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
China COSCO Holdings Co Ltd says it has received ship scrapping subsidies for about 3.96 billion yuan ($638.71 million). It came through China Ocean Shipping, the controlling shareholder of the company, for the decommissioning and upgrading of vessels. “The subsidy was recognized as non-operating income and will be included in the profit and loss of the company for the year ending 31 December 2015 to compensate the losses suffered by the company due to the
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
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
Bangladesh reportedly proposed to double tax on scrap ships in second half of fiscal year 2000.
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
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
China Merchants Energy Shipping (CMES), a Chinese international oil tanker operator, projects doubled profit in the first half of 2015 from a year ago. The Shanghai-listed Chinese ship-owner predicted on Friday that its net profits attributable to its shareholders would rise 110-130
GAIL India will offer foreign shipbuilders five years to make liquefied natural gas (LNG) carriers in India, double the time allowed to deliver ships from their home shipyards, reports Economic Times. Report says that the company is insisting foreign shipbuilders to build in
APM Terminals, part of A.P. Moller-Maersk, said it is interested in buying into the Greek ports Piraeus and Thessaloniki, slated for privatization if a new bailout deal is agreed between Athens and the European Union, reports Reuters.
Port of Redwood City reports fiscal year cargo movement fourth highest in modern history After three years of annual double digit growth in Port of Redwood City tonnage from 2012-2014, the fiscal year 2015 Port tonnage declined slightly by 3.8 percent.
There has been a firm level of ship demolition activity in the first four months of 2015 and the two largest owner regions, Asia/Pacific and Europe account for 88% of the tonnage sold for recycling, according to the latest review of shipbreaking trend by Clarkson Research.
Dry bulk shipping firm Golden Ocean reported first-quarter earnings below forecasts on Thursday and said its market had gone from "bad to worse" with market conditions not seen in three decades. Golden Ocean, controlled by shipping tycoon John Fredriksen
How much US shale oil production is taken out of service will be a key driver of future tanker shipping earnings, according to the latest edition of the Tanker Forecaster, published by global shipping consultancy Drewry. Tanker operators are pinning their hopes on a rise in US crude oil imports
Because of demand, the Cleveland-Cuyahoga County Port Authority (CCPA) is doubling the frequency of its service between Port of Cleveland and the Port of Antwerp this year. (The ship makes one stop, near Montreal.) A report in AP says, so far this shipping season
Ship scrapping subsidy program originally due to run to end-2015; show of government support amid continuing industry downturn. China on Tuesday extended by two years a subsidy programme that encourages shipping companies to scrap old vessels in a bid to support an industry struggling to emerge
VesselsValue.com is launching Discounted Cash Flow (DCF) valuations to its existing portfolio of daily, automated valuations for the shipping industry. Discounted Cash Flow vs Market Valuations Discounted Cash Flow Valuations is the amount a vessel would be expected to earn as a
Shipowners operating in the trans-Atlantic dry bulk market, where prices have been plumbing two-year lows on the back of acute vessel oversupply and shifting patterns in minerals demand, could be facing brighter days, according to the latest special report released by Platts
Dalian Shipbuilding Industry Corporation (DSIC) has announced an order win for two 319,000 dwt VLCCs and five 72,000 dwt product tankers from Cosco Dalian, the tanker shipping arm of China Cosco Group. The financial details of contract were not disclosed
Confidence levels in the global shipping market have fallen to a seven-year low as a glut of cargo ships, weak freight rates and excess liquidity continue to batter the industry, a survey by Moore Stephens, a London-based consulting firm finds.
Monthly demolition rates in the dry bulk shipping sector averaged 3.3 million DWT for 1H15, according to new figures from BIMCO, compared to 1.3 million DWT last year. This included a record 5.36 million DWT in April – the highest on record for a single month.
A revolutionary new option to scrapping for younger panamax containerships deemed too small for a tradelane involves widening the vessel rather than adding length. The enlargement operation of MSC Geneva was held at the Chinese shipyard Huarun Dadong (HRDD)