Every company in the marine and offshore industries has at some stage been involved in a millennium bug compliance study. It is now time to admit that industry is bored with the subject. Since the problem was first mooted, its possible outcome has remained a mystery, which is the only definite aspect of the millennium bug problem. No one actually knows what will happen. One thing is certain, though, in the modern marine and offshore industry, information has become the most important business tool. How companies handle and store it for use depends on their internal structure, but it is safe to say that it will be on a computer at some stage. Lose the information, and the company will lose money rapidly while trying to recoup that information and operate effectively at the same time. So information-sensitive companies such as shipbrokers, agents, offshore oil companies, and ship operators, have been forced to take measures to ensure compliance. Until recently, there was only one course of action open to them, weed out the problems now by replacing equipment, at huge cost, that does not meet millennium bug requirements. There are now two courses of action possible. Companies can now rent the software. Renting software is a service that has never been offered to the shipping industry before, but small and medium-sized companies have welcomed the idea
Venezuela's state-run PDVSA will use a terminal owned by U.S. firm NuStar Energy on the island of Saint Eustatius to store crude and load very large crude carriers (VLCCs) going to Asia, after deciding it will no longer rent a facility in the Bahamas, according to a PDVSA executive. PDVSA has been using the Saint Eustatius terminal in the Caribbean since March as a center to store and mix its crudes and produce exportable blends
From the December 2010 edition of MarineNews Since the middle of 2006, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working towards changing how companies report their lease transactions on their balance sheets. Those companies (including publicly traded entities) whose reporting complies with Generally Accepted Accounting Principals (GAAP) must observe the reporting regulations as set down by FASB
According to a report from Bloomberg, rents for capesize ships that haul iron ore fell the most in a month on excess vessel supplies. Hire rates fell 5.4% to $6,359 on May 10, data from the Baltic Exchange in London show. That’s the biggest decline since April 8 and leaves rates 86 percent lower than a year ago. (Source: Bloomberg)
IHC Merwede has entered the international rental market with its standard IHC Beaver dredgers and DMC work boats. The company has identified a demand in the market for vessels and equipment that may only be used for a relatively short period of time. In August, the first dredger – an IHC Beaver® 40 – was rented out to a contractor in Europe. The dredger was easily loaded on to trucks and transported to the dredging site
Christine Cabau Woehrel has taken up her new role as CEO of the Marseilles Fos port authority after two years heading the Port of Dunkirk. She succeeds Jean-Claude Terrier following a French transport ministry nomination that was backed by the port’s supervisory board in February and has now been confirmed by government decree. Her move marks a return to the headquarters city of CMA GGM, France’s biggest and the world’s third largest container carrier
After the critical shortages of containers of last year, production has picked up again, but high container prices and a tight ratio of containers to vessel slots will continue to constrain the availability of boxes, according to the Container Census – Annual Survey and Forecast of Global Container Units, a new report from Drewry Maritime Research. At the end of 2010, the global fleet of containers exceeded $90 billion in replacement value for the first time, according to the report
Transocean Ltd., one of the world's top offshore drilling companies, reported a first-quarter loss on Wednesday as oil exploration and production companies rent out fewer of its rigs because of tumbling crude prices. The net loss was $483 million, or $1.33 per diluted share, down from a profit of $456 million, or $1.25 a diluted share in the same period a year ago, before oil prices plunged 50 percent.
Iran is seeking $2.5 billion investment to modernise its oil tankers fleet following the lifting of sanctions against Tehran, managing director of National Iranian Tanker Company (NITC) was quoted as saying by state news agency IRNA on Saturday. Iran emerged from years of economic isolation after crippling sanctions were lifted in January in return for Tehran complying with steps to curb its nuclear ambitions. Reuters reported last month that two Chinese firms were pushing for
South Carolina Ports Authority (SCPA) announced an all-time record container volume of nearly 105,000 pier containers and 185,018 twenty-foot equivalent units (TEUs) handled in January. As measured in pier containers, or total box volume, SCPA handled 104, 792 boxes last month, surpassing the previous record of 104, 003 containers handled in May 2015. Container volume is up 28 percent compared to the same month last year.
Hutchison Port Holdings Trust (HPHT) suffered a 69.9 percent plunge in first-quarter net profit to to HK$166.9 million ($24.4 million USD) from the corresponding period a year earlier. The Hong Kong-based port operator said it was largely due to the absence of a government rent and
Container shipping: new networks come into focus as the supply side holds the key to improvements Demand The most recent available data show that demand for the container shipping grew by 2.7 percent in 2016. With the supply side growing by only 1
CMA CGM Otello has arrived Indonesia as the largest container vessel to call the country at the Jakarta International Container Terminal. The occasion also celebrated her impending maiden voyage for the industry’s first direct service from Indonesia to the United States
Diana Containerships Inc. announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Hapag-Lloyd AG, Hamburg, for one of its Panamax container vessels, the MV Sagitta. The gross charter rate is $9,500 per day, minus a 1
Dubai-based ports operator DP World said on Sunday it and the Port of Fujairah have agreed to terminate the company's concession agreement to operate the port. DP World entered into the agreement in 2005 on a build, operate and transfer basis to expand and develop the container terminal
Californian Port of Los Angeles has seen its volumes increase by 10 percent in the first quarter of 2017 as it handled a total of 2.23 million TEUs in the three-month period, compared to 2 million TEU seen in the same quarter a year earlier.
Ocean Carrier Nile Dutch will use ClearMetal's machine-learning approach to fleet and container utilization improvement. ClearMetal is a predictive logistics company that uses AI and machine learning to unlock new efficiencies for global trade.
The 8,600 TEU capacity CSAV Traiguen became the largest container ship to call a Guatemalan port when it arrived at Terminal de Contenedores Quetzal (TCQ) on Guatemala’s Pacific Coast on April 12th, 2017, on the maiden call of German-based Hapag-Lloyd’s Mediterranean Pacific
The port of Antwerp handled 54,324,303 tonnes of freight during the first three months of this year, 1.5% more than in the same period last year. The further growth is mainly due to container freight, which was up by 2% in terms of tonnage.
Owner and operator of dry bulk and container vessels Navios Maritime Partners L.P. said it has reached an agreement to acquire Rickmers Maritime’s entire containership fleet. The deal, worth about $113 million, will see Navios Partners acquire 14 container vessels from Rickmers Maritime
The world's busiest container port, Yangshan in China's business hub of Shanghai, is battling severe congestion wrought by dense fog, higher-than-usual volumes and the aftermath of a shake-up in shipping alliances, ocean carriers and port officials say.
Total domestic and international container volumes at the Port of Seattle and Port of Tacoma increased by more than 14 percent for the month of March, and year-to-date volumes were up 10 percent. March international container volumes performed strongly post-Lunar New Year
Port Newark Container Terminal (PNCT) handled a record number of container volumes without disruption to its customers following its January 2017 upgrade to the N4 terminal system. The move to Navis N4 is part of PNCT’s $500 million infrastructure modernization project that is expected to
Taiwan’s troubled Yang Ming Marine Transport Corp is halting its container service to Iran, becoming the first foreign shipping line to abandon the route a year after international sanctions on Tehran were lifted, Reuters reported.
CMA CGM aims to increase its market share in Indonesia to 20 percent by year-end from the current 13 percent, reported The Jakarta Post. The company's senior vice president in Asia, Jean-Yves Duval said that with aggressive marketing, as well as longer and more efficient routes