ClassNK Amends IGC Code Rules and Guidance
Classification society ClassNK has amended its Rules and Guidance for the Survey and Construction of Steel Ships in response to the latest industry developments, including amendments made to the International Code for the Construction and Equipment of Ships Carrying Liquefied Gases in Bulk (IGC Code). IMO decided to carry out the first full review of the IGC Code to reflect the latest technological advancements and increasing ship size.
MAST, AMSA Partner for Risk Management Services
Maritime security company Maritime Asset Security Training (MAST) has announced their partnership with Astbury Marine Services & Associates (AMSA), a specialist shipping and insurance response business. The combination of front-line experience and industry knowledge place MAST and AMSA as leaders in their field. The two companies will work together to provide an increased portfolio of risk management services to clients trading in difficult or complex environments.
Mersey Maritime: Small Business at Heart of Isle of Man Partnership
UK Industry trade body Mersey Maritime has announced a new trade agreement with the Isle of Man Shipping Association (IOMSA) which aims to supercharge bilateral trade, particularly among small to medium sized businesses. The agreement was announced at a special reception during the International Festival of Business in Liverpool UK and has resulted from a series of discussions facilitated by the Isle of Man Ship Registry…
Beijing Slams South China Sea Court Proceedings
Permanent Court of Arbitration ruling set for July 12. An international court said it would deliver a hotly anticipated ruling in the Philippines' case against China…
Demand, Bunker Pricing Spurs Asia Dry Bulk-Capesize Rates
Owners asking $1 per tonne more on Australia-China rates; Panamax rates climb to two-month high, but remain under pressure. Freight rates for large capesize dry cargo ships on key Asian routes could continue to firm next week on higher cargo volumes and bunker prices, while upbeat shipowner sentiment will also support the market, ship brokers said. "The market is pushing up a little bit. Owners' ideas…
Construction Begins on Johan Sverdrup Riser platform
The riser platform construction start was marked today at the Samsung Heavy Industries yard in South Korea. Project director for Johan Sverdrup Kjetel Digre (from right), project manager for the riser platform and the processing platform Ståle Nordal and head of Samsung Heavy Industries’ offshore division Younsang Won led the formal celebration of the construction start in South Korea 30 June. “As…
NAT Takes Delivery of Suezmax, Earnings Capacity Up
Nordic American Tankers Limited ("NAT" or "the Company") announced that it today took delivery of a Suezmax vessel, the Nordic Sirius, built at a shipyard in Japan. NAT agreed to purchase four vessels as announced in our press release May 2, 2016. Nordic Sirius is the third of these four vessels. In the course of 30 days, NAT has taken delivery of three vessels. The fourth vessel is expected to be taken over by us within mid-July 2016.
SOLAS Container Mass Verification Rule Enter into force
A new regulation requiring the gross mass of a container to be verified before it is loaded onto a ship enters into force today (1 July 2016). It will assist in ensuring that the millions of containers carried on ships each year are optimally stowed, thereby helping to prevent container stacks collapsing and containers being lost overboard, and the associated injury and loss of life. Some 170 million containers are loaded onto ships each year…
Paris MoU Reports Decrease in 'Bans'
Paris MoU reports that 2015 shows a large decrease in the refusal of access (“bans”) within the region: 11 bans compared to 20 in 2014. The detention percentage has remained stable at 3.33 percent. The number of deficiencies has decreased 10 percent related to 2014. The number of inspections carried out was 17,858, slightly less than 2014 (18,430). Over a three-year period of time, most cases of refusal of access involve ships which have been banned for multiple detentions (45).
Boon, Non-executive Director of ST Engineering Resigns
Singapore Technologies Engineering Ltd (ST Engineering) today announced the resignation of Mr Quek Tong Boon as non-executive Director with effect from 1 July 2016. Mr Quek has been with the Board since 1 March 2008 and has been the Chairman of its Research, Development and Technology Committee. The Board of Directors would like to acknowledge its deep appreciation to Mr Quek for his invaluable contributions to the Board and the Board Committee he has served.
BSM Acquires USCG Qualship 21 Program Approval
Bernhard Schulte Shipmanagement is proud to announce that it has received US Coast Guard (USCG) Qualship 21 Program approval for the BSM India-managed, Algoma-owned bulk carrier Honourable Henry Jackman. The Quality Shipping for the 21st Century (‘Qualship 21’) Program is aimed at recognising and rewarding internationally-flagged, high-quality ships operating within US waters. Eligibility criteria include no substandard vessel detentions in the US during the previous 36 months…
SENER Hosts FORUM Users Meeting
The SENER engineering and technology group has finished its ninth FORUM (the FORAN Users Meeting) designed so that FORAN users from all over the world can share their experiences and concerns, exchange points of view and suggest new functionalities. This event, which is held every other year in Spain, took place this year in the Parador Hotel Atlántico in Cádiz from June 1-3. The various shipyards…
BIMCO - Oil Product Tankers Earnings Decline as stockbuilding Slows Down
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is still money to be made in the second half of 2016. The oil product tanker market has reached a net fleet growth of 4.3m DWT so far in 2016. That is well in line with BIMCO’s full estimate of 8.5m DWT for the full year 2016. The main drivers of the total growth continue to be the MRs and LR2s.