Korean Shipyards Bag $1.5bln Newbuild Order from MSC
Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME) - two major shipyards in South Korea - are poised to sign a deal worth $1.5 billion…
ZIM Continues to Outperform
ZIM Integrated Shipping Services Ltd (ZIM)continues to outperform the industry and achieve improved results, claims the company. The shipping liner industry went through major developments and structural changes which include reshaping of the alliances and M&A activities that took place over the last quarters. "Since Q3 2016 we have been witnessing a positive trend in the industry with improved freight rates in most trades…
Frontline Hopes to Sail through Weak Tanker Market
Frontline Management said tanker markets are likely to remain weak for the next few quarters due to overcapacity. The market for Frontline's tankers will likely begin to improve in 2018, it said, as the pace of deliveries of new vessels slows and older ships are retired from the global fleet. While the weak market naturally affects our earnings in the short term, the company's strategy is not altered.
SCF's Balancing Act in Tanker Market
Despite the turbulent conditions seen in conventional markets, SCF Group has continued to demonstrate resilience whilst remaining able to position itself to take advantage of the future upswing in these markets when it comes. The first half of 2017 was very challenging for global tanker markets, with spot freight rates in all market segments nearing their historic lows. This has impacted severely upon the profitability of those owners focused solely on conventional shipping…
Aegean Marine, Freepoint Commodities Pact on Bunkering Sales
Aegean Marine Petroleum Network and Caribbean Bunkers LLC have signed an agreement to cooperate on bunkering sales, focused around the US Virgin Islands facility at Limetree Bay, St. Croix. Under terms of the agreement, Aegean will market bunker fuels and marine gas oil supplied by Freepoint to customers calling on the Limetree Bay Facility. The agreement calls for future expansion in the region that could lead to adding delivery capability through Aegean's owned fleet.
Austal Confirms Fjord Line Order for Catamaran Ferry
Austal Limited confirmed a new contract valued at 73 million Euro to design and build a 109 meter high-speed vehicle passenger ferry for Fjord Line of Norway. The all-aluminium catamaran, designed by Austal Australia, will be the eighth large high-speed commercial ferry (over 100 meters in length) to be built by the company. “This valuable export contract will create outstanding opportunities for our design…
Panoil, Universal Energy Lose Singapore Bunker Supply Licence
The Maritime and Port Authority of Singapore (MPA) will not be renewing the bunker supplier licences of Panoil Petroleum Pte Ltd and Universal Energy Pte Ltd when they expire on 31 August 2017. The bunker craft operator licence of Universal Energy Pte Ltd will also not be renewed. Both companies will no longer be allowed to operate as a bunker supplier and bunker craft operator in the Port of Singapore.
Honduras to Implement Maritime Security
A national table-top exercise on maritime security concluded in Tegucigalpa, Honduras (28-29 August). The aim of the event was to encourage a multi-agency approach to maritime security and maritime law enforcement issues. The exercise also highlighted the need for an integrated approach to the implementation of SOLAS Chapter XI-2 and the ISPSCode. Broader security measures were looked at with a view to strengthening national implementation of the special measures to enhance maritime security.
Container Equipment Leasing Rates Under Pressure
Leasing companies are tightening their stranglehold over container equipment ownership as ocean carriers cut back on new purchasing and sell older inventory for leaseback, Drewry's report said. But the lessors’ rapid expansion has come at a price as the combination of low borrowing costs and competitive pressures has had an adverse impact on lease rates and accompanying investment returns. Lease rates…
Cammell Laird Employee Celebrates 60 Years in Ship Repair
Jim Clark, a senior manager at Cammell Laird, has clocking 60 years in the ship repair industry, making him one of the U.K.’s longest serving Chief Estimators. The 76-year-old chief estimator has delivering more than 11,000 over the course of his career, having worked with maritime brands from Blue Star Line to his current role at Cammell Laird. Since his first job in 1962 he has delivered estimates for ship repair projects worth circa £100 billion ($129.2 billion) in today’s currency.
Europe Gasoline Exports Set to Surge on Harvey Outages
Gasoline exports from Europe across the Atlantic are set to surge in coming days as traders plug supply gaps after Tropical Storm Harvey crippled refineries in the U.S. Gulf Coast. Many of the shipments are expected to end up in Latin America, which has become increasingly reliant on gasoline and diesel supplies from the U.S. Gulf Coast in recent years amid fast-growing demand in emerging economies such as Mexico and Brazil, traders said. Nearly a quarter of U.S.
Bahri Ship Management Complies with EU MRV
Bahri Ship Management, one of the six business units within transportation and logistics company Bahri, said it is in compliance with the submission of EU MRV (Monitoring…
IoT & Changing Connectivity at Sea
Whether it’s autonomous cars or connected houses, it seems like everywhere you look these days, internet of things (IoT) technology is a focus. Even in the conservative maritime world, IoT is currently a hot topic. Shifting supply chain solutions and business models are fundamentally changing the way that commercial shipping and the wider transport sector operates. IoT enables an organization to capture value from information…
Trends in Heavy Lift Solutions
Advances and developments in heavy lift transportation are allowing shipyards to rethink how, and where, they build and maintain vessels. Utilizing this technology can help a yard expand its order book and improve its bottom line. The use of Self-Propelled Modular Transporters (SPMTs) in shipyards enables a facility to expand its operations in numerous ways, including new building, maintenance and repair or storage.
Baltic Index Falls on Weaker Vessel Demand
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday due to weaker demand for larger vessels. The overall index — which factors in rates for capesize, panamax, supramax and handysize shipping vessels — was down 22 points, or 1.83 percent, at 1,181 points. The capesize index fell 99 points, or 4.16 percent, to 2,282 points. Average daily earnings for capesizes…
Kotug Smit's New Sister Tugs Go to Work
Kotug Smit Towage has taken two Damen-built ASD 2913 sister tugs, Rotterdam and Southampton, into service for its European harbour towage. Both tugs recently commenced harbour towage activities, starting in the Port of Rotterdam and the Port of Zeebrugge respectively. Both tugs have a length of 29 meters, a width of 13 meters and a bollard pull in excess of 80 tons. The Southampton is equipped with a fire-fighting1 system.
GE Marine Gas Turbines Selected for US Navy, Coast Guard
GE’s Marine Solutions said its LM2500 family of aeroderivative marine gas turbines have been selected to power two newbuild surface combatants for U.S. Navy and Coast Guard programs. Specifically, two LM2500+ gas turbines will power Bougainville (LHA 8), the U.S. Navy’s newest multi-purpose amphibious assault ship. Construction is expected to begin shortly according to shipbuilder Huntington Ingalls Industries.
Japan Won't Lower Guard of Whaling as Sea Shepherd Changes Tactics
Japan will not lower its guard over its whaling even though its biggest foe - the Sea Shepherd conservation group - has said it will not send ships to disrupt its fleet this year, a government official said on Tuesday. Paul Watson, founder of the Sea Shepherd Conservation Society, said in a statement on Monday the group’s limited resources made it difficult to compete with the military technology Japan…
Autonomous Shipping: Don’t Miss the Boat
The Norwegian company Yara is currently building a full-electrical containership fitted with an autonomous control system: the Yara Birkeland. During a recent visit to a major maritime conference, imagine my surprise when most attendees – some 200 executives from the maritime sector – discussed autonomous shipping in terms of its risks. The room seemed full of objections and doubts. What if the computer malfunctions?
Vestdavit Opens US Office
Facing “sustained positive trend in North American business levels” Bergen-based supplier of davits and other boat launching equipment Vestdavit said it is opening an office in Seattle. According to the company, direct representation will help it build on its existing strong regional reputation. Its davits are already widely used by the U.S. Navy, the U.S. Coast Guard, the National Oceanic and Atmospheric Administration (NOAA), and in the offshore oil industry among others.