Korea Shipping to Buy Up to 10 HMM Vessels
The state-backed ship financing company Korea Shipping is looking to buy up to ten container vessels operated by Hyundai Merchant Marine (HMM), and lease them back to the shipping firm, says a report in Yonhap. “Korea Shipping will provide some 720 billion won (USD 633.7 million) to Hyundai Merchant this month or next month to shore up its capital base,” the report quoted Sohn Byung-doo, a standing member of the Financial Services Commission, the country’s financial regulator, as saying.
K Line’s CO2 Reduction Targets on Track
Kawasaki Kisen Kaisha, Ltd. (K Line) has announced that its CO2 reduction targets have been approved as "scientifically consistent" with the 2 degree centigrade temperature goal set by the COP 21 Paris Agreement. As a result, K Line says it has obtained certification from Science Based Target Initiative (SBTi), and has set its interim target to reduce CO2 emissions by 10 percent for 2019. In March 2015…
IMO Secretary-General Visits Antarctica
International Maritime Organization (IMO) Secretary-General Kitack Lim experienced polar conditions at first hand during a recent visit to Antarctica (8-12 February). Shipping in waters surrounding the two poles has increased in recent years. IMO’s Polar Code entered into force on 1 January 2017, bringing in additional safety and environmental provisions for ships operating in these harsh, remote and unique conditions.
Preventive Strategies for Maritime Security
The importance of well-coordinated, risk-based preventive strategies to counter maritime security threats was highlighted by International Maritime Organization (IMO)'s Chris Trelawny, Special Adviser on Maritime Security and Facilitation, during a debate at the United Nations Security Council (13 February). The UN body, which has the responsibility for maintenance of international peace and security…
Gulf Navigation on Recovery Path
Dubai-based shipper Gulf Navigation announced its best annual results for eight years, on account of the improvement in spot tanker rates and the reclassification of liabilities. In a statement, the company said it had benefitted from ‘strong and consistent financial turnaround and transformation’. It has reported net annual earnings of AED 136.6m ($37.2m), against AED 20.2m in 2015. Profits for the fourth quarter hit Dh5.4m, compared with Dh4.5m a year earlier.
Navios Maritime sells MSC Cristina to Repay $100 mln Debt
In January 2017, following the completion of the sale of the MSC Cristina, Navios Maritime Partners repaid approximately $100 million of bank debt. Proforma for these repayments, net debt/book capitalization for December 31, 2016, has decreased to 36.5%. In addition, during 2016, the Company reduced its net debt by $77.8 million. In January 2017, the Company completed the sale of the MSC Cristina, a 2011 South Korean-built Container vessel of 13,100 TEU.
CMA CGM Hires Diana Containerships’ M/V Rotterdam
Diana Containerships has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with CMA CGM S.A., Marseille, for one of its Post-Panamax container vessels, the m/v Rotterdam. The gross charter rate is US$6,890 per day, minus a 3.5% commission paid to third parties, for a period of minimum eight (8) months to maximum eleven (11) months. The charter is expected to commence on March 7, 2017.
US Coast Guard Finalizes Report on Death of Coast Guard Recruit
The Coast Guard announced Tuesday that it finalized its Major Incident Investigation (MII) Report into the July 2016 death of a Coast Guard recruit at Coast Guard Training Center (TRACEN) Cape May…
W. Africa Crude-Asian Tenders, Pending Export Plans Slow Trade
Physical trading in West Africa was muted as the market awaited tender results and the April-loading Angolan crude oil export plan. * The benchmark oil prices on which West Africa crude oil trades retraced some of Monday's losses as confidence in OPEC's cut plan rose. * Nigerian oil minister Emmanuel Ibe Kachikwu said the country lost up to $100 billion in oil revenues last year due to militant attacks.
MSC Mulls Stake in Messina
The world's no. 2 container line Mediterranean Shipping Company (MSC) is in talks to acquire a stake in smaller Italian counterpart Messina, the Swiss-headquartered group said…
Shell, Pavilion Gas to Supply Singapore with LNG
Shell and Pavilion Gas will start supplying Singapore with liquefied natural gas (LNG) later in 2017 under contracts awarded last year, the city-state's trade minister said on Tuesday. "We will also allow interested parties to import spot LNG in the second half of 2017, up to 10 percent of the total gas imports in Singapore," said S Iswaran. Reporting by Mark Tay
Tangshan Port Shares Soar on Coal Clampdown Rumors
Shares of Tangshan Port Group Co Ltd soared 7 percent on Tuesday, to post their biggest daily percentage gain in nine months, as investors bet the small port would benefit from a major clampdown on coal transportation at its larger rival. Shares in the Hebei-based company trading on Shanghai stock exchange jumped to 4.6 yuan ($0.67), their highest since Nov. 15, on Tuesday before ending the session at 4.52 yuan.
Philippines: Japan Offers Anti-Piracy Help
Japan has offered to send patrol ships to deal with a growing piracy threat in the southern Philippine waters bordering Indonesia and Malaysia, a senior Philippine defence official said on Tuesday.
Kongsberg K-Walk for Olympic Orion MPSV
Olympic Shipping has chosen Kongsberg Maritime’s new K-Walk integrated vessel gangway solution for installation aboard the Multipurpose Offshore Vessel (MPSV), Olympic Orion. Designed to significantly increase efficiency and safety for Walk-to-Work duties, K-Walk will be integrated with the advanced Kongsberg Information Management System (K-IMS) and the existing K-Pos Dynamic Positioning system on board Olympic Orion…
Tototheo Commits 1,500 Vessels to Fleet Xpress
Satlink Satellite Communications has entered into a new agreement with Inmarsat to integrate Fleet Xpress into Satlink’s existing service portfolio. Through the agreement, Satlink will bring more than 1,500 vessels to the Fleet Xpress service over a five-year period. Fleet Xpress, the Global Xpress maritime solution, sets a new standard for maritime global communications with crew welfare, regulatory and operational efficiency at its heart.
VARD bags Aker BioMarine Fishing Vessel Order
Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of specialized vessels has secured a contract for the design and construction of one krill fishing vessel for Aker BioMarine in Norway. The new and innovative vessel of VARD 8 10 design is specially developed for sustainable fishing operations in Antarctica. The vessel will measure 130 meters in length, have a beam of 23 meters…
Laborde wins Bukh Distribution Deal
Laborde Products has been selected as BUKH Diesel Marine Distributor for the United States marine market. "Our companies have tremendous synergies," stated Soren Pederson, BUKH sales manager. "The BUKH engine line really complements our growing position in the marine market, and provides much needed domestic support for the US cruise ship industry with the large population of BUKH SOLAS engines used in lifeboats and fast rescue craft”, said Chris Cerullo, Laborde Products marine manager.
MV FlatHolm Gets Busy at Galloper OWF
Lowestoft based multipurpose vessel MV FlatHolm finished off a busy year in 2016 with a successful charter to James Fisher Marine Services Ltd, undertaking a variety of service activities in connection with the Galloper Offshore Wind Farm during November and December. The Galloper project was busy, last year, with turbine foundation preparation and MV FlatHolm provided daily cover, making sure the…
HHI Implements NAPA 3D Design Tool
Software and services provider NAPA has announced that Hyundai Heavy Industries (HHI) has implemented NAPA Steel’s 3D model-based ship structural design tool across its business. NAPA Steel provides an interactive 3D structural modelling interface. Once a single flexible model is created for the whole vessel, this can be used throughout the design process, including class society rule checks, creating plan approval drawings, FE (Finite Element) model generation, weight calculation, etc.
Vega Reederei faces Penalty for Ballast Water Discharge
The Coast Guard, after an investigation of ballast water discharge violations, initiated civil penalty proceedings against the operator, Vega Reederei GmbH & Co. KG, of the bulk carrier Vega Mars, Feb. 2, 2017. Investigators found that around Jan. 29, 2017, while moored in Tacoma, ballast water was discharged from the vessel without the use of a Coast Guard approved ballast water management system or other approved means…