India's Sagarmala Program: 415 Projects, $120 Bln Investment
Under India's prestigious Sagarmala Programme, 415 projects, at an estimated investment of approximately INR 8 Lac Crore (USD 120 Bln) , have been identified across port modernization & new port development, port connectivity enhancement, port-linked industrialization and coastal community development for phase wise implementation over the period 2015 to 2035. As per the approved implementation plan of Sagarmala Programme…
THE Alliance Draws Up Financial Plans
The members of THE Alliance announced a contingency plan in the event a member of THE Alliance suffers a bankruptcy. The five member lines Hapag Lloyd, K Line, Mitsui OSK Lines, Nippon Yusen Kaisha and Yang Ming will establish an independent trustee to manage funds to be used in the case there is insolvency within the group. It is envisioned that the fund will be used to continue alliance operations in the event of insolvency of one or more member lines.
Spot Freight Rates Soar from North Europe to Asia
Spot container freight rates from North Europe to China increased by 45 percent this week, reaching a four-year high. The “World Container Index assessed by Drewry” market reading on the route from Rotterdam to Shanghai jumped to $1,076 per 40ft dry container today, from $740 last week. “Our sources reported that ships are currently full and that carriers have demanded much higher rates – only some prior rate agreements remain in place,” said Philip Damas, head of Drewry’s logistics practice.
Caribbean Centre Launches on Low-Carbon Shipping Mission
A new centre tasked with promoting technologies and operations to help navigate shipping into a low-carbon future has been launched at the University of Trinidad and Tobago (8 March). The centre will cater to the needs of the Caribbean region under the Global Maritime Technology Cooperation Centre Network (GMN) – a project funded by the European Union (EU) and run by International Maritime Organization (IMO).
WMU, DNV GL Maritime Academy Partner on New Program
The World Maritime University (WMU) and the DNV GL Maritime Academy have launched a new Postgraduate Diploma in Maritime Safety and Security (MSS) to help people involved in shipping operations, as well as the associated regulatory framework, develop the vital understanding of all of the aspects of safety and security required in today’s complex maritime industry. “WMU is pleased to offer this invaluable new programme in Maritime Safety and Security with our partners at DNV GL Maritime Academy.
India Mulls Development of Ports
Indian Ports handle about 90% by volume & 70% of value of the country’s EXIM (Export–Import ) cargo. In order to meet the growing trade requirements of the country, the capacity of the Ports & the cargo handled by the Ports have increased over the years. The installed capacity of the Ports which was 1312 MTPA in the year 2012-13 has gone up to 1716 MTPA in 2015-16 and is likely to reach 1897 MTPA by the end of the 2016-17.
TEN Announces Time Charter for Hercules I
Tsakos Energy Navigation (TEN), a leading diversified crude, product and LNG tanker operator, today announced an up to 18 months time charter with minimum and profit sharing provision for the newly delivered VLCC Hercules I to a major US oil company. "All 15 new vessels in TEN's growth program, including the five for the rest of this year, have full long-term employment. This new time charter announced…
Port Security and Facilitation Training in Djibouti
International Maritime Organization (IMO) has conducted a national port security and facilitation workshop at the Djibouti Regional Training Centre (DRTC). The workshop (7-8 March) was highlighting IMO's maritime security and facilitation requirements and showcases the range of IMO and other training courses, guidance and tools available, including new port-focused training packages developed in line with the World Maritime Day theme, "Connecting ships, ports and people".
Viega Names Fortuny Technical Manager
Viega LLC has hired Yasmin Fortuny as its new technical manager for its shipbuilding and cruise business development division in the Florida, Puerto Rico, Bahamas and Caribbean regions. In this position, Fortuny is responsible for positioning Viega as the primary choice for marine applications within the cruise line, shipbuilding, mega-yacht, commercial-vessel and military markets. She is also responsible for promoting all of Viega’s marine-approved products…
Austal Opens New Patrol Boat Building Facility
Austal has opened a new Pacific Patrol Boat Replacement (PPB-R) Shipbuilding Facility in Naval Base, Western Australia. Australian Defense Industry Minister Christopher Pyne cut the red ribbon at the 10,500m² facility in front of defense industry stakeholders, suppliers and partners from across Australia. Austal CEO David Singleton said the PPB-R project is estimated to create up to 207 jobs across production…
Interview: Tan Sri Kt Lim, Chairman, Genting Hong Kong
Last year Genting Hong Kong acquired shipbuilding capacity in Germany. When and why was the decision made to become a shipbuilder? With the rapid growth of the world cruise industry, especially in China, this has led to cruise ship order book reaching an all-time high, with orders placed as far out as 2026, nearly 10 years from now. In order to ensure that the company can build the required number of cruise ships for three brands in the next decade…
Digital Tech Turning Around Marine Prospects in Uncertain Waters
The start of every year calls for time to reflect on the last. The offshore and marine industry can look back on 2016 as one of the most bruising in recent memory. The downturn has been tough and drawn out, with increased divestment, more stringent environmental regulations and a prolonged shipbuilding cycle that has resulted in overcapacity. However, challenges can be harnessed as a force for progress.
Best Practices for Successful Casualty Investigations
The final success of any fire or explosion investigation is dependent on the management of the incident. Fire and explosion incidents on board vessels have always presented challenging situations for the marine industry. However, with the industry as whole facing ever-increasing financial pressures, many of those who suffer from a fire or explosion are seeking out cost saving measures during investigations.
Louisiana Dredging Outlook
When maritime stakeholders think about dredging, they typically first conjure up visions of harbor deepening projects to accommodate those giant, post-Panamax boxships. Conversely, inland players hope for maintenance dredging in the heartland to keep the nation’s 31,000 cargo barges afloat as they head for the coast. But, there is much more to it than that. In Louisiana, dredging, of course, keeps Louisiana's waterways open for navigation…
Intellian to Debut Convertible 60cm Class Antenna
Intellian Technologies, provider of maritime satellite communications and entertainment systems, said it will introduce the v65; a 60cm class Ku/Ka convertible satellite communications system at the Satellite 2017 show in Washington D.C. According to the manufacturer, the v65 is poised to drive adoption of new connectivity solutions in the mobility market by making access to both Ku- and Ka-band on the same antenna system simple and cost-effective.
Recent Vessel Sales: February 2017
2/19 - MSR NO.
Glickman to Take over as ZIM CEO
Eli Glickman has been nominated by ZIM Integrated Shipping Services’ board of directors as the container carrier’s new president and CEO. Glickman will assume the role July 1, replacing current CEO Rafi Danieli, who last year advised that he would be stepping down. Danieli led ZIM as CEO for the past eight years, and before this held various positions at ZIM, including CFO and deputy CEO. “It has been a privilege to lead ZIM during the most difficult times the industry has ever faced…
REINTJES Opens Paraguay Branch
Propulsion specialist REINTJES continues with the expansion of its worldwide sales and service network with a new branch office in Paraguay. The new office opened March 1 to service the markets of Paraguay, Uruguay, Argentina and the south of Chile. The new office will be managed by Marcelo Escondeur, already a business partner for REINTJES in his position as general manager of the distributor Hardo Consulting Cono Sur Srl.
Panama Canal Sets Daily Tonnage Record
In February 2017, the Panama Canal set a new daily tonnage record of 1.18 million Panama Canal tons (PC/UMS) after welcoming a total of 1,180 vessels through both the expanded and original locks, the Panama Canal Authority reported. The previous record was established the month prior in January 2017 when the canal recorded a daily tonnage average of 1.16 PC/UMS. February is the third-consecutive record-breaking month for the Panama Canal.
Dry Bulk Fleet Grows as Supply Surges -BIMCO
As the dry bulk fleet grew by 2.6 percent year on year in January 2017 it exceeded 800 million DWT. This was due to dry bulk demolition being half of what is was in January 2016, while total dry bulk deliveries reached its highest level since January 2013. In February 2017, fleet growth reached 2.8 percent. If the fleet growth remains above 2 percent, the dry bulk shipping industry cannot rely on global demand to cure the oversupply caused by this fundamental imbalance in the market.