Marine Link
Tuesday, October 16, 2018

Marshall Islands News

EuroDry Gets Refinance, Expands Fleet

Pic: EuroDry

EuroDry announced that it has completed the refinancing of the debt of M/V Alexandros P, a 62,000 dwt ultramax drybulk vessel built in 2017.The owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes said in a press release that the new loan facility of $15 million was used to repay the previous loan facility with an outstanding balance of $9.9 million and provide additional liquidity to the Company.The new loan will have a maturity of…

Marshall Islands Confirms No Class Certificate Surcharge

International Registries offices across the world. Map: International Registries, Inc.

International Registries, Inc. and its affiliates (IRI) has announced that the Republic of the Marshall Islands (RMI) Registry will not follow competitors by levying surcharges and commissions on vessel documents and certificates issued on its behalf by the Classification Societies.The RMI Registry will continue to provide its clients with a transparent pricing structure for the issuance of key certificates needed by shipowners.Bill Gallagher, President of IRI, which provides administrative and technical support to the RMI Registry…

Star Bulk Carriers Lists on the Oslo Stock Exchange

Photo: Star Bulk Carriers Corp

The global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector Star Bulk Carriers Corp will commence trading on the Oslo Stock Exchange under the ticker “SBLK R” starting on Monday July 16, 2018. The ship manager of seaborne transportation announced on July 6 2018 that it had closed the acquisition of 15 operating dry bulk vessels from Songa Bulk for an aggregate of 13.725 million common shares of Star Bulk and $145.0 million in cash.

ICS-UN Negotiation on Future Ocean Governance

Image: United Nations

International Chamber of Shipping (ICS) is representing shipowners at the start of a major negotiation to agree a new legal instrument for the protection of the ocean under the UN Convention on the Law of the Sea (UNCLOS) – which will apply to ‘high seas’ areas ‘beyond national jurisdiction’.Addressing government negotiators in New York today (5 September), ICS Chairman, Esben Poulsson, highlighted the need to ensure that this UN initiative will not “unwittingly” impact on the effective future governance of global shipping…

Global Ship Lease Adds 2,800 TEU Containership

Image: Global Ship Lease

Global Ship Lease, a containership charter owner, announced that the Company has taken delivery of a 2005-built, 2,800 TEU containership, now named GSL Valerie. Shortly after delivery, and as agreed at the time the Company contracted to purchase the vessel, GSL Valerie will commence charter employment with CMA CGM for a period of 12 months at a fixed rate of $9,000 per day. The Company’s fleet now comprises 19 vessels with a total capacity of 85,112 TEU. Ian Webber, Chief Executive Officer of Global Ship Lease…

Mariner Training in Brazil: Inside the Institute of Nautical Sciences

SIMNAV bridge simulator. Image: ICN

For a long time there has been a deficit of trained maritime officers in Brazil, as for decades the only accredited training institutes were run by the Brazilian Navy, where a very limited number of prospective maritime deck and engine officers could be trained at its two training institutes in the country. That's all changing now with the Institute of Nautical Sciences (ICN) leading the way.With the discovery of the pre-salt in 2007 and the continued growth of the maritime and offshore sectors, the lack of qualified Brazilian officers became acute.

Ailing Tanker Crewmember Medevaced

© Aart van Bezooijen / MarineTraffic.com

The U.S. Coast Guard medevaced a 59-year-old crew member from an asphalt/bitumen tanker near Dauphin Island, Ala., Sunday.Coast Guard watchstanders in Mobile, Ala. received a notification at 10:38 p.m. Sunday from the master of the motor vessel Marshall Islands flagged Asphalt Sailor about a Russian crewmember who was reported to be experiencing symptoms of heart arrhythmia.The Coast Guard launched a Response Boat-Medium boatcrew from Station Dauphin Island to medevac the ailing…

WFW Advises CMBFL on Sale, Leaseback of 15 Dry Bulker

Image: Watson Farley & Williams

Watson Farley & Williams (WFW) has advised CMB Financial Leasing (CMBFL) on a US$180.4m sale and leaseback transaction with Star Bulk Carriers Corp, a Nasdaq-listed global shipping company providing worldwide seaborne transportation of dry bulk cargoes.The funds obtained by Star Bulk under this new five-year capital lease of US$180.4m entered into with CMBFL were used to part-finance the cash portion of the consideration with regards to Star Bulk’s acquisition of 15 dry bulk vessels from Norwegian shipowner Songa Bulk ASA.Founded in 2008…

NAPA Brings Digital Logbooks Within Reach of More Ships

 Image: NAPA

NAPA, the maritime software, services and data analysis provider announced that its industry-benchmark electronic logbook, NAPA Logbook, is now available as a monthly service solution.According to media release, this reduced barrier to entry will bring the connectivity and job automation benefits of digital logbooks to more of the maritime market. NAPA Logbook will also be one of the first integrations with NAPA Mobile, enabling support for smartphone logbook entries wherever the crew are onboard.As the world’s leading provider of electronic logbooks…

Liberia Becomes Fastest Growing Flag in Shipping

Image:  Liberian Registry

Liberia is the fastest growing major open registry in 2018 in both the shipping and offshore sectors, according to shipping services provider Clarksons in its Clarksons World Fleet Monitor June 2018.Alfonso Castillero, CCO of the Liberian International Ship & Corporate Registry (LISCR), the US-based manager of the Liberian Registry, said: “I am delighted to see that Liberia continues to be the leading flag in 2018. It has grown by 2.2 percent in terms of gross tonnage overall so far this year…

Norton Rose Fulbright, Citibank on USD 2.2bln Danaos Corp Restructuring

Photo: Danaos Corporation

Global law firm Norton Rose Fulbright has advised Citigroup and other lenders of Danaos on a $2.2 billion restructuring of NYSE-listed Danaos Corp (DAC), one of the world’s largest independent owners of modern, large-size containerships.Norton Rose Fulbright’s Athens, London and New York offices advised Citigroup and certain other lenders (including China Exim Bank and Eurobank) on new money, take out and refinancing facilities, restructuring support agreements, debt for equity arrangements…

IMO for Protecting Oceans and High Seas

Image: International Maritime Organization (IMO)

Ships plying their trade across the world’s oceans are subject to stringent environmental, safety and security rules, which apply throughout their voyage. The comprehensive regulatory framework developed by International Maritime Organization (IMO) for international shipping has been highlighted during a United Nations oceans conference in New York, United States (4-17 September).A press release from IMO said that  the conference is taking the first steps towards developing a…

RMI Registry Establishes Worldwide Gas Team

© vladsv / Adobe Stock

The world's second largest ship registry said it is looking to advance its position as the largest registry of gas carriers and expand its footprint in the transportation and processing of liquefied gases with the formation of a dedicated gas experts team.The Republic of the Marshall Islands (RMI) Registry said its new Worldwide Gas Team is comprised of experts in the design, technical management, inspection and commercial operation of gas carriers. The group is able to provide guidance from inspection and registration to technical issues and regulatory challenges…

Bollinger Delivers USCGC Robert Ward

USCGC Robert Ward in Key West, Fla. (Photo: Bollinger Shipyards)

The U.S. Coast Guard on Tuesday took delivery of the 30th Fast Response Cutter (FRC), USCGC Robert Ward, in Key West, Fla.The 154-foot patrol craft, built by Louisiana shipbuilder Bollinger Shipyards based on the Damen Stan Patrol Boat 4708 design, is the 30th vessel in the Coast Guard's Sentinel-class FRC program. USCGC Robert Ward is scheduled to be commissioned in California in February 2019. It will be the second of four FRC’s to be stationed in San Pedro, Calif.“Previous cutters have been stationed around the nation including Alaska and Hawaii…

Global Ship Lease Bags New Time Charter with Maersk Line

File Image: Global Ship Lease

Global Ship Lease announced a new time charter with Maersk Line for the 2004-built, 8,063 TEU containership OOCL Ningbo, which has been renamed GSL Ningbo, following her redelivery by OOCL on September 17, 2018.The containership charter owner said in a press release that the vessel will be chartered, commencing on or around September 21, 2018, for a period of between two and 12 months, with a subsequent option for an additional 12-month extension (at charterer’s option).During the first three months…

Euronav sells Suezmax Cap Romuald

Photo: Euronav

Euronav NV announced that the Company has sold the Suezmax Cap Romuald (1998 – 146,640 dwt) for USD 10.6 million.The vessel was delivered to her new owners on 22 August. The Company will record a capital gain of approximately USD 9 million in the current quarter.The sale of the Cap Romuald is part of a fleet rejuvenation program. Together with the sale Euronav is taking in operation four new Suezmax vessels, of which three (Cap Pembroke, Cap Quebec and Cap Port Arthur) have already been delivered…

Euroseas Completes EuroDry Spinoff

Photo: EuroDry Ltd

Euroseas announced  that it has completed the spin-off of its drybulk fleet into EuroDry Ltd. Euroseas shareholders received one EuroDry Ltd share for every five shares of the Company they owned. Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are very pleased to complete the spin-off of our drybulk fleet into a separate publicly listed company, EuroDry Ltd. Euroseas now becomes a pure containership company, the only US-listed containership owner focused on the feeder sector. EuroDry was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands.

Marshall Islands to Address Shipping Safety Concerns

Photo: Theo Xenakoudis, Director, Worldwide Business Operations, International Registries

The Republic of the Marshall Islands (RMI) has submitted a paper to the International Maritime Organization (IMO) Intersessional Working Group (ISWG) on the consistent implementation of the 2020 global fuel oil sulphur standard under MARPOL Annex VI. The submission, which was co-sponsored by the Republic of Liberia, the Baltic and International Maritime Council (BIMCO), the International Chamber of Shipping (ICS), the International Association of Dry Cargo Shipowners (INTERCARGO)…

Tanker Refloated in St. Lawrence Seaway

© Gary Clifford / MarineTraffic.com

A 17,000 dwt product tanker that ran aground in the St. Lawrence Seaway last week has been refloated and pulled free from the edge of the waterway.The Marshall Islands flagged Chem Norma was refloated Sunday after running aground near Morrisburg, Ontario last Tuesday. The St. Lawrence Seaway Management Corporation (SLSMC) said the ship is undergoing an inspection process to ensure that it is ready to resume its transit.The 145-meter Chem Norma, carrying refined petroleum products, went aground at 4:09 AM on Tuesday, May 29, due to an issue with its rudder.

Season’s First Saltie Heads for Duluth-Superior

© Dianne Temple / MarineTraffic.com

The first ‘saltie’ of the 2018 commercial navigation season is on its way to the Port of Duluth-Superior. The 656-foot bulk carrier Federal Weser is scheduled to pass beneath Duluth’s Aerial Lift Bridge by 10 p.m. tonight and is expected to start loading Monday morning at the CHS terminal on the Superior side of the harbor. If all goes according to plan, the ship should depart late Tuesday or Wednesday with 21,400 metric tons of durum wheat bound for Algeria. The Federal Weser, part of the Fednav fleet, last visited the Twin Ports in 2015.

IMO Reaches Deal to Cut CO2 Emissions

© Kara  / Adobe Stock

The United Nations shipping agency reached an agreement on Friday to cut carbon emissions, following years of slow progress. The compromise plan, which will cut emissions by at least 50 percent by 2050 compared with 2008 levels, fell short of more ambitious targets. Kitack Lim, Secretary-General of the International Maritime Organization (IMO), said the adoption of the strategy "would allow future IMO work on climate change to be rooted in a solid basis". The IMO said it would also be pursuing efforts towards phasing out CO2 emissions entirely.

Euronav Secures Loan for Four Ice-class Suezmaxes

Courtesy Euronav

Tanker shipping company Euronav has secured a loan facility providing financing for four ice-class suezmax newbuildings under construction by Hyundai Samho Heavy Industries Co., Ltd., two of which have recently been delivered with the remaining two scheduled for delivery later in 2018.Watson Farley & Williams LLP (WFW) said it acted for Crédit Agricole Corporate & Investment Bank in relation to a $173.5 million loan facility for Euronav NV signed on March 22, 2018. The commercial lenders were Crédit Agricole Corporate & Investment Bank…

Women Empowerment in Pacific Maritime

Photo: International Maritime Organization (IMO)

Women in maritime are a key contributor to the maritime transport sector. This was the message of Helen Buni from International Maritime Organization (IMO)'s gender programme as she opened the second regional conference for Pacific Women in Maritime held in Port Moresby, Papua New Guinea, (26–28 April). The conference highlighted the significant progress made by the women in maritime association (WIMA) in the Pacific to integrate more women into the industry. The event reaffirmed…

Maritime Reporter Magazine Cover Oct 2018 - Marine Design Annual

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.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News