Soaring Capesize Rates Push Baltic Index to 12-week High
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, closed at a 12-week high on Tuesday on stronger rates across all vessel segments, especially capesizes. The overall index, which also factors in rates for panamax, supramax and handysize shipping vessels, ended up 54 points, or 5.52 percent, at 1,033 points. The capesize index surged 211 points, or 15.69 percent, to end at a six-week high of 1,556 points.
Grand Bahama Shipyard Starts 2017 Strong
Caribbean shipyard Grand Bahama Shipyard Limited (GBSL) said it will complete work on 10 cruise vessels within first quarter of 2017. Scope of works included significant propulsion and technical systems overhauls, hull treatment, accommodations and public spaces upgrades and the addition of onboard attraction facilities. GBSL shared highlights of 10 of the 23 cruise vessels owned and/or operated by major players in the industry planned for dry-docking in the first quarter of 2017.
Rising Oil, Salmon Prices Lift Norway Pension Fund
Norway's domestic state pension fund Folketrygdfondet said its 2016 return increased to 7.1 percent from 7.0 percent in 2015, increasing the market value to 212.3 billion Norwegian crowns ($25.12 billion). "Improved outlook for the global economy, rise in oil prices and record high salmon prices ensured solid results for the year," Folketrygdfondet's Chief Executive Olaug Svarva said on Tuesday. The fund says the return beat the market by 1.2 percent.
Canadian Fleets, Seaway Invest $160 Mln for 2017 Season
Canadian ship owners and the St. Lawrence Seaway have spent an estimated $160 million on repair and infrastructure projects this winter, boosting the economic fortunes of communities throughout the Great Lakes, the St. Lawrence and east coast, according to the Chamber of Marine Commerce. Canadian ship owners have invested an estimated $70 million to maintain and upgrade their vessels during the winter…
Plan for Safety: Leadership is Key
Effective leadership and a safety management system are the keys to success. Failure to lead has consequences. Over the last 20 years we have seen a dramatic shift in the way that our industry operates. When I started practicing law, many companies looked at safety planning as a balancing act where you weighed the costs associated with safety against the costs associated with working through employee claims. Unfortunately, our employees often ended up on the losing side of the balancing test.
Meyer Turku Builds Big
Maritime Reporter & Engineering News recently visited Finnish shipbuilding giant Meyer Turku, whose sights are set on building bigger. It is safe to say that when shipbuilding commenced in the town of Turku, Finland in 1737, the company building wooden boats at the time could not have envisioned the enormous vessels that would eventually be built by the site’s current occupant, Meyer Turku. The Meyer family…
Italy's 15-Cargo LNG Buy Tender Attracts Competitive Bids
A tender to supply Italy with about 15 liquefied natural gas (LNG) cargoes between April and September attracted highly competitive winning bids from traders including Gunvor, Trafigura, MET and Uniper, trade sources said. Companies offered to supply the shipments at only a slight premium to prevailing prices at Britain's National Balancing Point (NBP) trading hub, traders said. At the same time bids…
MSRC Names Dulisse CEO
Oil spill response organization Marine Spill Response Corporation (MSRC) has named Carmine Dulisse as its new President and CEO effective March 1, 2017. Dulisse…
Docking Errors Caused Cruise Ship Allision -NTSB
Too much speed and too steep of an angle of approach resulted in the May 8, 2016, allision involving the cruise ship Carnival Pride in which more than $2 million in property damage occurred, according to a National Transportation Safety Board (NTSB) marine accident brief released Tuesday. No fatalities, injuries or damage to the environment were reported in connection with the Carnival Pride’s allision with the pier at Cruise Maryland Terminal, South Locust Point, Baltimore Harbor, Md.
Consolidation Not Enough to Save Box Shippers -Study
The outlook for global container carriers remains rocky at the outset of 2017, according to a new study by AlixPartners. Hanjin Shipping Co.’s bankruptcy in 2016 sent shock waves through the industry, while Brexit and the new U.S. administration’s policies threaten to inject further uncertainty into the future of global trade. These stances could reverse policies that have supported the growth of containerization since the 1950s.
How Eagle Bulk Shipping is Using Big Data
It may come as some surprise, but Eagle Bulk Shippng is a progressive leader in the use of big data to monitor and manage its fleet. Jonathan Dowsett, Senior Fleet Performance Manager, explains in a recent interview with Maritime Reporter TV. For our readers not familiar, who is Eagle Bulk Shipping? Eagle Bulk Shipping Inc. is a US based owner and operator of 40 Supramax size bulk carriers. Both commercial and technical management is handled in-house.
Hamburg Makes More Space for Big Ships
Port of Hamburg project to redesign the Vorhafen harbor basin entrance completed, meaning more maneuvering space for big ships, faster berth assignment and improved safety of navigation. The Hamburg Port Authority (HPA) said it has officially completed the project “Redesigning the Entrance to the Vorhafen Harbor Basin”, within the schedule, both in terms of time and money. The widened Vorhafen basin access benefits both container shipping and cruise shipping.
CSSC, Wärtsilä Form Electrical & Automation Joint Venture
Technology group Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed a new joint venture company agreement. The new joint venture, to be known as CSSC Wärtsilä Electrical & Automation Co Ltd (CWE&A), will focus on the growing Chinese electrical and automation (E&A) market, especially for high-tech ship applications. The joint venture company is expected to be fully operational before the middle of 2017.
Pacific Partnership mission in Sri Lanka
Pacific Partnership 2017 made its initial mission stop in Hambantota, Sri Lanka, March 7, with the arrival of Military Sealift Command expeditionary fast transport USNS Fall River (T-EPF 4). This marked the first mission to Sri Lanka in the 12-year history of the annual civil-military operation, and the Pacific Partnership mission in Sri Lanka continues through March 18 and will make follow-on mission stops in Malaysia and Vietnam.
Dirty Ship Ordered to Leave New Zealand
Indonesian bulk carrier DL Marigold has been ordered to leave port of Tauranga in New Zealand waters after its hull was judged to be threat to bio-security. The Ministry of Primary Industries (MPI) has sent the ship packing from Tauranga because of its dirty hull - the first time this has happened. MPI ordered the Panama-registered DL Marigold from New Zealand after MPI divers discovered dense fouling of barnacles and tube worms on the ship's hull and other underwater surfaces.
Global Ship Lease Reports 4Q Loss
UK-based containership owner Global Ship Lease (GSL) has reported a fourth-quarter loss of $54.3 million, after reporting a profit in the same period a year earlier. It posted revenue of $41.4 million in the period. Operating revenues for the year ended December 31, 2016 were $166.5 million. For the year, the company reported that its loss widened to $65.1 million. At December 31, 2016, Global Ship Lease owned 18 vessels with a total capacity of 82…
Multi-Nation Naval Exercise in Australia
Warships from Australia, Italy, New Zealand and Spain are currently exercising off the Western Australian coast honing war-fighting skills and enhancing joint operating procedures. The multi-national maritime task group, consisting of more than 17 ships and aircraft, is encountering fictitious threats from the air, on the surface and underwater to train personnel with skills they need in battle. Amphibious giant…
BIMCO, ICS Start E-learning Courses
The Institute of Chartered Shipbrokers (the Institute) and BIMCO are pleased to announce the start of a new venture combining BIMCO’s state of the art eLearning courses and the Institute’s global engagement with students. This is a major boost for young people in the industry by giving them greater access to quality education and improved standards in maritime centres across the globe. A test group…
Bleak Outlook for World's Oceans
Global warming will disrupt four-fifths of the world's oceans by 2050 if greenhouse gas emissions keep rising, Reuter's quoted scientists as saying. The situation is threatening fish that are the main source of food for a billion people. Curbs on man-made emissions, however, would give marine life more time to adapt to warming conditions or for marine life from algae to cod to shift to cooler waters nearer the poles, they said.
World's Oldest Aircraft Carrier Decommissioned
INS Viraat, the world’s oldest aircraft carrier and the flag ship of the Indian Navy, was decommissioned on Monday after serving for 30 years in the Indian Navy. INS Viraat holds the world record as mentioned in the Guinness Book of records for being the longest serving warship of the world. INS Viraat, the second Centaur-Class aircraft carrier in service which has spent 30 years in the Indian Navy and 27 years in the Royal Navy…