Marine Link
Saturday, May 27, 2017

OSC Launches VLCC Chartering Business

Photo: OSC

Oman Shipping Company (OSC) has officially set up a new commercial chartering desk offering its Very Large Crude Carrier (VLCCs) to major traders and charterers covering VLCC routes worldwide. OSC, one of the biggest ship owners in the MENA region, has a diversified and young fleet of 50 vessels. OSC owns 16 VLCCs within the fleet out of which OSC is now commercially managing 15 VLCCs through its subsidiary Oman Charter Company (OCC). The move follows an announcement in December 2016 which saw OSC withdrawing 15 VLCCs from the VL8 pool based in Singapore.

Marshall Islands Extends Electronic Logbook Approval

K-Fleet Logbook (Photo: Kongsberg)

The Maritime Administrator of the Marshall Islands has extended its approval of the K-Fleet Logbook system, enabling more than 4,000 flag state registered vessels to introduce digital reporting for oil record and garbage record logbooks. The approval states that K-Fleet Logbook may now be used to fulfill the requirements of the Marshall Islands Maritime Regulations (Marine Notice No. 7-041-5) to maintain a deck and navigation log, an engine room log, an oil record book, cargo record book, a garbage record book and a radio log.

Fleet Performance Management is No Quick Win

Figure 1 (Image: BMT SMART)

Fleet Performance Management (FPM) can drive efficiency improvements of up to 38 percent, but many ship owners and operators are finding that FPM is costing, rather than saving them money. The expectation that once you plug and play an FPM system the savings will be immediate, has set a precedent that in real terms, is simply unachievable. Peter Mantel, Managing Director of BMT SMART, a subsidiary of BMT Group, argues that FPM is a marathon, not a sprint and long-term collaboration is required to ensure a return on their investment.

StealthGas Achieves High Revenue

Photo: StealthGas Inc

StealthGas, ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, registered  an operational utilization of 97.3% in Q1 2017 (91.1% in Q1 2016), best performance since the beginning of 2014. Revenues for the three months ended March 31, 2017 amounted to $38.1 million, an increase of $1.6 million, or 4.4%, compared to revenues of $36.5 million for the three months ended March 31, 2016, due to increased fleet utilization and a slight increase in market rates.

Small Vessels Boost LPG Freight Rate: Drewry

Graph: Drewry Shipping Consultants Limited

Vessel oversupply will persist in the LPG shipping market for the next two years, keeping freight rates under pressure across most size segments. However, the small vessel segment is the only category where fleet growth will be minimal, leading to a recovery in rates, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry. Most vessel size segments are expected to witness another year of rapid supply growth in 2017, with the overall fleet forecast to expand by 16%. This will keep freight rates under pressure over the next two years.

Safe Bulkers Expands Fleet

Photo: Safe Bulkers, Inc.

Safe Bulkers, in its Q1 financial results annoucements said that with the latest addition of Pedhoulas Rose, its fleet has increased to 38 dry bulk vessels. In January 2017, the company took delivery of Pedhoulas Rose (Hull No. 1146), a 82,000 dwt, newbuild Kamsarmax class vessel. Also in January, Safe Bulkers took delivery of Hull No. 1551, a 81,600 dwt, newbuild Kamsarmax class vessel which was subsequently sold to chief executive officer and chairman, Polys Hajioannou. As of May 12…

AWO Welcomes CVIDA Inclusion in Coast Guard Authorization Bill

Tom Allegretti (Photo: AWO)

The American Waterways Operators (AWO) said it welcomes the inclusion of the Commercial Vessel Incidental Discharge Act (CVIDA) and the recapitalization of the aging fleet of inland waterway tenders as part of the FY 2018 Coast Guard Reauthorization Act, which was approved today by the Senate Committee on Commerce, Science and Transportation by voice vote. CVIDA is bipartisan legislation that streamlines what is currently a broken regulatory system in which commercial vessels moving vital maritime commerce on U.S.

Diana Shipping Adds m/v Astarte

Photo: Diana Shipping Inc

Diana Shipping, a company specializing in the ownership of dry bulk vessels, has announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v Astarte (formerly “Seatrust”). Astarte  is a 2013 built Kamsarmax dry bulk vessel of 81,513 dwt that the Company entered into an agreement to purchase in April 2017. Including the newly delivered m/v Astarte, Diana Shipping Inc.’s fleet currently consists of 50 dry bulk vessels (4 Newcastlemax, 14 Capesize, 4 Post-Panamax, 5 Kamsarmax and 23 Panamax).

Hapag-Lloyd, UASC Complete Merger

Photo: UASC

Hapag-Lloyd and United Arab Shipping Company (UASC) merged yesterday (May 25, 2017). The merger between the two liner shipping companies was completed in Hamburg. With 230 vessels and a shared fleet capacity of approximately 1.6 million TEU, Hapag-Lloyd is the fifth-largest liner shipping company in the world. Hapag-Lloyd will remain a publicly traded company registered in Germany with its headquarters in Hamburg. “This is an important strategic milestone and a big step forward for Hapag-Lloyd,” said Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd.

Inmarsat, IMSO Partner in Vanuatu

Warringa (Photo courtesy of Inmarsat)

Inmarsat (ISAT.L) has made available five Fleet One units to a pilot initiative that aims to bring change to the way ships connecting island communities in the Pacific archipelago of Vanuatu communicate. The International Maritime Organization (IMO) endorsed capacity-building pilot program is the result of cooperation between the International Mobile Satellite Organization (IMSO) and the Government of Vanuatu under the leadership of the Ambassador of Vanuatu to the IMO. Waterborne…

Diana Shipping Annouces Time Charter for Bulker Pair

m/v Erato. Photo: Diana Shipping Inc

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Glencore Agriculture B.V., Rotterdam, for one of its Kamsarmax dry bulk vessels, the m/v Astarte. The gross charter rate is US$9,000 per day, minus a 5% commission paid to third parties, for a period of minimum fourteen  months to maximum seventeen  months. The charter is expected to commence on June 12, 2017. The “Astarte” is a 81,513 dwt Kamsarmax dry bulk vessel built in 2013.

Flex LNG signs deals to buy six new vessels

Image: Flex LNG

Oslo-listed Flex LNG has signed contracts to buy six new liquefied natural gas (LNG) vessels for its fleet by 2019, as it bets on increasing fuel demand from Britain and other countries, its chief executive told Reuters. The gas shipping company said earlier this year it was considering buying the six vessels, each with around 170,000 cubic metres of capacity, subject to securing funding for the $1.2 billion transaction. Geveran Trading, the private investment vehicle of billionaire shipping tycoon John Fredriksen…

NYC's New Ferries Take to the Water

Photo: Incat Crowther

The first vessel in the new NYC Ferry’s fleet has been christened Lunch Box, following a naming competition held amongst New York school students. Lunch Box, which has already been followed by a subsequent pair of vessel in New York, is the first vessel in a fleet of 26m catamaran ferries commissioned by Hornblower Cruises to form NYC Ferries, a government initiative to bring an affordable, city-wide ferry network to the Big Apple. Over the coming year, the fleet will grow to some 20 vessels and the network will grow to six routes.

Swiss Fleet Dwindles as State Guarantees End

A dozen ships from the Swiss high seas fleet are being sold off as the global shipping crisis takes its toll on the quirky remnant of landlocked Switzerland's efforts to ensure supplies of essential goods at times of international unrest. Worried about the security of food and energy supplies during wartime, Switzerland launched its high seas fleet in 1941, putting Swiss flags on tankers and freighters it could call on at times of need. But as times changed and supply routes became more stable, Switzerland has limited its support since 1959 to debt guarantees for shipping lines able to reduce borrowing costs in return for pledges to make ships available if Bern needed them.

Eagle Bulk Takes Delivery of Stonington Eagle

Photo:  Eagle Bulk Shipping

Eagle Bulk Shipping has taken delivery of the M/V Stonington Eagle, the third of nine Crown-63 Ultramax dry bulk sister vessels acquired from Greenship Bulk Trust for an aggregate price of $153 million. With the addition of the M/V Stonington Eagle, the current Eagle Bulk fleet consists of 43 vessels on the water, including five Ultramax vessels. Another six Ultramaxes are scheduled to be delivered over the coming months, growing Eagle Bulk's owned fleet to 49 Ultramax and Suezmax vessels.

Ships Parade Kicks off NY Fleet Week

Photo: Jeff O’Malley

From the tree lighting at Rockefeller Center to New Year's Eve in Times Square, New York’s time-honored traditions are some of the most well-known around the world. Arriving today as part of another New York tradition, a “parade of ships” from several branches of the U.S. military (and one ship from Canada) sailed into the New York Harbor and up the Hudson River from Battery Park to just south of the George Washington Bridge, for the 29th annual Fleet Week New York (FWNY). Now in its 29th year…

Scorpio Tankers Merges with Navig8 Product Tankers

Photo: Scorpio Tankers Inc

Scorpio Tankers has entered into definitive agreements to merge with Navig8 Product Tankers  and acquire Navig8’s 27 operating product tankers. Subject to the terms and conditions of these agreements, Scorpio will acquire four LR1 tankers prior to the closing of the Merger (the LR1 Vessel Acquisitions) and the remaining 23 tankers upon the closing of the merger in exchange for the issuance of 55 million shares of Scorpio common stock to the Navig8 shareholders. In connection with the LR1 vessel acquisitions, Scorpio will pay cash consideration of $42.2 million, which is net of assumed debt.

Euroseas Sees Improvement in Cargo Shipping

Pic: Euroseas Ltd

The beginning of 2017 found both the drybulk and containership markets recovering from the historical low levels observed during 2016, says Euroseas Chairman. Aristides Pittas, Chairman and CEO of Euroseas said that the drybulk market improved rapidly during the last two months of 2016 and throughout the first quarter, although it has recently lost some of the gains achieved. The containership market improved more gradually starting in February 2017, and has maintained its level, still low compared to historical standards, despite a slowdown in chartering activity lately.

Kalmar Delivers RTGs to Evergreen

Pic: Kalmar

Kalmar, part of Cargotec, has successfully delivered five rubber-tyred gantry (RTG) cranes to Evergreen International Storage & Transport Corporation in Taiwan. The cranes will be used in Taoyuan Inland Container Terminal and Hsichih Inland Container Terminal. Evergreen International Storage & Transport Corporation offers inland container terminal services to customers all over Taiwan, including lifting operations and control of inbound and outbound containers; container repairing and cleaning service; and warehousing in the distribution center.

Sentinel Takes Delivery of New Rescue Vessel

Mariner Sentinel (Photo: Sentinel Marine)

Aberdeen-headquartered Sentinel Marine said it has taken delivery of a new emergency response and rescue vessel (ERRV) which will see 24 new jobs being created within its North Sea operation. Sentinel Marine, which owns and operates offshore support vessels for the oil and gas industry, has secured a contract for the Mariner Sentinel with a major producer for its North Sea oil field. Following construction in China, the vessel is en route to Aberdeen and is expected to commence operating in July 2017. Mariner Sentinel is the latest of six new build for Sentinel Marine since 2015.

Safety Partnership Builds on its Success

Photo: Salvare

International safety expert Salvare has secured a number of orders for its Seapod and Mini-Pod lifesaving systems through its U.K. sales agent SeaSafe over the last year. The latest contract for five units went to a U.K. west coast fleet operator, which wants to kit out all of its vessels to help ensure its crews stay safe at sea. Jeremy Dale, managing director, SeaSafe, said, “Since we took on the distribution of Salvare’s Seapod and Mini-pod, units have been sold worldwide from everywhere in between America to Germany. He added that the systems’ popularity speaks for itself.

Demand for Chemical Tanker Fleet Looks Up

Graph:  Drewry Shipping Consultants Limited

Demand for methanol and vegoil will moderately support global seaborne trade causing the shipping fleet trading in chemicals and vegoils to expand, according to the latest edition of the Chemical Forecaster, published by global shipping consultancy Drewry. A press release from Drewry said that the orderbook contains 144 stainless steel vessels totalling 3.4 mdwt for delivery by 2020, almost 22% of the existing capacity for such vessels; 63 of these vessels are in the size range of 25…

Gulf Navigation Sails to Profit

Photo: Gulf Navigation Holding

Dubai-based shipping company Gulf Navigation Holding  has reported a 39% growth in net profit at the end of the first quarter of 2017 compared to the same period in 2016. The result came at a stage while the company is witnessing a significant improvement in its performance, successful settlement of legal cases and entering into various global partnerships to strengthen its competitive position in the marine sector. According to GULFNAV’s financial report, its net profit reached…

Maritime Reporter Magazine Cover May 2017 - The Marine Propulsion Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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