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Management Statement

Falling Oil Prices Help Boost Braemar Revenues

Image: Braemar Shipping

Braemar Shipping Services said its ship broking division saw an improvement in its performance during the last quarter. The merger in July with smaller rival ACM Shipping also came in as shot in the arm. A strong dollar and weak oil prices are good for business, too, and freight rates, a key driver of revenue, are up in a number of sectors.   In an interim management statement the company says that as anticipated, its ship broking division's performance has improved significantly compared with the first half, reflecting the inclusion of ACM and the cost reduction actions taken as it successfully continued to integrate the businesses.    “We are encouraged by the progress of the enlarged division,” the company said. “While the oil price has continued to weaken, the freight rates, which drive our revenue stream, have risen in a number of sectors including VLCCs (Very Large Crude Carriers).” Demand for oil tankers has risen sharply, most likely as speculators hire huge ships to store cheap oil until prices increase again. That's good news for both rates and Braemar's revenue.   Elsewhere, Braemar's Logistics and Technical divisions are trading as expected. The freight forwarding side of Logistics and Braemar Engineering have done particularly well.  


Braemar Shipping Interim Management Statement

Braemar Shipping Services plc isued its Interim Management Statement in relation to the period since the six months ending 31 August 2009. The group has benefited from a dry bulk market which has been stronger than many expected during much of 2009, particularly in the latter part of the year. This has mainly been due to the continuing high demand from China, and to a lesser extent India, for the import of raw material which has been sufficient to absorb the arrival of new tonnage and for


Braemer Shipping Interim Management Statement

Braemar Shipping Services plc issued an Interim Management Statement in relation to the period since the six months ending 31 August 2008: “Shipping markets have experienced a significant correction over the past four months and in varying degrees dry and wet freight rates and vessel values are sharply lower, mainly in response to the slowing global economic demand and the significant contraction in the availability of bank lending


Braemar: Interim Management Statement

Braemar Shipping Services plc today issues its interim management statement in relation to the period since the announcement of the interim results on 25 October 2011. Over the past few months activity in the Shipbroking division has increased. The Group has seen good levels of spot chartering business particularly in deep sea tankers and in capesize bulk carriers. The specialised tanker chartering desks are also performing well


Cosco Busan Management Company Charged

A federal grand jury in returned a second superseding indictment charging Fleet Management Limited, a ship management company, with negligently causing the discharge of 50,000 gallons of oil from the Cosco Busan and falsifying documents after the crash to cover-up the company’s negligence, the Justice Department announced today.  Fleet Management, the company responsible for operating the Cosco Busan, was charged with six felony counts for making false statements and obstruction


MERPAC Meeting

A working group of the Merchant Marine Personnel Advisory Committee (MERPAC), sponsored by the U.S. Coast Guard, will meet in Washington, DC on March 21 and 22. The purpose of the meeting is to discuss task statement #47 concerning recommendations on knowledge and practical qualifications for engineers at the operational and management levels to serve on steam propelled vessels and task statement #49 concerning recommendations for use of a model sea course project in conjunction with an


Cape Wind Energy Project EIS Released

The Minerals Management Service (MMS) issued a notice stating that it has released the final environmental impact statement for the Cape Wind Energy Project.  Comments should be submitted within the next 30 days.  74 Fed. Reg. 3635  (January 21, 2009). (Source: Holland & Knight)


St. Lawrence Seaway Annual Report Available

The St. Lawrence Seaway Management Corporation (SLSMC) issued a statement that the 2002-2003 Annual Report is now available. Including both a narrative text and financial summary, the annual report also mentions that the SLSMC's new business plan increases maintenance expenditures by 36 percent over the next five years. Source: HK Law


Cosco Pacific Appoints Zhang Wei as Vice Chairman

Photo: Cosco Pacific Ltd.

 Cosco Pacific Ltd. has appointed Zhang Wei as vice chairman and managing director, replacing Qiu Jinguang who has stepped down from the positions with immediate effect, reports Dow Jones.   "Qiu Jinguang has resigned as an Executive Director, the Vice Chairman and Managing Director and also resigned as an authorised representative as well as the Chairman of the Executive Committee, the Investment and Strategic Planning Committee and the Risk Management Committee


InterManager Salutes Capt. Vanderperre

InterManager, the international association of in-house and third party ship managers, has paid tribute to the life and memory of Captain Charles Vanderperre, the founder of Univan Ship Management and the long-accredited grandfather of modern day third party shipmanagement, who died at the age of 88. In a statement, Guy Morel, General Secretary of the Association, said: “We salute his memory and applaud the work he did in driving forward the development of third party shipmanagement


Baltic Exchange Names Jackson as CEO

Mark Jackson (Photo: Baltic Exchange)

Baltic Exchange on Monday named Mark Jackson, a former Chairman and Director, to replace Chief Executive Officer Jeremy Penn.   Baltic Exchange shareholders earlier approved an 87 million pound ($112 million) takeover by Singapore Exchange for one of London's oldest institutions


Finland Funds Autonomous Ship Research

Image: Tekes

 The Finnish government's innovation investment arm, Tekes, said that it is making a multi-year commitment to funding collaborative research and development of autonomous, unmanned ships to ply the world’s oceans in the not-so-distant future.   


Egypt Cancels Ergot Zero-tolerance Policy for Wheat

Egypt has reversed a controversial zero-tolerance policy on ergot fungus in wheat, the cabinet said on Wednesday, after receiving no offers in the previous three international tenders.   The government is reinstating the 0.05 percent international standard which will apply to all


ABS Updates BWT Guidance

Kirsi Tikka (Photo: ABS)

ABS, a provider of classification and technical services to the marine and offshore industries, has updated the ABS Guide for Ballast Water Treatment to support industry in the design and installation of ballast water management solutions that meet both regulatory and operational requirements.


Adani buys Australian Port Operator from Glencore

A unit of India's Adani Enterprises Ltd will buy the company that operates Australia's Abbot Point Coal Terminal from Glencore Plc for A$19.25 million dollars ($14.52 million), ending a legal wrangle over control of the port. The statement from Adani and Glencore said Adani Ports and Special


Australia settles six years after Barrier Reef accident

Australia on Monday reached a A$39.3 million ($29.66 million) out-of-court settlement with the owners of a Chinese coal carrier that ran aground in 2010 on the Great Barrier Reef. The settlement, dismissed by an environmental group as not enough


UK, Argentina to cooperate on Falklands oil and gas restrictions

Britain and Argentina have agreed to work together towards removing measures restricting the oil and gas industry, shipping and fishing around the disputed Falkland Islands, Britain's Foreign Office said on Wednesday. The two countries fought a war in 1982 over the British-run islands in the


Moore Stephens says Shipping Must Improve Risk Management

Simms Michael

Not enough companies in the shipping industry are following joined-up risk management procedures, according to international accountant and shipping adviser Moore Stephens.   The second annual Moore Stephens Shipping Risk Survey revealed a fall, when compared to last year


China, Russia Begin South China Sea Drills

Photos: Russian Navy

 China and Russia began week-long joint naval exercises in the South China Sea today. It is the  first-ever South China Sea iteration of Beijing and Moscow Joint Sea exercises.   The Joint Sea-2016 exercises between the two countries will involve surface ships, submarines


Philippines, Indonesia Sign Maritime Accord

Photo:  Kementerian Sekretariat Negara Republik Indonesia

 The Philippines and Indonesia have agreed to join forces in combating crime on the high seas, after a surge of kidnappings by Abu Sayyaf bandits in waters between the two countries.    Philippines President Rodrigo R. Duterte and Indonesian President Joko Widodo had signed an


Ballast Water Convention to Enter into Force in 2017

Päivi Luostarinen handed over the country’s instrument of acceptance to the Ballast Water Management Convention to Kitack Lim on Thursday, September 8, 2016.

Finland has acceded to the International Convention for the Control and Management of Ships' Ballast Water and Sediments (BWM Convention), triggering the 2017 entry into force of an international environmental protection measure that aims to stop the spread of potentially invasive aquatic species


Mont Hope Selects DNV GL's ShipManager

Capt. Sanjay Tyagi, CEO, Mont Hope Ship Management

Mont Hope Ship Management, a new and specialized company focusing on services for vessels engaged in energy segments, is implementing DNV GL’s integrated software system ShipManager on the entire fleet in order to optimize operations and improve performance.


New Deck Carrier Joins United Heavy Lift Fleet

Deck carrier MV Vir Varenya (Photo: United Heavy Lift)

J.M. Baxi Group commissions Hamburg company for the global management of its newly constructed special-purpose ship     J.M. Baxi Group, a 100-year-old group of companies specializing in maritime logistics and port infrastructure


Wilhelmsen and Wallenius to Merge

Courtesy Wilhelmsen

Wilhelmsen and Wallenius have signed a letter of intent to establish a new ownership structure for their jointly owned investments. The new entity, Wallenius Wilhelmsen Logistics ASA, will form a more efficient management structure and enable further synergies between the joint ventures.


CMA CGM Ends Joint Service with Hanjin

Photo: CMA CGM

 French shipping major CMA CGM assures its customers over Hanjin collapse.    "Further to the information published on the filing for receivership of Hanjin Shipping, we understand that this news may have raised concerns with regards to the transport of goods that you have






 
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