Inatech launches its Optimizer to add smart decision making for fuel purchasing to its cloud-based management solution for the entire fuel procurement process. The company explains that Optimizer helps ship operators take the guesswork out of their fuel purchasing decisions by providing real-time guidance on the three key factors of quantity, location and price strategy-how much fuel to buy for each ship in their fleet, the best port to bunker at and the right price strategy (spot versus contract). In ongoing proof of concept evaluations for large shipping companies, Inatech's Optimizer has been shown to deliver real-world fuel cost savings of up to five percent. With an average shipping company spending around $400 million a year on bunkering that saving could add some $8million to their bottom line. How Optimizer saves fuel procurement costs – a typical scenario The value of Optimizer is best shown in a typical scenario of a vessel that burns 75 tons of fuel a day for around 270 days each year. At $625 per ton, the ship's operator will spend approximately $12.7 million a year on fuel. A shipping company utilising Inatech's ShipTECH fuel procurement solution can already achieve savings through streamlined procurement. This is made possible firstly through a systematic workflow that avoids last minute purchases
Damen Shiprepair & Conversion has developed a new innovative product, the Quick Docking/Fuel Saving package. This offers owners a fast and low-cost additional docking with the sole aim of reducing fuel consumption in between the five-year statutory survey period. The first vessel booked under the new concept has docked at Damen Shiprepair Brest (France). It is the capesize bulker Castillo De Catoira operated by Spanish company Empresa Naviera Elcano
"Very poor weather, major repairs to a lock on the Gulf Intracoastal Waterway and rapidly escalating fuel prices, not lower business levels, are the factors causing Kirby to revise its first quarter forecast," were a few reasons that Joe Pyne, Kirby Corporation's President CEO, cited for the company's lowering of its earnings guidance for the 2003 first quarter to $.26 to $.30 per share from previous guidance of $.36 to $.40 per share
Seaware AB announced a new major upgrade for its Seaware Routing software, introducing cost-based ship route optimization. The Seaware Routing software is designed to facilitate on board weather presentation and ship route planning, and is delivered as part of weather routing solutions from Seaware partners. Seaware Routing version 5 has been developed with special attention to optimization of short sea passages
International Paint introduce Intercept®8000 LPP & Intersleek®1100SR a biocide-free slime release coating. Designed to address the industry issues of predictability in antifouling performance not seen since the days of tributyltin and the difficult issue of slime fouling on ships hulls, the two new technologies are set to improve vessel operating performance, increase efficiency and help control fuel costs and emissions.
The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28. That compared with a loss of $20 million, or 3 cents per share, in the 2014 quarter. Earnings, adjusted for non-recurring costs, were 20 cents per share. The profit beats analysts’ estimates, spurred by lower fuel costs and higher passenger spending. The shares jumped the most since August 2011.
Rising fuel costs may mean another fare hike for ferry riders. The Washington State Transportation Commission last week directed the ferry system to cover a $10 million shortfall blamed on the high cost of diesel fuel. Fare increases between 5 percent and 20 percent are now under consideration, as well as capital improvement cutbacks and asking the state Legislature for more money. The WSF Tariff Advisory Committee will likely convene soon to review WSF’s finances and possibly recommend
Bestobell Valves, part of the President Engineering Group (PEGL), has named W&O Supply, a global supplier of marine pipe, valves and fittings, valve automation, and engineered solutions to the marine and upstream oil and gas industries, as its exclusive distributor for Bestobell Valves in North America. Through this partnership, Bestobell Valves, headquartered in the United Kingdom, and W&O, headquartered in Jacksonville, Florida
Lower oil prices are sharply reducing the cost of shipping merchandise from Asia to the United States and Europe as the cost of bunker fuel tumbles. Container shipping companies deal with the volatility in fuel prices by adding a separate bunker adjustment factor or fuel surcharge to their freight rates. Fuel can account for more than 60 percent of the total operating costs of moving freight across the oceans so the surcharges are one of the most important elements of total
New Drewry special report examines drivers of container freight rates, provides five year forecasts of major east-west trades and offers suggestions for carriers and shippers on how to smooth pricing volatility. London, UK, 14th March 2011 – Container freight rates go up and then they go down - that’s just the way things are. This almost pathological acceptance that things cannot and will not change is a symptom of a deficiency within container shipping’s DNA that prevents
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a significant hike in third-quarter net profit on Thursday. The company's net profit for the three months to Sept. 30 was 510.3 million riyals ($136.1 million), up from 84
SulNOx Fuel Fusions Plc. (SulNOx), the leading global producer and supplier of fuel emulsion technology, and Lloyd’s Register (LR), a leading technical, business services organisation and maritime classification society, today signed an agreement that will see LR provide verification
Ocean freight rates for cargo moving under contracts on the major East-West routes have seen a sharp reduction since the beginning of the year, according to Drewry’s Benchmarking Club, a closed user group of multinational retailers and manufacturers who closely monitor their contract freight
On January 1, 2015, the IMO Annex VI, ECA zone requirements came into effect. Ship owners and operators are now faced with having to decide between switching to a lower sulfur fuel or embracing alternate solutions such as exhaust gas cleaning systems (Scrubbers) and LNG
Container shipping lines are poised to take delivery of a new generation of "megaships" over the next two years, just as the growth of world trade is slowing down, contributing to massive overcapacity in the market. Megaships, which can be up to 400 metres long, seem to be here to stay
Chinese shipping behemoth Cosco Holdings has confirmed it will order 11 container megaships for $1.5 billion, despite an estimated 30 percent overcapacity in container shipping having sent freight rates to levels that at times don't even cover the fuel cost of moving containers across oceans
In July, Jotun and Dalian Ocean Shipping Company (a wholly-owned subsidiary of China Ocean Shipping Company, Cosco Group), celebrated the 10,000th application of SeaQuantum, Jotun’s premium antifouling, to their 297,336-dwt tanker, Cosrich Lake.
In July, Jotun and Dalian Ocean Shipping Company (a wholly-owned subsidiary of China Ocean Shipping Company, Cosco Group), celebrated the 10,000th application of SeaQuantum, Jotun’s premium antifouling, to its 297,336-dwt tanker, Cosrich Lake.
China Shipping Container Lines Co is planning to buy around 10 ultralarge container ships for around $1.5 billion, despite the shipping industry struggles with a capacity glut, reports WSJ. The company wants to fulfill capacity commitments in its Ocean Three alliance with
French shipping giant CMA CGM, reported a 66.7% jump in net profit to $156m in the second quarter of 2015. The result compared to a $94m net profit in the same period a year earlier. The world’s third largest container line says that its unit costs fell 10
Alaska Marine Lines, a marine transportation company providing barge service to and from Alaska and Hawaii, informs it has filed with the U.S. Surface Transportation Board to decrease the fuel surcharge from certain locations as a result of fluctuating fuel costs.
CSBC Corporation Taiwan has chosen Siemens to supply diesel-electric propulsion systems and other accessories for four 65,000-ton semi-submersible deck cargo vessels (SSDCVs). The country’s largest shipyard is building the vessels for a customer in Singapore.
Orient Overseas (International) (OOIL), the parent company of Orient Overseas Container Line (OOCL), said its profit had risen 32 percent year on year (y/y) to $238.6 million in the first six months of 2015, due cheaper fuel costs helped it tide over a slump in freight rates.
Honghua Group Ltd. informs it has signed a shipbuilding deal with LNG Power Shipping Ltd. for the construction of 200 eco-friendly inland river ships to be powered by liquefied natural gas (LNG). The contract, worth approximately RMB760 million ($122
Excelerate receives approval to move forward with the construction and operation of LNG terminal On July 24, 2015, the U.S. Federal Energy Regulatory Commission (FERC) issued its order granting authorization to Excelerate Energy, in cooperation with the Puerto Rico Electric Power