U.S. Coal Exports Soar, Revived in Part by New Energy Policy
U.S. coal exports have jumped more than 60 percent this year due to soaring demand from Europe and Asia, according to a Reuters review of government data, allowing President Donald Trump's administration to claim that efforts to revive the battered industry are working. The increased shipments came as the European Union and other U.S. allies heaped criticism on the Trump administration for its rejection of the Paris Climate Accord…
Modern VLCC Rates Under Pressure
Rates fall back after climbing earlier in the week. Overcapacity, OPEC cuts, little scrapping, summer lull weigh on market. Owners of modern very large crude carriers (VLCCs) could see a gain in charter rates amid tightening vessel supply but freight rates, especially for older and newly delivered ships, will remain under pressure, brokers said on Friday. That came as rates rebounded slightly earlier…
Panamax Rates Drag Baltic Index Down
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, inched lower on Friday, weighed down by weaker demand for panamax vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 9 points, or 0.96 percent, to 933 points. The capesize index rose by a point to 1,139 points. Average daily earnings for capesizes…
North Sea Forties Exports to Rise Significantly in September
Exports of British Forties crude will be 380,000 barrels per day in September, up from 271,000 bpd in August, an industry source who has seen the loading programme said on Friday. The programme consists of 19 cargoes of 600,000 barrels each, up from just 14 cargoes in August. But the total is still down compared with July at 21 cargoes. Exports hit a three-year low in August. Forties, together with the North Sea Brent…
'Team Damen' Unites Dutch and Australian Industry
Australian Maritime Systems Group is entering into a joint venture with one of Europe’s leading marine technology companies as part of a tender for Australia’s next giant defence contract. The Brisbane-based company is partnering with Dutch firm Alewijnse Marine to support the Damen Group’s bid to build the next generation of 12 Offshore Patrol Vessels (OPVs) for the Royal Australian Navy. The vessels will be mainly constructed in Adelaide and Perth…
Vietnam asks Indonesia to Investigate South China Sea Shooting
Vietnam's foreign minister has asked his Indonesian counterpart to investigate and clarify reports that the Indonesian navy shot and wounded two Vietnamese fishermen in the South China Sea…
Iridium Announces Third Iridium NEXT Launch Date
Iridium Communications Inc. (NASDAQ: IRDM) has announced that the upcoming Iridium NEXT launch has been targeted for September 30, 2017 at 6:30 a.m. PDT. This launch will deliver another 10 Iridium NEXT satellites to orbit on SpaceX’s Falcon 9 rocket and will bring the total number of Iridium NEXT satellites deployed to 30. SpaceX selected the September 30th launch date based on rocket and Vandenberg Air Force Base range availability.
GPLink, Wheelhouse Partner on Maintenance & Tracking
gplink has announced a partnership with Wheelhouse Technologies, creating a comprehensive perspective on vessel upkeep through seamless integration to the Wheelhouse marine maintenance system. Pleasure craft, commercial vessel, and fleet owners can now enjoy the benefits of real-time vessel monitoring, tracking and support, from gplink along with a simple and easy-to-use interface; charting the course to proper vessel maintenance, spare parts management, and document tracking.
Mozambique Gets Fresh Training on Port Security
A five-day workshop on maritime security and The International Ship and Port Facility Security (ISPS) Code concluded today in Maputo, Mozambique (24 -28 July). The course provided port facility security officers with the necessary knowledge to perform their duties in accordance with the requirements of key IMO maritime security measures*. As a results, participants improved their knowledge and skills of those requirements with a view to train others with similar responsibilities.
APM Terminals Tangier Celebrates 10 years in Morocco
APM Terminals Tangier welcomed the Munich Maersk, one of the world’s largest container vessels, as it made its maiden call to celebrate the 10th anniversary of the largest and most modern terminal facility in North Africa. APM Terminals Tangier is one of the most important transfer points of global trade. In addition to handling Moroccan import and export cargo, the terminal manages and transfers cargo for onward destinations in Africa, Latin America and beyond.
US Navy to Commission Rafael Peralta Today
The US Navy will commission its newest guided-missile destroyer, the future USS Rafael Peralta (DDG 115), during a 10 a.m. PDT ceremony Saturday, July 29, at Naval Air Station North Island in San Diego. The future USS Rafael Peralta honors Marine Corps Sgt. Rafael Peralta, who was posthumously awarded the Navy Cross for actions during combat operations in Operation Iraqi Freedom. Peralta is credited with saving the lives of fellow Marines during the second battle of Fallujah in 2004. Gen.
Capital Product Partners Sings Pact for $460 Mln Refinancing
Capital Product Partners entered into a firm offer letter for a senior secured term loan facility of up to $460.0 million with HSH Nordbank AG and ING Bank as mandated lead arrangers and bookrunners and BNP Paribas and National Bank of Greece S.A. as arrangers. The lenders also include Alpha Bank S.A., Piraeus Bank S.A. and Skandinaviska Enskilda Banken AB (Publ). The closing of the credit facility is subject to finalization of the long form loan documentation.
d'Amico Tankers Updates Ship Sales and Purchases
In January 2017, d’Amico Tankers sold MT High Endurance and MT High Endeavour, two 46,992 dwt medium-range product tanker vessels, built in 2004 by STX, South Korea, to Sea World Tankers a client of Sea World Management SAM, for a consideration of US$ 13.5 million each. At the same time, d’Amico Tankers will maintain the commercial employment of the Vessels having also concluded with the Buyer a 4 years’ time-charter agreement at an attractive rate. In May 2017, d’Amico Tankers d.a.c.
Indian Ports Buoy by Healthy Growth in Cargo
Indian port sector players will continue to experience healthy growth in cargo in the near term, PTI reported quoting rating agency Icra. Traction in Inland Waterway projects will open up several business opportunities for the port sector players. "Over the medium to long term, cargo growth is expected to gain further traction driven by domestic requirements of coal for power and other sectors, crude oil…
Samsung Heavy Back in Black in Q2
Cost reductions paved the way for South Korea's Samsung Heavy Industries (SHI) to swung to the black in the second quarter of 2017, though sales income decreased in the period reported Yonhap. SHI reported that it has turned to black in Q2 with 20.6 billion won (US$18.50 million) operating profit from the same period last year. Its revenue fell 15.5 percent on-year to 2.30 trillion won while net profit turned to black at 22.7 billion won.
Konecranes Won Repeat RTG Order from Port Houston
During the second quarter 2017, Konecranes received an order for 9 RTGs from Port Houston, Texas, USA. This is a repeat order, the first Konecranes RTGs to Port Houston were delivered in 2003. The nine cranes will be delivered to Port Houston Bayport Container Terminal in early fall 2018. Port Houston is an economic engine that produces jobs and economic prosperity for the local and state economy. It is the largest port on the Gulf Coast, the biggest port in Texas and the only port in Houston.