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?
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…
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.
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.
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.
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 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…
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…
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…
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.
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…
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…
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…
Sulphur Cap Transition Is No 'Walk in the Park' -BIMCO
BIMCO, the world’s largest international shipping association, has responded to the decision at the International Maritime Organization’s Marine (IMO) Environment Protection Committee (MEPC) on the implementation of the global sulphur cap for shipping. Lars Robert Pedersen, Deputy Secretary General at BIMCO gave the following statement: “BIMCO respects the decision of the MEPC to move ahead and implement the global sulphur cap by January 1, 2020.
OOCL Revenue Slides in Q3
Orient Overseas Container Line's (OOCL) total revenues decreased by 13.8 percent to $1.15 billion, for the third quarter of 2016. The shipper’s total volumes were up 5.2 percent from the same period last year. Loadable capacity increased by 0.7 percent. The overall load factor was 3.6 percent higher than the same period in 2015. Overall average revenue per teu decreased by 18.1 percent compared to the third quarter of last year.
Supporting Maritime Security in East Asia
Improving maritime security through surveillance monitoring and communication systems is on the agenda at an IMO seminar in Kuala Lumpur, Malaysia (24-27 October). The event is supporting senior officials from ten east-Asian coastal states, with a wide range of responsibilities surrounding maritime surveillance monitoring and communications, coastal and port security to gain a deeper understanding of practical measures in these fields.
Cargo Commitments for Multimodal Terminal at Haldia
The Inland Waterways Authority of India (IWAI) has received a commitment for transport of 5.92 million tons (MTs) of cargo volume per annum through the Multimodal Terminal at Haldia by the year 2018. This follows a series of consultations IWAI held at Haldia with various industries, firms, shipping lines, cargo operators, shippers and manufacturers. The main items for which commitments have been received are fly-ash, edible oil, vegetable oil, gypsum, etc.