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General Average

Standard Absorption Clause Welcomed by Industry

Insurance underwriters and average adjusters have welcomed the recent publication of BIMCO’s Standard General Average Absorption Clause. It is hoped that the initiative will help to promote a broad move away from declaring general average for small and uneconomic claims in all sectors of the industry. The Standard Absorption Clause is designed to be of benefit both to shipowners and insurers by avoiding the time and expense associated with pursuing small general average claims. The Clause is targeted for use in hull and machinery policies covering all types of vessels from container ships, bulk carriers, and tankers to cruise ships. BIMCO’s Deputy Secretary General, Søren Larsen, said that “it is not the first time that the marine insurance sector has looked to BIMCO for assistance in developing and promoting a standard clause for industry-wide use and we are delighted to have been able to continue the excellent working relationship on this occasion”. He continued “we have worked closely with insurance underwriters, average adjusters, shipowners and the International Group of P&I Clubs to ensure that the Standard Absorption Clause fairly represents the interests of all parties. This, we hope, will encourage the Clause’s widespread adoption”. Average adjusters are unequivocal in their support for the new Clause


Slow-Steaming Through a Legal & Insurance Minefield

Image courtesy of UK P&I Club

The UK P&I Club’s publication ‘Hellas Hilights - Issue 28’ recorded Rod Lingard's attendance at the green4Sea Forum and his address on 'The Legal and Insurance Aspects of Slow-Steaming, excerpted as follows: What’s the problem? On one side the owner has an obligation to follow the charterer’s slow-steaming instructions under the charterparty yet on the other the owner has the usually implied obligation under the Bill of Lading to proceed with due dispatch


DHT Reports 4Q 2005 Results

Double Hull Tankers, Inc. announced results for the period from October 18, 2005 to December 31, 2005. Total revenues for this period were $20.2 million and net income was $9.5 million, or $0.32 per share (diluted). The Board of Directors of DHT has declared a dividend of $0.43 per share, which will be paid on March 24, 2006 to shareholders of record as of the close of business on March 10, 2006. Total revenues of $20.2 million consist of $14.7 million in base charter hire revenue and $5


ACL Announces Three Year Agreement for Employees and Teamsters Local 89

American Commercial Lines Inc. announced that the company has secured a three year agreement for its shipyard employees with the General Drivers, Warehousemen & Helpers (Teamsters), Local Union No. 89. The three year agreement, which was ratified by over 95% of the voters, provides for first year wage increases ranging from 5% to 18% for various job positions resulting in an overall average wage increase of approximately 11%.


DGS Marine Orgainses 1st BE&O P&I Seminar

DGS MARINE DELIVERS P&I INSIGHTS FOR CYPRUS SHIPPING COMMUNITY

  DGS Marine, a leading global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I facility, has held the first BE&O P&I Seminar in Limassol, Cyprus. Hosted by Captain Andreas Efthimiades, Head of DGS Marine’s Cyprus office and Director of Claims, the seminar was attended by delegates from Cyprus’ shipping and insurance community, with the goal of providing them with a better understanding of some of the most


Gener8 Maritime to Go Public

Image: General Maritime Corporation (now Gener8 Maritime)

 Private equity-backed tanker operator Gener8 Maritime filed with the U.S. Securities and Exchange Commission (SEC) to proceed with an initial public offering worth up to $100m.   The company was created in February 2015 via the merger of General Maritime and Navig8 Crude.   New York-based company booked $391 million in pro forma historical sales for the 12 months ended March 31, 2015, plans to list on the NYSE under the symbol GNRT.   


General Maritime to Sell Nine Tankers

General Maritime Corporation announced that it has agreed to sell nine OBO Aframax tankers en bloc to Tanker Pacific for $247.5 million. The company expects to realize a net gain of $16.6 million from the sale. The company intends to utilize the proceeds to pay down debt, for corporate purposes which may include share repurchases, and for any future acquisitions that the Company may consider. Deliveries of the nine vessels are expected to be concluded by June 2006.


GMR Combines with Arlington Tankers

General Maritime Corporation (GMR) announced that Historic General Maritime and Arlington Tankers Ltd. have completed their combination to form public company to be known as General Maritime Corporation (formerly known as Galileo Holding Corporation). In accordance with the terms of their merger agreement, Historic General Maritime and Arlington each became wholly-owned subsidiaries of General Maritime. All outstanding shares of both companies were exchanged for shares of General Maritime


EIA: Falling Fuel Costs, Rising U.S. Production Ahead

The U.S. Energy Information Administration (EIA) has released its latest Short-Term Energy and Winter Fuels Outlook (http://www.eia.gov/forecasts/steo/). Select highlights follow:   •         EIA projects average U.S. household expenditures for natural gas, heating oil, electricity, and propane will decrease this winter heating season (October 1 through March 31) compared with last winter


Ships 10% Less Fuel Efficient Than Those Built in 1990

Graph by Seas At Risk

 New ships today are no more efficient than they were over twenty years ago, despite shipping industry claims to the contrary. The efficiency of new ships has deteriorated by 10% on average since 1990.   The study also shows that containerships built 30 years ago already, on average, beat the "Energy Efficiency Design Index" (EEDI) standard set by IMO for new ships built in 2020.   The study, "Historical trends in ship design efficiency


New Record Year in Dry Bulk Demolition Underway - BIMCO

Demolition activity in 2015

  The monthly average for the first six months in 2015 is 3.3m DWT. In 2014 the first half year averaged at 1.33m DWT per month.   April 2015 saw 5.36 million DWT being retired from active service, which was the highest on record ever for a single month


Is It Too Late To Tangle With Spike in Shipping Market

Graph: Clarksons Research

 A series of interesting and extreme price spikes is going on in the shipping market today, says Clarksons, provider of global shipping and offshore market intelligence.   In fact the latest in a series of interesting and extreme price spikes is going on in the shipping market today


Record Bulk Shipping Demolition Rates in 1H15

Graph: BIMCO

 Monthly demolition rates in the dry bulk shipping sector averaged 3.3 million DWT for 1H15, according to new figures from BIMCO, compared to 1.3 million DWT last year. This included a record 5.36 million DWT in April – the highest on record for a single month.   


Asia-N Europe Container Freight Rates Jumps 60%

Photo  Hamburg Sud

  Shipping freight rates for transporting containers from ports in Asia to Northern Europe rose by 60.4 percent to $879 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.


Globus Maritime Reports Q1 Loss

Image: Globus Maritime Limited

 Greece-based dry bulk shiping company, Globus Maritime has been pushed back into the black by miserable dry bulk rates, but the company has said that it is awaiting market improvements within 2015.    George Karageorgiou, President


Charleston Harbor Deepening Gains Federal Approval

U.S. Army Corps of Engineers Civil Works Review Board Moves 52-Foot Deepening Project Forward   Today in Washington, DC, the U.S. Army Corps of Engineers Civil Works Review Board (CWRB) unanimously approved the Final Integrated Feasibility Report and Environmental Impact Statement for the


NASSCO Starts Building 2nd SEA-Vista Tanker

Kevin Graney, Pete Radzicki, Parker Larson, Debora Burke, Dave Burke and Tom Denning (Photo: General Dynamics NASSCO)

Ceremony signals the start of construction for the second SEA-Vista ECO Tanker to be constructed at the General Dynamics NASSCO shipyard in San Diego.   General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics, signaled the start of construction for the second of three 50


Hyundai Sees Mega Ships Leading Global Demand

Pic: Hyundai Heavy Industries Co

 As the demand for mega vessels has increased, Hyundai Heavy Industries Co. expects mega- sized container ships to lead global orders until early next year as shipping companies seek ways to cut costs, reports Bloomberg. Hyundai Heavy is the world’s biggest shipbuilder.  


Voith Turbo Names Calhoun VP of O&G Sales

Shawn Calhoun (Photo: Voith)

Shawn Calhoun has joined Voith Turbo’s Power, Oil & Gas Division as Vice President of Sales – Oil and Gas, to be based at the company’s new Houston, Texas office with the mission of supporting existing customers and expanding Voith Turbo’s footprint in the oil and gas


Teekay Sells FPSO, Announces Dividend Boost

Photo: Teekay

Teekay Corporation to complete sale of the Knarr FPSO and announces dividend increase of 75 percent   Teekay Corporation announced today that its board of directors has declared a cash dividend on its common stock of $0.55 per share for the quarter ended June 30, 2015


Cargoship Disabled and Grounded in Dardanelles

MV İBRAHİM KONAN. Photo by Konan Shipping

 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


SUNY Maritime to Host e-Navigation Conference

The e-Navigation Underway 2015 – North America conference will be hosted by The State University of New York (SUNY) Maritime College from September 28 to 30 on the college’s Throggs Neck, N.Y. campus.    The conference’s theme is: “Reducing Risk through


Petrobras hands over Campos basin stake to PetroRio

Campos basin stake sold  to PetroRio Photo Petrobras

  Petrobras today signed with PetroRio S.A. (‘PetroRio’) the contracts for the sale of 20% of its stake in the concessions of Bijupirá and Salema fields, currently operated by Shell. The transaction amounts to US$ 25 million and is subject to adjustments that are common to


GasLog Partners To Buy Three Vessels

Methane Shirley Elisabeth

  GasLog Partners LP and GasLog Ltd. announced today the closing of the Partnership’s acquisition from GasLog of 100% of the ownership interests in the entities that own and charter the liquefied natural gas (“LNG”) carriers the Methane Alison Victoria


PPG Debuts New Antifoulings

Photo courtesy of PPG

Low-friction, self-lubricating coatings use patented technology to deliver reduced fuel consumption and improved tolerance to idle time.   PPG Protective and Marine Coatings announced the launch of SIGMA SAILADVANCE, a new range of antifoulings suitable for a variety of operating conditions






 
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