Marshall Islands News

18 Jul 2019

IMO Condemns Tanker Attacks in Gulf

Pic: International Maritime Organization (IMO)

The Council of the International Maritime Organization (IMO) has condemned recent attacks on commercial shipping in the Strait of Hormuz and Sea of Oman.The Council  of the UN body expressed its concern over the grave danger to life and the serious risks to navigational safety and the environment to which such incidents may give rise.The Council also emphasized the need for flag States and shipowners and operators to review the maritime security plans for their ships and implement…

18 Jul 2019

GSL Fixes Keta with OOCL

Pic: Global Ship Lease

Marshall Islands-incorporated Global Ship Lease (GSL) has agreed a new charter for the 2003-built, 2,207 TEU GSL Keta.The containership charter owner said in a press release that commencing in late July, the vessel will be chartered for minimum 50 days / maximum 90 days to Hong Kong-based container shipping and logistics service company Orient Overseas Container Line (OOCL) at a fixed rate of $8,700 per day.Ian Webber, Chief Executive Officer of Global Ship Lease, said, “We are pleased to have signed this charter at an improved rate with a top-tier counterparty in OOCL.

02 Jul 2019

GloFouling Gets Going in Pacific

Pics: International Maritime Organization (IMO)

The initial phase of the Glofouling Partnerships project is now well and truly underway with a series of technical workshops in the Pacific, stated  International Maritime Organization (IMO).The UN body said that the key message delivered to participants was that once introduced, marine invasive species can be hard to eradicate - and invasive species represent a potential major threat to the Pacific Ocean's biodiversity and the ecological integrity of Small Island Developing States.The…

02 Jul 2019

ChartCo’s LogCentral wins RMI Nod

Photo: ChartCo

ChartCo’s LogCentral, the integrated solution soon to join the ChartCo OneOcean platform, has gained authorization from the Marshall Islands. Having authorized the application on their flagged fleet, they lead the way for ChartCo to obtain recognition from other key flag states.The new addition to ChartCo OneOcean will enable crew to rapidly complete logbook entries with simplicity and accuracy. Operational and management teams will also benefit from transparency and traceability while having instant access to all logbook entries made across the entire fleet.With new regulations from MARPOL…

25 Jun 2019

Navig8 Adds LR2 Tanker

Image: Navig8 Chemical Tankers Inc.

Navig8 Product 2020, an international shipping company,  has announced that it has taken delivery of the Navig8 Promise.Its the seventh 110,600 DWT scrubber-fitted LR2 tanker from New Times Shipbuilding.The Navig8 Promise will be entered into and operated in Navig8 Group’s Alpha8 commercial pool.The crude oil tanker built in 2019 will sail under the flag of Marshall Islands.Navig8 is a fully integrated provider of shipping management services and the world’s largest independent pool and commercial management company.

13 Jun 2019

ICS Concerns About Tanker Attacks

Guy Platten, Secretary General. Photo: International Chamber of Shipping

International Chamber of Shipping (ICS), the world's principal shipping organisation, stated that its Board has expressed concern at the serious incidents involving the Marshall Islands flagged ship Front Altair and the Panama flagged Kokuka Courageous, in the Gulf of Oman.Addressing the issue at the ICS Annual General Meeting in the Faroe Islands the Board has expressed the international shipping industry’s alarm at recent incidents in the region affecting ships and their crews.“This suspected attack is a deeply worrying and intolerable situation.

13 Jun 2019

GSL Announces New Charter Agreements

Pic: Global Ship Lease

The containership charter owner Global Ship Lease (GSL) announced that it has agreed new charters for two of its vessels.The Marshall Islands incorporated owner of diversified fleet of mid-sized and smaller containerships said that commencing in June, the 2005-built, 2,824 TEU GSL Valerie will be chartered for 12 months to MSC at a fixed rate of $9,000 per day.Meanwhile, the 2006-built, 5,095 TEU Orca I will be chartered for minimum 12 months / maximum 24 months to Maersk Line at a fixed rate of $9…

24 May 2019

Danaos Signs Sale-and-Leaseback Deal with EnTrust

Pic: Danaos Corporation

The provider of seaborne transportation services, Danaos Corporation has concluded a $150m sale-and-leaseback deal for two of its biggest boxships with the alternative investment firm EnTrust Global.Watson Farley & Williams (WFW) has advised EnTrust Global’s (ETG) Blue Ocean Funds on the transaction of the two container vessels “HYUNDAI RESPECT” and “HYUNDAI HONOUR” acquired from and chartered back to two subsidiaries of Danaos, said a press release.This is the Blue Ocean Funds’ first sale and leaseback in the Greek shipping market…

24 May 2019

Bollinger Delivers 34th FRC to Coast Guard

USCGC William Hart (Photo: Bollinger Shipyards)

Bollinger Shipyards has delivered the USCGC William Hart, the 34th Fast Response Cutter (FRC) to the U.S. Coast Guard. The Coast Guard took delivery on May 23, 2019 in Key West, Florida. The 154-foot Sentinel-class Fast Response Cutter has a flank speed over 28 knots, state of the art command, control, communications and computer technology, and a stern launch system for the vessel’s 26-foot cutter boat. The FRC has been described as an operational “game changer,” by senior Coast Guard officials.

19 Jun 2019

GSL Acquires Three Boxships

Marshall Islands-incorporated Global Ship Lease (GSL) announced that it has agreed to acquire three 2004-built, 7,849 TEU containerships for an aggregate purchase price of $48.5 million.Upon delivery during the second quarter, the first vessel will commence a five-year charter with Maersk Line, said a press release from the owner of containerships with a diversified fleet of mid-sized and smaller containerships.The two other vessels are expected to be delivered during the third quarter and will commence three-year charters with Maersk Line, with two consecutive one-year extensions at the charterer’s option.The three vessels are expected to generate Adjusted EBITDA of approximately $32 million in aggregate for the median firm period, and a total of $47 million if all options are exercised.

23 May 2019

Race Against WW II Shipwrecks Oil Spill

Image: MV Ocean Recovery

A remediation programme to protect island ecosystems from damage caused by oil pollution from World War II wrecks sunk in the Pacific Ocean will launch in Newcastle Harbour today (Thursday 23 May).The programme is the result of a partnership between Major Projects Foundation, the Secretariat of the Pacific Regional Environment Programme (SPREP) – an intergovernmental Pacific regional organisation made up of 26 members – and the University of Newcastle. It will see expert teams of scientists…

10 May 2019

U.S. Imposes Venezuela Sanctions on shippers, tankers

File Image: AdobeStock / © Renaschild

The United States has imposed sanctions on two shipping companies and two tankers involved in trade with Venezuela, the U.S. Treasury Department said on Friday.The two companies are based in Marshall Islands and Liberia, and both tankers have Panama flags, the Treasury said in a statement on its website.Reporting by Makini Brice

08 May 2019

Mjølner, MID-SHIP Partner for Product Solutions

Mjølner Shipping Holdings LLC and MID-SHIP Capital LLC has announced the expansion of their joint venture with the launch of their second fund, Mjølner Product Solutions LLC.Mjølner Shipping Holdings LLC (“Mjølner”) and MID-SHIP Capital LLC (“MID-SHIP”) has announced the successful closing of a product tanker-focused investment fund, Mjølner Product Solutions LLC (“Product Solutions”), a Marshall Islands company.Product Solutions was formed to provide investors with efficient access to vessel trading exposure in the product tanker market and follows the crude tanker fund launched by the joint venture in 2017. Mjølner and MID-SHIP will provide all services pertaining to Product Solutions, including commercial management, risk management, finance and investor relations.

06 May 2019

GSL Fixes Post-Panamax Duo with MSC

Pic: MSC

Global Ship Lease (GSL), a holding company and containership charter owner, has signed five-year charters with Mediterranean Shipping Company (MSC) for two Post-Panamaxes.According to a press note from the Marshall Islands' incorporated company, the 8,677 TEU ships in question are the 2005-built GSL Tianjin and the 2004-built OOCL Qingdao, to be renamed MSC Tianjin and MSC Qingdao, respectively.The new charters are expected to commence upon redelivery of vessels by current charterers…

22 Apr 2019

KR Responds to RMI Report on Stellar Daisy Casualty

File Image: CREDIT MarineTraffic.com / © Yeong Ryong Kim

Korean Register (KR), its Chairman, management and entire staff offers sincere sympathies to the families and loved ones of the seafarers who tragically lost their lives due to the sinking of Stellar Daisy. KR reaffirms its commitment to investigating the causes of the sinking, sharing its knowledge and implementing any changes necessary to avoid a similar loss in the future. The factsStellar Daisy was a 266,141 dwt Very Large Ore Carrier (VLOC) owned by Polaris Shipping and flagged with the Republic of the Marshall Islands (RMI).

15 Apr 2019

ICS Backs IMO's Anti-Corruption Moves

Pic: International Maritime Organization

The International Maritime Organization (IMO) has agreed to address maritime corruption by including this important issue in its work programme for the Facilitation Committee.The decision to include an anti-corruption agenda came at the latest meeting of the IMO’s Facilitation Committee (FAL) in response to a submission from Liberia, Marshall Islands, Norway, United Kingdom, United States and Vanuatu. The International Chamber of Shipping (ICS) co-sponsored the submission along with a number of other non-governmental organisations (NGOs).Guy Platten…

03 Apr 2019

RMI Maintains Qualship 21 Status

Representatives of the Republic of the Marshall Islands (RMI) Registry. Photo: RMI

The Republic of the Marshall Islands (RMI) has been recognized on the United States Coast Guard's (USCG's) QUALSHIP 21 roster for 2019-2020. The USCG program rewards vessels for commitment to safety and quality when calling at ports in the United States (US).Only flag States which maintain a port State control (PSC) detention ratio of 1.00% or less over a three-year period and also meet a stringent set of judgement criteria are eligible for the program.A vessel registered in a…

15 Apr 2019

IMO Includes Anti-Corruption on Formal Agenda

MACN members at the 2018 Fall meeting in London. Photo: The Maritime Anti–Corruption Network

The International Maritime Organisation (IMO) showed massive support  agreeing to include maritime corruption as a regular work item on its agenda.A paper on the topic of maritime corruption was presented by the Marshall Islands with  many countries and international organizations  expressing their endorsement of a proposal to develop guidelines to assist all stakeholders in embracing and implementing anti-corruption practices and procedures at the 43rd meeting of the Facilitation Committee (FAL). The IMO will now work on a Guidance document to address maritime corruption.

01 Feb 2019

Product Tanker Market Looks Up

Image: Capital Product Partners L.P.

The product tanker market registered a robust recovery in the fourth quarter of 2018, partially reversing the downward trend observed in the first nine months of the year, said Capital Product Partners.The Marshall Islands' tanker company said in a stock exchange annoucement that the beginning of the quarter was weak in line with the previous quarters, as rates hovered close to historically low levels, but the market gained momentum from early November onwards.In the West, the…

11 Mar 2019

GAC Handles First Tanker at New LNG Terminal

Marshall Islands-flagged LNG carrier ‘LNG/C Golar Snow’  (Photo: GAC Group)

GAC has handled the first tanker to berth at the newly constructed Liquefied Natural Gas (LNG) terminal inside Kamarajar Port, Ennore in Chennai, India. The Marshall Islands-flagged LNG carrier ‘LNG/C Golar Snow’ was carrying the first consignment of 78,037m³ of LNG from Ras Laffan in Qatar for the commissioning of the terminal.Agency operations were overseen by Captain Srinivasan Sethumadhavan, General Manager of Shipping Services at GAC’s Chennai Office, who is optimistic about…

18 Mar 2019

GSL Extends Hapag-Lloyd Charter

Pic: Global Ship Lease

Marshall Islands-incorporated  containership charter owner Global Ship Lease (GSL) has agreed a three-year charter with Hapag-Lloyd for the 2015-built, 9,115 TEU containership UASC Al Khor.The new charter is in direct continuation of the current charter and is expected to commence in June, 2019, with re-delivery in the second quarter 2022, said the owner of containerships with a diversified fleet of mid-sized and smaller containerships.The charter is expected to generate approximately $28 million of Adjusted EBITDA.Ian Webber…

22 Mar 2019

Bollinger Delivers 33rd FRC to USCG

USCG Joseph Doyle in Key West, FL (CREDIT: Bollinger)

Bollinger Shipyards has delivered the USCGC JOSEPH DOYLE, the 33rd Fast Response Cutter (FRC) to the U.S. Coast Guard. The Coast Guard took delivery on the 21st of March, 2019 in Key West, Florida. The 154-foot Sentinel-class Fast Response Cutter has a flank speed over 28 knots, state of the art command, control, communications and computer technology, and a stern launch system for the vessel’s 26-foot cutter boat. The FRC has been described as an operational “game changer,” by senior Coast Guard officials.

28 Mar 2019

CPLP Completes DSS Holdings Merger

Pic: Capital Product Partners L.P.

Greek shipping company Capital Product Partners (CPLP) has completed its merger of crude and product tanker business with businesses owned by tanker owner and operator DSS Holdings.A new company named Diamond S Shipping Inc has been formed which could be the third largest publicly traded MR and product fleet in the world, and one of the world’s largest public mixed product and crude fleet operators.Common stock of Diamond S Shipping  has begun regular-way trading on the New York Stock Exchange yesterday, March 28.CPLP further announced that it has completed its 1-for-7 reverse unit split.

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