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Chartered Vessel

Hanjin Fleet Shrinks

Photo: Hanjin Shipping Co

 Following its bankruptcy filing, Hanjin Shipping Co.’s fleet has shrunk to about a tenth of its size after the South Korean container line returned most of its chartered vessels to owners, reports Bloomberg.   All but three of the remaining 14 ships are either stranded or have been seized over unpaid bills. Hanjin once operated 97 box ships, including 61 that were chartered.    As overcapacity depressed freight rates and debt piled up at the company, lenders pulled the plug on credit, prompting Hanjin to apply for court receivership on Aug. 31.   Of the chartered vessels, all except two have been returned to their owners, who have since leased them to others and changed the vessels’ names.    Hanjin was the world’s seventh-biggest container line with a market share of 2.9 percent, making it the only Korean carrier to feature in the global top 10.    Now, it’s plummeted to 21st in rankings with about 0.5 percent share, according to Alphaliner, a shipping data provider.  


BP Pulls Plug on Oceaneering Vessel Contract

Photo: Oceaneering International, Inc

 UK giant BP will end a contract off Angola with Oceaneering International about eight months early.   Oceaneering International has announced that BP has exercised its right to terminate its use of the chartered vessel Bourbon Oceanteam 101 at the end of May 2016.   Prior to this notice, the work was scheduled to extend through the end of January 2017.   Under the terms of the contract, the costs incurred by Oceaneering associated with the early release and


Vessel Hijacking Reported on Niagara River

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The U.S. Coast Guard (USCG), Customs and Border Protection, Canada's Niagara Regional Police and the Niagara County Sheriff's Office are investigating a reported hijacking of a Canadian-flagged charter vessel by two Canadian men Tuesday afternoon. About 1:30 p.m. the master of an 18-foot Canadian charter vessel took his boat to Coast Guard Station Niagara, New York, to report that just moments ago two men, both believed to be Canadian citizens


Horizon Lines Reaches Agreement with CSX

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CHARLOTTE, NC, May 2, 2011 – Horizon Lines, Inc. (NYSE: HRZ) today announced that it has finalized an agreement with CSX Corporation to reduce charter payments on three vessels leased from CSX. Under the agreement, charter hire expense has been reduced by $3 million annually, retroactive to January 2011, through the January 2015 expiration of the charter. The agreement represents a total savings of $12 million for Horizon Lines over the remaining life of the charter


Statoil Awards Hull Cleaning Contract to GAC

Signing of agreement between GAC EnvironHull and Statoil at Statoil’s Headquarter in Stavanger, Norway. From left to right: Åshild Eltervåg, Nadia Nikmanesh, Elin Haave, Karl Ingvar Jorgensen and Robert Anderson. (Photo: Simon Doran)

Eco-friendly HullWiper technology to fight fouling and enhance efficiency for oil and gas company fleet    GAC EnvironHull has signed a contract with the international energy company Statoil to provide underwater hull cleaning services for its vessels operating in Scandinavia, the Middle East and the Far East.   From the second quarter of 2015, GAC EnvironHull, part of global shipping, logistics and marine services provider GAC Group


Offshore Solutions’ OAS, 1000 Connections

Photo courtesy Fifth Ring

Offshore Solutions B.V. (OSBV) reported that the OAS, mounted onboard the GDF SUEZ E&P Nederland B.V. (GSEPN) chartered vessel, REM Mermaid, has achieved over 1,000 operational connections without any LTIs. An OAS is a heave compensated telescopic gangway, enabling the safe transfer of personnel from a vessel to an offshore installation (wind turbine, oil or gas platform) designed to operate in 2.5 metre Hs (significant wave height) sea states


Malikai TLP Float-Off in Malaysia

Photo courtesy of Dockwise

InterMoor completed its involvement in the Shell Malikai Tension Leg Platform (TLP) float-off operations. The TLP was loaded onto the Dockwise Heavy Lift Vessel White Marlin at Malaysia Marine and Heavy Engineering (MMHE) shipyard in Pasir Gudang, Malaysia, and transported to a float-off location in the Singapore Straits.    Contracted by TMJV, a joint venture between Technip and MMHE Shipyard, InterMoor Pte was responsible for the marine aspects of the float-off and tow of


Baltic Exchange Board Backs SGX Bid

The Baltic Exchange board has unanimously backed a takeover bid from Singapore Exchange Ltd , a deal that will give SGX access to a trading platform for the multi-billion dollar freight derivatives market.   On Aug. 4, SGX offered shareholders in London's privately owned Baltic Exchange 160.41 pounds in cash per share, for a total 77.6 million pounds ($102 million), and urged them to back the deal.   The exchanges have agreed on the terms of the SGX offer


Cory Brothers Shipping Wins BP Hub Agency Contract

Cory Brothers Shipping has been awarded a five year Hub Agency contract by BP Shipping covering the Baltic, Europe, and Mediterranean regions. This is the largest region awarded by BP Shipping within its global system and covers some 6,000 port calls per year. Cory Brothers will be responsible for managing the agency network for BP’s own fleet and voyage chartered vessels employed on BP business. The Hub Agency system ‘ShipTrak’ developed by Cory is linked to BP’s


Cecon Completes Installation Offshore Nigeria

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End March Cecon has completed the installation of four flexible pipelines and umbilical’s for Broron Oil & Gas/Addax Petroleum in waters offshore Nigeria, West Africa.   The project was  initially awarded (Oct 2011) to Cecon ASA as a fast-track subsea tieback project for the management, transport, installation and tie-ins of two flexible pipelines and two umbilicals between two wells in 130 m water depth and the Okwori FPSO


Asia Tankers-VLCC Rates Uncertain on Tonnage Woes

File Image (CREDIT: AdobeStock)

MidEast tanker rates fall to $22,000 a day, below breakeven; 52 VLCCs to be delivered this year, highest since 2011.   Freight rates for very large crude carriers (VLCCs), which fell to four-month lows this week, face an uncertain direction next week as refinery maintenance and excess


Algoma, Nova Marine Form JV

Pic:  Algoma Central Corporation

 Canada-based Algoma Central Corporation  and Switzerland's Nova Marine Carriers SA  have announced that they are exploring an expanded partnership that is expected to lead to the creation of a global company specializing in short-sea dry bulk shipping.    


LR Tankers Taken for Gasoline Storage in Asia

Image: OFE

Long range tankers taken for storage on expectations of tighter Asian gasoline market   Singapore gasoline cracks have averaged $10.72/bbl in February so far, down by 12 percent y-o-y but still relatively firm. Robust demand from the Middle East and intra-Asia as well as a flurry of both


Specialist Man Overboard & Fast Craft Injury Prevention Workshops

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A unique program of two one-day events for the sub IMO / sub 80 feet professional sector will be held ‘back to back’ in Southampton, U.K. on April  25 and 26, 2017. The fast moving workshop style program brings together an international group of experts armed with the latest


Asia Dry Bulk-Capesize Rates to Slip; Low Demand, Overcapacity Weigh

File Image: a typical bulk vessel underway (CREDIT: BSM)

Despite lower rates, rental prices doubled from last year; capesize vessels totalling 15 million DWT to be delivered this year - broker.   Freight rates for large capesize dry cargo ships on key Asian routes are likely to drift lower as tonnage volumes outpace cargo demand even as owners


Eimskip Acquires Nor Lines

Photo: Nor Lines

 Iceland-based Eimskip has agreed to acquire Norwegian shipping and logistics company Nor Lines. According to Eimskip, the operation of Nor Lines has been challenging in recent years and the business will be restructured in order to improve the firm’s services.  


Korea Line to Take Over Hanjin's Asia-US Route

Photo: Hanjin Shipping

 South Korea’s Korea Line has been picked as the preferred bidder to buy the troubled shipper Hanjin Shipping’s Asia-US operations, beating Hyundai Merchant Marine, reports Reuters.   The judge at the Seoul Central District Court


Singapore Exchange Completes Baltic Exchange Takeover

Singapore Exchange has completed its takeover of the privately-owned Baltic Exchange, sealing an 87 million pound ($108 million) deal for one of London's oldest institutions, the groups said on Tuesday. The acquisition is one of the latest developments in a string of mergers


Asia Dry Bulk-Capesize Rates to Remain Steady

File Image (Credit BSM)

Owners seeking to push rates higher, close to year-long highs; dry bulk sector to see greater consolidation - BIMCO. Freight rates for large capesize dry cargo ships on key Asian routes are likely to remain steady next week even as owners try to push rates up close to year-highs


Volkswagen Opts for LNG-powered Shipping

Image: Volkswagen Group

 The Volkswagen Group said it will use two vessels powered by liquefied natural gas (LNG) on routes between Europe and North America from 2019, in a move that aims to improve the environmental balance of its marine transport fleet.  


Maersk Line Implements BigOceanData Vessel Tracking

Photo: Maersk Line

BigOceanData and Maersk Line have entered into a two-year agreement whereby BigOceanData will deliver vessel tracking services to Maersk Line. The initial system went live on August 1, 2016 and is already in use in operation centers around the world on both desktop and mobile devices


Maersk Mulls Quick Acquisitions

Photo: Maersk Line

 Danish shipping giant A.P. Moeller-Maersk A/S’s container altered its strategy this month by planning to expand its fleet through acquisition, breaking from its previous preference of building its own boats, reports Forbes.  


Baltic Exchange Shareholders Approve Singapore Exchange Takeover

Baltic Exchange shareholders on Monday approved an 87 million pound ($112 million) takeover by Singapore Exchange for one of London's oldest institutions, in a deal that will give SGX access to the multi-billion-dollar freight derivatives market.


Hanjin Gets $45 Million Credit Line From KDB

Photo: Hanjin Shipping Co

 Korea Development Bank has offered a conditional credit line of 50 billion won ($45 million) to help ease supply-chain disruptions caused by the collapse of Hanjin Shipping Co, says a report in Reuters.   An estimated $14 billion of cargo was trapped on Hanjin ships when the world's


Busan: Business May Not be As Usual, Post Hanjin

Photo: Hanjin Shipping

Though Busan Port, the largest customer of Hanjin Shipping and hit hardest by the Liner's collapse,  asserts that everything is under control, doubts are being raised on Hanjin rehab plan as ships clog at the South Korean port, reports Reuters.  






 
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