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Management Statement

Falling Oil Prices Help Boost Braemar Revenues

Image: Braemar Shipping

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, its ship broking division's performance has improved significantly compared with the first half, reflecting the inclusion of ACM and the cost reduction actions taken as it successfully continued to integrate the businesses.    “We are encouraged by the progress of the enlarged division,” the company said. “While the oil price has continued to weaken, the freight rates, which drive our revenue stream, have risen in a number of sectors including VLCCs (Very Large Crude Carriers).” Demand for oil tankers has risen sharply, most likely as speculators hire huge ships to store cheap oil until prices increase again. That's good news for both rates and Braemar's revenue.   Elsewhere, Braemar's Logistics and Technical divisions are trading as expected. The freight forwarding side of Logistics and Braemar Engineering have done particularly well.  


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


MERPAC Meeting

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


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)


InterManager Salutes Capt. Vanderperre

InterManager, the international association of in-house and third party ship managers, has paid tribute to the life and memory of Captain Charles Vanderperre, the founder of Univan Ship Management and the long-accredited grandfather of modern day third party shipmanagement, who died at the age of 88. In a statement, Guy Morel, General Secretary of the Association, said: “We salute his memory and applaud the work he did in driving forward the development of third party shipmanagement


Cosco Pacific Appoints Zhang Wei as Vice Chairman

Photo: Cosco Pacific Ltd.

 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


GOGL Adds Dry Bulk Vessel

Golden Shui. Photo: Golden Ocean Group Ltd

 Norway-based dry bulk shipping company Golden Ocean Group Limited (GOGL) has taken delivery of a dry bulk which it bought in March 2017.   On 14 March 2017, GOGL announced that it has entered into agreements to acquire 16 modern dry bulk vessels in an all-share transaction where the


Norway Oil Ministry: No Plan to Cut Output

© Lukasz Z / Adobe Stock

Norway has no plans to cut its oil output, the country's oil and energy ministry said on Tuesday.   "The Ministry has a good dialogue with other countries about the oil market. We are not in a situation in which regulating production is on the agenda for Norway


India to Allocate 2.5 pct of Road Fund for National Waterways

Indian Prime Minister Narendra Modi. Photo: PIB

 The Indian government has approved a proposal to allocate 2.5 per cent of the Central Road Fund (CRF) for National Waterways (NWs) that would result in about Rs 2,000 crore (USD 309 mln) proceeds per annum for their development.  


Patrol Boats Delivered to the Vietnam Coast Guard

US Ambassador Ted Osius, fourth from left, inspects new Metal Shark patrol boats with Vietnam Coast Guard members during a delivery ceremony Monday May 22, 2017 in Quang Nam, central Vietnam (Photos courtesy US Embassy Hanoi)

Six new military patrol boats built by Louisiana-based shipbuilder Metal Shark have been delivered to the Vietnam Coast Guard. The welded-aluminum Metal Shark 45-foot Defiant pilothouse patrol vessels were provided to Vietnam by the United States in a move that underscores the increased security


EPA Paves Way for Stalled Mine in Alaska

U.S. environmental regulators have cleared the path for a stalled copper and gold mine in Alaska by agreeing to settle current lawsuits and other issues over the project, which had drawn environmental concerns over its potential impact on the world's largest sockeye salmon fishery.


Hapag-Lloyd to Omit UASC in 2017 Financials

Photo: United Arab Shipping Company (UASC)

 The outlook for the 2017 financial year is based on the Hapag-Lloyd Group’s existing business activities as at 31 December 2016 and therefore does not include UASC’s business activities or the acquisition of UASC in 2016.   


GOGL Takes Two More Vessels from Quintana

Image: Golden Ocean Group Ltd

 Golden Ocean Group (GOGL)  said it has taken delivery of additional two vessels, Q Myrtalia and Q Shea, from Quintana Shipping  in exchange for 1.95 million consideration shares.   A statement from the company said: "Reference is made to the stock exchange notice dated


MOL, Satake Introduce BMW Solutions

Pic: Mitsui O.S.K. Lines

 Mitsui O.S.K. Lines (MOL) announced that its group company MOL Techno-Trade will exhibit BARI-SHIP 2017 which is held at Imabari, Ehime from May 25th - 27th, 2017 with Satake Corporation.   Satake Corporation designed and developed "Viable Organism Analyzer (VOA1000)" which


Maran Tankers Chooses Q88VMS

Photo: Maran Tankers Management

Greek oil tanker shipping company Maran Tankers Management has selected a cloud-based voyage management system to manage its chartering and commercial operations. Q88VMS, the latest product in Q88 LLC’s portfolio, is a web-based platform for managing all voyage related information


BP to supply LNG to Indonesia

Photo: BP

 BP has signed an agreement with Indonesian state-owned power utility Perusahaan Listrik Negara (PLN) to supply 16 LNG cargoes annually from Tangguh project during the period 2020 to 2035, Reuters reported.   The Indonesian oil and gas regulator SKKMigas said that the supply will be


BOEM Offers Cook Inlet Blocks Offshore Alaska

Pic: BOEM

 The Bureau of Ocean Energy Management (BOEM) announced it will offer approximately 1.09 million acres off Alaska’s southcentral coast in a lease sale scheduled for June 21.   Cook Inlet Oil & Gas Lease Sale 244 will offer 224 blocks toward the northern part of the federal


Marco Polo Seeks Protection from Creditors

Photo: Marco Polo Marine Ltd

 The Board of Directors of Marco Polo Marine informed that PT Marcopolo Shipyard (PTMS), has filed an application to place itself under a Penundaan Kewajiban Pembayaran Utang (PKPU) suspension of debt payment plan in accordance with Law on Bankruptcy and Suspension of Debt Payment.  


COSCO Singapore Wins FSRU Deal

Photo: Cosco Shipyard

 Cosco (Qidong) Shipyard Co, a subsidiary of Cosco Corp's 51 per cent subsidiary Cosco Shipyard Group Co, has entered into an agreement with a European buyer for the construction of the floating storage regasification unit (FSRU) module.  


Malaysian Navy Boat, Nine Crew Missing

Nine crew members of a Malaysian navy boat are missing after they lost contact with their parent ship while chasing away intruding fishermen, the navy said on Monday.   The nine were part of a boarding team from the warship KD Perdana, on patrol off the south coast


Panama Frees Vessel Held in Western Sahara Claim

Panama authorities have released a Moroccan phosphate shipment from the disputed Western Sahara territory after it was temporarily held by a legal challenge from the Polisario independence movement, officials said on Monday.   The vessel was held on May 18 and is the second tanker carrying






 
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