Korean Government to Fund HMM Vessels
South Korean shipping unit will purchase Hyundai Merchant Marine (HMM) vessels for USD 515 million and lease them back to the container carrier at favorable charter rates as part of a state aid program. Korea Shipping Co., a new entity servicing troubled shippers will act as a shipping bank to buy vessels from shippers to lease them back to help them out of financial troubles, was launched on Tuesday on initial paid-in capital of 1 trillion won.
Samsung Heavy Trims Operating Loss for 2016
Samsung Heavy Industries (SHI), South Korea's second largest shipbuilder, has managed to reduce its operating loss by around 90 percent due to a stabilization in shipbuilding and offshore construction. SHI ended the year with an operating loss of KRW 147.2 million (USD 126,200), against an operating loss of KRW 1.5 billion (USD 1.28 million) recorded a year earlier, the company said in a stock exchange filing.
Navios Maritime Midstream Posts 4Q Profit
Maritime Midstream Partners LP (NAP), an owner and operator of tanker vessels, has reported fourth-quarter earnings of $6 million. On a per-share basis, the company has a net income of 28 cents. The operator of contracted crude oil tankers posted revenue of $22.8 million in the period. For the year, the company reported profit of $24.9 million, or $1.19 per share. Revenue was reported as $91.8 million.
Diana Shipping Signs Contracts with Cargill, Noble
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Cargill International S.A., Geneva. The time charter was extended for one of its Capesize dry bulk vessels, the m/v Baltimore, for a period of minimum thirteen (13) months to about sixteen (16) months.
Singapore Court Fines Unlicensed Bunker Craft Operator
New Ocean Maritime Pte Ltd was convicted in court under regulation 64(b) of the Maritime and Port Authority of Singapore (Port) Regulations and was fined a total of $81,000. The Maritime and Port Authority of Singapore (MPA) brought charges against New Ocean Maritime Pte Ltd for providing services in the port of Singapore without a bunker craft operator licence between 3 January 2015 and 28 March 2015.
Maritime Energy Management in the Spotlight
International Maritime Organization (IMO)'s global energy efficiency rules are key to a sustainable future for shipping. This was the message from IMO Secretary-General Kitack Lim to the MARENER 2017 conference on maritime energy management, taking place at the World Maritime University (WMU) in Malmö, Sweden (24-25 January). Lim emphasized the importance of energy management and outlined the numerous on-going IMO projects to help implement global energy efficiency measures for shipping.
Korea's Seaport Cargo Grows
The volume of cargo processed at South Korea's seaports reached a record high last year despite a global economic slump and the collapse of the country's leading shipper, Korea Herals quoted the government as saying. Cargo handled at seaports across the nation totaled 1.5 billion tons in 2016, up 2.7 percent from a year earlier, according to the Ministry of Oceans and Fisheries. Trade cargo totaled 1.23 billion tons, while domestic shipments came to 265 million tons.
Protect Vessels from Marine Corrosion
For ship and vessel owners that struggle with corrosion caused by water, humidity, condensation, salt air and environmental contaminants, Force5 Marine works as corrosion inhibiter, lubricant and cleaner to protect engines and critical equipment and keep it in good working order. The harsh marine environment costs an estimated $50-80 billion in corrosion related damage worldwide, and can lead to the failure of critical equipment including engines…
CalAmp Helps Navico Enable Wireless Connectivity
Wireless products, services and solutions provider CalAmp said its enhanced LMU-4530 telematics devicehas been chosen to support Navico’s new cloud-enabled GoFree Connected Vessel program to monitor onboard engine, sensor and navigation data. CalAmp’s device management and maintenance software platform, PULS (Provisioning/Programming, Update and Logistical System), has also been customized to support Navico’s over-the-air device management and firmware updates for vessels in port or at sea.
St. Lawrence Seaway Tolls to Rise 2%
The St. Lawrence Seaway Management Corporation (SLSMC) announced a toll rate increase of 2 percent for the 2017 navigation season.
Asia Gasoline Demand Draws European Cargoes
Robust Asian gasoline demand has drawn more cargoes from Europe over the past week. At least five LR2 vessels have been fixed within the week to load 80kt cargoes of gasoline and gasoline blendstocks from NWE (mostly Mongstad) to Singapore. Gasoline from Europe typically moves to Asia on an opportunistic basis. The sharp increase in fixtures can be attributed to the recent surge in Singapore gasoline cracks.
Another Tug for Rimorchiatori Riuniti
Rimorchiatori Riuniti has taken delivery of a Damen ASD 2913. The new vessel – named Germania – was handed over to the Italian tug operator last week from Damen Shipyards Galati in Romania. The delivery follows Rimorchiatori Riuniti’s order for a second, identical vessel; the contract for which was also finalized at the end of December. Rimorchiatori Riuniti’s newest addition to the fleet has had some additional extras installed by Damen.
New Explosion Proof LED Light Fixture
Industrial lighting company Larson Electronics has released a 70 watt explosion proof LED light fixture mounted on an adjustable beam clamp to simplify mounting on existing beams. The new EPL-LP-70W-LED-HDBC-20-EPP beam clamp mounted LED fixture is weatherproof and comes with an adjustable aluminum mount that makes it suitable for industrial applications, maintenance, cleaning and servicing duties, as well as large hazardous work areas.
Eimskip, RAL Order Containerships from China
Iceland’s Eimskip and Greenland’s Royal Arctic Line (RAL) have signed an agreement to share capacity, and together ordered three new ice-class containerships to be built in China. Eimskip said it has finalized contracts with China Shipbuilding Trading Company Limited and Guangzhou Wenchong Shipyard Co. Ltd. for the construction of two 2,150 TEU container vessels, and RAL also signed a contract for one vessel of the same type from the same shipyard.
Evoqua Introduces Service Solution for Electrochlorination Systems
Offshore and marine operators of electrochlorination-based marine growth prevention systems are set to benefit from a new maintenance and service initiative from the world’s leader in the market: Evoqua Water Technologies. Bringing together more than 100 years of water treatment expertise from a number of the company’s brands and divisions, Evoqua Electrochlorination Services (EES) has been established…
First Cuba to US Cargo Shipment Arrives
A shipment of artisanal charcoal made its way from Cuba to Port Everglades aboard Crowley’s container ship K Storm, marking the first truly commercial shipment from…
Global Oil Demand to Grow into 2040s
Global oil demand will keep growing into the 2040s due to higher consumption of plastic goods even as the electric vehicle fleet expands rapidly and technology revolutionises transport…
Partners Developing LNG-fueled Capesize Concept
New regulations on limiting sulphur and nitrogen oxides emissions and a burgeoning global infrastructure are adding to the growing momentum for the more widespread adoption of LNG as a marine fuel. “Green Corridor”, a new joint industry project (JIP) signed recently in Singapore, looks to capitalize on this opportunity to drive the development of the market. Under the JIP, partners BHP Billiton, Mitsui O.S.K.
Carnival, Wärtsilä Partner on Ship Performance
Wärtsilä and Carnival Corporation & plc have signed a 12-year agreement that aims to strengthen the groups’ existing partnership and joint improvement efforts to maintain the higher levels for cruise ship safety and reliability. The performance-based agreement provides for shared financial incentives and exposure based on outcomes for both companies. The value of the long-term agreement is approximately EUR 900 million.
Netherlands’ Mariserve Buys Secondhand Pilot Boat
Netherlands-based Mariserve has purchased a secondhand pilot boat, Mercury, previously owned by the Dutch Pilot Association. The Mercury will continue under the name Sirocco. This vessel is the ninth vessel previously owned by the Dutch Pilot Association of which Damen Trading has handled the sale as exclusive broker. Damen said it intends to continue this cooperation for the next couple of years when the next pilot boats become available.