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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

Shipping Fleet Grew at Lowest Rate, says UN

Image: Maersk Line

 The world's commercial fleet grew by 3.5 percent during the 12 months to Jan 1, 2015, the lowest annual growth rate in over a decade, the United Nations Conference on Trade and Development (UNCTAD) reveals on Wednesday in its Review of Maritime Transport 2015.  

Royal IHC Names Dredger Mahury

 Shoalbuster 3009 naming ceremony (2)

Shipbuilder Royal IHC has named the Mahury, a 1,840m3 capacity twin-screw trailing suction hopper dredger (TSHD) on October 29, 2015 at its partner MTG Dolphin’s shipyard in Varna, Bulgaria. The new TSHD is Baggerbedrijf de Boer – Dutch Dredging’s fourth IHC-built vessel

China Downplays South China Sea 'freedom of navigation'

The issue of freedom of navigation in the South China Sea should not be "hyped up" or used as an excuse for provocation, China's defence minister said on Wednesday, in response to recent U.S. action in the sea. Minister of National Defence Chang Wanquan made the remarks at a forum of

Dry Bulk Shipping Record Low a Warning for Global Economy

A slump in dry bulk shipping is set to worsen as the meltdown in global commodities and too many ships free for hire rock the sector used by investors to gauge the health of world trade.   Slower coal and iron ore demand from China - the world's biggest industrial importer - have battered

Redwood City Reports Strong Cargo Volumes

Photo: Port of Redwood City

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.  

India to Decentrale Chartering Arrangements

Photo: National Shipping Board , Ministry of Shipping, Government of India

 India's state-owned companies can  now make their own shipping arrangements of both dry and liquid bulk cargo without having to route their requirements through the Shipping Ministry.   The Cabinet Committee on Economic Affairs (CCEA) has allowed government departments and public

Will COSCO-CSCL Marriage Happen Soon?

Image: China Shipping Group

 The ocean carrier merger - between China’s two state-owned megacarriers, COSCO and CSCL - rumours are back in the news!   The beleaguered state behemoths struggling in a protracted industry slump  - China Ocean Shipping Group  (Cosco) and China Shipping Group -

Dry Bulk Freight Market Recovery Slows

Image: China COSCO Bulk Shipping (Group) Co., Ltd

 The global dry bulk freight market, crippled by oversupply but seeing signs of renewed activity, is expected to take at least a year to hit the road to recovery, according to the latest Platts survey of shipping market participants.  

Former CIA Spy Ship Becomes Victim of Oil Slump

U.S. Government Photo

A ship built by the CIA for a secret Cold War mission in 1974 to raise a sunken Soviet sub is heading to the scrap yard, a victim of the slide in oil prices.   Christened the Hughes Glomar Explorer, after billionaire Howard Hughes was brought in on the CIA's deception

Maersk's APM Snaps up 11 More Terminals

A Maersk Containership alongside during intermodal cargo operations (file image: Maersk)

Port operator APM Terminals, part of Denmark's A.P. Moller-Maersk, is buying 11 container ports from Spanish shipping and logistics group Perez y Cia to boost its presence in emerging markets and better serve bigger container vessels. No terms were given for the deal

Norden to Exit Capesize Bulker Markets

Danish shipping company D/S Norden plans to cut the number of vessel types it operates to help it through a long-depressed shipping market that could be about to get worse due to a slowdown in China, the company's chief executive told Reuters.

Hollande, Sissi Agree on Mistral Warships Deal

French President Francois Hollande and his Egyptian counterpart Abdel Fattah Al-Sissi have agreed on the purchase by Egypt of the two French Mistral helicopter carriers whose planned sale to Russia was cancelled. "They agreed on the principle and the terms of the acquisition by Egypt of

Slower China Growth Hurts Global Shipping Sector: Fitch

Image: China Ocean Shipping Company

 China's slower growth and economic transition will pose significant risks for the already struggling shipping sector, rating agency Fitch said.   The shipping sector is already faces overcapacity, weak freight rates and stretched financials.  

Insights: Matthew Paxton, SCA President

Matthew Paxton

Matthew Paxton is President of the Shipbuilders Council of America (SCA), and a partner at the law firm of Adams and Reese. SCA is the national trade association representing 41 companies that own and operate more than 120 shipyard facilities on all three U.S

Spotlight on Links Between Maritime Transport and Sustainability

Photo: World Bank

 The 2015 Review of Maritime Transport, published by the United Nations Conference on Trade and Development (UNCTAD), underscored the role of maritime transport in helping implement a workable international sustainable development agenda.  

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