Capsize Scrapping: It's Complicated!
Last year saw an upswing in Capesize spot rates during the first seven months of the year, peaking in early August, rallying briefly in September and declining for the rest of the year, says ALIBRA Shipping in its Weekly Market Report. This would seem to correspond with scrapping activity – owners sold many capes for demolition during the first half of the year but stopped scrapping as rates rebounded – which ultimately killed the market again.
MSC Full VGM Compliance
One week after the implementation of the new SOLAS regulation ‘Verified Gross Mass’ (VGM), MSC Mediterranean Shipping Company confirms an outstanding early experience of compliance rates by shippers. MSC France, which covers seven ports in the French Metropolitan area, saw a 100% verified record on all its initial sailings under the new jurisdiction. Of 627 containers loaded on 1st July, every single one was found to be fully VGM ready and compliant.
Fuel Variants For LR1 Product Tankers
In a comprehensive study, DNV GL in cooperation with MAN DT examined a set of scenarios for various versions of an LR1 product carrier to determine the most economically feasible fuel type to plan for. Considering the current volatile market situation, the conclusions are quite different depending on the development of fuel prices. The goal of this study was to analyse costs and benefits of various fuel options for a newbuild.
Widened Panama Canal to Affect Trade Patterns
It was another lacklustre month for the shipping industry as freight rates in almost all sectors softened further. Drewry’s Earnings Index declined by 0.5% during the month to 52.4. The new locks of the Panama Canal finally became operational in June, enabling vessels of up to 49-metre beam, 366-metre LOA and 15-metre draught to pass through, which in turn will affect trade patterns in various sectors. The canal can now accommodate containerships of up to 12,500 teu.
Standard Bunker Contract Review Begins
Three of the world’s largest bunker suppliers, including World Fuel Supplies and Dan Bunkering, have joined a team of industry experts to review BIMCO’s standard bunker contract – BIMCO Terms 2015. Shipowners will be represented by Denmark-based J Lauritzen and Norden. Legal and P&I input comes from Clyde & Co and the North of England P&I Club. The initiative is supported by the International Bunker Industry Association (IBIA) who will have a representative on the team.
Shipowners Reject Proposals for Ships to Pay for EU Ship Recycling Licences
Proposals to compel ships, regardless of flag, to pay for European Union ship recycling licences when calling at EU ports, will undermine efforts by the International Maritime Organization (IMO) to improve working and environmental conditions in developing nations, where most ship recycling yards are located. If proposals to establish an EU ship recycling fund are taken forward, they will cause serious problems with the EU’s trading partners, including China, India, Japan, and the United States.
Panama Canal, PortMiami Renew MOU as Port Welcomes MOL Majesty
Today, another milestone agreement was reached as Panama Canal Administrator and CEO Jorge L. Quijano and PortMiami Director Juan M. Kuryla renewed a Memorandum of Understanding (MOU) to promote trade opportunities and share best customer practices. The renewal of the MOU—which extends the 13 year-plus alliance enjoyed by both parties—demonstrates the value of the Panama Canal and its commitment to US East Coast ports.
New Innovative CNG-Electric Hybrid Ferry Texelstroom
The M/S Texelstroom is more energy efficient, cleaner and more sustainable than her predecessors. CNG-electric hybrid ferry Texelstroom features some of the latest…
First Shipload of LNG Arrives at Skangas Terminal Finland
Sunday July 10th 2016 the first shipload of liquefied natural gas (LNG) arrived at the Gasum’s subsidiary Skangas LNG terminal in Pori. To be completed in August, the facility is the first LNG import terminal in Finland. LNG was brought with the time chartered Skangas Coral Energy carrier from the North West Europe. The Skangas LNG terminal is undergoing commissioning, and commercial deliveries to customers will begin in September.
UK Shipping & Transport OMBs Confident of an Up-Swing
A survey by leading accountant Moore Stephens has revealed that over three-quarters of owner-managed businesses (OMBs) in the UK operating in the shipping and transport sector are confident about their prospects for 2016. The survey revealed that, despite facing a number of major challenges and risks, shipping and transport (S&T) OMBs were particularly focused this year on training staff, expanding their UK customer base, investing in new technology and pursuing cost-reduction initiatives.
LA Port Gears up for LA Fleet Week Inaugural
Organizers of this summer’s inaugural LA Fleet Week 2016 are in full planning mode for the week-long call of U.S. Navy ships on the LA Waterfront in the days leading up to and including Labor Day Weekend. Friday September 2, through Monday September 5, big crowds are expected to converge at the Port of Los Angeles World Cruise Center for Naval vessel ship tours and a variety of exhibits and activities along the main channel that will bring together the public and more than 1…