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…
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.
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.
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…
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.
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…
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.
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…
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…
Bekkenes Steps Down from Palfinger President Post
Styrk Bekkenes, President of Palfinger Marine, has stepped down from his position. “With the strengths that lie within the company, both in terms of personnel and products, Palfinger Marine is very well positioned to be the preferred supplier of cranes, lifesaving equipment and winches for vessels and installations worldwide. I feel that the time is right for me to step down and seek new challenges,” said Bekkenes.
Traders Scramble to Avert Regional Fuel Shortages
Mexico buys gasoline from Europe, Asia; in rare move, Europe exports diesel to Brazil. The crippling of the U.S. Gulf Coast refining hub by Tropical Storm Harvey roiled global oil markets on Thursday as traders scrambled to buy gasoline and diesel from distant markets to avert supply shortages in the United States, Mexico and Brazil. A slew of gasoline tankers has been booked over the past two days out of Europe to the United States and Latin America…
OW Bunker Investors to Sue IPO banks
Institutional investors to sue Morgan Stanley, Carnegie. A group of institutional investors in OW Bunker said they plan to sue Morgan Stanley and Carnegie for about $80 million…
Harvey Interrupts Asia LPG Exports from Gulf Coast
Harvey delays at least 300,000 T of U.S. LPG shipments. Shipments of liquefied petroleum gas (LPG) from the United States have been held up by the havoc wrought by tropical storm Harvey since last Friday, but Asian buyers are betting the situation will improve before supplies are critically squeezed. At least 300,000 tonnes in LPG shipments to Asia have been delayed after U.S. Gulf ports were shut, based on the estimates from four sources who buy mainly U.S. cargoes.
PBES Hires Christensen to Develop Mediterranean Markets
Plan B Energy Storage (PBES) has announced Sven Thy Christensen has joined the firm to develop marine and power markets in the Mediterranean region. Christensen brings decades of experience of green solutions for ship efficiency, emissions reduction, and power generation including diesel and gas generation, wind, and solar energy. Christensen comes from Odense Maritime Technology, where he held the position as Sales & Business Development Director.
ClassNK Updates Scrubbers Guidelines
Classification society ClassNK said it has released the second version of its Guidelines for Exhaust Gas Cleaning Systems. Based on the first version Guidelines released in August 2014…
ABB’s Azipod Writes History in the Arctic
Sovcomflot’s liquefied natural gas (LNG) carrier Christophe de Margerie made the world’s first-ever crossing of the Northern Sea in late August without the aid of an ice-breaker. The record-setting vessel is powered by ABB’s advanced Azipod electric propulsion technology. The 172,600 cubic meters Arctic LNG tanker, which features a lightweight steel reinforced hull, is the largest commercial ship to receive Arc7 certification, and is capable of travelling through ice up to 2.1m thick.
Shipping Beware Changing Risk Landscape -Moore Stephens
Effective management of risk within the industry has improved slightly over the past 12 months, according to the third annual Shipping Risk Survey from international accountant and shipping adviser Moore Stephens. But shipping still needs to up its game in terms of managing its exposure to risk, which is increasing and changing in nature, not least in terms of the threat posed by cyber security, Moore Stephens says.
KL Sandefjord Receives DNV GL's 'Shore Power' Notation
The offshore vessel KL Sandefjord owned by K Line Offshore AS, a 100 percent subsidiary of Kawasaki Kisen Kaisha, Ltd (“K” Line), is the first offshore vessel with the DNV GL class notation “Shore power”. The “Shore power” notation, verifies the design and installation of a vessel’s on-board electrical shore connection. When in port, the vessel can shut down its engines and rely on a shore based electrical supply for its needs at berth – so called “cold ironing”.
Kongsberg Wins EPCI Contract for LNG-fueled RoPax Ferry Newbuild
Kongsberg Maritime said it has been awarded an Engineering, Procurement, Construction and Installation (EPCI) contract with Flensburger Schiffbau-Gesellschaft (FSG), a subsidiary of Siem Group. This is the second RoPax contract that Kongsberg Maritime has been awarded at FSG. The ‘Full Picture’ contract, valued at approximately €20 million ($23 million), covers engineering, procurement and project management…
Largest US Refinery May Be Shut for up to Two Weeks
Motiva Enterprises' Port Arthur, Texas refinery, the nation's largest, may be shut as long as two weeks for assessment of the plant and repair of any damage, sources…