VLCC Rates to Fall Further in Well-supplied Market
Freight rates for very large crude carriers (VLCCs) are set to slide further next week, falling below tanker break even costs on routes from the Middle East, as too many ships chase too few cargoes, brokers said on Friday. "In today's market Middle East charter rates are around $15,000 a day. Charter rates are still falling, still sliding. I'm not sure where the bottom is," a European supertanker broker said on Friday.
Baltic Index Inches Down
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, edged lower on Friday on weaker rates for smaller vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down one point at 956 points. The capesize index rose 30 points, or 1.8 percent, to 1,668 points. Daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $221 at $12,239.
RV Sally Ride Enters Dry Dock for Maintenance
The Sally Ride, a Neil Armstrong Class Auxiliary General Oceanographic Research (AGOR) vessel, dry docked at Bay Ship and Yacht on April 15, 2017, to carry out modifications to superstructure and to perform general vessel maintenance. Named for the late astronaut Sally Ride, the ship is 238 feet long and incorporates the latest technologies, including high-efficiency diesel engines, emissions controls for stack gases…
Full Tanks & Tankers: A Stubborn Oil Glut Despite OPEC Cuts
After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks. Investors hailed the drawdowns as the beginning of the end of a two-year supply glut - raising hopes for steadily rising per-barrel prices. It hasn't worked out that way. Now, many of those same storage tanks are filling back up or draining more slowly than investors and oil firms had expected…
CMA CGM Posts Higher Q1 Profits
Container shipping line CMA CGM posted higher first-quarter profits, helped by a turnaround at recently acquired NOL, and gave an upbeat assessment for the current quarter in another sign that the shipping industry is emerging from a slump. The French-based group reported on Friday a first-quarter net profit, including Singapore-based NOL which it consolidated in June last year, of $86 million compared with a $100 million loss in the same period of 2016.
San Francisco’s New Ferry Enters Service
Hydrus, the first in a series of new 400-passenger catamaran ferries for the Water and Emergency Transportation Authority (WETA) in San Francisco, has entered service. Designed by Incat Crowther and built by Vigor in Seattle, Hydrus is the first of this new class of vessel with additional ferries to follow. “In the spring of 2015, Vigor began construction on the first of two WETA ferries in this class,” said Tim Kolb, General Manager of Vigor Ballard.
POSCO Seeks June LNG Cargo via Tender
South Korea's POSCO is seeking a liquefied natural gas (LNG) cargo for delivery on June 26 to 30 via tender, trade sources with knowledge of the tender said on Friday.
China Threatened War If Philippines Drills for Oil -Duterte
Philippine President Rodrigo Duterte said on Friday Chinese counterpart China Xi Jinping had warned him there would be war if Manila tried to enforce an arbitration…
Fincantieri Buys Majority Stake in STX France
Italian shipbuilding company Fincantieri S.p.A. said it has signed a share purchase agreement for the acquisition of 66.66 percent of the share capital of STX France shipyard from its current shareholder STX Europe AS. The agreement entails a purchase price of €79.5 million ($89 million). Fincantieri continues to negotiate with the French State for the finalization of the shareholders’ agreement for STX France in accordance with the Heads of Terms signed on April 12.
Alphatron Inks Service Deal with Unix Line
Alphatron Marine said it has signed a shore based maintenance contract with Singapore’s Unix Line Pte Ltd, supporting all navigation and communication onboard its fleet of 42 vessels. Unix Line is a ship management company specializing in the operation of chemical tankers. For many decades, it has been a customer of marine electronics producer JRC equipment and through the premium service contract, Alphatron will offer response to unexpected interventions and breakdowns.
Innovative Subsea Crane Ordered for RSV Conversion
Brazilian ship owning company CBO’s vessel CBO Manoella is currently being retrofitted from an offshore platform supply vessel (PSV) into a ROV Support Vessel (RSV). As part of the conversion project, CBO has assigned Rolls-Royce to equip the vessel with a new patented hybrid dual draglink (DDC) subsea crane, marking the first installation of a subsea crane designed to be able to use either fiber or steel wire rope.
The Time to Digitize is Now -INTTRA
In a new whitepaper -- Blueprint 2032: How Technology Transforms Ocean Container Shipping - INTTRA, the ocean container shipping industry's largest neutral electronic transaction platform, reports that the pace of technology innovation is accelerating as businesses seek new and more efficient ways to optimize. "Digitization is now a competitive necessity," said John Fay, CEO of INTTRA. "We've reached…
Idwal Marine Secures Ten Year Contract for Flag Services
Idwal Marine announced the signing of a new contract after tender process with the Isle of Man Ship Registry, for the provision of maritime support services, which has been inked for a 10 year term. The Ship registry has developed a new General Inspection regime which is being carried out by the Ship Registry’s own team of surveyors and is supported globally by Idwal Marine in locations such as China…
BOEM Offers Cook Inlet Blocks Offshore Alaska
The Bureau of Ocean Energy Management (BOEM) announced it will offer approximately 1.09 million acres off Alaska’s southcentral coast in a lease sale scheduled for June 21. Cook Inlet Oil & Gas Lease Sale 244 will offer 224 blocks toward the northern part of the federal Cook Inlet Planning Area for leasing. The blocks stretch roughly from Kalgin Island in the north to Augustine Island in the south.
Diana Shipping Adds m/v Astarte
Diana Shipping, a company specializing in the ownership of dry bulk vessels, has announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v Astarte (formerly “Seatrust”). Astarte is a 2013 built Kamsarmax dry bulk vessel of 81,513 dwt that the Company entered into an agreement to purchase in April 2017. Including the newly delivered m/v Astarte, Diana Shipping Inc.’s fleet currently consists of 50 dry bulk vessels (4 Newcastlemax…
UK Chamber of Shipping Lobbies for SMarT Plus
The UK Chamber of Shipping has contacted over 800 parliamentary candidates from around the country, asking them to back its campaign for enhanced support for maritime training. The proposal, called SMarT Plus, would see a doubling in government support to GBP 30 million a year. In return, many leading shipowners will increase the number of seafarers they train and guarantee them their first job. The…
US Navy Presence Highlighted in IMDEX17
The littoral combat ship USS Coronado (LCS 4) and Arleigh Burke-class guided-missile destroyer USS Sterett (DDG 104) represented the U.S. in the International Maritime Defense Exposition 2017 (IMDEX-17) in Singapore May 16-18. According to a press release from the Navy, the ships and crew were joined by Chief of Naval Operations Adm. John Richardson, who was hosted by Republic of Singapore Navy (RSN) Chief Adm.
MOL Rolls Out Refined PBCF
Mitsui O.S.K. Lines has announced that its group company MOL Techno-Trade will start selling an upgraded version of its energy-saving Propeller Boss Cap Fins (PBCF). MOL Techno-Trade has sold more than 3,100 PBCFs to ship owners all over the world. The new type of PBCF was jointly developed by MOL, Akishima Laboratories (Mitsui Zosen), and MOL Techno-Trade. The new design enhances propeller thrust and reduces torque thanks to refinements in fin shape and height.
S & P Credit Rating for Shipowners’ Club
Following a request by The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg), as from 19 May 2017 AM Best will no longer provide a rating of the Club. This decision was taken by the Club in December 2016 following a review of the costs and benefits of maintaining two interactive ratings, coupled with a review of market practice and appetite for rating information. The Shipowners Board concluded that Members’ interests would be best served by having only one rating in future.
Columbia Shipmanagement Receives DNV GL Certification
DNV GL has confirmed that Columbia Shipmanagement complies with the highest standards in energy and safety management. Torsten Schramm, President at DNV GL – Maritime, recently presented the ISO certification for the standards ISO 50001:2011 and OHSAS 18001:2007 to Carsten Sommerhage, Director of Columbia Shipmanagement (Deutschland) GmbH, at the shipping company’s offices in Hamburg. “These certifications…