A group of 41 oil majors will make their tanker inspection reports available to port examiners in Europe. They also aim to ensure higher standards for their shared reporting system as part of a raft of initiatives to ensure greater tanker safety in the wake of the Erika incident. SIRE (ship inspection reports) do not pass or fail vessels on structural issues but concern operating standards. The Paris MOU is Europe's agreement by which unsafe ships are detained by individual countries' port-based inspectors until repaired. But it is expected that the European Union to increase sanctions on oil companies as ship charterers in the wake of the pollution affecting France's coast from the TotalFina-chartered tanker Erika which broke up in December OCIMF intends to strengthen its report program to overcome criticism by some oil companies that were not convinced their inspection standards were matched by others. The organization will introduce a system of accreditation by examination for its inspectors by the end of the year. The vessel inspection program is also being extended to cover smaller vessels that can operate either as petroleum or chemical carriers. Up to 300 such ships operating in northern Europe and the Mediterranean would be affected.
A surge in the volume of fixed premium business managed by the UK P&I Club and the proportion accounted for by time chartering has highlighted the growth and complexity of insuring these types of shipping operation. The financial results for the year ended February 20th 2007, discussed by the UK Club’s directors earlier this month (May), revealed that $65 million of the Club’s total gross premium income ($358 million) was fixed premium business----and that two-thirds of this came from
Aries Maritime Transport Limited announced an update on its fleet deployment. The Bora, a 2000-built double-hull products tanker, returned to service last week following the completion of works, which included dry-docking repairs and upgrades, as previously announced. The vessel is being deployed in the spot market, while period charter opportunities are explored. The cost of repairs is expected to total approximately $1.4m.
There has been a marked increase in period contracts since January 2000. Not only has period chartering activity increased, but the length of the periods has also increased and there have again been several contracts above one-year. It is also interesting to see that it is the trader VITOL that has been one of the most active time charterers with 11 contracts, of six months and above, recorded since the beginning of 2000. We have recorded 8 contracts for another trader, Alpine
International Transport Intermediaries Club (ITIC) says that shipbrokers run the risk of exposure to substantial liabilities as a result of inadequate monitoring of their email communications. In the latest issue of its Claims Review, ITIC cites the case of a shipbroker acting for a shipowner which had a demurrage claim against charterers. The charter party included a 60-day notification period and a 90-day time-bar for documented claims
ITIC has warned shipbrokers that they face the risk of serious financial loss if they fail to ensure that all parties to fixture agreements are in possession of full, confirmed information prior to the conclusion of negotiations. In the latest issue of its Claims Review, ITIC cites the case of a shipboker asked by a charterer to increase the volume of cargo already booked under a contract of affreightment
Any easing of OPEC oil output restraints would be unlikely to create a shipping shortage despite charterers currently avoiding older tankers, ship brokers and analysts said. Signs that OPEC oil producers could relax their four million barrel a day output restraints in April which have lifted Brent oil prices to over $27.00 a barrel, were unlikely to cause demand to outstrip tanker supply, they said. This was despite charterers seeking to use newer vessels since the 25-year-old tanker Erika
SINGAPORE-based Siba Ships Asia is has taken delivery of its first two ships, the sister handymax bulk carriers MV Fomalhaut and MV Eltanin, ex Brave Imperial and Brave SV. The geared 46,700 dwt 1999-built vessels have both been reflagged to Singapore and will go on charter to a major charterer for a two year period. "These two modern ships boost our presence in the bulk market, which is especially strong in Asia for flexible handymaxes like these," explains
A lesson in admiralty law was provided by the U.S. Court of Appeals for the Fifth Circuit when it ruled that a maritime lien for breach of a charter party attaches when the vessel is placed at the charterer's disposal. In the instant case, a vessel owner entered into a time charter and accordingly delivered the vessel. The vessel was then sold to a third party (subject to the time charter) and the new owner obtained a mortgage loan on the vessel
Gulf Harbor Shipping, L.L.C., a full service tramp, tanker and project cargo shipping agency has opened a new office located in the World Trade Center, suite 2101, No. 2 Canal Street, New Orleans, La., 70130. Founded by a former Executive and Managers of a major shipping agency company, Gulf Harbor will target charterers and ship owners needing customized representation on the lower Mississippi River and the U.S. Gulf Coast.
Videotel, a KVH company, has launched a new training program, “Report a Near-Miss, Save a Life”, in association with The Standard Club, a protection and indemnity (P&I) club, which insures ship owners, operators, and charterers for their liabilities to third parties.
Rates to climb to around W65 from MidEast to Asia; W70 from West Africa. Freight rates for very large crude carriers (VLCCs) are set to rise further as Asian refiners rebuild inventories after plants were reactivated following maintenance outages, brokers said on Friday.
Seanergy Maritime Holdings Corp has entered into a time charter contract (T/C) with a major European charterer, for one of its Capesize dry bulk vessels, for a period of about 18 months to about 22 months. The T/C is for the 180
Algoma Central Corporation and Nova Marine Carriers SA today announced the creation of a new joint venture that will focus on short-sea dry-bulk shipping for global markets. This new joint venture, operating as NovaAlgoma Short-Sea Carriers, or NASC
Around 30 VLCC charters in Feb so far, versus 50 last month. About 40 refinery facilities to close for maintenance. Freight rates for very large crude carriers (VLCCs), which fell to multi-week lows on Thursday, could slip further as refinery maintenance in Asia weighs on cargo volumes
"K" Line (India) Shipping Private Ltd (KLISP), affiliated company of Kawasaki Kisen Kaisha Ltd., joined Indian National Shipowner's Association(INSA) at the end of January 2017. KLISP was established in 2014 and actively participates in Indian Coastal Trade as well as
Genco Shipping and Trading (GNK) has reported a loss of $24.5 million in its fourth quarter of 2016. The transporter of drybulk cargo said that its basic and diluted loss per share is $3.35. It had posted revenue of $43.9 million in the period.
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
Capesize rates from Western Australia to China at 8-week high; shipowners parking ships off South Africa to stop rates falling. Freight rates for large capesize dry cargo vessels on key Asian routes could remain rangebound next week as abundant tonnage puts a ceiling on freight rates even
The U.S. Coast Guard (USCG) has awarded Qualship 21 status to 30 bulk carriers owned and operated by Star Bulk Carriers Corp., the largest U.S. listed dry bulk operator. The Qualship 21 program rewards high quality ships sailing under qualifying flags.
Russia’s largest shipping company PAO Sovcomflot (SCF Group) has announced its results for the full year to 31 December 2016 that the compay claims to be an example of 'robust strategy delivering solid results despite market volatility in 2016.'
Shipping confidence held steady in the three months to end-February 2017, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. In February 2017, the average confidence level expressed by respondents was 5
ABS, a provider of classification and technical services to the marine and offshore industries, held its annual National and Regional Committee meetings in London, Copenhagen and Hamburg in mid-March. “Our committee meetings provide a platform for transparent
40 MidEast VLCC cargoes fixed for early April loading. Freight rates for very large crude carriers (VLCCs), which have fallen to six-month lows, are likely to hold steady around current levels as owners resist charterers' attempts to push rates lower, brokers said.
Capesize rates hit new multi-month highs this week; BHP and FMG likely to renew chartering activity next week. Freight rates for large capesize dry cargo vessels on key Asian routes, which hit multi-month highs on Tuesday, could climb further on increased chartered activity by miners