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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

'We Will Not Stand by and Wait for Global Regulation' -Maersk Line

Photos: Maersk Line A/S

 Shipbreaking has become commercial due to the recycling of steel becoming a global commodity in demand. This means that the dismantling and recycling of a ship are recognized as part of the value of the ship, which has evolved into a massive challenge for the shipping industry.

South Carolina Ports Report Cargo Growth

Photo courtesy of SCPA

South Carolina Ports Authority reported year-over-year growth during the first quarter of its 2017 fiscal year.   SCPA handled 162,858 twenty-foot equivalent units (TEUs) in September. First quarter TEU volumes were up 1.4 percent over the same period last year, with 520

Container Shipping Industry Calls for Climate Action

Pic: Business for Social Responsibility

 Members of BSR’s Clean Cargo Working Group (CCWG) have agreed on a climate action statement and call to action for the container shipping sector and its value chain to support private-sector contributions for the global goals on climate change.   

Antwerp Port Volume up 3.3% in 9 months

Courtesy Antwerp Port

The port of Antwerp continues its excellent performance, handling 161,671,573 tonnes of freight in the first nine months of this year, up 3.3% on the same period last year. The container volume in the first three quarters came to more than 7.5 million TEU. This represents growth of 4

Deviation Of MSC Services in Freeport Following Hurricane Matthew

Photo: Mediterranean Shipping Company

 Following the severity of Hurricane Matthew last week, Mediterranean Shipping Company (MSC) Freeport terminal operator in the Bahamas has temporarily halted operations, in order to repair cranes and ensure full safety and security within container yards.  

Caribbean’s Largest Mobile Harbor Crane Delivered

The new Liebherr mobile harbor crane LHM 600 high rise, is ready for transhipment Rostock, Germany to Kingston, Jamaica. (Photo: Liebherr)

Liebherr Maritime Crane has delivered the largest mobile harbor crane of the Caribbean to Kingston Wharves Limited in Jamaica. The LHM 600 is equipped with an elongated tower extension and eases the handling of big container vessels up to Super-Post-Panamax size.  

Long Beach Says Cargo Volumes Hurt by Hanjin Fallout

Photo: Port of Long Beach

Container volumes at the Port of Long Beach declined 16.6 percent year-over-year in September as the effects of the Hanjin bankruptcy reached the U.S. West Coast.   According to the port, its longshore workers moved 546,805 twenty-foot equivalent units last month

Georgia's Ports Back in Action

Containership MSC Kleven sails up river to the Port of Savannah after the Savannah River reopened following Hurricane Matthew in Savannah, Ga., Wednesday, Oct.12, 2016. Nine vessels worked at the Garden City Terminal on Wednesday. (Photo: Georgia Ports Authority/Stephen B. Morton)

After being closed last week due to Hurricane Matthew, the Savannah River channel has reopened for commercial traffic Wednesday morning at 7 a.m., with 11 vessels transiting the channel by mid-afternoon, nine of which will be worked at Garden City Terminal and two at Ocean Terminal

Cosco Raises $1.8bln Capital

Photo: COSCO

 China’s COSCO Shipping Development Co Ltd  announced a proposed nonpublic issuance of about 3.28 billion shares to specific investors, including its parent company, to raise up to 12 billion yuan ($1.79 billion), reports China Daily.  

Navis Boosts LATAM Market Share with N4

Photo: Navis

Navis, a part of Cargotec Corporation, has announced that Colombia-based Sociedad Portuaria Regional de Cartagena (SPRC) and Terminal de Contenedores de Cartagena (CONTECAR) will both migrate to the N4 terminal operating system (TOS) following a combined twenty-year run on SPARCS.  

Container Shipping Market has Bottomed Out

Photo: CMA CGM

Hanjin’s receivership represents the trough of the container shipping market and despite continuing concerns of weak trade growth and fleet oversupply a gradual market recovery is now expected, according to the latest annual Container Forecaster and Review 2016/17 report published by global

Moore Stephens: 4th Straight Year of Operating Costs Decline

Richard Greiner (Photo: Moore Stephens)

International accountant and shipping consultant Moore Stephens says total annual operating costs in the shipping industry fell by an average of 2.4% in 2015.   This compares with the 0.8% average fall in costs recorded for 2014, and is the fourth successive overall year-on-year reduction

Guinea Opens Box Port in UAE Bauxite Complex

Guinea opened a new container terminal on Wednesday, part of a bauxite complex being developed in the West African country by Abu Dhabi investment fund Mubadala. Mubadala signed a $5 billion agreement with Guinea in 2013 to develop a bauxite mine


ENGIE manages a large LNG supply portfolio and has a significant presence in regasification terminals in Europe and worldwide Image CMA CGM Group

CMA CGM and ENGIE signed a Memorandum of Understanding to promote LNG as the marine fuel for tomorrow’s container vessels. Farid Salem, Executive Officer of the CMA CGM Group, and Isabelle Kocher, CEO of ENGIE, signed the agreement today at the Marseille headquarters of CMA CGM.

Panama Canal Cargo Tonnage Zooms

Photo Panama Canal Authority

Strong container traffic, newly introduced segments and the Expanded Canal all contribute to the 330.7 million tons of goods welcomed through the Canal in FY16, the third highest amount ever recorded.    Panama City, Panama, October 20

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