Marine Money News

Dorian LPG, International Seaways Ship Management LLC, Poten & Partners, d’Amico and TEN Ltd. all confirmed for the CMA Shipping 2024 Commodores’ Debate rounding off three days of thought-leading content from March 12-14 in Connecticut.A highlight of the Stamford-based show, the Commodores’ Debate brings past and present CMA Commodores together to discuss the key issues and opportunities facing shipowners today and in the future.Moderated by Marine Money’s Jim Lawrence, the debate will focus on the meaning of business excellence during a time of disruption and market volatility.

Offshore service vessels, along with workboats serving harbors and inland rivers, have embarked on an industry-wide voyage toward reduced emissions of greenhouse gasses. Professor Craig Philip, a faculty member with Vanderbilt University’s Center for Transportation and Operational Resilience (VECTOR) and former CEO of Ingram Barge Company, provides this context: “The Maritime Sector has long provided shippers with the most fuel-efficient and sustainable freight transport option…

The Poseidon Principles provide a platform for financing shipping’s sustainable future, but the technical guidance underpinning the initiative remains under scrutiny.In July 2023, the International Maritime Organization’s Maritime Environment Protection Committee (MEPC) will consider revising the UN agency’s strategy on greenhouse gas emissions from ships. Moving on from a current target to reduce CO2 emissions from ships by at least 50% by 2050, based on 2008 levels,  influential administrations seek to accelerate towards net-zero or even zero by 2050.

The Poseidon Principles provide a platform for financing shipping’s sustainable future, but the technical guidance underpinning the initiative remains under scrutiny.In July 2023, the International Maritime Organization’s Maritime Environment Protection Committee (MEPC) will consider revising the UN agency’s strategy on greenhouse gas emissions from ships. Moving on from a current target to reduce CO2 emissions from ships by at least 50% by 2050, based on 2008 levels, influential…

Among transportation planners, “resilience”, describing the ability to bounce back from adversities, both economic and other, has become a top consideration as we increasingly must “expect the unexpected.” The U.S. waterway system, covering the network of inland rivers and coastwise waterways, has seen a mix of good and not so good. As the 2020-2021 pandemic moves toward winding down, a recovery from the dismal 2020 is underway, but activity on the rivers is uneven. Ken Eriksen…

Throughout the world, offshore wind is on a growth trajectory. With green energy mandates from states in New England and the mid-Atlantic, the U.S. is joining the fray. Consultants Wood MacKenzie, in its U.S. Offshore Wind Outlook 2020-2029, suggested that as much as 25 gigawatts (GW) of capacity could be deployed in the U.S. by 2030 (though estimates range from 14 GW to as much as 34 GW), accounting for a hefty portion of incremental capacity coming online.Shipyards in New England have already seen the tip of the offshore wind iceberg…

In 2007, scholar Nassim Nicholas Taleb, who holds a doctorate from the University of Paris, wrote a bestselling book titled “Black Swan,” which proposed a theory involving unpredictable events with significant impact. Taleb believed that a black swan event was an outlier with significant impact and, once it occurs, is the source of deep reflection and rationalization. Since the book’s publication, a significant number of research efforts have been developed to consider possible black swan events that significantly impact the Maritime Transportation System (MTS) and the Maritime Global Commons.

“If consolidation was the solution to all that ails shipping, then container liner companies would be super profitable. They are not. In ‘commoditized’ sectors of the shipping industry, which by now includes pretty much everything apart from very small niche markets, there is hardly any economies of scale at the company level. As long as bigger is not in fact much better, then meaningful consolidation will not happen.”Dr. Roar Adland, visiting scholar at MIT Center for Transportation and Logistics and Professor at the Norwegian School of Economics (NHH).Like any other business…

Sea States, a new documentary film on the importance of the shipping industry is currently under production by Third Wave Films. Endorsed by the Connecticut Maritime Association, and the Marine Industry Foundation, the film is being funded by key stakeholders in the maritime community.Sea States will show how shipping is the life blood of our global economy. Despite the fact 90% of all consumables arrive by ship, the public remains unaware of the value of this hidden, yet massive industry.

Art Regan, who has been the Executive Chairman at Genco Shipping and Trading (NYSE: GNK) since October 2016, personifies the new type of shipping executive, savvy on all things maritime (he is a graduate of SUNY Maritime College at Fort Schuyler) coupled with a keen understanding of market dynamics. Regan commenced his maritime industry career at sea, rising through the shipboard officer ranks completing as a Master Mariner during a more than ten-year period sailing on oil tankers and dry bulk vessels.

Navigation solutions provider Marine Press, environmental product and services company Total Marine Solutions and maritime software and technology firm Brenock have partnered to advance digital transformation in the maritime industry.In an exclusive arrangement announced today at Marine Money, Marine Press will offer Total Marine Solution’s Ocean Guardian as an embedded software in its SeaPassage suite of integrated e-navigation solutions.“Bringing Ocean Guardian to Marine Press clients is a significant step forward in transforming the industry. It creates the most comprehensive digital navigation and voyage planning tool on the market – a seamless product that simplifies onboard decision making and voyage planning…

“To be a top performer, you must embrace technology,” said Søren Meyer, Chief Strategy Officer, Maersk Tankers, speaking at the Marine Money Week conference in New York on Tuesday.Meyer was referring to the industry-wide digitalization evolution currently underway in the tanker shipping sector, as part of a panel discussion with Frank Coles, President, Transas Group, Wartsila Voyage Solutions; and Scott G. Borgerson, Ph.D., CEO, CargoMetrics Technologies LLC.Digitalization has…

The largest bank in Russia Sberbank and shipping company Sovcomflot have signed a new USD 106 million project financing agreement, with a term of up to 14 years. The funds will finance the construction of a high ice class Arctic shuttle tanker (Arc7) for the Novy Port project, under a long-term agreement with Gazprom Neft. This is the third major transaction of its kind between Sberbank and Sovcomflot. The first joint project between the companies was in 2015, to finance the construction of three Arctic shuttle tankers to transport crude oil from the Novy Port field. That agreement set an important precedent for Russian domestic credit institutions, and was named “Deal of the Year” by the international publication Marine Money.

A primer for navigating the ‘ups and downs’ of marine money for domestic stakeholders. Vessel financiers are resourceful and adaptable to changing markets. On the domestic side, financiers of Jones Act and “brown water” assets have continued to serve their customers through shifting shoals in both broader capital markets and in the marine markets – both known for their ups and downs. Marine finance can take many forms. In the broadest sense, funding can be done through loans, where the vessel is owned by the borrower…

Bank of Ireland said it is winding down its shipping business, joining other banks looking to cut non-core lending and exposure to an industry suffering its worst downturn. Many European banks are already bogged down by a sluggish economy and face tough capital demands from regulators which are eroding profitability, leaving many looking for ways to shore up their balance sheets. Parts of the shipping industry are suffering their deepest ever downturn as international trade slows. Around 90 percent of world trade is transported by sea. "As previously stated, Bank of Ireland no longer lends within the shipping finance sector and we have been winding down the portfolio," the bank, Ireland's largest by assets, told Reuters on Tuesday.

A report from the Freight Investor Services (FIS): “When there’s blood on the streets, it’s time to buy, even if the blood is your own,” shipowner Leon Patitsas rather enigmatically told this week’s Marine Money conference. Dry bulk, he said was “a screaming buy” with asset prices so low that the bargains were too tempting to let pass. This is not unconditional advice. Patitsas said any would-be buyer needed very low or no leverage and patience to wait for a better market and he was not alone. Another owner with extensive dry bulk exposure confided that he would be happy to see the market improve but not before a further six or 12 months, so there could be a shake-out of the less committed players.

Chief Shipping Analyst at BIMCO, Peter Sand will be one of the speakers at the upcoming Marine Money Ship Finance Forum in Singapore. This is the 14th annual forum and it will take place at 22-23 September 2015. Peter Sand will deliver the introductory presentation to the panel discussion titled: “Quantifying the tanker market boom? What are the triggers for the extension or the curtailing of current rates?” scheduled for September 22nd. The other panellists are: Paddy Rodgers, CEO of Euronav, Hew Crooks, CFO & Partner at Ridgebury Tankers, Cyril Ducau, Deputy CFO at Quantum Pacific Shipping, Frans van de Bospoort, MD & Global Head of the Tanker Group at DVB Bank and Erik Nikolai Stavseth, shipping analyst at Arctic Securities. The session is modified by Alan Hatton, CEO of FSL Trust.

Gazprom and Sovcomflot named the new state-of-the-art 170,000m³ liquefied natural gas carrier (LNGC) Pskov, after one of the oldest Russian cities. The ship will be chartered to Gazprom Global LNG (GGLNG) under a long-term contract. The LNGC Pskov is the second vessel in a series of high-specification, ice class Atlanticmax LNG carriers that have been specially designed in accordance with Gazprom’s requirements, and will support Gazprom’s global commercial operations in the gas markets. The first LNGC, Velikiy Novgorod, was delivered and entered service in January of this year. The naming ceremony took place at the STX shipyard, South Korea.

Registration is open for the 10th Annual Marine Money Istanbul Ship Forum on May 22, 2013 at the Swissotel - The Bosphorus. Meet with shipping professionals to hear about how to position your business in these challenging times. The latest issues in Turkish shipping and ship finance will be discussed by industry experts in Istanbul. Confirmed to-date speakers and sponsors include, among others, AlixPartners UK LLP, AKT Law Firm, Besiktas Shipyard, Geden Line, Desan Shipyard-Kaptanoglu Holding…

Safe Bulkers, Inc. an international provider of marine drybulk transportation services, announced today that it has been ranked and awarded the First Place in “Marine Money's 2013 annual rankings of the Publicly Traded Shipping Companies”. The award was announced at the annually held Marine Money Conference that took place in New York City on June 17-19, 2014. Marine Money has been publishing its rankings for the past 20+ years after evaluating companies from the shipping industry worldwide. The rankings are based upon a series of financial measures and ratios. The Company's common stock, series B and series C preferred stock is listed on the NYSE, where it trades under the symbols “SB”, “SB.PR.B” and “SB.PR.C”, respectively.

The Arctic region is notorious for relentlessly harsh climates that make shipping operations grueling. But despite the many limitations these conditions present, Leiv Lunde, Director, Fridtjof Nansen Institue, says the outlook is optimistic for the Arctic maritime industry 10-20 years down the road. Lunde presented “Asia’s Rise, Arctic Change and Energy Trade: Myths, Realities and Implications for the Shipping Industry” at the 26th annual Marine Money Week in New York on Wednesday June 19. He painted a fairly bright picture for potential maritime developments in the frigid region.

Marine Money announced the release of Viking Raid: A Robert Fairchild Novel, the much-anticipated sequel to The Shipping Man: A Novel, by Matthew McCleery, President of Marine Money International and Managing Director of Blue Sea Capital. Both books are now available through Amazon and Barnes & Noble online. Combining swashbuckling shipping adventure with corporate finance derring-do, Viking Raid follows the adventures of former hedge fund manager, Robert Fairchild, and archetypal Norwegian shipping tycoon…

The annual Marine Money Rankings, which are designed to measure companies' ability to improve operating efficiency and to create shareholder value, are based on an average of measures including total return to shareholders, return on equity, return on assets, total asset turnover, and price to book ratio. Marine Money Magazine has produced this annual ranking of public marine shipping companies since 1991 and Algoma was placed 32nd on the list in 2010. "Algoma had an outstanding and game-changing year in 2011" says Greg Wight, President and CEO, of Algoma Central Corporation.