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Entomology for the millennium: Options for the bugs

Every company in the marine and offshore industries has at some stage been involved in a millennium bug compliance study. It is now time to admit that industry is bored with the subject. Since the problem was first mooted, its possible outcome has remained a mystery, which is the only definite aspect of the millennium bug problem. No one actually knows what will happen. One thing is certain, though, in the modern marine and offshore industry, information has become the most important business tool. How companies handle and store it for use depends on their internal structure, but it is safe to say that it will be on a computer at some stage. Lose the information, and the company will lose money rapidly while trying to recoup that information and operate effectively at the same time. So information-sensitive companies such as shipbrokers, agents, offshore oil companies, and ship operators, have been forced to take measures to ensure compliance. Until recently, there was only one course of action open to them, weed out the problems now by replacing equipment, at huge cost, that does not meet millennium bug requirements. There are now two courses of action possible. Companies can now rent the software. Renting software is a service that has never been offered to the shipping industry before, but small and medium-sized companies have welcomed the idea


Asia-Bound VLCCs to Use Venezuela's St Eustatius Terminal

VLCC file photo

Venezuela's state-run PDVSA will use a terminal owned by U.S. firm NuStar Energy on the island of Saint Eustatius to store crude and load very large crude carriers (VLCCs) going to Asia, after deciding it will no longer rent a facility in the Bahamas, according to a PDVSA executive. PDVSA has been using the Saint Eustatius terminal in the Caribbean since March as a center to store and mix its crudes and produce exportable blends


IHC Merwede Rents Out First IHC Beaver Dredger

IHS Beaver 40

IHC Merwede has entered the international rental market with its standard IHC Beaver dredgers and DMC work boats. The company has identified a demand in the market for vessels and equipment that may only be used for a relatively short period of time. In August, the first dredger – an IHC Beaver® 40 – was rented out to a contractor in Europe. The dredger was easily loaded on to trucks and transported to the dredging site


Iron-Ore Ship Rents Fall

According to a report from Bloomberg, rents for capesize ships that haul iron ore fell the most in a month on excess vessel supplies. Hire rates fell 5.4% to $6,359 on May 10, data from the Baltic Exchange in London show. That’s the biggest decline since April 8 and leaves rates 86 percent lower than a year ago.    (Source: Bloomberg)


Get Ready for Changes in Lease Reporting

By Richard J. Paine, Sr.

From the December 2010 edition of MarineNews Since the middle of 2006, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working towards changing how companies report their lease transactions on their balance sheets. Those companies (including publicly traded entities) whose reporting complies with Generally Accepted Accounting Principals (GAAP) must observe the reporting regulations as set down by FASB


New CEO Showcases Marseilles Fos Initiatives

Christine Cabau Woehrel

Christine Cabau Woehrel has taken up her new role as CEO of the Marseilles Fos port authority after two years heading the Port of Dunkirk. She succeeds Jean-Claude Terrier following a French transport ministry nomination that was backed by the port’s supervisory board in February and has now been confirmed by government decree. Her move marks a return to the headquarters city of CMA GGM, France’s biggest and the world’s third largest container carrier


Intrepid to Close for Repairs, Renovation

The aircraft carrier Intrepid, the military museum that has been docked on the Hudson River for 24 years, is scheduled to close on Oct. 1 and will be moved soon afterward to New Jersey for repairs and Staten Island for renovation. The New York Times reported that about a month after the museum closed, the carrier would be towed away from its mooring at Pier 86 and is not expected to return for 18 months. The museum's directors approved the general plan last week after Mayor Michael R


DMC Partners to Develop "The Dolphin Residence"

28 5 14 Dolphin Residence - Artists Impression.JPG

Dubai Maritime City (DMC) announced its partnership jointly with Sharaf Investments and Al Ali Property Investment (API) to develop “The Dolphin Residence” within the City, into a high-end Freehold mixed use development complete with offices, private residences, a four star hotel, shopping mall, mosque, parking lot and leisure facilities. The partnership deal was signed by Khamis Juma Buamim, Chairman, Dubai Maritime City; Sharafuddin Sharaf


IMCA Moves to Larger Headquarters

The International Marine Contractors Association (IMCA), representing offshore, marine and underwater engineering companies, has moved to new and larger offices. Their new address is: IMCA - International Marine Contractors Association, 52 Grosvenor Gardens, London SW1W 0AU, UK. Their telephone and fax numbers and email address remain unchanged - Tel: +44 (0) 20 7824 5520, Fax: +44 (0) 20 7824 5521; Email imca@imca-int.com.


Pemex to Launch Transport, Drilling Companies in 2015

pemex.jpg

Pemex, Mexico's state oil company, will launch new companies next year as it restructures following landmark energy reform, Pemex Chief Executive Officer Emilio Lozoya told local radio on Monday. "The business plan that we're considering for the next year will involve an internal restructuring," Lozoya said. "We will be launching various new companies that will be 100-percent-Pemex owned in order to run certain businesses more efficiently."


Piraeus Port Posts Flat Profit, Sales Dip

Photo: Piraeus Port Authority

Greece's Piraeus Port (OLP) , the largest in the country, said its first-half net profit was almost unchanged from the same year-ago period, while sales fell. Piraeus Port, which is privatisation, is one of the busiest passenger ports in Europe


Wishful Thinking From Across the Pond

Joseph Keefe

European Shipowners Pursue Softening of the Jones Act Just last month, the Secretary General of the European Community Shipowners’ Association (ECSA) opined that the sixth negotiations round of the Trans-Atlantic Trade and Investment Partnership (TTIP) should include concessions from the


Shanghai Port's Q2 Profit Down; China Trade Flagging

Shanghai International Port , the operator of the world's busiest container port, reported earnings on Wednesday that showed its second-quarter net profit fell 2.5 percent in a sign of slowing trade in China. Shanghai Port said in a Chinese-language filing on the Shanghai stock exchange that


COSCO Resorts to Rate Restoration for F. East to S Africa Trade

COSCO

  COSCO Container Lines would like to announce Rate Restoration for all shipments (include reefer cargo) from Far East to South Africa Trade and take effect from September 1, 2014. The detail of the RR will be USD150 per TEU Far East include: China Mainland, China Hong Kong


Neeraj Bansal Appointed Deputy Chairman of JNPT

Neeraj Bansal appointed Deputy Chairman

The Government of India has appointed Neeraj Bansal as Deputy Chairman of India's largest container port,  Jawaharlal Nehru Port Trust with immediate effect. Mr Neeraj Bansal is an Officer of Indian Revenue Servie with around twenty years of experience across the country in Direct Tax


Port of Long Beach Chooses APS Crane OCR System

Container cranes: Photo APS

APS Technology Group, a member of the ABB Group and a leading provider of optical character recognition (OCR) and process automation technology solutions for marine and intermodal container terminals, says that that International Transportation Service (ITS) has selected the APS Crane OCR solution


Maersk to Raise Freight Rates from Asia to Europe

Photo: Maersk

The world's biggest container shipping company Maersk Line, a unit of A.P. Moller-Maersk , said it plans to raise freight rates on routes from Asia to northern Europe by $400 per 20-foot container (TEU). The new rates will take effect from Sep


DMR Sees US Container Terminal Sector M&A Flurry

Development of US Container Port Volumes, 2000-2013 (million teu)

M&A (Merger & Acquisition) activity in the US container terminal sector is currently at its highest level since the boom time of the mid-2000s. However, whilst the type of buyer is largely similar to what it was, the rationale for pursuing today’s deals is different


APM Terminals Q2 2014 Profit, Volume Growth

Image courtesy of APM Terminals

In its second quarter ended 30, June 2014 APM Terminals reports increases in both profits and container volume throughput. Highlights as follows: Profit in Q2 increased to USD 223m (USD 179m) supported by 8% volume growth throughout the portfolio


CMA CGM Joint Service Between NE Asia, Australia & N. Zealand

...

  CMA CGM S.A. (CMA CGM), has announced the co-operation with China Shipping Container Lines (CSCL), Orient Overseas Container Lines (OOCL) and Pacific International Lines (PIL), in the North East Asia, Australia and New Zealand Trade commencing from Shanghai in early of November.


Roll-iT Reacts to Growing Demand

Amrumbank module on the move: positioning a OHVS module 2100T RORO transport onto a barge at the Cofely Fabricom Hoboken module yard on SCHEUERLE SPMTs

Roll-iT reaches new peaks with SCHEUERLE Self-Propelled Modular Transporters Roll-iT from Stabroek, Belgium is a co-partnership of Aertssen Kranen (Aertssen Group) and Ivens Transport & Kraanbedrijf (Ivens Group), two players in the construction, transport and crane rental sectors


Ferguson Norge Unveils New NORSOK Workshops

Morten Smith

As a result of market demand for NORSOK workspace modules, Ferguson Norge, specialists in the rental of DNV 2.7-1 / EN 12079 certified offshore containers, refrigeration/freezer modules, workspace modules and accommodation solutions to the global offshore energy industry


Ningpo Port Truckers Strike, Disrupt Freight

Thousands of truck drivers went on strike over salary and haulage rates in the eastern Chinese port of Ningbo this week, and a logistics firm said on Friday the industrial action was disrupting operations at the world's sixth busiest port.


Container Manufacturer Reports Profit Plunge

Container stack: File photo

World-leading container manufacturer and logistics services provider Singamas Container Holdings Limited (Singamas) has  announced its unaudited interim results for the six months ended 30 June 2014. Net profit were down almost 52 per cent to US$13


IMB: Guard Against Threat of Cyber Attacks

IMB Guard against threat of cyber attacks

  The International Maritime Bureau (IMB) is calling for vigilance in the maritime sector as it emerges that shipping and the supply chain is the ‘next playground for hackers’. IMB said, “Recent events have shown that systems managing the movement of goods need to be






 
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