Braemar Shipping Interim Management Statement
Braemar Shipping Services plc isued its Interim Management Statement in relation to the period since the six months ending 31 August 2009. The group has benefited from a dry bulk market which has been stronger than many expected during much of 2009, particularly in the latter part of the year. This has mainly been due to the continuing high demand from China, and to a lesser extent India, for the import of raw material which has been sufficient to absorb the arrival of new tonnage and for the return of port congestion. Braemar has also benefited from a good level of sale and purchase activity and demolition broking remains extremely active as the scrapping of older ships, particularly in the container and tanker sectors, continues to grow. For much of 2009 the tanker market rates have been weak due to lower global industrial energy demand and the impact of newbuilding deliveries. But there has been some improvement in rates in recent months and the Group’s transaction numbers remain strong. Additionally, Braemar’s specialised tanker team has won some important new business in recent weeks and the Group is growing its presence in the wet FFA (Forward Freight Agreement) market. The established Technical, Logistics and Environmental divisions are all performing in line with expectations.
Falling Oil Prices Help Boost Braemar Revenues
Braemar Shipping Services said its ship broking division saw an improvement in its performance during the last quarter. The merger in July with smaller rival ACM Shipping also came in as shot in the arm. A strong dollar and weak oil prices are good for business, too, and freight rates, a key driver of revenue, are up in a number of sectors. In an interim management statement the company says that as anticipated
A working group of the Merchant Marine Personnel Advisory Committee (MERPAC), sponsored by the U.S. Coast Guard, will meet in Washington, DC on March 21 and 22. The purpose of the meeting is to discuss task statement #47 concerning recommendations on knowledge and practical qualifications for engineers at the operational and management levels to serve on steam propelled vessels and task statement #49 concerning recommendations for use of a model sea course project in conjunction with an
Cosco Busan Management Company Charged
A federal grand jury in returned a second superseding indictment charging Fleet Management Limited, a ship management company, with negligently causing the discharge of 50,000 gallons of oil from the Cosco Busan and falsifying documents after the crash to cover-up the company’s negligence, the Justice Department announced today. Fleet Management, the company responsible for operating the Cosco Busan, was charged with six felony counts for making false statements and obstruction
Braemer Shipping Interim Management Statement
Braemar Shipping Services plc issued an Interim Management Statement in relation to the period since the six months ending 31 August 2008: “Shipping markets have experienced a significant correction over the past four months and in varying degrees dry and wet freight rates and vessel values are sharply lower, mainly in response to the slowing global economic demand and the significant contraction in the availability of bank lending
Braemar: Interim Management Statement
Braemar Shipping Services plc today issues its interim management statement in relation to the period since the announcement of the interim results on 25 October 2011. Over the past few months activity in the Shipbroking division has increased. The Group has seen good levels of spot chartering business particularly in deep sea tankers and in capesize bulk carriers. The specialised tanker chartering desks are also performing well
Zeebrugge Traffic Up 6.6%
Total traffic through Zeebrugge port rose by 6.6 percent to 26.67 million tons in the first nine months of 1999. At the end of the year it expected total traffic to rise to 35 million tons versus 33.4 million tons in 1998. "On the basis of these interim figures we can see that 1999 will be an absolute record year," port management said in a statement, noting that traffic rose by more than 20 percent over the past three years.
St. Lawrence Seaway Annual Report Available
The St. Lawrence Seaway Management Corporation (SLSMC) issued a statement that the 2002-2003 Annual Report is now available. Including both a narrative text and financial summary, the annual report also mentions that the SLSMC's new business plan increases maintenance expenditures by 36 percent over the next five years. Source: HK Law
Cape Wind Energy Project EIS Released
The Minerals Management Service (MMS) issued a notice stating that it has released the final environmental impact statement for the Cape Wind Energy Project. Comments should be submitted within the next 30 days. 74 Fed. Reg. 3635 (January 21, 2009). (Source: Holland & Knight)
Cosco Pacific Appoints Zhang Wei as Vice Chairman
Cosco Pacific Ltd. has appointed Zhang Wei as vice chairman and managing director, replacing Qiu Jinguang who has stepped down from the positions with immediate effect, reports Dow Jones. "Qiu Jinguang has resigned as an Executive Director, the Vice Chairman and Managing Director and also resigned as an authorised representative as well as the Chairman of the Executive Committee, the Investment and Strategic Planning Committee and the Risk Management Committee
U.S. Carrier Drills with Japanese Navy
A U.S. Navy aircraft carrier, the Ronald Reagan, is conducting drills with a Japanese warship in waters around Okinawa southwest of the Korean peninsula, Japan's military said on Wednesday. The exercise comes amid heightened tension with North Korea as the U.S. holds air drills in the region with B1-B bombers flown from Guam. The exercise with the Reagan strike group, which began on Saturday, involves vessels sailing from the Bashi Channel
Search Suspended for Worker Missing in US Oil Platform Blast
The U.S. Coast Guard has suspended the search for a worker missing from an oil production platform in Louisiana's Lake Pontchartrain that exploded and caught fire late on Sunday. Missing is Timothy Morrison, 44, of Katy, Texas, the Coast Guard said in a statement. Seven other workers were sent to hospital with injuries in the incident. "The decision to suspend a search is never an easy one," Commander Zac Ford said in the statement.
Italy Breaks up Libyan Fuel Smuggling Ring
Sicilian police on Wednesday sought the arrest of nine people, including a suspected mobster, for running a Libyan fuel-smuggling ring in which at least 30 million euros ($35 million) of diesel was sold in gas stations in Italy and Europe. A Libyan, nicknamed the "boss", used small boats to steal fuel from a refinery in Zawiya, a port city west of Tripoli, a statement from the finance police said.
Update: Texas Barge Explosion Kills One, Fire Extinguished
At least one person was killed and another was missing on Friday after an oil barge being pulled by a tug boat caught fire and exploded in the Gulf of Mexico off Texas, officials said. The barge was carrying some 133,000 barrels of crude oil to a refinery in Corpus Christi when the explosion occurred at 4:30 a.m., they said. The dead person had not yet been identified and the fire was allowed to burn itself out before being extinguished, said Rick Adams
U.S. Navy Fires Two Commanders After Sea Accidents
The U.S. Navy dismissed two senior officers on Monday after a series of collisions involving Seventh Fleet warships in Asia, citing a loss of confidence in their ability to command. Rear Admiral Charles Williams, commander of Task Force 70, and Captain Jeffrey Bennett, commander of Destroyer Squadron 15, were fired by Seventh Fleet commander Vice Admiral Phil Sawyer, the Navy said. In August, Sawyer replaced fleet commander Vice Admiral Joseph Aucoin, who was fired after the accidents
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. to provide contractual quantities of cargo under long term contract between the companies," Palmali said in a statement sent to Reuters.
BP Restores Power at Thunder Horse Platform after Outage
BP restored power at its Thunder Horse platform in the U.S. Gulf of Mexico, according to a statement to Reuters Wednesday. The platform lost power due to an electrical outage Monday. BP said it was redeploying staff to the platform, which has the capacity to produce up to 265,000 barrels of crude a day. (Reporting By Jessica Resnick-Ault)
Golar LNG Appoints Iain Ross as CEO
Shipping company Golar LNG Ltd said it has appointed Iain Ross as its new chief executive. Ross succeeds Oscar Spieler, who was appointed as CEO last year after having previously led the company between July 2009 and June 2011. Spieler was in charge of the company's FLNG Hilli Episeyo project and is leaving after its delivery, but would remain with the group as executive adviser, the company said in a statement.
Rolls-Royce, Inmarsat Sign Ink Energy Management Deal
Rolls-Royce and Inmarsat have signed a Letter of Intent (LOI) to have the option to make the company’s Energy Management system available via Inmarsat Maritime’s Fleet Xpress high-speed broadband service. With data collected from a multitude of ship control systems and equipment sensors, Energy Management 2.0 reduces energy consumption and supports environmental compliance as well as allowing for the benchmarking of efficiency against historical performance.
U.S. Navy Carrier Drills with Japanese 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. The Reagan strike group will conduct a separate drill with the South Korean Navy in October, the defence ministry said in a statement distributed to South Korean lawmakers on Monday.
Migrant Boat Sinks off Turkish Coast, Four Dead
Four people drowned when a fishing boat carrying migrants sank off the Turkish coast in the Marmara Sea on Friday, the coast guard said in a statement. The boat sank off the northwestern province of Kocaeli shortly after calling for help. The statement said 38 migrants were rescued. The coastguard was seeking 15 to 20 others and was being assisted by two helicopters, planes and commercial boats. The origin of the migrants and their destination was not immediately clear.
US Denies Request for Puerto Rico Shipping Waiver
The Trump administration on Tuesday denied a request to waive shipping restrictions to help get fuel and supplies to storm-ravaged Puerto Rico, saying it would do nothing to address the island's main impediment to shipping, damaged ports. The Jones Act limits shipping between coasts to U.S. flagged vessels. However, in the wake of brutal storms, the government has occasionally issued temporary waivers to allow the use of cheaper, tax free
BIMCO Launches Practical Guide to Support BWM Convention
BIMCO has launched a practical guide for shipmasters managing new ballast water management systems. It coincides with the entry into force of the IMO's Ballast Water Management (BWM) Convention. BIMCO’s new Shipmaster’s Ballast Water Manual provides clear, accessible information for seafarers dealing with practicalities of daily ballast water management. The manual covers all aspects of the Convention, including regulatory implementation
Clipper Bulk Consolidates
Clipper will simplify its operational and administrative set-up in its strongest field of business, bulk. "Going forward, we will concentrate our bulk business in three locations: Copenhagen, Houston and Hong Kong. Consequently, we will close our offices in Stamford, Sao Paulo, Rio de Janeiro, Singapore and Beijing. Our offices in Barranquilla, Tokyo and Nassau will remain unchanged and continue to serve our local business partners
Exmar USD 23mln Richer After Excel Sale
The Belgian gas tanker company Exmar has sold its liquefied natural gas (LNG) tanker Excel for $ 23 million. "Exmar is pleased to announce the sale of the LNG carrier Excel (138,107 m³). The 2003 built Excel has been delivered to its new owners on 6th of October 2017," said a press statement from the company. The net cash proceeds realized by Exmar for its 50% share in the joint venture will be approximately USD 23 million, it added.