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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


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


Containership Scrapping Gathers Momentum

Graph: Drewry Maritime Research

 After a slow start scrapping of containerships gathered momentum towards the end of 2015 and has continued into 2016, says Drewry Maritime Research.   A record intake of newbuild containershps (1.7 million teu) in 2015 coincided with an unusually low scrapping total, serving to widen the supply and demand gap that is assisting the erosion of carrier profits.    The amount of scrapping halved in 2015 with only about 195


A Painful Shipping Record – Vessel Scrapping

file image: Marad

More containership capacity is being demolished than ever before, including old-design ships made redundant by the new Panama Canal. Drewry checks if this end the current capacity surplus?   Now is not a good time to own an old containership


Little Rock Port Authority Reports June Shipping

Total barge tonnage through the Port of Little Rock in May was 66,000 net tons.  Dock activities continue to compare favorably to calendar year 2015. Logistic Services, Inc. has handled 274 barges during the first half of 2016 year and 410


IRClass First to Certify Indian Recycling Yards per EU Standard

Arun Sharma, Chairman of ISSPL

IRClass is amongst the first organizations in the world to certify ship recycling yards according to EU standards as an ‘Independent Verifier’. IRClass Systems and Solutions Pvt. Ltd. (ISSPL), an entity promoted by Indian Register of Shipping


Asia Tankers-VLCC Rates to Hold, Ample Tonnage Weighs

file image: a VLCC transits the Suez Canal (Suez Canal Authority)

"Pure" chartering market with little disruption. Rates to hold around W45 for Middle East; W48 for West Africa. Freight rates for very large crude carriers (VLCCs) are likely to hold steady around existing levels as new vessel deliveries and a reduction in port delays weigh on a ample


Mothballed Vessels SE Asia Reflect Oil Slump Pain

Around 1,300 offshore support vessels lying idle worldwide. Not everyone in shipping is bemoaning the industry's worst crisis in living memory: a cluster of companies that help preserve equipment and provide security for vessels parked around southeast Asia are busier than they have been for


BIMCO President Speaks on Dry Bulk's Road to Recovery

Philippe Louis-Dreyfus (Photo: BIMCO)

“Scrapping ships and no new builds is the fastest road to recovery for the dry bulk market” BIMCO President Philippe Louis-Dreyfus comments on BIMCO’s latest market analysis: The dry bulk market could become profitable again in 2019 – but only if a series of extremely


Asia Dry Bulk-Capesize Rates Firming on Cargo Volumes

File Image: a so-called ValeMax bulk vessel (Vale)

Tough measures needed to achieve profitability -BIMCO. Freight rates for large capesize dry cargo ships on key Asian routes are likely to hold around current levels or nudge slightly higher next week on buoyant cargo volumes, likely supported by a raft of off-market charters, ship brokers said


Dry Bulk Facing Slow Recovery, Consolidation -Dreyfus

The dry bulk shipping industry may not emerge from a protracted downturn for another two years and some smaller firms will be squeezed out, the chairman of France's Louis Dreyfus Armateurs said on Tuesday.   The dry bulk sector that transports commodities like coal and iron ore has suffered


Demolition: A Spring Clean For The Fleet?

Graph: Clarksons Research

 As summer approaches in the northern hemisphere, scrapping activity has been continuing at a firm pace, and appears set to come close to record levels in full year 2016, accroding to a report by Clarksons Research.   With earnings suffering in the bulkcarrier and containership sectors


This Day In Naval History: June 24

1833 - The frigate Constitution is the first vessel to enter the newly-built dry dock at the Charlestown Navy Yard, Boston, Mass. for overhaul. A false rumor circulates in Boston in 1830 that the U.S. Navy intends to scrap the ship; young Oliver Wendell Holmes pens his poem "Old


Dry Bulk Shipping: Troubled Waters Get Rougher

Pic: AlixPartners, LLP.

According to AlixPartners’ inaugural study of industry performance based on an analysis of the major dry bulk shipping companies, industry revenues for the global group fell 18% from 2014 to 2015. Even more troubling was the collapse in earnings before interest, taxes, depreciation


BIMCO: Containership Scrapping Heats Up

(Source: BIMCO)

  As the containershipping market continues to drift through a prolonged downturn premised on overcapacity a subdued world economy, BIMCO reports a glimmer of hope:  demolition of containerships almost tripled in the first five months of 2016 in comparison to the same period of 2015


Capsize Scrapping: It's Complicated!

Graph: ALIBRA Shipping

 Last year saw an upswing in Capesize spot rates during the first seven months of the year, peaking in early August, rallying briefly in September and declining for the rest of the year, says ALIBRA Shipping  in its Weekly Market Report.  


Energy Efficiency is Impacted by Choices Made Throughout a Vessel’s Lifecycle

Pic: Wärtsilä Corporation

 Investments in energy efficiency improvements offer cruise and ferry and merchant vessel operators an opportunity to reduce operating costs and emissions while building a more sustainable brand image, says Wärtsilä Corporation.  


Shipping Oversupply Persists Despite Scrapping Increase: Drewry

file image: a containership underway (credit: Marad)

A record number of around 150 container vessels are expected to be scrapped in 2016 but it will not be enough for an industry battling over capacity, low demand and falling rates, consultancy firm Drewry said. In 2015, demolitions were less than half of the expected 2016 level but it will not






 
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