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Precious Shipping News

12 Nov 2021

Shooting the Messenger? Shipping Carries the Can as Investors Shun Coal

Coal Carrier - Credit:arikbintang/AdobeStock

Shipping companies that transport the world's coal are in the crosshairs of some financial backers who are cleaning up their businesses in the absence of a truly global drive by nations to renounce the dirtiest fossil fuel.In a sign of investors taking the initiative, six European firms collectively representing over 5% of the estimated annual $16 billion capital financing requirements of the dry bulk industry told Reuters they were either reducing their exposure to vessels that…

27 May 2020

Pangaea Takes Top Spot in Dry Bulk Benchmark Study

For the second year straight, US-based Pangaea Logistics ranks highest among dry bulk owners based on Time Charter Earnings (TCE), according to a recent market benchmarking report.Notably, the Rhode Island-headquartered shipowner's 53.7% TCE performance is well above Hong Kong's Pacific Basin Shipping Ltd. (24.3%) and Thailand's Thoresen Thai Agencies (23.5%) in second and third place respectively.The Vesselindex Performance Report by Danish maritime advisors Liengaard & Roschmann measures the TCE performance of 25 individual companies in relation to the earning potential of their respective fleets, making sure that no company is neither penalized nor getting an advantage from inferior/superior fleet compositions.

04 Dec 2018

MBL's Fuels Assurance Platform now being tested

file Image: CREDIT MBL & Matthew Henry / Burst

Maritime Blockchain Labs has announced the real-world testing phase for technology solution that enhances traceability and trust in bunker fuel supply chain. Maritime Blockchain Labs (MBL), a partnership set up between Lloyd’s Register Foundation and BLOC to explore the use of blockchain for the assurance and safety of critical infrastructure and drive new business models for the global maritime industry, announced today that its first demonstrator project, a fuel provenance register for the maritime sector that aims to provide trusted information about fuel origin…

15 May 2018

Financiers Turning the Tide on Shipbreaking Practices

© knovakov / Adobe Stock

The shipping industry has long been criticised by campaigners for allowing vessels to be broken up on beaches, endangering workers and polluting the sea and sand. Now, it is being called to account from a quarter that may have a bit more clout - its financial backers. Norway's $1 trillion Oil Fund, a leader in ethical investing, in February sold its stake in four firms because they scrap on the beach. Three of the firms excluded by Norway's fund - Taiwan's Evergreen Marine, Precious Shipping and Thoresen Thai Agencies (TTA) of Thailand - say they have been unfairly singled out.

16 Jan 2018

Norway SWF Dumps 3 Shipping Firms

The Norwegian Central Bank  has decided to exclude ship owners Evergreen Marine Corporation, Precious Shipping, Korea Line Corporation and Thorensen Thai Agencies from the Government Pension Fund Global (GPFG). The exclusion is based on the companies’ poor management of their end-of-life ships and the sale of these for dirty and dangerous shipbreaking on the beaches of Gadani, Pakistan and Chittagong, Bangladesh. The Norwegian Council on Ethics directs the Norwegian Central Bank, which manages the Government Pension Fund Global, on which companies should be excluded from investments in the fund, based on human rights and humanitarian violations, corruption and environmental degradation records.

29 Jun 2017

Global Shipping Feels Fallout from Maersk Cyber Attack

Photo: A.P. Moller - Maersk

Global shipping is still feeling the effects of a cyber attack that hit A.P. Moller-Maersk two days ago, showing the scale of the damage a computer virus can unleash on the technology dependent and inter-connected industry. About 90 percent of world trade is transported by sea, with ships and ports acting as the arteries of the global economy. Ports increasingly rely on communications systems to keep operations running smoothly, and any IT glitches can create major disruptions for complex logistic supply chains. The cyber attack was among the biggest-ever disruptions to hit global shipping.

25 Jun 2016

Brexit: What Next for Shipping Markets?

For many in shipping, the Brexit was unexpected. Many believe that Brexit’s impact on the shipping industry will be more or less neutral. The UK Chamber of Shipping remained neutral on the question of Britain's departure during the runup to the vote. It issued a statement emphasizing the industry's importance in all events. "We are still an island nation that has to make its way in the world through buying and selling, and the shipping industry is here for that purpose . . . shipping moves 95 percent of the UK's international trade and we don't see that changing," the organization said. The chamber highlighted a series of key policy areas that will need attention from the government before the UK leaves.

21 Apr 2016

Indonesia: Local Piracy could lead to 'new Somalia'

Indonesia, Malaysia, Philippines ministers to meet in Jakarta as up to 18 Indonesians, Malaysians held captive in Philippines. Indonesia fears piracy on a busy shipping route along its maritime border with the Philippines could hit levels seen in Somalia unless security is tightened, its chief security minister said on Thursday, following a spate of kidnappings. The route lies on major shipping arteries that analysts say carry $40 billion worth of cargo each year. It is taken by fully laden supertankers from the Indian Ocean that cannot use the crowded Malacca Strait. For the first time, concerns over rising maritime attacks by suspected Islamist militants are disrupting coal trade between the Southeast Asian neighbours…

14 Jan 2016

Shipping Unscathed as China Flights Raise South China Sea Tension

China's growing military presence in the South China Sea has drawn warnings from the United States that Beijing is seeking to exert control over one of the world's most important sea lanes, but so far the shipping industry seems less concerned. Beijing has been increasingly assertive in staking its claim to almost the whole of the sea, though which trillions of dollars of trade passes each year. This month China landed its first test flights on a new 3,000 metre (10,000 ft) runway it has built on a reef in the Spratly Islands, drawing protests from Vietnam and the Philippines which have overlapping claims in the area. Despite the diplomatic tensions, merchant shipping says operations are, as yet, unaffected.

28 Dec 2015

Survival of Fittest for 2016 Commodity Shippers

Downturn in dry freight market started in 2008; more ships expected to hit the water next year. Shipping companies that transport commodities such as coal, iron ore and grain face a painful year ahead, with only the strongest expected to weather a deepening crisis caused by tepid demand and a surplus of vessels for hire. The predicament facing firms that ship commodities in large unpackaged amounts - known as dry bulk - is partly the result of slower coal and iron ore demand from leading global importer China in the second half of 2015. The Baltic Exchange's main sea freight index - which tracks rates for ships carrying dry bulk commodities - plunged to an all-time low this month.

20 Nov 2015

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 the dry bulk sector, already in the midst of its worst ever downturns that is expected to extend well into next year. This week the Baltic Exchange's main sea freight index , which tracks rates for ships carrying dry bulk commodities and seen by investors as a forward-looking indicator of global industrial activity, plunged to an all-time low. A slump in oil and other commodity prices, due to slowing Chinese demand, has widely been seen as one of the reasons for U.S.

13 May 2015

Yemen War Risk Could Strangle Sea Trade Routes

With Middle East giants Saudi Arabia and Iran squaring up on opposing sides in the Yemen war, the dangers to vital oil tanker and goods voyages are growing daily. Millions of barrels of oil pass through the Bab el-Mandeb and Strait of Hormuz everyday to Europe, the United States and Asia - waterways which pass along the coasts of Yemen and Iran respectively. Insurance costs for shippers are likely to jump. Last week Iran released Marshall-Islands container ship Maersk Tigris and its crew which were seized in the Strait of  Hormuz. This prompted the United States to send vessels to temporarily accompany U.S. flagged ships through the strait. Iranian patrol boats had shadowed a separate container ship earlier last month.

13 May 2015

Sainty Marine in Troubles Waters

Financially troubled Chinese shipbuilder Sainty Marine has announced Bank of China and China Exim Bank have frozen its bank accounts. Shenzhen-listed Sainty Marine has also announced that it has reached an agreement with Dutch ship investment firm, Universal Marine, for the cancellation of four 2,350teu containerships. Universal Marine ordered the vessels at Sainty Marine in March 2014, however, it has been unable to secure the financing to start the newbuilding project, which has led to the cancellation of the vessels. No compensation is involved in the agreement. The struggling shipbuilder said that it had not received a court notice from the banks on their decision. The move comes following last week’s court order on freezing of the company’s assets worth RMB 300 million.

01 Nov 2014

DNV GL bags Two Lloyd’s List Awards

DNV GL was recognized for its leadership and ability to innovate when it received both the “Classification Society” and the “Innovation Award” at the 2014 Lloyd’s List Asia Awards held on 30 October. This is the second year in a row that DNV GL has won the award for best Classification Society. “We are delighted and proud to receive these awards. They acknowledge the meaningful commitments DNV GL staff around the world have made over the past year. We remain dedicated to expanding our presence in Asia with deep technical competence and innovative solutions that assist our customers to become safer, smarter and greener,” said Steen Lund, Regional Manager for DNV GL Maritime South East Asia & Pacific, who accepted the Classification Award on behalf of DNV GL.

05 Jun 2014

Shippers Eye Trade Boost from El Nino Threat

Source: Reuters

A potential El Nino weather phenomenon, which could wreak havoc on global crops, is set to disrupt shipping patterns and raise freight costs, leaving suppliers and importers to cover their food needs from longer-haul destinations. El Nino, a warming of sea-surface temperatures in the Pacific, can trigger floods and drought in different regions, hitting production of key foods such as rice, wheat and sugar. Weather forecasters are increasingly predicting it will return in 2014 for the first time in five years.

04 Dec 2013

Global Dry Bulk Carrier Newbuilding Orders on the Rise

Photo in public domain

Starting with the large sizes in dry, Oldendorff Carriers are reported to have declared the sixth in a series of 207,000 DWT Newcastlemax at HHI, with delivery in the second quarter of 2015. Clarkson Hellas report that at Hanjin Subic, STX Pan Ocean have contracted two firm 150,000 DWT Capesize, planned for delivery in the second half of 2016 and for charter to KEPCO. One order to report in the Kamsarmax sector, with Klaveness declaring the third and fourth in a series of 82,000 DWT bulk carriers at Jiangsu New Yangzijiang.

28 Mar 2013

Cement Carrier Cargo Handling Orders for MacGregor

Two new 20,000 dwt cement carriers on order in China will feature advanced MacGregor cement handling systems. MacGregor, part of Cargotec, has secured an order with Shanhaiguan New Shipbuilding Industry in China for advanced bulk-handling systems for a pair of 20,000 dwt cement carriers on order for Singapore based Associated Bulk Carriers (ABC) which is a fully owned subsidiary of dry cargo shipowner Precious Shipping PCL, Thailand. Precious Shipping operates in the small handy-size sector of the tramp freight market. The identical sisterships will be equipped with MacGregor cement self-unloading/loading systems combining mechanical and pneumatic technologies to deliver a self-unloading rate up to 1…

28 Mar 2008

Transas Wins Thailand Simulator Contract

Transas has been awarded a contract for the design, supply, commissioning and training of a full Mission Ship Handling Simulator from Precious Shipping Public Company Limited ( PSL ), . PSL is a pure dry cargo ship-owner operating in the small handy size sector of the Tramp freight market. It is one of the largest companies in the world operating in this segment. Transas Marine Pacific (the sales and service arm of Transas in the Asia Pacific Region) completed the commissioning, operator and instructor training on Feb 29th 2008. The Simulator is a 270 degree Full Mission Ship Handling Simulator housed in Transas Consoles and is integrated with a GMDSS simulator.

18 Dec 2007

ABG Shipyard gets $254m Order

India’s largest private shipbuilding company ABG Shipyard Limited has received orders worth over $254.1m to build bulk and anchor vessels for shipping companies based in Egypt and Cyprus. The company has received an order worth around from Cyprus La-mnalco Ltd. for delivery of production support vessel. Another Cyprus-based Precious Shipping Public Company has placed a Rs 726 crore order to build five deadweight tonne bulk carriers. ABG also secured an order worth Rs 181 crores for two anchor handling vessels from Egypt based Maridive and Oil Services SAE. (Source: The Asian Age)

02 Oct 2007

Industry Leaders to Meet in Dubai

With a weakening dollar, predictions oil could hit $100 a barrel, and a boom in multi-billion dollar refinery construction, finance and shipping leaders will be meeting in Dubai this November to assess the impact on the regional and global maritime industries. The Middle East shipping industry is dominated by the tanker trade. Bookings for supertankers sailing from the Middle East to Asia account for 47% of global demand for the carriers, compared with shipments to the US and Caribbean, the second-biggest market, which accounts for 14% of demand. The balance of supply and demand, in the tanker sector in the Middle East, will be part of a special Charterers Forum that will take place during the Middle East Money & Ships 2007 conference, from 4-5 November, at Mina a'Salam, Madinat Jumeirah.

24 Jul 2007

ABG Shipyard Wins $360m Order

ABG Shipyard said it has won a $360m order from Thailand-based Precious Shipping Public Co Ltd, taking ABG's total order book to 55.6 bln rupees. Source: AFX News

04 Jun 2001

Financial Conundrum For Precious Shipping

Khalid Hashim, managing director of Precious Shipping Plc, says his hands are tied. Thailand's largest shipping line, specializing in bulk shipping, mainly of commodities such as rice and sugar, is unwilling to increase its equity in a market it says undervalues its shares. And it is unable to seek more debt from a Thai banking system badly burned during the Asian financial crisis of 1997/98. So much cash flow goes on servicing debt it assumed before the crisis that it can scarcely afford to replace its 35 ships as they age. "If we don't expand the business, if we don't take any steps to get out of the restructuring cash flow trap that we're in..., then in four years' time we'll be debt-free but down to 17 ships," Hashim said.

20 Jan 2000

S&P: Credit Quality of SE Asian Owners Drops

Standard & Poor's said the credit quality of shipping companies across Southeast Asia has suffered in the last two years, with most companies in the "weak to vulnerable" range, compared with "fair to weak" previously. "Earnings vulnerability and aggressive capital structures, characterized by modest and volatile cash flows and high debt levels, have strained the ability of many companies to meet financial obligations in a timely manner," shipping analyst Ee-Lin Tan said. Tan said underpinning the deterioration were limited geographic diversity and exposure to regional trade flows, intense price-based competition led by lower cargo traffic in certain trade routes and excess capacity within several shipping segments.