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
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
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
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 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
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.
Mitsubishi Heavy Industries, Ltd. (MHI) has received consecutive orders for large size container ships from the Evergreen Group of Taiwan, one of the leading container transportation operators in the world. Since 1992, MHI has received orders for 38 container ships from Evergreen without a break, of which 32 ships have either been built, or are to be built at MHI’s Kobe Shipyard and Machinery Works, and six at Nagasaki Shipyard and Machinery Works
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
Langh Ship Cargo Solutions has extended its offering to include tank containers equipped for hook lifting. “Often the on-carriage of tank containers meant for transportation by sea is quite expensive on land, as the need for special lifting equipment makes the handling of the containers difficult,” said Product Manager Markku Yli-Kahri. Just like the company’s other containers, Langh Ship Cargo Solutions’ tank container equipped for hook lifting has been developed
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
Mitsui O.S.K. Lines, Ltd. today announced the signing of a Joint Venture Agreement with SahaThai Terminal Co.,Ltd., a container terminal operation company in Thailand, to establish a new barge terminal operation company in Bangkok. The new company, called Bangkok Barge Terminal Co., Ltd
DP World Chairman Sultan Ahmed Bin Sulayem announced the start of construction work on a brand new container terminal at Jebel Ali Port, Dubai. Phase 1 of the Container Terminal 4 (T4) project will deliver new capacity of 3.1 million TEU (twenty-foot equivalent units) by 2018
Khalifa Port Container Terminal, KPCT, set a new productivity record by handling 2615 moves in just under 13 hours on the 9,365 TEU CMA CGM Thames which called into Khalifa Port on Tuesday 21st July. This is the first time Abu Dhabi Terminals (ADT) manager and operator of Khalifa
Ocean cargo shipper Matson, Inc. said it is moving quickly to fund improvements in its new Alaska operations following its May 29 acquisition of Horizon Lines' Alaska services. The company expects to invest more than $30 million in new equipment planned by Horizon prior to its acquisition.
Two Chinese shipping giants are likely to sign agreements with Cambodia's Sihanoukville Autonomous Port (SAP), paving the way for exporters to move cargo directly from Cambodia to China, Xinhua reported. Both Cosco and China Shipping are expected to sign with Sihanoukville Autonomous
The Port of Shanghai is aiming to reduce energy consumption per handling capacity unit by 7 percent in 2017 compared to 2010, the city’s transport commission said. It is aiming to cut carbon dioxide emissions by 9 percent compared with 2010
Government of Canada and Port Metro Vancouver announce funding for shore power for container vessels; installation of facilities at two Port Metro Vancouver container terminals will reduce emissions and noise Funding for the installation of shore power facilities for container vessels at two
KKR & Co LP's Embarcadero Maritime unit will pay $254.5 million to buy 18 dry bulk and container ships from Commerzbank AG's Hanseatic Ship Asset Management GmbH, the companies said on Thursday. U.S. private equity firm KKR and London-based independent ship operator Borealis Maritime
Hong Kong-based container shipping company Orient Overseas Container Line (OOCL) saw a 2.1% dip in total container shipping volumes in the second quarter of 2015 when compared to the same period last year. Total revenues decreased by 9.3% to USD 1,362.4 million
The Marseille-based French company CMA CGM S.A has announced readiness to start operation in Iran on August 6. CMA CGM, the world’s third-largest shipping line in terms of container vessel capacity, will add Shahid Rajaei port in Iran to its Asia-Europe loop
Brazil’s newest and most modern container terminal hits a series of major efficiency milestones Brasil Terminal Portuário (BTP), Brazil’s newest and most modern container terminal, has reached a number of important milestones:
Shipping freight rates for transporting containers from ports in Asia to Northern Europe dropped 22.8 percent to $400 per 20-foot container (TEU) in the week ended last Friday, data from the Shanghai Containerized Freight Index showed.
Port of Busan aims to handle 13 million TEU of trans-shipment cargo by 2020 ranking it number two in the world. A long-term vision and strategy to develop the Port of Busan into a global transshipment hub port has been announced by the Korean Ministry of Ocean and Fisheries together
The Georgia Ports Authority moved a record 3.66 million twenty-foot equivalent container units in Fiscal Year 2015, an increase of more than half a million TEUs. "The deepwater ports of Savannah and Brunswick are cornerstones of Georgia's success
Brazil’s newest container terminal hits a series of efficiency milestones Brasil Terminal Portuário (BTP), Brazil’s newest container terminal in the Port of Santos, has reached a number of important milestones.