Japan Steelmakers Scramble for Coking Coal
Japanese steelmakers have bought coking coal from the United States, Canada and China to replace supply lost after a cyclone closed rail links in Australia, their biggest supplier, industry and trader sources said. Still, the Japanese buyers are paying nearly double the $150 a tonnes price that they were discussing with sellers for second-quarter supply before the supply disruption. The supply talks are now on hold and prices will likely stay high until full volumes start flowing again.
Baltic Index Down on Weaker Capesize Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Monday on weaker rates for large vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 25 points, or 2.09 percent, at 1,170 points. The capesize index lost 50 points, or 2.73 percent, to 1,780 points, its lowest in over six weeks.
World Record Lifeboat Boarding
The first full scale boarding test of the world’s largest lifeboat, Palfinger Marine's new flagship for the cruise industry, landed the company a new world record. In 2015 Palfinger Marine won the impressive contract for delivery of 24 tenders, 12 lifeboats, 36 davits and six rescue boat stations to a series of cruise ships being built by STX France. The complete lifesaving package is now in production…
US Sees Piracy Increase off Somalia Tied to Famine
The United States is closely watching a recent increase in piracy off the coast of Somalia, a senior U.S. military official said on Sunday as Defense Secretary Jim Mattis visited an important military base in Djibouti. The rise in piracy attacks has at least partially been driven by famine and drought in the region, the top U.S. military commander overseeing troops in Africa said during Mattis' visit as part of a week-long trip to the Middle East and Africa.
Economic Indicators Pointing Up -BIMCO
The recent months’ uptick in global indicators, which implies a strengthening in the global economy, is not sufficient for the patient to be discharged yet. The state of the global economy is still uncertain, despite stronger growth dynamics in advanced economies, and not least in China. When the IMF updated its outlook for advanced economies for 2017 and 2018 in January, it was the first time since 2007 that an IMF January update lifted expectations for the present and coming years.
Out of Service Tug Sinks in Alaska
An out of service tug has sunk at the Samson Tug and Barge Company pier in Sitka, Alaska. The 81-foot vessel Powhatan owned by Samson Tug and Barge Company sank…
Statoil Downplays Risks Ahead of Arctic Drilling
Norway's Statoil on Monday played down concerns that drilling in the Arctic is risky, days before it kickstarts its drilling campaign in the Barents Sea, where the country believes around half of its remaining resources could be located. "We will start drilling the first well, Blaamann, during May ... followed by Kayak, Gemini (Nord), Korpfjell and Koigen (Central)," said a Statoil spokesman, adding each might take about a month to drill.
Total E&P UK, Survitec Ink Lifesaving Equipment Deal
Survitec Group has announced a five-year contract award with Total E&P UK Ltd for the provision of lifesaving equipment maintenance services. The contract, which…
Damen Celebrates 90 Years
With nine decades of operations in the shipbuilding industry under its belt, Damen has grown from small beginnings in the 1920s into a renowned maritime service provider that employs 9,000 people. The expansion of Dutch rooted Damen has been global, with growth that can be viewed in terms of its yards, service hubs and other subsidiary companies as well as a globally-operating client base. For 90 years, Damen’s vessel designs have served customers operating on all over the world.
Deutsche Invest Highest Bidder for Thessaloniki Port
German private equity firm Deutsche Invest Equity Partners was the highest bidder for a majority stake in Greece's Thessaloniki Port with an offer of 231.9 million euros ($251.8 million), privatisation agency HRADF said on Monday. The sale is a key part of the country's international bailout signed in 2015 and comes less than a year after China's COSCO Shipping bought a 51 percent stake in Piraeus Port, Greece's biggest, for 280.5 million euros.
Viking Line Inks Shipbuilding Deal with Xiamen
Finland based Viking Line said it has signed a conditional contract with Chinese shipyard Xiamen Shipbuilding Industry Co. for the construction of a new passenger cruise ship for delivery in 2020. A final agreement is subject to the approval of the board of directors of both parties, as well as financial arrangements entered. The total contract amount is about €194 million and includes an option on another vessel.
Private Equity Boost for Hyundai Samho
South Korea’s Hyundai Samho Heavy Industries (HSHI), a shipbuilding affiliate of Hyundai Heavy Industries (HHI), said it has attracted 300 billion ($264 million) won investment via pre-IPO.
Fatal Bulk Carrier Explosion off Cape Cod
An explosion aboard Marshall Islands-flagged bulk carrier Tamar has killed one crewmember and left three others severely injured roughly 1,300 miles offshore Cape Cod, Mass.
Op/Ed: CBP’S Lawful Jones Act Revocation
In 2009, the U.S. offshore marine sector received a long over-due indication that the U.S. Customs and Border Patrol (CBP) was preparing to close loopholes and enforce U.S. law in accordance with the Jones Act. This happened when the agency unhesitatingly issued its first revocation of more than 20 letter rulings that were inconsistent with the U.S. law of the land – the Jones Act. Almost immediately there was an outcry from foreign interests who claimed…
Hutchison Port Q1 Profit Slumps 70%
Hutchison Port Holdings Trust (HPHT) suffered a 69.9 percent plunge in first-quarter net profit to to HK$166.9 million ($24.4 million USD) from the corresponding period a year earlier. The Hong Kong-based port operator said it was largely due to the absence of a government rent and rates refund previously received. Excluding a one-off rent and rates refund, however, net profit would be 15.7 percent lower than that of last year…
Navios Maritime Acquires One Capesize Vessel
Navios Maritime Partners, an international owner and operator of drybulk and container vessels, announced that it has agreed to acquire one 2010-built Capesize vessel of 178,132 dwt for a purchase price of $27.5 million. The vessel is expected to be delivered to Navios Partners' owned fleet during the third quarter of 2017. The vessel is expected to generate approximately $3.7 million of annual EBITDA…
Maritime Security a Year-Round Duty
While many Australians spend Anzac Day off work, Royal Australian Navy personnel around the world will remain on watch, contributing to global security, stability and prosperity. On operations in countries as far from home as Afghanistan and South Sudan, in regions such as the Middle East and in waters offAustralia’s northern borders. Their work is 24 hours a day, 365 days a year, but they will take…
Drivers of Logistics Industry
The end consumer who has ever-changing needs and will be the ultimate driver of all activities of the logistics industry, said Dr Detleft Trefzger, Chief Executive Officer of global freight forwarding and logistics giant Kuehne + Nagel International AG. Demand for delivery on the same or next day, increased access to products from across the world as well as a greater need for transparency of a product’s source…
Shipping Nations to Promote Digital Certificates
Danish Maritime Authority (DMA) Director General Andreas Nordseth, signed an agreement with Singapore and Norway on cooperation on digital certificates. The agreement is intended to make more countries migrate from paper certificates to digital certificates. The Danish Maritime Authority made world news when it announced on 24 June last year that from then on Danish ships were no longer to set to sea with heaps of paper certificates.
ABS Guide Helps Prevent Dropped Objects
ABS has provided a systematic approach to dropped object management and prevention. The new ABS Guide for Dropped Object Prevention for Offshore Units and Installations includes a program of requirements and best practices to protect assets, personnel and working environments from dropped object incidents. “Dropped objects are one of the leading causes of fatalities and serious injuries in the offshore oil and gas industry,” says ABS Executive Vice President for Global Offshore Ken Richardson.