Moore Stephens Advocates Dynamic Risk Analysis
Forecasting techniques in shipping have at last become as dynamic as the shipping industry itself, according to Chris Chasty, head of the shipping industry group at leading accountants and consultants Moore Stephens. Moore Stephens has been using its recently developed Dynamic Risk Solutions (DRS) risk analysis service to analyze major projects for clients. Writing in the latest issue of the Moore Stephens newsletter, the bottom line, Chasty says, "It helps increase confidence in project planning. Chasty expects both bankers and shipowners to increasingly use DRS to assess projects. "Knowing a likely outcome is one thing. Measuring how likely that outcome is provides a lot more comfort," he says. Chasty accepts that many owners still rely on gut feeling to get it right.
Report on MOL Comfort Incident is out
For all inquiries regarding the report, please fill out an Enquiry Form via the website above. Answers to these inquiries will also be regularly updated as Q&As on the ClassNK website. ClassNK has scheduled an immediate Explanatory Meeting with IACS members to explain the report and to share the findings and outcomes among the IACS members. ClassNK will continue to work towards the safety of the large container ships including improvement of the relevant Rules, Guidance and Guidelines.
HiLoad LNG Offloading Solution Presented at OTC
HiLoad LNG AS, a subsidiary of Sevan Marine ASA, and Technip presented together this year the HiLoad LNG Parallel Loading System (PLS) at OTC. This system utilizes the HiLoad LNG unit for station keeping and Technip’s cryogenic flexible aerial pipes to transfer LNG from a FLNG unit (either a Sevan Marine Cylindrical unit or ship shaped FLNG) to a fully conventional LNGC with no modifications necessary. The combination of the HiLoad LNG unit and Technip’s cryogenic pipes was simulated last year at MARIN’s facilities in Holland. The successful outcome of this simulation demonstrated the ability of the system to maintain vessel separation of 100m or more in rough environmental conditions and with a minimum length of the LNG transfer lines.
EXMAR, VOPAK Ink FSRU Business Deal
Following the announcement on 2 September 2016 that EXMAR and Vopak had started exploratory discussions on floating LNG storage and regasification, an important milestone has been reached being the signing of an agreement on the acquisition of the FSRU business of EXMAR by Vopak and the possible cooperation between EXMAR and Vopak in future projects. The agreement on the acquisition envisages the transfer in stages of EXMAR’s participation in FSRU assets, FSRU projects under development and a corresponding part of the EXMAR organisation.
Collaboration Lays Benchmark for International Award
A combined Defence and industry team has won the International Association of Contract and Commercial Management Innovation Award for Operational Improvement. The FFG Enterprise is a collaboration between Defence's Capability Acquisition and Sustainment Group, Royal Australian Navy, Thales Australia and BAE Systems Australia, working together to sustain and deliver seaworthy guided missile frigates. Deputy Secretary Capability Acquisition and Sustainment Group, Mr Kim Gillis,…
Australian Port Bid Pending
The lead sale consultant for the sell-off of South Australia state's main ports was on Tuesday confident of a good outcome as two final bids were evaluated, but said a final decision was still weeks, if not months away. James Hatherley, a director with Arthur Andersen, confirmed that two final bids had been lodged this month for the group of six ports but said the evaluation process was complex as the new owner was required to build a dedicated deep sea grain wharf at the 18-berth capital city facility at Port Adelaide. "We got offers in on (July 9), we've been evaluating them and the government will be assessing that evaluation pretty shortly," Hatherley said. "There's not going to be an announcement until we've signed the contract.
Navy Keeps Quiet Regarding Sub Captain's Fate
Japanese officials on Friday were disappointed after U.S. naval officers failed to shed light on whether the captain of a submarine that sank a Japanese fishing trawler, leaving nine lost at sea, would be court martialed. A team of U.S. naval officers visited local officials and families of the nine people, including four teenage fisheries students, lost after the USS Greeneville surfaced into and sank the Ehime Maru off Hawaii on February 9. The commander of the U.S. Pacific Fleet is prepared to order the captain and a key enlisted man to undergo disciplinary hearings but not courts-martial for their roles in the accident, a navy official in Honolulu said on Thursday.
Calculating Settlement Value of a Case
It has been said that war is politics by other means. It is probably equally true that litigation is business by other means. On the one hand, the threat of litigation – and the resulting costs, inconvenience and uncertainty – will often compel parties to resolve their differences on terms which they might otherwise consider less than ideal. And on the other hand, if an acceptable compromise cannot be reached, then litigation is the tool by which the parties can obtain a definitive resolution to the dispute. This analogy does not apply just to “business” litigation.
EU Launches Maritime Safety Agency
The European Union has launched a Maritime Safety Agency in an effort to boost safety regulations following the Prestige outcome. It is reported EU governments decided to create the EMSA after the Erika incident in 1999, but the agency is now being implemented following the effects on the Spanish coast.
Developing Strategies for Enhancing Surface and Maritime Mobility
The General Accounting Office (GAO) released its August 2002 report to Congress entitled Surface and Maritime Transportation - Developing Strategies for Enhancing Mobility: A National Challenge. The report discusses the increasing congestion, particularly on the highways. It noted that federal spending on waterways remained constant during the period 1991 through 2000, while usage increased. The report recommends, among other things, that Congress focus on the entire system rather than on specific modes to achieve desired mobility outcomes. Source: HK Law
Osprey Maritime Gets Extension
Oil and gas shipping firm Osprey Maritime's bankers have agreed to an extension through the third quarter of 2002 of $362 million in short term loans. The facilities were originally repayable on July 20, 1999. The outlook for Osprey, which has a total debt of $813.7 million as of June 30, 1999, hinged on the outcome of its talks with bankers to extend its short term loans. The debt was incurred following its multi-million acquisition of Gotass Larsen Shipping Corp in 1997.
GAO –DHS Programs Lack Oversight
The Government Accountability Office (GAO) issued a report stating that some major Department of Homeland Security (DHS) programs lack appropriate oversight. For example, the Secure Freight Initiative, designed to test the feasibility of scanning 100% of US-bound cargo containers with nonintrusive equipment and radiation detection equipment at foreign seaports, has an estimated life-cycle cost of $1.7 billion. The program faces a number of challenges, including measuring performance outcomes, logistical feasibility of some aspects of the investments, and technological issues. GAO-09-29 (11/20/08). (Source: Holland & Knight)
OPEC Output Cut May Hit Shipping
According to a report from The Economic Times, the Indian shipping industry is concerned with the steady fall in crude oil prices and is waiting for the outcome of an important upcoming OPEC meeting. Industry officials feel that if Organization of the Petroleum Exporting Countries (OPEC) cuts production further, tanker rates could go into free fall, delivering a body blow to the domestic shipping industry that has half of its fleet in tankers. Tanker rates have already more than halved in the past one year. (Source: The Economic Times)
International Standards on Transport of Dangerous Goods
The Research and Special Programs Administration (RSPA) of the U.S. Department of Transportation will conduct a public meeting in Washington, DC on January 16, 2002. The meeting is for the purpose of discussing the outcome of the 20th session of the United Nation’s Sub-Committee of Experts on the Transport of Dangerous Goods. 66 Fed. Reg. 66753 Source: HK Law
Shipping Coordinating Committee – COMSAR and NAV meeting
The Shipping Coordinating Committee, sponsored by the U.S. Department of State, will meet in St. Pete Beach, Florida on May 20 to review the outcome of the recent meeting of the IMO Subcommittee on Radiocommunications and Search and Rescue (COMSAR) and to prepare for the upcoming meeting of the IMO Subcommittee on Safety of Navigation (NAV). 69 Fed. Reg. 22898 (HK Law).
Greek Court Sets New Deadline for Royal Olympic Cruise Lines
Royal Olympic Cruise Lines announced that the Greek court administering the section 45 proceeding regarding its subsidiaries has allowed the company an extension until Thursday, February 12, 2004, to reach agreement on a plan of restructuring with the holders of at least 51% of outstanding obligations. The company is in negotiations with its major creditor, Fortis Bank, which itself holds more than 51% of the total obligations. In addition the company announced that it has put all administrative staff in Greece on unpaid leave pending the outcome of the court ruling and discussions with financial institutions and various creditors.
IMO Environment Committee Issues Measures
The Marine Environment Protection Committee (MEPC) of the International Maritime Organization (IMO) agreed to circulate, via MEPC circulars, a package of interim and voluntary technical and operational measures to reduce greenhouse gases (GHGs) from international shipping and a work plan for its further consideration of market-based instruments to provide incentives for the shipping industry, when it met for its 59th session from 13 to 17 July 2009, at the IMO Headquarters in London. These measures are intended to be used for trial purposes until the Committee's sixtieth session (MEPC 60) in March 2010, when they will be refined, as necessary, with a view to facilitating decisions on their scope of application and enactment.
Oil Ends Higher in Choppy Trade ahead of Britain's EU Vote
Oil prices closed 2 percent higher after a volatile session on Thursday, with investors less worried about prospects for the global economy after the last pre-vote opinion polls showed Britain was likely to remain in the European Union. Oil prices were also supported by market intelligence firm Genscape's report of a drawdown of nearly 1 million barrels at the Cushing, Oklahoma storage base for U.S. crude futures during the week to June 21, traders who saw the data said. Brent crude settled up $1.03, or 2.1 percent, at $50.91 a barrel. U.S. crude settled at $50.11 a barrel, up 98 cents. Both contracts shot up in the last few minutes of trading. Commodities and other financial markets have been on tenterhooks ahead of Britain's referendum on EU membership.
Maersk 'BBB+' Ratings Put On CreditWatch Negative
• A.P. Moller – Maersk A/S (Maersk) recently announced its undertaking of a strategic and structural review of its business set-up. • We understand that the disposal of one or several of Maersk's main business units could form part of the review's outcome, and we think that such a split would hurt the group's business diversification. • We are therefore placing our 'BBB+' ratings on Maersk on CreditWatch negative. • We aim to resolve the CreditWatch within the next three months.
Women in Maritime: New UK Taskforce Established
Setting out to increase fairness, equality and inclusion within the maritime sector, Maritime UK has established a Women in Maritime Taskforce, a move welcomed by the U.K.’s new Maritime Minister, Nusrat Ghani MP. “I am delighted to see Maritime UK taking action to attract more women into our maritime industries, and I welcome this taskforce as an important first step,” said Ghani, who is only the second woman to hold the Department for Transport portfolio for the U.K.’s £40 billion maritime sector.
Peter Thomson of Fiji is UN Special Envoy For The Ocean
United Nations Secretary-General António Guterres has appointed Peter Thomson of Fiji as his Special Envoy for the Ocean, aiming at galvanizing concerted efforts to follow up on the outcomes of the United Nations Ocean Conference in support of the 2030 Agenda for Sustainable Development, maintaining the momentum for action to conserve and sustainably use the oceans, seas and marine resources for sustainable development. Thomson will lead the United Nations advocacy and public outreach efforts inside and outside of the United Nations system…
Shoreham Port Engineers Complete Lock Gate Maintenance
On the 18 th October, the Port’s Engineering team successfully replaced the existing 1.8m diameter sluice valve at the south east corner of our Prince Phillip Lock with a refurbished spare as part of their on-going regime of programmed maintenance. Site preparation work and detailed planning had been carried out for several weeks prior to the changeover to ensure a successful outcome and to minimise disruption to the flow of ships through the lock. Following motivational bacon sandwiches and team briefings…
Rickmers Maritime: Uncertain Outcome casts Doubt on Business
Rickmers Maritime, a Singapore-listed trust that operates container ships, said it faces the risk of going out of business given the uncertain outcome of its discussions with bondholders and senior lenders about restructuring its debt. The firm said it would not be able to pay an interest of S$4.26 million, which is due on Nov. 15, on a S$100 million ($71 million) bond that it has been trying to restructure. "In view of the uncertain outcome of the discussions with senior lenders and the adjourned noteholders' meeting…