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THE BIG ONE

Baltic Index Edges Lower on Weaker Capesize Rates

(File photo: Star Bulk)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Wednesday as rates for capesize vessels fell. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 7 points or 0.52 percent to 1,337 points. The capesize index lost 96 points or 3.52 percent to end at 2,628 points, marking its biggest one-day percentage decline in two weeks. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $813 to $19,129. The panamax index rose 35 points or 2.45 percent to 1,464 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $277 to $11,754. Among indexes tracking rates for smaller vessels, the supramax index climbed 15 points to 923 points, while the handysize index rose 7 points to 520 points.   Reporting by Nithin Prasad in Bengaluru


Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year lows on recovering equities markets, strong U.S. economic growth and news of low crude supplies from Nigeria. Oil saw its biggest one-day bounce since 2009 on Thursday, with North Sea Brent and U.S. light crude rising more than 10 percent. U.S


Deep-Sea Tremors May Provide Early Warning

Predicting when large earthquakes might occur may be a step closer to reality, thanks to a new study of undersea earthquakes in the eastern Pacific Ocean. The study, reported in today’s Nature, is the first to suggest that small seismic shocks or foreshocks preceding a major earthquake can be used in some cases to predict the main tremors. Scientists from the Woods Hole Oceanographic Institution (WHOI) and the University of Southern California (USC) report that some types of large


Japan, Philippines Negotiate Coast Guard Ships Delivery

Japan and the Philippines have begun talks for the transfer of two large coast guard ships to Manila, to help patrol the disputed South China Sea, a Japanese foreign ministry official said on Friday, as part of a deal on defence equipment. The two brand-new 90-metre (295-ft) multi-role response vessels will be in addition to ten 44-metre (144-ft) mid-sized coast guard ships, worth 8.8 billion pesos ($188.52 million), that Japan is set to start delivering next week.


Baltic Index Snaps 9-day Winning Streak on Weaker Capesize Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, tumbled on Tuesday, snapping a nine-session winning streak, as capesize vessel rates dropped. The index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, ended down 19 points, or 2.16 percent – it's biggest one-day percentage fall in three weeks – at 859 points. The capesize index closed down 130 points, or 11.29 percent, at 1,021 points


Meyer Turku Builds Big

Mein Schiff 5 float out. The cruise ship was delivered in June 2016. (Photo: Meyer Turku)

Maritime Reporter & Engineering News recently visited Finnish shipbuilding giant Meyer Turku, whose sights are set on building bigger.   It is safe to say that when shipbuilding commenced in the town of Turku, Finland in 1737, the company building wooden boats at the time could not have envisioned the enormous vessels that would eventually be built by the site’s current occupant, Meyer Turku.  


Iran Makes $100 B Oil Find, Major Companies Compete For Big Deals

Iran Makes $100 B Oil Find, Major Companies Compete For Big Deals Iran announced its biggest oil find in 30 years last week, a 26-billion barrel field discovered just as the country drives to revive exploration activities and foreign firms compete for big deals. Oil Minister Bijan Zanganeh said the oilfield in the prolific southwest Khuzestan province has the potential to produce up to 400,000 bpd. He said that development on the field, which is close to the Iraqi border


SENESCO Performs Facelift on NOAA’s Albatross IV

Most research ships don’t live to see their 40’s, and to approach 50 is almost unheard-of. But the Albatross IV is quite an exception to this maritime rule. Today, thanks to a recent overhaul at SENESCO’s repair facility in Quonset Point, Rhode Island, she is back at her home base in Woods Hole, Massachusetts preparing to head back out to sea for another 5-7 years of ocean exploration. The Southeastern New England Shipbuilding Corporation (SENESCO) began its a major overhaul on the


New Chinese Shipbuilder Unveiled

A new, bigger shipbuilder was unveiled in Dalian recently, as part of the restructuring of the city's shipbuilding industry, ShanghaiDaily.com reported. Dalian Shipbuilding Industry Co was formed by the merger of Dalian Shipyard Co and Dalian New Shipbuilding Heavy Industry Co. Dalian Shipyard, with more than a 100-year history, used to be one of China's big military shipbuilders. Dalian New Shipbuilding, established 15 years ago, was one of the country's biggest shipbuilders


Consolidation Not Enough to Save Box Shippers -Study

File photo: Hamburg Süd

The outlook for global container carriers remains rocky at the outset of 2017, according to a new study by AlixPartners.   Hanjin Shipping Co.’s bankruptcy in 2016 sent shock waves through the industry, while Brexit and the new U.S. administration’s policies threaten to inject further uncertainty into the future of global trade. These stances could reverse policies that have supported the growth of containerization since the 1950s


Palmali Lodges $2 Bln Claim Against Lukoil's Litasco

Turkey-based Palmali, one of the biggest shippers in the Caspian region, said on Monday it had lodged a claim worth almost $2 billion against Litasco, the trading arm of Russian oil producer Lukoil, with the English High Court. "The claim concerns an alleged failure by Litasco S.A


U.S. Navy Carrier Drills with Japanese Navy

File Image: The USS Ronald Reagan underway (U.S. Navy)

The U.S. Navy carrier Ronald Reagan is conducting drills with Japanese warships in seas south of the Korean peninsula, Japan's military said on Friday, in a show of naval power as Pyongyang threatens further nuclear and missile tests.  


MOL Group Seeks Startups Offering Innovative Solutions

North Sea block. Photo: MOL Group

 MOL Group has announced a call for applications for startups with innovative solutions in the fields of mobility, loyalty marketing and big data, retail, as well as parcel delivery and distribution.    The 3-month program, taking place in Budapest


PPP Investment in Port Tampa Bay

Image: Port Tampa Bay

 Port Tampa Bay approved a public-private partnership (PPP) agreement with four other entities to divvy up who will pay for a $60 million widening and extension of the Big Bend Channel.   The strategic partners include the U.S. Army Corps of Engineers


MV WERFTEN Takes On 90 New Trainees

Photo: © MV WERFTEN

In an official ceremony held in Wismar, MV WERFTEN welcomed 102 new recruits to the maritime industry. 90 apprentices in five different professions and 12 students taking sandwich degree courses were given a warm welcome by the company management, works councils and training supervisors


CMA CGM Major Player in US Economy

Image: CMA CGM

 The United States represent a major focus for the CMA CGM Group’s international development, said a press statement from the company.   CMA CGM, in a blog said that to cover this huge market, the company has been solidly established since 1995 in the United States with a head


Baltic Index Posts Best Day in Three Weeks

© Volodymyr Kyrylyuk / Adobe Stock

The Baltic Exchange's main sea freight index, which tracks rates of ships carrying dry bulk commodities, posted its best day in nearly three weeks on Tuesday, helped by higher rates for all vessel types.   The index, which factors in rates for capesize, panamax


Baltic Index Gains Nearly 3 Percent

© Evren Kalinbacak / Adobe Stock

The Baltic Exchange's main sea freight index rose nearly 3 percent on Wednesday to post its biggest percentage rise in three weeks as rates for all vessel segments perked up. The overall index tracking rates for ships carrying dry bulk commodities was up 35 points at 1,250 points.


VDL AEC Maritime to Reduce Ship Emissions

Photo: AEC Maritime

 Following on from the electrification of heavy duty mobility in the form of cars, buses, automated guided vehicles and tractor units, VDL Groep intends to continue help reducing the emissions from means of transport.    The family-owned international industrial business


3D Printed Ship’s Propeller Prototype Produced

(Photo: Damen)

A prototype of the world’s first class approved ship’s propeller manufactured using 3D printing techniques has been produced by a cooperative consortium of companies that includes Damen Shipyards Group, Rotterdam Additive Manufacturing LAB (RAMLAB), Promarin, Autodesk and Bureau Veritas


Wärtsilä: Turning Raw Data into Meaningful Insight

© Stockninja / Adobe Stock

Capitalizing on big data is a hot topic within the marine industry, and skilled data scientists are one of the most sought after professionals in the job market. Hardcore data analysis knowledge materializes at expertise centers, where hundreds of ships sailing on the seas of the world are tracked


India, Ukraine to Partner in Shipbuilding

Image: Ministry of Shipping, India

 A Ukrainian delegation led by its Deputy Minister of Economic Development and Trade Ms. Nataliya Mykolska, met Secretary, Ministry of Shipping Shri Ravikant in New Delhi  to discuss the potential for developing sustainable partnership between the two countries in the area of shipbuilding


Interferry Mission: Strength from Unity

(Photo Credit: Jadrolinija)

Interferry CEO Mike Corrigan explains the Stronger Together vision behind the trade association’s drive to extend its networking and lobbying influence.   Over the past four decades, Interferry’s reach and purpose has evolved with increasing effect from its U.S. origins in 1976


Shipbreaking NGOs Attack FPSO North Sea Producer

The North Sea Producer beached in Chittagong – © NGO Shipbreaking Platform

 16 August of last year the FPSO North Sea Producer was beached in Chittagong, Bangladesh. The ship was allowed to leave the UK based on the false promise that it would be further operationally used in the Tin Can port in Nigeria.   


PacRim Nations Crack Down on N.Korean Ships

South Pacific island nations are scouring shipping records for vessels with links to North Korea after Fiji said it had identified 20 falsely flagged ships it suspects the isolated regime is using to evade United Nations sanctions.   Fiji






 
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