Business Briefs

Friday, June 09, 2000
Hvide Marine/Sun State Christens New Ship

Hvide Marine Incorporated (HMI) and subsidiary Sun State Marine Services, Inc., recently christened the first in a series of new cargo ships at its U.S. shipyard facility in Green Cove Springs, Florida. Constructed entirely on-site by Sun State Marine Services, Inc., the 190-foot 'landing craft' type freight vessel is specially designed and ideally suited for conducting trade with Bahamian and Caribbean markets that have minimal or unimproved facilities.

"The landing craft has a reinforced hull that allows use of unimproved landing sites such as beaches or boat ramps by actually grounding the forward part of the vessel," noted Robert J. Coppedge, vice president of Sun State Marine Services, Inc. "This 'ability-with-stability' gives the operator tremendous flexibility in accessing a wider diversity of service areas."

Christened the M/V Caribbean Express in an early June ceremony, the vessel was built for G & G Marine, Inc., a Dania Beach-based ocean freight carrier located adjacent to Port Everglades in Southeast Florida. The M/V Caribbean Express will work mainly in the Bahamas for both private and U.S. Governmental entities. G & G Marine, Inc. services fifteen ports in the northern Caribbean and Bahamas.

Collision Causes Oil Spill Near Panama Canal

Two ships collided on the Atlantic approach to the Panama Canal June 1, spilling an "undetermined" quantity of bunker oil, the waterway's administrators said.

The British-registered container ship M/V Sidney Star hit Panama-flagged grain carrier M/V Royal Ocean while approaching the Canal's entrance, sustaining damage to its port side fuel tanks, the Panama Canal Authority (ACP) said.

ACP workers staunched the flow of fuel oil by mid morning and the two ships were directed to a Canal anchorage at Cristobal for inspection, the authority said. No injuries were reported.

The ACP is considering the imposition of sanctions on the ship responsible for the accident.

Spot Market Sky High In Grain Market

Panamax time chartering is dominating grain shipping markets as spot fixtures are avoided due to high rates. "There are more time charters being done, so we are not seeing many spot grain fixtures," one said.

"Owners are preferring to take time charters, and charterers do not want to pay current rates on a voyage basis," he added.

Brokers said South America was busy, with markets awaiting the next batch of cargoes now that many charterers were covered for prompt shipments. The 73,081 dwt Darya Preeth was reported fixed for early June from Amsterdam via Brazil to Japan at $11,400 a day. The U.S. Gulf was also said to be tight, with 71,00 dwt Sin Ho booked at $11,400 daily for a voyage to the Far East at the end of the month.

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