EU Suspects Tax Fraud at China's New Gateway to Europe
European Union and Italian authorities are investigating suspected wide-scale tax fraud by Chinese criminal gangs importing goods via Greece’s largest port of Piraeus, a trade gateway between China and Europe, officials said.“The VAT is completely evaded, with enormous damage to the national tax authorities and to the community,” Fabio Botto, of the Italian Central Anti-fraud Office’s special investigative unit, said in an interview.He said the suspected scam at Piraeus, part of China’s vast Belt and Road infrastructure project…
First COI Issued Under Subchapter M
The U.S. Coast Guard has issued its very first certificate of inspection (COI) under the Subchapter M requirements, which set new rules for the inspection, standards and safety policies of towing vessels.The COI issued to Marine Towing of Tampa's 90-foot tug Endeavor was signed Wednesday by Capt. Holly Najarian, commander of Sector St. Petersburg, Fla., and was presented Thursday morning at the company’s corporate office in Tampa, Fla.The 4,200-horsepower Endeavor, built in 2000 in Lockport…
Panama Canal LNG Volume Soars as Global Demand Grows
The Panama Canal may carry five times as much liquefied natural gas (LNG) in 2020 as it did last year as production of the fuel expands in the United States and Asian import demand rises, the head of the canal's governing agency told Reuters.LNG volumes traversing the Canal could hit 30 million tonnes a year before the end of 2020, said Jorge Quijano, who leads the Panama Canal Authority, up from 6 million tonnes last year.Demand for LNG has risen significantly in the last three years as the increase of supply…
Odfjell Drilling to Expand Fleet
Offshore rig firm Odfjell Drilling plans to expand its floating rig fleet to between six and 10 from four now, it said on Friday, the latest sign of recovery in the energy industry.After cuts in exploration spending following an oil price plunge that began in 2014, energy firms are now hiring rigs as crude prices have recovered some ground.Odfjell raised $175 million via a new share issue on Thursday to help buy semi-submersible Stena Midmax Rig from Samsung Heavy Industries for $505 million.
GE Profit Tops Estimates
General Electric Co posted quarterly results that topped expectations on Friday, as earnings from aviation, healthcare and transportation offset weak power and oil-and-gas profits, sending shares sharply higher. GE affirmed its forecast for 2018 earnings and cash flow, and said it expects to book as much as $10 billion in proceeds from divesting industrial assets this year. Those comments eased concern that GE would post poor results. GE's profit reflected 7-percent revenue growth and vigorous cost cutting. Revenue rose in aviation, oil-and-gas and healthcare, offsetting declines in power, transportation, lighting and renewable energy. GE sliced $1 billion in costs, including $800 million in industrial structural costs.
Up to Nine Hurtigruten Ships Will Switch to Hybrid Power
Norwegian cruise ferry operator Hurtigruten has signed a Letter of Intent with Rolls-Royce to upgrade up to nine vessels to hybrid power.The main engines on up to nine cruise ships will switch from diesel to gas power, and the upgrade will also include installation of a hybrid battery system.The deal comprises the supply of equipment to six existing passenger cruise vessels, with an option for a further three. The ships will completely change their power system with the installation of new Rolls-Royce liquefied natural gas (LNG) engines as part of a new hybrid system.
Scrubbers 'No Silver Bullet' for Shipping -Wartsila
Global shipping fleet must cut sulfur emissions by 2020. Wartsila received record orders for sulfur scrubbers last year. Shipping industry hopes that so-called sulfur scrubbers are a quick-fix solution to compliance with drastic emissions reduction demanded by 2020 are somewhat misguided, one of the world's biggest manufacturers of the equipment told Reuters. The International Maritime Organization's (IMO) cut to the amount of sulfur the world's fleet can emit will have massive implications for shippers, oil refiners and even crude oil producers.
CMA CGM to Acquire 25% Stake in CEVA
Shell Active in Mideast, Russia Crude Liftings
Oil major buys various grades from Qatar, UAE, Russia; re-sells Qatar Marine and Sokol. Royal Dutch Shell has snapped up more than 8 million barrels of Middle East and Russian crude oil loading in June and resold some cargoes at higher premiums as it profits from robust demand in Asia, five trading sources said on Friday. The region's pull on Middle East and Russian grades, priced off Middle East crude benchmark Dubai, has strengthened this month as a widening of Brent's premium to Dubai has made competing Atlantic Basin supplies more expensive.
Trump Rails Against Oil Prices, OPEC Pushes Back
U.S. President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices, drawing rebukes from some of the world's top energy exporters."Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Very High! No good and will not be accepted!" Trump wrote on Twitter.It was unclear what triggered the tweet, Trump's first mention of OPEC on social media during his term.U.S. oil prices are near a three-year high…
Star Bulk Acquires 16 Ships
Star Bulk Carriers Corp. agreed to acquire 16 vessels from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction. As consideration for the Vessel Acquisition, Star Bulk has agreed to issue approximately 10.5 million common shares to the sellers of the 16 vessels, equal to approximately 14.1% of Star Bulk’s common shares after the closing of the Vessel Acquisition. Under the terms of the agreement with the sellers, the consideration…
USCG Cutter Seizes $200m in Cocaine
The crew aboard the U.S. Coast Guard Cutter Steadfast (WMEC-623) returned home Friday to Astoria after a 60-day counternarcotic patrol in the Eastern Pacific Ocean. While patrolling international waters off the coast of Mexico and Central America, Steadfast’s law enforcement boarding teams intercepted and stopped eight separate vessels suspected of smuggling illicit drugs. The eight boardings resulted in the discovery and seizure of approximately 13,123 pounds of cocaine worth more than $200 million wholesale.
USCG Cutter Richard Snyder Commissioned
The Coast Guard commissioned North Carolina's first Fast Response Cutter, the Richard Snyder, during a ceremony in Atlantic Beach. FRCs feature advanced command, control, communications, computers, intelligence, surveillance, and reconnaissance equipment that allow their crews to more effectively conduct the Coast Guard’s statutory missions. The cutter is named after Richard Snyder, a World War II hero known for his brave actions in battle defending troops coming to shore on the Island of Biak at the western edge of Papua New Guinea.
Mark Chu Steps Down as COO of Seaspan
Seaspan Corporation, the world's largest independent containership owner operator, has announced that Mark Chu has notified the company that he plans to step down from his roles as General Counsel and Chief Operating Officer to pursue other opportunities. Chu will remain in his current roles through August 31st, 2018 to help facilitate a seamless transition. Bing Chen, President and Chief Executive Officer of Seaspan said, "I would like to thank Mark for his many contributions to Seaspan over the years.
Mexico Prepares for Marine Security Threats
Mexico has hosted a five-day workshop on International Maritime Organization (IMO)'s International Ship and Port Facility Security Code (ISPS Code), which sets out preventive security measures in case of threats to ships and port facilities. Designated authority and port facility security officers had the chance to improve their knowledge and understanding through practical exercises as well as class-based training in how to implement the relevant provisions of the ISPS Code, SOLAS Chapter XI-2 and related guidance.
Semco Maritime Generated Positive Operating Results in 2017
Semco Maritime’s revenue shrunk to DKK 1,408 million in 2017 against DKK 1,598 million in 2016 as the offshore services provider observed continued price pressure and market hesitancy amid postponed projects and growing competition across its business areas.“Even though oil and gas prices increased during the year, the majority of 2017 was characterized by continued low activity and tough competition in the oil and gas industry. Towards the end of the year, demand from customers…
Navios Buoyed by JPMorgan Duble Upgrade
Oldendorff Halts Guyana Operation Due to Rusal Crisis
German shipping group Oldendorff Carriers is stopping its business in Guyana, the company said on Friday, after the United States blacklisted Russian aluminum producer Rusal, which has a plant in the South American country.The United States on April 6 imposed sanctions against Russian entities and individuals to punish Moscow for its alleged meddling in the 2016 U.S. election and what the U.S. Treasury Department dubbed other "malign activity".Since then, the world's two biggest…
Truman Strike Group Enters European Theater
The Harry S. Truman Carrier Strike Group (HSTCSG) entered the U.S. 6th Fleet area of operations April 18, 2018 as part of a routine deployment in support of NATO allies, European and African partner nations, coalition partners, and U.S. national security interests in Europe and Africa. The presence of the HSTCSG demonstrates the multi-mission capability of the U.S. Navy’s globally deployed force and is part of an ongoing rotation of forward-deployed forces to support maritime security operations in the U.S. 6th Fleet area of operations.
Dry Bulk: Capesize Rally Continues
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, hit an over three-month high on Friday as a rally in the capesize vessel segment helped the index record its best week since August 2014.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 80 points, or 6.7 percent, at 1,281 points, the highest level since Jan. 11.The index was up for the 10th straight day, and surged 26.3 percent this week.The capesize index rose for the 11th straight session…
Ships Carrying US Sorghum U-turn after China Tariffs
Several ships carrying cargoes of sorghum from the United States to China have changed course since Beijing slapped hefty anti-dumping deposits on U.S. imports of the grain, trade sources and a Reuters analysis of export and shipping data showed.Sorghum is a niche animal feed and a tiny slice of the billions of dollars in exports at stake in the trade dispute between the world's two largest economies, which threatens to disrupt the flow of everything from steel to electronics.The supply-chain pain felt by sorghum suppliers on the Pacific…
American Waterways Operators Responds to Senate
On Wednesday, the U.S. Senate rejected legislation - Vessel Incidental Discharge Act (VIDA) - that would have simplified regulatory oversight of vessel discharges. The Coast Guard Authorization Act of 2017, due to inclusion of the Vessel Incidental Discharge Act (VIDA) within the bill, failed by three votes to reach the 60 votes needed in the United States Senate to end debate and move to a vote on final passage. While the vote tally reflected bipartisan support for the Coast Guard authorization bill with VIDA included…
IMO Trains Iranian Officials
Iranian officials responsible for implementing IMO standards on air pollution and greenhouse gas emissions from shipping are undergoing IMO training at a national workshop in Tehran, Islamic Republic of Iran (18 April). Around 30 participants from the country’s Ports and Maritime Organization (PMO), Department of Environment and numerous ports are taking part. They are being trained on the IMO treaty restricting air pollution from ships as well as ship energy-efficiency measures – MARPOL Annex VI.
IACS Chairman Unveils Future Vision
Quality, modernisation and transparency have been the three fundamental themes of the International Association of Classification Societies (IACS) during DNV GL’s Chairmanship, and this approach is widely reflected in IACS’ 2017 Annual Review which was presented in London today by IACS Chairman Knut Ørbeck-Nilssen. Looking back at IACS’ development and successes over the past year, Mr Ørbeck-Nilssen said that during these dynamic times, both IACS and its twelve Member societies need to act as a guide for the shipping industry, identifying the path for others to follow.
US Coast Guard Offloads $13.3 Mln Drug Haul
The U.S. Coast Guard offloaded $13.3 million worth of suspected heroin and cocaine and transferred custody of two suspected smugglers to authorities in San Juan Tuesday, following a recent interdiction in the Caribbean Sea off Puerto Rico.The crew of a patrolling Customs and Border Protection Caribbean Air and Marine Branch (CAMB) maritime patrol aircraft initially detected a 30-foot go-fast vessel Saturday afternoon transiting with two people onboard and visible packages on deck south of Patillas…
UK Court Orders Russian Oligarch to Hand Over Superyacht in Divorce Fight
Bulk Carriers: Capesize Rates Surge
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, jumped 7 percent for the second straight day to a six-week high, perked up by surging capesize rates. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained for the ninth straight session and was up 77 points, or 6.9 percent, at 1,201 points - highest level since March 9. The percentage jump is the index's biggest since November 2017. The capesize index rose for a 10th straight session and gained 266 points, or about 19 percent, at 1,668 points.
Zero-emission Vessel Future of The Fjords Delivered
Norwegian tourist vessel owner and operator The Fjords has taken delivery of an innovative newbuild that sets high marks for environmentally friendly passenger transport.The new 42-meter-long carbon fiber all-electric catamaran, Future of The Fjords, is the first vessel of its kind to offer completely emissions-free transport through the Western Norwegian landscape. Starting in mid-May, the 400-passenger vessel will sail sans emissions as it makes around 700 yearly round trips…
Life Extension for FSO Njord Bravo
Statoil, on behalf of the Njord license, awarded a NOK 1.3 billion ($168 million) contract to Aibel to upgrade the Njord Bravo floating storage and offloading (FSO) vessel in the Norwegian Sea.The FSO will be prepared for extended operation of the Njord and Hyme fields, as well as tie-in of two new field developments in the Norwegian Sea, Bauge and Fenja.The job involves extensive vessel upgrades and maintenance, in addition to the installation of equipment on board for reducing…
Oil Recovered from Sunken Ship Thorco Cloud
More than 440 tons of heavy fuel oil was extracted from the tanks of the sunken general cargo vessel Thorco Cloud. The wreck lies in two sections 1,730 meters apart and 70 meters down in the middle of the eastbound traffic lane of the Singapore Strait following a collision in December 2015. The heavy oil in the fuel tanks and in trapped compartments was seen as a major pollution hazard. Both the bow and stern sections contained fuel tanks that required emptying, so the Thorco Cloud’s owner…
$252m Finance for LNG-Powered Tankers
Watson Farley & Williams (“WFW”) has advised ING Bank (“ING”), as agent, security trustee and the syndicate of lenders on the US$252m financing of the world’s first ever LNG-powered aframax tankers for leading Russian shipowner Sovcomflot Group (“SCF”). The six 114,000dwt, ice-class vessels are being built by Hyundai Samho, with two of the vessels to operate under time charter to Shell for up to ten years. Shell will also provide LNG fuel for all six tankers across north-west Europe and the Baltic.
ScanReach's In: New Safety at Sea Tech
Norwegian start-up technology firm ScanReach is set to redefine safety standards at sea with In:Range, a unique system capable of locating anyone on a vessel or offshore installation in real time. The plug and play technology is simple, easy to install, low cost and, according to the team behind it, could save countless lives at sea. With In:Range ScanReach has solved a problem nobody else has. The firm has created a system and technology capable of sending and receiving data signals wirelessly through any structure, including steel.
BIMCO: Trade War may change Soya Bean Trade Lanes
Soya bean trade lanes may change due to the ongoing trade war. The shipping of soya beans from the US to China is one of the most significant ‘one commodity’ cargoes that may become affected by the trade war between the US and China. Soya bean trade lanes will be affected if the Chinese buyers shy away their traditional suppliers because of the extra cost from the proposed tariff on US soya beans. A move that may favour Brazilian ones further, which also hold a higher protein content.
Libya Cracking Down on Fuel Smuggling
Libya's National Oil Corporation (NOC) is considering using a chemical marking system to help trace oil products smuggled out of the country, its chairman said on Wednesday. Mustafa Sanalla also called on a European Union naval mission to combat smugglers by seizing their ships in the Mediterranean, said the United Nations should consider sanctioning smugglers, and urged Libya to reform massive subsidies that allow fuel to be sold for as little as 2-3 U.S. cents per liter. "The fuel smugglers and thieves have permeated not only the militias which control much of Libya…
Grindrod Sells Off Bunker Division
South African ship owner Grindrod has sold its bunker division, Unicorn Bunker Services (Pty) Ltd., for an undisclosed sum to new co-owners WOESA (Women in Oil and Energy South Africa) and Linsen Nambi.Financed through the Industrial Development Corporation (IDC), the deal creates the nations first 100 percent black ship owners and facilitates the participation of black women and black youth in the maritime sector.Unicorn Bunker Services was established in 2006 a division of Grindrod Freight Services and operates three bunker tankers in the ports of Durban and Cape Town under contract to BP…
2020 Low-sulfur Rule to Trigger Huge Disruptions -IEA
The shipping industry and oil refineries are not doing enough to prepare for new rules cutting the amount of sulfur that vessels can emit from 2020, according to the head of the International Energy Agency's (IEA) oil industry and market division.The new rules drastically cut the amount of sulfur that the world's ships can emit, from 3.5 percent currently to just 0.5 percent. Ships that install "scrubbers" that remove sulfur as the fuel is burned can continue to use higher sulfur fuels…
Queen Elizabeth 2 Reopens as Floating Hotel in Dubai
The Queen Elizabeth 2 (QE2) ocean liner has been given a new lease of life as a floating hotel in Dubai, 10 years after the Gulf Arab emirate bought it for $100 million.State-owned Dubai World bought the QE2 from Cunard Line in 2007, but the 2008 financial crisis delayed any plans for the 40-year-old vessel, one of the world's most famous ships.Now the QE2, permanently moored at Mina Rashid port, has been refurbished based on the original design, from its carpets to the theatre…
FRC Richard Snyder to Be Commissioned Friday
The U.S. Coast Guard is scheduled to commission Fast Response Cutter, the Richard Snyder, during a ceremony in Atlantic Beach, N.C. on Friday.The vessel was built by Bollinger Shipyards in Louisiana and delivered to the Coast Guard on February 8, 2018, in Key West, Fla.The cutter is named after Richard Snyder, a World War II hero known for his brave actions in battle defending troops coming to shore on the Island of Biak at the western edge of Papua New Guinea. Snyder was awarded the Silver Star…
Langh Tech Warns of Sulphur Fuel Carriage Ban Impact
Finland-based exhaust gas cleaning firmLangh Tech has explained how last week’s decision to prohibit the carriage of noncompliant fuel oil will have a material and technical impact on commercial ship operations.In a special panel session during the Sulphur Cap 2020 conference in Amsterdam, Langh Tech Managing Director Laura Langh-Lagerlof told delegates, “If such measures are adopted, any shipowner, operator, master mariner or chief engineer found guilty of transporting noncompliant…
Gas Pipeline Fire Closes Intracoastal Waterway
The United States Coast Guard said it responded to a natural gas pipeline fire near Port O'Connor, Texas, on Tuesday evening.The agency was notified of the incident by vessel Jonathon King Boyd, which was on fire after hitting a gas pipeline while conducting dredging operations.The Intracoastal Waterway is closed to traffic from mile marker 468 to 474 to include the Matagorda Ship Channel from the jetties to 7 nautical miles (13 km) inside the bay.The impacted pipeline has been secured and the remaining gas is residual, the Coast Guard said.Reporting by Apeksha Nair
Egypt Ports to Work 24/7 to Expedite Cargoes
Egypt will keep its ports running for 24 hours a day, up from 16 currently, in an effort to cut down on "long waiting times" for shipments, Transportation Minister Hesham Arafat said on Wednesday. The extended port hours will not come at any added cost for shippers, he said. Arafat did not specify when the new port hours would come in to effect or how long the new policy would remain in place. Traders have complained of growing demurrage fees in recent months caused by long delays for their vessels at Egyptian ports that have raised the cost of doing business.
Greek Ferries Idled as Mariners Strike
Greek ferries remained docked at the country's ports on Wednesday as seamen, marine engineers and ship cooks walked off the job to protest against planned government reforms which they say will further hurt their labour rights. The 24-hour strike was organised by Greece's seamen federation (PNO), which said the leftist-led government was preparing a reform allowing non-European flagged transport ships to sail in Greece, leading to job losses for Greek crews. The reform is coming on top of pension cuts, rising unregistered labour and work without any insurance, PNO said.
Liebherr: Purely Electrical Portal Crane
The new LPS 420 E is the latest extension of the Liebherr mobile harbour crane product range. The newly designed machine is a purely electric driven portal crane. All crane movements like luffing, hoisting, slewing and travelling are done by electric motors. As the LPS 420 E is a member of the LHM series, it is also characterised by high modularity. Therefore, it is a universal all-rounder and a key asset for handling every type of cargo, from containers to bulk, general cargo and heavy lifts up to 124 t.
CMA CGM Welcomes IMO Policy to Cut Carbon Emissions by 50% in 2050
A world leader in maritime transport CMA CGM reaffirmed its commitment towards the protection of the environment following the International Maritime Organization (IMO)’s historic decision aimed at reducing by 50% the industry’s CO2 emissions in 2050. "The CMA CGM Group welcomes the adoption, by member countries of the IMO, of a strategy aimed at reducing carbon emissions by 50% in 2050 in the maritime transport industry," said a press statement. The CMA CGM Group is already strongly…
Scorpio Bulkers Refinances Ultramax Vessel
Monaco-based Scorpio Bulkers announced that the Company has entered into a financing transaction in respect of one of the Company’s Ultramax vessels with an unaffiliated third party in Japan. As part of the transaction, the Company will sell a 2015 Japanese built Ultramax dry bulk vessel, SBI Tango, for a consideration of $19.0 million and then lease it back from the buyer through a five-year bareboat charter agreement at a rate of $5,400 per day. If converted to floating interest rates…
HullWiper Trial Program in Port Southampton
Trials are underway at Southampton as part of a pilot scheme to launch the eco-friendly HullWiper hull cleaning technology at the port. HullWiper is working to test the system on a range of vessels including cruise liners, Ro-Ro ships, container ships and general cargo carriers at the south coast port. Managing Director Simon Doran explains that the trials are to demonstrate the efficiency of the diver-and brush-free ROV to the harbour authority, Associated British Ports (ABP) in Southampton: “HullWiper provides an affordable…
RMS St. Helena to Return as Anti-piracy Armory Vessel
The RMS St. Helena, Britain’s last working postal ship, was for nearly three decades the main source of contact between one of humanity’s remotest islands and the outside world.Now the ship, cherished by the 4,500 residents of British-ruled St. Helena, will start a new life as a floating armory, packed with automatic weapons, bullet-proof jackets and night vision goggles, all stored for maritime security operatives.Renamed the MNG Tahiti, the 340-foot ship will undergo some tweaks…
Rusal slashes export shipments as sanctions hit
Russian aluminum giant Rusal has stopped placing orders with two logistics firms that ship its exports, executives with the firms said on Tuesday, in a sign of deepening problems for the company after it was hit by U.S. sanctions.Rusal and its major shareholder Oleg Deripaska were included on a U.S. sanctions blacklist this month, leading to anxiety among many of its customers, suppliers and creditors who fear they too could be hit by sanctions through association with the company.A number of traders and customers of Rusal's aluminum have stopped buying the firm's products…
Update: Ship Leaking Butane after Collision in Singapore
Singapore's Maritime and Port Authority (MPA) said it is investigating a collision between two tankers in Singapore waters on Tuesday that led to a leak of liquefied petroleum gas (LPG) from one of the ships.An estimated 1,796 tonnes of butane gas leaked from the LPG tanker involved but this posed no danger to shipping and measures had been taken by the ship's crew to stop the leak, MPA said in a statement."As liquefied butane has a high evaporation rate, MPA has assessed that any leaked butane would have been carried southward away from mainland Singapore…
US Court Approves Seadrill's Bankruptcy Exit Plan
A U.S. judge said on Tuesday he would approve Seadrill Ltd's plan to exit its Chapter 11 bankruptcy, in which the global offshore oil and gas drilling company would shed billions of dollars of debt and raise $1 billion in new investment. U.S. Bankruptcy Judge David Jones in Houston overruled two minor objections to the reorganization plan during a 90-minute hearing. The plan extends maturities on more than $5 billion of bank loans and converts about $2.3 billion in bond debt into equity in a reorganized Seadrill.
Crowley Acquires Three SeaRiver Tankers
Crowley Alaska Tankers, LLC, has completed its acquisition of three tankers from SeaRiver Maritime Inc. and is now chartering the vessels back to SeaRiver under varying multi-year terms.The tankers Liberty Bay and Eagle Bay, now under Crowley ownership and operation and renamed Washington and California respectively, each have a capacity of 760,000 barrels and transport crude from Alaska to West Coast refineries. The tanker SR American Progress, renamed Oregon, has a capacity of 342,000 barrels and transports refined petroleum between the U.S.
Rusal Suspends Exports via Russia's Biggest Container Operator
Russia's largest freight container operator, TransContainer said on Tuesday Russian aluminium giant Rusal had suspended exports through TransContainer's system after Rusal was hit by U.S. sanctions "They (Rusal) do not know what to do yet, what is going on with them; that is why all transportation operations are suspended," TransContainer's chief executive Petr Baskakov told reporters in Moscow on Tuesday.According to his estimate, Rusal had been shipping 25-30 percent of its exports via TransContainer.
Thorco Bulk Renamed
Danish dry bulk carrier Thorco Bulk announced today it has been renamed Trithorn Bulk with immediate effect. “This is a natural development for our company. We wish to further strengthen our corporate identity and position in the market by taking a name that truly expresses what the three of us, the trio from North of Denmark, has built together with Thornico,” Trithorn Bulk management explained on the company’s website. The name change includes no changes to the legal entity or to the ownership, status management and personnel.
Robot Cleans World’s Largest Crane Vessel
This March, a robot called Fleet Cleaner was deployed to clean both floaters of Heerema’s semi-submersible crane vessel Thialf in the Port of Rotterdam.The Fleet Cleaner is equipped with a magnetic system that allows it to attach to vessels for cleaning above and below the waterline. The robot captures all removed fouling so that the water environment is not affected by the cleaning operation. Waste is collected, weighed and disposed of, and wastewater is filtered and clean water released.The Thialf hull cleaning was the vessel's first since it last went to dry dock six years ago.
Taking Lessons from El Faro to Assess Cyber Risk
The International Maritime Organization (IMO) January 2021 deadline for ship owners and managers to incorporate cyber risk management into existing Safety Management Systems is closer than many realize, especially given the complex profile that the risk presents and the need for a well-detailed procedure to help protect marine assets and businesses. The failure to properly address cyber risks is much greater than the simple fact that a vessel could be detained by Port State Authorities if it were found to be not in compliance.
DNV GL White Paper Assesses Alternative Fuels
Classification society DNV GL has issued a new white paper which assesses a range of alternative fuels and technologies. The white paper “Alternative fuels and technologies for greener shipping” examines the price, availability, regulatory challenges and environmental benefits of alternative fuels and technologies, including LNG, LPG, hydrogen, fuel cells, and hybrid and battery technologies, and comparing them to the use of conventional fuel with scrubbers and new low sulphur alternatives.
ExxonMobil Reveals First Locations for 2020 Compliant Fuels
ExxonMobil announced it will supply fuels that comply with the International Maritime Organization’s (IMO) 0.5 percent sulfur cap in ports in Northwest Europe, the Mediterranean and Singapore, with additional locations to be announced throughout 2018. “Our new suite of compliant fuels will include residual and distillate grades. We are at a very advanced stage in the development of these fuels, therefore making us well positioned to help customers meet the reduced sulfur limit ahead of the IMO’s 2020 implementation date,” said Luca Volta, Marine Fuels Venture Manager, ExxonMobil.
DESMI Ocean Guard Completes Land Testing
DESMI Ocean Guard A/S has announced that all the required land-based testing of the CompactClean Ballast Water Management System has been successfully completed. The testing was performed in accordance with both International Maritime Organization (IMO) and U.S. Coast Guard (USCG) requirements and paves the way for the issue of both IMO and USCG type approval certificates later this year. DESMI Ocean Guard’s CompactClean Ballast Water Management System (BWMS) has now successfully completed all the land-based testing required by both IMO and USCG.
LPG, Fuel Tankers Collide off Singapore
Two oil products tankers had collided off Singapore coast but the impact of the accident was not immediately clear, industry sources familiar with the matter said on Tuesday. The tankers were identified as Crystal Sunrise, chartered by Japanese liquefied petroleum gas (LPG) firm Gyxis, and Astro Saturn chartered by European trading house Trafigura. "We can confirm that the Astro Saturn is on TC (time charter) to Trafigura and is carrying fuel oil," said it's spokeswoman without elaborating further.
LNG as a Fuel Won't Meet Strict Carbon Regulations - analyst
Switching to liquefied natural gas (LNG) to fuel ocean-going vessels may not be enough for shippers to comply with long-term emissions regulations and they will have to find additional ways of reducing emissions, JBC Energy said on Tuesday. The International Maritime Organization (IMO) on Friday reached an agreement to cut carbon dioxide (CO2) emissions by at least 50 percent by 2050 compared with 2008 levels. Shipping accounts for 2.2 percent of world CO2 emissions, according to the IMO, the United Nations agency responsible for regulating the shipping industry.
Recent Vessel Sales: March 2018
HII snaps-up $27 mi DDG 51-Class Navy deal
Huntington Ingalls Industries’ Ingalls Shipbuilding division received a $27 million cost-plus-award fee contract from the U.S. Navy today for follow yard services in the Navy’s USS Arleigh Burke (DDG 51) program. The contract, which provides liaison and technical support, engineering, design and configuration management, systems engineering, turn-key management and crew indoctrination, includes four option years with a total potential contract value of $181.4 million if all options are exercised.
Intercargo Welcomes IMO's Initial Strategy to Cut GHG
Intercargo welcomes the landmark initial strategy for the reduction of Greenhouse Gas (GHG) from ships adopted by IMO. "We firmly believe that IMO is the appropriate body to address the global challenge of GHG emissions, as the competent authority to do so. Shipping is the most efficient transportation mode and, moreover, its regulatory body, the IMO, was the first to address GHG emissions by adopting technical and operational requirements for new and existing vessels with global application as early as 2011.
USNS Mercy Arrives in Malaysia
U.S. and partner nation personnel participating in Pacific Partnership 2018 aboard the U.S. Navy hospital ship USNS Mercy (T-AH 19), arrived in Port Kelang, Malaysia, April 16. The Pacific Partnership mission in Malaysia will feature medical exchanges, civil engineering projects, humanitarian assistance and disaster relief (HA/DR) preparedness seminars, and community outreach engagements in the greater Kuala Lumpur area. The secondary mission platform for Pacific Partnership, the expeditionary fast transport ship USNS Brunswick (T-EPF 6) will arrive in Tawau…
HHLA’s Container Transporters Run on Green Energy
Hamburger Hafen und Logistik AG (HHLA) increases efforts to improve the city’s air quality. Container transporters powered by lithium-ion batteries will move the containers at HHLA Container Terminal Alternwerder (CTA) between ships and the yard in future. The use of green energy prevents any CO2, nitric oxide or particulate matter from being emitted and the vehicles are also three times more efficient than their diesel-powered predecessors. Another benefit is that during their time at the charging station…
U.S. DOT: Funding Available for Small Shipyards
The U.S. Department of Transportation’s (USDOT) Maritime Administration (MARAD) announced the availability of $19.6 million in federal funding to support capital improvements and employee training at small U.S. shipyards. The grants are provided through the Small Shipyard Grant Program, and help eligible shipyards modernize operations, increase efficiency and reap the benefits of increased productivity. In 2013, U.S. shipbuilders directly employed 110,000 Americans and produced $37.3 billion in Gross Domestic Product (GDP). Available to U.S.
Naval Dome, Stamco Ink Cyber Security Agreement
Maritime cyber security specialist Naval Dome has signed a contract with Piraeus-based Stamco Ship Management to install its maritime cyber defense system aboard 55 Pure Car and Truck Carriers (PCTC).Stamco Ship Management provides technical and commercial ship management services to various companies like NYK, MOL, K-Line, China Shipping, Höegh Autoliners, WWL, Eukor and Glovis.Naval Dome will install the security system onboard the vessels’ bridge, navigation, communication and machinery control systems to deliver maximum…
HMS Forth Commissioned
The first of the U.K. Royal Navy's next-generation Offshore Patrol Vessels (OPV) has been formally commissioned into the fleet.Commissioned last week at her home base of Portsmouth, HMS Forth represents the second ship to join the Royal Navy in less than six months, following aircraft carrier HMS Queen Elizabeth commissioned in December. The warships are part of the government’s £178 billion plan to bolster its Armed Forces over the next decade.HMS Forth is the first of five new OPVs designed for counter-piracy…
sVGP Compliance Difficulties Continue for the Workboat Sector
The recent implementation (January 19, 2018) of the long-delayed small Vessel General Permit (sVGP) requirement has major implications for environmental regulations in general, and specifically how the compliance difficulties continue for vessel owners with no real end in sight. Moreover, the U.S. Coast Guard’s (USCG) recent publication of NVIC 01-18 (March 1, 2018), while helpful in advising owners on how to comply with the ballast water regulations, does not relieve vessels from the underlying requirements…
Chevron Greenlights Gorgon LNG Expansion
Chevron Corp will proceed with the second stage of its giant Gorgon liquefied natural gas (LNG) export plant off the northwest coast of Western Australia, the company said on Saturday.Chevron and its joint venture partners plan to sink 11 new wells in the Gorgon and Jansz-Io fields and build offshore pipelines and subsea structures to pipe the gas to the nearby 15.6 million tonne a year LNG plant on Barrow Island.The $54 billion Gorgon project came on stream in March 2016 but suffered numerous unplanned shutdowns in its early stages.Chevron declined to put a cost on stage two of the project…
China to Set up Hainan Free Trade Zone by 2020, Port by 2025
China aims to establish a free trade zone in Hainan by 2020 and will encourage multinationals to set up their international and regional headquarters in the province, state news agency Xinhua reported citing a government document. The guidance was jointly issued by the ruling Communist Party and State Council, Xinhua said. It comes after President Xi Jinping announced on Friday that the country would grant foreign firms greater economic freedom in the southernmost province. Known for its sandy beaches and resort-lined coast…
Japan, China Agree Trade War Will Harm Global Economy
Japan and China agree that a trade war will have serious consequences for the world economy, Japanese Foreign Minister Taro Kono said on Monday after a high-level economic dialogue between the world's third- and second-largest economies. Concern is growing about a trade row between China and the United States in which the two nations have threatened each other with tariffs. Japan has been criticised by U.S. President Donald Trump on trade and been hit with tariffs on steel and aluminum, but it has not yet threatened counter-tariffs.
China's Thermal Coal Futures Rally on Tight Import Policy
Authorities team up for S&R Exercise off Perth
A major search and rescue training exercise has taken place off Rottnest Island in Western Australia yesterdayinvolving both state and federal authorities. Search and rescue crews from the Australian Maritime Safety Authority (AMSA), Western Australia Police Force (WA Police) and Western Australia Department of Fire and Emergency Services (WA DFES) teamed up for the exercise which simulated an aviation incident at sea. The scenario involved a simulated light plane which had been forced to ditch into the water just before 8am AWST about 7km northwest of Rottnest Island.
SSY Pacific Capesize Index Rises 312 Points
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index reports a change of 312 points in the week ending Monday to 3,814. "The SSY Pacific Capesize Index rose by 312 points week-on-week to 3,814 points, ending a run of losses that went back to the end of February. The Pacific round-voyage rate (180k dwt) climbed $3,750/day to a five-week high of $11,750/day, while the West Australia- China iron ore spot rate increased by $1.15/t to $6.40/t." SSY said.
First Cove Point LNG Lifting Departs Maryland
The first contractual liquefied natural gas (LNG) cargo from Dominion Energy Inc's newly constructed Cove Point LNG export plant in Maryland in the United States left the facility on Monday, Thomson Reuters Eikon ship tracking data showed. The cargo is expected to act as a drag on spot LNG prices <LNG-AS> as it coincides with the resumption of exports of the fuel from the Papua New Guinea LNG plant, which had been shut following a powerful earthquake. The 160,000-cubic metre LNG tanker Adam LNG left Cove Point on Monday with a draft of 91 percent, suggesting it was full, according to the data.
Clean Arctic Hails IMO Action on HFO
The Clean Arctic Alliance has applauded progress by International Maritime Organization member states towards banning use of the world’s dirtiest fuel – heavy fuel oil – from Arctic shipping. It also called for Member States to make every effort to adopt and rapidly implement a ban by 2021, as proposed by eight IMO Member States and supported by other countries during the meeting. Plans to develop a ban on heavy fuel oil (HFO) from Arctic shipping, along with an assessment of the impact of such a ban…
Dutch Deal on Inland Shipping GHG
Declaration of Nijmegen was signed by the inland shipping sector, along with Minister Van Nieuwenhuizen (Infrastructure and Water Management) on Friday (April 13). This agreement reflects the commitment of the sector to expending its best efforts to expedite the greening process in the years ahead. The goal is to uphold its competitiveness vis-à-vis road and rail transport, and to reduce CO2 emissions by 20 per cent by 2030. ‘Inland shipping has a substantial lead if you compare its CO2 emissions to those of trucks and trains.
CSC Welcomes Commitment to Decarbonise Shipping
The commitment by governments to require international shipping to decarbonise and at least halve its greenhouse gas emissions by 2050 is a welcome and potentially game changing development, the Clean Shipping Coalition (CSC) has said. But the lack of any clear plan of action to deliver the emissions reductions, including urgently needed short-term measures, is a major concern, according to the group of NGOs with observer status at the UN’s International Maritime Organisation (IMO).
Commissioners Bulc and Arias Cañete Welcome IMO Emissions Target
"The agreement reached today at the IMO is a significant step forward in the global efforts to tackle climate change. The shipping sector must contribute its fair share to the goals of the Paris Agreement. It contains a clear GHG emission reduction objective of at least 50% by 2050, compared to 2008 levels, with a view to phase out the GHG emissions of the sector as soon as possible in this century. It is also accompanied by a comprehensive list of possible reduction measures, including short-term measures.
LCS 17 Christened USS Indianapolis
The Lockheed Martin-led industry team hosted the christening ceremony for the 17th Littoral Combat Ship (LCS) at the Fincantieri Marinette Marine shipyard on Saturday. Ship sponsor Jill Donnelly christened LCS 17, the future USS Indianapolis , in Navy tradition by breaking a champagne bottle across the ship's bow. "As a native Hoosier and the daughter of two World War II veterans, there is no greater honor than to serve as the sponsor of the future USS Indianapolis ," Donnelly said.
DFDS to Acquire Turkey's Largest RoRo Operator
Danish shipping and logistics group DFDS has acquired Turkey’s largest operator of Ro-Ro freight ships and will be a major player in the strong and continuously growing trade between the EU and Turkey. U.N. Ro-Ro operates five routes connecting Italy and France with Turkey, 12 ships and port terminals in Trieste and in Pendik, Istanbul. U.N. Ro-Ro employs 500 people. The deal is subject to approval by the authorities. Today, Danish shipping group DFDS signed an agreement to acquire 98.8 % of the shares in the shipping company U.N.
BIMCO applauds IMO for setting emission target
"The IMO has done something no one has done before: set an absolute target for emission reductions for an entire industry. It is a landmark achievement in the effort to reduce emissions, and something that every other industry should look to for inspiration," says Lars Robert Pedersen, BIMCO Deputy Secretary General and delegate at the IMO meeting. BIMCO is very satisfied with the Green House Gas (GHG) strategy adopted by the International Maritime Organization (IMO) at the Marine Environment Protection Committee on April 13.
SeaBubbles: ABB Electric Water TaxiTested
A futuristic, zero-emission new design of water taxi, called SeaBubbles, was successfully demonstrated today on Lake Geneva in Switzerland. The vehicle represents a milestone in the development of new forms of transportation that do not impact the environment or place any burden on urban infrastructure. The water taxi will soon be equipped with the ABB Ability Marine Advisory System – OCTOPUS, a software solution that helps vessel operators gather and analyze all relevant data to optimize water travel.
USCG respond to oil leak in Mystic River
The Coast Guard and Massachusetts Department of Environmental Protection responded to a dielectric oil leak Friday in the Mystic River near the Alford St. bridge. The source is believed to be a small, slow leak from a cable under the river. Initially, Mass DEP and a pollution response team from Coast Guard Sector Boston discovered a notable rainbow sheen during a routine patrol of the river. Boom was deployed around the sheen, and later, an investigation determined the probable source was a cable encased in a metal pipeline which runs under the river.
Vroon Reaches Restructuring Terms with Lenders
Vroon shipping group has reached an in principle agreement with all its lenders regarding the terms of its financial restructuring. The agreement, which is only subject to final documentation and credit committee confirmation, is an important step forward towards the finalisation of Vroon’s financial restructuring. The agreement marks the important step towards the final stage of a process initiated in late 2016 following continued challenges in shipping markets. Vroon is confident that the envisaged restructuring will provide generous runway to implement its strategic plans.
Fast, Quick Action Needed to Meet Paris Climate Goals: CAN
The International Maritime Organisation (IMO) has agreed on an initial strategy to decarbonise international shipping and reduce emissions from ships by at least 50% by 2050. While this agreement falls short of the 70 to 100% reductions by 2050 that the Pacific Islands, the EU and others were calling for ahead of the meeting, it keeps a window open to meet the Paris climate goals and is undeniably a game changer for the shipping sector. This plan serves as a welcome first step to phase out emissions from the sector…
ICS Cheers 'Paris Agreement for Shipping'
The International Chamber of Shipping (ICS) has welcomed the high level strategy for the further reduction of shipping’s greenhouse gas (GHG) emissions, adopted on 13 April by the UN International Maritime Organization (IMO). ICS Secretary General, Peter Hinchliffe said “This is a ground breaking agreement – a Paris Agreement for shipping – that sets a very high level of ambition for the future reduction of CO2 emissions. ICS acknowledges that some governments would have preferred to see the adoption of even more aggressive targets…
UN Body Adopts Climate Change Strategy for Shipping
Nations meeting at the United Nations International Maritime Organization (IMO) in London have adopted an initial strategy on the reduction of greenhouse gas emissions from ships, setting out a vision to reduce GHG emissions from international shipping and phase them out, as soon as possible in this century. The vision confirms IMO’s commitment to reducing GHG emissions from international shipping and, as a matter of urgency, to phasing them out as soon as possible. More specifically…
US Could Reach 355 Ship Navy in 2030s -Official
The U.S. Navy could build its strength to 355 ships over a decade earlier than previously thought due to an increased shipbuilding budget and tempo as well as extending the service for some ships in the current fleet, a Pentagon official told a Congressional panel on Thursday. The goal of a larger Navy, one of President Donald Trump's signature issues from the campaign trail, could be achieved in the 2030s instead of the 2050s, the Assistant Secretary of the Navy for Research, Development & Acquisition, James Geurts told the U.S.
IMO Reaches Deal to Cut CO2 Emissions
The United Nations shipping agency reached an agreement on Friday to cut carbon emissions, following years of slow progress. The compromise plan, which will cut emissions by at least 50 percent by 2050 compared with 2008 levels, fell short of more ambitious targets. Kitack Lim, Secretary-General of the International Maritime Organization (IMO), said the adoption of the strategy "would allow future IMO work on climate change to be rooted in a solid basis". The IMO said it would also be pursuing efforts towards phasing out CO2 emissions entirely.
Fire in Sauna Shuts World's Northernmost Oilfield
The world's northernmost oilfield was shut on Friday when a fire broke out in a sauna in the oil platform's living quarters, Eni, the Italian oil company that operates the field, said. The Arctic Goliat field is in the Barents Sea about 88 kilometers off the coast of Norway and inside the Arctic Circle. The platform has floating production, storage and offloading facilities and can produce close to 100,000 barrels of crude per day. The fire was quickly put out, and no crew members were injured, although some smoke did develop, Eni said.
Monjasa Group Improves Results
Danish bunker and tanker group Monjasa Group improved profitability in our operations and we continued making progress in optimising operational expenditures in 2017. Together, this led to a financial turnaround compared to an unsatisfactory 2016. Monjasa Group's annual report for 2017 displays growth in revenue to USD 1.4bn (USD 1.2bn) primarily caused by a 19% increase in oil prices. The Group delivered EBIT of USD 7m (-17m) and a net profit of USD 7m (USD -26m), which is in line with management expectations.
Africa’s Ports Can Accelerate Growth: PWC
Africa needs to take advantage of the economic potential of its ports and shipping sector if it is to realise its growth ambitions. Globally, ports are gateways for 80% of merchandise trade by volume and 70% by value. Investment in ports and their related transport infrastructure to advance trade and promote overall economic development and growth is therefore vital – particularly in emerging economies that are currently under-served by modern transportation facilities. However, port investment must be channelled appropriately to ensure financial sustainability and economic growth.
Navy to Christen Littoral Combat Ship Indianapolis
The US Navy will christen its newest Freedom-variant littoral combat ship, USS Indianapolis (LCS 17), during a 10 a.m. CDT ceremony Saturday, April 14, in Marinette, Wisconsin. The future USS Indianapolis, designated LCS-17, honors Indianapolis, Indiana's state capital. She will be the fourth ship to bear the name. The principal speaker will be former U.S. Senator Richard Lugar of Indiana. Mrs. Jill Donnelly, wife of U.S. Senator Joe Donnelly of Indiana, will serve as the ship's sponsor.
PortMiami Approves Norwegian Cruise Line Terminal
Miami-Dade County has given the green light for construction to begin on the sleek new terminal for Norwegian Cruise Line (NCL) terminal, designed by Miami-based architecture firm Bermello Ajamil & Partners. The county will invest up to USD 100mln to build 166,000-square-foot terminal at PortMiami, augmented by funds coming from Norwegian Cruise Line Holdings. Commissioners also agreed to advance project costs not to exceed an additional $65m. The terminal will be able to accommodate ships with up to 5…
Orient Overseas Back to Black
Orient Overseas International (OOI) has announced a profit attributable to equity holders for 2017 of US$137.7 million, compared to a loss of US$219.2 million in 2016. Earnings per ordinary share in 2017 was US22.0 cents, whereas loss per ordinary share in 2016 was US35.0 cents. The Chairman of OOIL, C C Tung, said, “The economic backdrop for 2017 was more robust than forecasters had expected. Following a decade of low growth, we saw healthier performance in both GDP and trade volumes across most of the world’s major economies.
Fieldwood Hungry for US Offshore Output
The Chief Executive of offshore oil and gas driller Fieldwood Energy LLC, Matt McCarroll, says he is not scared of the hurricanes, geological risks and costs that keep some oil companies out of the Gulf of Mexico. Instead, he is doubling down. The private equity-backed company - already the largest operator on the U.S. outer continental shelf - announced on Thursday it is closing a $480 million acquisition of Noble Energy’s assets in the Gulf of Mexico that will add 25,000 barrels per day (bpd) to its current net production of 72,000 bpd of oil equivalent.
US-built Patrol Boats Delivered to Vietnam
Six newly built military patrol boats constructed by Louisiana based shipbuilder Metal Shark have been delivered to the Vietnam Coast Guard. The new deliveries follow an initial round of six Metal Shark 45-foot Defiant-class patrol boats delivered to the Vietnam Coast Guard in the province of Quang Nam in May of 2017. The delivery follows back-to-back U.S. presidential visits to Vietnam from President Obama in 2016 and President Trump in 2017, a visit by Secretary of Defense James Mattis in January 2018, and a visit by the U.S.
Ballast Water Regs: Difficult and More Difficult
As the U.S. Coast Guard tightens its BWTS compliance rules and more systems are approved, there are still many unanswered questions for operators finally looking to comply.It’s no secret among marine stakeholders that ballast water regulations remain a top concern at the start of 2018, and a confusing one, to say the least. Hence, if someone offers to sell you a clear, concise and complete ballast water instruction manual, move that email over to your spam filter right away. However…
Liebherr Records Its Best-ever Turnover
Switzerland based equipment manufacturer Liebherr Group reports its 2017 turnover was the highest in the group's history, with total sales of €9,845 million.The company’s 2017 revenue increased 9.3 percent compared to the previous year, a trend the group says it believes will continue in 2018.The group posted a net result of €331 million for 2017, an increase of €33 million or 11.1 percent compared to the previous year.Liebherr reported a significant improvement in the operating result in the reporting year.
La Niña to Transition to Neutral Weather in April-May -U.S. Forecaster
The La Niña weather pattern is likely to transition to ENSO-neutral conditions during the April-May period, a U.S. government weather forecaster said on Thursday. ENSO-neutral refers to those periods in which neither El Niño nor La Niña is present, according to CPC. There is a more than 50 percent chance of ENSO-neutral conditions prevailing through the northern hemisphere summer in 2018, the National Weather Service's Climate Prediction Center (CPC) said in its monthly forecast.
Spain to Sign $2.2 Bln Deal to Sell Warships to Saudi Arabia
Spain and Saudi Arabia were due to sign a framework agreement for the purchase of warships worth more than $2 billion on Thursday, a Spanish Defence Ministry source said. Spanish state-owned shipbuilder Navantia would sell five small warships to the kingdom, and the deal would include the Spanish army training military personnel in Saudi Arabia and building a naval construction centre there, the source said. The ships would be sold for around 1.8 billion euros ($2.22 billion) in a deal which still requires final signatures from Navantia and the Saudi Defence Ministry, the source said.
Maersk Establishes Decomissioning Company
A 50/50 joint venture (JV) between Maersk Drilling and Maersk Supply Service will provide decommissioning services to oil and gas operators. After decades of production, an increasing amount of offshore oil and gas fields are approaching the end of their economic life. In the North Sea alone, more than 400 fields are expected to cease production by 2026 at an estimated cost of $56 billion. Globally, more than 700 fields are expected to require decommissioning. The JV will initially offer bundled solutions for up to 80 percent of the oil field decommissioning process…
DFDS to Buy U.N. Ro-Ro in $1.2 Bln Deal
Danish shipping and logistics company DFDS has agreed to buy Turkish freight shipping operator U.N. Ro-Ro from Turkish private equity firms Actera Group and Esas Holdings for 950 million euros ($1.17 billion) on a debt-free basis. It marks a change of course for the Turkish company, which had planned an initial public offering for up to 57.7 percent of the company, a draft prospectus showed last month. U.N. Ro-Ro operates five freight shipping routes between Turkey, Italy and France. DFDS said U.N.
Baltic Index Rises on Firmer Large Vessel Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, gained on Thursday on higher rates for larger vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 14 points, or 1.4 percent, at 993 points. The capesize index gained 42 points, or 4.47 percent, to 982 points. It was up for a fifth straight session. "After a relatively long period of time with falling (capesize) rates, things have finally improved ...
Maersk Introduces Shares Plan for Top Executives
Danish A.P. Møller – Mærsk A/S has decided to establish a restricted shares plan for the members of its Executive Board in addition to the stock option plan established in 2017. "In continuation of the adoption of revised General guidelines for incentive pay and Remuneration Policy for A.P. Møller - Mærsk A/S at the Company’s Annual General Meeting held on 10 April 2018, the Board of Directors has decided to establish a restricted shares plan for the members of the Executive Board in addition to the stock option plan established in 2017," said a press statement.
Rotterdam Port Calls for North-West Europe Joint CO2 Price
The Port of Rotterdam Authority is calling on the Dutch Government to form a coalition with countries in North-West Europe so that a joint CO2 price can be introduced. At the Port Authority’s Energy in Transition Summit 2018 on the RDM site in Rotterdam, Port Authority CEO Allard Castelein made a powerful case for a much higher CO2 price in conjunction with a new industrial policy for the Netherlands. At the summit, the Port Authority also revealed the results of the CO2 impact of marine and inland shipping.
Nairobi Wreck Removal Convention Updated
Hazardous ship wrecks can cause many problems. Depending on its location, a wreck may be a hazard to navigation, potentially endangering other vessels and their crews. It may also cause substantial damage to the marine and coastal environments, depending on the nature of the cargo. On top of this, there is the issue of costs involved in marking and removing hazardous wrecks. International Maritime Organization (IMO)'s Nairobi Wreck Removal Convention goes some way to resolving these issues.
DP World Australia Extends Partnership with CMA CGM
DP World Australia announced the signing of a long-term partnership extension regarding service of CMA CGM Group vessels by DP World Australia at its terminals in Brisbane, Sydney, Melbourne and Fremantle. This partnership extension brings two market leaders of the Australian port logistics sector closer together. CMA CGM Group’s high-quality shipping services, which include ANL and APL, will leverage DP World Australia’s container terminal and intermodal footprint. DP World Australia’s CEO and Managing Director…
Harry S. Truman Carrier Strike Group Departs on Deployment
The Harry S. Truman Carrier Strike Group (HSTCSG) departed Naval Station Norfolk, April 11, for a regularly scheduled deployment. The strike group, including aircraft carrier USS Harry S. Truman (CVN 75), Carrier Air Wing (CVW) 1, USS Normandy (CG 60), several destroyers of Destroyer Squadron (DESRON) 28 and German frigate FGS Hessen (F 221), is scheduled to conduct operations in the U.S. Navy's 5th and 6th Fleet areas of responsibility. The deployment is part of an ongoing rotation of U.S. forces supporting maritime security operations in international waters around the globe.
SAAM to Invest $85 Mln in Fleet and Infrastructure
Chilean maritime services and logistics company SAAM announced its plans to invest some $85 million to reinforce its tug fleet and maintain port equipment and infrastructure. "In 2018, we expect to invest close to $85 million, which will be used to maintain our port equipment and infrastructure and reinforce our tug fleet. This could also include inorganic growth opportunities that we are constantly evaluating,” commented SAAM’s chairman, Óscar Hasbún. After concluding a high investment cycle last year, the company’s investments this year will focus on ports and its tug fleet.
SE Asian Shipowners Meet in Japan
Tokyo Big Sight Conference Tower hosted the Southeast Asia Maritime Summit yesterday as a part of the Sea Japan 2018 exhibition. The packed conference hall was the stage for executives from five major ship associations -- Indonesian National Shipowners’ Association; Thai Shipowners’ Association; Filipino Shipowners’ Association; Malaysia Shipowners’ Association; and the Singapore Shipping Association -- to discuss the impact of increasing amounts of global emissions regulations as well as digitalization on their country's shipowners. Mr. Johnson W. Mr. Mr. Roy R. Mr. Ms.
British Warship to Help Police North Korean Sanctions
A British warship “changed its deployment” and arrived in Japan on Wednesday to join efforts to police U.N. sanctions imposed on North Korea over its nuclear and missile programs. The Royal Navy frigate HMS Sutherland arrived at Yokosuka, the headquarters of Japan’s Maritime Defence Force fleet and home port of the U.S. Seventh Fleet’s carrier strike group. It “will be contributing to the international efforts to monitor prohibited trade at sea by the Democratic People’s Republic of Korea (DPRK)…
Rotor Sail Installed Aboard Viking Grace
Cruise ferry M/S Viking Grace has become the world’s first passenger ship equipped with a rotor sail to harness wind power for propulsion. The rotor sail, developed by Finnish engineering company Norsepower Oy Ltd., is a modernized version of the Flettner rotor: a vertical spinning cylinder that uses the Magnus effect to harness wind power to propel a ship. When wind meets the spinning rotor sail, the air flow accelerates on one side of the rotor and decelerates on the opposite side.