Wk News

General average has been declared for the ZIM Charleston after stacks of containers caught fire on board the vessel earlier this month.The fire broke out in a cargo hold while the Seaspan-owned containership was navigating off Colombo, Sri Lanka on August 8. It has been reported that approximately 300 containers may have been affected by fire, heat and smoke, as well as water damage from firefighting operations.Investigators are working to determine the cause of the fire and gauge full extent of the damage.Meanwhile…

America’s largest military shipbuilding company Huntington Ingalls Industries (HII) said that its Ingalls Shipbuilding division hosted a ribbon-cutting ceremony on Tuesday for its new Shipbuilder Academy site in Gulfport.Shipbuilder Academy was established in 2016 at Ingalls’ Maritime Training Academy with a mission to provide enrolled students with a strong foundation in the maritime industry and fill the current industry skills gap.Through a partnership with the Gulfport School District, Ingalls is expanding the program to a new site inside the repurposed Gaston Point Elementary School.“Ingalls has been a cornerstone of the Gulf Coast for more than 80 years, and we want to provide paths for hiring local talent,” said Brian Cuccias, president of Ingalls Shipbuilding.

On April 1, 2019, Damen Marine Components (DMC) acquired the assets of WK Hydraulics, a specialist maritime hydraulics systems manufacturer located in Barendrecht, the Netherlands. DMC and WK Hydraulics already overlap in areas such as steering gear and hydraulic power units, however WK Hydraulics also brings particular experience in the building of larger, customized hydraulic systems for winches, cranes, bow thrusters and other applications.The WK Hydraulics product portfolio additionally includes towing pins…

Baltic Exchange's main sea freight index, which tracks rates for ships transporting dry bulk commodities, fell on Friday to its lowest in seven weeks, on weaker demand for capesize and panamax vessels.* The overall index, which factors in rates for capesize, panamax and supramax vessels fell for its seventh straight session, shedding 35 points, or 2.2 percent, to 1,579 points.* The index registered a decline of about 7 percent, its second consecutive weekly drop.* The capesize index dropped to its lowest since July 3, falling by 94 points, or 3.3 percent to 2,732 points.* The index has fallen

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday as rates for capesize vessels climbed to four-month highs.* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 19 points, or 1.3 percent, at 1,472 points, its highest since Dec.

Hyundai Merchant Marine (HMM) announced that its cargo processing at Busan Port, the largest sea gateway in Korea, has hit a new record. HMM handled 167,018 TEUs of cargo through the port in July, increased by 93 percent year-over-year. HMM has previously set a record of handling over 150 thousand TEUs in Busan Port in April and successfully set a new record of handling over 160 thousand TEUs after just three months. Transit cargo, in particular, has recorded 85,717 TEUs - soaring 133 percent year-over-year. Its market share also set a new record of 10 percent, handling the second-largest volume after Maersk. Processed cargo during the first seven months of the year reached 1.01 million TEUs, which is HMM’s first million TEU record in Busan Port this year.

South Korea's leading container carrier Hyundai Merchant Marine (HMM) will allocate more vessels to meet rising demand on U.S. routes in the coming months, reported Yonhap. HMM expects a shortage of container carriers on the high-traffic routes from August to October as U.S. customers want more products from China and Southeast Asia. Hyundai Merchant, which currently operates 110 vessels, will consult with its alliance partners such as Maersk Line of Denmark and Mediterranean Shipping Company (MSC) of Switzerland to decide on whether to increase the number of container ships, the report quoted a unnamed company spokesman. Meanwhile, a separate report said that has announced that its Asia-US West Coast (USWC) volume in June 2017 increased by 77 per cent year-on-year.

Hyundai Merchant Marine (HMM) has announced that its Asia-US west coast (USWC) volume in June 2017 increased 77% year-on-year. According to PIERS Data, HMM’s Asia-USWC handling cargo rose year-on-year from 7,953 TEU/WK to 14,055 TEU/WK (up 77%) at the end of June 2017. Moreover, HMM ranked 4th in terms of market share, up from 12th the previous year. HMM’s Asia-all US route cargo handling also rose year-on-year from 11,626 TEU/WK to 17,291 TEU/WK (up 49%) in June 2017. Furthermore, HMM’s USWC market share has grown to 7.4%, up 3.4%p from the same month last year. While, HMM's cargo processing at Busan Port, the largest sea gateway in Korea, increased by 91 percent last month from a year ago.

Wells Fargo Securities says that headwinds face global shipping industry and the continued overcapacity means freight rate gains are less likely to stick. "Given the continued overcapacity headwinds and easing containerized trade demand, we believe these freight rate gains are less likely to stick, and we expect rates to remain under pressure as we approach the slack winter season, particularly following a muted peak season," says a report from Wells Fargo Securities, written by Michael Webber that appeared in the Forbes. Container Freight Rates Get Boost Amid November General Rate Increases, Will They Stick? Last week, the Shanghai Containerized Freight Index (SCFI) increased by 41.1% wk/wk (week-over-week) to $759/TEU (twenty foot equivalent unit)…

On 30 October Kuwait Oil Company (KOC) CEO Mr Hashem Sayed Hashem attended the naming ceremony of the ASD 3212 tug vessel KOC Shahem at Damen Shipyards Galati. The KOC Shahem is the second in a series of 14 tugs that Damen is building for KOC. KOC will use the tugs to assist tankers at near shore loading terminals and at new single point moorings offshore. The two companies have a lasting relationship that spans over 25 years. KOC awarded Damen the contract to design, construct and deliver the series of tugs in September 2012. Damen Shipyards Galati is constructing all the vessels. Accompanying Mr Hashem Sayed Hashem, KOC Deputy CEO (WK) Mr Hassan Ali Bunain…

Walz & Krenzer’s Board of Directors appoint Benjamin Rising as their new President and Tom Themel as their Vice President. Mr. Steven Shepstone, WK’s President for the past 16 years, will retain his position on the Board of Directors and will be associated with Walz & Krenzer & Mapeco Products in an engineering capacity for several more years. Walz & Krenzer, Inc. a wholly U.S. owned small business, has been providing custom watertight closures to the marine industry for over 60 years.

Hornbeck-Leevac Marine Services, Inc., announced that it has taken delivery of its first 265-ft. class deepwater offshore supply vessel, the BJ Blue Ray, which immediate commenced service under a 5-year time charter with BJ services to support well stimulation services, primarily in the Gulf of Mexico. Three additional 265-ft. class offshore vessels are under construction for delivery in 2002. Hornbeck-Leevac also announces the purchase of the M/V W.K. McWilliams, Jr. from Freeport-McMoRan Sulphur LLC for an undisclosed amount. The vessel, to be renamed the “Energy Service 9001,” is a 402-ft. self-propelled unit built in 1992 and historically used by Freeport-McMoRan in the transportation of molten sulphur.