GoodBulk Gets New Credit Facility to Fund Vessel Acquisition
The bulk investment company focusing on vessels in the second hand market GoodBulk entered into a new credit facility with ING Bank for up to $73.0 million. This facility has an initial term of five years, profile of sixteen years.GoodBulk took delivery of the M/V Aquasalwador, a 2012 built Capesize vessel of 180,012 dwt built by Daehan, KR o 4 September 2018.The Company entered into an agreement to purchase the vessel on 27 July 2018 for consideration of $34.7 million which was financed by a combination of cash on hand and $24.5 million of availability under the ING Bank credit facility.
GoodBulk Announces Fleet Update
Bermuda-based owner and operator of dry bulk vessels GoodBulk entered into an agreement to sell the M/V Aquapride, a 2012 built Supramax vessel of 61,465 dwt built by Imabari, JPN at $20.0 million to Suisse Bulkers, an unrelated party.The vessel is expected to be delivered to its new owner between September and November 2018. The M/V Aquapride was acquired by GoodBulk, for a total consideration of $17.0 million and is expected to contribute net profit of approximately $2.3 million…
Hansa Heavy Lift Delivers Egina Carousel to Nigeria
Hansa Heavy Lift has transported a giant carousel together with eight reels, weighing a total of 3,508.7 metric tonnes, from Newcastle, United Kingdom to Lagos, Nigeria destined for the Egina Oil Field.The voyage took place on board the super heavy lift vessel HHL Lagos, which was mobilised in Rotterdam, the Netherlands, to prepare the vessel with additional deck strength for the extralarge carousel, which weighed over 2,200 metric tonnes including spooled product and had a diameter of over 25 metres.“Close connection between the Hansa Heavy Lift engineering…
Interview: Jeong-kie Lee, Chairman, Korean Register & IACS
This month we caught up with Jeong-kie Lee, Chairman and CEO of the Korean Register and also the Chairman of the International Association of Classification Societies (IACS), for his insights on the dominant trends moving the maritime industry into the future.The maritime industry has been challenged, to say the least. Today, where do you see challenge? Where do you see opportunity?The maritime industry is in a state of extreme upheaval, with private and public organizations having to deal with a wide range of ever changing…
KR Gets Statutory Okay in Germany, Togo
Korean Register (KR) - an IACS member classification society – is now authorized as a Recognized Organization (RO) by the German Federal Ministry of Transport and Digital Infrastructure to perform statutory services for flagged vessels. Separately, KR has also been authorized to provide similar services for flagged vessels on behalf of the government of Togo. KR is now able to conduct surveys and audits and issue certificates to the flagged ships from these two countries for SOLAS and MARPOL. KR continues to expand its statutory services on behalf of flag administrations. These latest authorizations demonstrate that KR’s technical competence is being recognized and valued across the world and that KR is regarded as a reliable…
Korean Register Opens ICT Center
Korean Register (KR) has opened a new ICT (information communications technology) Center to enhance the application of advanced information and ICT across the maritime and ship classification industries. According to KR, the new high-tech facility has been launched in response to demand from the Korean shipbuilding and marine transport industries, keen to be more competitive in a challenging market. It seeks to address the fact that advanced onshore technologies have been difficult to adapt for maritime applications, because of the poor communication environment at sea and unique attributes of ships. In line with the International Maritime Organization's (IMO) e-Navigation strategy…
Development on BWM highlights - IMO's R&D Forum
Ballast water management experts, meeting at the recent IMO-GloBallast R&D Forum in Canada, have showcased the latest developments in ballast water management and highlighted the areas where further research is needed, in order to prevent the spread of potentially harmful species in ballast water. Some 140 participants from IMO Member States, academia, private sector, testing facilities and the maritime technology industry were meeting at the International Civil Aviation Organization (ICAO) in Montreal…
KR Upgrades KR-CON with Dangerous Goods Search Function
Classification society Korean Register (KR) announced the release of its latest KR-CON software. The essential software tool, now in its 14th edition includes an enhanced and increasingly critical dangerous goods program, which has been developed in-house, as one of its key functions. KR-CON offers a comprehensive electronic database of International Maritime Organization (IMO) instruments, providing all of the latest IMO Conventions, Codes, Resolutions and Circulars. By simply inputting a ship’s particulars, KR-CON allows the user to find all of the regulations relevant to a specific task and helps to ensure that all of the IMO requirements are applied correctly.
Marshall Islands Extends Electronic Logbook Approval
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.
Korean Register to Deliver Statutory Services in India
Classification society Korean Register (KR) has signed an agreement with the Directorate General of Shipping (DGS) to deliver services on behalf of the Indian flag administration, carrying out vessel surveys and issuing certificates according to international conventions. KR is now able to conduct relevant surveys and audits and to issue certificates to Indian flagged ships for SOLAS, MARPOL, ITC, ICLL and MLC. India's maritime industry has strong potential for growth because of its geographical location between Asia and Africa and its 7,000-kilometer-long coastline, KR said. India's recent economic growth has dramatically increased the value of its import and export trade. However, the port facilities and vessels to accommodate this growth are lacking.
Death Toll On The Rise at Chittagong Shipbreaking Yards
Two workers lost their lives at the Chittagong shipbreaking yards in the last two weeks, bringing the total death toll this year to six workers, reports NGO Shipbreaking Platform. On 6 May, 26-year-old Shahinoor died at Jamuna Shipbreaking yard. He fell from a great height when he was breaking the Hanjin Rome, which was the first vessel arrested after the collapse of one of the largest container ship companies last year – the Korean company Hanjin Shipping. The Hanjin Rome was put up for auction by the High Court in Singapore to be sold to the highest bidder early this year.
KR to Deliver Engineering, Ship Surveys in Iran
Korean Register (KR) – an IACS member classification society - has signed a Memorandum of Agreement to establish a joint venture company with the Iranian Classification Society (ICS). The agreement is to deliver plant facility certification and engineering services. This is a growing market, with demand for plant project and industry safety inspection services expected to increase significantly over the next five years. The company will be called the ‘Iran-Korea Technology Assurance Company’, with 50-50 capital investment from KR and ICS. It will be fully operational in 2017. KR established a branch office in Tehran in 2010 but sanctions meant that the society suspended most of its services…
Out of 210 Ships, 158 Hit South Asian Beaches in Q2
There were a total of 210 ships broken in the second quarter of 2017. 158 of these ships ended up on South Asian beaches for dirty and dangerous breaking, said NGO Shipbreaking Platform. The Platform was able to document five accidents at the shipbreaking yards in Chittagong, Bangladesh, between April and June, which led to the death of four workers and the injury of two. Ishaq worked as a winch operator and died struck by a cable at the BBC Steel Shipbreaking/KR yard. This is the second fatal accident this year at BBC Steel.
KR Boosts Operational Efficiency with Boxship Conversion
The Korean Register has announced that it has successfully completed a feasibility study for the conversion of an 8,600 teu containership into a 10,000 teu vessel. This new capacity specification was developed in response to a shipping company’s desire to adapt to recent shipping environment changes and to improve operational efficiency. In recent years a change in the optimal size of vessels and a deterioration in the operational efficiency of existing ships, has led to newbuilding orders or the conversion of existing ships. KR offered the shipping company two scenarios for the study. One was a traditional method, to increase the size of the vessel by lengthening the ship…
LNG-fueled Bulker Ordered from Korea
Hyundai Mipo Dockyard (HMD) has signed a contract to build a 50,000 dwt bulk carrier with ILSHIN LOGISTICS. The project is a collaboration between POSCO and ILSHIN LOGISTICS to develop the first in a new generation of ships for greener shipping. The ship represents a significant step-up for the industry as it is the largest bulk carrier ever ordered to use LNG as fuel. When delivered in the fourth quarter of 2017, the ship will transport limestone cargoes in the Korean coastal trade for steelmaker POSCO. Lloyd’s Register (LR) and the Korean Register (KR) will provide dual classification and certification, verifying compliance with the International Gas Fuel (IGF) Code.
KR Opens Opens New BWMS Testing Facility
The Korean Register (KR) – an IACS member classification society – has announced that it has significantly expanded its land-based test facilities for Ballast Water Management System (BWMS) by opening a brand new specialist facility. KR has been conducting type approval testing of BWMS since 2004, with a consortium of six different partners. KR and its partners segregate the duties, taking into account each organization’s specialist expertise. This range of expert knowledge and…
Connecting Boatbuilders to the New Gold Standard
Victaulic’s forward-thinking vertical integration remains, at the same time, solidly connected to a rich and varied past. It is still common to hear waterfront stakeholders refer to alternative pipe connection systems as temporary or simply as ‘a new development.’ While none of that could be further from the truth, the education of the marine community as to the merits of these products as an alternative to traditional flanges continues. These products – like Victaulic’s market offerings – are indeed mainstream parts of the marine sector…
Beijer Electronics Unveils X2 Extreme Panels
Beijer Electronics has rolled out its new X2 extreme family of rugged HMIs for tough environments. X2 extreme panels are certified by all major classification societies. Designed to perform in rugged environments and in hazardous areas where gases, vapors and dust are present. Extended environmental capabilities include operating temperatures from -30°C to +70°C, high vibrations and high-pressure wash-downs. X2 extreme panels are available in 7, 12 and 15 inches, all in three versions: Standard versions, high-performance versions and fully sealed high-performance versions.
Korean Register CEO Park Passed Away
Dr. B. S. Park, Korean Register Chairman and CEO, has passed away after a short illness. Dr. Park graduated from Korea Maritime and Ocean University in 1976 and joined Pan Ocean Shipping where he worked in a number of capacities until 2001. In that year he was appointed CEO of Welson Korea Insurance Brokers before becoming COO of Korea P&I Club in 2006. He appointed as Chairman and CEO of KR in December 2014. Dr. Park was 63 and leaves a wife and two children.
KR Releases KR-CON V16
Classification society Korean Register (KR) announced that it has released the 16th version of its KR-CON software. First launched in 1997, the software program set out to help surveyors, shipbuilders and PSC officers to search for IMO instruments more accurately, quickly and conveniently. The original database program provided all IMO conventions, codes, resolutions and circulars in a CD-ROM format. Since then, KR-CON has been revised and updated 15 times and is now available in English, Korean and Chinese and is accessed on USB, via the web and a mobile application. For the 16th KR-CON, KR said it has put considerable effort into the creation of more user-friendly interface.
Korean Register Names New Chairman & CEO
Classification society the Korean Register (KR) has elected Lee Jeong-kie as its new Chairman and CEO. Lee assumes the role of Chairman and CEO, following the death of B. S. Park, who passed away after a short illness in October 2016. Lee has worked for KR for 29 years, most recently as executive vice president of KR’s survey division. He was elected at the extraordinary meeting of KR’s general assembly which oversees the running of KR and comprises 86 voting members. This is the second time in KR’s 56-year history that an internal candidate has been appointed as Chairman and CEO.
Great Ships of 2016: Sunray
Since it started publishing in 1939, Maritime Reporter & Engineering News has recognized excellence in ship construction. Builder: SungDong Shipbuilding & Marine Engineering Co., Ltd. Owner: Tsakos Energy Navigation Ltd. Sunray is the first vessel in a series of two LR I Product oil Carrier, built by SungDong Shipbuilding & Marine Engineering for Tsakos Energy Navigation Ltd. The vessel is built under the survey of Duel Class (ABS and KR) and designed in accordance with IACS Common Structure Rule.
Incheon port Targets 3m teu Throughput
The Incheon Port Authority or IPA (www.icpa.or.kr, IPA) proclaimed a new voyage to make the top 30 ports in the world in a ceremony to celebrate the achievement of 2.5 million TEU annual container volumes at Incheon New Port located in Songdo-dong, Yeonsu-gu, Incheon, on December 16. Incheon Port's annual container volume surpassed 2.5 million TEUs as of December 16, the largest-ever volume in the history of Incheon Port, in 11 years since hitting 1 million TEUs in 2005 and in three years since reaching two million TEUs in 2013.