MARKET: Why Don’t OSVs Get Scrapped?
The OSV sector will be reliant on a hitherto unseen amount of scrapping to balance the market, writes Gregory Brown, Associate Director – Offshore, Maritime Strategies InternationalThere is a consensus that an OSV market recovery will only be driven a supply side rationalization. As well as a lack of newbuild activity, that rationalization will have to include unprecedented levels of scrapping in a market which has historically witnessed only limited levels of attrition.That limited level of attrition has several deep-seated roots…
US Navy Warship in the Middle East Has COVID-19 Cases
A U.S. Navy warship operating in the Middle East has a dozen cases of the novel coronavirus, while another warship in the region is investigating whether some of its members are also infected.The USS San Diego which has the confirmed cases is at port in Bahrain. It sails with about 600 sailors and Marines aboard.The guided-missile cruiser USS Philippine Sea, which carries some 380 sailors, is expected to pull into port for further testing. The port was not disclosed.“Once we became aware of possible COVID-19 aboard USS San Diego (LPD 22) and USS Philippine Sea (CG 58)…
Tanker Shipping Facing a Tough Year Ahead, Says BIMCO
After a turbulent year, low demand looks set to plague the market in the coming months combined with too many ships fighting for too few cargoes in both the crude oil and oil product segments, says the oil tanker shipping overview and outlook released today by BIMCO.Demand drivers and freight ratesThe realities of the pandemic are setting in for the tanker market. The record-breaking Q2 2020 is a distant memory and, instead, the market faces a slow recovery with low demand, stock…
LR Announces Maritime Executive Leadership Appointments
Among his first key appointments since taking the helm of Lloyd’s Register (LR) in January, Chief Executive Nick Brown has named three new members of LR’s executive leadership team: Mark Darley as Business Director, Marine and Offshore, Andy McKeran as Business Director, Maritime Performance Services and Philippa Charlton as Chief Marketing Officer.“LR recognizes that maritime stakeholders must rise to the demands of changing technology and the drive to decarbonize our industry.
Container Shipping Looks Strong in 2021 - BIMCO
In the full year of 2020, global container shipping volumes fell by 1.2% compared with 2019, much less than feared even before the pandemic was first declared, and much recovered compared with the 6.8% drop recorded in the first six months of the year. Volumes in the second half of the year were up 4.2% from 2019. Much of this growth was concentrated on just a few trade lanes, with congestion and imbalances on these spilling out and causing disruption on other trades.BIMCO expects that 2021 will be even better for container shipping than 2020…
US Navy Seizes Weapons from Dhows off Somalia
The U.S. Navy seized thousands of weapons from two stateless dhows during a maritime security operation off the coast of Somalia last week.A boarding team from guided-missile destroyer USS Winston S. Churchill’s (DDG 81) discovered the illicit cargo during a flag verification boarding in international waters, and the confiscation took place February 11 and 12.The cache of weapons consisted of thousands of AK-47 assault rifles, light machine guns, heavy sniper rifles, rocket-propelled grenade launchers…
Bulgaria Nabs Heroin Haul on Containership from Dubai
Bulgarian authorities have seized 401 kilograms of heroin hidden in containers on a ship that arrived at the Black Sea port of Varna from Dubai, the prosecutor’s office said on Tuesday.Customs officers found the heroin divided among nearly 500 packages stashed inside bitumen roofing rolls from Iran, which arrived on February 7, prosecutors said in a statement.
Ship Tech: GHG Emission Reduction focus of NYK LNG-Fueled PCTC Newbuilds
NYK has concluded a shipbuilding contract with China Merchants Jinling Shipyard (Nanjing) Co. Ltd. for four LNG-fueled PCTCs to be delivered from 2022 to 2023, intended to transport vehicles mainly to/from Europe and/or to the Middle East.The ships are designed with GHG emission reduction, and to that end they will be outfieed with WinGD’s X-DF2.0 iCER main engine, the first time they will be utilized in the world. According to NYK, the engine consumes less gas and reduces GHG by cutting methane emissions from exhaust gas by approximately 50%.
How Will Biden's Iran Strategy Impact Shipping?
How will Biden read Iranian hostilities? Forceful diplomacy or reckless militancy?Anticipating the Biden Administration’s Iran strategy is crucial for understanding future risks for maritime operators in the Strait of Hormuz, the Gulf of Oman and wider Indian Ocean.Though the new U.S. Administration and the Iranian regime have stated their willingness to rejoin the Joint Comprehensive Plan of Action (JCPOA), otherwise known as the Iran Nuclear Deal, they are unlikely to do so.
Fueltrax Announces Expansion in Asia
Maritime fuel management systems provider Fueltrax said it is expanding its representation in Asia in response to growing demand for its solutions in Southeast Asia and Asia Pacific regions. Joining the company is Faiz Azani, Director of Operations – Southeast Asia, and Chris Pemberton, Regional Representative – Asia PacificAzani joined the FUELTRAX team last month and brings 11 years of experience in the oil and gas, shipping, and marine industry, focusing on Southeast Asia, Europe, & the Middle East. He is a former marine expert to Malaysia Petroleum Management (MPM) of PETRONAS.
Teresa Peacock Joins Dryad Global as Non-executive Director
Maritime security risk management firm Dryad Global announced Tuesday it has appointed Teresa Peacock as its first non-executive director.Peacock is currently managing director at maritime staffing and recruitment firm Spinnaker Global and a member of the Maritime UK’s Diversity Taskforce, a board member of the Women's International Shipping & Trading Association (WISTA UK) and a part of the All Party Parliamentary Group for Women and Work. Her experience spans a career in recruitment of over 30 years…
Inmarsat Milestones: 10k Ships with Fleet Express Installed, 'Fleet Data Academy' Launched
Ship data consumption is booming, and as digitalization and data trends increasingly drive the maritime world, Inmarsat celebrated a pair of milestones, hitting the 10,000 vessel mark on Fleet Xpress installations and launching its "Fleet Data Academy."Traffic DoublesAccording to Inmarsat, the growth in Fleet Xpress now includes the world’s leading container ship and tanker owners, such as MOL, K-Line and Hapag-Lloyd, offshore support giants like Bourbon, Tidewater and Maersk Supply, as well as growing numbers of yachts, passenger ships and fishing boats.
Wagner Named Managing Director of SCHOTTEL Middle East
With effect from April 1, 2021, Dirk Wagner will take over as Managing Director at SCHOTTEL Middle East (SME) assuming the responsibilities of Andrew Bull, who will be leaving the company to pursue other interests outside of SCHOTTEL.Wagner has extensive experience and expertise in the area of ship propulsion. He joined SME when it was founded in 2011. Since then, he has been able to put this expertise to good use while being in charge of building up the SCHOTTEL subsidiary’s after-sales activities and expanding its territories into 23 countries in the MIA region (Middle East…
US Imposes Fresh Sanctions on Iran
The United States on Friday sanctioned companies in Iran, China and the United Arab Emirates for doing business with the Islamic Republic of Iran Shipping Lines and on three Iranian entities over conventional arms proliferation.They are the latest in a series of measures aimed at stepping up pressure on Tehran in the waning days of President Donald Trump's administration, which ends on January 20.U.S. Secretary of State Mike Pompeo said Washington had sanctioned seven companies, including Chinese-based Jiangyin Mascot Special Steel Co.
BIMCO: Zero Tonnes of Saudi Crude Oil Imported by the US
In the seven days up to 1 January 2021, the US did not record any crude oil imports from Saudi Arabia. It is the first time this has happened. Previously, imports have averaged several hundred thousand barrels per day (bpd), BIMCO said in "BIMCO’s Shipping Number of the Week" report.For the moment, this drop to zero appears to be a one off as imports in the week ending 8 January totalled 328,000 bpd. The drop does however not come completely out of the blue as volumes on this trade have been falling for many years now.On average…
US Hits Iran With Fresh Sanctions
The United States on Tuesday blacklisted a Chinese company that makes elements for steel production, 12 Iranian steel and metals makers and three foreign-based sales agents of a major Iranian metals and mining holding company, seeking to deprive Iran of revenues as U.S. President Donald Trump's term winds down.In a statement, the U.S. Treasury Department named the China-based company as Kaifeng Pingmei New Carbon Materials Technology Co Ltd.
Iran Denies Seized Korean Ship and Crew Are Being Held as Hostages
Iran denied on Tuesday it was using a South Korean ship and its crew as hostages, a day after it seized the tanker in the Gulf while pressing a demand for Seoul to release $7 billion in funds frozen under U.S. sanctions.The seizure of the MT Hankuk Chemi and its 20-member crew near the strategic Strait of Hormuz has been seen as an attempt by Tehran to assert its demands, just two weeks before President-elect Joe Biden takes office in the United States.Iran wants Biden to lift sanctions imposed by outgoing President Donald Trump.
Boskalis Buys Rever Offshore's Subsea Services Business
Dutch marine contractor Boskalis on Monday acquired all the shares of Rever Offshore’s subsea services business.Rever, formerly known as Bibby Offshore, provides solutions in the area of subsea construction, inspection, repair, and maintenance. The company has operated in the North Sea out of Aberdeen, United Kingdom.Through this transaction, Boskalis will acquire two diving support vessels of which one is fully owned (Rever Polaris) and a second chartered (Rever Topaz). The group employs an onshore staff of around 130 in addition to approximately 220 offshore workers.
Sherrard Enhances Squire Patton Boggs Commodities and Shipping Capabilities
Squire Patton Boggs continued the expansion of its commodities and shipping capabilities with the addition of partner Kate Sherrard into its Financial Services Practice. She joins the firm from Clifford Chance where she was Head of the Asia Pacific Maritime and Offshore Group and is accompanied by senior associate Bernice Chia.“When we launched our commodities and shipping group last year we set our sights on creating one of the premier practices in the market,” said Steve Mahon, global managing partner – clients and strategy.
Venezuela's Oil Exports Plunge to 1940's Level Under Tighter U.S. Sanctions
Pressured by strict U.S. sanctions, Venezuela's oil exports plunged by 376,500 barrels per day (bpd) in 2020, according to Refinitiv Eikon data and internal documents from state-run PDVSA, financially squeezing socialist President Nicolas Maduro.The administration of U.S. President Donald Trump also put curbs on PDVSA's main trading partners, the owners of tankers still transporting Venezuelan oil and on fuel supply to the gasoline-thirsty nation.The punishment, aimed to oust Maduro after his 2018 re-election was called a sham by most Western nations…
UAE Emerges as Hub for Companies Helping Venezuela Avoid US Oil Sanctions
In June, the United States imposed sanctions on half a dozen oil tankers managed by established shipping firms. It was a major escalation of American attempts to choke off Venezuela’s oil trade.Within weeks, a little-known company based in the United Arab Emirates took over management of several tankers that had been shipping Venezuelan oil. The vessels got new names. And then they resumed transporting Venezuelan crude.The company, Muhit Maritime FZE, is one of three UAE-based entities identified by Reuters that have shipped Venezuelan crude and fuel during the second half of this year.
Shortage of Shipping Containers Could Hit Indian Automakers
Automakers in India are bracing for a parts shortage and possible production losses over the next three to four months due to a global shortage of available shipping containers, said a trade body in the world's fifth-biggest auto market.Shipping freight rates have surged since July and companies are now finding it "almost impossible to sustain normal trade operations", said Rajesh Menon, director general at the Society of Indian Automobile Manufacturers (SIAM).That is a cause…
Iraq to Sign $2.625 Bln Port Contract with S.Korea's Daewoo
Iraq's government has agreed to sign a $2.625 billion contract with South Korea's Daewoo Engineering & Construction to build the first phase of a giant cargo port in the south of the country, a port manager said on Wednesday.The long-planned and repeatedly delayed Grand Faw port is one of several projects that Iraq hopes will create a shorter transportation corridor between the Middle East and Europe, bypassing the Suez Canal.Under the contract, expected to be signed on Sunday, Daewoo E&C will handle construction works that include building five berths to unload ships and a yard for containers