipping Inc. has


Bureau Veritas Issues First EEDI Certificate

Sinopacific's Crown63 class Bulk Carrier, JS Amazon, gains BV's first EEDI rating   Leading international classification society Bureau Veritas has issued its first EEDI (Energy Efficiency Design Index) certificate to the ultramax geared bulk carrier JS Amazon, the lead ship in a new generation of ‘CROWN63’ vessels developed by China’s  Sinopacific Shipbuilding Group with bulk carrier expert Setaf-Saget.  


Bulk Carriers, Oil Tankships: GBS Verification Underway

Ship surveyor: Photo courtesy of LR

The International Maritime Organisation says that its audit teams will shortly be established to verify construction rules for bulk carriers and oil tankers of classification societies which act as recognized organizations (ROs), following the receipt of requests for verification by the 31 December 2013 deadline. Background A new SOLAS regulation II-1/3-10 on Goal-based ship construction standards (GBS) for bulk carriers and oil tankers was adopted by IMO’s Maritime Safety Committee


G E Shipping Takes Delivery of Bulker

G E Shipping

  The Great Eastern Shipping Company Ltd. (G E Shipping) took delivery of a new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt). The vessel was ordered by GE Shipping in July 2013 and has been built at Tsuneishi Heavy Industries (Cebu) Inc., Philippines. The said vessel was contracted for sale in August 2015 and will be delivered to the new buyers this month. (See: http://www.greatship.com/pdf/JagAakashSale.pdf)


Hanjin Shipping May Get OK for Restructuring

Photo: Hanjin Shipping

 South Korea’s largest container operator by capacity Hanjin Shipping's creditors are expected to approve a corporate rehabilitation program for the struggling container line, local media reports suggest.    Creditor banks of cash-strapped Hanjin are likely to give the


Recent strength in dry bulk shipping to be short-lived - Drewry

Rahul leads dry bulk research at Drewry and is the editor of Drewry’s flagship publications Photo Drewry

Drewry forecasts dry bulk freight rates in 2016 will be, on average, lower than in 2015, as the medium-to-long term fundamentals for dry bulk shipping will remain challenging, according to the latest edition of the Dry Bulk Forecaster report published by global shipping consultancy Drewry.


Pan Ocean on Recovery Path

Photo: Pan Ocean Co.

 S. Korea’s Pan Ocean Co.  is expected to see its earnings improve amid rising Baltic Dry Index (BDI) that affects spot contracts accounting for more than half of the South Korean bulk carrier’s total shipping contracts, reports the Pulse.  


Recent Strength in Dry Bulk Shipping to be Short-Lived

Graph: Drewry Maritime Research

 Drewry forecasts dry bulk freight rates in 2016 will be, on average, lower than in 2015, as the medium-to-long term fundamentals for dry bulk shipping will remain challenging, according to the latest edition of the Dry Bulk Forecaster report published by global shipping consultancy Drewry.


Singapore Ranks #1 by Fleet Value per Capita

Singapore Maritime Week 2016

This week is Singapore Maritime Week 2016, when the city-state celebrates its role as the major hub for shipping in the region, Singapore has good reason to celebrate: according to mapping, ship search and valuation provider, VesselsValue, Singapore owners control just under 2


Rotterdam’s Q1 Port Throughput Matches 2015

Photo: Port of Rotterdam

The Port of Rotterdam handled roughly the same volume of cargo in the first quarter of 2016 as in the same period last year, as an increase in the volume of, mainly, crude oil and oil products put through the port was offset by a more or less equivalent decrease in the volume of dry bulk and


Hamburg Süd Reports Growth in a Challenging Year

Photo: Hamburg Süd

 The Hamburg Süd Group reported it has increased its total turnover by 16.8 percent to 6,058 million euros, driven primarily by its takeover and integration of the container operations of the Chilean shipping company Compañía Chilena de Navegación


CO2 Emissions for Every Ship for Every Hour!

Map:  UCL Energy Institute

 Researchers at UCL Energy Institute use the methodology they developed for the Third IMO GHG Study 2014 and AIS data to estimate emissions from five different ship types and display this in a new interactive map that plots 250 million data points to show the movements of the world’s


MAN Diesel Ship Engine Production Steady

MAN B&W low-speed diesel engines manufactured at the Tamano Works Machinery Factory Photo MES

Mitsui Engineering and Shipbuilding co., Ltd. (MES; President: Takao Tanaka) achieved production volume of 181 MAN B&W low-speed diesel engines manufactured at the Tamano Works Machinery Factory (Tamano, Okayama Prefecture) in fiscal 2015, representing for 3


ABS Reflects on Strong 2015 Performance

Christopher Wiernicki (Photo: ABS)

153rd meeting of the classification society highlights class-centric strategy and vision for the future of class   ABS held its Annual Meeting on April 26, 2016 in New York, where Chairman, President & CEO Christopher J. Wiernicki reported that “2015 was a year of moving forward


Hanjin to Divest Assets

Image: Hanjin Shipping

 The South Korean carrier Hanjin Shipping plans to generate USD 357 million from asset sales.    South Korea’s largest container operator by capacity plans to sell items such as dry bulk activities while the debt-stricken shipping group negotiates with shipowners for a


G E Shipping Reworks Newbuildings Kamsarmax Exposure

Jag Laxmi Photo Greatship

The Great Eastern Shipping Company has entered into an agreement to cancel the new building Kamsarmax which was scheduled for delivery in FY 18 (contract signed in FY 14).   Simultaneously, the Company has contracted for purchase of two newbuilding resale Kamsarmaxes being built at the same


GAC EnvironHull Unveils Fuel Savings Calculator

GAC EnvironHull Photo GAC

Ship owners and operators can now compare fuel cost savings reaped by hull cleaning with GAC EnvironHull’s online fuel savings calculator. A foul-free hull offers the benefits of significantly enhanced fuel efficiency and lower operating costs by reducing resistance in the water


239 End-of-life Ships Sold for Breaking in 1Q

Horizon Trader towed out of Brownsville port - Copyright BAN 2015

According to the NGO Shipbreaking Platform 239 end-of-life ships were sold for breaking in the first quarter of 2016. Seventy-nine per cent of end-of-life ships ended up on South Asian beaches, making this quarter one of the worst ones in the last years for non-beaching yards around the world.


First Female Deputy Harbor Master at Port of Durban

Pinky Zungu has again made history with her appointment as Transnet National Ports Authority’s first black female Deputy Harbor Master – Nautical for the Port of Durban. (Photo: Philip Wilson)

One of the first three women in Africa to obtain a Marine Pilot open license in 2011, Pinky Zungu has again made history with her appointment as Transnet National Ports Authority’s first black female Deputy Harbor Master – Nautical for the Port of Durban.  






 
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