VLCC Delivered to Gener8 Maritime
Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, has taken delivery of the ECO VLCC the Gener8 Constantine on June 27…
Russian Sub 'Stary Oskol' Enters Black Sea
Russia’s Stary Oskol submarine, the third boat in Project 636.3 series for the Black Sea Fleet, on a voyage to its permanent base has passed the Bosporus and Dardanelles straits, TASS quoted the Black Sea Fleet spokesman Vyacheslav Trukhachev as saying. Stary Oskol is the third submarine in the series of six submarines built for the Black Sea Fleet at the Admiralty Verfi Shipyards in St. Petersburg. The Russian Black Sea Fleet currently operates four Project 636.3 submarines.
UASC and Hapag-Lloyd Merger in the Last Leap
A merger between United Arab Shipping Company (UASC) and German container shipping line Hapag-Lloyd will create a shipping group that is the 5th largest in the world and will give Hapag-Lloyd access to bigger ships on the important Asia to Europe trade route. The merger deal will create a group that should be valued at around 7-8 billion euros. The enlarged Hapag-Lloyd will be the world’s fifth-largest carrier…
Jinhui Sells Supramax
Jinhui Shipping and Transportation has agreed to sell another supramax dry bulk carrier, having just made a similar deal earlier this month. The purchaser is a company incorporated in Hong Kong. The bulk carrier will be delivered to the new owner between 29 July to 30 August 2016. The 2000-built, 50,236 dwt Jin Rong will be sold to China-based Ningbo Tiansheng Shipping for $3.4m, less than half of its book value, leading to a book loss of around $4.1m.
Star Bulk Carriers Reports 1Q Loss, Adds 3 Vessels.
The Athens, Greece-based Star Bulk Carriers Corp. (SBLK) has reported a loss of $48.8 million in its first quarter. The shipping company posted revenue of $46.3 million in the period. Star Bulk has added three vessels during this period. On April 1, April 4 and May 30, 2016, the vessels Indomitable, Obelix and Star Michele respectively, were delivered to their buyers. On June 6, 2016, it took delivery of the Newcastlemax vessel Star Libra (ex-HN 1372)…
India’s Potential in Offshore Wind Power
The Global Wind Energy Council (GWEC) launched a new report: “Supply Chain, Port Infrastructure and Logistics Study” for offshore wind development in the states of Gujarat and Tamil Nadu in India. This study is a significant step forward in preparing a roadmap for offshore wind power in India by the GWEC led FOWIND consortium. The key supply chain elements of the offshore wind sector are assessed along with a preliminary evaluation of companies entering the offshore wind sector.
Light at the End of the Tunnel Distant for Multipurpose Shipping
The demand outlook for the multipurpose fleet has not improved since the first quarter of 2016. The breakbulk and project cargo sector remain weak, with little suggestion that volumes will improve significantly until the end of 2017, according to the latest Multipurpose Shipping Market Review and Forecaster report published by global shipping consultancy Drewry. On the other side of the equation, the supply of multipurpose vessels is under control…
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.
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…
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.
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).
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…
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.
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…
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…
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…
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…
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.
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.