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Hong Kong News

11 Mar 2024

Yang Ming Starts Using Biofuel

Source: Yang Ming

Yang Ming Marine Transport is adopting sustainable biofuel for its fleet, starting at Hong Kong and Singapore, and will now incorporate biofuel into its annual fuel consumption on an on-going basis.The adoption of biofuel began with Yang Ming’s 1,805 TEU class container ship, YM Inception, and 6,600 TEU class container ship, YM Masculinity. These vessels are currently deployed on the Japan to/from Taiwan, Hong Kong, Vietnam and Thailand service and the Far East to/from Middle East service…

04 Mar 2024

First of Six New Sun Ferry Vessels Operational

Source: Incat Crowther

The new passenger fast ferry, Xin Ming Xhu VIII, is now servicing commuters on Hong Kong’s waterways after digital shipbuilder Incat Crowther delivered the first of six new passenger fast ferries to mass transit operator Sun Ferry.Xin Ming Xhu VIII, built by Guangzhou-based shipbuilder AFAI Southern Shipyard, is now in operation on the busy Central Ferry Pier to Mui Wo and Cheung Chau commuter routes in Hong Kong.Capable of transporting up to 500 passengers, the new low-draft vessel features Incat Crowther's latest generation hull form.

04 Mar 2024

Ships Entering Yemeni Waters Must Obtain Permit, Houthi Minister Says

© Celt Studio / Adobe Stock

Ships will have to obtain a permit from Yemen's Houthi-controlled Maritime Affairs Authority before entering Yemeni waters, Houthi Telecommunications Minister Misfer Al-Numair said on Monday.Houthi militants have repeatedly launched drones and missiles against international commercial shipping in the Gulf of Aden since mid-November, saying they are acting in solidarity with Palestinians against Israel's offensive in Gaza.The near-daily attacks have forced firms into long and costly diversions around southern Africa…

03 Mar 2024

Recycling Market Still Deprived of Tonnage

Source: GMS

As freight markets push further on, global ship recycling markets remain deprived of tonnage, making it an increasingly suffocating environment for ship recyclers to operate in, reports cash buyer GMS.Bangladesh and Pakistan rely heavily on imported ship’s steel, not only for domestic / large-scale infrastructure projects, but also for its comparatively ‘healthier’ and ‘rust-free’ condition than other forms of imported scrap metal / steel (HMS 1, HMS 2, shredded steel, etc.)Therefore…

28 Feb 2024

US Hits Iran with New Sanctions Targeting Commanders, Shipping

© Creuxnoir / Adobe Stock

The United States targeted Iranian and Houthi commanders and a vessel that shipped more than $100 million in Iranian commodities to businesses in China in sanctions announced on Tuesday.Mohammad Reza Falahzadeh, deputy commander of Iran's Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), and Ibrahim al-Nashiri, a member of Yemen's Houthi militia, were designated under the sanctions, the Treasury Department said.The Iranian military has provided weapons and intelligence support to the Houthis that support the group's attacks on international shipping in the Red Sea…

27 Feb 2024

FMC Updates Controlled Carrier List

Source: Hede (HONGKONG) International Shipping Limited

Hede (HONGKONG) International Shipping Limited has been classified by the US Federal Maritime Commission as a controlled carrier of the Government of the People’s Republic of China and added to the agency’s Controlled Carrier List.The Controlled Carrier List was further revised by removing COSCO Shipping Lines (Europe) GmbH, which has ceased serving the US trades and has cancelled its tariff. Other COSCO entities remain on the list.Controlled Carriers are ocean common carriers operating in the US-foreign trades that are…

27 Feb 2024

Japan Continues to Lead Shipowner Rankings

© Carabay / Adobe Stock

VesselsValue has unveils this year’s top 10 shipowning nations, reviewing the total asset values for vessels by beneficial owner country. From Japan's resolute leadership in the top position with a USD 206.3 billion fleet to the emergence of Hong Kong at USD 44.7 billion, asset values and ownership strategies have changed considerably over the last 12 months, says Rebecca Galanopoulos-Jones, Senior Content Analyst, Veson Nautical.The data provided by VesselsValue and analysed by Veson is valid as of February 2024.

26 Feb 2024

Eighth 24,188 TEU Ship Joins OOCL's Fleet

OOCL Abu Dhabi (Photo: OOCL)

Hong Kong based ocean carrier Orient Overseas Container Line Ltd. (OOCL) announced it has taken delivery of its eighth 24,188 TEU containership, OOCL Abu Dhabi.The vessel is the fourth in a series of six 24,188 TEU newbuilds to be delivered to OOCL by the Dalian COSCO KHI Ship Engineering Co., Ltd. (DACKS) shipyard in China. The ultra large containership is 400 meters long and 61.3 meters wide.OOCL Abu Dhabi was officially named during a ceremony at the shipyard on February 25.

22 Feb 2024

Fleet Management Managing Director Rajvanshy Steps Down

Kishore Rajvanshy (Photo: Fleet Management Limited)

Dr. Kishore Rajvanshy is stepping down after three decades as managing director of Fleet Management Limited (FLEET), currently the world’s largest third-party ship management company.FLEET announced it has begun implementing a phased succession plan as Rajvanshy transitions from his current role, with a global search for a new managing director underway.As part of this transition, Angad Banga, the chief operating officer of FLEET’s parent company, The Caravel Group, will co-lead FLEET with Rajvanshy – where Rajvanshy will continue to manage the technical…

15 Feb 2024

Call for IMO to Resolve Inconsistencies in Ship Recycling Conventions

© saintmichel85 / Adobe Stock

BIMCO, Bangladesh, India, Norway, Pakistan and the ICS have submitted a paper ahead of the 81st Marine Environment Protection Committee (MEPC) meeting on March 18-22 that highlights the need to resolve possible conflicts between the Hong Kong Convention and the Basel Convention.The Hong Kong Convention will enter into force on June 26, 2025, and the co-signatories of the paper ask for clarification and assurance that shipowners and parties operating in compliance with the Hong…

07 Feb 2024

US, UK Ship Investors Hit by Soaring Red Sea Insurance

© sandsun / Adobe Stock

War underwriters have raised the premiums they charge to U.S., British and Israeli firms by as high as 50% for ships transiting the Red Sea and some providers are avoiding such business due to targeting of the vessels by Yemen's Houthis, sources said.Attacks by the Iran-aligned Houthis since November have slowed trade between Asia and Europe and alarmed major powers. The Houthis say they are acting in solidarity with Palestinians as Israel's war against Hamas militants in Gaza…

02 Feb 2024

ICS Publishes Flag State Performance Table

© Paulrommer / Adobe Stock

A new table published by the International Chamber of Shipping (ICS) indicates continuing positive performance by the vast majority of the maritime industry's flag states.Merchant ships are required to register under a flag state, which determines the vessel's nationality and gives jurisdiction under which to operate. Flag states have the authority and responsibility to enforce regulations over vessels registered under their flag, including those relating to inspection, certification…

21 Jan 2024

Ship Recycling: Few Sales Confirmed

Source: GMS

In its Week 3 market report, cash buyer GMS says that even as vessel prices have improved from the lows seen towards the end of 2023 and plate prices made a massive jump in Bangladesh over the last couple of weeks, only a trickle of sales have been confirmed into the recycling markets in 2024 thus far.“There also seems a reluctance from ship owners to bite at current offers in the low USD 500s/LDT, having seen levels around USD 100/LDT higher only a couple of quarters ago. Mercifully…

15 Jan 2024

Houthi Attacks Expose China's Commercial Stakes in Red Sea

© SASITHORN / Adobe Stock

China has called for an end to attacks on civilian vessels in the Red Sea that have dramatically widened the Hamas-Israel conflict and placed Beijing's commercial interests along the Suez Canal at risk.The Iran-backed Houthi militia from Yemen that seeks "Death to Israel" is challenging the ability of the world's biggest trading nation to defend billions in strategic investments in Egypt.Since President Abdel-Fattah el-Sisi came to power in 2014, China has stepped up its investment and commercial activities along Egypt's Suez Canal…

11 Jan 2024

Shipping Attacks Push US and Allies to Mideast Crunch Point

© Vladimir Bartel / Adobe Stock

When the United States and 11 allies published a joint statement last week calling for an end to Houthi attacks from Yemen on Red Sea shipping, they hoped the implicit threat of force might at least reduce the intensity of fire on foreign vessels.Instead, Wednesday saw the largest single attack yet on foreign vessels, according to Western defence officials, launched seven days after the joint statement. It appeared a clear attempt to call the West's bluff, just as other tensions across the Middle East appear to be on the rise.In Iraq and Syria, U.S.

04 Jan 2024

LR Greenlights Canadian Ship Recycling Facility’s Standards Compliance

 (Left to right) Darren Webster, Vice President, RJMI and Laura Donahue, Professional Services Manager, LR (Credit: Lloyd’s Register)

Lloyd’s Register (LR) has certified Nova Scotia recycling facility, R.J. MacIsaac (RJMI), according to the requirements of the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships.RJMI has become first Canadian facility to be issued a Statement of Compliance (SoC) to the Hong Kong Convention for international ship recycling standards, which is scheduled to enter into force in June 2025.RJMI was required to demonstrate that its environmental protection, workforce safety and emergency preparedness systems surpass the stringent conditions of the convention.

28 Dec 2023

Red Sea Shipping Workarounds Add Costs, Delays for Suppliers

© EvrenKalinbacak / Adobe Stock

Toymaker Basic Fun's team that oversees ocean shipments of Tonka trucks and Care Bears for Walmart and other retailers is racing to reroute cargo away from the Suez Canal following militant attacks on vessels in the Red Sea.Suppliers for the likes of IKEA, Home Depot, Amazon and retailers around the world are doing the same as businesses grapple with the biggest shipping upheaval since the COVID-19 pandemic threw global supply chains into disarray, sources in the logistics industry said.Florida-based Basic Fun usually ships all Europe-bound toys from its China factories via the Suez Canal…

20 Dec 2023

Russia Oil Price Cap Coalition Toughens Shipping Rules

© AUUSanAKUL+ / Adobe Stock

The U.S.-led coalition imposing a price cap on seaborne Russian oil announced changes on Wednesday to its compliance regime the Treasury Department said will make it harder for Russian exporters to bypass the cap.The Treasury also imposed fresh sanctions on a ship manager owned by the Russian government and three oil traders involved in Russian oil trade.The Group of Seven (G7) industrialized countries last year imposed a price cap of $60 per barrel on Russian oil shipments in…

17 Dec 2023

Recycling Market Sees Trickle of Deals

Source: GMS

It is clear that sub-continent ship recycling markets are not going to have the bumper conclusion to 2023 that many had been hoping for, reports cash buyer GMS.“Instead, only a trickle of deals are being done to muted markets, as demand and sentiments continue to struggle for another week,” says GMS. “There was one further container deal done, amidst a last quarter flurry, but dry bulk supply has stalled as trading markets have enjoyed an unexpected spike, and it seems many owners…

12 Dec 2023

US Issues Sweeping Sanctions Targeting Russia Over Ukraine War

© Alexey Bakharev / Adobe Stock

The United States on Tuesday imposed sanctions on hundreds of people and entities, including in China, Turkey and the United Arab Emirates, as it targets Russia's sanctions evasion, future energy capabilities, banks and its metals and mining sector.The U.S. Treasury and State departments targeted more than 250 individuals and entities in Washington's latest action attempting to crack down on Russia and its evasion of sanctions imposed by the U.S. and its allies over the war in…

11 Dec 2023

Ship Recycling Market Remains Slumped

Source: GMS

The lackluster end to the year in subcontinent recycling markets continues for another week as disappointed owners and cash buyers face selling their inventory into markets where prices have slumped, reports cash buyer GMS.Several dry bulk sales were below USD 500/LT LDT into India in the lowest confirmed deals for several months.Steel prices have declined in India by almost 10% in a shock to many, particularly as international steel prices have pushed on to an impressive extent over the last month.

05 Dec 2023

Ship Recycling Markets Continue to Struggle

Source: GMS

Ship recycling markets continue to struggle going into the final weeks of the year, reports cash buyer GMS. There has been very little activity or new sales to report, with most end users abstaining from buying and rather wishing to wait and watch developments.Contrary to many expectations, India has lost around 3,000 rupees ($35/LDT) from steel prices.Pakistan was buoyed by the news that their country will sign up to the Hong Kong Convention – which will enter into force from 2025…

05 Dec 2023

Seatrium Names Adrian Teng CFO

(File photo: Seatrium)

Singaporean shipbuilding group Seatrium announced it has appointed Adrian Teng as Chief Financial Officer (CFO), effective January 1, 2024.Teng brings over two decades of diverse international experience in strategy, finance, restructuring, operations and corporate management across developed and emerging markets. Prior to his current appointment, Teng was Group Chief Financial Officer and Chief Operating Officer of Clifford Capital Holdings, with responsibilities in finance, treasury…

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