Low Tanker Rates Boost Long-distance Trade -EIA
Recent expansion of the global crude oil and petroleum product tanker fleet has resulted in falling or lower tanker rates for much of 2016 that have widened the geographic scope for economically attractive trade at a time when inventories of both crude oil and petroleum products are at high levels, according to the U.S. Energy Information Administration (EIA). In recent years, growing global oil production…
Wreck Removal Convention Ratified by Finland
Finland has become the 32nd State to ratify the International Maritime Organization’s (IMO) Nairobi International Convention on the Removal of Wrecks. The treaty, which entered into force in 2015, provides the legal basis for states to remove, or have removed, shipwrecks that may threaten the safety of lives, goods and property at sea, as well as the marine environment. The convention was adopted in…
Fitch: US Ports Exposed to Shippers via Terminal Operators
Hanjin Shipping's and Outer Harbor Terminal's (OHT) bankruptcies this year have raised questions about the legal separation of joint venture terminal operators that are often lease counterparties for U.S. ports, Fitch Ratings says. These events highlight potential risks that must be balanced against the benefits of ports signing lease or concession agreements. Global carrier Hanjin's bankruptcy has exposed the possibility that terminal operating companies…
Hanjin Containership Set to Dock in Vancouver
A container vessel that spent months sitting off Canada's west coast due to the collapse of a major South Korea shipping company is set to dock in Vancouver on Thursday, port and union officials said.
Container Shipping: Bright Spots Exist -Xeneta
In-depth analysis of Q3 container shipping costs reveals positive trends for the beleaguered container carrier segment, according to Xeneta, a benchmarking and market intelligence platform for containerized ocean freight. However, the market remains highly complex and unpredictable, with the “Hanjin Effect” already ebbing away. According to Xeneta, which crowd sources shipping data from more than 600 major international businesses…
China Says Latest South China Sea Drill Was SAR Exercise
China's latest drill in the South China Sea was a normal search and rescue exercise, the defence ministry said on Thursday, less than a week after a U.S. navy destroyer…
Iran Crude Oil Exports to Hit 4-month Low
Iran's crude oil exports are set to decline 5 percent in November to a four-month low, a source with knowledge of its preliminary tanker schedule said, as low seasonal…
Capesize Rates Fall to Eight-week Low
Freight rates for large capesize dry cargo ships on key Asian routes, which fell to an eight-week low on Wednesday, are likely to continue to slide next week as charterers drip-feed cargoes in an over-tonnaged market, brokers said on Thursday. "There is no charity out there. The market can go as low as charterers can drag it," said a Singapore-based capesize broker on Thursday. That came as capesize rates from Brazil and Western Australia to China dropped by $1-$1.50 per tonne in a week.
Iran Shipping Lines Head Sees Business Rebound by Mid-17
Container shipper Islamic Republic of Iran Shipping Lines (IRISL) Chairman Mohammad Saeidi expects the firm to have recuperated by the middle of next year the business lost while Iran was subject to international sanctions. "Step by step the problems have been resolved, removing many restrictions and limitations," since the sanctions were lifted, he told Reuters in an interview at a shipping conference in Copenhagen.
IMO Sets Regulations to Cut SOx Emissions from 2020
The United Nations' shipping agency on Thursday set global regulations to limit the amount of sulphur emissions from vessels which will come into force from 2020. The shipping industry is by far the world's biggest emitter of sulphur, with the sulphur oxide content in heavy fuel oil up to 3,500 times higher than the latest European diesel standards for vehicles.
Furetank and Älvtank Extend LNG Tanker Order
Furetank and Älvtank extend the order with two more of next generation Intermediate Product/Chemical Tankers with LNG propulsion. Furetank Rederi AB and Rederi AB Älvtank have added the previous order with two more newbuildings. Last year a contract signed by the constellation Furetank, Älvtank and Thun Tankers to let build four chemical/product tanker in the intermediate segment of the Chinese shipyard Avic Dingheng Shipbuilding.
GE Completes Queen Mary 2 Upgrade
GE’s Marine Solutions recently provided an extensive upgrade service to one of the world’s most famous ocean liners, the Queen Mary 2 (QM2). The upgrade service with new technology supplied by GE was completed in just 18 days. Twelve years after equipping the QM2 with original propulsion motors, GE was chosen to carry out multiple crucial upgrade activities on Carnival’s flagship liner, for example: a controls upgrade…
SA Ports Gears for Cruise Season
South Africa’s ports are ramping up for another busy cruise season with at least14 luxury cruise lines and 20 vessels of varying sizesset to ferry international and domestic tourists across the country’s port cities. The 2016/17 South African cruise season kicks off on 1 November.MSC SINFONIA – the largest and most popular cruise ship in the local cruise calendar –will be a highlight when she arrives in her homeport of Durban in the early hours of Tuesday…
Navig8 Tankers Add New Vessel
Navig8 Chemical Tankers Inc. an international shipping company focused on the transportation of chemicals, today announced that it has taken delivery of the Navig8 Stellar, a 25,000 DWT stainless steel chemical tanker from Kitanihon Shipbuilding Co., Ltd. The Navig8 Stellar is the fourth of six vessels contracted at Kitanihon to be delivered to the Company and is the second and final vessel to be delivered under the sale and leaseback arrangements entered into with subsidiaries of SBI Holdings…
LR Joins Collision Avoidance Research for Autonomous Ships
LR is participating in the MAXCMAS project, a £1.27million collaborative research project that aims to investigate, develop and implement real-time collision avoidance algorithms for autonomous maritime vessels. The MAXCMAS project aims to develop COLREGs (International Regulations for Preventing Collisions at Sea 1972) compliant collision avoidance navigation for autonomous ships and other Unmanned Surface Vessels (USVs).
“Ottantacinque” Wins German Design Award
“Ottantacinque”, the concept of the latest-generation luxury mega yacht developed in partnership between Fincantieri Yachts and Pininfarina, introduced last year at the Monaco Yacht Show, won the prestigious annual award of the German Design Council in the category “Transportation” . “Ottantacinque” is a turnkey project, ready to be built, not just a simple concept, a merge of simplicity and functionality…
NAT Orders Three Suezmax Tankers
Nordic American Tankers Limited (NAT) said it has entered into agreements with Korean shipyard Samsung Heavy Industries Co., Ltd. for the construction of three Suezmax tankers of about 157…
Wärtsilä EGC Gets First Flag Approval in Asia
The Singapore flag state authorities have approved Wärtsilä's exhaust gas cleaning (EGC) systems, making it the first EGC to be approved by an Asian flag authority. The approvals relate to Wärtsilä EGC systems ordered for two new RoRo vessels owned by a Japanese shipowner and currently being operated by Wallenius Wilhelmsen Logistics, the privately owned Swedish/Norwegian shipping company. The ships entered into service this year.
HSH Nordbank Seals Charter of Hanjin Ships to Maersk
Germany's HSH Nordbank has arranged a deal which will see six container ships from collapsed South Korean line Hanjin chartered out to Denmark's AP Moller Maersk, the state-backed lender said on Thursday. This is one of the first examples of Hanjin's lenders looking to resolve the fallout from the shipping firm's collapse in August, which has left an estimated $14 billion in cargo stranded on its ships.
Ship Breaking Activity Grows Slowly but Steadily -BIMCO
Global ship demolition activity rose by 16 percent in the first nine months of 2016 in comparison to the same period of 2015, showcasing shipping industry action to counter the imbalance between supply and demand in the market, according to BIMCO. However, diminishing demolition activity from March through July was bad for the recovery of the market. But could the recent increase in August and September be seen as a mild sign of hope?