LR Signs Two MoUs at Singapore Maritime Week
LR CEO, Alastair Marsh, signed two Memorandums of Understanding (MoU) during Singapore Maritime Week. The first promotes research and development (R&D) and innovation, building upon strong existing collaborations (e.g. enhanced understanding of cargo liquefaction to increase vessel stability and safety, extreme wave impact to optimize time and cost of semi-submersible rig design) and extending into big data and intelligent systems for real time condition monitoring…
Long-haul Arbitrage Trades to Benefit VLCCs
The OPEC production cuts since the start of 2017 has tightened supplies of medium and heavy sour crudes, leading to a narrowing Brent-Dubai EFS. This has made long-haul crude trades from the Atlantic Basin to the Far East economically viable, resulting in a surge in flows from the North Sea as well as Americas which has in turn boosted ton-mile demand in the VLCC sector. Growing ton-mile demand has helped to halt declining rates in a sector flooded with newbuild deliveries in Q1.
Frontline Takes Legal Battle over DHT to Marshall Islands
John Fredriksen's Frontline is switching its legal battle for control of tanker operator DHT Holdings from New York to the tiny Marshall Islands after making a fifth offer for the company this week. Frontline, controlled by Norwegian billionaire Fredriksen and owner of a 14.5 percent stake in DHT, has over the past year tried to acquire all of DHT's shares to forge the world's largest shipping tanker company.
Poland to Receive first US LNG Delivery in June
Poland will receive its first liquefied natural gas supplies (LNG) from the United States in mid-June as a result of a deal Polish gas firm PGNiG signed with Cheniere Energy, state-run PGNiG said on Thursday. Cheniere Energy will make the spot delivery at the Swinoujscie terminal on the Baltic Sea. Poland, which consumes around 15-16 billion cubic metres (bcm) of gas annually, built its first LNG terminal…
Daewoo Shipbuilding books first Quarterly Profit in 4 years
South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd posted its first quarterly profit in more than four years on Thursday, as on-time delivery of higher-margin vessels as well as cost-cutting measures helped the bottom line. The world's largest shipbuilder in terms of orderbook reported an operating profit of 292 billion won ($257.57 million) for the January-March quarter, compared with an operating loss of 38 billion won a year earlier.
Becker Marine Systems Eyes Growth in Asia
Becker Marine Systems says it is continuing its successful entry into Asian countries such as China, Japan and South Korea, despite an ongoing crisis in the shipbuilding industry. Now the Hamburg-based company is opening a branch office in Kobe, Japan, and has formed a manufacturing partnership with Murakami Iron Works for producing containership rudders. Becker Marine Systems has had a presence in the Asian maritime industry for decades.
AIDAperla Delivered to AIDA Cruises
AIDA Cruises has taken delivery of the 12th vessel of its fleet, AIDAperla, from Japanese shipbuilder Mitshubishi Heavy Industries (MHI). The vessel was commissioned April 27 at a ceremony in Nagasaki, Japan in the presence of Michael Thamm, CEO Costa Group; Felix Eichhorn, President AIDA Cruises; Shunichi Miyanaga, President and CEO MHI; and Kazuaki Kimura, President and CEO, Industry & Infrastructure MHI.
Baltic Index Down for Eighth Straight Session
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for an eight straight session on Thursday as rates for panamaxes and smaller vessels slipped, even as capesize rates strengthened. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 13 points, or 1.13 percent, at 1,134 points. The capesize index gained 8 points, or 0.45 percent, at 1,798 points.
Russian Ship Sinks after Collision, All Personnel Safe
A Russian ship which collided on Thursday with a Togo-flagged livestock vessel has sunk, Turkey's coastal safety authority said. It said all 78 personnel had been evacuated from the ship.
Hyundai Heavy's New Orders Tallied at USD 2.3 bln
Hyundai Heavy Industries (HHI) Group, the world’s largest shipbuilding group, announced today that it won 39 ships worth $2.3 billion for January – April period, which is the largest ship orders for the comparable period in three years. HHI Group won 18 ships worth $900 million in April alone. Since the orders include options exercisable by owners to order additional same or similar class vessels, the total orders in April will amount to 31 ships worth $1.5 billion.
International Maritime University Pacts with Latin America
The International Maritime Organization (IMO) has announced that International Maritime University of Panama (UMIP) has been selected to host the regional Maritime Technology Cooperation Centre (MTCC) for the Latin America region, under an ambitious project, funded by the European Union (EU) and implemented by IMO, to help mitigate the harmful effects of climate change. Under the Global MTTC Network (GMN) project, UMIP will host MTCC-Latin America.
MPA Honors ABS
ABS has been awarded the Offshore & Marine Engineering Award by the Maritime and Port Authority of Singapore (MPA). This award recognizes organizations that have made significant contributions toward the development of Singapore’s offshore and marine engineering sector. “ABS is honored to receive this award recognizing our leading role in Singapore’s marine and offshore industries,” says ABS Chairman, President and CEO Christopher J. Wiernicki.
Singapore Ranked World's Top Maritime Capital
Singapore has once again emerged in top place in a ranking Menon’s Leading Maritime Capitals of the World Report (Menon Report) for 2017. The study, by Norwegian consultancy firm Menon Economics, looked at 24 objective indicators and garnered survey responses from more than 250 industry experts across all continents. Singapore was also ranked first in the report's 2015 and 2012 surveys. Singapore was ranked number one in the following three categories: Shipping…
How Deep is the Ocean?
Hydrogaphy, the science of surveying and charting bodies of water, is essential to the safe, sustainable and cost-effective use of the world’s oceans. This was International Maritime Organization (IMO) Secretary-General Kitack Lim’s message at the 1st Assembly of the International Hydrographic Organization (IHO) in Monaco (24 April). Around 90% of the world’s oceans and 50% of coastal waters have never had their depth measured.
MPA Honors Patrick Phoon
Ocean transportation firm, “K” Line Pte Ltd, and Patrick Phoon, Deputy Managing Director of Evergreen Shipping Agency, received the International Maritime Centre (Corporate) Award and the International Maritime Centre (Individual) Award respectively. The Maritime and Port Authority of Singapore (MPA) has honoured ten industry partners who have made outstanding contributions to Singapore's development…
IMO’s Legal Committee to Promote HNS 2010
International Maritime Organization (IMO)'s Legal Committee is expected to consider adopting a resolution to encourage the ratification and implementation of the 2010 HNS Convention, when it meets for its 104th session (26-28 April). Norway recently became the first country to become a Contracting State to this key compensation treaty covering the transport of hazardous and noxious substances (HNS) by ship.
Electric Boat Bags US Submarine Contract
The U.S Navy has awarded General Dynamics Electric Boat a $95.5 million contract modification to continue development of the Common Missile Compartment for the U.S.
Life Sentence for USS Ashland Attacker
A 31-year-old Somali man was sentenced to life in prison on Wednesday for engaging in piracy and other offenses in connection with an attack on a U.S. Navy ship seven years ago, the U.S. Justice Department said. Mohamed Farah, 31, of Somalia was sentenced on Wednesday to life in prison for his role in the attack, the Justice Department said in a statement. Another five Somalis have already been tried and convicted for their roles in the attack and are serving prison terms…
Horizon Delivers Towboat to FMT
Bayou La Batre, Ala. shipbuilder Horizon Shipbuilding, Inc. said it has delivered the M/V Victoria Pasentine, a 120’ towboat with a retractable pilot house, to its home port of New Orleans.
10 Suspects Arrested on Ship of Stolen Oil
The Nigerian navy has arrested 10 suspects after intercepting a vessel carrying stolen crude oil off the coast of the Niger Delta, a senior military official said on Wednesday.