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Ship Scrapping

Report of Joint Working Group on Ship Scrapping

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


COSCO Receives Fund for Fleet Renewal

Image: China COSCO Holdings Company Limited

 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


Profitability Of Bulk Shipping Dependent On Safety

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


Tanker Freights’ Declining Rate to Continue

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


GL Bolsters Support of Green Ship Recycling in Asia

019 PRe-MS Ship Recyling_Experts.bmp

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


Krepp Comments on GSA Storis Auction

Denise Krepp

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.


VLCC Scrapping Up

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 To Double Tax On Ship Scrapings

Bangladesh reportedly proposed to double tax on scrap ships in second half of fiscal year 2000.


MOL to Scrap, Lay-up, Bulkers

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


Ship Scrapping Increases, but in Wrong Trades

File image

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


Demolition Age Drops as the Dry Bulk Market Enters Another Challenging Year

Graph: BIMCO

 The dry bulk market faced a lot of headwind in 2015 as dwindling demand and over-supply created very unfavourable market conditions, says BIMCO.   2016 has shown no improvements so far and prospects for the rest of the year are not looking promising


Maersk Line to Face Miserable 2016

Nils Smedegaard Andersen, Group CEO. Photo: Maersk Group

 In a video interview Group CEO of AP Møller-Maersk Nils S. Andersen comments on the 2015 full year result, low oil and freight rates, and the challenges and opportunities for the Maersk Group in these difficult markets.  


Chemical Shipping Freight Rates to Remain Under Pressure

Chemical tanker orderbook to existing fleet ratio (Source: Drewrys Chemical Forecaster)

On the back of low bunker prices and more new buildings to be delivered in 2016, chemical shipping freight rates for both contracts of affreightment and spot cargoes will be under pressure throughout 2016, as there are some new operators looking to break into the long-haul trade routes


Maersk to Scrap Ships at India's Alang Beaches, NGO Dismayed

Photo: Maersk Group

Maersk Line said on Friday it had chosen four shipbreaking yards along India's Alang beaches to handle an increase in vessels that need to be scrapped, to the dismay of some organisations that say the operations there are polluting and unsafe.  


Baltic Index Slump Continues on Demand Concerns

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, touched a record low for the ninth straight session Friday, mostly due to vessel oversupply and lack of global demand.   The overall index


Two Cargoes of Argentine Wheat Due to Arrive in U.S.

Two cargoes of Argentine wheat were scheduled to arrive at port in Wilmington, North Carolina, shipping data showed on Friday, indicating a rare situation where U.S. buyers actually find it cheaper to purchase imported grain than abundant domestic supplies.


What is the Scrapping Potential of the Crude Fleet?

Graphics:  Poten & Partners

 Tanker owners are currently doing fairly well, certainly compared to their colleagues in the dry bulk market, says a reserach report from Poten & Partners.   However, history shows that such markets do not last forever and when the downturn comes


Venezuelan ship VMF Alita Sank off near Panama

Image: Panama Maritime Authority

 A ship Venezuelan flag, name VFM Alita sank last week in Caribbean waters of the Panama Canal after colliding with another anchoring vessel, which caused hole above the waterline and water ingress.   According to the information revealed on Sunday by a Panamanian official source


Asia Dry Bulk-Capesize Rates Likely to Remain Flat

File Image: a so-called ValeMax Bulk Carrier

Chinese iron ore and coal imports to fall in 2016 - Clarkson Freight rates for capesize bulk carriers on key Asian routes are likely to stay flat as vessel volumes outpace cargo demand and the approaching Chinese New Year holiday further dampens chartering activity, ship brokers said on Thursday


Drewry: Dry Bulk Shipping Needs Drastic Measures

Dry bulk shipping is facing a perfect storm and requires drastic supply side measures if the industry is to return on course to profitability in the medium term, according to the latest edition of the Dry Bulk Forecaster report published by global shipping consultancy Drewry.


Drifting Cargo Ship Taken Under Tow

A cargo vessel that went adrift off the west coast of Cornwall and Devon after encountering engine difficulties is currently under tow, the U.K. Maritime and Coastguard Agency (MCA) reported.   The 91-meter-long vessel reported that it was drifting without power y Thursday just after 12:30 p


NYK Line Posts Loss on Dry Bulk Fleet Revaluation

Image: NYK Line India

 Japan's Nippon Yusen Kaisha (NYK) has posted a $277.5mln extraordinary loss in the third quarter of year ended 31 March 2016 as it reduced the book value of its fleet inline with current market prices and expectations. The extraordinary loss came after it re-assessed the recoverable value of


Baltic Index Slips Below 300 Points

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, slipped below 300 points on Thursday, to an all-time low.   The overall index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser


Dry-Bulk Shipping: Hitting the Bottom

Photo: China COSCO Bulk Shipping (Group) Co

 Dry bulk shipping companies being hit the hardest on account of the deteriorating business climate are likely to be swept by a new wave of bankruptcies, reports Nikkei.   The global commodities bust has rocked the dry-bulk shipping industry


Shipbreaking Practices in 2015 Reveal Appalling Record -Report

Graphics: NGO Shipbreaking Platform

Ignoring industry leaders and human rights and environmental organizations, ship owners continue to profit from dangerous and dirty shipbreaking practices on South Asian beaches in 2015, according to new data released today by the NGO Shipbreaking Platform.






 
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