South Korea’s 14 Cargo Carriers for Alliance
South Korea’s 14 container carriers will sign a memorandum of understanding next Tuesday to establish the Korea Shipping Partnership (KSP), the Korea Shipowners’ Association said, reported Pulse News. The move is to help the nation better compete in the global container shipping industry in the wake of Hanjin’s collapse, according to local media. The carriers, which include South Korea's largest, Hyundai Merchant Marine (HMM)…
GE Shipping to Buy L2R Product Carrier
The Great Eastern Shipping Company (GE Shipping) has signed a contract to buy a second-hand L2R product carrier of about 105,000 dwt, the company said in a press statement. The company said that the 2009 built vessel is expected to join the company’s fleet in Q2/Q3 FY18. The Company’s current fleet stands at 46 vessels, comprising 30 tankers (12 crude carriers, 16 product tankers, 2 LPG carrier) and 16 dry bulk carriers (1 Capesize…
Diana Shipping Extends Time Charter with RWE
Diana Shipping has announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with RWE Supply & Trading GmbH, Essen, Germany, for one of its Capesize dry bulk vessels, the m/v G. P. Zafirakis. The gross charter rate is US$15,000 per day minus a 5% commission paid to third parties, for a period of about 14 months to maximum 17 months. The new charter period will commence on August 14, 2017. The m/v G.
Dalian Port Merges Container Terminal Facilities
China's Dalian Port (PDA) Company announced that its subsidiary Dalian Container Terminal Company inked deals to acquire the total assets, liabilities, interests, and businesses of two container terminal subsidiaries, Dalian Port Container Terminal (DPCT) and Dalian International Container Terminal (DICT). "Dalian Port Container entered into the Equity Transfer Agreement with the Vendor, pursuant to which the Vendor conditionally agreed to sell…
Eagle Bulk Takes Delivery of Madison Eagle
Eagle Bulk Shipping, one of the world’s largest owner-operators in the Supramax/Ultramax segment, today announced that it has taken delivery of the M/V Madison Eagle, the eighth of nine Crown-63 Ultramax dry bulk sister vessels the Company acquired from Greenship Bulk Trust. With the addition of the M/V Madison Eagle, the Eagle Bulk fleet currently consists of 47 vessels on the water, including 10 Ultramax vessels, with one additional vessel to be delivered by the end of September.
Essar Ports Ventures Overseas with Mozambique
India's Essar Ports has signed a 30-year concession agreement with the Government of Mozambique to develop a new coal terminal at Beira Port, as part of a Public Private Partnership (PPP) project. The project will be executed on Design, Build, Own, Operate and Transfer (DBOOT) basis through a subsidiary, New Coal Terminal Beira, SA (NCTB SA), which is a joint venture of Essar (which will own 70) and Portos e Caminhos de Ferro de Moçambique (CFM, which will own 30%).
Diana Signs Time Charter with Cargill for Amphitrite
Diana Shipping has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Post-Panamax dry bulk vessels, the m/v Amphitrite. The gross charter rate is US$11,150 per day, minus a 4.75% commission paid to third parties, for a period of minimum 13 months to maximum 16 months. The charter is expected to commence in late September 2017.
India’s Major Ports Set for Capacity Augmentation
Master Plans have been prepared for all the 12 major ports in India under Sagarmala Programme, and 142 port capacity expansion projects with total cost: Rs. 91,434 Cr (USD 14.25 billion) and capacity of 884 MTPA have been identified for implementation over the next 20 years. The installed capacity in Major Ports is sufficient to handle the existing cargo traffic. Against the installed capacity of 1065.83 MTPA as on 31st March.3.2017…
Afloat on a Frigid Frontier
Located 100 miles northwest of Barrow, Alaska, the crew of the 225-foot buoy tender out of Sitka was on a mission to support marine mammal research conducted by Josh Jones, a graduate student researcher at the Scripps Institution of Oceanography (SIO) in San Diego. The Coast Guard crew used their buoy-tending skills and equipment to recover the floating ball, which surfaced after spending a year 1,000 feet below.
Great Lakes/Seaway Iron Ore Trade Up in July
The Lake Carriers’ Association (LCA) reported that shipments of iron ore on the Great Lakes and St. Lawrence Seaway totaled 6.4 million tons in July, an increase of 14.7 percent compared to a year ago., yet 2.3 percent below the month’s five-year average. Shipments from U.S. Great Lakes ports totaled 6 million tons in July, an increase of 21.7 percent compared to a year ago, LCA said, while loadings at Canadian terminals in the Seaway totaled 391,000 tons, a drop of nearly 40 percent.
Suisun Bay Vessel Removal Project Completed
Maritime Administration Executive Director Joel Szabat joined federal, state and local officials and environmental groups to mark the completion of an agreement…
Aulong Secures Ferry Build Contract
A second high speed passenger ferry contract has been awarded to Aulong Shipbuilding, a joint venture company formed by Austal Limited and Guandong Jianglong Shipbuilding of Zhuhai, China.
Buzby Confirmed as MARAD Administrator
The U.S. Senate has confirmed Mark H. Buzby as the new administrator of the Maritime Administration (MARAD). MARAD executive director Joel Szabat had been serving in lieu of the administrator following the departure of outgoing administrator Paul “Chip” Jaenichen. Buzby, who was nominated by President Donald Trump in June, is a U.S. Merchant Marine Academy (USMMA) alumnus and retired U.S. Navy admiral with a military career spanning over three decades at sea and ashore.
DNV GL's Tørstad Talks Energy Trends
When Elisabeth Tørstad took the helm as CEO of DNV GL - Oil & Gas in late 2013, the price of a barrel of NYMEX (WTI) crude oil was more than $100. Today, that price has been halved, and the 40-month period between her ascension to the top post and our meeting with her in Houston in May 2017 has been arguably the most tumultuous in the oil industry’s history. Tørstad shares with Maritime Reporter & Engineering News her insights on the market going forward.
Telegraph Recovered from Lusitania Wreckage
More than 100 years after the sinking of the RMS Lusitania, divers have recovered yet another artifact from the wreckage of the historic ocean liner. The Lusitania was sailing from New York to Liverpool on May 7, 1915 when it was torpedoed by a German U-boat off the Head of Kinsale. A second explosion then led to the vessel’s sinking and the loss of 1,198 lives, marking a key moment in World War I history.
Predicting the Motion of the Ocean
For thousands of years sailors have looked out to sea, anticipating the motion of their craft from the waves they see coming. The nature of this constant motion, phasing in and out with the groups of waves, influences the safety of operations, from moving about the deck or rigging to transferring people and materials between craft. Waves and the resulting motions are a key factor in deciding whether to perform an operation.
Shell Mulls Refinery Upgrade to Meet 2020 Sulphur Rules
Royal Dutch Shell is considering expanding the capacity of one of its German refineries to make oil products that meet an upcoming cap on the sulphur content of fuels used in shipping.
Tech File: NS Workboat
ABS mobile application is purpose-built for the workboat, inland sectors. ABS Nautical Systems, the ABS enterprise fleet management software suite, has launched a new mobile application, NS Workboat. The latest in a line of new tools that ABS has developed to help workboat operators gain compliance with the pending Subchapter M regulations, the ‘app’, which leverages the Nautical Systems enterprise software…
Novorossiisk Port Resumes Oil Loadings
Russian pipeline monopoly Transneft said on Friday that oil loadings from the Black Sea port of Novorossiisk had resumed after a storm. Transneft added in a statement, however, that weather conditions at the port remained unstable. (Reporting by Vladimir Soldatkin; Writing by Alexander Winning)
Overtonnage Weighs on VLCC Rates
Freight rates for very large crude carriers (VLCCs) on Asian routes from the Middle East could fall to a new low for the year next week as too many ships chase the number of available cargoes, ship brokers said on Friday. That came as average rates from the Middle East to Asia have fallen close to last year's low. Average rates dropped to around 32.50 on the Worldscale measure on Sept. 23, 2016, equivalent to about 42.75 this year after Worldscale rates were recalculated for 2017.