Schlumberger Wins in US Supreme Court on Patent Damages
The U.S. Supreme Court ruled on Friday that companies can recover profits lost because of the unauthorized use of their patented technology abroad in a victory for Schlumberger NV, the world's largest oilfield services provider.The 7-2 decision overturned a lower court's ruling that had enforced limits on applying U.S. patent law overseas and reduced by $93.4 million the damages sum that rival ION Geophysical Corp had to pay for infringing Schlumberger technology that helps find oil and gas beneath the ocean floor.
Italy to Impound German Charity's Migrant Rescue Ship
Italy appeared to relent on Thursday after at first refusing to accept 226 migrants on board a German charity rescue ship, saying later in the day it would take them in but would impound the vessel.Anti-immigrant interior minister Matteo Salvini initially said the Dutch-flagged ship Lifeline should take the people it plucked from the Mediterranean to the Netherlands and not Italy.But transport minister Danilo Toninelli, who oversees the coastguard, later said it was unsafe for…
Green Award Partners with NPRC Inland Shipping Cooperative
The Rotterdam-based inland shipping cooperative NPRC is the first logistics service provider in the inland shipping sector to be appointed as ‘incentive provider’ by the Green Award Foundation. In practice, NPRC can be expected to pay a share of the audit costs associated with certification for its members, as well as actively thinking along about the requirements set for the Green Award certification of inland shipping companies. According to the Member of the Provincial Executive of South Holland Rik Janssen, this is a ground-breaking collaboration.
IMO Workshop Addresses Impacts of Fouling
The build-up of aquatic organisms on a ship’s underwater hull and structures is known as biofouling. This can introduce potentially invasive non-native aquatic species to a new area. Fouling can also slow down a ship and impact on its energy efficiency. An International Maritime Organization (IMO) regional workshop in Port of Spain, Trinidad and Tobago (20-22 June) aims to provide participants with a greater understanding of the requirements and implications of ratifying, implementing and enforcing the anti-fouling systems (AFS) convention and implementing biofouling guidelines.
SEA\LNG Welcomes First Shipborkers in the Coalition
SEA\LNG, the multi-sector industry coalition aiming to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel, today announced that it has welcomed Exeno Yamamizu Corporation (Yamamizu) & Fearnleys AS as the first shipbroking companies to join its membership coalition. The coalition whose membership currently stands at 33 organisations, is committed to uniting knowledge and expertise from across the LNG value chain, including shipping companies, ports…
Malta Prepares for Hazardous, Noxious Substance Spills
With the rise in transport by sea of chemicals and gases, in bulk and containerized, adequate preparedness for response to potential spill incidents involving hazardous and noxious substances (HNS) is increasingly important. The Regional Marine Pollution Emergency Response Centre for the Mediterranean Sea (REMPEC) is hosting a regional workshop on response to such incidents, in Valletta, Malta (20-21 June). Regional cooperation on oil and HNS spill response and contingency planning is an efficient and cost-effective way of preparing for possible spills – through the sharing of information…
Odin's Eye & the Quiet Trawler
When it was time for France Pelagique to start renewing its fleet, an electric-power alliance of Dutch and Scandinavian yard interests formed up and delivered. The result was the first installation aboard a trawler of NES’s Odin’s Eye, a DC grid solution to integrate another first for trawlers — quiet-running permanent magnate, or PM, propulsion.Where to begin a fleet modernization that ends with green credentials and richer harvests? Well, there are multiple points of contact…
Vessel Response Plans: A Primer for the US Waterfront
Congress enacted the Oil Pollution Act of 1990 (OPA 90) a mere 17 months after the disastrous oil spill following the grounding of the tanker Exxon Valdez in Prince William Sound. Among the many provisions in the voluminous bill was a detailed planning requirement. For the first time, tank vessels and facilities handling oil in bulk were required to develop extensive plans for responding to a worst case discharge of oil into waters of the United States. As regards vessels and marine-transportation-related facilities, the U.S.
East Libyan Forces Advance to Retake Oil Ports
East Libyan forces said on Thursday they had retaken the shuttered oil ports of Es Sider and Ras Lanuf, though clashes resumed south of Ras Lanuf in the afternoon after a counter-attack by rival factions.Staff were evacuated from terminals in Libya's eastern oil crescent and exports were suspended last Thursday when armed opponents of eastern-based military commander Khalifa Haftar stormed the ports and occupied them.The closure has led to production losses of up to 450,000 barrels…
Italian Firms Partner on Maritime Cybersecurity
Marine automation systems developer Seastema said it has signed an agreement with cybersecurity firm Haruspex to develop cybersecurity solutions as an answer to rising demand in naval defense markets.Seastema, a Fincantieri Group company, said the agreement has the specific goal of jointly develop competencies for security assessment and real-time monitoring; these fields being an ideal deployment ground for Haruspex products, due to their built-in ability to model possible lanes for cyberattacks and mitigate their effects and protect networks, instruments and on-board equipment.The collaboration will operate on two complementary fronts: cybersecurity tools will…
Baltic Index Slips to Two-week Low
The Baltic Exchange's main sea freight index on Thursday fell to its lowest level in two weeks, pulled down by falling rates for capesize and panamax vessels.The overall index, which tracks rates for ships carrying dry bulk commodities, slid 26 points, or 1.9 percent, to 1,347 points.The capesize index lost 52 points, or 2.5 percent, to end at 2,038 points."Extremely few cargoes out of west Australia, hence the general activity level for Pacific market this week been very low," ship broker Fearnleys said in a weekly report on Wednesday referring to the capesize segment.Average daily earnings f
China to Cut US Oil Imports Amid Trade Spat
Chinese oil buyers will keep taking crude from the United States through September, but plan to reduce future purchases to avoid a likely import tariff amid a trade spat between the world's two largest economies, multiple industry sources said.Beijing has put U.S. energy products, including crude oil and refined products, on lists of goods that it will hit with import taxes in retaliation for similar moves by Washington.Beijing did not specify when it will impose a 25 percent tax on oil…
Cruise Ship Construction: China Rising
China earns cruise newbuild business, aims for ship financeWhile China has steadily built shipbuilding market share, cruise ship construction – more specifically mastering the logistical complexities inherent in cruise ship design, outfit and construction – has proved elusive. But it appears that Chinese shipbuilders have turned the corner, with contracts signed for the first cruise newbuilds. We were in Tianjin, China, earlier this year for the 4th Annual China Maritime Finance Forum for a look behind the covers of passenger vessel in China…
Danaos Corporation Refinances USD 2.2bln in Debt
Danaos Corporation, a leading international owner of containerships, has reached an agreement with certain of its lenders currently holding approximately $2.2 billion of debt maturing on December 31, 2018, that will significantly strengthen the Company's capital structure and result in a debt reduction of approximately $551 million. Pursuant to a comprehensive debt re-financing agreement (RA) with certain of its lenders, as well as Danaos Investment Limited as Trustee of the 883 Trust (DIL), its largest stockholder, and its manager, Danaos Shipping Co.
Closer Look at Interpretation of Maritime Law
The challenges posed by maritime crime are bringing about discussions on legal issues involving the interpretation and implementation of maritime law. As a result, a workshop has taken place in Sri Lanka, Colombo (18-20 June) where maritime law experts and practitioners from around the world met to participate in two main sessions aimed at gathering State practice and interpretation information related to international legal instruments. The first session looked at Article 17…
MOL Snaps Up Adriatic Gas via Croatian Unit
MOL Group’s Croatian INA agreed to buy Eni Croatia BV, a wholly-owned member of Eni Group, through which Eni participated in the joint project of gas production in Croatia’s offshore areas Northern Adriatic and Marica. INA will become the 100% owner and the sole operator of the Northern Adriatic and Marica fields after all conditions are fulfilled, including receiving clearance from the antitrust authorities, which is expected in the coming months. The transaction covers 4.3 million…
Morocco Holds Port Emissions Training
How can ports cut emissions to ensure cleaner air and contribute to the battle against climate change? An International Maritime Organization (IMO) training course is supporting countries to help find the answers, which include the need to first quantify emissions and then identify measures to reduce port-related emissions in a cost-effective way. Maritime officials in Morocco are the latest to undergo the training, at a workshop in Casablanca (19-21 June). The event is being…
Shippers Push to Undermine EU Ship Recycling Regulation
The EU member states’ experts on ship recycling met in Brussels to discuss the latest developments, six months ahead of the application of the 2013 Ship Recycling Regulation. With the recent decision by the Chinese government to stop the import of end-of-life ships for scrapping, the shipping industry is quick to lament that there will not be enough recycling capacity and that there will be too few options for them under the EU List of approved recycling facilities. The industry claims that the standard set by the EU must be lowered so that beaching yards can be approved.
Maritime Cook Islands Highlights “Positive Progress” to Tokyo MOU White List
The Cook Islands flag, operated by ship registry Maritime Cook Islands (MCI), has shown positive flag state performance, as reported in the latest report on Port State Control in the Asia Pacific Region by Tokyo MOU. The data and figures were published in the new report on Port State Control in the Asia Pacific by Tokyo MOU. The Tokyo MOU is “one of the most active regional port State control (PSC) organisations in the world” and consists of 20 member authorities in the Asia-Pacific region.
Protecting Marine Life from Ship Noise
Ship noise has been shown to be the main contributor to underwater noise on a global scale, with recognized negative impacts on marine life, said a press release from International Maritime Organization (IMO). Scientists and researchers from international organizations, States and expert groups have been sharing the latest information on ocean noise, including its detrimental impact on species such as whales and dolphins, at the informal annual meeting on oceans and the law of the sea, at United Nations headquarters, New York, United States (18-22 June).
Oil Traders Ready for Musical Chairs as China Tariffs Loom
Oil markets are bracing for a reshuffle of global trade flows as China threatens to impose tit-for-tat tariffs on imports of U.S. energy products, including crude.China, which has bought an average 330,000 barrels per day (bpd) of U.S. crude oil this year, is threatening to place a 25 percent tariff on various U.S. commodity exports, including crude oil, although it is so far unclear when such a measure would come in place.The decision came in response to U.S. President Donald…
Chinese Firm Pays $584 Mln in Sri Lanka Port Debt-to-equity Deal
China Merchants Port Holdings has made a $584 million payment as part of a $1.12 billion deal to operate Sri Lanka's deep sea Hambantota port, a state-run agency said on Wednesday.Under the deal, signed in July 2017, China Merchants Port (CM Port) will run the $1.5 billion Chinese-built port on a 99-year lease. The $1.12 billion total price is to be used to reduce the Sri Lankan government's debt to China."With this payment, CM Port fulfils the $976 million investment ... CM Port has agreed to deposit a further sum of $146 million being investment to be utilized for port and marine-related activities," the Sri Lanka Ports Authority (SLPA) said in a statement.The port is near the main shipping route from Asia to Europe and likely to play a major role in China's "Belt and Road" initiative.
Lakes Limestone Trade Rises in May
Shipments of limestone on the Great Lakes totaled 3.745 million tons in May, an increase of 3.9 percent compared to a year ago, the Lake Carriers’ Association reports. May’s loadings also bettered the month’s five-year average by the same percent.Loadings from U.S. quarries totaled 3.155 million tons, an increase of 7.9 percent compared to a year ago. Shipments from Canadian quarries totaled 590,000 tons, a decrease of 13.5 percent.Year-to-date the Lakes limestone trade stands at 5.2 million tons, a decrease of 1.5 percent compared to a year ago.
Schulte Group Confirms Cypriot Connection
The Cyprus shipping sector continues to make news, as Dr. Heinrich Schulte, the chairman of the Schulte Group, underlined his long-term commitment to the Cypriot shipping industry when he met with H.E. Mr. Nicos Anastasiades, the President of the Republic of Cyprus, at the Presidential Palace in Nicosia, on June 11, 2018. Earlier this month MarineLink.com interviewed Natasa Pilides, Cyprus Deputy Minister of Shipping, on the sidelines of the Posidonia exhibition in Athens, Greece…
CMA CGM to Buy Finland's Containerships
French-based CMA CGM, one of the world's largest container shipping firms, has agreed to acquire Finland's Containerships from Container Finance Ltd Oy.Terms of the deal, which is expected to close in three to six months, were not disclosed.Containerships, which recorded sales of 227 million euros ($263 million) last year, ships cargo between Finland, Russia, the Baltic States, continental Europe, the UK and Ireland as well as in the Mediterranean region between Turkey and North Africa, it said in a regulatory filing.The acquisition will add to CMA CGM's regional network in northern Europe and
Maersk Poaches New CFO from Assa Abloy
Denmark's A.P. Moller-Maersk has chosen Carolina Dybeck Happe as its new Chief Finance Officer, it said on Wednesday.Happe will take the position at a time where Maersk is undergoing a strategic transformation from a broader conglomerate including an oil business to a more focused shipping company.The 45-year Swede, who comes from a CFO position at the world's biggest lock group Assa Abloy, will start on Jan. 1 2019 at the latest, Maersk said in a statement.The move comes after…
GoodBulk Launches USD 140 Million IPO
GoodBulk, incorporated in Bermuda and headquartered in Monaco, announced that it has launched its initial public offering of 8,500,000 common shares at an anticipated initial offering price between $15.50 to $17.50 per common share. In connection with the Offering, the Company intends to grant the underwriters the option to purchase up to 1,275,000 additional common shares. The Company intends to use the net proceeds of the Offering, together with cash on hand and additional borrowings under the Company’s credit facilities…
MOL Acquires Stake in AKOFS of Norway
Mitsui O.S.K. Lines (MOL) announced that MOL and Mitsui & Co have entered into a share purchase agreement to acquire shares in AKOFS Offshore AS, which is owned by Akastor ASA, Norway. After in-kind contribution of the company of owner and leasing the subsea support vessel, Skandi Santos, which MOL, Mitsui & Co., and AKOFS are jointly operating since November 2016, MOL's acquisition amount will be about JPY 8 billion. MOL's acquisition of shares in AKOFS means MOL will become more deeply involved in the operation and ship management of subsea support vessels…
Grindrod Shipping Makes US Debut
"On 18 June 2018 at 09h30 EST in New York City, the bell rang on the Nasdaq trading floor signifying the first day of trade for Grindrod Shipping Holdings. The seven-storey Nasdaq Tower in Times Square lit up with the Grindrod Shipping logo and displayed Grindrod Shipping’s majestic vessels," said a press release from the company. The separation and listing of the Shipping division on an offshore stock exchange was contemplated for many years. The separate listing will enable…
Storage Tank at Libya's Ras Lanuf Oil Port Has Collapsed
One of two oil storage tanks ignited amid clashes at the Libyan oil port of Ras Lanuf has collapsed after burning for two days, a local engineer and a fire fighter said on Tuesday.Ras Lanuf's storage tank No. 12 was set on fire on Sunday, three days after another storage tank, No. 2 caught ablaze during an attack by an armed group.Libya's National Oil Corporation (NOC) has said that at least 400,000 barrels of storage capacity has been lost due the fires.Reporting by Ayman al-Warfalli Writing by Aidan Lewis
Op/Ed: Continuous Improvement for the US Salvage Indsutry
U.S. salvage industry update: Coast Guard recognition and continuous improvement for the domestic salvage industry and its working professionals.Professional salvors are called in when the ship’s crew is overwhelmed – the last resort to protect lives, minimize environmental impacts and save the ship and cargo. These salvage masters, divers, firefighters, naval architects, heavy lift operators and other salvage team members regularly go into harm’s way and consistently perform incredible feats. They commit their lives and livelihoods to this work.
Weakened Rates Weigh on Baltic index
The Baltic Exchange's main sea freight index fell for the second day in a row on Tuesday, pressured by weaker rates for capesize and panamax vessels.The overall index, which tracks rates for ships carrying dry bulk commodities, was down 23 points, or 1.6 percent, at 1,419 points, its biggest one-day percentage decline in three weeks.The capesize index slipped 41 points, or nearly 2 percent, to 2,187 points.Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $437 to $17,796.The panamax index fell 24 points, or 1.6 percent
Cargill Aims to Cut Ship Emissions 15% by 2020
Cargill Inc aims to cut carbon emissions from its international shipping unit by as much as 15 percent by 2020, to meet U.N. regulations to reduce pollution and demands from some of its food manufacturer customers for more environmentally-friendly operations.The global commodities trader, which was scheduled to announce the emissions goal late on Monday, told Reuters the reduction of CO2 per cargo-ton-mile was targeted at its time-chartered fleet. But overall, Cargill plans to cut total greenhouse gas emissions on an absolute basis across all company operations by 10 percent by 2025.Cargill…
Libya Oil Output Slashed by Port Attacks
Libya has lost some 400,000 barrels per day (bpd) of oil production in recent days because of militant attacks at the Ras Lanuf and Es Sider ports, the head of the National Oil Corporation, Mustafa Sanalla, said on Tuesday.Sanalla said there were still militants present in the area of the terminals, which were closed on Thursday following an early morning attack by opponents of eastern-based Libyan commander Khalifa Haftar."We look to fight the fire first of all, stabilise the situation…
Deutsche Bank Sells $1 Bln Ship Loan Portfolio
Deutsche Bank is selling a $1 billion portfolio of legacy shipping loans to an entity owned by funds managed by Oak Hill Advisors and Varde Partners, it said on Tuesday.Reuters reported last week that the sale of the portfolio was imminent, as the bank draws a line under sour investments in the sector and starts a fresh push in transport lending.Deutsche Bank said it was not exiting ship financing."Following this disposal and other derisking strategies we have implemented, the…
What Can Beijing Do if China-US Trade Row Worsens?
China and the United States sank into a deepening trade conflict that roiled financial markets Tuesday after U.S. President Donald Trump threatened to impose tariffs on an additional $200 billion of Chinese products, prompting Beijing to accuse Washington of starting a trade war.Trump said Monday his threat was retaliation for China's decision to raise tariffs on $50 billion of U.S. goods over the weekend, a move that itself was in response to additional U.S. tariffs on Chinese…
Poland's World Maritime Day Parallel Event
How to create better shipping for a better future was a theme running throughout the 2018 IMO World Maritime Day Parallel Event (13-15 June), held in Szczecin, Poland. “IMO's heritage for 70 years has been to drive improvements in shipping to achieve a better world today. But we cannot rest on past achievements. Our challenge for the years to come remains the same: to create better shipping - for a better future,” said IMO Secretary-General Kitack Lim, in his keynote address. The international audience was welcomed by Mr.
ICHCA, IAPH Joins for World Ports Sustainability Program
ICHCA International, the global NGO and membership association for cargo handling operations, technical, HSSE and risk professionals has signed a Memorandum of Understanding (MoU) with the International Association of Ports and Harbors (IAPH) to pursue cooperative projects of mutual interest. This includes the sharing of the research and findings of ICHCA’s Technical Panel (ITP) with the IAPH membership through its own working groups. The ICHCA Technical Panel has recently launched four new working groups on Dangerous Goods, Digital & Innovation, Straddle Carrier Safety and Dry Bulk Cargoes.
Shipping Industry Critical Meeting in July on Sulphur Cap
The shipping industry - as represented by its international trade associations (BIMCO, ICS, INTERCARGO, INTERTANKO and WSC) - calls on the Member States of the International Maritime Organization (IMO) to make progress on key challenges around the global sulphur cap to avoid compromising safety or unfairly penalising individual ships. The trade associations have co-sponsored a number of submissions to IMO to help smooth the implementation of the global 0.5 percent sulphur in fuel cap, in advance of the critical meeting that will be held in London during the second week of July.
IMO Supports Implementing UN SDGS
International Maritime Organization (IMO)'s comprehensive technical cooperation programme supports Member States to implement IMO treaties effectively. This is one way in which IMO supports the achievement of the UN Sustainable Development Goals (SDGs) and the 2030 Agenda for Sustainable Development. The Technical Cooperation Committee, which is meeting for its 68th session (18-20 June), will be updated on key IMO capacity-building programmes, including the women in maritime programme and assistance to Member States to develop National Maritime Transport Policies.
Marine Insurance’s Risk Rating Revolution
Why insurers cannot afford to be left behindAccording to Maersk, “everything that can be digitized will be digitized”, and there is no doubt that the world of shipping is currently undergoing a digital revolution. From vessel movement data to port statistics and engine diagnostics and data, the latest technology empowers insurers to segment and optimize their existing portfolio, identify new opportunities and offer truly connected policies.However, risk measurement and ratings remain an issue.
Damen, Saab Partner for the Tamandaré Class Corvette
In order to meet the needs of the Brazilian Navy, Damen Schelde Naval Shipbuilding and Saab come together to develop the project that will supply four Tamandaré Class corvettes.Damen is a Dutch company and a global leader in shipbuilding that has supplied over 6,000 vessels. Over 20 navies throughout the world operate Damen-built vessels. The company will be responsible for supplying the ship Sigma 10514, proven platform that will be adapted to meet the demands of the client.Saab is a Swedish company with more than 70 years of experience in the defense industry.
China Investigating Senior Executive at CSIC
China's anti-graft agency said on Saturday it is investigating the general manager of state-owned China Shipbuilding Industry Corp (CSIC).Sun Bo is suspected of serious disciplinary and legal violations, the Central Commission for Discipline Inspection (CCDI) said on its website.(Reporting by Andrew Galbraith; Editing by Adrian Croft)
Asian Shares, Oil Fall as US-China Trade Spat Escalates
Asian shares fell to a 2-1/2 week low on Monday after U.S. President Donald Trump cranked up trade tensions by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind.Fears of a global trade war added to pressure on oil prices, which extended Friday's big fall, while the dollar retreated from near 3-week highs against the safe haven yen.Spreadbetters suggested a subdued start for European shares, with FTSE futures off about 0.1 percent. U.S.
China's Tariffs on US Oil Would Disrupt $1 Bln Monthly Business
China's threat to impose duties on U.S. oil imports will hit a business that has soared in the last two years, and which is now worth almost $1 billion per month.In an escalating spat over the United States' trade deficit with most of its major trading partners, including China, U.S. President Donald Trump said last week he was pushing ahead with hefty tariffs on $50 billion of Chinese imports, starting on July 6.China said Friday it would retaliate by slapping duties on several American commodities, including oil.Investors expect the spat to come at the expense of U.S.
Dorian LPG Rejects BW LPG Merger Offer
Dorian LPG announced that its Board of Directors has unanimously declined an unsolicited, conditional proposal from Norway's BW LPG, the world's largest liquid petroleum gas shipper, to combine with Dorian in a stock-for-stock transaction. After a thorough review, conducted in consultation with its financial and legal advisors, the Board of Directors unanimously concluded that the proposal is not in the best interests of Dorian and its shareholders., said a press release from the company.
Navios Maritime Containers files for a $100 million IPO
Monaco-based container ship company Navios Maritime Containers has filed with the SEC to raise up to $100 million in an initial public offering. The information of IPO was originally provided by the IPO investment manager Renaissance Capital. The Navios Holdings company run by Angeliki Frangou was founded in 2017 and booked $69 million in sales for the 12 months ended March 31, 2018. According to the company website: "We are a growth-oriented international owner and operator of containerships.
DP World Not for Settlement with Djibouti
The Dubai-based port operator DP World said that it will not consider alternative legal options outside a court settlement in a dispute with the Djibouti government over the Doraleh Container Terminal. A DP World spokesperson said that the concession agreement remains in place, and the action taken by the Djiboutian government is subject to legal process in the International court of Arbitration in London. “We await the outcome of this process. The Doraleh terminal has a capacity of 1.6 million TEUs per year.
Noble Group Sells Kamsarmax Dry Bulker to Aeolian Spirit Shipping
The commodity trader Noble Group has entered into an agreement with Aeolian Spirit Shipping, a Cyprus company, to dispose a vessel registered in Hong Kong for a consideration of US$23.79 million. Noble said in a press annoucement that its indirect wholly-owned subsidiary, Core Forte, had on June 15 entered into a memorandum of agreement with Aeolian Spirit Shipping and Transmed Shipping for the proposed sale of a Kamsarmax dry bulk carrier vessel. The Vessel “Ocean Forte" is registered under the flag of Hong Kong. It was built in 2015 and has a capacity of 81,616 dwt.
China Surprises with Threat on US Energy Exports
Beijing surprised oil markets with threats to levy tariffs on imports of U.S. crude oil, natural gas and other energy products on Friday, just as China has risen to the top of the list of importers of oil from the United States.China responded to $50 billion in tariffs imposed by U.S. President Donald Trump with a similar amount of levies on a variety of U.S. goods. But China also said it would impose tariffs on U.S. energy products, which analysts considered a surprise as previous tariff threats had centered on agricultural goods and automobiles."This is a big deal.
Corpus Christi Gearing Up to Handle US Shale Export Boom
Port officials on Tuesday are expected to consider $300 million in financing that would prepare the country's largest oil-export port - Corpus Christi, Texas - to handle a surge in U.S. shale production over the next five years.International buyers would like more U.S. crude but are unable to get it because of infrastructure constraints along the U.S. Gulf Coast. Terminals originally designed for imports only recently have revamped operations to handle exports including accepting…
DNV GL Releases First Cyber Security Class Notations
At the Posidonia trade fair last week, classification society DNV GL introduced its first class notations to help shipowners and operators protect their assets from cyber security incidents. The new class notations – Cyber secure – help owners and operators protect vital systems from cyber security threats. They will be published on the DNV GL rules page on July 1, 2018.“Whether in machinery, navigation or communication systems, programmable control systems are a longstanding and essential part of ships and offshore units…
China to Impose 25% Tariffs on 659 US Goods
China will impose additional 25 percent tariffs on 659 U.S. goods worth $50 billion in response to the U.S. announcement that it will levy tariffs on Chinese imports, the Chinese commerce ministry said.Tariffs on $34 billion of U.S. goods including agricultural products such as soybeans will take effect from July 6, the ministry said. Soybeans are China's biggest import from the United States by value.The tariffs will also be applied to autos and aquatic products, the ministry said.The list of 659 U.S.
Trump Announces 25% Tariff on Chinese Technology
President Donald Trump on Friday announced that the United States will implement a 25 percent tariff on $50 billion of goods from China related to intellectual property and technology, and pledged to impose further levies if the Asian nation takes retaliatory measures.Trump said the tariff list includes goods from China's "Made in China 2025" strategic plan to dominate high-technology industries that will "drive future economic growth for China, but hurt economic growth for the United States and many other countries."(Reporting by Lisa Lambert and David Lawder Editing by Jeffrey Benkoe)
Rolls-Royce Chief Sets Ambitious Targets
Rolls-Royce (RR.L) said it would exceed its 2020 guidance as it announced new ambitious mid-term goals, sending its shares to four-year highs and reflecting investor faith that CEO Warren East can transform Britain’s best known engineering firm.The maker of engines for civil planes, military jets and ships has been in turnaround mode since 2015. Having on Thursday announced plans to cut 4,600 jobs as part of cost-saving measures, it told shareholders on Friday the foundations…
Tiny Japan Shipping Shares Jump on North Korea Detente Hopes
Shares of small Japanese shippers jumped this week after the historic summit between U.S. President Donald Trump and North Korean leader Kim Jong Un sparked hopes of news business ties with the reclusive country.Japanese retail investors are snatching up shares of the firms that may benefit from a potential thaw between Tokyo and Pyongyang, even though the Japanese government has been a staunch supporter of "maximum pressure" on North Korea.Shares of Rinko Corp, a marine transportation company…
Monjasa Acquires Bunker Supply Vessel for English Channel Operation
Monjasa acquires the 3,600 DWT tanker, MT Fredericia for continued bunker operation in the English Channel. Leading up to the acquisition, the vessel has been on time charter by Monjasa for several years and the ceaseless high performance of the vessel now leads to definitive Monjasa ownership. In 2016, Monjasa established a niche market in the English Channel as an alternative for shipowners and operators taking bunkers in the ARA hub. In this setup, MT Fredericia plays a significant role and currently performs exclusive bunkering operations in the Portland…
International Seaways Completes Acquisition of Six Euronav VLCCs
US-based tanker shipping company International Seaways (INSW) has completed the acquisition of six 300,000 dwt very large crude carriers (VLCCs) from Euronav NV. The tanker company providing energy transportation services for crude oil, petroleum products and liquefied natural gas announced in a press release that it has completed its previously announced acquisition of six 300,000 DWT VLCCs for a purchase price of $434 million, inclusive of assumed debt, from Euronav. The six vessels have an average age of two years and include five 2016-built VLCCs and one 2015-built VLCC…
Rotterdam Joins Start-ups for Port of the Future
The Port of Rotterdam Authority has signed partnership agreements with four recent participants in the annual PortXL innovation programme. The products developed by these promising start-ups range from compact tulip-shaped wind turbines to blockchain applications for freight tracking. Together with 10 other start-ups and scale-ups, these companies took part in this year’s PortXL innovation accelerator programme, which brings innovators from all over the world to Rotterdam to further develop their technologies.
Port of Dunkerque Obtains EcoPorts’ Environmental Standard (PERS)
ESPO congratulates Port of Dunkerque (France) for obtaining for the first time EcoPorts’ environmental management standard (PERS). Isabelle Ryckbost, ESPO’s Secretary General, handed over the PERS certificate to Stéphane Raison, CEO of Port Dunkerque, during a special ceremony which took place at the port. “I welcome the PERS certification of Port of Dunkerque which has become the ninth port certified with PERS from France. The Port of Dunkerque is clearly a port that puts environmental sustainability on the forefront.
Deutsche Bank Sells $1 Bln Non-performing Ship Loan Portfolio
Deutsche Bank has found a buyer for the bulk of its bad ship loans as it seeks to draw a line under sour investments in the sector and to start a fresh push in transport lending, people close to the matter said.Germany's flagship lender has agreed to sell a non-performing ship loan portfolio with a notional value of $1 billion to investors Oak Hill Advisors and Varde, one of the sources said.Deutsche Bank and Oak Hill declined to comment, while Varde was not immediately available…
22 Rescued from Containership Ablaze in the Bay of Bengal
The Indian Coast Guard said it has rescued all 22 crew members from a containership that caught fire around midnight in the Bay of Bengal.Coast Guard vessels arrived on scene Thursday morning and rescued all crew and the captain from Indian flagged SSL Kolkata, Coast Guard Commander Inspector General (NE) Kuldip Singh Sheoran said.SSL Kolkata was sailing from Krishnapatnam in Andhra Pradesh to Kolkata when the fire broke out due to an explosion in one of the containers, local media reported.Sheoran said the ship is carrying 464 containers on board.With all crew evacuated…
Royal Caribbean Buys $1 Bln Stake in Silversea Cruises
Royal Caribbean Cruises Ltd (RCL.N) said on Thursday it would buy a 66.7 percent stake in privately owned Silversea Cruises for about $1 billion to add ultra-luxury and expedition cruises to its fleet.Silversea Cruises, which has nine ships, sails to destinations including Antarctica, the Arctic and Greenland, with most of its tickets selling for more than $5,000.In contrast, the most expensive cruises run by Royal Caribbean under its Azamara Club Cruises brand cost around $3…
INTERVIEW: Natasa Pilides, Cyprus Deputy Minister of Shipping
Natasa Pilides, Cyprus Deputy Minister of Shipping, has held this newly created political post for only three months, but already she has big plans to facilitate the growth of her country’s stature in world maritime circles. In Athens at Posidonia we discuss with her Cyprus’ plan for the development of the its maritime infrastructure and blue economy. Coming in the July 2018 edition of Maritime Reporter & Engineering News, read our interview with Ms. Build the country’s maritime cluster with incentives for companies to innovate and relocate people and facilities to Cyprus.
Tanker Captain Fined for Safety Violations
The captain of a Russian oil tanker is forced to pay £25,761.99 (more than $34,300) in the U.K. for breaching the International Safety Management (ISM) Code in a prosecution brought by the Maritime & Coastguard Agency (MCA).Vitaliy Trofimov, Captain of the Russian registered 85-meter-long tanker Tecoil Polaris, pleaded guilty at Hull Magistrates Court on Thursday to a number of safety failures which placed the vessel – to be loaded with 1,665 metric tons of lubrication oil – at risk.
Saudi Arabia, UAE to Establish Shipping Lane to Yemen's Hodeidah Port
Saudi Arabia and the United Arab Emirates announced a five-point aid plan for Yemen's Hodeidah port and surrounding areas on Wednesday, after a Saudi-led alliance of Arab states launched an attack on Yemen's Houthi-held main port city.As part of the plan, the two coalition states aim to establish a shipping lane to Hodeidah from the UAE capital, Abu Dhabi, and Jizan, a city in southern Saudi Arabia, officials told a news conference in Riyadh.They will also distribute food, provide medical supplies, equipment and staff to hospitals, sustain electrical stations and provide economic support, they
Stronger Rates Lift Baltic Index for Third Day
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the third consecutive session on Thursday supported by stronger rates across capesize and panamax vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 29 points, or 2.1 percent, to 1,433 points.The capesize index climbed 93 points, or 4.5 percent, to 2,184 points.Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose by $642 to $17,976.The panamax index
HSH Nordbank Aims to Buy Shipping Loans from Other Banks
Germany's HSH Nordbank, once the world's biggest ship financier, aims to buy shipping loans from other banks and make new investments in the industry as it emerges from years of turmoil, a top bank official said.The bank's regional government owners are selling the lender to buyout groups Cerberus Capital Management and J.C. Flowers, with investors GoldenTree, Centaurus Capital and Austrian bank BAWAG also taking stakes."HSH, at the end of this process of privatization, will for the first time since 2008 be restored.
EIA: Oil Barrel Price Steady Around $70
EIA expects Brent prices will average $71 per barrel in 2018 before declining to $68 per barrel in 2019. In the June 2018 update of its Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasts Brent crude oil prices will average $71 per barrel (b) in 2018 and $68/b in 2019. The new 2019 forecast price is $2/b higher than in the May STEO. The increase reflects global oil markets balances that EIA expects to be tighter than previously forecast because of lowered expected production growth from both the Organization of the Petroleum Exporting Countries (OPEC) and the United States. Brent crude oil spot prices averaged $77/b in May, an increase of $5/b from April and the highest monthly average price since November 2014.
Euronav Completes Merger with Gener8 Maritime
Belgian tanker operator Euronav has concluded its merger with U.S. rival Gener8 Maritime, creating one of the world’s largest tanker shipping fleets.Gener8’s shareholders voted earlier this week to approve the merger, and following the closing on Tuesday, 60.9 million new shares issued to Gener8 shareholders as consideration for the transaction began trading Wednesday on the NYSE.The merger, which Euronav CEO Paddy Rodgers described as an “important milestone”, takes place amid…
Spill Prevention & Response: Old Lessons, New Challenges
Emerging spill response trends fit into two big categories: technology and a combination of economic and social forces. Both will shape what comes next.Florida’s stunning Tampa Bay stands out as exactly the kind of place where you have to think about hazardous materials emergencies. It was 25 years ago, on August 10, 1993, that a freighter collided with two barges near the entrance of Tampa Bay, causing a fire and spilling over 32,000 gallons of jet fuel, diesel, and gasoline and about 330,000 gallons of heavy fuel, devastating beaches, wildlife and habitat.
Green Marine Elects New Chairman of the Board
President and CEO of the Port of Cleveland, William D. Friedman, was elected chairman of the Green Marine’s Board of Directors following the corporation’s Annual General Meeting on May 31, during GreenTech 2018, in Vancouver B.C. Friedman has been sitting on the Green Marine Board since 2013.The Port of Cleveland is one of the environmental program’s founding members. “I’ve been engaged on the Green Marine board for the last five years, and the Port of Cleveland has adopted a similar commitment as a member.
Twin Disc Acquires Veth Propulsion
U.S. based power transmission technology and equipment manufacturer Twin Disc, Inc. announced it has entered into a definitive agreement to acquire the Netherlands based marine propulsion products supplier Veth Propulsion Holding, B.V. and its wholly-owned subsidiaries.Twin Disc said the purchase price is approximately $58.6 million plus net cash, with potential adjustments based on Veth Propulsion’s working capital as of the closing date, and will be financed through a combination of cash and new debt facilities.
Baltic Index Rises on Higher Large Vessel Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for a second day this week on Wednesday, helped by higher rates across capesize and panamax vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 14 points, or 1 percent, at 1,404 points. The capesize index gained 23 points, or 1.1 percent, to 2,091 points. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose by $239 to $17,334.
Singapore Reports Higher May Bunker Fuel Sales
Singapore marine fuel sales climbed to a four-month high of 4.283 million tonnes in May, up 1.2 percent from the previous month and 2.5 percent higher compared with a year ago, data from the Maritime and Port Authority of Singapore (MPA) showed on Wednesday.The strong volumes sold in May were largely in line with industry expectations and come despite sharply higher bunker fuel prices due to rising crude oil prices and shortages of finished grade bunker fuel oil during the month.The cost of 380-centistoke (cst) fuel oil cargoes, the mainstay bunker fuel for large vessels, in May averaged $433
Euronav Sells Suezmax Cap Jean
Tanker company Euronav NV announced that it has sold the Suezmax Cap Jean (1998 – 146,643 dwt) for USD 10.6 million. The vessel was delivered to her new owners on June 8th. The Company will record a capital gain of approximately USD 10.6 million in the current quarter. The sale of the Cap Jean is part of a fleet rejuvenation program. Together with the sale Euronav is taking in operation four new Suezmax vessels, of which two have already been delivered, with the remaining two due for delivery from the Hyundai yard in South Korea (HHI) during summer 2018.
IMO Brings Port Issues to the Fore
Global trade by sea is dependent on the interconnection between ships, ports and people - and everyone needs to be involved, from port operators, to regulators, to maritime security experts and innovators in technology. The theme of mutual cooperation and collaboration was highlighted throughout a special event on ports, held at International Maritime Organization (IMO) Headquarters (11 June). The Special Port Event was supported by IMO Secretary-General Kitack Lim, in collaboration with the International Association of Ports and Harbors (IAPH).
EU Commission Proposes New Fund for Maritime Economy
For the next long-term EU budget 2021-2027, the Commission is proposing EUR 6.14 billion under a simpler, more flexible fund for European fisheries and the maritime economy. The new European Maritime and Fisheries Fund will continue to support the European fisheries sector towards more sustainable fishing practices, with a particular focus on supporting small-scale fishermen. It will also help unleash the growth potential of a sustainable blue economy towards a more prosperous future for coastal communities.
Norway Files WTO Challenge Over U.S. Steel and Aluminium Tariffs
Norway filed a challenge to the U.S. tariffs on steel and aluminium with the World Trade Organization on Tuesday."In Norway's view, the additional tariffs imposed by the U.S. on steel and aluminium imports are a violation of the WTO rules. Today we have therefore requested dispute settlement consultations with the US in the WTO," Minister of Foreign Affairs Ine Eriksen Soereide said in a statement.Reporting by Ole Petter Skonnord
France Says Italy Flouting International Law on Migrant Ship
France's prime minister accused Italy on Tuesday of not meeting its international obligations after refusing to take in more than 600 migrants stranded aboard the rescue ship Aquarius."Italy, the Italian government, has chosen to not respect its international obligations terms of security for the people," Edouard Philippe told lawmakers. "This episode shows that there is no hope in the short-term for a national solution to this problem. There can only be a European response."Philippe said no European country had done more than France to try to stabilise the migrant crisis through its military operations in the Sahel region and its efforts to find a political solution to the conflict in Libya.Reporting by John Irish
Former OW Bunker Manager Appeals 18-month Jail Term
The former manager of marine fuel supplier OW Bunker's Singapore subsidiary said on Tuesday he would appeal the 18-month jail term he was sentenced to last month, his lawyer told Reuters.On May 30, a Danish city court found Lars Moller, former head of Dynamic Oil Trading in Singapore, guilty of granting credit outside his mandate, contributing to OW Bunker's bankruptcy.Moller's defense lawyer said on Tuesday, that they would appeal the verdict and aimed for him to be "fully acquitted".The 2014 bankruptcy of the firm, then the world's leading supplier of bunker fuel with a 7 percent market shar
Dry Bulk Rates Edging Higher
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, inched higher on Tuesday, propped up by a rise in panamax and supramax vessel rates.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up three points, or about 0.2 percent, at 1,390 points.The capesize index fell 23 points, or 1.1 percent, to 2,068 points.Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell by $145 to $17,095.Meanwhile, the panamax index gained 23 points, o
EnBW, Trident Winds JV for Offshore Wind Project in California
EnBW Energie Baden-Württemberg AG is continuing its strategy of capturing growth in new international markets in the renewable energy sector. Following its recent entry into Taiwan, EnBW has now expanded its activities to the United States of America by establishing a regional subsidiary, EnBW North America, and forming a joint venture with Trident Winds Inc. to develop an offshore wind project off the coast of in Central California. This represents the EnBW Groups first step toward tapping into the high potential of the American market.
International Maritime Law Institute Graduation Ceremony
International Maritime Organization (IMO)’s globally recognized training centre, the IMO International Maritime Law Institute (IMLI), has held its 29th annual graduation ceremony at the Maritime Museum in Vittoriosa, Malta (9 June). Fifty-one students from 41 countries graduated from programs covering all areas of international maritime law in a ceremony presided over by IMO Secretary-General and Chair of the IMLI Governing Board, Kitack Lim, who heralded the Institute and congratulated the graduates on their achievement.
International Chamber of Shipping Concern over Italian Policy on Migrants
International Chamber of Shipping (ICS) is deeply concerned about the apparent new policy of the Italian Government to close its ports to migrants rescued by vessels operated by humanitarian NGOs. The refusal by Italy to allow rescued persons to be disembarked could have serious implications for the safety and welfare of these distressed people, including children and pregnant women. To its great credit, the government of Italy has consistently permitted prompt and predictable disembarkation of people rescued by merchant ships as well as by vessels operated by humanitarian NGOs.
Metal Shark Acquires Horizon Shipbuilding Assets
Louisiana-based shipbuilder Metal Shark said it has acquired the assets of Alabama-based Horizon Shipbuilding, which filed for Chapter 11 bankruptcy protection in October 2017.Metal Shark will assume ownership of Horizon’s fully developed 35-acre shipbuilding facility in the Mobile Bay region, following a motion approved by the U.S. Bankruptcy Court Southern District of Alabama on June 5, 2018.The Horizon facility, which features separate east and west yards both fronting a dredged deepwater inlet…
US Navy’s LCS 11 Completes Acceptance Trials
One of the U.S. Navy’s newest Freedom variant littoral combat ships (LCS) completed its final significant milestone before its scheduled summer delivery with the conclusion of acceptance trials at the end of May.On May 25, the future USS Sioux City (LCS 11) wrapped up a series of graded in-port and underway demonstrations on the Great Lakes for the Navy's Board of Inspection and Survey. During the trial, the Navy conducted comprehensive tests intended to demonstrate the performance of the propulsion plant…
A Post-casualty Rush to Judgment Can be Costly
It was a warm and sunny early summer morning in an increasingly popular and typically busy domestic harbor. And, not surprisingly, the water and waterfront were crowded with commercial and private vessels of every description. From a slowly moving tug/barge combination, a working dredge and a small tanker delivering fuel on the more industrial side of the harbor, to numerous water taxis, sightseeing boats and larger catamaran ferries, the harbor was buzzing with activity.All of these commercial vessels were operating in close quarters with a fleet of small yachts…
Fuels, Lubricants & Green Marine
International Maritime Organization (IMO) fuel rules entering force in 2020 mandate a drastic sulfur reduction. By 2050 the mandate is to cut greenhouse gas emissions of shipping by at least 50 percent.Marine fuels, lubricants and additives manufacturers play their part in establishing maritime’s green credentials by introducing new environmentally acceptable technologies and products.The shipping industry is more than ever portrayed in a bad light due to increasing awareness of its contribution to global climate change, according to Dirk Kronmeijer, CEO of GoodFuels Marine.
Volvo Penta Going Full Charge into Hybrid & All-electric Drivelines
Aiming to become a driving force in sustainable power solutions, Volvo Penta says it is going full charge into hybrid and all-electric drivelines, offering electrified solutions in both its marine and industrial segments by 2021.Volvo Penta’s chief technology officer, Johan Carlsson, and system engineer, Karin Åkman, discussed innovation for electromobility at the company’s new development-and-test laboratory in Gothenburg.By 2021, Volvo Penta will provide electrified power solutions for both its land and sea-based business segment…
Italy Shuts Ports to Migrant Boat, Tells Malta to Open Its Doors
Italy will refuse to let a humanitarian boat carrying more than 600 migrants dock at any of its ports and has asked the Mediterranean island of Malta to open its doors to the vessel, an official said on Sunday.Malta said it had nothing to do with the rescue operation, opening the prospect of a diplomatic stand-off between the two European Union allies.The move by Italy's new Interior Minister Matteo Salvini, who is also head of the far-right League, is part of efforts to make good on his electoral promises to halt the flow of migrants into the country.More than 600…
Dunkerque-Port Gets “PERS” Certification From Ecoports Network
In line with the commitments of the PA2D (Sustainable Development and Action Plan), Dunkerque-Port has just received the EcoPorts network's PERS certification (Port Environmental Review System), granted by the ESPO (European Sea Ports Organisation). This environmental management certification, specific to the port sector, attests to correct compliance with current rules and standards, and rewards involvement in projects and initiatives for better environmental performance in ports.
DP World Joins World Ocean Council
Global trade enabler DP World has become the first company in its sector to join the World Ocean Council (WOC) as part of its leadership journey to actively engage in the protection of the world’s oceans. By becoming a member of the growing international multi-industry alliance on “Corporate Ocean Responsibility” DP World will commence, enhance and advance our role as a responsible leadership company. The WOC is a global, cross-sectoral business leadership alliance with a network of over 35,000 stakeholders addressing corporate ocean responsibility.
BIMCO to Step Up Fight Against Maritime Corruption
BIMCO is helping the industry raise its voice against maritime corruption and supports initiatives that help fight unfair trade. At the 42nd session of the International Maritime Organisation’s Facilitation Committee (FAL) in London on June 5-8th, BIMCO has backed a request made by The Maritime Anti-Corruption Network (MACN) for the IMO and member States to fully recognise the scale of maritime corruption and to take a stand against this type of crime. MACN is a global business network working towards a corruption free maritime industry that enables fair trade to the benefit of society.
Sembmarine to Buy Sevan Marine’s IP
Sembcorp Marine (SembMarine) announced that its wholly-owned subsidiary, Sembcorp Marine Integrated Yard (SMIY) plans to buy the intellectual property (IP) of Norway’s Sevan Marine for US$28 million and bring an end to a long-standing intellectual property dispute between the two parties. SMIY will further undertake to take over some of Sevan Marine’s existing service contracts and provide engineering services to some of Sevan’s existing contract partners which have outstanding licence fees payable to Sevan Marine.
ITF on Reducing Crew on Panama Canal Tugs
The International Transport Workers’ Federation (ITF) has been made aware of a communication sent on 30 May 2018 by the Panama Canal Authority (ACP) to the Union de Capitanes y Oficiales de Cubierta (UCOC) about reducing the tug’s complement to the minimum manning established by the Panama Maritime Authority. The ACP has informed the UCOC that from 1 July 2018 there will be further reductions to the crew with the removal of the additional captain. This position is currently part of the forward tug’s crew since the opening of the new locks in 2016.
EU Support for Seafarers to Obtain Schengen Visas
The European and International Social Partners in the Maritime Sector; the European Community Shipowners’ Associations (ECSA), the European Transport Workers’ Federation (ETF), the International Chamber of Shipping (ICS) and the International Transport Workers Federation (ITF) support the ongoing efforts to facilitate seafarers’ travel to and from the EU through amendments to the visa rules between Member States. “For the shipping industry to function efficiently and for the safeguarding of decent living and working conditions for seafarers…
Songa Shareholders Approves Vessels Acquisition by Star Bulk Carriers
Star Bulk Carriers announced that Songa Bulk has informed the Company that 99.73% of the present shareholders of Songa, at the Annual General Meeting of shareholders of Songa held on June 5, 2018, have voted in favor of and approved the previously announced transaction. Accordingly, Star Bulk will acquire 15 operating vessels of Songa for an aggregate of 13.725 million common shares of the Company and $145 million in cash. The approval of the shareholders of Songa was a condition to the closing of the Vessel Purchase Transaction, which has now been satisfied.
Greek Shipowners Say EU Tax Pressure Could Make Brexit Britain Attractive
Greek shipowners could relocate to Britain after it leaves the European Union if European regulators demand changes to favorable shipping taxes in Greece, a top industry official said on Friday.The European Union has been pressing Greece to end generous tax allowances it grants shipowners, although the government has steered away from imposing heavy taxes on an industry that operates some of the world's biggest vessels."If the European Union threatens us ... obviously we will look at alternative options…
ABS Offers Guidance on 2020 Sulfur Cap
ABS issued the ABS Advisory on Marine Fuel Oil to help industry prepare for the IMO’s 2020 global sulfur cap. The Advisory provides owners and operators with industry-leading guidance on the considerations and challenges with marine fuels, which are likely to be used in addressing the 2020 global sulfur cap requirements.“The IMO 2020 sulfur cap requirement will introduce a significant demand change from heavy fuel to low sulfur fuel almost overnight. The industry currently is debating how to prepare as the consequences of this shift are difficult to predict,“ said Dr.
DNV GL Unveils New Emissions Reduction Notation
As the shipping industry continues its push to reduce emissions to air, classification society DNV GL announced a new class notation for exhaust gas cleaning systems (EGCS). The new notation, emissions reduction (ER), will cover not only scrubbers for removing SOx, but selective catalytic reduction (SCR) and exhaust gas recirculation (EGR) systems for removing NOx. The new notation will be published in July 2018.“As the 2020 IMO sulphur cap on fuel draws closer, we have been hearing…
Shipping Tycoon Livanos Tied to New Investment Firm
Former senior Goldman Sachs and HSBC banker Matthew Westerman is launching a private investment firm alongside a former colleague and a Greek shipping tycoon, he said on Friday.Westerman will partner his former Goldman Sachs colleague Julian Metherell and Peter Livanos, who owns Greek shipping company Ceres Hellenic, in a new firm called MW&L Capital Partners.The trio will invest in small-to-medium sized targets based on knowledge built up in their respective careers covering financial services, oil and gas, and shipping, Westerman said."We think there is a gap in the market for long-term capital; ours is not '5 year fund money' so we don't have money burning a hole in our pockets and we can afford to be flexible and supportive of management when we see an opportunity…
Oil Spill Reported in the Gulf of Mexico
The U.S. Coast Guard said it is responding to reports of an oil spill near Breton Sound, La. in the Gulf of Mexico.Coast Guard Sector New Orleans watchstanders received a call at 6:29 p.m. on Thursday reporting a 61-foot motor vessel hitting the Breton Sound 18 production platform resulting in the spill of an estimated 840 gallons of crude oil from the platform.No injuries were reported.Environmental Safety & Health arrived on scene and deployed boom around the platform to mitigate the spread of product while platform personnel work to secure the source of the leak.The cause of the incident is under investigation.