Marine Link
Saturday, December 15, 2018

Maritime Law & Regulations News

Thun's Green Tanker on Preem Lease

Pic: Thun Tankers

Swedish coastal shipping company Thun Tankers  to name the new, environmentally adapted tanker “Thun Evolve” in Groningen, Holland today (Saturday).The tanker will be long-term leased by Preem for deliveries to the company’s depots and customers in Sweden, Norway and Denmark, said the shipping company. The ship will be delivered to Preem at the end of March.The vessel, built in the Netherlands, is a welcome addition to the company's commitment to safer, efficient and sustainable maritime transport…

First Non-EU Ship Recycling Yards Join EU List

Pic: Lloyd's Register

The European Commission published the fourth version of the ‘European List of ship recycling facilities’ last week, adding six new yards, taking the total up to 26.It includes 23 facilities located in European Union (EU) member states, and for the first time ever, three located in non-EU member states – LEYAL and LEYAL-DEMTAS in Turkey and a facility in the USA, said a press release from Lloyd's Register.From 31 December 2018, the EU Ship Recycling Regulation will require all ships flying the flag of an EU Member State to use an approved ship recycling facility included in the European List.

Navios Acquisition Completes Navios Midstream Merger

Pic: Navios

Greece-based Navios Maritime Acquisition Corporation announced that it completed the acquisition of Navios Maritime Midstream Partners. "Following the close of the market on December 13, Navios Midstream common units no longer are publicly traded on the New York Stock Exchange," said a press release from the owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.Angeliki Frangou, Chairman and Chief Executive Officer…

LRAUV: Arctic Oil-Spill-Mapping Robot Put to the Test

An artist’s depiction of LRAUV under sea ice. Using photo-chemical sensors, the robot scans the density of a billowing cloud of oil coming from an ocean floor well. The red and yellow objects are parts of a communication system consisting of antennas suspended under ice from a buoy installed on top of the ice.  Graphic by ADAC.

As commercial shipping and energy activities picks up in the Arctic region, the prospect of accidental oil spills in this pristine environment remain a concern. In response, the U.S. Department of Homeland Security (DHS) is taking the lead – through the U.S. Coast Guard – to develop a subsea robotic system to map and report on spills.“Because of ice coverage and the tyranny of distance, it is difficult to get resources and assets up in the Arctic in a quick manner,” said Kirsten Trego, Executive Director of the Coast Guard’s Interagency Coordinating Committee on Oil Pollution Research.

INSIGHTS: Lorry Wagner, Ph.D., President, LEEDCo

Dr. Lorry Wagner has served as president of the Cleveland-based Lake Erie Energy Development Corporation (LEEDCo) since May of 2010.LEEDCo is the public private partnership behind the effort to construct Icebreaker Wind, a 6 turbine 20.7 megawatt offshore wind energy demonstration project in Lake Erie, 8 miles off the shore of Cleveland. LEEDCo has received funding from the U.S. DOE under its Advanced Technology Demonstration Projects award and has partnered with Fred. Olsen Renewables of Norway. Dr.

Ørsted Lauches Offshore Wind Biodiversity Policy

Image: Ørsted

The largest energy company in Denmark, Ørsted A/S announced  ‘Offshore wind biodiversity policy’ to set out the principles that underpin our efforts to protect the natural environment in the areas where we develop, construct and operate offshore wind farms.“Renewable energy plays a major role in mitigating climate change and the threat it poses to biodiversity. At the same time, it is important to protect biodiversity at our wind farm projects and sites,” said Hans Lyhne Borg…

Bellships CEO Muller Resigns

 Pic: Bellships

Norway's bulk ship operator and management company Belships ASA announced that its chief executive officer (CEO)  Ulrich Müller has resigned.The board of directors of the Norwegian bulker owner stated in a press release that they will initiate the work with finding a new CEO immediately and Ulrich Müller will remain in his current position until a new CEO is in place."Belships has reached a crossroads and I feel like the time has come for others to take over the leadership of the Company.

Maersk Broker Buys Stake in NAODAN Chartering

Image: Maersk Broker

Maersk Broker Bulk Chartering has bought a stake in a US-based dry bulk broker NAODAN Chartering and become a major shareholder.The dry cargo brokerage of NAODAN Chartering will continue to focus on the well-established and successful business out of the West Coast of the USA, West Coast Canada and Alaska, and the trading activities will continue to be carried out under the name of NAODAN Chartering, said a press note from the provider of shipbroking services worldwide."Maersk Broker Bulk Chartering are very pleased to welcome Mr.

ICE to Launch Marine Futures Contracts Ahead of IMO 2020 Sulfur Cap

Pic:  International Maritime Organization (IMO)

The Intercontinental Exchange will launch new Marine Fuel 0.5% futures contracts in advance of the implementation of the 0.5% sulphur cap by the International Maritime Organization (IMO) in 2020.The operator of global exchanges and clearing houses and provider of data and listings services said in a press release that the new contracts are expected to launch on February 4, 2019, subject to completion of relevant regulatory processes.The new contracts have been developed in response…

Moore Stephens: Shipping Confidence Dips

Image: Moore Stephens UK

Shipping confidence dipped slightly in the three months to end-November 2018, according to the latest Confidence Survey from international accountant and shipping adviser Moore Stephens.The average confidence level expressed by respondents fell to 6.0 out of a maximum  score of 10.0, compared to the 6.3 recorded in August 2018.Confidence on the part of all main categories of respondent was down, with the exception of brokers, where the rating increased from 4.9 to 5.2. Owners’ confidence fell to 6.4 from 6.8…

Yara Opens Shanghai Office

Yara Marine Opens Shanghai Office. From left to right: William Gao, Michael Chang ( general manager) Alice Li, John Jiang (Photo: Yara Marine)

As the demand for its exhaust gas cleaning systems -- aka. 'scrubbers' -- has grown, Yara Marine Technologies  opened its new office in Shanghai. Peter Strandberg, CEO, Yara Marine, explains: “A large percentage of scrubber installations will be executed in the Asia-Pacific region. A strong local presence in Shanghai is key to global customer support and our business."To date Yara Marine has delivered more than 100 scrubbers representing an aggregate operation of some two million hours.

Dudgeon Offshore Wind Bags $1.77B Refinancing

Image: Dudgeon

One of the world’s largest offshore wind projects, the 402-megawatt (MW) Dudgeon offshore wind farm in the U.K., announced the signing and pricing of privately placed notes for the refinancing of the project’s existing non-recourse project debt, with financial close expected next week. The original financing for Dudgeon was successfully closed in May 2016.The refinanced debt consists of approximately GBP1.27 billion ($1.77 billion) in fully-amortizing senior-term loans, comprising around GBP561 million in commercial debt and a GBP706 million private placement of senior secured notes…

NOIA Calls for Offshore Wind Territories Act

Image: BOEM

National Ocean Industries Association (NOIA) said that U.S. territories need the Offshore Wind for Territories Act.The U.S. has five permanently inhabited 'Territories' in the Caribbean Sea and the Pacific Ocean: American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands which are directly overseen by the United States Federal Government.NOIA President Randall Luthi issued this statement: “The House passage of H.R. 6665 is welcome news for many Americans this holiday season. Too often, Americans in the U.S.

Columbia Gets USD 229.23 mln for Port Projects

Image: American Association of Port Authorities (AAPA)

U.S. Transportation Secretary Elaine L. Chao announced 14 grants, which go to port-related projects, are made through the Better Utilizing Investments to Leverage Development (BUILD) Transportation Grants program.Port-related projects will receive a total of $229.23 million, said a press release from American Association of Port Authorities (AAPA).“BUILD transportation grants are major investments in road, rail, transit, and port projects that serve as a down payment on this administration’s commitment to America’s infrastructure…

Quantum Pacific: $40m 'Green Loan' for Scrubbers

Image: Quantum Pacific Shipping Services

Singapore-based Quantum Pacific Shipping (QPS) has received a loan from BNP Paribas to finance the purchase and installation of exhaust gas cleaning systems on its vessels.The loan up to $40 million is arranged on Quantum Pacific’s behalf by its management company Eastern Pacific."BNP Paribas is the lender, agent and security trustee for the Green Loan, which finances the cost of purchasing and installing marine exhaust gas cleaning systems (Scrubbers) for 16 vessels under the QPS fleet…

MOL, Proman Shipping Name Methanol Carrier CASTARA

At the naming ceremony. Photo by Mitsui O.S.K. Lines

Switzerland's Proman Shipping and Mitsui O.S.K. Lines(MOL) announced that  a naming ceremony for a newbuilding Methanol Carrier for Proman Shipping was held at the Hyundai Mipo Drydock (HMD) in Korea.The vessel was named the CASTARA by Methanol Holdings (Trinidad) Limited. (MHTL) CEO Dennis Patrick. MHTL and Proman Shipping are subsidiaries of the Proman Group.The CASTARA will be the most eco-friendly and fuel-efficient vessel in Proman Shipping’s expanding fleet.David Cassidy…

Scorpio Group Takes Over Nordic American Offshore

Pic: Nordic American Offshore

NYSE-listed offshore support vessel owner Scorpio Group has taken control of Nordic American Offshore (NAO), via a private placement into company’s shares worth $5 million.The investment, which took place via a private placement with Scorpio Offshore Investments, a unit of the group, was announced by NAOScorpio Group leader Emanuele Lauro has been appointed chief executive and chairman of NAO.Nordic American Tankers presently owns about 16.1 percent in NAO and the Hansson family owns 13.5 percent, in total about 30 percent.

IMO Training on Managing Security in Djibouti

Pic: International Maritime Organization (IMO)

International Maritime Organization (IMO)  is providing training to countries in the west Indian Ocean and Gulf of Aden on managing insecurity in the maritime domain in a regional workshop at the Djibouti Regional Training Centre (9-13 December).The countries are Comoros, Djibouti, Ethiopia, Jordan, Kenya, Madagascar, Maldives, Tanzania, Seychelles, Somalia, South Africa, the Sudan and Yemen.It’s the latest in an ongoing series of capacity-building initiatives in the region, targeted…

Hansa Heavy Lift GmbH Files for Insolvency

Hansa Heavy Lift GmbH has filed an application with the Hamburg District Court for the opening of insolvency proceedings. The court has appointed the experienced Hamburg restructuring expert, lawyer and tax consultant Dr. Christoph Morgen as preliminary insolvency administrator. He is a specialist insolvency solicitor and partner in the national law firm Brinkmann & Partner.Dr. Christoph Morgen will now get an overview of the current business situation and examine what the company’s first steps within the proceedings could be.Hansa Heavy Lift operates eleven heavy-cargo vessels. The company was founded in 2011.

Carnival's First LNG Powered Ship Delivered

AIDAnova (Photo courtesy of AIDA)

Carnival Corp on Wednesday launched its first liquefied natural gas (LNG)-powered ship in Germany as the world's largest cruise operator tries to cut its carbon footprint.Addition of LNG ships are part of Carnival's ongoing fleet enhancement strategy and 20 new vessels are scheduled for delivery between 2018 and 2025.The shipping industry have been forced to look for cleaner options such as LNG after the International Maritime Organization introduced tough new rules on use of marine fuel.Strategically important ports such as Gibraltar are already preparing to offer upgraded facilities to meet

2018 Green Apple Spill Exercise

Committed to providing tugboat and towing vessel operators with a platform to meet regularity requirements and collaborate with local resources, the annual event also reminds us that Proper Planning Prevents Poor Performance.On September 28 2018, American Marine Associates, LLC (AMA) coordinated and hosted the 3rd annual Green Apple Spill Response Exercise in Bayonne, NJ. The Green Apple Spill Response exercise was established specifically for the tugboat and towing vessel industry operating in New York Harbor.

Norway to Drillers: Fix Oil Rig Lifeboat Safety

© Marius Dobilas / Adobe Stock

Norway's Petroleum Safety Authority (PSA) has told Transocean, Maersk Drilling and Odfjell Drilling to beef up emergency evacuation equipment and procedures on 22 offshore oil rigs, it said on Wednesday.Drilling rigs are equipped with enclosed lifeboats that can be dropped into the ocean in an emergency and owners must meet a series of technical and operational requirements for how to plan and carry out evacuations."All the audits identified a non-conformity from the regulations.

U.S. Coast Guard Publishes first Domestic Vessel Annual Report

Rear Admiral John P. Nadeau, Assistant Commandant for Prevention Policy, United States Coast Guard.

The Office of Commercial Vessel Compliance announced the release of the 2017 Domestic Vessel Annual Report, the first of its kind issued from the Coast Guard.The report collates data from the Coast Guard’s Marine Information Safety and Law Enforcement (MISLE) database regarding vessel population, inspections conducted, and deficiencies issued for the 2017 calendar year.In 2017, the Coast Guard’s fleet of responsibility contained 12,189 vessels with active Certificates of Inspection (COI). There were 905 Marine Inspectors (MI) assigned to field units who conducted 18,424 inspections.

Aramco Bags Galveston Bay Honor

ASC volunteers bagged recycled oyster shells, then placed them in Galveston Bay to form new oyster reefs. Photo:  Aramco Services Company (ASC)

The Galveston Bay Foundation recently honored the volunteer efforts of Aramco Services Company (ASC) with its “Guardian of the Bay” award. This award recognizes ASC’s “leadership, work, and commitment for the betterment of Galveston Bay.”According to a press note  the director of Public Affairs Abdulrahman A. Bayounis and Strategic Communications supervisor Alma S. Kombargi accepted the award on behalf of ASC.“ASC is proud to partner with the Galveston Bay Foundation to revitalize such a precious resource,” said Bayounis.

Belships Completes Merger with Lighthouse Group

Pic: Belships

Norway-based  bulk ship operator and management company Belships has finalized its merger with Lighthouse Group after receiving an approval of the merger plan by the extraordinary general meeting (AGM)."All the conditions for the completion of the merger, including the expiry of the creditor notice period, have been fulfilled and the Merger has been registered as completed by the Norwegian Register of Business Enterprises today on 10 December 2018," said a press statement.Belships ASA has upon completion of the merger issued 127…

HullWiper Goes to Mauritian Waters

From left to right: HullWiper Managing Director Simon Doran, Immersub Operations Manager Amaury Rochecouste, Immersub Project Manager Samuel Rochecouste, Immersub CEO Capt. Pierre Yves Rochecouste. Photo: HullWiper

Mauritius is one of 12 countries spearheading the International Marine Organisation (IMO) GloFouling Project, a collaboration with the Global Environment Facility (GEF), the United Nations Development Programme (UNDP) and IMO, created to implement guidelines for the control and management of the transfer of invasive marine species on vessel hulls.The underwater hull cleaning technology provider HullWiper said that it would support efforts to combat marine biofouling in Mauritian…

IMO Addresses Wreck Removal Challenges

Pic: International Maritime Organization (IMO)

A ship wreck can be a hazard to navigation. Other vessels and their crews can potentially be endangered, and, depending on the nature of the cargo and remaining fuel on board, a wreck may also cause damage to marine environments and other coastal interests. Then there is the issue of costs and risks involved in marking and removing hazardous wrecks.To help resolve these issues, International Maritime Organization (IMO)'s Nairobi Wreck Removal Convention, covers the legal basis for States to remove…

ChainPORT Renews Digital, Environmental Commitment

Photo: © Port of Barcelona

Delegates from the world’s leading ports have come together to examine their role in the rapidly evolving maritime logistics landscape and in particular to coordinate their contribution to the establishment of an interconnected maritime supply chain at the Port of Barcelona.The multilateral partnership of the world leading ports, ChainPORT, has just concluded its 4th Annual Meeting which was hosted last week by the Port of Barcelona.ChainPORT was initiated in 2016 by the Port…

NTSB Issues Report on Passenger Vessel Casualty

(This graphic depicts a simplified diagram of the cooling water system aboard the small passenger vessel Island Lady. The NTSB’s investigation of the Jan. 14, 2018, fire aboard the vessel revealed that the failure of the port engine’s raw-water pump led to overheating of the engine and exhaust tubing, which led to the fire. Diagram by NTSB)

Insufficient Maintenance Program, Lack of Guidance Led to Passenger Vessel Fire. The National Transportation Safety Board determined during a public meeting held Tuesday that an insufficient preventative maintenance program and lack of guidance for responding to engine high-temperature conditions, led to the Jan. 14, 2018, fire aboard the small passenger vessel Island Lady, in the waters of the Pithlachascotee River, near Port Ritchey, Florida.The Island Lady was a 72-foot-long passenger vessel operated by Tropical Breeze Casino Cruz…

Global Fishing Watch, USCG Examine Illegal Fishing

Photo Courtesy USCG

Global Fishing Watch is teaming up with the United States Coast Guard Research & Development Center (CG RDC) to conduct research on illegal, unreported and unregulated (IUU) fishing and share analysis to advance global efforts to improve fisheries management.Global Fishing Watch (https://globalfishingwatch.org) and CG RDC are exploring pathways to collaborate on relevant research activities, such as the establishment of analytical methodologies to evaluate open-source vessel movement data…

Arctic Posts Second Warmest Year On Record in 2018 -U.S. NOAA

Photo: NOAA

The Arctic had its second-hottest year on record in 2018, part of a warming trend that may be dramatically changing earth's weather patterns, according to a report released on Tuesday by the U.S. National Oceanographic and Atmospheric Administration."Arctic air temperatures for the past five years have exceeded all previous records since 1900," according to the annual NOAA study, the 2018 Arctic Report Card, which said the year was second only to 2016 in overall warmth in the region.It marks the latest in a series of warnings about climate change from U.S.

Shell Confirms Oil Leak in Brazilian Waters

(Photo: Shell)

A small amount of crude oil belonging to Royal Dutch Shell Plc leaked during a ship-to-ship oil transfer in Brazilian waters last month, the company confirmed to Reuters on Monday.About 200 milliliters of crude were released on Nov. 30 during the maneuver, which was halted after the drip was detected, Shell said, adding that authorities were notified and the incident left no trace of oil in the sea.However, a letter obtained by Reuters and sent to Brazilian environmental regulator…

APL, Cheng Lie Navigation to Merge Intra-Asia Service

Image: Cheng Lie Navigation

The container transportation and shipping company American President Lines Ltd (APL) announced the proposed acquisition of the book of business of its sister company Cheng Lie Navigation (CNC), Taiwan's Intra-Asia carrier.With this, APL will consolidate all its Intra-Asia business under the CNC brand to be operated from Singapore, retaining both sales networks and all sales channels.“This strategic move will enable us to become the Intra-Asia Champion with the most comprehensive market connectivity in the Far East.

Husky Energy ‘Deeply Sorry’ for Oil Spill off Newfoundland

Sea Rose FPSO. Photo: Husky Energy

Canadian petroleum company Husky Energy submitted a preliminary report about the largest-ever oil spill in Newfoundland and Labrador and said it is “deeply sorry” for the incident.According to local media reports, the oil and gas company admitted that on November 16, there were two separate oil spills at the Sea Rose FPSO.“The initial release occurred during the approximately 20 minutes offshore teams were troubleshooting a drop in flowline pressure,” Husky said on its website.The spill happened when a flowline connector failed…

EU Updates List of Ship Recycling Facilities

Pic: Ship Recycling Transparency Initiative

European Commission adopted a new Decision amending Implementing Decision (EU) to update the European List of ship recycling facilities. The said decision has been published on Monday in the Official Journal of the EU.With the 4th version of the list, the European Commission and the Member States add 6 new facilities to the list. These include, for the first time, 3 facilities which are located outside the EU -2 in Turkey and 1 in the United States-. The European Shipowners are fully supporting the expansion of the EU list, and in particular the inclusion of compliant facilities worldwide.

BW Offshore Recycling FSO Belokamenka

FSO Belokamenka. Photo: BW Offshore

The provider of floating production services to the oil and gas industry BW Offshore has signed an agreement to dispose of the FSO Belokamenka for recycling in compliance with the Hong Kong Convention.The Oslo-listed company said in a press release that the FSO Belokamenka  is an Ultra Large Crude Carrier (ULCC) of 360,700 deadweight-ton capacity built in Japan in 1980.The vessel is 340.5 meters long, 65 meters wide and has a depth of 31.5 meters. It is flagged and registered in Panama and classed by DNVGL…

IMO Launche Ship Recycling Project in Bangladesh

Photo: International Maritime Organization (IMO)

The second phase of an International Maritime Organization (IMO)-implemented project to enhance safe and environmentally sound ship recycling in Bangladesh has been launched at a meeting of stakeholders in Dhaka, Bangladesh.According to a press release from IMO, the 19-month project is funded under a US$1.1 million agreement with the Government of Norway. It focuses on building capacity within Bangladesh to develop a legal, policy and institutional reform roadmap towards accession…

Goldilocks Fund acquires 18.32% of UAE's Gulf Navigation

Goldilocks Investment Company, an Abu Dhabi-based fund managed by ADCM Altus Investment Management, said on Monday it had bought an 18.32 percent stake in Gulf Navigation Holding PJSC.The fund said in a statement on Monday that this includes a 4.68 percent stake in the UAE company held through a share finance facility. (Reuters reporting by Tom Arnold Editing by Alexander Smith)

Vikner Joins MJP as COO

Mia Vikner (Photo: MJP)

Marine Jet Power (MJP) has welcomed its new Chief Operating Officer (COO), Mia Vikner. In this role, Vikner will be responsible for operational efficiencies as well as process implementation to drive the continued growth of the company. Vikner joins the company after serving in various roles within Uson Marine Group, where she most recently held the post of CEO at the company’s headquarters in Stockholm, Sweden. With over ten years of experience in the marine industry, Mia is…

Fishing Vessel Sinks in New Jersey

U.S. Coast Guard photo, courtesy Station Manasquan Inlet

The U.S. Coast Guard said it is monitoring the salvage of a partially-sunken commercial fishing vessel in Manasquan Inlet, N.J.Watchstanders in the Coast Guard Sector Delaware Bay command center received notification at 2 a.m. Saturday that the 44-foot fishing vessel Miss Kathleen allided with the northern Manasquan Inlet jetty and was taking on water with three people and a dog aboard.The Miss Kathleen’s captain intentionally grounded the vessel on Dog Beach, about 20 yards outside the channel.

Stronger Capesize Demand Propels Baltic Index Still Higher

File Image / Credit AdobeStock © Lucasz Z

The Baltic Exchange's main sea freight index, tracking rates for ships transporting dry bulk commodities, rose for the fifth straight session on Monday, buoyed by stronger capesize rates.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 13 points, or about 1 percent, to 1,385 points.The capesize index climbed 2.1 percent, or 47 points, to 2,244 points, highest since Nov. 6. Average daily earnings for capesizes, which typically transport 170…

Crude Oil Spill Near Port Sulphur, La.

(U.S. Coast Guard photo)

The U.S. Coast Guard said on Sunday it is responding to a crude oil discharge in Rattle Snake Bayou, southwest of Port Sulphur, La.Coast Guard watchstanders in New Orleans received a report from the National Response Center that the well was reported to be leaking.It is unknown when the discharge began, and the amount discharged has not been determined. The well is rated to produce 5,476 gallons of oil per day.Responders are working to locate and secure the source of the discharge. The well's owner Hilcorp has contracted ES&H as an oil spill response organization.

Egypt Okays BP, Mubadala Acquisition of Stake in Eni's Noor Concession

Image: ENI

Egypt’s petroleum ministry has signed an agreement for UK Petroleum giant British Petroleum (BP) and UAE investment fund Mubadala to buy a 45 percent stake in the country's Noor offshore natural gas concesion in the Mediterannean from Italy’s Eni.In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni as operator through its subsidiary, IEOC, now holds a 40 percent interest. The other partners in the concession are BP with 25 percent…

Moody's Downgrades Maersk

Image: Maersk

Moody's Investors Service has downgraded ratings for AP Moller-Maersk after a review of the Denmark-based shipping and oil company. Moody's expressed concerns about lower economic growth and the US-China trade war."The downgrade reflects our expectation that Maersk will face increased market and execution risks and, as a result, operate at a higher leverage than is commensurate with a Baa2 rating for a company in such a volatile and cyclical business as container shipping," said Maria Maslovsky…

Estonian Port Offers Discounts to Green Ships

Image: Port of Tallinn

Estonian port authority Tallinna Sadam (Port of Tallinn) announced that starting from next year the ships that have joined the Environmental Ship Index (ESI) can apply for discount on tonnage fees of up to 8%.The Baltic Sea port said in a press release that the new port pricing system involving differentiated port fees is aimed at encouraging shipping companies to adopt environmentally friendlier technologies and thus also contribute to the health of Baltic Sea ecosystem.The head…

IWAI Orders Six Methanol-Fuelled Vessels

Pic: Inland Waterways Authority of India

The Inland Waterways Authority of India (IWAI) has planned to retrofit its work boats with green fuel and also placed orders with Cochin Shipyard Ltd (CSL) for procuring six new vessels, based on methanol mix.CSL will get the work done by Hooghly Dock and Port Engineers Ltd (HDPEL) in Howrah, with which it has formed a joint venture, said sources.The PTI reported that IWAI has also planned to retrofit its work boats with green fuel.The shipyard has a tie-up with Sweden based company which is a leading entity in the use of methanol for marine fuel…

UNCTAD Calls on Ports to Address Climate Change

Image: United Nations

About 80% of world trade is carried by sea, but the maritime industry handling these goods is on the frontline of climate woes, unless it adapts - fast.United Nations Conference on Trade and Development (UNCTAD) said that the transformation is needed if the world trade system is to cope with the projected impacts of climate change.“The hardest hit areas, coastlines, will affect us all since the lion’s share of trade itself is managed through international shipping and ports,” said UNCTAD’s chief of policy and legislation…

Swedish Club Maintains Zero Per Cent General Increase

Lars Rhodin, Managing Director. Photo: The Swedish Club

The mutual marine insurance company Sveriges Angfartygs Assurans Forening (The Swedish Club) has announced a zero per cent general increase for the forthcoming P&I year for the fourth year in succession.The decision was made by the Club’s board in consideration of the general market view that premiums are not in proportion with expected claims outcome.Lars Rhodin, Managing Director of The Swedish Club says: “In a number of shipping sectors the market remains weak and we have a commitment to support members at this crucial point.“At the same time…

AGR, First Geo to Merge

Pic: Akastor

Norwegian offshore oil and gas consultancy and services companies First Geo (owned by Akastor), and AGR Bidco are set to merge."Akastor AS (Akastor), has entered into agreements with Silverfleet Capital, DNB Bank ASA and Nordea Bank Abp, filial i Norge (together the AGR stakeholders) to combine AGR Bidco AS (AGR) with First Geo AS," said a press statement.The Transaction will be carried out primarily as an asset deal, whereby assets in the current AGR legal structure and three legal entities will…

Dubai's DP World Completes Danish Unifeeder Acquistion

Pic: Unifeeder

Global port operator DP World says it has completed the acquisition of Danish logistics firm Unifeeder for $748 million.DP World’s full acquisition of Unifeeder Group from Nordic Capital Fund VIII was announced in August, but finalized on Thursday."DP World PLC is pleased to advise that it has closed the transaction to acquire 100% of Unifeeder Group from Nordic Capital Fund VIII and certainminority shareholders," said one sentence statement from the Dubai-based global marine terminal operator."Unifeeder Group is now part of the DP World Group…

Oman Signs Djibouti Code of Conduct

Pic: International Maritime Organization (IMO)

Oman has become the 16th signatory to the Jeddah Amendment to the Djibouti Code of Conduct – the instrument developed and adopted by countries in the Western Indian Ocean and Gulf of Aden that has been a key factor in repressing piracy and armed robbery against ships operating in that region.Comoros, Djibouti, Ethiopia, Jordan, Kenya, Madagascar, Maldives, Mauritius, Mozambique, Oman, Saudi Arabia, Seychelles, Somalia, United Arab Emirates, United Republic of Tanzania and Yemen…

The Vessel Incidental Discharge Act (VIDA) - Immediate Implications of the New Law

AdobeStock / © Renaschild

This week, on December 4, 2018, President Trump signed into law the Vessel Incidental Discharge Act (VIDA): Title IX of the Frank LoBiondo Coast Guard Reauthorization Act of 2018.VIDA establishes a new framework for the regulation of vessel incidental discharges, adding a new Clean Water Act (CWA) Section 312(p): Uniform National Standards for Discharges Incidental to Normal Operation of Vessels. The U.S. Environmental Protection Agency (EPA) and the U.S. Coast Guard (USCG) are…

Daewoo Shipbuilding Rallies on Newbuild Order, BlackRock Investment

Shares of Daewoo Shipbuilding & Marine Engineering Co Ltd rise as much as 3.8 pct.The South Korean shipbuilder says it has received a new order worth 444 bln won ($397.28 mln) from the country's procurement agency, Defence Acquisition Program Administration (DAPA), to build one ship.Separately, BlackRock Inc increased its stake in Daewoo Shipbuilding to 5.57 pct from 4.42 pct, according to co's regulatory filing on Thursday. The stake purchase by the U.S. investment firm underlines its positive outlook for the shipbuilding industry, says Um Kyung-a, an analyst with Shinyoung Securities.Reporting by Heekyong Yang

Coast Guard Commandant Optimistic About Icebreaker Funding

A file image of the Coast Guard's lone heavy icebreaker, the Polar Star. Image CREDIT: USCG

The United States may soon get funding for a new heavy icebreaker ship, the head of the U.S. Coast Guard said on Thursday, as global warming spurs the race to stake out the Arctic, which is rich in oil, gas, and minerals.The United States has two operational icebreakers - a heavy one, the Polar Star, which is more than 42 years old and has outlived its life expectancy by a dozen years, and a medium one, the Healy cutter.By comparison, Russia has about 40 to 50 icebreakers, purpose-built vessels that can rescue other ships…

The Last Mediterranean Refugee Rescue Ship Ends Operations

The last refugee rescue ship working in the Mediterranean Sea, Aquarius, has ended her operations, French NGO Medecins sans Frontieres said late on Thursday, blaming harassment from Italy and other countries."This is a sombre day," Nelke Mander, Medecins sans Frontieres's general director, said in a statement. "The end of our operations onboard the Aquarius will mean more death in the sea, deaths that are avoidable and without witnesses."The decision to moor the Aquarius is the result of a "constant denigration, smearing and obstruction campaign led" against Medecins sans Frontieres and SOS MEDITERRANEAN by the Italian government and supported by other European countries…

Goliat Field Vessel Switches to Battery Power

Image: Simon Møkster Shipping

Norwegian subsidiary of Italian oil company Eni Norge AS and Stavanger shipping company Simon Møkster Shipping cut fuel consumption on the vessel Stril Barents in the Goliat field.According to a press release from the Norwegean offshore vessel owner, this should be done by installing a land flow system combined with an energy storage battery solution on board.The system will provide better control and higher safety margins as it is installed in addition to existing engines on board.

California: MSC Pays $630K for Air Quality Violations

Image: MSC

Swiss container shipping company Mediterranean Shipping Company (MSC) paid $630,625 in penalties to the California Air Resources Board (CARB) for violating the Ocean-Going Vessel At-Berth Regulation.According to CARB, the violations were discovered during a routine audit of the company’s 2014 visits to the Port of Oakland and the twin ports of Los Angeles and Long Beach.The investigation by CARB revealed more than 2500 violations for both the Oakland and LA/LB fleets for failing…

Ukraine Accedes to International Convention on Load Lines

Pic: International Maritime Organization (IMO)

Eastern European country Ukraine has acceded to an important International Maritime Organization (IMO) ship safety treaty – the 1988 Protocol relating to the International Convention on Load Lines.Limitations on the draught to which a ship may be loaded make a significant contribution to the ship's safety, said a press release from IMO.These limits are given in the form of freeboards, which constitute, besides external weathertight and watertight integrity, the main objective of the Convention.

LR Launches Cyber Resilience Service

Pic: Lloyd's Register

Lloyd's Register (LR), one of the leading global providers of engineering and technology-centric professional services, announced that it is partnering with AXELOS RESILIA Frontline to offer its customers engaging cyber awareness training for all their employees.According to a release from LR, the new addition to the LR Cyber Resilience portfolio will provide an effective solution to the ‘human factor’ and addresses the need for sustained behavioural change to build an organisation’s…

IMO Highlights Greenhouse Gas Strategy

Pic: International Maritime Organization (IMO)

International Maritime Organization (IMO) is at the UN climate change conference (COP 24) in Poland, highlighting key elements of the Initial IMO Strategy on reduction of GHG emissions from ships.A press release from the UN-body said that the strategy sets out a vision to reduce the total annual  Greenhouse Gas (GHG) emissions by at least 50% by 2050 compared to 2008, while, at the same time, pursuing efforts towards phasing them out entirely. This sets a pathway of CO2 emissions…

SCA Honors Former President George H.W. Bush

An undated file photo of Navy pilot George H. W. Bush. (U.S. Navy photo courtesy of the George Bush Presidential Library and Museum/Released)

The Shipbuilders Council of America (SCA), the national trade association representing the U.S. shipyard and repair industry, honors the life and legacy of President George H.W. Bush, a true American hero.Matthew Paxton, President of SCA remarked, “President George H.W. Bush’s life was built on a foundation of loyalty and service to his nation. When Pearl Harbor was attacked by the Japanese during the Second World War, George H.W. Bush was irrevocably committed to serving his country and joined the United States Navy, becoming one of the youngest flying officers.

Nordea to Boost Finance for LNG Shipping

© Björn Wylezich / Adobe Stock

Nordea Bank aims to increase shipping finance activities to the growing liquefied natural gas (LNG) industry, executives at one of the world's biggest shipping financiers said.China's crackdown on pollution and its growing demand for more environmentally friendly sources of power, such as LNG, are boosting demand for ships to transport the fuel."We would like to expand the portfolio and there are certain segments that we would like to expand in. One of them is on the LNG side…

The Top 10 Maritime Stories for 2018

The M/V Steve Golding transits  through the Olmsted Locks in late July. Called by some stakeholders, 'the Manhatten Project' of civil engineering, Olmsted is finally completed at an enormous cost. (CREDIT: USACE)

Choosing the ‘top stories of 2018’ was, this year, a difficult task. Many compelling story threads played out, dramatically impacting the North American waterfront, and in particular, the workboat sector – each in their own unique way. Read on to find out how and why.Autonomous Vessels: Ready or Not, Here They ComeFuturistic, remote-controlled autonomous marine vehicles aren’t coming. They are here. As the pace of change quickens, autonomous vessels are already providing service and value on the water.

Baltic Index Gains on Stronger Broad Demand

File Image (CREDIT AdobeStock / © Leonid Eremychuk

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the third straight session on Thursday, supported by strong demand across vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 43 points, or 3.3 percent, to 1,339 points.The capesize index rose 8.1 percent, or 155 points, to 2,080 points. Average daily earnings for capesizes, which typically transport 170…

Equinor, Faroe Petroleum in Asset Swap

Image: Faroe Petroleum

Britain's Faroe Petroleum has agreed to swap oil and gas fields with Norwegian state firm Equinor as it fights a hostile takeover from Norwegian oil and gas operator DNO.It appears that Faroe in fight-back mode after DNO’s so-called ‘opportunistic’ bid.The oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK said in a press note that it has signed a binding agreement with Equinor Energy to swap its interests in the Njord…

Scrubber Manufacturers Slams Singapore Open-Loop Scrubbers Ban

Image: EGCSA

Exhaust Gas Cleaning Systems Association (EGCSA) has attacked Singapore's restrictions on open-loop versions of the systems as "disappointing" and "politically motivated."The scrubber manufacturing industry body said in a press release: "The recent announcement by the outgoing CEO of the Maritime and Port Authority of Singapore (MPA) banning the discharge of process water from open loop scrubbers for vessels visiting Singapore came without prior notice or discussion with the IMO…

Damen's Financial Leasing for Vessels to South African Fishing Community

Pic: Damen Shipyards

Damen Shipyards Cape Town introduced "Africa Ship Leasing" fund - its new financial leasing system for ship building aimed at African shipowners - during the first Fishing Seminar, held in Cape Town.The Fishing Seminar was heralded a great success, with more than 60 participants attending from a broad cross-section of the industry, including the five major South African fishing companies, said a press release.Jeremy Marillier, Executive Director of FishSA, the representative of all the main industry associations in South Africa…

Transocean Closes Ocean Rig Acquisition

(File photo: Ocean Rig)

Switzerland-based offshore driller Transocean Ltd. announced Wednesday that it has completed the acquisition of Greek peer Ocean Rig UDW Inc.The $2.7 billion cash-and-stock deal adds nine high-specification ultra-deepwater drillships, two harsh environment semisubmersibles, and two high-specification ultra-deepwater drillships currently under construction to Transocean's existing fleet."We are excited to begin actively marketing these assets into the growing list of opportunities we continue to see emerging across our global customer base…

Data Management for Comprehensive Fuel Management & Compliance

FUELTRAX optimizes uptime and reduce costs with a real-time marine fuel management solution. Solving your emissions and fuel monitoring reporting and compliance headache is what they are all about.In today’s operating environment, it would be an understatement to say that detailed insight into fuel consumption and efficiency is one key to managing marine operations. But, beyond the operational headache of determining where and why you are consuming so much fuel and so quickly, regulatory compliance is also emerging as a fundamental requirement of modern marine operators.

India Plans Deep Dive for Seabed Minerals

© Mykola Mazuryk / Adobe Stock

In the 1870 Jules Verne classic "20,000 Leagues Under the Sea", underwater explorer Captain Nemo predicted the mining of the ocean floor's mineral bounty - zinc, iron, silver and gold.India is catching up with that only now, as it prepares to unearth treasures down below, aiming to boost its economy.The floor of the world's seas is scattered with vast beds of black potato-shaped polymetallic nodules comprising copper, nickel, cobalt, manganese, iron and rare earth elements.These natural goodies are key to making modern gadgets…

Cargo Ships Caught in Russia-Ukraine Storm

Russia-Ukraine naval clash followed shipping holdups Ships bound for Ukrainian ports say they are held up while those bound for Russian ports go through.When the Island Bay cargo ship arrived from Beirut at the Kerch Strait, gateway to the Azov Sea, it sailed into a perfect storm of geopolitics and bad weather.The following day, Russia opened fire on three Ukrainian naval ships, impounded them and detained their sailors, some of them wounded. It then blocked the strait by putting a tanker underneath a new bridge it has built linking the Russian mainland to the Crimean peninsula it annexed from Ukraine in 2014.While the world digested the implications of the Nov.

Unfair Reporting on Piracy, Says Nigeria

Dr. Dakuku Peterside. Director-General, Nigeria Maritime Administration and Safety Agency. Photo: NIMASA

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has called on the International Maritime Bureau (IMB) to ensure fairness and balance in its reportage of piracy issues on Nigeria’s territorial waters.Dakuku regretted what he called the exaggeration of reports on incidences on the country’s waterways by the IMB, a specialised department of the International Chamber of Commerce (ICC) dedicated to fighting maritime crime and malpractice.The DG noted that the Agency had put mechanisms in place to reduce piracy to the barest minimum.

​Maritime Safety Committee Met for 100th Session

Pic: International Maritime Organization (IMO)

The Maritime Safety Committee (MSC) has met for its milestone 100th session, with a busy agenda encompassing maritime autonomous surface ships, fatigue guidance for seafarers, polar shipping, goal-based standards and other agenda items.According to a International Maritime Organization (IMO) press release, the MSC will receive the report of a correspondence group which has been testing the proposed methodology for the regulatory scoping exercise on maritime autonomous surface ships…

Danish Maritime Authority Calls for Renewal of Shipping Documents

Pic: Danish Maritime Authority

Time has come to apply for renewal of CLC, Bunker, Athens and Wreck Removal Certificates from the Danish Maritime Authority (DMA). The certificates must be renewed once a year when the underlying insurance expires.According to DMA, ships that are required to hold a certificate must not operate without valid certificates.Many certificates expire on 20 February 2019.These are typically  CLC, Bunker, Athens and Wreck Removal Certificates based on P&I insurance.Some CLC, Bunker, Athens and WRC Certificates expire on dates other than 20 February 2019.

Maersk to Cut Carbon Emissions to Zero by 2050

Søren Toft, Chief Operating Officer at A.P. Moller - Maersk. Photo: Maersk Line

The world's largest container shipping company A.P. Moller -Maersk has pledged to cut net carbon emissions to zero by 2050.The Danish business conglomerate with activities in the transport, logistics and energy sectors said in a press note that to achieve this goal, carbon neutral vessels must be commercially viable by 2030, and an acceleration in new innovations and adaption of new technology is required.Climate is one of the most important issues in the world, and carrying around 80% of global trade, the shipping industry is vital to finding solutions.

IMO Holds Counter Terrorism Training for S.Asian Countries

Pic: International Maritime Organization (IMO)

Legal experts and port and maritime security officers from Bangladesh, Maldives and Sri Lanka have gathered at  International Maritime Organization (IMO)  in London (27-29 November) for a focused sub-regional workshop on implementing transport-related (maritime) counter terrorism instruments.A press note from IMO said that the joint United Nations Office on Drugs and Crime (UNODC) and IMO Counter Terrorism/Security sub-regional workshop was a follow-up to three national workshops…

AAPA: U.S. Ballast Water Legislative Victory Appears Imminent

Legislation that sets standards for incidental water discharges from vessels passed the House on Nov. 29.The Frank LoBiondo Coast Guard Authorization Act of 2018, S. 140, which includes the Vessel Incidental Discharge Act (VIDA), passed the Senate two weeks earlier and now moves to the President to be signed.The provision places the U.S. Environmental Protection Agency (EPA) in the lead role of establishing standards for ballast water discharge, and the U.S. Coast Guard (USCG) will monitor and enforce compliance.

Interview: Admiral Karl Schultz, Commandant, United States Coast Guard

Coast Guard Commandant Adm. Karl Schultz visits with Coast Guard crews stationed in
New York City. U.S. Coast Guard photo illustration by Petty Officer 1st Class Jetta Disco.

Maritime Reporter & Engineering News was offered the opportunity to interview Admiral Karl Schultz, the 26th Commandant in the history of the United States Coast Guard, in his office in Washington, DC. Just five months into his tenure, his plate is predictably full with a number of challenges, including: Attracting and retaining future U.S. Coast Guard personnel; addressing a number of assymetric threats, including cyber attacks; and ensuring captial and operating budgets are adequate to safely and efficiently carry out a global mission envelope, to name but a few.

Baltic Index Snaps 4-day Losing Streak

File Image: a bulk carrier alongside and loading in the port of Portland, UK (CREDIT: port of Portland)

The Baltic Exchange's main sea freight index, tracking rates for ships transporting dry bulk commodities, marked its first gain in five days on Tuesday, helped by firmer rates across vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 34 points, or 2.8 percent, to 1,237 points.The capesize index snapped four straight sessions of losses and gained 6.2 percent, or 101 points, to 1,739 points. Average daily earnings for capesizes…

Rising Ship Supply Eases LNG Charter Rates

File Image: a fully laden LNG tanker transits the Med in this recent image. Credit: Robert Murphy

Limited availability drove LNG shipping rates to highs; but prices now falling as more ship supply becomes available.Inflated spot charter rates for liquefied natural gas (LNG) tankers are easing as more ships becoming available, which could help increase LNG trade if Asian demand rises in coming months.LNG charter rates are a key component of spot LNG trade, dictating the way the super-cooled gas is transported. Charter rates usually follow the price of LNG, which has fallen since September due to sluggish demand from Asian buyers.Rates have remained high for most of this year…

Iran Pushes Back on U.S. Sanctions

File Image: AdobeStock © Jose Gill

If Iran can not export oil then no country will export oil from the Gulf - Iran president.America should know that if Iran can not export oil then no country will export oil from the Gulf, Iranian President Hassan Rouhani said on Tuesday in a speech broadcast live on state TV.U.S. officials have said they intend to reduce Iran's oil exports to zero in an effort to curb the Islamic Republic's missile program and regional influence.Reporting By Babak Dehghanpisheh

Fitch Ratings: Demand Risks Weigh on Global Shipping Sector Outlook

File Image of the port of Hong Kong / CREDIT Adobestock © Marco 2811

The global shipping sector outlook remains negative reflecting the demand-side risks of protectionism and slower economic growth, Fitch Ratings says. Higher fuel costs and sulphur regulation will also put pressure on shippers.Partly offsetting an unfavourable environment are emerging signs of better capacity management by shipping companies, which is key to a sustainable balance and freight rates that support consistent profitability. We expect better fundamentals in container and dry bulk…

DHT Holdings Bets on Scrubbers

Image: DHT Holdings

Bermuda-based crude oil tanker company DHT Holdings plans to fit exhaust gas cleaning systems on two thirds of its very large crude carriers (VLCCs) to comply with the impending 2020 sulphur cap.The oil tanker owner-operator said that the retrofit program encompass 16 ships built between 2004 and 2012, representing the ships within our fleet that stands to gain the greatest economic benefits. Additionally, the two newbuildings delivered from Hyundai Heavy Industries this year had scrubbers installed…

Enquest Acquires Remaining Stake in Magnus

Image: Enquest

United Kingdom-based petroleum exploration and production company Enquest said it had completed the acquisition of the remaining 75% stake in Magnus, an additional 9.0% stake in the Sullom Voe Oil terminal and supply facility and additional interests in associated infrastructure from BP.The Magnus transaction, as previously announced, is expected to add approximately 60 MMboe of 2P reserves (equating to approximately 30 percent of the Group’s reserve base) as at 1 January 2018…

Swiss Climate EcoCare, Korean Register MoU for IMO DCS Services

Image: Swiss Climate EcoCare GmbH

The Classification Society Korean Register (KR) and Swiss Climate EcoCare GmbH has signed a memorandum of understanding (MOU) to provide enhanced International Maritime Organization (IMO) Data Collection System (DCS) services to the maritime industry.According to a release, the MoU was signed in Hamburg, Germany on 22nd Nov 2018 in presence of Philipp Ahrenkiel, Managing Director at Swiss Climate EcoCare GmbH and Michael Suhr, Technical & Commercial Director at Korean Register, Germany.

Ardmore Shipping Refinances Three Vessels

Image: Ardmore Shipping Corporation

Bermuda-based product and chemical tankers owner Ardmore Shipping Corporation announced that it has signed binding agreements for the refinancing of three vessels.The provider of seaborne transportation of petroleum products and chemicals worldwide to oil majors has signed agreements for the sale and leaseback, under a finance lease arrangement, of the Ardmore Exporter and Ardmore Seavanguard, two 2014-built 50,000 Dwt Eco-design MR tankers, with a high-quality financier in China.The lease agreements are for a period of seven years…

Scorpio Tankers Orders Scrubbers for 52 Vessels

Pic: Scorpio Tankers

Monaco-based dry bulk shipping company Scorpio Bulkers has announced that it will purchase exhaust gas cleanings systems for 42 of its vessels in 2019 and for 10 of its vessels in 2020."As part of our previously announced program to install exhaust gas cleaning systems (EGCS) across our fleet, we have entered into an agreement with third parties to purchase exhaust gas cleanings systems for 42 of its vessels in 2019 and for 10 of its vessels in 2020," said a press release from…

Iran Navy Launches Stealth Warship in the Gulf

Iran's navy on Saturday launched a domestically made destroyer, which state media said has radar-evading stealth properties, as tensions rise with arch-enemy, the United States.In a ceremony carried live on state television, the Sahand destroyer -- which can sustain voyages lasting five months without resupply -- joined Iran's regular navy at a base in Bandar Abbas on the Gulf.The Sahand has a flight deck for helicopters, torpedo launchers, anti-aircraft and anti-ship guns, surface-to-surface and surface-to-air missiles and electronic warfare capabilities, state television reported.U.S. President Donald Trump pulled out of an international agreement on Iran's nuclear programme in May and reimposed sanctions on Tehran.

Zvezda Cancels Tender to Import South Korean Ship Parts

(File photo: Sovcomflot)

Russia's new far eastern Zvezda shipyard has cancelled a tender to import key parts for a crude oil tanker from South Korea's Hyundai, RIA news agency reported on Monday, citing a database of state purchases.Kommersant newspaper had reported that Zvezda issued a tender to import a stern, bow sections an anchors for an Aframax crude oil tanker ordered by Rosneft despite an earlier plan to construct the tanker at the shipyard.The Zvezda shipyard, which is being built by a consortium of oil giant Rosneft…

TOP Ships Concludes Suezmax Financing

TOP Ships, an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products, announced that it has concluded Financing Agreements with a major Chinese leasing company, via sale and leaseback transactions of up to $92.5 million for its Suezmax newbuilding vessels with hull numbers 874 and 875, currently under construction at Hyundai Samho Heavy Industries Co., Ltd. in South Korea. The company also announced that it has increased the maximum borrowing capacity of the Family Trading Credit Facility to $25.0 million and that it has drawn down an additional $5.0 million from the Company’s outstanding loan facilities.

Illinois Soybean Growers Encouraged by U.S-China Trade Talks

File Image: AdobeStock / © Lucasz Z

Lynn Rohrscheib, Illinois Soybean Growers (ISG) chairwoman and a soybean farmer from Fairmount, Ill., released the following statement in response to U.S. and China announcing continued trade discussions: “As the nation’s top soybean-producing state, we are encouraged that talks are occurring between the United States and China leaders with hopes that our soybean market can be restored. Free trade and access to markets are critically important to producers’ livelihoods and profitability. We echo the need for the tariffs to be rescinded. We also need to see the promise of a Farm Bill delivered.

SSY Pacific Capesize Index Rises Sharply

File Image: Credit K line

Shipbrokers Simpson, Spence and Young's Pacific Capesize Index rise by 356 points in the week ending Monday to 4,803."The SSY Pacific Capesize Index led to a four-week high of 4,803 points, however,this still marked a sizeable annual drop of 2,104 points.The W.Australia-China iron ore spot rate gained $0.50/t to $7.50/t, as the Pacific round-voyage rate (basis 180k dwt) jumped to $15,400/day from $10,850/day the week before." SSY said.source: Reuters

Nautilus Minerals to Acquire Production Support Vessel

Image: MAC Goliath Pte Ltd

The underwater mineral exploration company headquartered in Toronto Nautilus Minerals Inc. is currently negotiating the terms of an agreement with arm's length third parties that would involve the creation of a new joint venture company - Vessel JV - to be owned by the third parties and Nautilus’ subsidiary, Nautilus Minerals Niugini Limited (NMN).The purpose of the Vessel JV would be to fund the acquisition of the Production Support Vessel (PSV) that Nautilus had previously arranged…

E.on Officially Opens Rampion Offshore Wind Farm

Image: E.ON SE

The 400-MW Rampion offshore wind farm off the Sussex coast in the UK has been officially opened, said German energy company E.on SE. The offshore wind farm now generating enough green electricity for around 350,000 UK homes setting a new power record in the country.Three years of construction officially came to an end on Saturday (November 29) at a ribbon cutting ceremony for the Rampion offshore wind farm, the first wind farm off the UK's south coast.Named after the county flower of Sussex…

Mitsubishi Corporation Part-divests in Moray East Offshore Wind Project

Map: Mitsubishi Corporation

Japan's largest trading company  Mitsubishi Corporation (MC) announced the divestment of shares in Diamond Green Limited, with 30% to be transferred to The Kansai Electric Power Co., Inc (KEPCO) and 20% to Mitsubishi UFJ Lease & Finance Company Limited (MUL).Diamond Green is an intermediate holding company wholly owned by Diamond Generating Europe, which itself is a wholly owned subsidiary of MC based in the UK. DGE has been MC’s executing arm for the Moray East Offshore Windfarm Project located in the North Sea…

Shell Sells Upstream Interests in Ireland for $1.3bln

Image: Shell

Shell Overseas Holdings, an affiliate of Royal Dutch Shell plc, has completed the sale of its shares in Shell E&P Ireland Limited (SEPIL), which holds a 45% interest in the Corrib gas venture, for up to $1.30 billion, to Nephin Energy Holdings Limited (NEHL), a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB).A press release said that completion follows receipt of all necessary partner and regulatory consents and the transaction’s effective date is 1 January 2017.The transaction includes an initial consideration of $958 million (€840 million)…

Denmark Mulls Most Modern Container Port

Pic:  Copenhagen Malmö Port (CMP)

Copenhagen Malmö Port said that Denmark’s most modern container port will be completed by the end of 2021 – the futureproof, modern, sustainable and automated container terminal in Copenhagen. The terminal substantially strengthens CMP’s role as the leading actor within freight handling in the capital region and throughout Eastern Denmark.The area in Outer Northern Harbour is fairly anonymous, however, the on-going groundworks are a reminder that this is where the container terminal of the future will be just three years from now.“We are making a major investment.

Singapore Bans Open-Loop Scrubbing

Pic:  Maritime and Port Authority of Singapore

The Maritime and Port Authority of Singapore (MPA) said that it is banning the discharge of "wash water" used in ships to scrub engine exhaust, with effect from Jan 1, 2020, said a report in Reuters.The vessels will have to use compliant fuel once the IMO 2020 sulphur cap comes into force.The report said that the ban of so-called open-loop scrubbers is part of an effort to prepare one of the world’s busiest ports for International Maritime Organization (IMO) rules that come into force in 2020 and oblige ships to use cleaner fuels.Andrew Tan…

Port of Vancouver USA Approves Budget

(Photo: Port of Vancouver USA)

The Port of Vancouver USA Board of Commissioners unanimously approved the port’s tax levy and 2019 budget during its regularly scheduled board meeting.The U.S. West Coast port's commission voted to hold the port levy steady for the seventh year in a row, meaning annual taxes on a $350,000 home – the median price in Clark County – will be approximately $85 in 2019.At $58.4 million, the port’s 2019 budget is $10.1 million less than its 2018 budget. The decrease is primarily due…

REMPEC Promotes Spill Prevention and Response in Western Mediterranean

Pic: International Maritime Organization (IMO)

Response plans are essential to ensure reliable national and sub-regional systems for preparedness and response, trained personnel, basic equipment and contingency plans for combating marine pollution incidents.The Regional Marine Pollution Emergency Response Centre for the Mediterranean Sea (REMPEC) , the International Maritime Organization (IMO) -administered pollution emergency response centre in the Mediterranean, facilitated the organization of a meeting of national authorities…

Singapore Port Readies for IMO 2020

Andrew Tan. Photo: Maritime and Port Authority of Singapore

The Maritime and Port Authority of Singapore (MPA) continues to prepare the Port of Singapore and Singapore-registered ships for the International Maritime Organization’s (IMO) 0.5 per cent fuel global limit for sulphur in fuel oil used on board ships, which will take effect from 1 January 2020.In his opening address at the Singapore Registry of Ships (SRS) Forum, Chief Executive of MPA,  Andrew Tan, also announced initiatives by MPA to improve the delivery of its services.To prepare for the IMO 2020 0.5 per cent global emission limit for sulphur…

'World's First' Zero Emission Marine Biofuel Test Successful

Pic: GoodFuels

Netherlands-based supplier of sustainable low carbon marine fuels GoodFuels Marine in conjunction with bulker and tanker owner and operator NORDEN A/S,  has successfully completed trials of the world’s first zero emission, ‘drop in’ Heavy Fuel Oil (HFO)-equivalent marine biofuel – almost entirely reducing all carbon and sulphur emissions.A press release from the pioneer in sustainable marine fuels said that the culmination of three years extensive research and development with partners including Royal Dutch Boskalis and technology group Wärtsilä…

ASEAN Adopts Oil Spill Contingency Plan

Pic: International Maritime Organization (IMO)

International Maritime Organization (IMO) technical assistance and institutional support has been instrumental in the recent adoption of the Association of Southeast Asian Nations (ASEAN) Regional Oil Spill Contingency Plan.IMO said that the plan was adopted by the 24th ASEAN Transport Ministers Meeting, held in Bangkok, Thailand (8 November). The Regional Oil Spill Contingency Plan provides for a mechanism whereby ASEAN Member States can request and provide mutual support in…

Maritime Reporter Magazine Cover Dec 2018 - Great Ships of 2018

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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