Singapore Approves Japan Shipping JV
The Competition Commission of Singapore (CCS) has given the nod to a proposed joint venture between three Japanese shipping lines. Japan’s big three shipping groups, Kawasaki Kisen Kaisha (K Line), Mitsui OSK Lines (MOL) and Nippon Yusen Kaisha (NYK), announced last year an integration of their container shipping business with the establishment of a joint venture by 1 July 2017 and the commencement of joint servce from 1 April 2018. Under the JV, the Parties will merge their container liner shipping business, and their container terminal services businesses outside Japan.
Singapore Supports ReCAAP ISC’s Roadmap for the Future
Singapore endorsed the roadmap and strategies to strengthen Regional Cooperation Agreement on Combating Piracy and Armed Robbery (ReCAAP) Information Sharing Centre (ISC) as a Centre of Excellence for Information Sharing on piracy and armed robbery against ships in Asia by 2020. Singapore, as a Contracting Party to the ReCAAP and host to the ReCAAP ISC, has participated in the 11th Governing Council meeting held from 14-16th March 2017. The Roadmap was the result of several rounds of consultations and discussions amongst Governors…
Singapore's Fourth Littoral Mission Vessel Launched
Singapore Technologies Marine Ltd (ST Marine), the marine arm of Singapore Technologies Engineering Ltd (ST Engineering), launched the fourth Littoral Mission Vessel (LMV), Justice, designed and built for the Republic of Singapore Navy (RSN). The ceremony was officiated by Dr. Mohamad Maliki Bin Osman, Senior Minister of State (Ministry of Defence and Ministry of Foreign Affairs), who took on the role as the lady sponsor in accordance with naval traditions to name and launch the vessel at ST Marine’s Benoi Yard.
Ezra Holdings Files for Bankruptcy in US
Oilfield services firm Ezra Holdings of Singapore filed for U.S. Chapter 11 bankruptcy at the weekend, blaming a prolonged slump in the energy industry, Reuters reported. Ezra has been facing hostile actions from creditors at home and abroad as it struggles to recover from a slump in oil prices over the past three years. The company filed voluntary petitions for reorganization under Chapter 11 of the US Bankruptcy Code, according to a stock exchange filing on Sunday. Ezra will…
Singapore's Second Cruise Terminal Set to Welcome First Ship
The 28,000-square-meter terminal, which was built at a cost of 500 million Singapore dollars (400 million U.S. dollars) and operated by the SATS-Creuers Cruise Services, will effectively double Singapore's berth capacity. The terminal has the capability to dock ships of up to 220,000 gross register tonnage (GRT) and measuring up to 360 meters in length with a hull draft of up to 11.5 meters. It also has a spacious arrival and departure hall comprising 80 check-in counters and up to 40 immigration counters…
BW LPG Refinances Six Ex-Aurora Ships
BW LPG Limited has signed a Debt Facility Agreement of USD290 million for the re-financing of six 2016 built ex-Aurora ships. The re-financing has been raised from The Export-Import Bank of Korea (KEXIM) as ECA (Export Credit Agency) lender, with ABN AMRO Bank N.V., Singapore branch and Oversea-Chinese Banking Corporation Limited as Mandated Lead Arrangers. ABN AMRO Bank N.V., Singapore branch also acted as coordinator and facility agent. The all-in cost for this financing is LIBOR plus 1.88%, with a 16-year amortization profile.
Singapore Delays LNG Terminal Completion
According to a recent Reuters report, the Singapore government will take over development of its first $1 billion liquefied natural gas (LNG) terminal from a consortium to avoid more delays due to the credit crunch. The PowerGas-led consortium, in which GDF had a 30 percent stake, had been due to make its final investment decision this month for the project. The LNG’s completion was deferred by a year, from 2012 to 2013, making it the latest of several Singapore projects to be delayed due to the financial crisis.
MPA to Enhance Singapore’s Hub Port Competitiveness
The maritime sector is undergoing significant transformation. To enhance Singapore’s hub port competitiveness, the Maritime and Port Authority of Singapore (MPA) is leveraging technology to help maritime companies innovate and move into new growth areas. MPA will be establishing the MPA Living Lab, and working with partners to set up three Centres of Excellence to deepen maritime R&D competencies. The MPA has also enhanced the Maritime Cluster Fund (MCF) for Manpower Development and the MCF for Productivity…
VLCC Rates to Remain Weak on Output, Tonnage Woes
Freight rates for very large crude carriers (VLCCs), which fell to a near six-month low on Thursday, will remain weak until the Asian refinery maintenance season gets completed, starting April-end. "I haven't seen a collapse in rates like this for some time. People are taking insane rates," said Ashok Sharma, managing director of ship broker BRS Baxi in Singapore. Output cuts by oil producers, refinery maintenance in Asia and the reactivation of older vessels previously used as…
Asia Tankers-VLCC Weighed by Excess Tonnage
MidEast, West Africa rates diverge; oil output curbs in Iraq and West Africa could weigh on tanker market. Freight rates for very large crude carriers (VLCCs) are likely to remain under pressure with hire rates from the Middle East to Asia tracking lower in the face of excess tonnage in the market, brokers said. Cuts in the output from Iraq and West Africa this month as part of an agreement between oil producers to curb crude production to bolster oil prices are also expected to weigh on the tanker market as the number of voyages are curtailed, brokers said.
Singapore’s shipyards are looking to recent investments in capacity, design and newly acquired technology to combat order declines after a decades-long offshore buildup. Sembcorp and peer Keppel are making the most of partnerships in FLNG and showing signs they’ll be okay through the downturn, helped by their gas-hungry Australasian backyard and renewed ties with old charterer parties and suppliers. With drilling contractors unable to pay for the offshore rigs they’ve ordered, Singapore’s heavyweight yards have had to defer deliveries and become defacto rig owners.
Dryad Sees a Pattern in SE Asia Tankship Piracy
The latest report of a tanker hijack in Southeast Asia has prompted Dryad Maritime to issue an advisory to its shipping clients, on the basis that the crime follows a pattern, which has seen up to six such attacks, over the last nine months. The Company issued its advisory to maritime clients from its 24/7 Portsmouth, UK-based operations facility, explaining that the [Thai tankship] MT Orapin 4 laden with a fuel oil cargo, departed Singapore on 27th May 2014 and became the subject of a missing vessel alert the next day when attempts by her shipping company to contact her failed.
Containership Alliance Launches Asia-Europe Service
Members of the G6 Alliance announced today that their groundbreaking cooperation in Asia-Europe container shipping will begin operation in the first week of March – one month ahead of schedule. “We are eager to roll out our competitive products to benefit customers by offering a comprehensive and increased coverage of 40 ports in the Asia-Europe market with more sailing frequency,” the members said in a statement. The G6 Alliance, serving the Asia-to-Europe-and-Mediterranean market was announced last December. The G6 Alliance members are the carriers in the Grand Alliance and New World Alliance: APL, Hapag-Lloyd AG, Hyundai Merchant Marine, Mitsui O.S.K Lines, Nippon Yusen Kaisha and Orient Overseas Container Line.
Maritime Singapore Green Pledge
Twenty more maritime companies came together to sign the Maritime Singapore Green Pledge to signify their commitment towards promoting clean and green shipping in Singapore. They join the 40 companies that have already signed the Green Pledge so far. The signing took place during the Singapore Registry of Ships Forum on "Responsible Shipping" and was witnessed by Lam Yi Young, Chief Executive of the Maritime and Port Authority of Singapore (MPA). The 20 new signatories of the Green Pledge are listed in Annex A and include shipping lines, salvage companies and offshore service providers. A total of 60 organizations have signed the Green Pledge and pledged their commitment to promote clean and green shipping in Singapore.
G6 Alliance Cancels Some Asia-Europe Sailings
Facing less-than-expected market demand, members of the G6 Alliance announced additional void sailings within the container shippers’ Asia-Europe service, suspending its Loop 6 service until further notice. The G6 Alliance, which consists of APL, Hapag-Lloyd, Hyundai Merchant Marine, Mitsui O.S.K. Lines, Nippon Yusen Kaisha and Orient Overseas Container Line, said it continues to offer various services between Asia and Europe covering major port pairs with weekly sailings. The shippers said further service adjustments are possible as the G6 Alliance continues to review its product profile…
Maersk: Partnership on Low-Sulfur fuel In Singapore
Maersk Line welcomes the Maritime Singapore Green Initiative and actively supports a joint industry approach to cleaner fuels in Singapore. Copenhagen, Singapore: April 13, 2011 - Today, Maersk Line announced its active participation in the Maritime Singapore Green Initiative by committing to switching to low-sulphur fuel in Singapore. The announced fuel switch backs up the Maritime and Port Authority of Singapore’s engagement with the shipping line community to reduce carbon and sulphur emissions in Singapore.
Singapore Well-positioned to Benefit from Brexit Permutations
Singapore’s position as Asia’s leading maritime services hub is likely to be enhanced in a post-Brexit environment, according to Singapore-based Ince Law Alliance, comprising Ince & Co Singapore LLP and Incisive Law LLC. The UK’s decision to leave the European Union has seen Sterling fall to $1.30 against the US dollar, with many commentators predicting a recession that could negatively impact the country’s maritime sector, which contributes £4.4 billion to the UK economy. Like Singapore, the UK’s economy is services–focused, with London the centre of UK and European maritime services.
Singapore Takes Part in SEACAT Naval Exercise
The Singapore-leg of the annual Southeast Asia Cooperation Against Terrorism (SEACAT) exercise started here on Monday with the participation of the navies from the countries such as Singapore, the United States, Brunei, Indonesia, Malaysia, the Philippines and Thailand. According to a statement by the Ministry of Defense, the annual SEACAT exercise is taking place from Aug.14 to 22, and the Singapore leg will last two days from Aug. 20 to 21. The Singapore-leg of this year's exercise will involve the tracking of ships transiting through Singapore waters. Liaison officers from the Singapore navy and other Southeast Asian navies will be onboard a U.S. naval platform to compile and analyze data in order to create a shared maritime picture for enhanced situational awareness.
Indonesia Halts Ships Carrying Granite to Singapore
Indonesia has detained 24 tugboats and barges carrying granite chips to Singapore, potentially threatening construction, a month after it banned all sand exports to its neighbor. Singapore Foreign Minister George Yeo said the 24 vessels, most of which fly the Singapore flag, were detained by Indonesian officials on Monday morning. Singapore’s construction sector is booming after years in the doldrums, although Indonesia’s ban on sand exports has worried investors that the recovery may be halted by tight sand supplies. Relations between Singapore and Indonesia have soured this year amid a diplomatic dispute over Jakarta’s decision to ban sand exports to the city state.
Sustainable Marine Transportation Conference, Large Turn-Out
Around 200 professionals from the shipping, logistics and liquefied natural gas development sectors converged on Singapore today to take part in the Sustainable Marine Transportation Conference organised by the Norwegian Embassy in Singapore and partners Innovation Norway and the Norwegian Business Association in Singapore. The global shipping industry’s carbon footprint has come under increasing scrutiny from governments, lobbyists and environmental protection agencies in recent times.
Bunkering in Singapore - an Alternate View
SSA rtespondes to allegations of bunkering irregularities in Singapore. Bunkering is an important industry for Singapore. Consequently, the bunker supplying industry in Singapore is therefore also highly regulated by the Maritime and Port Authority of Singapore (MPA) - all Singapore bunker suppliers, bunker tankers and bunker surveyors involved in the bunkering business are required to be licensed by MPA. The Singapore Shipping Association (SSA) therefore takes a very serious view of recent allegations of malpractices by the bunkering industry in Singapore. As a major port of call, Singapore supplies more than 43 million tonnes of bunkers. This is based on more than 37,000 vessel calls at Singapore for bunkers annually.
CKYHE Revises Europe Service Network
CKYHE Alliance - COSCON, "K"Line, Yang Ming, Hanjin and Evergreen Line - is reorganizing its service network for Asia-North Europe and Asia-Mediterranean trades in 2016. The CKYHE Alliance will provide five Asia-North Europe services (NE2/NE3/NE5-CEM/NE6/NE7) and four Asia-Mediterranean services (MD1/MD2/HPM-MD3/FEM) with the optimum port coverage throughout Asia, North Europe, East Mediterranean, andWest Mediterranean region from end of March of 2016. CKYHE Alliance will continuously offer quality service to customers by enhancing service efficiency…
Singapore: Committee to Plan Future of International Maritime Center
The Maritime and Port Authority of Singapore (MPA) has established the International Maritime Center 2030 (IMC 2030) Advisory Committee to chart the future directions of Singapore’s IMC. Andreas Sohmen-Pao, Chairman of BW Group, has been appointed as the Chairman of this committee. As part of its work, the committee would review Singapore’s IMC development strategy and identify new growth areas to enhance Singapore’s long-term competitiveness and value proposition as an IMC. Globally, Singapore is known as one of the world’s busiest ports and a top bunkering port.