German Banks Step up Efforts to Offload Toxic Shipping Debt
Top national lenders Deutsche Bank and Commerzbank are stepping up efforts to offload distressed shipping loans, finance sources said, as the German banking system grapples with $100 billion in toxic debt from the sector. While the shipping sector is showing signs of recovery after a near-decade long downturn, it is still struggling with an excess of ships and sluggish growth in global trade, which has led to some shipping companies going to the wall. German banks, once global leaders in ship financing, have written off billions of euros in loans to shipping companies, while other European lenders - facing capital pressure from regulators - have quit the business.
US to Become Oil and Gas World Leader in Long Term - IEA
The head of the International Energy Agency Fatih Birol said on Thursday the United States would - in the long term - become the "undisputed leader of oil and gas production worldwide". Speaking at the U.N. climate conference in Bonn, Germany, he said the agency expected oil markets to rebalance next year if oil demand remained "more or less" as robust as it is today and if OPEC and non-OPEC continued with their oil production cuts. (Reporting by Ahmad Ghaddar; Editing by Mark Potter)
Kleven, Lürssen Partner to Build Explorer Vessel
Norwegian shipbuilder Kleven said it has signed a contract with German based luxury yacht designer and builder Lürssen to collaborate for the delivery of a 100-meter-long exploration vessel newbuild for a non-disclosed customer. Kleven said the vessel will be built, partly outfitted and technically finalized at Kleven Verft in Norway, before final outfitting at Lürssen’s Blohm+Voss facility in Hamburg, Germany. The Lürssen Group recently joined a group of investors to collectively inject nearly $40 million into Norwegian shipyard.
APM Terminals Vado Aims to be Gateway to Central Europe
APM Terminals Vado, Italy Managing Director Paolo Cornetto highlighted the future role of the deepwater APM Terminals Vado facility, now under construction, as a new southern gateway to Central Europe. “We designed our new port around liner customers - and our landside customers – the importers, exporters and truckers - to help them do more business by tapping into the 70 million-member consumer market of northern Italy, southern Germany, Switzerland, Austria and eastern France within an eight hour proximity of our port," he said.
Australia to Order Two More Patrol Boats
Australian Prime Minister, Malcolm Turnbull, and Timor-Leste Prime Minister, Mari Alkatiri, announced that Timor Leste would take two of Austal’s Guardian Class Pacific Patrol Boats (PPBs). When contracted this will increase the total production quantity to 21 from the 19 already committed. Following on from a visit to Austal’s dedicated patrol boat facility earlier that day, Prime Minister Alkatiri joined Prime Minister Turnbull to make the announcement, heralding a step forward in regional cooperation.
WWEA, IWSA to Promote Uptake of Wind Technology in Ships
The World Wind Energy Association (WWEA) has today announced a key strategic partnership with the International Windship Association (IWSA) in order to further promote the uptake of wind technology by the global shipping fleet. WWEA is a not-for-profit organisation with over 600-member organisations across 100 countries. The Association promotes the deployment of wind energy technology around the world, and, as founding member of the REN Alliance and the Global100%RE Platform, is working towards full substitution of all polluting and hazardous waste causing energies.
IMO Updates COP23 on Climate Change Work
The progress made in starting to shape a draft comprehensive International Maritime Organization (IMO) strategy on reduction of GHG emissions from ships has been reported to the COP 23 climate change conference, meeting in Bonn, Germany (6-15 November) by IMO’s Stefan Micallef. He reported that more than 2,600 ocean-going ships have now been certified to the mandatory energy efficiency design requirements, which have been in force since 2013. The significant global reduction…
CWind Launches German Subsidiary
CWind announced the launch of its wholly-owned subsidiary in Germany. CWind Germany will be headquartered in Hamburg and will be responsible for the sales and marketing of CWind’s services in Germany. The company has also said it has won the license to lease employees under German law, known in Germany as ‘Arbeitnehmerüberlassungslizenz’ and is now in a position to lease employees as third party technicians to German client companies. CWind is building a leading position in the U.K. and Germany and is looking at opportunities to further expand its footprint in the region.
Glory Amsterdam Refloated from German Sandbar
A rescue team freed the grounded freighter "Glory Amsterdam" from a sandbar near the North Sea island of Langeoog and ruled out an oil leak, German authorities said on Thursday. Two large towing ships pulled the freighter to deep water and 16,000 tons of ballast water were pumped out of it, said Simone Starke, spokeswoman for Germany's Central Command for Maritime Emergencies. Environmental and fishery groups warned of dire consequences to the Wadden Sea, a UNESCO World Heritage site, if the ship began leaking 1,800 tonnes of heavy oil and 140 tonnes of marine diesel on board but there was no damage to the hull, authorities said. "No leaking was found during the towing process. An oil monitoring plane will accompany the barges towards Wilhelmshaven," said Starke.
German Cruise Market Looks Top Slot
The ocean cruise market in Germany continues to be one of the fastest-growing tourism sectors. Going by current trends, Germany could rival the UK’s position as the second largest ocean cruise market. Clia Germany revealed at ITB Berlin that 1.77 million German passengers took an ocean cruise in 2014 – a notable rise compared with the 1.7 million that cruised from the UK in 2013. Clia UK and Ireland said the UK’s 2014 figures would be announced next week, at the Cruise Shipping Miami exhibition and conference.
Bulker May Remain Stuck on German Sandbar until Friday
It may take until Friday to free the grounded freighter "Glory Amsterdam" from a sand bar near the North Sea island of Langeoog, German authorities said on Wednesday, but no holes or cracks are evident in the ship's hull to trigger an oil leak. Shallow waters off the island had forced officials to revise initial plans to dislodge the 225-metre (742-foot) freighter, which ran aground during a storm that killed at least six people in Germany, Poland and the Czech Republic. Environmental and fishery groups have warned of dire environmental consequences to the Wadden Sea…
Technology Cooperation for Low-Carbon Shipping
The Global MTTC Network (GMN) maritime technology project, run by International Maritime Organization (IMO) and funded by the European Union, was presented during a side-event (10 November) at the UN climate change conference in Bonn, Germany (COP 23). The project established a network of five regional Maritime Technology Cooperation Centres (MTCCs). Representatives of the European Union, IMO, MTCC-Caribbean and MTCC-Pacific participated at the event. MTCCs updated the audience on their pilot projects, including data collection on fuel oil consumption on ships.
US, Germany World Cup Match Honored with Trade Statistics
In honor of today’s World Cup match between the United States and Germany, a new graphic from the U.S. Census Bureau shows foreign trade statistics for the top five exports and imports between the two nations in 2013. In 2013, top U.S. exports to Germany included $5.7 billion in civilian aircraft, engines and parts and $5 billion in passenger cars, while Germany sent $25.8 billion in passenger cars and $9.4 billion in medicine and dosage form to the United States. census.gov
Attica To Deploy Ferries In Baltic Sea
Greek ferry operator Attica Enterprises will deploy four new car-passenger ferries in the Baltic Sea in 2001, according to company officials. The 29,800-grt Superfast ferries will offer overnight crossings between Germany and Finland and Germany and Sweden from January through September. Superfast VII, VIII, IX and X, currently under construction at Howaldtswerke Deutsche Werft AG in Kiel, Germany will have the capacity to carry 604 passengers in 172 cabins, and 125 trucks and 110 cars. The ferries will be able to develop speeds of up to 29.2 knots. They will connect the Stockholm and Helsinki greater metropolitan areas to northern Germany in about 17 and 21 hours respectively.
Scandlines Ferry Deal Could Drop In November
The Danish and German governments plan to sell the joint-owned Scandlines ferry line and companies from Sweden, Denmark and Germany had expressed an interest in buying the firm. "We are currently studying the possibilities (for a sale) and we expect to make a decision in mid-November," Danish Transport Ministry spokesman Michael Birch said. The state railways of Denmark and Germany each own a 50 percent stake in Scandlines AG. The Danish-German ferry company was originally expected to go public only in a few years' time, but this would not be the case if Scandlines succeeded in finding a buyer, Birch said. He added that companies in Denmark, Germany, Sweden and further afield had expressed an interest in buying the firm.
Northrop Grumman Names a Managing Director
FREIBURG, Germany - Northrop Grumman Corporation has appointed Eckehardt Keip as managing director of Northrop Grumman Holding GmbH, which includes operating entities Northrop Grumman L.E.F. GmbH and Northrop Grumman LITEF GmbH. Keip has been managing director of Northrop Grumman LITEF in Freiburg for nearly eight years; and, in his new, expanded role, he will be responsible for leading all areas of the company's Navigation Systems Division operations throughout Germany. "This strategic new appointment will unite and centralize all of our operations in Germany under Eckehardt Keip's leadership," said Liz Iversen, vice president and general manager of Northrop Grumman's Navigation Systems Division. Northrop Grumman L.E.F.
Top Engineering Employer – Tognum Wins Again
Tognum has picked up the accolade ‘Top Engineering Employer’ for the fourth time running. It also won the seal of quality ‘Top Employer in Germany’ for the third time. This year, a total of 34 companies in Germany were named the most attractive engineering employers, and a total of 118 qualified for the ‘Top Employer in Germany 2012’ category. As ‘Top Employer in Germany 2012’ and ‘Top Engineering Employer’, Tognum gained the highest grade for its attractive financial benefits such as salary and pension schemes.
Coune Becomes Secretary General, International Transport Forum
Carole Coune has officially assumed the office of Secretary General of the International Transport Forum at the OECD. As of August 1, 2011, Coune takes over from Jack Short, who is retiring, as leader of the Paris-based intergovernmental organization which brings together 52 nations. On her first official visit to a member country, Coune met with Germany’s Federal Minister of Transport, Construction and Urban Development, Dr. Peter Ramsauer, and State Secretary Rainer Bomba in Berlin on Tuesday to discuss her strategic vision for the future of the International Transport Forum. Minister Ramsauer assured Coune of Germany’s support for her work. He emphasized that Germany is prepared to host the Forum’s annual summit until at least 2017. ”I am delighted that Ms.
Imtech Sheds More Businesse Units
Banks sell Imtech Traffic & Infra; sale of Imtech Germany launched. The administrators and creditors of collapsed Dutch engineering services firm Royal Imtech pressed on with the forced sale of its businesses to raise funds to settle its bills. The sale of the German unit started on Tuesday, with insolvency administrator Peter-Alexander Borchardt saying he had already received more than 40 expressions of interest. Imtech Germany filed for insolvency on Aug. 6, and the parent company followed suit a week later, capping a long slide that began in 2013 after accounting irregularities were uncovered at its Polish and German operations. The group has since hastily sold operations representing 43 percent of its revenues.
Germany Hardsell Submarine Deal With Australia
The German company competing for Australia's $50 billion submarine contract is ramping up its pitches and lobbying became more intense. Germany is positioning itself as the "safe option" to build Australia's new submarine fleet, arguing it avoids upsetting China. The German company ThyssenKrupp Marine Systems (TKMS) linked its bid to strategic tensions in the South China Sea. It also said that awarding the contract to Japan could damage Australia's relationship with China. According to a report in ABC…
Norway to Buy Submarines from Germany
Norway plans to buy four submarines and Germany two in a bid to strengthen strategic partnership, says a report in Reuters. Defence Minister Ine Eriksen Soreide confirmed that the the government plans to invest in four new subs from Thyssenkrupp (TKMS). The Nato member is expected to sign a joint contract with Germany in 2019, however, the final sum of the new subs was not specified. "Cooperation and joint purchasing with Germany are the best choices," Ms Soreide said. The Norwegian…
Liberian Registry, ICS Challenge Brazilian Court Ruling
The Liberian Registry, in cooperation with the International Chamber of Shipping (ICS), has succeeded in helping the holder of a Liberian mortgage to overturn a decision of the Brazilian courts which, if left uncontested, could have had serious adverse legal and economic consequences for the international shipping industry. Pursuant to the acquisition of the FPSO (Floating, Production, Storage, and Offloading vessel) OSX-3 in March 2012 by a Dutch company and following re-registration under the Liberian flag…
LOEWE to Build Full-spade Rudder Systems for FSG
At the SMM maritime trade show in Hamburg, the Bremen-based shipbuilding supplier and provider of consulting and ship-related services LOEWE MARINE announced that it has received an order from shipbuilders Flensburger Schiffbau Gesellschaft (FSG) to supply the rudder systems for five newbuilds. The order takes LOEWE's partnership with FSG to the next level, coming, after five completed rudder projects for FSG over the past two years. It includes a twin arrangement of a high-efficiency flap rudder for a 194.8-meter RoPax ferry ordered from FSB by Irish Ferries.