Moody's Upgrades HMM Credit Rating
South Korean Container carrier Hyundai Merchant Marine (HMM), which collaborates with the 2M alliance, has had its rating improved from the default rating D to instead BB, informs the carrier. "Korea Investor Service (a Moody’s Affiliate) has upgraded Hyundai Merchant Marine’s credit rating from D (Default) to BB (Stable)." says the company statement. HMM has successfully overcome all the challenges…
International Navy Friendships Strengthened in Crisis
The Royal Australian, New Zealand and Canadian Navies took part in anti-submarine warfare exercises off the east coast of New Zealand late last year. Exercise NGA TAHI sought to strengthen relations and refine common operating procedures between the participating nations. Australian submarine HMAS Dechaineux exercised for three days with Anzac frigates, HMNZ Ships Te Kaha and Te Mana, HMCS Vancouver and a P-3K2 Orion from the Royal New Zealand Air Force.
DMA Focus on Smart Enforcement
Future shipping requires that both the maritime industry and the authorities utilise new technology and digital solutions to do their work smarter and better, the Danish Maritime Authority (DMA) said in a press release. "Attendees of the European Shipping Week on 28 February 2017, can learn about the visions for smart inspection and enforcement of maritime regulation, and take part in the subsequent debate on digital and technological potentials and challenges," it said.
Diana Shipping Extends SwissMarine Charter
Diana Shipping , through a separate wholly-owned subsidiary, has agreed to extend the present time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Aliki. The global shipping company specializing in the ownership of dry bulk vessels extended the contract for a period of about eleven (11) months to maximum fourteen (14) months. The gross charter rate is US$10,300 per day, minus a 5% commission paid to third parties.
CMA CGM Improves India Middle East – East Africa Links
Swahili Express service will be dedicated to Kenya and Tanzania markets with very fast transit times. Mombasa will be reached from Mundra in 12 days and Dar Es Salaam in 14 days. Noura Express service will have an improved transit time to Somalia by 4 days. Mogadishu port will be reached in 7 days from Jebel Ali and in 17 days from Mundra. SWAHILI service: As from m/v CHIEF at Nhava Sheva on February 24th, 2017, Swahili service will be operated with 4 vessels.
Future Maritime Leaders Practice Policy Planning
Maritime law students in Malta have been introduced to key issues in maritime transport policy making in a seminar at the IMO International Maritime Law Institute (IMLI) in Malta (7-9 February). The event focused on the National Maritime Transport Policy (NMTP) concept, which is being promoted by International Maritime Organization (IMO) as a good governance practice to guide planning, decision making and legislation in the maritime sector.
Higher Profits for MISC
Liquefied natural gas (LNG) shipping company has released its financial results for the year ended 31st December 2016 which show Group revenue for the quarter and the year were low than the corresponding periods for 2015. Group profit before tax for the quarter ended 31st December 2016 was lower than the corresponding quarter ended 31st December 2015 but Group profit before tax for the year ended 31st December 2016 was higher than the year ended 31st December 2015.
Screw Pumps for Ship Unloading and Product Transfer
Blackmer, part of PSG, a Dover company and a global leader in positive displacement, regenerative turbine and centrifugal pump, and reciprocating compressor technologies, says its S Series Twin Screw pumps deliver operational capabilities to meet the needs of shipbuilders and shippers. Specifically, S Series pumps offer the reliability, flexibility, economy, performance and value to optimize the transfer of critical liquids from the vessel to distant tank farms, the manufacturer says.
Winter Weather Delays Grain Movement to US Ports
Severe winter weather has slowed rail deliveries of crops to shippers in the U.S. Pacific Northwest, sending freight rates soaring and prompting Asian buyers to…
Finland Has an Icebreaker Emoji
A true leader in terms of Arctic shipping, Finland produces two-thirds of the world’s icebreaking ships. Now the country is honoring its Arctic shipbuilding prowess in emoji form. In addition to the icebreaker, other Finnish emojis in the set include a Nokia phone, the Aurora Borealis, a rocking “headbanger”, a sauna scene and “woolly socks”. Check them out here.
Middle East Gulf Exports Soar in January 2017
During January – a month when all eyes were on oil production cuts – exports leaving the Middle East Gulf (MEG) region hit the highest level in at least two years, according to Genscape. At the end of November 2016, the Organization of the Petroleum Exporting Countries (OPEC) addressed the perceived global oversupply of oil and consequent low prices. OPEC members agreed that all countries, except Iran, would cut total production by 1.2 million barrels per day (bpd), starting on January 1.
US Drillers Continue to Add Oil Rigs
U.S. energy companies added oil rigs for a 14th week in the last 15, extending a nine-month recovery as drillers take advantage of crude prices that have held mostly…
Suitability Survey Completed for Second Largest Semi-Submersible
Global Maritime Consultancy & Engineering, a provider of offshore marine warranty, dynamic positioning and engineering services, has completed a suitability survey for the world’s second largest semi-submersible - the ‘Xin Guang Hua’ - in advance of her maiden voyage. For the survey, Global Maritime carried out an independent assessment of all aspects of the vessel’s condition. The Xin Guang Hua - at 255 meters long…
Damen Repair Yards Earn More ISO Certifications
A number of Damen Shiprepair & Conversion yards have recently or will soon achieve new ISO certifications as part of an ongoing initiative to standardize operating procedures across the group. Damen Shiprepair Amsterdam (DSAm) and Damen Shiprepair Vlissingen (DSVl) have passed ISO 3834-2 certificate audits. This standard defines rigorous quality procedures for the fusion welding of metallic materials and represents the highest possible accolade in the welding industry.
Cargo Ship to be Converted into a Dredger
Group De Cloedt will have her dry cargo vessel DC Eems converted into a trailing suction hopper dredger. Kooiman Marine Group in Zwijndrecht has received the order for this project. The DC Eems, currently under management with EemsWerken, (family Kornet) from Werkendam, measures approximately 90m x 15m. Upon completion of the conversion, she will have a hopper of 2,450 cbm and will be employed within the granulate / dredging fleet of Group De Cloedt, under a new name.
Another New Ferry for NYC
Plans are in motion to procure another newly built ferry for New York City. A city-run organization in charge of running New York’s Governors Island said it is seeking bids for the design and construction of a new passenger-only ferry for its service between the island and Manhattan. Naval architecture and marine engineering firm Glosten, Inc. has provided technical requirements for the design, construction and delivery of the vessel, to be operated by The Trust for Governors Island.
Asia, Mideast Product Tankers Idled on Oversupply
Lower product shipments from India, Mideast; diesel comes off floating storage, frees up ships. Dozens of tankers used to carry refined oil products are sitting idle in Asia and the Middle East as slow trade and an oversupply of ships have cut daily earnings to as little as a fifth of last year's level, shipbrokers and traders said. Shipping data in Thomson Reuters Eikon shows around 50 product tankers currently floating idle off Singapore and Fujairah, United Arab Emirates.
Rare Gasoline Exports Underway from Bloated East Coast Stocks
Traders prep rare East Coast gasoline exports; cargoes already sailing with exported distillates. Traders are preparing to export cargoes of coveted gasoline from the U.S. East Coast after months of heavy importing and local production swamped the region. At least two cargoes of gasoline are lined up to sail to West Africa, according to three market sources, with others eyeing their own shipments.
First Meet of Arctic Economic Council held
A meeting of the Arctic Economic Council (AEC) was held in Saint Petersburg on the premises of SCF Arctic, a subsidiary of Sovcomflot Group (PAO Sovcomflot), on 7-8 February 2017. The meeting was attended by business community representatives from Russia, Finland, Norway, Denmark, Sweden, Canada, and the USA, as well as several organizations of indigenous peoples of the Arctic: Gwich'in Council International…
Litter Levels in the Arctic Depths On the Rise
The Arctic has a serious litter problem: in just ten years, the concentration of marine litter at a deep-sea station in the Arctic Ocean has risen 20-fold. This was recently reported in a study by researchers at the Alfred Wegener Institute, Helmholtz Centre for Polar and Marine Research (AWI). Plastic bags, glass shards and fishing nets: despite its location, far from any urban areas, the amount of litter in the depths of the Arctic Ocean continues to rise…