Cargoship Maritime BV and Magellano Marine CV, Netherlands-based vessel operating companies managed by Seaarland Shipping Management BV (Amsterdam) have appointed Lazard and Venice Shipping & Logistics (VSL) as restructuring advisors. They will assist the companies to complete the restructuring process begun last year when thirteen owners of twenty-two vessels with time charters with Cargoship Maritime BV and two bareboat charters held by Magellano Marine CV were asked to agree to modified terms. Antonio Zacchello, managing director of Seaarland Shipping Management said, "Towards the end of last year we asked the owners we partner to adjust with us to the new realities of the marketplace. There has been some tough and straight talking but they realised that it was in everyone's interest to position both the company and the chartered vessels to sustain the present poor market and be ready to take advantage of the upturn when it comes. We reached individual agreements with the vessel owners for 2009 -10 and are now optimistic for the future of Cargoship and Magellano. With the help of Lazard and VSL, the backing of our banks and the co-operation of our partners we will put in place a long term financial plan which will ensure that Cargoship and Magellano continue to deliver a high quality service to top class charterers."
Tarja Halonen, President of the , awarded an honorary title of Maritime counselor to Hans Langh on June 12. Langh, born in 1949, is a businessman from , who has been in the shipping business since 1980. Hans Langh was one of the founding members of the Shipowners’ association for smaller ships in foreign trade in 1986, which later became the Cargoship association. On June 1, the winds changed in the Finnish shipping business when Suomen Varustamoyhdistys
Canada Maritime has launched a new web site offering more services to its customers with a simple to use architecture which makes good use of the company's distinctive red livery. Found at www.canadamaritime.com the new site utilizes an approach that will be familiar to most users, mirroring an office theme using a clear card index system to access the six different sections, providing all the information Canada Maritime customers need to help them move their shipments.
Shell is considering a self-imposed ban on single-hulled tankers for cargoes coming through the Bosphorus from the Black Sea. "They're considering demanding double-hulls on any tankers they charter for their cargoes through the Bosphorus," said one London broker. "They'd also insist on double hulls for any tankers coming from the Bla have to be double-hulled." Brokers said that although Shell had a limited presence in the Black Sea, it was expected to expand in coming years
International Maritime Organization (IMO) has approved improved shipbuilding standards aimed at passenger and cargoships. The new construction rules, designed to increase a vessel's chance of surviving an accident, were agreed at the IMO's committee on stability and load lines headed by the Australian Maritime Safety Authority (Amsa). The new standards will go into effect in November and will apply to ships with keel laying after January 2009.
The Islamic Republic of Iran Shipping Lines (IRISL) plans to become one of the world's top ten shipping lines. It plans to modernize its fleet and ally with international shipping majors to tap western markets , reports WSJ. Mohammad Saeidi, chairman of IRISL said that his company is planning a massive fleet expansion. It aims to re-enter western markets as Tehran exits a long period of sanctions that barred its vessels from calling at European and U.S
While it is difficult to find an industry where fierce competition and price wars are not the hallmarks, it seems at times that the ship repair industry has created and patented the formula. Ship repair and conversion yards have weathered years of cut-throat battling, as a slew of new, low-cost competitors regularly make an appearance. The trend is predicted to continue indefinitely. In general, ship repair operations are weathering many of the same financial
DNV’s new report, Greener shipping in North America, proposes that LNG l is the most efficient and economical way to meet air emissions requirements in the U.S. and Canada that take effect in August 2012. Environmental Control Areas (ECA) will gradually be enforced along the North American coastlines. They will have full force in 2015 and 2016, leaving shipowners a limited number of options for modifications to their ships if they want to continue trade in North America.
General cargo vessel Ibrahim Konan (7,618 dwt, built 2008) today (July 1) suffered rudder failure and ran aground in Dardanelles in front of Eceabat in Turkey, while transiting in southern direction. The 109 meters long vessel loaded with ammonium sulfate is en route from Novorossiysk Russia to Abu Qir Egypt. The ship is operated by Turkey’s Konan Shipping. According to the captain's statement, the board learned that there are no leaks or injury
ABS, a provider of classification services to the global marine and offshore industries, has teamed up with partners Arista Shipping, Deltamarin, GTT and Wärtsilä in the “Project Forward” joint development project (JDP) to develop a dry bulk carrier concept that employs LNG as fuel. The goal is to develop a Kamsarmax bulk carrier design to be the first of this type suitable for worldwide services powered by LNG in compliance with the International Maritime
While small in stature at just 760 sq. km. with a population of 1.2 million, the Kingdom of Bahrain, an archipelago in the Persian Gulf just east of and connected by causeway to Saudi Arabia, seeks to grow its stature in the world marine market to become a global maritime and logistics center by
Maritime authorities in Quang Ngai ban a Panamanian-flagged ship from leaving after it spilled nearly 1,000 liters of oil at a local port. The Panama-flagged Chinese-owned Race Express belonging to Nova Shipping & Logistics Pte Ltd can only leave Dung Quat Port after its owners