Diana Shipping Amends Loan Agreement to Diana Containerships
Diana Shipping Inc. has amended its existing loan agreement to a wholly-owned subsidiary of Diana Containerships to defer some payments under a new schedule. Diana Containerships Inc. is a former wholly-owned subsidiary of the Company, of which the Company currently owns approximately 25.7% of the issued and outstanding common shares. The amendment to the Loan was unanimously approved by the independent directors of the Company. Pursuant to the terms of the amendment, the repayment…
IUMI: Containership Fires Need Study
Two recent onboard containership fires have fueled concerns from IUMI (International Union of Marine Insurance) over the challenges involved with managing these incidents at sea. "At sea, below-deck fires cannot be fought with water and so CO₂ is used instead to displace the oxygen and extinguish the fire," said Uwe-Peter Schieder, Vice Chairman of IUMI’s Loss Prevention Committee. "However, if the fire is burning within a container, the box will protect it from the CO₂ and so this method of fire-fighting is rarely successful.
COSCO Sees Piraeus in Top Thirty by 2018
COSCO Shipping, plans to ramp up container volume at Greece’s biggest port in Piraeus by 35 percent by 2018, the port’s new managing director, Fu Cheng Qiu, said, reports Reuters. China's biggest shipping company, which owns the world's fourth-largest container shipping fleet, bought 51 percent of the port's operating company last month for 280.5 million euros ($315.5 million), one of Greece's biggest and most strategic privatizations since a debt crisis began in 2009. COSCO wants…
China COSCO Shipping Not to Hike Freight Rates
China COSCO Shipping will not raise its shipping prices as it had planned, reports Caixin quoting shipping agency representatives at Shanghai’s port. The shipping giant has given up its plan to take advantage of Hanjin Shipping’s bankruptcy by raising prices after a surge of international cargo prices turned out to be temporary, says the report. The shipping market witnessed a spike in prices in the first few days after Hanjin filed for court receivership on Aug. 31. One container shipped from China to the western coast of the United States…
Seaspan Starts Fixed-rate Charter with Maersk Line
Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 10000 TEU containership, the Maersk Genoa. The new containership, which was constructed at Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd., is Seaspan's eleventh 10000 TEU SAVER design containership and fifth delivery in 2016. The Maersk Genoa will commence a five-year, fixed-rate time charter with Maersk Line A/S ("Maersk"). Maersk may extend the charter with two consecutive one-year options. The ship is the second of a total of two 10000 TEU SAVER design vessels to be chartered by Seaspan to Maersk.
S.Korea: Hanjin Cash, Parent Support Should Cover Offloading Fees
Cash from top shareholder, executives should cover offload costs. South Korea's government said cash held by Hanjin Shipping Co Ltd and funds pledged by its parent group should meet the costs of unloading some $14 billion in cargo stranded on vessels operated by the troubled container line. The collapse of South Korea's biggest shipping operator late last month has plunged the shipping industry into chaos ahead of the crucial year-end holiday shopping season as dozens of vessels and their crews wait for money needed to pay for port and handling fees.
ABS Launches Guide for Container Shippers
Class Society builds on long history of developing tools to drive optimization, compliance and safety in the containership sector. ABS released two new tools specifically focused on assisting the containership sector with pressing operational challenges. The Guide for Certification of Container Securing Systems (Container Securing Guide), along with its companion software, and the Guide for Fire-Fighting Systems for On-Deck Cargo Areas of Container Carriers (FOC Guide) each represent significant contributions to safety for the sector.
Pirates Attack, Loot Container Ship
Pirates stormed a container ship off the coast of Guinea on Wednesday, making off with money and some of its cargo but leaving the crew unharmed, the government said. They fired guns and briefly held the crew hostage while they were looting the ship named Wendok, Guinea government spokesman Albert Camara said by telephone. He did not have details of the flag Wendok was flying under, the company running it, what its cargo was nor the nationalities of the crew. He said that Guinea's navy had been alerted but that the pirates had escaped before it could catch them.
Seaspan CEO: Hanjin Fallout Is Like Lehman for Shipping
Seaspan Corp chairman and ceo Gerry Wang has described the bankruptcy of South Korea’s biggest container line Hanjin Shipping Co as the industry’s equivalent of the Lehman Brothers collapse that triggered the global financial crisis, reports Bloomberg. “The fallout of Hanjin Shipping is like Lehman Brothers to the financial markets,” Wang said. “It’s a huge, huge nuclear bomb. In an interview on Bloomberg TV Wang, who is founder of Seaspan, the Hong Kong-based container-ship leasing company that has three vessels chartered to the distressed line…
New Rudders for the World’s Largest Box Ships
Despite the continuing global shipping crisis, Becker Marine Systems, producer of high-performance rudders and energy-saving solutions in the field of maneuvering technology, said it is appearing at SMM 2016 with a good order situation, announcing it has secured an order to equip some of the largest containerships in the world. The world’s largest containerships are continuing to operate using full spade rudders from Becker Marine Systems. “The Shanghai Waigaoqiao Shipbuilding shipyard in China has ordered our Becker Twist Rudder with a rudder surface of 100 square meters for six 21…
Hanjin Gets $45 Million Credit Line From KDB
Korea Development Bank has offered a conditional credit line of 50 billion won ($45 million) to help ease supply-chain disruptions caused by the collapse of Hanjin Shipping Co, says a report in Reuters. An estimated $14 billion of cargo was trapped on Hanjin ships when the world's seventh-largest container carrier collapsed late last month, creating havoc ahead of the crucial holiday shopping season. The credit line is to be used only when all available funds from the nation’s biggest container mover…
More Collapses, M&A Will Follow Hanjin, Warns Flitch
Korean Hanjin Shipping's filing for receivership reflects an unsustainable supply-demand imbalance in container shipping, Fitch Ratings says. "We expect more defaults and M&A activity in the short and medium term but these will only restore equilibrium and boost freight rates if they prompt capacity reduction," says Fitch. Bankruptcies in shipping are not unusual, especially in the current dire industry conditions, but Hanjin is the seventh largest container shipping company in the world and its filing for receivership may therefore have far-reaching ramifications.
Hapag-Lloyd orders 5,750 state-of-the-art Reefers
With delivery beginning in October 2016, the new order strengthens market position in the transport of temperature-sensitive goods / Tests with new refrigeration equipment and natural refrigerants. Hapag-Lloyd will also be investing in its container fleet this year: The liner shipping company has ordered a total of 5,750 refrigerated containers (reefers) of the latest generation – including 5,000 x 40-foot and 750 x 20-foot units. In addition, 1,000 of the new containers are equipped with “controlled atmosphere” technology…
Hanjin Files for Bankruptcy in U.S.
South Korea’s troubled container shipper Hanjin Shipping Co Ltd has filed for bankruptcy in the United States to protect its vessels from being seized by creditors, the Wall Street Journal reported. Hanjin filed for protection under chapter 15, the section of the U.S. bankruptcy code that deals with international insolvency matters, on Friday to a court in U.S. Bankruptcy Court in Newark, New Jersey. The company’s filing for rehabilitation, akin to chapter 11 in the U.S., in Seoul has roiled ports in the U.S. and beyond, as creditors seized ships and terminal operators refused to handle cargo.
Busan: Business May Not be As Usual, Post Hanjin
Though Busan Port, the largest customer of Hanjin Shipping and hit hardest by the Liner's collapse, asserts that everything is under control, doubts are being raised on Hanjin rehab plan as ships clog at the South Korean port, reports Reuters. As 13 Hanjin ships crowded waters outside the country's biggest port, the South Korean court handling Hanjin's receivership cast doubt on the container carrier's ability to survive a restructuring. A rehabilitation plan for the world's…
Port of NY/NJ Deepened for Larger Box Ships
The Port of New York & New Jersey, in partnership with the U.S. Army Corps of Engineers, has completed a $2.1 billion Main Navigation Channel Deepening Program in order to facilitate the next generation of larger containerships calling the port following the expansion of the Panama Canal. The Port of New York and New Jersey serves as the gateway to one of the most concentrated and affluent consumer markets in the world. The Main Navigation Channel Deepening Program creates a safe…
Perishable Reefer Trade Growth to Remain Strong
Despite many adversities for the maritime sector over the last year, seaborne perishable reefer trade increased in 2015 – and is forecast to grow further still in 2016. By 2020, seaborne reefer cargo will reach a staggering 120 million tonnes – increasing by an average of 2.5% per annum, according to the latest edition of the Reefer Shipping Market Review and Forecast 2016/17, published by global shipping consultancy Drewry. While future seaborne cargo growth levels are lower than those of the last decade (3.1%)…
Salalah Port's Volume Surges
Container throughput at the Port of Salalah, part of the APM Terminals Global Terminal Network, reached 1.584 million TEU* in the first half of 2016, representing a 29% increase over volume handled during the same period the year prior. The completion of a new deep-water General Cargo and Liquid Bulk Terminal in December 2015 has enabled significant growth, with the facility handling approximately one million metric tons monthly. Some of the container volume growth is the result of Salalah’s proximity to the open sea…
DNV GL Awards AIP for Hyundai Heavy's SkyBench
Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, announced it received the second approval in principle (AIP) from DNV GL for SkyBench, a design for maximizing cargo loading capacity of large containerships. The classification society verifies the strength and structural analysis including the overall finite element analysis conforming to S11A rule, a partial ship analysis, an overall hatch corner’s relative deformation check, a spot fatigue check for several critical hatch corner locations, and a detailed analysis of the design with a solid model for the parking device.
Hanjin Sends SoS
As most of Hanjin Shipping Co's assets are stranded at sea or in ports world-wide, the the South Korean company is seeking to protect assets world-wide. Hanjin Shipping’s government-backed creditors are ready to provide the collapsed carrier with roughly 100 billion won ($90.60 million) of loans if Hanjin’s parent provides collateral, Fortune reports South Korean government officials as saying. Hanjin's collapse has left much of its fleet stranded at sea, unable to dock over fears that vessels be seized by creditors.
CMA CGM sees Opportunity in Hanjin collapse
CMA CGM will look at opportunities in container shipping triggered by the collapse of South Korea's Hanjin Shipping, the French group's vice chairman said on Tuesday. Hanjin, the world's seventh largest container line, filed for receivership last month, leaving more than 100 ships and their cargo at sea. "With the collapse of Hanjin, there will be a wave of consolidation in the sector and CMA CGM is on the look out for opportunities if they should arise," Rodolphe Saade told journalists.
Hanjin: $14 Billion in Cargo Stranded at Sea
The bankruptcy of South Korea’s Hanjin Shipping Co have left as much as $14 billion worth of cargo stranded at sea, reports WSJ. The financial woes of one of the world’s biggest shipping lines has thrown ports and retailers around the world into confusion, with giant container ships marooned and merchants worrying whether tons of goods will reach their shelves. It also it remains unclear if the company can afford to pay the army of workers needed to unload the ships. The owners are trying to recover their goods and get them to customers.
53 Hanjin Vessels Denied Port Access
The problems that collapsed South Korea’s Hanjin Shipping could be just the tip of the iceberg. Its fleet is either stuck in ports or unable to dock, with port authorities fretting that the company will not be able to pay its bills. According to Business Korea, the company’s 53 vessels – 48 container ships and 5 bulk carriers – were stranded indefinitely or blocked from ports at home and abroad. One vessel was seized by the ship owner. Hanjin Shipping’s 47 containers ships and three bulk carriers are denied access to ports in Sri Lanka and Vietnam…