Senior Shipping News

U.S. retailers face an estimated $700 million sales hit from the coronavirus and some shipping lines are sending vessels to retrieve empty cargo containers from Los Angeles to prevent further supply disruptions.The extended shutdown of factories in China caused by the virus, travel restrictions on workers and canceled sailings by shipping lines have thrown off the movement of containers, resulting in a surplus at the Port of Los Angeles and a shortage in Germany.U.S. retailers'…

Tanker charter rates have plunged more than 80% as the coronavirus outbreak slams the brakes on major economies, costing the sector hundreds of millions of dollars in lost business, a senior shipping industry official said.While some of the revenue is gone for good, a trade rebound could put the sector back into calmer waters later this year, International Chamber of Shipping (ICS) Secretary General Guy Platten told Reuters in an interview on Wednesday.The ICS is the main trade association for merchant shipowners and operators…

Bjorn Giaever will take up his position as the new chief financial officer (CFO) at Nordic American Tankers Limited (NAT) and Nordic American Offshore Ltd. (NAO) from October 16, 2017.   Giaever joins NAT/NAO from maritime focused investment bank Fearnley Securities AS, where he served as a director and partner in the Corporate Finance division. Giaever has served as a corporate advisor in the John Fredriksen group in London, top rated Senior Shipping Analyst in DNB Markets and partner in Inge Steensland AS, specializing in gas related maritime matters.    Outgoing NAT/NAO CFO, Turid M. Sorensen, will leave her administrative duties before the end of 2017. She will be suggested as board member of NAT.

Nordic American Tankers (NAT) and Nordic American Offshore (NAO) has appointed Bjørn Giaever (50) as Chief Financial Officer (CFO). He is expected to join us later this year and as early as possible. Giaever joins NAT/NAO from the well reputed firm of Fearnley Securities AS with main office in Oslo, Norway. This is an investment bank with special focus on the maritime sectors, where he served as a director and partner in the Corporate Finance division. Giaever has more than 20 years of experience in the shipping industry, holding key roles in corporate finance and equity research. In addition to having worked as investment banker towards the shipping & offshore industry for the past seven years…

The Woodmac report we saw offered us cause for pause — “Strong activity from the (major oil companies)” while “national oil companies have tightened their purse strings.” What Maritime Reporter found, was that national oil companies — nation-builders, for many — are putting their money in affiliate shipyards. The hope of two, new shipbuilding giants is jobs, innovation, national survival and export security. The model is to invite those who have done it before: Koreans, Japanese, French and a contractor with offshore and marine experience.

Globally renowned green energy champion Peggy Liu has been announced as the latest speaker for Nor-Shipping 2017. Liu, the Chairperson of Joint US-CHINA Collaboration on Clean Energy (JUCCCE), is set to join a growing list of key shipping figures at the leading global maritime event week. Together they will deliver fresh perspectives on the challenges, opportunities and future evolution of the industry worldwide. Liu is a well-known figure throughout the business, political and media landscapes.

Following the success of the inaugural Asian Marine Casualty Forum (AMCF) in 2015 and by popular demand, the bi-annual industry forum aimed at addressing the current crises in maritime casualty management, is back for the second time running and officially launched in Singapore today. The much welcomed not-for–profit event with its“arranged by the industry for the industry” feature remains and already, sponsorship response has been well beyond expectations. LOC Group (LOC), the leading international maritime consultancy group, will once again be hosting the forum, a cornerstone event of the forthcoming Singapore Maritime Week (22-28 April 2017) – which gathers the international maritime community in Singapore for a week-long of conferences…

The tanker company Norstar is setting up a new Commercial Management joint venture based in Westport Connecticut USA named Norstar Chartering (USA) LLC. The new entity is a collaboration between brothers Chris and Tom Bonehill, principals of the Norstar Group and two senior shipping industry executives Lars Ebbesen and Olav Ekeberg formerly partners of Sokana Chartering and Navig8 Chemicals. Tom Bonehill said, “We are delighted to be joining forces with Lars and Olav to form this new company. They are known in the tanker industry as being outstanding ship traders with a broad network and excellent support from their cargo customers. This new venture will complement our existing structure of commercial and technical management services”.

Around 1,250 trucks carrying Turkish exports have been blocked from entering Russia and are stranded at border posts awaiting clearance, a senior shipping industry representative told Reuters on Monday. Six days after NATO-member Turkey shot down a Russian fighter jet in the first known incident of its kind since the Cold War, calls for calm have gone largely unheeded. Ankara refuses to back down and Russia responds with sanctions. "Russia has not given permission to Turkish trucks for entry or transit passage for the past four days," Fatih Sener, managing director of Turkey's International Shippers Association (UND) said in an interview.

Though the maritime sector has seen a decline in Somali piracy in the Indian Ocean and Gulf of Aden, there is no room for complacency regarding the ongoing threat, says EU Naval Force Operation Commander, Major General Martin Smith MBE. Addressing senior shipping industry representatives at breakfast meeting earlier this week, Smith credited the ‘collective effort’ of shipping companies and dedicated naval forces for the reduction in pirate attacks since 2012. However, while the opportunity for pirates to get out to sea and attack ships had reduced…

At a breakfast meeting earlier today with senior shipping industry representatives, the EU Naval Force Operation Commander, Major General Martin Smith MBE, stated that whilst Somali-based piracy in the Indian Ocean and Gulf of Aden is suppressed, there is no room for complacency regarding the ongoing threat. Major General Smith welcomed the significant reduction in pirate attacks since 2012, stating that this had been achieved by the ‘collective effort’ of shipping companies and dedicated naval forces, including the European Union Naval Force. The General warned however that whilst opportunity for pirates to get out to sea and attack ships had reduced, the pirates’ intent and capability remains.

Entries are now being accepted for the 2015 SHIPPINGInsight Award, which will be presented at the SHIPPINGInsight Fleet Optimization Conference & Exhibition, Oct. 13 in Stamford, Conn. The annual award honors a ship operating company and its technology partners for the successful implementation of an innovative technology or initiative that advances the state-of-the-art in ship and fleet optimization. A panel of independent judges will review entries and select the winner. The award will be presented at a gala awards luncheon on the opening day of the conference. Award submissions should be in the form of a case study. Projects must have been completed within calendar year 2014 or 2015. The entry may be submitted by either the fleet operator or its technology suppliers.

Clarkson Capital Markets, the investment banking arm of shipping services group Clarkson PLC,  says it has enhanced its equity research coverage with the appointment of Omar Nokta as Managing Director of Shipping Research. Omar will be based in CCM's New York office. Omar brings significant sector experience and expertise to Clarkson Capital Markets. He joins CCM from Global Hunter Securities LLC where he was Senior Shipping Analyst. Prior to this he was Senior Research Analyst at Dahlman Rose, where he helped build the company into one of the leading shipping focussed investment banks, advancing its energy, commodities and metals and mining product offering.

Angola's new liquefied natural gas (LNG) export project aims to charter out its entire tanker fleet for at least a couple of months after a major rupture on a flare line crippled output at the $10 billion plant last month. The project partners led by U.S. oil major Chevron have approached shipbrokers to charter out all seven LNG carriers dedicated to Angola's liquefaction facility, three sources said. One of the tankers has already been chartered to a shipper and is due to load a cargo in Nigeria soon. "The other ships are currently being discussed ... some of the charters being discussed are at least until July or August," one of the sources said. Another source said Angola LNG had expressed interest in locking in any charters that become available.

Marine transport advisors McQuilling Services explain in a tanker industry note that timing is everything in a volatile tanker market. McQuilling explain that on the outset, one might not directly see a similarity between Valentine’s Day and the tanker market; however, both can sometimes require serendipitous timing in order for desired outcomes to transpire. Furthermore, just like the dating world, the tanker market is full of volatility. Industry participants have been reminded…

As yet more crew are kidnapped in another raid on a vessel off the coast of Nigeria, ship owners, ship managers and operators are once again forcibly reminded of the need to take steps to protect the safety of their crew, their cargo and their vessels. Nigel Cleave, CEO of Videotel, is well aware of the industry’s need for support and guidance. “In the last few years alone the number of alternatives available in the arsenal of anti-piracy measures has increased, but all have their benefits and drawbacks and the legal implications of many of these options to the ship owner are considerable.

According to Oh Kong-Gyun, Chairman and CEO of the Korean Register of Shipping (KR), the size of the Asian shipping and shipbuilding industries is such that they should occupy a more prominent and influential position in the international regulatory process than they currently do. Generating a louder voice for Asian shipping had been a central theme of Mr Oh’s recent IACS chairmanship and one that he is keen to continue now his tenure at IACS is complete. Oh was addressing an international forum of senior shipping people who had gathered to participate in SIMS, a Korean Register conference organised with the support of the Ministry of Land, Transport and Maritime Affairs, the Korea Shipowners’ Association, the Korea Shipbuilders’ Association and the Korea Marine Equipment Association.

Based on the results achieved at the autostrad operation at Patrick’s Fisherman Island berth 7 in Brisbane, Australia, Patrick has now placed an order for 14 Kalmar ESC straddle carriers that will be equipped for unmanned operations. The machines will be delivered to three new berths currently under construction at the company’s Fisherman Islands facility in the Port of Brisbane. The expansion of autostrad operations demonstrates Patrick’s trust in the autostrad concept during 12 months of genuine commercial operation with five retro-fitted Kalmar CSC straddle carriers. “The first year of commercial operations with the unmanned straddles has been extremely good.

Three experienced shipping lawyers have moved to the 45 million GT North of England P&I club, further confirming its status as one of the major players in the international maritime insurance industry. They include two partners from leading London maritime firms and a US shipping attorney from New York. Former Lawrence Graham partner Charles Baker (54) has joined the club's freight, demurrage and defence department as a solicitor. Baker is an experienced shipping litigator who has been a partner with a number of leading London shipping practices over the past 25 years, including Holman, Fenwick and Willan and Herbert Smith. Frank Sanford (48), formerly a partner with Richards Butler, has joined as a senior claims executive focusing primarily on cargo claims.

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London law firm, Lawrence Graham has advised the Latvian Shipping Company on a complex multi-bank loan scheme to finance its recently completed purchase of three 68,000 dwt product tankers. The $125 million deal, together with $90 million of associated acquisition finance, involved separate loan agreements with banks in Hamburg, Stockholm, Riga and Rotterdam. number of banks through separate loans rather than obtain one syndicated loan. Latvian Shipping Company agreed to pay $41.6 million for each of the sister vessels and Lawrence Graham advised them on three separate purchases and loan facilities of $30 million each. The purchases and financings involved coordinating legal advice from many jurisdictions around the world…

Severe weather in Russia's Arctic already led to the build-up of more ice than normal for this time of year and is likely to cause major disruptions to shipping by October, a senior shipping official said. "I have warned all possible clients that in October we will face big difficulties, especially in the second half of the month," Nikolai Babich, head of maritime operations at the Murmansk Shipping Company, said. "I've warned everyone that we may not be able to transport their cargoes as ordered. Murmansk Shipping Company operates Russia's fleet of nuclear icebreakers, which keeps the vital northern shipping route spanning the entire north coast of the country open to shipping throughout the year.

Shipping accountant Moore Stephens has continued its expansion in Russia by opening an office on Sakhalin Island in Russia's Far East. Martin Rix will move from Moore Stephens' Vladivostok office to set up the new facility, while Chris Chasty, a senior shipping partner of Moore Stephens London will be the responsible partner.