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Management Statement

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 the return of port congestion.  Braemar has also benefited from a good level of sale and purchase activity and demolition broking remains extremely active as the scrapping of older ships, particularly in the container and tanker sectors, continues to grow. For much of 2009 the tanker market rates have been weak due to lower global industrial energy demand and the impact of newbuilding deliveries. But there has been some improvement in rates in recent months and the Group’s transaction numbers remain strong. Additionally, Braemar’s specialised tanker team has won some important new business in recent weeks and the Group is growing its presence in the wet FFA (Forward Freight Agreement) market. The established Technical, Logistics and Environmental divisions are all performing in line with expectations.


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


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


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


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


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


Ballast Water Management Changes Proposed

The California State Lands Commission (SLC) issued a Notice of Proposed Regulatory Action relating to management of ballast water on ships of 300 gross registered tons or more arriving in California after having taken on ballast water from places within the Pacific Coast Region. The Pacific Coast Region is defined as coastal waters on the Pacific Coast of North America east of 154°W longitude and north of 25°N latitude, exclusive of the Gulf of California


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)


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


ThyssenKrupp Committed to Australian Submarine Process

thyssenkruppmarinesystems.jpg

Germany's ThyssenKrupp is determined to take part in a selection process it hopes will take place to build Australia's next-generation submarine fleet, it said on Monday. "ThyssenKrupp Marine Systems... is committed to take part in the competitive evaluation process for the design and


OSX Brasil CFO Steps Down, CEO to Take Role

OSX Brasil SA Chief Financial Officer Claudio Antônio da Silva Zuicker is stepping down, and Chief Executive Officer Vladimir Kundert Ranevsky will add the role of CFO, the troubled Brazilian shipbuilder said in a statement on Tuesday.  


General Maritime to buy Navig8 Crude Tanker

General Maritime Corp, which operates crude oil tankers, will acquire Navig8 Crude Tankers Inc in a stock-for-stock deal, the two companies said in a statement.   A newly formed unit of General Maritime will acquire all of Navig8 Crude's common shares to form Gener8 Maritime Inc.  


CGG to cut Vessel Fleet Further

French seismic group CGG said on Thursday it would further cut its fleet of seismic vessels after declining demand from oil and gas clients hit by the falling oil price led it to record an impairment and one-time charges of $643 million in the fourth quarter.


UK Monitors Russian Naval Vessel through Channel

A British warship shadowed a Russian frigate through the English Channel on Tuesday, taking over monitoring from French surveillance on the frigate's voyage northwards. HMS Argyll, a navy ship maintained at high-readiness, deployed a Lynx helicopter and used sensors to locate and monitor the


U.S. Coast Guard Rescues 26 in Antarctic

The U.S. Coast Guard Cutter Polar Star departs the port of Seattle. photo: USCG

The U.S. Coast Guard has rescued an Australian fishing vessel carrying 26 people that had been stranded in icy Antarctic seas since last week, the Coast Guard said on Tuesday. The crew was saved on Sunday by the Coast Guard cutter Polar Star


Five More Tankers under Crowley Management

Photo: Arya Tankers

Crowley Accord Management Pvt. Ltd., the international ship management venture managed globally by Crowley Maritime Corp.’s ship management group, was awarded full technical management contracts for five new tankers. These tankers will be joined in the coming weeks by three more


Norden Renegotiates C/P's as Low Rates Bite

Photo: D/S Norden

Danish shipping company D/S Norden has renegotiated charter agreements for nine vessels with their Japanese owners in reaction to record low dry bulk freight rates. The company has made a one-off payment of $51.5 million in return for a reduction in future time-charter payments to $62 million


Egypt: Vitol to Supply 9 LNG Cargos, in Talks with BP

Vitol will supply Egypt with nine LNG cargos for two years starting June 2015, an Egyptian oil ministry statement said on Thursday.   The statement said the ministry was also finalizing talks with BP over a deal to supply the country with 21 LNG cargoes.  


UK Inks Design Contract with BAE

Britain agreed an 859 million pound ($1.32 billion) contract with BAE Systems on Friday, giving the green light to the British defence company to continue with the next phase of design for a new fleet of warships. BAE Systems has been working on plans to provide Britain with 13 new Type 26


APC: NIMASA behind Anti-Buhari Adverts

Photo: Nimasa Dg and the Graduating Students of Nsdp Program

 The All Progressives Congress (APC) Presidential Campaign Organization (APCPCO) Friday accused the Nigerian Maritime Administration & Safety Agency (NIMASA) of sponsoring a hate campaign against its presidential candidate, Maj- Gen Muhammadu Buhari (rtd).    


Duke Energy Fined for Environmental Violations

  Duke Energy Corp has agreed to pay a fine of about $102 million for environmental violations related to a power plant's coal ash spill into a North Carolina river last year and the company's management of coal ash basins in the state.


U.S. Ports Deal 'huge relief' for Workers, Economy

President Barack Obama

  The White House said on Friday a deal between West Coast ports and the dockworkers union was "a huge relief" for the economy, businesses and workers affected by the lengthy labor dispute. President Barack Obama had received an update on the talks late on Thursday from Labor


Aguirre Offshore GasPort Project Receives EIS from FERC

FERC Deems the Proposed Offshore LNG Facility to be Environmentally Sound

Excelerate Energy ("Excelerate"), in cooperation with the Puerto Rico Electric Power Authority ("PREPA"), has received the final Environmental Impact Statement ("EIS") from the Federal Energy Regulatory Commission ("FERC") for its Aguirre Offshore GasPort


Manila Ports Back at Optimum Utilization

Photo:  Philippine Ports Authority (PPA)

 Philippine Ports Authority (PPA) stated that utilization rate at the port of Manila is back to normal after the disruption of operations during the visit of Pope Francis to the country last month.   The state-run PPA said in a statement that container yard utilization and vessel






 
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