U.S. Freight Recovery Spurs Diesel Demand
U.S. freight movements have started increasing again, which should help boost consumption of distillate fuel oil in 2017 and 2018. The tonnage of freight moved by road, rail, barge, pipeline and air cargo has been increasing year on year since October, after stagnating for much of 2015/16 (http://tmsnrt.rs/2qSDLAJ). Freight movements hit a new record in February, before slipping slightly in March, according to the U.S. Bureau of Transportation Statistics (http://tmsnrt.rs/2rTVx58). Most freight is hauled by equipment that uses diesel engines, or jet turbines in the case of air cargo.
California Pushes Ahead on Ballast Water Compliance
We are quickly approaching September 8, 2017, the date when the International Ballast Water Convention will enter into force requiring ships to manage their ballast water using methods to remove or render harmless organisms contained within their ballast water. This is in an effort to halt the spread of invasive species that have crippled many local ecosystems, both monetarily and environmentally, in some cases causing irreparable damage. In the U.S., the regulations are already in place. Recently, the U.S.
Hapag Lloyd Completes Merger with UASC
German shipping line Hapag Lloyd and Arab sector peer UASC have completed a delayed merger which creates the world's fifth-biggest shipping company. The German company said on Wednesday that the deal to combine the two businesses, announced in April 2016 and sealed in July last year, has closed and been listed in commercial registers as of May 24, including a capital increase of 45.9 million euros. Qatar Investment Authority, through Qatar Holding, now holds 14.4 percent of Hapag Lloyd…
Scorpio Tankers Merges with Navig8 Product Tankers
Scorpio Tankers has entered into definitive agreements to merge with Navig8 Product Tankers and acquire Navig8’s 27 operating product tankers. Subject to the terms and conditions of these agreements, Scorpio will acquire four LR1 tankers prior to the closing of the Merger (the LR1 Vessel Acquisitions) and the remaining 23 tankers upon the closing of the merger in exchange for the issuance of 55 million shares of Scorpio common stock to the Navig8 shareholders. In connection with the LR1 vessel acquisitions, Scorpio will pay cash consideration of $42.2 million, which is net of assumed debt.
ICS on CO2 Reduction Objectives
Members of the International Chamber of Shipping (ICS), including the UK Chamber, met last week in Istanbul, where they agreed to set new objectives in reducing carbon dioxide (CO2) emissions from shipping. To reduce international shipping’s total annual CO2 emissions by an agreed percentage by 2050, compared to 2008, as a point on a continuing trajectory of CO2 emissions reduction. The objectives aim to match the ambition of the Paris Agreement on climate change, while keeping CO2 reduction in the hands of the shipping industry itself with the IMO as its regulator.
Seadrill Names Dibowitz CEO
Oslo-listed rig firm Seadrill named a new chief executive from within its own ranks on Wednesday and said its talks to restructure $14 billion of debt and liabilities had reached an advanced stage. Once the world's most valuable rig firm, Seadrill's business was hard hit when oil companies sharply cut investments and exploration in the wake of a 2014 crash in oil prices. Anton Dibowitz, current chief commercial officer, will take the top job from July 1, succeeding Per Wullf who will remain a board director, the company said. Dibowitz, a U.S. citizen, joined the company 10 years ago.
IBIA Backs ICS, IMO Proposals on CO2 Emissions
Pressure is growing on the International Maritime Organization (IMO) to deliver specific commitments to reducing greenhouse gas emissions. A proposal from the International Chamber of Shipping (ICS) and other shipping organisations offers a possible way forward. International Bunker Industry Association (IBIA) explains what’s going on. IBIA believes in finding pragmatic and practical solutions to pursuing policy aims at the IMO, and what has been set out by ICS and others looks like a good compromise between the divergent positions we have seen.
Urals Oil Exports From Baltic Ports to Fall in June
Russia's June Urals crude exports from the Baltic Sea ports are expected to fall by 15 percent compared with May on a daily basis to 5.51 million tonnes, a preliminary loading plan seen by Reuters showed on Thursday. Crude loadings from the port of Primorsk were set to fall by 30 percent to 2.71 million tonnes due to planned works on Baltic pipeline system. Supplies from the neighbouring Ust-Luga port are set at 2.8 million tonnes, up 100,000 tonnes from the May loading plan.
Baltic Index Falls to Lowest Since Early March
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, on Thursday fell to its lowest since early March as demand slowed across all vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 16 points, or 1.71 percent, at 918 points. The capesize index lost 59 points, or 3.57 percent, at 1,595 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargo such as iron ore and coal, were down $427 to $11,750.
U.S. Warship Challenges Beijing in South China Sea
A U.S. Navy warship sailed within 12 nautical miles of an artificial island built up by China in the South China Sea, U.S. officials said on Wednesday, the first such challenge to Beijing in the strategic waterway since U.S. President Donald Trump took office. The officials, speaking on condition of anonymity, said the USS Dewey traveled close to the Mischief Reef in the Spratly Islands, among a string of islets, reefs and shoals over which China has territorial disputes with its neighbors. China said its warships had warned the U.S.
Acquisitions to Yield Better Results for Hoegh LNG
Hoegh LNG Partners closed the acquisition of 51% interest in Höegh LNG Colombia Holding, the owner of the entities that own and operate the Höegh Grace on January 3, 2017. The results of the Höegh Grace contributed to the Partnership's earnings for the full first quarter of 2017, says the company. Having closed the acquisition of 51% of the Höegh Grace at the beginning of the quarter, the Partnership has expanded and diversified its fleet to five FSRUs and added Colombia to the growing list of markets utilizing floating storage and regasification units to participate in the global LNG trade.
Sembcorp, Coldharbour Sign BWTS Deal
Coldharbour Marine, developer of an in-tank, in-voyage and inert gas-based ballast water treatment system for large tankers, bulkers and LNG vessels, has signed an agreement with Sembcorp Marine that will see the latter offer the Coldharbour GLD BWT as part of the Sembcorp Marine Green Technology Retrofit (GTR) solutions for ship owners. The GTR solutions provide carefully evaluated ballast water treatment systems from a select group of equipment manufacturers with whom Sembcorp Marine is working closely.
Hapag-Lloyd, UASC Complete Merger
Hapag-Lloyd and United Arab Shipping Company (UASC) merged yesterday (May 25, 2017). The merger between the two liner shipping companies was completed in Hamburg. With 230 vessels and a shared fleet capacity of approximately 1.6 million TEU, Hapag-Lloyd is the fifth-largest liner shipping company in the world. Hapag-Lloyd will remain a publicly traded company registered in Germany with its headquarters in Hamburg. “This is an important strategic milestone and a big step forward for Hapag-Lloyd,” said Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd.
Piracy Comes Back in Somalia
Piracy in Somalia is making a comeback and the Gulf of Guinea remains the world’s most active hotspot for crew kidnappings, UK Chamber of Shipping said quoting latest data. The report said that during the first three months of 2017, armed pirates hijacked two vessels off the coast of Somalia, an area in which previously no merchant ship had been hijacked for five years. Four further incidents in the region were also attempted this past quarter, according to the latest report from the International Maritime Bureau’s Piracy Reporting Centre (IMB PRC).
India to Allocate 2.5 pct of Road Fund for National Waterways
The Indian government has approved a proposal to allocate 2.5 per cent of the Central Road Fund (CRF) for National Waterways (NWs) that would result in about Rs 2,000 crore (USD 309 mln) proceeds per annum for their development. A statement from the government said that Indian Cabinet chaired by the Prime Minister Narendra Modi has accorded its approval today to a proposal jointly mooted by the Ministry of Shipping and the Ministry of Road Transport & Highways (MoRTH) for amendment of Central Road Fund Act…
A Flexible Workforce is Crucial Offshore
WRS CEO Mark Brown investigates the importance of marine and ship management companies’ utilization of a more flexible workforce. As offshore-focused businesses weather the unprecedented industry downturn, many companies servicing the sector are looking for ways to more efficiently manage costs in order to survive. Since the oil price started to contract in June 2014, radical cost reductions across all upstream businesses began in earnest as capital expenditures were slashed by 40 percent in the period up to 2016 (PWC).
Norwegians to Finance Vessel Retrofits
Following the International Maritime Organization (IMO) ratifications of the ballast water and exhaust gas treaties, government-owned Export Credit Norway offers financing to international vessel owners who purchase retrofit equipment from Norwegian suppliers. The Norwegian export credit agency Export Credit Norway has assembled a specialized team and tailor-made financing solution to support vessel owners who need to retrofit equipment such as gas exhaust cleaning systems, ballast water treatment systems and new coating systems.
New Orleans Joins Cold Treatment Pilot Program
The Port of New Orleans announced a new opportunity for shippers looking to transport perishable cargo from South America. Port NOLA received approval by the U.S. Department of Agriculture for inclusion in the Southeast U.S. In-Transit Cold Treatment Pilot Program. Participation in the Animal and Plant Health Inspection Services (APHIS) pilot program means select time-sensitive products can be treated to meet customs compliance in-transit rather than after it arrives to the U.S. – resulting in shorter transit times and increased efficiency for shippers.
MAN Rollo Supplies Engines for Hybrid Patrol Boat
In April this year, MAN Rollo supplied two engines for the RPA8 hybrid patrol boat, which Kooiman Shipyard was commissioned to build by the Port of Rotterdam Authority. When putting out a tender for the patrol boat, the Port of Rotterdam Authority defined a number of principles, including the cost of ownership, emission reduction and minimising wave generation. The tender also specified that the innovative patrol boat would be equipped with a hybrid propulsion system combining diesel electric and diesel direct power…
Inmarsat, IMSO Partner in Vanuatu
Inmarsat (ISAT.L) has made available five Fleet One units to a pilot initiative that aims to bring change to the way ships connecting island communities in the Pacific archipelago of Vanuatu communicate. The International Maritime Organization (IMO) endorsed capacity-building pilot program is the result of cooperation between the International Mobile Satellite Organization (IMSO) and the Government of Vanuatu under the leadership of the Ambassador of Vanuatu to the IMO. Waterborne…
Nor-Lines, Rolls-Royce Sign Service Agreement
Nor Lines and Rolls-Royce have signed a “Power-by-the-Hour” service agreement for the two vessels Kvitbjørn and Kvitnos. The new service offering harnesses the power of “big data” to monitor, plan and perform maintenance and repairs on all the equipment it has installed on the cargo vessels. Power-by-the-Hour is a completely new service from Rolls-Royce Marine, and the agreement with Nor Lines is the first of its kind. The service builds Rolls-Royce’s many years of experience with equipment monitoring, proactive servicing and available solutions in the aerospace market.
Towing Vessel Runs Aground in Louisiana
An uninspected towing vessel taking on water has run aground in Louisiana’s Calcasieu Ship Channel, early Monday morning. At 3:45 a.m., the three-man crew aboard the 60-foot towing vessel Mr. Landon intentionally ran the vessel aground near Monkey Island to avoid sinking when they realized they were taking on water in the stern. No injuries were reported. Approximately 10 gallons of oil was spilled as a result of the incident. Clean up efforts were coordinated by U.S. Coast Guard (USCG) Marine Safety Unit (MSU) Lake Charles members…
Somali Pirates Hijack Iranian Fishing Vessel
Somali pirates hijacked an Iranian fishing vessel on Tuesday to use as a base to attack bigger, more valuable ships, the mayor of a Somali town said, part of an upsurge in attacks following years of relative calm. Crews have let security procedures slip in recent years and travel far closer to pirate-infested shores than authorities recommend, shipping sources say. The pirate gangs launch small, fast skiffs from bases on shore to try hijack vessels. "A group of Somali pirates captured an Iranian fishing vessel and are using it as a mother ship in order to hijack (other) ships," Ali Shire, the mayor of Haabo in the northern semi-autonomous region of Puntland, told Reuters. "The Iranian fishing vessel does not have a licence (to fish) in Puntland," he added.
Gnostech President Takes Controlling Ownership
Current president of Gnostech Inc., James Espino, has acquired the controlling ownership of the company from Braxton Science & Technology Group (BSTG) on May 19, 2017. As the president and controlling owner of Gnostech, Espino will lead the company into the future. “This is an exciting time for Gnostech. We can pursue new and emerging government contracting opportunities that leverage our diverse range of capabilities,” he said. Prior to joining the company, Espino served as an officer in the U.S. Coast Guard for over 20 years.
Weaker Vessel Rates Weigh on Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the seventh session on Tuesday, weighed down by falling rates for most vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell to its lowest since early March. The index was down 5 points, or 0.52 percent, at 949 points. The panamax index was down four points, or 0.47 percent, at 850 points. Average daily earnings for panamaxes…
Gulf Bidders Emerge for UASC-linked Shipping Unit
Gulf-based bidders have emerged for the part-owned subsidiary of United Arab Shipping Company (UASC) whose sale is key to finalising the merger between UASC and German container shipping line Hapag Lloyd , sources close to the matter said. Last week, sources told Reuters that Hapag Lloyd was close to completing the 7-8 billion-euro merger after UASC shareholders agreed terms to repay outstanding debt. A sale of United Arab Chemical Carriers (UACC) - in which UASC holds the biggest stake - is also part of the terms of the Hapag Lloyd merger deal.
OPEC Set to Prolong Oil Cuts
OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC's de facto leader, Saudi Arabia, favours extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel. On Monday, Saudi Energy Minister Khalid al-Falih won support from OPEC's second-biggest and fastest-growing producer…
GOGL Adds Dry Bulk Vessel
Norway-based dry bulk shipping company Golden Ocean Group Limited (GOGL) has taken delivery of a dry bulk which it bought in March 2017. On 14 March 2017, GOGL announced that it has entered into agreements to acquire 16 modern dry bulk vessels in an all-share transaction where the Company will issue in aggregate 17.8 million consideration shares. "The Company is pleased to announce that it has taken delivery of additional one vessel, Q Gayle (to be renamed Golden Gayle)," said a statement from the company. Golden Ocean has issued 1.8 million consideration shares to Quintana Shipping Ltd.
Panama Frees Vessel Held in Western Sahara Claim
Panama authorities have released a Moroccan phosphate shipment from the disputed Western Sahara territory after it was temporarily held by a legal challenge from the Polisario independence movement, officials said on Monday. The vessel was held on May 18 and is the second tanker carrying phosphate cargo from Moroccan exporter OCP stopped this month by a Polisario challenge. Polisario claims the cargo was transported illegally, a new tactic in its dispute with Morocco. Western Sahara has been disputed since 1975, when Morocco claimed it as part of the kingdom and the Polisario fought a guerrilla war for the Sahrawi people's independence. A 1991 ceasefire split the region in two between what Morocco calls its southern provinces and an area controlled by Polisario.
Future USS Omaha Passes Acceptance Trials
The future USS Omaha (LCS 12) has completed its final significant milestone before delivery to the U.S. Navy, having passed its acceptance trials May 12 after completing a series of graded in-port and underway demonstrations for the Navy's Board of Inspection and Survey (INSURV). During the trial, the Navy demonstrated the performance of the propulsion plant, ship handling and auxiliary systems via a series of comprehensive tests. While underway, Omaha performed launch and recovery operations of the 11-meter rigid-hull inflatable boat…
Subchapter M Survey Reports
The advent of the subchapter M towboat rules – even though the bulk of the rules don’t come into effect until July of 2018 – requires a close look at your equipment. How you go about that important task will make all the difference. Towing vessels should be surveyed for Subchapter M regulatory compliance, regardless of the compliance option chosen, so companies can budget and plan for upgrades between now and July of 2018. If a company is being proactive and strategic about Subchapter M, the time to start getting vessels surveyed for regulatory compliance is now.
Cyber Vigilance at Sea: The New Norm
The risk of cyber attacks on vessels at sea continues to be significant, and it’s not going away any time soon. Each year, it seems, there are more and more reports of hacks that have resulted in loss of critical data, financial loss or problems with IT systems or shipborne systems functionality. Shipowners have been reluctant to share information on actual or attempted breaches for fear of being identified. However, there’s no shortage of examples of cyber attacks on vessels.
Biofouling Keep Out!
Biofouling was a backburner issue until 5 March 2017. On that day the Government of New Zealand ordered the bulk carrier DL MARIGOLD out of NZ waters after the vessel’s hull was determined to be excessively fouled with potentially invasive organisms including barnacles and tube worms. The bulker was not allowed back until it showed that the underwater surfaces had been thoroughly cleaned. This was the first known instance of a vessel expulsion due to biofouling. It was also significant…
CrowdStrike: Countering Maritime’s ‘Invisible Pirates’
“Maritime has been described as ‘the next playground for hackers,’” said John Titmus, Director, EMEA - Cybersecurity Strategy Advisor at cyber security specialist CrowdStrike. “It’s an industry revolving around high value assets, moving valuable cargoes, that is transitioning to an increased reliance on digital systems. CrowdStrike, alongside the American Bureau of Shipping (ABS), will appear at Nor-Shipping in Oslo to highlight the scale of the risks facing an increasingly digitized shipping industry.
Sentinel Takes Delivery of New Rescue Vessel
Aberdeen-headquartered Sentinel Marine said it has taken delivery of a new emergency response and rescue vessel (ERRV) which will see 24 new jobs being created within its North Sea operation. Sentinel Marine, which owns and operates offshore support vessels for the oil and gas industry, has secured a contract for the Mariner Sentinel with a major producer for its North Sea oil field. Following construction in China, the vessel is en route to Aberdeen and is expected to commence operating in July 2017. Mariner Sentinel is the latest of six new build for Sentinel Marine since 2015.
Jinhui Shipping Sees Bumpy Road to Recovery
Oslo-listed dry bulker Jinhui Shipping sees a bumpy road ahead despite signs of a recovery in the dry bulk market. The road to recovery will be challenging and the market will remain volatile, vice president Raymond Ching told the Q1 conference call on Monday. "To be honest it's very hard to pin down what will happen, this industry has been characterized by high volatility," Ching said. Q1 net loss $8 mln includes a non-cash impairment on disposed vessels of $6 million vs net loss of $18 mln in Q1 2016. Q1 average daily timecharter $5,925 per vessel vs $2,934 in Q1 2016. Jinhui Shipping owns two modern post-panamaxes of size of 93,000 dwt…
Malaysian Navy Boat, Nine Crew Missing
Nine crew members of a Malaysian navy boat are missing after they lost contact with their parent ship while chasing away intruding fishermen, the navy said on Monday. The nine were part of a boarding team from the warship KD Perdana, on patrol off the south coast, the Royal Malaysian Navy said in a statement. The team was chasing several foreign fishing boats out of Malaysian waters when contact was lost on Saturday evening. A search-and-rescue operation was launched about an hour later, after the KD Perdana failed to find the boat, the navy said. Eleven ships and two aircraft had been deployed for the search, it said. Southern Malaysian waterways, which border Indonesia and Singapore, include busy international shipping lanes and rich fishing grounds.
Solstad CSV Serviced ahead of Australian Deployment
Gibraltar shipyard Gibdock said a surge in offshore vessel repair and maintenance work has included a special project for Norwegian offshore vessel owner and operator Solstad, to ensure that Normand Reach meets the hull cleanliness standards set by Australia’s National Biofouling Management Guidelines for commercial vessels. The 120.85-meter-long Solstad CSV entered the yard for a special wash and brush up on its way to Western Australia, where it has been reported as due to enter charter in the coming weeks to work in the Ichthys gas field development project.
Weaker Panamax Rates Weigh on Baltic Index
The Baltic Exchange's main sea freight index fell slightly on Monday, as sliding panamax rates offset gains in capesize earnings. The Baltic index, which tracks rates for ships carrying dry bulk commodities, was down for the sixth straight session. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 2 points, or 0.21 percent, at 954 points - its lowest since early March. The panamax index slipped for the eight straight session, down 16 points, or 1.84 percent, to 854 points.
Pacific Radiance, Allianz JV in Middle East
Crest Offshore Marine (COM), the wholly owned subsidiary of Pacific Radiance, has entered into a Joint Venture (JV) Agreement with Allianz Offshore Middle East (AOME). According to JV agreement, both companies are jointly incorporating a company in Singapore known as Allianz Radiance (ARPL). ARPL has been incorporated on the same date. AOME is a company incorporated in Saint Vincent and The Grenadines. Under the terms of the JV Agreement, COM and AOME respectively will hold 51% and 49% equity interest in ARPL, making ARPL as indirect subsidiary of the Company.
COSCO Singapore Wins FSRU Deal
Cosco (Qidong) Shipyard Co, a subsidiary of Cosco Corp's 51 per cent subsidiary Cosco Shipyard Group Co, has entered into an agreement with a European buyer for the construction of the floating storage regasification unit (FSRU) module. Cosco Corp did not identify the European buyer. COSCO Qidong and the European buyer have agreed to keep the contract prices confidential. Delivery of the module is scheduled for the first quarter of 2018. A press statement from the company said that brring any unforeseen circumstances…
Marco Polo Seeks Protection from Creditors
The Board of Directors of Marco Polo Marine informed that PT Marcopolo Shipyard (PTMS), has filed an application to place itself under a Penundaan Kewajiban Pembayaran Utang (PKPU) suspension of debt payment plan in accordance with Law on Bankruptcy and Suspension of Debt Payment. On 18 May 2017 and pursuant to the PKPU application filed by PTMS, it was ordered, amongst others, that a temporary restraint of legal proceedings against PTMS be put in place for 45 days commencing from 18 May 2017.
Gulf Navigation Sails to Profit
Dubai-based shipping company Gulf Navigation Holding has reported a 39% growth in net profit at the end of the first quarter of 2017 compared to the same period in 2016. The result came at a stage while the company is witnessing a significant improvement in its performance, successful settlement of legal cases and entering into various global partnerships to strengthen its competitive position in the marine sector. According to GULFNAV’s financial report, its net profit reached…
Ships Combine for Moreton Anniversary
In the middle an intense training and systems check period, HMAS Darwin slipped into the Brisbane River and berthed across from Navy’s home in southern Queensland, HMAS Moreton. The frigate’s arrival in Brisbane coincided with the first anniversary since the local base was re-commissioned. On arrival, Commanding Officer Darwin Commander Phillip Henry was met by the Commanding Officer Moreton, Commander Mark McConnell, who welcomed the ship to the city. After taking care of all the necessary ship-keeping duties…
McDermott, Saudi Aramco Sign MoU
McDermott International has signed another memorandum of understanding (MOU) with Saudi Aramco to expand and develop the company’s physical and human capital within Saudi Arabia as part of Aramco’s In-Kingdom Total Value Add (IKTVA) initiative. The MOU was signed as part of the first ever Saudi-U.S. CEO Forum. McDermott was the only engineering, construction, procurement, and installation (EPCI) services contractor attending the summit along with other major U.S. business leaders. The forum was organized to coincide with U.S. President Donald Trump’s visit to Saudi Arabia.
Navy Christens USNS City of Bismarck
Austal celebrated the christening of Expeditionary Fast Transport ship USNS City of Bismarck (EPF 9) with a ceremony at its state-of-the-art shipyard on May 13. City of Bismarck is the ninth of 12 Expeditionary Fast Transport vessels (EPF) that Austal has under contract with the U.S. Navy as part of a contract worth over $1.9 billion. The ship’s sponsor, Congresswoman Jane Harman, headlined the group of officials, naval guests, civic leaders, community members and Austal employees who attended the ceremony beneath the hull of the ship in Austal’s final assembly bay.
S & P Credit Rating for Shipowners’ Club
Following a request by The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg), as from 19 May 2017 AM Best will no longer provide a rating of the Club. This decision was taken by the Club in December 2016 following a review of the costs and benefits of maintaining two interactive ratings, coupled with a review of market practice and appetite for rating information. The Shipowners Board concluded that Members’ interests would be best served by having only one rating in future.
US Navy Presence Highlighted in IMDEX17
The littoral combat ship USS Coronado (LCS 4) and Arleigh Burke-class guided-missile destroyer USS Sterett (DDG 104) represented the U.S. in the International Maritime Defense Exposition 2017 (IMDEX-17) in Singapore May 16-18. According to a press release from the Navy, the ships and crew were joined by Chief of Naval Operations Adm. John Richardson, who was hosted by Republic of Singapore Navy (RSN) Chief Adm. Lai Chung Han for the RSN 50th anniversary celebration and International Maritime Review along with engagement associated with IMDEX.
UK Chamber of Shipping Lobbies for SMarT Plus
The UK Chamber of Shipping has contacted over 800 parliamentary candidates from around the country, asking them to back its campaign for enhanced support for maritime training. The proposal, called SMarT Plus, would see a doubling in government support to GBP 30 million a year. In return, many leading shipowners will increase the number of seafarers they train and guarantee them their first job. The benefits of this would be significant: British seafarers are among the most productive workers in the UK economy, contributing GBP 17,500 per year more to UK GDP than the average worker.
Fincantieri Buys Majority Stake in STX France
Italian shipbuilding company Fincantieri S.p.A. said it has signed a share purchase agreement for the acquisition of 66.66 percent of the share capital of STX France shipyard from its current shareholder STX Europe AS. The agreement entails a purchase price of €79.5 million ($89 million). Fincantieri continues to negotiate with the French State for the finalization of the shareholders’ agreement for STX France in accordance with the Heads of Terms signed on April 12. Based in Saint-Nazaire…
POSCO Seeks June LNG Cargo via Tender
South Korea's POSCO is seeking a liquefied natural gas (LNG) cargo for delivery on June 26 to 30 via tender, trade sources with knowledge of the tender said on Friday. The tender will close on May 22, the sources added. (Reporting by Mark Tay; Editing by Christian Schmollinger)
CMA CGM Posts Higher Q1 Profits
Container shipping line CMA CGM posted higher first-quarter profits, helped by a turnaround at recently acquired NOL, and gave an upbeat assessment for the current quarter in another sign that the shipping industry is emerging from a slump. The French-based group reported on Friday a first-quarter net profit, including Singapore-based NOL which it consolidated in June last year, of $86 million compared with a $100 million loss in the same period of 2016. This was also above the…
RV Sally Ride Enters Dry Dock for Maintenance
The Sally Ride, a Neil Armstrong Class Auxiliary General Oceanographic Research (AGOR) vessel, dry docked at Bay Ship and Yacht on April 15, 2017, to carry out modifications to superstructure and to perform general vessel maintenance. Named for the late astronaut Sally Ride, the ship is 238 feet long and incorporates the latest technologies, including high-efficiency diesel engines, emissions controls for stack gases, and new information technology tools both for monitoring shipboard systems and for communicating with the world.
Baltic Index Inches Down
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, edged lower on Friday on weaker rates for smaller vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down one point at 956 points. The capesize index rose 30 points, or 1.8 percent, to 1,668 points. Daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $221 at $12,239. Capesize rates were supported by hopes that steel demand in top consumer China would remain strong.
VLCC Rates to Fall Further in Well-supplied Market
Freight rates for very large crude carriers (VLCCs) are set to slide further next week, falling below tanker break even costs on routes from the Middle East, as too many ships chase too few cargoes, brokers said on Friday. "In today's market Middle East charter rates are around $15,000 a day. Charter rates are still falling, still sliding. I'm not sure where the bottom is," a European supertanker broker said on Friday. Break even costs for a VLCC are around $22,000 a day, according to leading tanker owner Frontline.
Dynagas Closes USD 480mln Term Loan B
Dynagas LNG Partners, an international owner and operator of liquefied natural gas (LNG) carriers, announced the closing of a USD 480 million Senior Secured Term Loan B facility (the "Term Loan B") by its wholly-owned subsidiary, Arctic LNG Carriers Ltd. The Term Loan B is secured by, among other collateral, first priority mortgages on the vessels owned by borrower subsidiary guarantors, and is guaranteed by the Partnership and certain of its subsidiaries. The Term Loan B has a six year term and was priced at LIBOR plus 450 basis points.
India, Singapore Navy Drill SIMBEX-17 Commences
As part of "SIMBEX-17’, the ongoing Bilateral Naval Exercise between Navies of the Republic of Singapore and India, lndian Naval Ships Shivalik, Sahyadri, Jyoti and Kamorta and one P8-I Maritime Patrol and Anti-Submarine Warfare Aircraft are participating. While INS Sahyadri and INS Kamorta are at Singapore since 12 May 2017, INS Shivalik and INS Jyoti would be joining directly for the sea phase of the exercise. The ships are under the command of Rear Admiral Biswajit Dasgupta, YSM, VSM, Flag Officer Commanding Eastern Fleet.
Managing Oil Spills
International experts have been sharing experiences, new technologies and scientific advancements relating to oil spill response at the International Oil Spill Conference (IOSC) in Long Beach, United States (15-18 May). The theme of the conference is “prevent, prepare, respond and restore”, which fully aligns with International Maritime Organization (IMO)'s regulatory work to prevent oil spills from occurring and also its work to support countries to be prepared to respond to such incidents.
AWO Welcomes CVIDA Inclusion in Coast Guard Authorization Bill
The American Waterways Operators (AWO) said it welcomes the inclusion of the Commercial Vessel Incidental Discharge Act (CVIDA) and the recapitalization of the aging fleet of inland waterway tenders as part of the FY 2018 Coast Guard Reauthorization Act, which was approved today by the Senate Committee on Commerce, Science and Transportation by voice vote. CVIDA is bipartisan legislation that streamlines what is currently a broken regulatory system in which commercial vessels moving vital maritime commerce on U.S.
Swiss Fleet Dwindles as State Guarantees End
A dozen ships from the Swiss high seas fleet are being sold off as the global shipping crisis takes its toll on the quirky remnant of landlocked Switzerland's efforts to ensure supplies of essential goods at times of international unrest. Worried about the security of food and energy supplies during wartime, Switzerland launched its high seas fleet in 1941, putting Swiss flags on tankers and freighters it could call on at times of need. But as times changed and supply routes became more stable, Switzerland has limited its support since 1959 to debt guarantees for shipping lines able to reduce borrowing costs in return for pledges to make ships available if Bern needed them.
The New Offshore Reality
Swedbank’s chief economist, Harald Andreassen, isn’t “too hopeful” about the long-term prospects for the oil price, but then again, “I’m less certain of this than I’ve ever been as an economist,” he told a floating production conference in Oslo. After two-and-half years of oil-price collapse followed by layoffs in the thousands; stacked oil rigs and order freezes for offshore shipping, price insecurity itself is a partial expression of confidence. Beneath some palpable yet halting movements toward recovery in 2017…
Hapag-UASC Tie-up Nears Completion
German shipping line Hapag Lloyd is close to completing a merger with United Arab Shipping Company (UASC) after UASC's shareholders agreed terms to repay outstanding debts, sources familiar with the talks told Reuters. The deal to create the world's fifth-biggest shipping company, valued at about 7 billion to 8 billion euros ($7.8-$8.9 billion), had been scheduled to complete at the end of last year. It would give Hapag Lloyd access to bigger ships on the major Asia to Europe trade route.
OP/Ed: CVIDA Good for Environment & Economy
I think it safe to say everyone agrees the discharge of ballast water has introduced non-native species to ports and harbors worldwide and more must be done to stop future invasions. Unfortunately, beyond that, there’s less agreement, much less. As a result, here in the United States we have two federal agencies, the U.S. Coast Guard (USCG) and the U.S. Environmental Protection Agency (EPA), plus, at last count, 25 states regulating discharges incidental to the normal operation of vessels, 16 of which are specific to ballast water.
ABB Launches Emissions Monitoring Module
A new development from ABB will enable customers to monitor emissions according to the EU’s Monitoring Reporting and Verification (MRV) regulation requirements, which come into effect January 1, 2018. ABB’s MRV module has been certified by the independent certifier Verifavia, as a tool to monitor all parameters to comply with the EU’s MRV regulation requirements. The system follows requirements set out in Regulation (EU) N° 2015/757, the associated Delegated and Implementing Acts and the ISO IEC 25051 standard on software.
Baltic Index Slides for 4th Straight Day
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the fourth straight session on Thursday, pressured by lower panamax vessel rates. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 3 points, or 0.3 percent, at 957 points. The panamax index dropped 31 points, or 3.4 percent, to 894 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $253 to $7,192.
Keppel on Track to Deliver Rig for Caspian Drilling
Keppel Offshore & Marine Ltd (Keppel O&M) through its subsidiary in Azerbaijan, Caspian Shipyard Company (CSC), is on track to deliver a semisubmersible drilling rig to Caspian Drilling Company Ltd, a subsidiary of the State Oil Company of Azerbaijan Republic (SOCAR). The rig was named Heydar Aliyev at a ceremony in Azerbaijan today by the President of Azerbaijan, Ilham Aliyev. Built to Keppel FELS' proprietary DSSTM 38M design, the rig has been customized for the Caspian Sea's harsh environment condition. It is the first modern semisubmersible to be almost completely built in Azerbaijan.
Russia Wants to Sell Sovcomflot to Small-stake Investors
Russia plans to sell part of state shipping firm Sovcomflot next month, hoping to draw in a wide range of small-stake investors rather than a strategic buyer who could threaten Moscow's control of the group, banking and industry sources say. The current era of low tanker market prices is far from the ideal time for Sovcomflot to raise revenue with a share offer, as freight rates were at their highs in 2015. Sovcomflot operates the world's second largest fleet of oil tankers. But…
Germany Halts Planned Warship Purchase
Germany's federal cartel office upheld on Thursday a complaint brought by German Naval Yards against an order from the defence ministry for five new military corvettes valued at over 1.5 billion euros, after the ministry skipped an open procurement. The ministry had argued that the quickest way to meet the navy's urgent military needs in the Baltic and Mediterranean seas would be to buy more of the ships already produced by a consortium including Luerssen Werft and ThyseenKrupp. However, the cartel office agreed with German Naval Yards that the need for competition took priority, confirming reports on Wednesday by two German newspapers. An appeal may be lodged within two weeks. (Reporting by Anneli Palmen; Writing by Madeline Chambers, Editing by Thomas Escritt)
Australia Announces Naval Shipbuilding Plan
The Australian government announced a $89 billion (US$66.2 billion) naval shipbuilding plan, based mostly in Adelaide. The program will produce 12 submarines, nine frigates and 12 offshore patrol vessels for the Australian navy as well as 19 Pacific patrol boats to be given to neighboring countries. AFP quoted Prime Minister Malcolm Turnbull saying that the largest peacetime naval investment package - first flagged in 2015 to replace its ageing fleets - would boost local industry, with up to 5,000 jobs created in shipbuilding directly and double that in the supply chain.
EU Softens Rules on Ports Investments
European Commission has exempted public support measures in a number of areas from prior Commission state aid control, said a press statement. This facilitates public investments in key infrastructure, namely ports and existing airports, but also public support for culture, multi-purpose sport arenas and the EU's outermost regions. EU State aid rules ensure that companies can compete on equal terms in the EU Single Market to the benefit of European consumers. The EU Treaty gives the Commission the task of enforcing those rules.
Indian Navy Ship Foils Piracy Bid in Gulf of Aden
The Indian Navy ship INS Sharda on Tuesday thwarted a piracy attempt on a Liberian vessel in the Gulf of Aden, in a well-calculated operation involving marine commandos (Marcos). INS Sharda is presently on a deployment to the Gulf of Aden for anti-piracy patrol. On 16 May 2017, at about 1645 hrs, the ship received a distress call from MV Lord Mountbatten, a Liberian registered ship, in position 230 nautical miles South-West of Salalah. The merchant vessel had reported an incident of attempted piracy by two suspicious mother vessels alongwith seven to eight skiffs.
Pak Shipbreaking Yards in Dire State
The conditions at the shipbreaking yards in Pakistan are extremely dire, says the annual report by NGO Shipbreaking Platform. As in India and Bangladesh, the yards in Gadani operate directly on the beach without any impermeable and drained working areas protecti ng the sea and sand from pollution. As there is no infrastructure to deal with hazardous wastes in Gadani, dangerous and polluti ng substances such as asbestos, PCBs and residue oils are simply dumped behind the shipbreaking area.
Oldendorff Taps Verifavia for EU MRV Compliance
Dry bulk vessel owner and operator Oldendorff Carriers said it has appointed emissions verification company Verifavia to verify its fleet of vessels in line with the European Union’s new environmental Monitoring, Reporting and Verification (EU MRV) regulation. Verifavia will ensure that all Oldendorff vessels are in compliance with the new requirements mandated by the EU MRV regulation coming into force in August 2017. As a first step towardscutting greenhouse gas emissions from maritime transport…
Nigeria Invests in Boats to Fight Piracy
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has assured Nigerians and the international maritime community that the Federal Government is actively working to keep the menace of piracy and other illicit crimes in check on the nation’s territorial waterways. In this case the word are backed by action and investment, as the Nigerian government has approved the procurement of three helicopters and 12 fast intervention…
Lloyd's Register: Maritime Grows in the Americas
As the global maritime market remains mired in a slump, Lloyd’s Register continues to expand rapidly in the Americas market where it sees green fields of opportunity. Mark Darley, President—Americas Marine for LR, recently sat with Maritime Reporter & Engineering News to explain the strategy to conduct business over a broader range of segments and services and grow LR’s presence in the Americas. Mark Darley, President—Americas Marine for Lloyd’s Register is an industry veteran with nearly two decades of maritime experience under his belt…
Wärtsilä Scrubbers for Korean Ferry Newbuild
Wärtsilä said it has been contracted to supply its exhaust gas cleaning system for a new Korean ferry being built for Weidong Ferry at the Hyundai Mipo Dockyard. The system will consist of two 13 MW Open Loop V-SOx Scrubbers specifically optimized for the new vessel, a 31,000 gross tonnage RoPax ferry to be operated by Weidong Ferry between Korea and China. The contract with Wärtsilä, which was booked in January 2017, will see the first Wärtsilä scrubber system installed where the shipyard, the owners and the vessel's operational area are all in Korea.
Navigating the ABCs of SCR
On the way to Tier IV compliance, it turns out that experience counts. In late February, the nation’s first Tier IV, Selective Catalytic Reduction (SCR) tugboat was christened. That’s probably not earthshaking news all by itself – after all, SCR isn’t all that new – but the event likely ushers in a new era of powerful domestic workboats that also come with a greener environmental footprint. How all of that comes together is a bigger story, and one which will play out again and again in the coming year or two.
China's Shandong Tanks Are Full, Tankers Await Discharge
Most crude tankers float for less than a week; half of fuel oil tankers are carrying bitumen mixture. More than 20 tankers carrying crude and fuel oil are anchored off the ports of China's eastern Shandong province, as onshore storage tanks are full, according to trade sources and shipping data on Thomson Reuters Eikon. Frenzied buying by independent refiners, most of whom are located in Shandong, and trading companies seeking to re-sell crude to these refineries have filled up tanks, they said. "Oil inventories at storage tanks are very high," a China-based trader said.
Oregon County Won't Block LNG Terminal
A coastal Oregon county overwhelmingly rejected a ballot measure aimed at blocking a proposed natural gas terminal dealing a blow to what was the latest in a series of efforts to thwart energy projects across the Pacific Northwest. The measure, had it passed, would have banned transport of fossil fuels not intended for local use through Coos County, located about 200 miles (322 kms) south of Portland. Around 76 percent of votes were cast against the measure, with 24 percent in favor, according to unofficial results posted on the Coos County government website late Tuesday.
862 Vessels Scrapped in 2016 -Report
Each year the NGO Shipbreaking Platform collects data and publishes an annual list of ships dismantled world-wide. Of the 862 vessels dismantled in 2016, 668 were sold for breaking on the beaches of South Asia. Most vessels scrapped in 2016 were bulk carriers, followed by general cargo and container ships, oil and gas tankers, roll-on roll-offs, passenger vessels and oil platforms. Bangladesh remained the preferred scrapping destination worldwide in terms of tonnage dismantled.
Greece Tops World's Worst Shipping Nation
NGO Shipbreaking Platform Annual Report 2016 listed Greece as number one in World's Worst Shipping Nation followed by China. It may be surprising for a country whose industry is proud of green technology and engineering solutions, but in 2016 Germany was responsible for the worst shipbreaking practices amongst all shipping nations when one compares the size of its fleet to the number of ships broken irresponsibly. German owners, banks and ship funds had a staggering 97 ships rammed up on the beaches of South Asia out of a total of 99 vessels sold for demolition.
Asia's Low-Carbon Shipping Mission
A new regional centre, which will provide leadership in promoting ship energy-efficiency technologies and operations, and the reduction of harmful emissions from ships, has been launched at Shanghai Maritime University, China (15 May). The centre will cater to the needs of the Asia region under the Global Maritime Technology Cooperation Centre (MTCC) Network (GMN) – a project funded by the European Union (EU) and run by International Maritime Organization (IMO). The GMN initiative…
Small Vessels Boost LPG Freight Rate: Drewry
Vessel oversupply will persist in the LPG shipping market for the next two years, keeping freight rates under pressure across most size segments. However, the small vessel segment is the only category where fleet growth will be minimal, leading to a recovery in rates, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry. Most vessel size segments are expected to witness another year of rapid supply growth in 2017, with the overall fleet forecast to expand by 16%. This will keep freight rates under pressure over the next two years.
Matson Completes Upgrade of Alaska Fleet
Matson has welcomed Matson Anchorage back to Alaska following three months of work to upgrade the vessel, including the installation of new equipment that virtually eliminates particulate matter and sulfur from engine exhaust, making it one of the cleanest ships operating in Alaska. Matson Anchorage was the last of Matson's three D7 Class containerships serving Alaska to receive the new equipment. Sister ships Matson Kodiak and Matson Tacoma underwent the same upgrade work and were returned to service last year.
Marshall Islands Extends Electronic Logbook Approval
The Maritime Administrator of the Marshall Islands has extended its approval of the K-Fleet Logbook system, enabling more than 4,000 flag state registered vessels to introduce digital reporting for oil record and garbage record logbooks. The approval states that K-Fleet Logbook may now be used to fulfill the requirements of the Marshall Islands Maritime Regulations (Marine Notice No. 7-041-5) to maintain a deck and navigation log, an engine room log, an oil record book, cargo record book, a garbage record book and a radio log.
Oregon County Mulls LNG Terminal Ban
A coastal Oregon county will vote Tuesday on a ballot measure to block a proposed natural gas terminal, the latest in a series of efforts to thwart energy projects across the Pacific Northwest. The measure would ban transport of fossil fuels not intended for local use through Coos County, located about 200 miles (322 kms) south of Portland. Backers have called the initiative a response to a $7.6 billion proposal by Calgary-based Veresen Inc, to build a facility in the county where natural gas would be liquefied and transferred to tanker ships for sale abroad.
Indian Naval Ships Deployed to Malaysia
Indian Naval Ships Shivalik and Jyoti are on an overseas deployment to the South East Asia and Southern Indian Ocean, in pursuance of India’s ‘Act East Policy’. The ships would be on a port visit to Kuantan from 14 May to 19 May , 2017. The visit of the Indian Naval Ships seeks to underscore India’s peaceful presence and solidarity with friendly and harmonious countries towards ensuring good order in the maritime domain and to strengthen existing bonds between India and Malaysia. The two countries share a rich history and a strategic relationship.
MOL, Satake Introduce BMW Solutions
Mitsui O.S.K. Lines (MOL) announced that its group company MOL Techno-Trade will exhibit BARI-SHIP 2017 which is held at Imabari, Ehime from May 25th - 27th, 2017 with Satake Corporation. Satake Corporation designed and developed "Viable Organism Analyzer (VOA1000)" which can detect number of viable organisms in the ballast water, based on ballast water discharge standard (D-2) of the Ballast Water Management Convention which will enter into force in Sep 8th, 2017. Satake's test…
DNV GL at Nor-Shipping: Digitalization & Environmental Compliance
DNV GL will be presenting modern classification solutions, focusing on digitalization and environmental compliance at this year’s Nor-Shipping trade fair in Oslo, May 30 to June 2. The classification society will kick off the week with the DNV GL Conference, which takes place Monday, May 29, a day before the trade fair officially opens, from 11:00–15:30 in the Felix Conference Centre in Oslo, Aker Brygge. With a focus on emissions regulations, DNV GL experts and industry stakeholders…
GOGL Takes Two More Vessels from Quintana
Golden Ocean Group (GOGL) said it has taken delivery of additional two vessels, Q Myrtalia and Q Shea, from Quintana Shipping in exchange for 1.95 million consideration shares. The Company is pleased to announce that it has taken delivery of the first two vessels, Q Sue and Q Kaki (to be renamed Golden Sue and Golden Kaki). Golden Ocean has issued 1.6 million consideration shares to Quintana Shipping Ltd. and associated companies in exchange for the two vessels. Following this transaction…
Johnson Joins Foss in HSQE Role
Grant Johnson has joined Foss Maritime as Vice President of Health, Safety, Quality and Environment (HSQE), responsible for overseeing, growing and strengthening HSQE performance. Johnson arrives at Foss from TechnipFMC, an international energy services provider, where he served in various capacities including Director of Worldwide Fleet Management, Asset Technical Director, and most recently as manager of TechnipFMC's contract with Marine Well Containment Company. Before joining TechnipFMC, Johnson held various positions with BP's Alaskan, Shipping and U.S.
Campbell Acquires Barges, Towboats from ACBL
Campbell Transportation Company, Inc. said it has signed an agreement with American Commercial Barge Line LLC (ACBL) to acquire certain affreightment contracts along with 155 barges and four towboats that will operate on the Ohio River system. Campbell said it expects to close the transaction by the end of the second quarter, subject to customary closing conditions. Once the acquisition has been completed, Campbell will own and/or manage more than 1,100 barges and 50 towboats on the inland waterways, along with four shipyard facilities and a marine construction company.
Op/Ed: USCG Forges the Future of Navigation
Maintaining the system of buoys and beacons that guide mariners through our nation’s waterways is the United States Coast Guard’s oldest mission. Tracing its roots to the ninth law passed by Congress in 1790 that moved lighthouses under Federal control, the U.S. Lighthouse Service and its vast portfolio of buoys, beacons, buoy tenders and lightships were a founding part of the U.S. Coast Guard in 1939. Along with the mission, many of the beacons the Coast Guard maintains today date back centuries.
Spanish Police Bust Fishing Vessel Hauling Cocaine
Spanish police seized more than two tons of cocaine from a ship with a Venezuelan flag in the Atlantic Ocean and arrested the seven crew members, Spain's interior ministry said on Monday. The operation, carried out alongside the U.S. Drug Enforcement Administration, the UK's National Crime Agency and Portuguese police, took place earlier this month, on May 4. The seven people on board were Venezuelan nationals, the ministry said, adding that a gun had also been seized alongside 2400 kg of cocaine. The vessel, a small, rusted fishing boat according to images distributed by police, has since been towed to Spain's Canary Islands. Separately…
Hanssons Up Stake in NAO – Again
Nordic American Offshore Ltd. executive chairman, Herbjorn Hansson and his son, Alexander, have accumulated 1,681,007 shares in the New York listed NAO at an average price of $1.12 per share. Following the the last purchase of 181,007 NAO shares on Friday, May 12, the Hansson family together with its previous holding now hold shares equivalent to 6.5 percent of NAO.
Baltic Index Falls on Lower Iron Ore Demand
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell 2 percent on Monday as lower demand for iron ore fixtures hit capesize rates. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 20 points, or 2 percent, to 994 points. The capesize index was down 64 points, or 3.7 percent, at 1,661 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, was up $559 at $12,385.
Saudi Arabia Ratifies BWM Treaty
Saudi Arabia has become the latest State to become a Party to the International Maritime Organization (IMO) Ballast Water Management (BWM) Convention. The treaty will enter into force on September 8, 2017 and aims to counter the threat to marine ecosystems by potentially invasive species transported in ships' ballast water. Saudi Arabia deposited its instrument of accession with IMO on April 27, 2017, bringing the number of contracting Parties to the BWM Convention to 55, or 53.67 percent of world merchant shipping tonnage.
Peace Boat to Showcase Ecoship at Nor-Shipping
Peace Boat will showcase its plans for Ecoship, a unique concept cruise vessel, at Nor-Shipping 2017. The Japanese-based organization, which works to promote peace, human rights, sustainable development and respect for the environment, will take one of the largest spaces in the event’s exhibition Hall A, dedicated to the new industry concept of Disruptive Sustainability. Peace Boat is an international nongovernmental and nonprofit body. It has operated for the last 34 years, chartering cruise vessels to voyage worldwide conducting educational programs…
Shepherd Joins Bibby Offshore's Renewables Team
Bibby Offshore, a subsea services provider to the oil and gas industry, has appointed Dorothy Shepherd as general manager, renewables. Shepherd joins Bibby Offshore with more than 15 years’ experience in the energy industry. Having spent a significant time at The Crown Estate - a key player in supporting the delivery of energy supply for the U.K. - Shepherd brings with her a wealth of offshore renewables knowledge, including the delivery of new developments and supporting infrastructure. In her new role, Shepherd will be instrumental in the delivery of new business in the renewables sector.
China, Vietnam Dampen S.China Sea Tensions
China and Vietnam will manage and properly control their maritime disputes, avoiding actions to complicate or widen them, so as to maintain peace in the South China Sea, the two nations said in a joint communique China released on Monday. Vietnam is the Southeast Asian country most openly at odds with China over the waterway since the Philippines pulled back from confrontation under President Rodrigo Duterte. After what China said were "positive" talks on the South China Sea last week between President Xi Jinping and Vietnamese President Tran Dai Quang, the joint statement stressed the need to control differences. Both countries agreed to "manage and properly control maritime disputes…
ICS Seeks Stricter CO2 Reduction Objectives
At its AGM in Istanbul, the International Chamber of Shipping (ICS) agreed to urge the International Maritime Organization (IMO) to adopt some dramatic CO2 reduction objectives – on behalf of the international shipping sector as a whole – in order to match the ambition of the Paris Agreement on climate change. ICS wants IMO to remain in control of additional measures to address CO2 reduction by ships and to develop a global solution, rather than risk the danger of market-distorting measures at national or regional level.
DSME Gets Fresh $6B Bail Out
Korea's battered Daewoo Shipbuilding & Marine Engineering (DSME) is all set to receive a new bailout package worth $6 billion, after court rejected appeal from a group of individual investors. According to Pulse news, government-led bailout package that required all creditors and bondholders to agree to push back the maturity, lower borrowing rates, and convert debt into equity according to their share had been put on hold as some of the individual investors appealed to a Busan court.
Container Shipping Demand Remains Good: Hapag-Lloyd
In the medium term, demand for container shipping services should continue to rise in tandem with expected ongoing growth in global trading volume, says Hapag-Lloyd. As a result, the container shipping industry’s medium-term growth prospects remain intact, says the company in its investor outlook for 2017. In its latest economic outlook (April 2017), the International Monetary Fund (IMF) expects global economic growth to reach 3.5% in the current year. This forecast means that the global economy is set to grow at a slightly faster rate in 2017 than in the previous year (+3.1%).
Hapag-Lloyd to Omit UASC in 2017 Financials
The outlook for the 2017 financial year is based on the Hapag-Lloyd Group’s existing business activities as at 31 December 2016 and therefore does not include UASC’s business activities or the acquisition of UASC in 2016. A statement from the company said that the present outlook for the business 2017 will be omitted following the merger of Hapag-Lloyd and UASC which is expected to be completed at the end of May 2017. With the publication of the next financial report,Hapag-Lloyd…
USS Abraham Lincoln Achieves Redelivery
The USS Abraham Lincoln (CVN 72) was redelivered to the fleet May 12, marking the successful completion of its refueling and complex overhaul (RCOH) carried out at Newport News Shipyard. At sea for the first time since March 2014, the crew conducted rigorous tests of engineering components, the modernized combat systems suite and flight deck equipment that supports Lincoln's mission at sea. Damage control capabilities and basic deck seamanship were also checked to ensure both the ship and the crew's operational readiness.
TEN's 15-Vessel Newbuilding Program Nearing Completion
Greece-based Tsakos Energy Navigation (TEN) said that its 15-vessel newbuilding program is nearing completion with the final three aframax tankers expected to be delivered in the coming months. In the second half of the year, with all vessels delivered and 77% of the fleet on full utilization contracts, TEN's industrial shipping strategy will be at full throttle. In line with the programmed deliveries, in January 2017 the VLCC Hercules I was delivered from Hyundai Heavy Industries in South Korea and was subsequently chartered for a period of up to 18 months.
Strong Results for Skuld on 120th Anniversary
Skuld has announces a total combined ratio of 98%, as well as a positive bottom line result of USD 51 million (USD 18 million in 2015 before members' credit) for its 2016 financial year ending 20 February 2017. Gross earned premium in 2016 amounted to USD 403 million. For the 14th consecutive year Skuld has reported a positive underwriting result. Added to that was a strong 3.4% return on investments, particularly on the equity portfolio towards the end of the policy year. Ståle Hansen…
US, Singapore, Thai Navies Complete CARAT
Ships from the Republic of Singapore navy, Royal Thai navy and U.S. Navy completed a three-day multilateral Cooperation Afloat Readiness and Training (CARAT) exercise in the South China Sea May 12. The three-day exercise included a broad spectrum of naval competencies and maritime security training aimed at enhancing cooperation and interoperability amongst the three navies. The navies are long-time maritime partners under the CARAT series, which began in 1995 with Thailand and Singapore as original participants in the exercise series.
Canada to Ban Tankers off North British Columbia
Canada's Liberal government has introduced legislation for a moratorium on oil tanker traffic along the northern coast of the British Columbia province, the country's transport department said on Friday, delivering on an election promise. Canadian Prime Minister Justin Trudeau ordered the ban soon after the election in 2015, in which he took power on a pledge to balance resource development with protecting the environment. Friday's bill will likely pass because Trudeau's Liberals hold a majority in Parliament.
IMCA Supports CBP's Jones Act Decision
The International Marine Contractors Association (IMCA) welcomed withdrawal of the Customs and Border Protection (CBP) notice to revoke and modify rulings relating to offshore vessels under the Jones Act. Allen Leatt, Chief Executive of IMCA, explained, “Members of the International Marine Contractors Association with vessels active in U.S. waters, together with their clients, welcome the decision by the U.S. Customs and Border Protection (CBP) Agency to withdraw its proposed revocation of longstanding decisions made over the last 40 years concerning the Jones Act.
Arctic Council Meeting Stirs Hidden Tensions
As foreign ministers from countries with territory in the far North celebrated an agreement on fighting climate change this week, one topic seethed below the surface: growing competition for Arctic resources and sea lanes as the ice melts. Russia, one of eight members of the Arctic Council which includes the United States, Canada and the Nordic countries, has been pouring money and missiles into the Arctic as well as reopening and building bases there. This is bringing its Arctic military presence to the highest level since the 1991 fall of the Soviet Union.
Costa Concordia Captain Sentenced to 16 Years in Prison
The former captain of the Costa Concordia cruise liner was sentenced to 16 years in prison on Friday by Italy's highest court for his role in the 2012 shipwreck, which killed 32 people off the island of Giglio, a court official said. Francesco Schettino was originally found guilty in 2015 of manslaughter, causing a shipwreck and abandoning his passengers. Friday's ruling exhausted his appeals process, with the court rejecting his claim that others bore the blame for the disaster. Free pending the decision, the 56-year-old Schettino is expected to start his jail sentence in the coming hours.
Caterpillar Marine Plans LNG Test Site
With eyes on the future of liquefied natural gas (LNG) in the maritime sector, Caterpillar Marine said it will unveil a first-of-its-kind LNG test bed for gas-fuelled engines at its facility in Kiel, Germany where the company will aim to improve understanding of related technology and enhance its services to clients adopting LNG solutions. According to Caterpillar, the site will focus on familiarizing its personnel with LNG capabilities, testing and improving LNG components, developing LNG plants for actual operations…
EPA Paves Way for Stalled Mine in Alaska
U.S. environmental regulators have cleared the path for a stalled copper and gold mine in Alaska by agreeing to settle current lawsuits and other issues over the project, which had drawn environmental concerns over its potential impact on the world's largest sockeye salmon fishery. U.S. The Pebble Limited Partnership mining company had filed a lawsuit against the EPA under the previous administration of Democratic president Barack Obama, which had sought to block it. Backers of the project had been hopeful that Obama's Republican successor, Donald Trump would allow it to proceed. Shares of Northern Dynasty Minerals Ltd , which owns the massive Pebble deposit, have surged since Trump won the U.S. election back in November. Trump took office Jan. 20.
PANOLIN HLP SYNTH 32 Obtains RDE 90235
PANOLIN HLP SYNTH 32 is the first and so far only eco-friendly hydraulic oil to feature in the Bosch Rexroth RDE 90245 Fluid Rating List. “Yet again, we have proven that our biodegradable products such as PANOLIN HLP SYNTH 32 also meet the highest industry requirements,” said Patrick Lämmle, Chairman of the Board of Directors of PANOLIN International. “PANOLIN HLP SYNTH is the first rapidly biodegradable hydraulic oil to obtain the Fluid Rating (ISO 15380 in combination with RFT-APU-CL test),” Lämmle said.