First Containership Receives LR Cyber Notation
The newly built containership MV COSCO Shipping Aries, recently delivered to COSCO Shipping Lines, is the first ever containership to receive Lloyd’s Register’s (LR) cyber-enabled ship (CES) descriptive note “Cyber AL3 SECURE PERFORM” for its energy management system. The 20,000 TEU ship was built by Nantong COSCOS KHI Ship Engineering Co., Ltd (NACKS). “MV COSCO Shipping Aries is the first 20K TEU level ultra large containership built in Chinese shipyard owned by COSCO Shipping Container Lines.
Baltic Index Drops to 5-month Low on Sinking Capesize Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell nearly 5 percent on Wednesday to its lowest in over five months due to tumbling capesize rates. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, slid 57 points, or 4.7 percent, to close at 1,164 points, the lowest since Aug. 14. The capesize index fell 267 points, or 13.28 percent to 1,743 points, its lowest level since Aug. 9 last year.
Capesize Rates Pull Baltic Index to 4-month Low
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, hit a more than four-month low on Tuesday, as capesize rates dropped to their lowest since August last year. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, lost 43 points, or 3.4 percent, to 1,221 points, the lowest since Sept. The capesize index fell 221 points, or 9.91 percent, to 2,010 points, its lowest level since Aug. 10 last year.
Japan: Little Chance Sanchi Oil Slick Reaches Its Coast
Japan sees little chance of the oil spill from a stricken Iranian tanker that sank on Sunday in the East China Sea reaching its shores, an official at the nation’s environment ministry said on Tuesday. The large tanker Sanchi (IMO:9356608) sank in the worst oil ship disaster in decades and produced a large oil slick, Chinese media and Japanese authorities said on Monday, as worries grew over damage to the marine ecosystem. The vessel’s crew of 30 Iranians and two Bangladeshis are all believed to have perished in the incident.
Wärtsilä Developing Hybrid Tug for Brazil
Wärtsilä said it has signed a memorandum of understanding (MoU) to develop a new environmentally friendly tug design for a new port facility being built in the Brazilian city of São Mateus. The MoU, signed with Petrocity, parent company of a new port facility, will see Wärtsilä develop a harbor tug design based on its recently launched Wärtsilä HYTug, which features hybrid propulsion and energy storage using batteries. The prime consideration is to maximize the ecological operational…
Azerbaijan, Russia Introduces New Cruise
The Chairman of Azerbaijan Caspian Shipping Company (ACSC) Rauf Veliyev and Konstantin Anisimov, the General Director of Moscow River Shipping Company (MRSC) signed in Baku a memorandum of cooperation in cruise shipping in the Caspian region with the use of the new cruise passenger vessel "Peter the Great". The agreement was signed during the visit of the Russian delegation headed by Konstantin Anisimov to Baku. The agreement provides for joint activities on study and development of optimal routes for cruise passenger vessels…
Threats on Cruise Ship Prompt Federal Investigation
A 20-year-old woman is facing two counts of terrorism-related charges after allegedly penning threatening notes aboard Royal Caribbean’s Legend of the Seas. As a result of the notes, the Legend of the Seas sailing was interrupted for federal investigation of the vessel and to question its 2,400 passengers and crew members. The Legend of the Seas was diverted from its planned destination of Hilo, Hawaii on April 23, to an anchorage located off of Oahu, Hawaii. During the investigation, Kelley Marie Ferguson of Laguna Hills, Calif., confessed to writing the two notes threatening to kill all U.S. citizens aboard the Legend of the Seas in hopes of ending a family vacation early to return to her boyfriend. She appeared in federal court Monday and a hearing is set for Thursday.
Sea Containers Extends Exchange Offer
Sea Containers Ltd. marine container lessor, passenger and freight transport operator, and leisure industry investor, has extended the exchange offer for its outstanding 9-1/2% Senior Notes due 2003 and 10-1/2% Senior Notes due 2003, which commenced on May 28, 2003, until 5:00 p.m., New York City time, on Friday, June 27, 2003. The date by which Notes may be tendered through the guaranteed delivery procedure described in the exchange offer materials will not be extended. Accordingly, certificates representing any Notes tendered pursuant to the guaranteed delivery procedure must be received by The Bank of New York, the exchange agent for the exchange offer, not later than 5:00 p.m., New York City time, on Monday, June 30, 2003. As of 10:00 a.m.
Turkey Reveals Route for New Canal to Ease Bosphorus Shipping
Turkey announced on Monday the route for a planned canal that would reduce shipping traffic on the busy Bosphorus Strait and transform the European half of Istanbul into an island. Work on the 45-km (28-mile) Kanal Istanbul, linking the Black Sea and the Sea of Marmara west of the Bosphorus, will begin this year, Transport Minister Ahmet Arslan said, adding it formed part of Turkey's most expensive construction project. The Bosphorus is one of the world's busiest waterways with 42,000 vessels passing through in 2016 - compared with 16,800 that transited the Suez Canal in the same year.
Drilling to Start in Iran’s Caspian Blocks
Three-dimensional seismological operations at Iranian blocks in Caspian Sea in preparation for spudding two wells are underway and drilling operations are to begin on February 1, according to PIN. Deputy minister of oil for Caspian Sea oil and gas affairs told Petroenergy Information Network that a bid is underway for choosing a foreign contractor with experience in working at deep waters and the results will be announced in two weeks. After drilling test well, exploration wells would be drilled at a depth of 800 m from the sea level and will continue up to 6,000 m below the seabed?. Iran Alborz semi-floating platform will bee used for drilling operations whose construction is almost complete, the article noted.
New Collision Guidance for the Offshore Industry
Mitigating the risk of collision at sea requires an understanding of the causes. The new industry guidance issued by Lloyd’s Register aims to help make offshore operations safer for marine and energy operators. Lloyd Register’s new Guidance Notes for Collision Analysis assist owners, operators and designers of offshore units with identifying potential collision scenarios, assessing the relative risks and conducting numerical analysis, establishing representative collision loads and measuring the impact of these loads on the structural integrity of offshore units. A collision may occur as a result of a vessel losing its positioning or navigational abilities due to structural, mechanical or electrical failure, human error and environmental conditions.
Seven Seas Granted Extension of Cure Period
Seven Seas Petroleum Inc. announced that in connection with its continuing efforts to sell its producing properties in Colombia, the Company has obtained an additional extension of time to cure a potential default under its Note Purchase and Loan Agreement with Chesapeake Energy Corporation until the close of business on December 13, 2002. This extension applies to the Company's previously announced failure to make the $6,875,000 semiannual interest payment on its 12.5% $110 Million Senior Subordinated Notes due November 15, 2002.
NIMA Issues Military Operations Advisory
The U.S. National Imagery and Mapping Agency (NIMA) issued a Special Advisory stating that coalition naval forces are conducting military operations in waters of the eastern Mediterranean Sea, Red Sea, Gulf of Aden, Arabian Sea, Gulf of Oman, and Arabian Gulf. All vessels in these waters are urged to keep a safe distance away from military vessels and to clearly identify themselves so as to avoid the inadvertent use of force. Note use of the term military operations rather than military exercises. Source: HK Law
Paragon Shipping Sells Panamax Bulker to Repay Loan
Paragon Shipping Inc. announced that it has entered into an agreement to sell M/V Kind Seas for a cash consideration of $3.5 million to an unaffiliated third party and the delivery of the vessel was concluded on January 8, 2016. The Company has also agreed with Bank of Ireland to apply the total net proceeds from the sale of M/V Kind Seas towards an immediate prepayment of the loan facility. The remaining principal amount of $4.4 million shall be treated as follows: a) $2.2 million shall be written-off subject to certain conditions and b) $2.2 million…
Norway: We Must Prepare for Arctic Oil Race with Russia
Norway must identify potential offshore oil and gas reserves near its northern maritime border with Russia to better protect its economic interest in the remote Arctic region, energy minister Terje Soeviknes said on Wednesday. The two countries agreed in 2010 to split previously disputed areas of the Barents Sea between them, allowing each to exploit resources hidden beneath the seabed. An increase in drilling activity on the Russian side of the border should lead Norway to push its own agenda, the minister said. "We need to start the discussion about what to do in the far north.
Combating Terrorism: Protecting the United States
Reform conducted a hearing on Combating Terrorism: Protecting the United States. In a news release, issued prior to the hearing, the Subcommittee noted that the purpose of the hearing is to assess progress to date, near-term challenges, and long-term goals of certain efforts to protect the United States from terrorist attacks. With regard to port security, the Subcommittee noted that, in the Port of New York alone, 10,000 ships and 3 million containers arrived in the year 2001. The General Accounting Office presented Testimony at the hearing noting, among other things, that the Coast Guard is developing three new maritime security levels and has instituted its 'Sea Marshal' program to improve port security.
Chinese Sub near Disputed Islands Stokes Tension with Japan
Japan’s defense minister criticized China on Monday for sailing an advanced stealthy nuclear submarine close to disputed islands claimed by Japan and China, saying the action had stoked tension. The submarine, which Japan detected in the East China Sea, was a 110 meter-long Shang-class vessel, which is able to dive deeper and for longer than older boats and is armed with torpedoes and anti-ship missiles, according to Japan’s Ministry of Defence. “Operating a submerged submarine close to another country’s territory goes against the norms of international rules…
Horizon Says Company will Work on Debt
Charles G. (Chuck) Raymond, CEO and President of Horizon Lines Inc., said in an interview that the carrier, which completed a initial public offering (IPO) last September, “will generate significant free cash going forward and that will enable us to pay down debt and grow.” Mr. Since going public at $10 a share on September 27, Horizon’s (HRZ) stock has increased as much as 30 per cent and has exceeded the average performance of 2005 IPOs compiled by Renaissance Capital. “It indicates what we are capable of achieving,” said Raymond. While some analysts have urged the carrier to begin replacing some of its older tonnage, Chuck Raymond noted that there are “well-defined plans” for updating the fleet but would not disclose specifics at this time.
Outlook Bright for Freight Forwarders
The Stifel Logistics Confidence Index for May indicated some improvements from April’s decline. In particular, the six-month outlook appears bright as airfreight gained 2.8 points to 63.4 and sea freight increased 2.1 points to 62.9. Overall, the total index increased 1.1 points to 57.4. Even though this is down 0.6 points from one year ago, it is still 6.7 points higher than May 2013. Airfreight continues to lead the optimism for both the six-month outlook as well as for the present. Sea freight however, remains troublesome for the present and while some ports have settled labor issues, other issues such as the rise of the mega-vessel and larger shipping alliances are straining port operations.
China Research Submersible Set for 7km Dive
Yan Kai, the chief engineer of China's manned deep-sea submersible research vessel Jiaolong, confirmed that the craft will reach a depth of 7,000 meters below sea level this summer, thereby meeting its design goals. The submersible has successfully completed all of its previous trial runs, carrying three crewmembers to a depth of more than 4,000 meters below sea level and subsequently to a depth of 5,038 meters. The successful trials marked significant progress in the design of manned deep-sea submersible craft in China. Mr.
Little Change in Overall Shipping Confidence
Little change occurred in the latest monthly Stifel Logistics Confidence Index. Slipping only 0.1 points from 57 in March to 56.9 this month, the overall index did however favor improvements in the present situation increasing 1.6 points to 51.8. However, expectations for the next six months dimmed falling 1.8 points to 62 for April. The monthly airfreight data is such an example. For April, the present situation increased 0.5 points to 49 whereas expectations declined 2 points to 61.3. The present situation indicates a current market in contraction due to the index figure below the 50-level.
Paragon Sells Ships, Defer Deliveries
The dry bulk operator Paragon Shipping has reached an agreement with its creditors to liquidate its remaining fleet in order to settle one of its debt obligations. The company agrees to sell its six mortgaged vessels to unaffiliated third parties in exchange for the full and final settlement of the outstanding amount of its syndicated loan facility. "The fleet, consisting of the handysize and panamax bulkers Coral Seas, Golden Seas, Prosperous Seas, Precious Seas, Priceless Seas and Proud Seas, is to be sold to unnamed, unaffiliated third parties," Paragon said.
APM Terminals Poti to Build Cargo Terminal
APM Terminals Poti and Poti New Terminals Consortium signed a Memorandum of Understanding (MOU) for a USD 100 million dollar investment in a new bulk cargo terminal that can process 1.5 million tons of dry bulk cargo annually and generate new trade opportunities for customers in the Georgian transit corridor. The new terminal is expected to be built on APM Terminals Poti land and infrastructure and will entail the construction, development and operation of a new breakwater, dry bulk cargo terminal and related infrastructure to serve bulk cargo customers.