Phoenix Express 2016 Concludes
Maritime forces from North Africa, Europe, and the United States concluded exercise Phoenix Express 2016 with closing ceremonies in Souda Bay, Greece May 27. Phoenix Express, sponsored and facilitated by U.S. Africa Command (AFRICOM), is designed to improve regional cooperation between partner nations, increase maritime domain awareness, information sharing practices, and operational capabilities to achieve safety and security in the Mediterranean Sea. Capt.
Long Beach Port Maintains Strong Bond Rating
Fitch Ratings, one of the top three U.S. credit analysis agencies, has affirmed the Port of Long Beach’s “AA” rating on its outstanding debt. Fitch stated the AA rating — its highest for U.S. ports — was warranted due to the Port’s strong market position, resilient, long-term revenues from Port tenants, and the Port’s robust ability to service its debt. The rating agency reported that the Port’s $3.2…
Diana Charters Out Two Bulkers
Diana Shipping Inc. today announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Bunge S.A., Geneva, for one of its Panamax dry bulk vessels, the m/v Naias. The gross charter rate is US$5,000 per day, minus a 5% commission paid to third parties, for a period of about five (5) months to about seven (7) months. The charter commenced yesterday. The “Naias” is a 73,546 dwt Panamax dry bulk vessel built in 2006.
GloMEEP Project Forges Ahead with Train-the-Trainer Workshop
A global Train-the-Trainer workshop on energy efficiency has been delivered in China (23-27 May), preparing the personnel needed to cascade knowledge on energy efficiency for ships and related efforts for mitigation of greenhouse gas emissions from international shipping. The five-day intensive course was organized by the International Maritime Organization (IMO), within the framework of the Global Maritime Energy Efficiency Partnerships (GloMEEP) Project.
1,076 Graduate from U.S. Naval Academy
The U.S. Naval Academy graduated 1,076 men and women at the annual graduation and commissioning ceremony May 27 at Navy-Marine Corps Memorial Stadium. U.S. Naval Academy Superintendent Vice Adm. The Class of 2016 boasts an 89 percent graduation rate and, according to Carter, "unprecedented" academic and athletic success. Eight midshipmen received prestigious graduate scholarships, including one Rhodes Scholarship…
Seaspan Acquires Eighth 14000 TEU Vessel
Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 14000 TEU containership, the YM Width. The new containership, which was constructed at CSBC Corporation, Taiwan ("CSBC") is Seaspan's eighth 14000 TEU SAVER design containership and fourth delivery in 2016. This is the second 14000 TEU vessel using Seaspan's fuel-efficient SAVER design constructed at CSBC. The YM Width will commence a ten-year, fixed-rate time charter with Yang Ming Marine Transport Corp.
CBP, AMO Unveils New Interceptor Vessel
U.S. Customs and Border Protection (CBP) Air and Marine Operations (AMO) and SAFE Boat International celebrated the unveiling of AMO’s newest coastal interceptor vessel (CIV) Thursday. In honor of AMO’s historical legacy, this first CIV will be named the Alexandria, after of one of the first maritime law enforcement “Collectorships” used by the Department of Treasury in 1789. AMO marine interdiction…
US Navy Updated Zika Virus Infection Guidance
Navy Medicine released updated Zika Virus Infection guidance in NAVADMIN 121/16, May 26, communicating current information, travel precautions, and risk reduction measures to Navy and Marine Corps personnel. "The updated NAVADMIN includes the latest Centers for Disease Control and Prevention (CDC) recommendations for the prevention of sexual transmission of Zika virus; it also highlights recommendations for couples who are considering conception," said Cmdr.
Höegh LNG FSRUs on Strong Ground
Höegh LNG is upbeat on the group’s FSRU prospects as its profit rise comes on the back of an almost tripled average regasification flow rate on Höegh LNG’s FSRU fleet compared with the same quarter last year, owing to increased imports driven by ample supplies of LNG being available at low prices. All five FSRUs in Höegh LNG’s fleet operated in accordance with contract and without incidents during the quarter, the company said.
Floating Storage Flattens Fortunes of $50 Crude
The prices of WTI and Brent crude briefly rose above $50/bbl during intraday trading on Thursday, the highest level seen since the end of July 2015, giving traders a brief moment of optimism, says a report from Alibra Shipping Research. But since then, prices have trended downwards. WTI currently hovers around the $48.92/bbl mark on NYMEX. Similarly, Brent is trading at around $48.91/bbl on ICE. Analysts expect a further correction in crude prices because supply remains so abundant.
SRH Marine and Setel Powerline Pact for Greek Market
SRH Marine Electronics SA and SETEL PowerLine Ltd have entered a Reseller and Installation Partner Agreement. Through this cooperation SRH is able to offer a complete and holistic approach to e-Navigation concept through Setel PowerLine specializing in the design and implementation of network solutions based on SETEL PowerLine suite of INDUSTRIAL GRADE PowerLine Communications (PLC) products. Vessel and Platform solutions as well as Wi-Fi…
Strike In France: Implications for Tanker Demand
After the oil industry suffered from a severe drought in Venezuela, forest fires in Canada and rebel attacks on oil installations in Nigeria, it is now facing the consequences of a national strike in France, where members of the trade union CGT have organized strikes at the country’s refineries and blocked oil terminals and fuel depots, says the Tanker Research & Consulting department at Poten & Partners.
A Year is a Long Time in Tankers
The latest Gibson Market Report focused on the age profile of the VLCC fleet and the prospects for trading life beyond 15 years of age. Analysis of the Suezmax fleet shows a similar picture, with eighty-nine units over15 years of age (18% of the current fleet) the preferred upper employment limit set by most charterers. However, many of the older units are able to trade in the shuttle markets, where age is not so much of an obstacle.
Abu Dhabi Ports Try to Lure Chinese Businessmen
Abu Dhabi Ports - the master developer, operator and manager of ports and Khalifa Industrial Zone in the Emirate - presented the integrated offerings of Khalifa Port and Kizad at an exclusive business event in Abu Dhabi. Organised by Abu Dhabi Ports in association with the Embassy of the People’s Republic of China to UAE and the Chinese Business Council, the invitation-only event for Chinese businessmen attracted over 80 top Chinese businessmen from across the UAE.
DP World to Manage Somaliland Port for 30 Years
DP World has reached an agreement to manage the Berbera port in Somaliland, which would allow it to become a major hub for goods to transit to and from the Horn of Africa, the Wall Street Journal reported. DP World signed a US$442 million agreement with the government of Somaliland to develop and operate a regional trade and logistics hub at the Port of Berbera. Under the terms of the deal, the newspaper citing a person who has seen the document…
Mermaid Maritime Bags Subsea Contracts, Delays Newbuilding
Thailand’s Mermaid Maritime said it has been awarded a number of subsea contracts in the Middle East with a total worth of $11million. It has also reached an agreement with builder China Merchants Industry Holdings to postpone the delivery dates for its new assets currently under construction. Off Qatar and Saudi Arabia, Mermaid's western hemisphere business unit won seven subsea projects with an estimated aggregate value of US$11 million.
Korean Shipbuilder Could Be Liquidated
South Korea's STX Offshore & Shipbuilding Co. has filed for receivership, following massive losses that have mounted up over the past two years, says a report in the WSJ. According to multiple sources from the shipbuilding industry, creditors and STX Offshore & Shipbuilding have decided to put Goseong Offshore & Shipbuilding under court management early next month and have begun taking necessary steps.
Oman Shipping Makes Profit
Oman Shipping Company (OSC) reported a $180 million profit in 2015. Tariq bin Mohammed Al Junaidi, chief executive officer of OSC has been quoted by Oman News Agency saying that achieving significant profit came as a result of the good performance of the operations of the company’s business in general. "The profit is a result of an improvement in the rental market of giant oil tankers (as a result of the decline in world oil prices ) resulting from the increase in oil supply in global markets…
Seized Hanjin Shipping Vessel Resumes Operation in South Africa
Hanjin Paradip resume its sailing from South Africa as talks continue with owner over unpaid charter fees. The ship had been detained in Richards Bay, South Africa earlier last week over unpaid charter fees. The vessel in 82,158 deadweight tonnage (DWT) was used to carry grain and minerals. “We agreed with the ship owner that the normal vessel operation is the most important for interests of the both parties,” Hanjin said, without specifying the owner’s name.
Wedding Cruise Ship Runs Aground in Boston
The Boston Harbor Cruises' Majesty ran aground in Boston Harbor on Saturday. All 137 passengers were unharmed and transferred to the Asteria, another Boston Harbor Cruises vessel, according to the U.S. Coast Guard. One couple's wedding reception was going aboard as the boat turned into disaster when their vessel ran aground. New husband Jamie Stern said the guests were just finishing dinner around 7 pm when the celebration came to a halt as the ship neared Georges Island.