Dry Bulk Shipping: No Room for Newbuilds
DemandThe improved fundamentals during 2017 are clearly seen in the freight rate levels during the first four months of 2018. Freight rates for Handysize, Supramax and Panamax went up by 25-27 percent as compared to the same period of last year. All three sectors moved from loss-making average earnings in the full year of 2017 to a profitable level in first four months of 2018.Meanwhile, capesize freight rates improved by only 5 percent as compared to the same period last year…
Mariners Who Made the Ultimate Sacrifice
Ask folks unfamiliar with the United States Merchant Marine Academy (USMMA) where it’s graduates can be found and they will likely tell you on a cargo ship plying the deep oceans, or in some exotic port on the far side of the globe. And they would be, for the most part correct. However, most don’t realize that no other federal service academy offers the career options of Kings Point. Yes, many graduates become ship’s officers at sea…
New US Coast Guard Commandant Takes Helm
Adm. Paul F. Zukunft was relieved as commandant of the U.S. Coast Guard by Adm. Karl Schultz during a military change-of-command ceremony held Friday at U.S. Coast…
Nor-Shipping Evolution Continues
Nor-Shipping is continuing its modernizing drive with a new logo that affirms its commitment to its core maritime audience, while demonstrating a desire to open up to new business opportunities within the ocean environment. The move follows confirmation from Nor-Shipping Director Per Martin Tanggaard that the event week would be positioning itself as ‘your arena for ocean solutions’ for its next outing in 2019…
US Pacific Command Renamed in Symbolic Nod to India
The U.S. military on Wednesday renamed its Pacific Command the U.S. Indo-Pacific Command, in a largely symbolic move underscoring the growing importance of India to the Pentagon, U.S. officials said.U.S. Pacific Command, which is responsible for all U.S. military activity in the greater Pacific region, has about 375,000 civilian and military personnel assigned to its area of responsibility, which includes…
Petrobras CEO Parente Resigns
Petroleo Brasileiro SA's chief executive quit on Friday in a surprise move that wiped $12 billion off the state-controlled oil producer's market valuation, after Brazil's government responded to a national trucking strike by intervening in the company's fuel pricing policy.Pedro Parente, who in two years in the job had succeeded in slashing the scandal-plagued company's debt and restoring it to profitability…
Staying Afloat with Strong Workboat Insurance
When it comes to insuring your assets, changing markets and risk variables demand better understanding of the underwriting process, as well as a long-term, stable relationship with an insurer who – like you – is in for the long run.U.S. inventor Thomas Edison once said, “There is no substitute for hard work.” Nobody knows this better than the men and women who operate diverse and industrious workboat fleets.Ferrying commuters…
Denmark Transfers ArcticWeb to Norway
Effective today, Denmark will transfer to Norway responsibility for the ArcticWeb, a web-based platform designed to improve navigational safety in the Arctic.The Norwegian Coastal Administration will take over the ownership and operation of ArcticWeb, while the Danish Maritime Authority (DMA) will continue as data-provider and advisory board member.The free-to-use ArcticWeb platform has been in operation…
Environmental Regs Drive Work for Gibdock
With owners required to respond to new rules on invasive species and emissions, Gibraltar-based Gibdock reports it is seeing a stronger than expected surge in interest in ballast water management system and exhaust gas scrubber work. Richard Beards, Managing Director of the Western Med’s gateway repair facility, attributes the upturn in inquiries to the yard’s enduring advantages of location, quality…
Coldharbour Targets Greek Market
“Posidonia could not have come at a better time for us,” said Andrew Marshall, Coldharbour Marine Chief Executive, a few days before Posidonia opened its doors to the global shipping community in Athens. “We are in the final stages of a successful ballast water treatment installation for one of our key Greek clients, and we are in negotiations with several other potential customers in this important market.
CNOOC Plots Tianjin LNG Terminal Expansion
CNOOC will start building six liquefied natural gas (LNG) storage tanks by the end of the year as part of a project to expand its Tianjin LNG terminal to help meet surging demand from households in northern China, CNOOC Gas and Power Group said in statement on Wednesday night.The project, including six tanks each with 220,000 cubic meters of storage capacity, 12 gasification units and 12 high pressure pumps, has been approved by CNOOC's board members, the company said.The new facilities are expe
Meyer Turku Floats Out New Mein Schiff 2
A month after the delivery of New Mein Schiff 1, the next ship in line, New Mein Schiff 2, has been floated out at the Meyer Turku shipyard in Finland. New Mein Schiff 2 will be delivered to the customer, German TUI Cruises, early next year.The timetable for the construction of the ship shows how Turku shipyard has already been ramping up the production volume to meet the increasing demands from the…
EU to Hit Back at US Tariffs
The European Union's plans to hit back at new U.S. tariffs on EU steel and aluminium exports include hiking duties on a range of imports from the United States, from blue jeans and rice to the proverbial kitchen sink.In eight closely typed pages of documentation lodged at the World Trade Organization (WTO) in Geneva, the EU has set out 25-percent tariff increases that are in part aimed at hurting the electoral districts of some of President Donald Trump's allies.That explains "motorcycles ...
ClassNK Publishes Guidelines for Autonomous Ships
Classification society ClassNK has released Guidelines for Concept Design of Automated Operation/Autonomous Operation of ships, which incorporates basic elements on concept design safety for automated ship operation systems.Maritime industry efforts to develop automated operation systems for merchant ships aim to improve navigation safety, working conditions on board, ship operation and more.As the onboard operations and duties performed by ships’ crews vary widely…
AGL Decision on LNG Import Terminal Expected in FY2019
AGL Energy Ltd, Australia's biggest power producer, expects to make a final investment decision on the country's first liquefied natural gas (LNG) import terminal in the financial year of 2019…
LNG Prices Climb on Limited Supply
Asian spot liquefied natural gas (LNG) prices rose this week to their highest since February as buying interest from China remained firm and as supply is expected to be limited during maintenance in August.Spot prices for July delivery in Asia were at $9.60 per million British thermal units (Btu) this week, gaining 40 cents from the previous week and are at the highest for this time of the year since…
Total Determined to Drill Amazon Basin as Greenpeace Storms AGM
Total is determined to push ahead with its plans to drill for oil in the Amazon basin, it said on Friday as Greenpeace activists interrupted its annual general meeting in protest at the project.The French oil major wants to explore Brazil's Foz do Amazonas basin, but Brazil's environmental agency rejected its licence application on Tuesday for a fourth time.As the company's annual general meeting opened in Paris on Friday…
Evac Acquires Cathelco
Evac, the world’s leading provider of integrated waste, wastewater, and water management systems for the marine, offshore, and building industries, is to acquire Cathelco…
Lateral Naval Architects Launched
UK-based BMT Nigel Gee and Dutch- based superyacht builder Oceanco have signed a strategic partnership for the formation of a new naval architecture and engineering…
IM Skaugen Files for Restructuring in Singapore
Norway-based owner of liquefied natural gas (LNG) carriers IM Skaugen has filed for restructuring in Singapore seeking court protection from its creditors. "We wish to announce that I.M.
