Global Ship News

Despite the occasional smaller LDT candidate popping up for sale over recent weeks, there regrettably remains the ongoing scarcity of tonnage that is simply unable to fill the most basic of demands at the major ship-recycling destinations, reports cash buyer GMS.“As plots across Indian sub-continent markets gradually recycle through their respective shares of vessel deliveries through the first quarter of 2024, both Bangladeshi and Pakistani markets remain well-positioned despite the onset of the traditionally quieter month of Ramadan…

Even though the Indian sub-continent ship recycling markets have taken on a collection of smaller vessels of late, the week remains “sleepy” says cash buyer GMS.Virtually no deals have been concluded, and this has put the squeeze on the global ship recycling sector.“Dry bulk charter rates have been pushing on by the week as ship owners monetize the most from this sector. Containers and tankers too remain oddly off the recycling buffet, and this in turn is driving the ongoing dearth of viable candidates into overdrive…

As freight markets push further on, global ship recycling markets remain deprived of tonnage, making it an increasingly suffocating environment for ship recyclers to operate in, reports cash buyer GMS.Bangladesh and Pakistan rely heavily on imported ship’s steel, not only for domestic / large-scale infrastructure projects, but also for its comparatively ‘healthier’ and ‘rust-free’ condition than other forms of imported scrap metal / steel (HMS 1, HMS 2, shredded steel, etc.)Therefore…

Swedbank has signed the Poseidon Principles, a global framework for integrating climate considerations into lending decisions within ship financeThe Poseidon Principles provide a standardised methodology for data collection and reporting of emissions from banks’ shipping portfolios, with the overall ambition of supporting and facilitating the decarbonization of the shipping industry.The Poseidon Principles are consistent with the policies and ambitions of the IMO, including its…

Global ship recycling markets are now being exclusively driven by the relentless and futile shortage of tonnage that is expected to continue until Spring (at the very least), says cash buyer GMS.“The much-anticipated rebound in global recycling volumes that so many in our industry had been waiting (hoping) for before the turn of the year, has unfortunately failed to materialize.”Markets in Turkey and India remain well off the competitive pace, so Pakistan and Bangladesh remain are leading the market despite the continued drop in supply of vessels.

Despite Chinese new year holidays concluding on Friday, a pervading theme of an unrelenting dearth in the overall availability of tonnage across global ship recycling markets has been enduring for several quarters now, says cash buyer, GMS.This has resulted in another dreary week of market inactivity and silence across all recycling destinations.Charter rates continue to remain artificially elevated (especially) in the dry bulk sector, consequently placing a tighter squeeze on the overall supply of vessels for recycling.

Bangladeshi and Pakistani markets have been making noticeable improvements over recent weeks, but there remains an ongoing shortage in the global availability of ‘market’ tonnage for ship recycling, reports cash buyer GMS.As evident from the number of arrivals and beachings this week, an increasing number of ship recyclers have clearly managed to and are reportedly still in the process of obtaining further approvals on L/Cs from their respective banks. “As a result, there is now a noticeable disparity in offers emanating from recyclers from the same sub-continent destination…

Anglo-Eastern completed the 100th installation of Starlink within its managed fleet last week, mere months after announcing its commitment to the service. The global ship manager has seen an overwhelmingly positive response in respect of both operations and crew wellbeing.Torbjorn Dimblad, Chief Information Officer of Anglo-Eastern, expressed his satisfaction, saying “We now have Starlink-equipped vessels operating in every corner of the world and we are delighted with the service.

U.K. based cable company XLCC announced it has completed model testing on its new cable laying vessel (CLV) in the Netherlands.XLCC has partnered closely with the vessel designer Salt Ship Design, who has planned the vessel from conception using 3D engineering software.XLCC also partnered with SeaTec, the technical services division of global ship management company V.Group. SeaTec was appointed to develop the initial statement of requirements and has continued to support XLCC…

Top global ship fuelling hub Singapore is unlikely to be ready for ammonia bunkering by the end of this year, Singapore's Maritime and Port Authority (MPA) said, while industry players have also raised concerns about feasibility. The port authority's clarification came after the Global Centre for Maritime Decarbonisation (GCMD) said on April 27 that Singapore's first transfer of ammonia for bunkering could take place by the end of 2023. "These views do not represent the assessment of MPA and other government agencies – the timeline before end-2023 is not realistic…

Lloyd’s Register has acquired a 50% interest in ISF Watchkeeper, a work and rest hours compliance software solution from IT Energy Systems and Consulting Limited. The acquisition will result in LR becoming a joint owner of ISF Watchkeeper with the International Chamber of Shipping (ICS).Originally developed by ICS and IT Energy, ISF Watchkeeper is a suite of digital solutions that helps global ship operators to plan, manage and report their crew’s rest hours compliance in accordance with International Convention on Standards of Training…

The Poseidon Principles provide a platform for financing shipping’s sustainable future, but the technical guidance underpinning the initiative remains under scrutiny.In July 2023, the International Maritime Organization’s Maritime Environment Protection Committee (MEPC) will consider revising the UN agency’s strategy on greenhouse gas emissions from ships. Moving on from a current target to reduce CO2 emissions from ships by at least 50% by 2050, based on 2008 levels,  influential administrations seek to accelerate towards net-zero or even zero by 2050.

The Poseidon Principles provide a platform for financing shipping’s sustainable future, but the technical guidance underpinning the initiative remains under scrutiny.In July 2023, the International Maritime Organization’s Maritime Environment Protection Committee (MEPC) will consider revising the UN agency’s strategy on greenhouse gas emissions from ships. Moving on from a current target to reduce CO2 emissions from ships by at least 50% by 2050, based on 2008 levels, influential…

Libra's global ship owning and management unit Lomar Shipping last week delivered the chemical tanker Apollo to new owner Navigator Line Ship Management and Operation, in Sharjah, UAE.Built in 2003, the 24,000 DWT vessel was sold for close to $10 million as part of Lomar's ongoing fleet renewal program, the company said.The vessel was the oldest of six chemical tankers, including four 38,000-dwt chemical/products tankers, that joined the Lomar fleet following the October 2022 acquisition of Germany’s Bremen-based tanker specialist Carl Büttner Group…

As Patrick Ryan assumes the top tech exec spot at ABS, Maritime Reporter TV interviewed him on the eve of the announcement. While shipowners face multiple technology challenges ahead, Ryan said a top priority is the bridging of technology from the fundamental phase into operational solutions. ABS appointed Patrick Ryan as Chief Technology Officer to support continued development of ABS as a maritime technology leader.Having served as Senior Vice President, Global Engineering and Technology since 2019…

Equatorial Marine Fuel Management Services Pte Ltd rose one spot to become the top marine fuel supplier at world's largest bunkering hub Singapore in 2022, official data showed on Monday.Equatorial overtook PetroChina International Singapore Pte Ltd, who dipped from its top ranking in 2021 to second spot in 2022, while Trafigura's TFG Marine Pte Ltd climbed two spots to become third-largest supplier, data from the Maritime and Port Authority (MPA) of Singapore showed.Vitol Bunkers Pte Ltd maintained fourth in 2022 as with the previous year, while Shell Plc's Singapore bunkering unit, Shell Eas

Oil-laden tankers risk being left languishing at sea if insurers do not urgently get clarity on an unfinished G7 and European Union plan to cap the price of Russian crude, two senior industry executives told Reuters.The Group of Seven (G7), which includes the United States, Britain, Germany and France, agreed in September to enforce a low price on sales of Russian oil.U.S. officials said the move, which is due to start on December 5, was aimed at allowing it to continue to flow…

A subsidiary of global private business group Libra has acquired German tanker company Carl Büttner Holding (CB) for close to $160 million, the unit said on Monday in its latest expansion into shipping.Lomar - Libra's global ship owning and management unit, which has around 50 ships in its fleet including container ships and dry bulk vessels - has completed the acquisition of CB, which has a fleet of chemical and oil products tankers.CB would "benefit from the strength of Libra Group’s network around the world", Libra's executive chairman George Logothetis said."This is an exciting time for Lomar, and we look forward to many innovative and future-thinking announcements to come."Lomar was part of one of the consortiums that bid for the Israeli port of Haifa…

ABS has granted Approval in Principle (AIP) to the Shanghai Merchant Ship Design and Research Institute (SDARI) for its vessel design with a novel aft layout, which eliminates pollution and promotes efficient vessel operations.The SDARI design, developed in cooperation with Thordon Bearings Inc. and the National Technical University of Athens (NTUA), introduces a new approach to the vessel’s aft layout, including removal of the stern tube casting, employing seawater for lubrication…

Another woeful week of declining sentiments has left all of the major global ship-recycling markets on edge as the industry approaches the summer / monsoon months in the sub-continent. Moreover, it seems doubtful (at present) that any more noteworthy deals will likely be concluded, especially with the industry in such a state of disarray.Depreciating currencies and plummeting steel plate prices (especially in Pakistan this week alone) have left nearly all of the major recycling…

Oslo-listed Borealis Finance said Thursday it had sold 10 container ships for $203,550,000 in total and that it had informed Nordic Trustee it would prepay $188,000,000 outstanding under its Bond Issue.The company did not say who the buyers were but said the vessels were on Thursday delivered to new owners. It is possible that the buyer is Global Ship Lease, as Borealis in June said it had agreed to sell twelve container vessels to Global Ship Lease, Inc. for a total consideration of $233.89 million. Borealis at the time said the delivery of the vessels was scheduled for the 3rd quarter of 2021, and that following a successful delivery of the vessels, the company was contemplating a repayment of the outstanding bond.

Borealis Finance, a company that owns a fleet of bulk and container vessels, has sold one of its containerships.The Oslo-listed firm said Thursday that the 2,824 TEU containership Bomar Bellini had been sold for $16,4 million."The vessel was today successfully delivered to new owners," Borealis Finance said, without disclosing the name of the buyer.The vessel was built in 2007 by Hyundai Mipo. It was previously known as Santa Bettina and Cap Byron.Data from VesselsValue suggest that the vessel has been sold to Global Ship Lease, and also that its new name is Matson Molokai. According to AIS, the vessel is currently in Long Beach, California…

Global Ship Lease announced on Wednesday that it has agreed to purchase four 5,470 TEU Panamax containerships with an average age of approximately 11 years for an aggregate purchase price of $148 million.The ships are scheduled for delivery during the third quarter of 2021. The Company expects to fund the purchase price with cash on hand and senior secured debt.On delivery, the ships will be chartered to a liner operator for a firm period of three years each, with a charterer’s option for a period of an additional three years.