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.
The owners and operators of the foreign-flagged container vessel Med Taipei have agreed to pay $3.25m to the United States to resolve allegations that the 15 containers lost overboard in 2004 resulted in long-term damage to the Monterey Bay National Marine Sanctuary (MBNMS), the Department of Justice and the Department of Commerce announced on July 25. The settlement in behalf of MBNMS, located off the coast of California, and the owners and operators of the vessel – All Oceans Transportation
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
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
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.
A marked drop in Asian imports to Europe, made worse by a strong dollar, has exacerbated the pressure on shipping lines already struggling with massive over capacity, Arabian Supply Chain quotes United Arab Shipping Company (UASC) as saying.
Taiwanese shipping company Evergreen is ordering ten 2,800 TEU container ships from Japanese shipbuilder Imabari Shipbuilding Co.,Ltd and compatriot CSBC Corporation. The deal between the companies is to buy 10 new 2800 TEU container vessels. The Contract value is $390mln.
The Singapore Shipping Association (SSA) has welcomed the decision by Singapore’s Minister for Trade and Industry to extend the Competition (Block Exemption for Liner Shipping Agreements) Order (BEO) for another five years until 31 December 2020
A formal signing ceremony will now enable vessels to transit to Port Said East through a new side channel to be constructed bypassing the Suez Canal’s main entrance. Vice Admiral Mohab Mamish, the Head of the SCA, formally approved the construction of a new 9
Press release - Global marine terminals operator DP World’s flagship Jebel Ali Port has received the world’s largest container vessel, the Magleby Maersk, which is on its maiden visit to the region. The management and operations team at Jebel Ali rolled out a well-drilled
In a container freight market challenged by volatility and facing the prospect of further consolidation, member shipping lines in the Transpacific Stabilization Agreement (TSA) have announced a phased increase in rates and a package of 2016-17 service contract guidelines intended to ensure
The world's largest container shipping company, Maersk Line, plans to raise spot freight rates sharply on main routes from ports in Asia to ports in northern Europe, with effect from Dec. 1, the company said on Tuesday. Spot rates for twenty foot equivalent unit containers (TEU) will rise by $1
Classification society ClassNK has released draft amendments to its rules and guidance for container carriers, with the aim of implementing more comprehensive rules for increased ship safety. The amendments were approved by the ClassNK Technical Committee in Tokyo on November 19.
Technical plant and equipment installation for the first stage of Bronka’s port facilities is now complete with the Liebherr LHM 800 mobile port crane installed at the end of September, bringing the port closer to operation. The deepwater Port of Bronka is located on the outskirts
Kuwait-headquartered United Arab Shipping Company (UASC) said that marked drop in Asian imports to Europe, made worse by a strong dollar, has heaped pain on container lines already struggling with massive over capacity, reports Reuters.
Terex Port Solutions (TPS) has received an order from a subsidiary of International Container Terminal Services, Inc. (ICTSI) in Iraq for two Terex shiptoshore cranes (STS) and three Terex rubber-tyred gantry cranes (RTG). With this order including comprehensive services, TPS and ICTSI
Owners are rapidly laying up containerships as the market slows. The size of the idle fleet will get bigger while rates and profits slide, says Drewry Shipping Consultants Limited. The number of idle container vessels has gained momentum in November and hasjumped 52 percent from
The world's biggest container-ship operator Maersk Line has confirmed market talk that it has temporarily idled one of its largest vessels - yet another sign that the industry is in dire straits, says a report in the The Straits Times.
CMA CGM, a leading worldwide shipping Group, is pleased to announce a 50% improvement in its CO2 performance for its owned fleet. Thanks to an efficient environmental policy sustained by deploying innovative solutions, this success was accomplished in 10 years.
The CMA CGM's move to buy Singapore’s Neptune Orient Lines (NOL), could lead to one of the biggest acquisitions in the shipping container industry in years. If it goes through, NOL and CMA's merger would be the biggest container shipping deal in years