The IMO posted on its Internet site the Report of the Joint Working Group on Ship Scrapping . Representatives from the International Labor Organization (ILO), the IMO, and the Basel Convention (BC) met in Geneva on 12-14 December to continue discussions on development of a regime to address international ship scrapping. The goal is to draft a legally binding instrument on safe and environmentally sound ship recycling. Source: HK Law
Bulk shipping has been under the international microscope of late, with spectacular structural failures resulting in sudden loss of lives and ships, vexing designers, builders and owners alike as to the solution to structural and operational problems. Last week industry experts discussed another matter near and dear to bulk shipper's hearts, the future profitability of the depressed bulk shipping business. The overriding message: bulk shipping profitability is inextricably linked to safety
Global tanker freight rates may be depressed for several more years as a stream of new vessels hit the market and shipowners refrain from scrapping older ships. However, a recovery is likely toward the end of the decade as more single-hulled tankers are taken off the market to meet regulations for safer ships. Tanker rates jumped to record highs in 2004 as a surge in oil trading and demand strained available fleet supply
Hamburg/Shanghai, 3 May 2011 - Germanischer Lloyd (GL) has recently intensified its efforts to help shipyards, ship owners, suppliers and recycling facilities in Asia to comply with the forthcoming International Convention for the Safe and Environmentally Sound Recycling of Ships ("Hong Kong Convention"). Two well-trained GL ship recycling experts are now stationed in China and Singapore respectively, offering all stakeholders a full range of services including certification
MOL slates total of 10-20 'Capesize' bulk carriers for scrapping and cold lay-up Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced plans for scrapping or cold lay-up of 10 to 20 Capesize bulkers in consideration of this fiscal year's worsening market trends. The company scrapped four vessels and temporarily laid up 10 others last year. Up to now, the company has scrapped Capesize ships that were past 23 years or older, but will now scrap ships that are 15 or older
Denise Rucker Krepp, former Maritime Administration Chief Counsel who currently advocates on behalf of the U.S. domestic ship recycling industry, issued a statement at the Coast Guard Shipping Coordinating Committee Meeting March 12, 2014, in Preparation for the April 2014 Maritime Environment Protection Committee Meeting. Below are her comments. Good morning. My name is Denise Krepp and I am representing EMR-Southern Recycling.
With intense international attention focused on older ships, many interested parties are waiting to see if the resultant pressure to utilize new tonnage will result in a scrapping/build boom. If last week is an indication, the move to purge older ships could already be underway. Three VLCC tankers have been reported sold to be scrapped this week, shipping brokers said. The sales would take VLCC demolitions to eight so far this year
Norwegian shipping group Bergesen d.y. ASA predicts that tanker markets would stay strong due to good demand for oil, but that the number of vessels sold for scrap would fall in 2000. The company, one of the world's top shipping groups, reported a fall in pre-tax earnings to $10.2 million from $19.8 million in the first quarter of 1999. "The tanker market is expected to stay strong in future due to the lifting of OPEC's production restraints as well as good growth in oil consumption
Representative English (R-PA) introduced a bill (H.R. 4397) to temporarily exempt scrapping of naval vessels and Maritime Administration vessels from certain environmental statutes governing handling of hazardous materials. Text of the bill is not yet available. Source: HK Law
Although the number of vessels being scrapped this year has increased dramatically, and looks set to continue rising, it is having little impact on the current excess of supply over demand where it matters most – in the East-West trades, according to the latest edition of Drewry's 'Container Insight Weekly'. All of the vessels scrapped so far remain below 6,000 teu, whereas the worst excess is in the sector over 10,000 teu, where most vessels are deployed between Asia and Europe
The shipping market in India could soon be out of bounds for global fleet owners as a key tender condition that tilts the scale in favour of local ship-owners is scrapped, reports Livemint. According to the rules set by the director general of shipping, India’s maritime regulator
The Indonesian government has scrapped the long-awaited Cilamaya port project in Karawang district, West Java province, and is seeking a better location in Subang or Indramayu. The Vice President Jusuf Kalla, who visited Cilamaya with several ministers
A Washington state lawmaker looking to ease traffic congestion for several Puget Sound-area communities near Seattle has proposed building an eye-catching new toll bridge made from retired Navy aircraft carriers. Republican Representative Jesse Young has been gathering support among
China Cosco Holdings has scrapped 14 vessels between February 1 and March 31 this year, continuing progress with its ambitious fleet renewal plan. The 14 ships comprised of one container vessel and 13 dry bulk carriers, which have a combined capacity of 924,700 dwt.
Russia’s Sevmash shipyard will hold a groundbreaking ceremony for its next generation Project fifth Yasen-M multirole nuclear submarine, the Arkhangelsk, on March 19. The Yasen-class subs are touted as the most advanced nuclear-powered multipurpose underwater craft in the
Dutch shipyard Hoebée B.V. in Dordrecht has dry docked the Kraan 92 crane pontoon from European Bulk Services, the shipyard announced last week. It is the largest vessel the shipyard has ever dry docked. Normally, the 52 x 24 meter and 51 meter tall crane pontoon could be
India's state-owned Gail India Ltd would reissue the multi-billion dollar tender to build three massive liquefied natural gas (LNG) carriers in India with “changed norms”, reports Financial Express. There has been news that GAIL has scrapped a tender that would have led
Transocean Ltd today issued a monthly Fleet Update Summary, which includes new contracts, changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since the February 17, 2015 Fleet Update Summary
A Scottish fishing boat skipper Angus Macleod has reported a terrifying brush with what is believed to be a rogue Russian submarine inside British waters in the North Sea. Macleod said he and his four crew were “extremely lucky” to survive the incident in which his net
Dry bulk shipping charter rates remain well below break even levels, pushing vessel scrapping to record highs, though some market improvement is expected in the second quarter, Herman Billung, the CEO of shipping firm Golden Ocean said. Dayrates have plunged as China's slowdown reduced its iron
European, Turkish and Chinese recyclers are set to benefit from strict new EU rules on breaking up old ships, but the practice of dismantling them on beaches in South Asia at great human and environmental cost will still be hard to stop.
The Shanghai-and-Hong Kong-listed flagship unit of China Ocean Shipping Group, China Cosco Holdings Co Ltd says that its 2014 net profit went up 54 percent y/y at 362.5 million Yuan ($58.37 million), on government subsidies for scrapping old tonnage.
Over 60 pct of ships scrapped on Asian beaches in 2014. Practice poses human risk, environmental dangers. New EU rules set high standards, but with loopholes. European, Turkish and Chinese recyclers are set to benefit from strict new EU rules on breaking up old ships
The EU is set to ban owners from scrapping ships on South Asian beaches, according to news report in Reuters. The new rules will require that EU-registered ships are only recycled at sustainable facilities, lowering the environmental and human cost of the current process of
Swiss driller Transocean Ltd. announced yesterday that it intends to scrap, in an environmentally responsible manner, two offshore rigs: GSF Aleutian Key and Sedco 707. The rigs are classified as held for sale. As a result of this decision