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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


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)


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


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


Transocean Swings to Loss on Falling Revenue

Transocean Ltd., one of the world's top offshore drilling companies, reported a first-quarter loss on Wednesday as oil exploration and production companies rent out fewer of its rigs because of tumbling crude prices.   The net loss was $483 million, or $1.33 per diluted share, down from a profit of $456 million, or $1.25 a diluted share in the same period a year ago, before oil prices plunged 50 percent.  


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


Container Census Predicts Limited Box Availability

After the critical shortages of containers of last year, production has picked up again, but high container prices and a tight ratio of containers to vessel slots will continue to constrain the availability of boxes, according to the Container Census – Annual Survey and Forecast of Global Container Units, a new report from Drewry Maritime Research. At the end of 2010, the global fleet of containers exceeded $90 billion in replacement value for the first time, according to the report


North America Dominates Global Container Shipping Market

Pic by China Shipping Container Lines

 In terms of geography, North America dominates the global container shipping market . This is due to improved transportation services in this region, says a report from Persistence Market Research.   The U.S. represents the largest market for container shipping followed by Canada in North America. In Europe, Germany, the U.K., Spain, Italy, and France hold the major share of the container shipping market.   


Iran Seeks $2.5B to Modernize its Oil Tankers

(Photo: Greg Trauthwein)

Iran is seeking $2.5 billion investment to modernise its oil tankers fleet following the lifting of sanctions against Tehran, managing director of National Iranian Tanker Company (NITC) was quoted as saying by state news agency IRNA on Saturday. Iran emerged from years of economic isolation after crippling sanctions were lifted in January in return for Tehran complying with steps to curb its nuclear ambitions. Reuters reported last month that two Chinese firms were pushing for


US Holiday Imports Exceed Expectations

© Irina Logra / Adobe Stock

 Imports at the United States’ major retail container ports saw an unexpected increase during the industry’s busy holiday season, according to the monthly Global Port Tracker report released by the National Retail Federation (NRF) and Hackett Associates.  


Capesize Vessel Delivered to Navios Partners

Owner and operator of container and dry bulk vessels Navios Maritime Partners L.P. said it has taken delivery of a secondhand Capesize bulk carrier vessel.   The 180,310 dwt ship, Navios Beaufiks, was built in 2004 in Japan, and delivered on December 30, 2016


SC Ports See Record Box Volumes in 2016

South Carolina Ports Authority (SCPA) announced a record container volume of nearly two million 20-foot equivalent units (TEUs) handled in 2016.   SCPA handled 1.996 million TEUs in 2016, surpassing the previous record of 1.985 million TEUs handled in 2005. Container volume in TEU was up 1


Hanjin Creditors Oppose Terminal Sale

Photo: Hanjin Shipping Co. Ltd

 US creditors of Hanjin Shipping Co. Ltd.  objected to the Korean courier’s efforts to secure a New Jersey bankruptcy court approval of an asset sale to Mediterranean Shipping Co (MSC), reports WSJ.   Geneva-based MSC, the world’s second largest container operator by


Boxship Collision Causes Oil Spill on Singapore-Malaysia border

Nearly 300 tonnes of oil spilled into the narrow strait separating Singapore and Malaysia after a collision between two container vessels, the Singapore Marine Port Authority (MPA) said on Wednesday.   There were no reports of injuries and 12 anti-pollution craft had been sent to clean up


Multipurpose Shipping Freight Rates Expected to Improve

Photo: Drewry Maritime Research

The multipurpose shipping market will see the first signs of recovery by the end of 2017, following in the steps of the dry bulk and container shipping markets, according to the latest Multipurpose Shipping Market Review and Forecaster report published by global shipping consultancy Drewry.


Box Ships APL Denver and Wan Hai 301 Collided

Pic: APL

 The container carriers APL Denver and Wan Hai 301 collided off Pasir Gudang Port in Johor, Malaysia, resulting in an oil spill.    Maritime and Port Authority of Singapore (MPA) said it was notified by the Johor Port Authority (JPA) of a collision between Singapore-registered


Multipurpose Shipping Freight Rates to Improve by End 2017

Graph:  Drewry Shipping Consultants Limited

 The multipurpose shipping market will see the first signs of recovery by the end of 2017, following in the steps of the dry bulk and container shipping markets, according to the latest Multipurpose Shipping Market Review and Forecaster report published by global shipping consultancy Drewry.


New Reefer Ship Makes Maiden Call to US

M.V. Seatrade Red calls at the Canaveral Cargo Terminal at Port Canaveral in Florida. (Photo: GT USA)

GT USA welcomed to the Canaveral Cargo Terminal (CCT) the M.V. Seatrade Red on its maiden call to the United States.   The 607-foot M.V. Seatrade Red, a specialized reefer container vessel with a capacity of 2,259 TEUs and 674 reefer plugs


APM Terminals Mumbai Mulls DPD Service

Photo: APM Terminals

 APM Terminals Mumbai, India’s busiest container terminal, has embraced ‘Direct Port Delivery’ (DPD)service initiated by the Indian government as part of its “Ease of Doing Business Program” to enhance India’s access to the global logistics chain. 


Spot Box Rates Rise Above 5-Year Average

Graph: Drewry Shipping Consultants Limited

 Spot container freight rates on the major East-West routes reached a 20-month high this week and have risen above the average of the last 5 years, said a report by Drewry.   The latest weekly reading is $1,770/40ft container for the composite index


Spot box rates rise above 5-year average - Drewry

Image Drewry

Spot container freight rates on the major East-West routes reached a 20-month high this week and have risen above the average of the last 5 years. The latest weekly reading is $1,770/40ft container for the composite index, reflecting increases on individual lanes to $1


Fresh Hopes in Container Shipping: Alphaliner

Table: Alphaliner

 The new year brings with it fresh hopes for a recovery in container shipping although the market remains fundamentally imbalanced, says an Alphaliner report.   A slew of new records were set in 2016 but most of them marked new lows for a container shipping market that continues to


Salalah Port Container Throughput Up 29pct

Photo: Port of Salalah

 The Omani port of Salalah has registered a 29.4 per cent growth in container throughput in 2016 thus retaining its status as one of the region’s preeminent container transshipment hubs, said a report in Oman Observer.   In initial unaudited and unapproved financials published on


Top 10 Ship Owning Nations

© Masson / Adobe Stock

Kicking off the New Year, VesselsValue has put together a list of the top 10 ship owning nations by fleet value in 2017.     Greece - $84.079 billion Japan - $80.169 billion China - $68.333 billion Singapore - $38.052 billion






 
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