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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

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

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

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.  

Med Taipei Owners, Operators to Pay $3.25M in Settlement

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

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

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

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.   

Pressure on Container Market Akin to 2008 Recession: UASC

Photo: United Arab Shipping Company

 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.  

Evergreen Line Orders Ten 2,800 teu Ships

Photo: Evergreen Shipping Singapore

 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.  

SSA Welcomes Decision To Extend BEO


  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

SCCT Prepares to Boost Vessel Traffic with 24-hour Access

Photo by APM Terminals

 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

Magleby Maersk Calls at Jebel Ali

Magleby Maersk at Jebel Ali’s Terminal 2 (Photo: DP World)

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

Transpacific Container Lines Address Economic Pressures Ahead in 2016

Pic: Transpacific Container Lines

 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

Maersk Looks to Raise Asia-Europe Box Rates

File image: a Maersk Containership alongside during cargo operations.

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

ClassNK Drafts Amendments to Containership Rules

MOL Comfort (File photo: TMC Marine)

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.  

Port of Bronka Prepares for Opening

Photo: Port Bronka

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

UASC Sees Big Drop on Asian-Europe Route

Photo by United Arab Shipping Company

 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 Cranes for ICTSI

Three similar cranes will be supplied to Basra

  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

Idling Fleet Continues to Surge

Stats by Drewy

 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

Maersk to Idle Vessel

Morten Maersk. Photo by Maersk Line

 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 Slashes Fleet CO2 Emissions by 50%

Graphics: CMA CGM

 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.  

Shipping to See Further Consolidation

Image by MarineLink

 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

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