Marine Link
Thursday, November 15, 2018

Shipping News

BIMCO Develops 2020 Bunker Clauses

Pic: BIMCO

The Baltic and International Maritime Council (BIMCO) has developed two bunker clauses to support the implementation of International Maritime Organization’s (IMO) sulphur 2020 regulations, which come into force on January 1, 2020.The largest of the international shipping associations representing shipowners poited out that the  Global Marine Fuel Sulphur Clause for Time Charter Parties was approved by the Documentary Committee at its meeting in Copenhagen on 13 November.“It is…

Myanmar's Oil Spill Preparedness

Pic: International Maritime Organization (IMO)

Myanmar is the latest country to benefit from International Maritime Organization (IMO)’s work to enhance marine oil spill preparedness and response in the ASEAN region.A press note from the UN agency informed that a training course for senior officials and members of the national oil spill management team is taking place in Yangon, Myanmar (12-14 November).The training is focused on the effective response to oil spills, including on both managing risks from shipping and incident management.

ICS Chairman Warns on Global Trade War

ICS Chairman Esben Poulsson. File Photo: International Chamber of Shipping (ICS)

International Chamber of Shipping (ISC) Chairman Esben Poulsson has warned of the threats facing the global economy as US trade sanctions against China and other countries risk damaging long-term development.Speaking on behalf of the global trade association for ship owners in Tokyo on 13 November, Poulsson said that the shipping industry had little power to change the geopolitical and trade policies pursued by governments.Esben Poulsson, highlighted serious concerns about the…

Bowman Power's Engine Efficiency Solution for the Marine Sector

A cutaway depiction of the Bowman ETC system. CREDIT: Bowman

A consortium, led by Bowman Power Group Ltd (Bowman), has successfully created a new, marine-capable system to increase engine efficiency and reduce emissions.Just months after the International Maritime Organisation (IMO), reached an agreement to cut carbon emissions from the global shipping industry by at least half by 2050, this technology is ideally timed with the needs of the market.The project was part-funded by Innovate UK, the UK’s innovation agency, and a leading research and innovation hub.

ForSea Completes ABB Powered Battery Ferry Conversion

Power on Ferry (Credit Forsea)

Inauguration of Tycho Brahe and Aurora marks successful completion of a high-profile conversion project with ABB’s technology at its heart.The largest emission-free ferries in the world have been officially welcomed into service after guests boarded Tycho Brahe in Helsingborg, Sweden and Helsingør, Denmark on November 9 for a special inauguration ceremony marking completion of an all-electric conversion.“We are delighted that the entire system is in place to support the emissions-free operations we envisaged from the outset,” said Johan Röstin, CEO, ForSea.

SCF Inks Deal to Finance LNG Carrier

Nikolai Kolesnikov Senior EVP & CFO PAO Sovcomflot

Sovcomflot concludes USD 149 million project credit facility for up to 10 years with three leading European banks.Sovcomflot (SCF Group) is pleased to announce that it has signed a new USD 149 million credit facility, for up to 10 years, with a consortium of three leading international banks, comprising: ING Bank N.V.; KfW IPEX-Bank GmbH, and Crédit Agricole Corporate and Investment Bank.The funds will be used towards financing the construction of a new generation 174,000-cubic metres Atlanticmax LNG carrier.

Five Container Shipping Gaints Form Digital Collaboration

Image: Mediterranean Shipping Company

Five container shipping companies - MSC, A.P. Moller – Maersk, CMA CGM, Hapag-Lloyd, and Ocean Network Express -  intend to create an association with the purpose of paving the way for digitalization, standardization and interoperability in the container shipping industry.IT executives from the shipping groups are currently discussing the creation of common information technology standards which shall be openly available and free of charge for all stakeholders of the wider container shipping industry.“It’s in the customers' and all stakeholders’ best interest…

Sovcomflot Gets $149m Credit Facility for LNG Carrier

Ice-breaking LNG carrier Christophe de Margerie. Photo: Sovcomflot

Russian maritime shipping company Sovcomflot has signed a new USD 149 million credit facility, for up to 10 years, with a consortium of three leading international banks, comprising: ING Bank, KfW IPEX-Bank GmbH, and Crédit Agricole Corporate and Investment Bank.Russian shipowner specializing in petroleum and LNG shipping said that the funds will be used towards financing the construction of a new generation 174,000-cubic metres Atlanticmax LNG carrier.The vessel will feature a slow-speed tri-fuel X-DF diesel engine and gas boil-off partial liquefaction system.

Diana Shipping Fixes M/V Maia with Glencore

M/V Maia. Pic: Diana Shipping

The provider of shipping transportation services Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Glencore Agriculture B.V., Rotterdam, for one of its Kamsarmax dry bulk vessels, the m/v Maia.The global shipping company specializing in the ownership of dry bulk vessels said in a press release that the gross charter rate is US$13,300 per day, minus a 5% commission paid to third parties, for a period until minimum January 1, 2020 up to maximum March 31, 2020.

Novatek Ships First LNG Cargo To China Via Arctic

Image: Novatek

Novatek Gas and Power Asia, wholly owned subsidiary of Russia’s largest independent natural gas producer Novatek, shipped a cargo of liquefied natural gas (LNG) produced from the Yamal LNG project to China National Offshore Oil Corporation (CNOOC).The LNG cargo was delivered to Fujian LNG Terminal in China via the Northern Sea Route (NSR) by an Arc7 ice-class LNG carrier in 20 days, completing the NSR part of the journey in 7.5 days.A release from the natural gas producers quoted Leonid Mikhelson…

Capesize Fall Drags Down Baltic Index

File Image: AdobeStock / CREDIT © Leonid Eremeychuk

The Baltic Exchange's main sea freight index, tracking rates for ships ferrying dry bulk commodities, slipped for the eleventh straight session on Tuesday as the capesize index posted its biggest daily percentage fall in more than 10 months.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 61 points, or 5.4 percent, to 1,064 points.The capesize index plunged 17.5 percent, or 245 points, to 1,153 points, its biggest one day percentage decline since Jan.

Japan Takes South Korea to WTO Over Financial Support for Shipbuilders

Japan has launched a complaint at the World Trade Organization to contest allegedly illegal financial support given by South Korea to commercial shipbuilders, according to a WTO filing published on Tuesday."The measures in question relate to the development, production, marketing, and/or sale or purchase of commercial vessels, including vessels designed to carry crude oil, liquefied natural gas (LNG), and shipping containers," Japan's complaint said.(Reuters, Reporting by Tom Miles; editing by Stephanie Nebehay)

Floating LNG Storage in Asian Waters Soars as Demand Falters

File Image (CREDIT DNV GL)

As many as 20 LNG tankers floating in Asian waters; most off Singapore. The last time tankers used for storage was in 2014.Tankers storing liquefied natural gas (LNG) in Asian waters have more than doubled in number since late October as traders have been caught off guard by warmer-than-expected temperatures that have capped demand and pulled down prices.Spot market demand ahead of winter has been slowed by the forecasts for warmer temperatures this year in North Asia, with onshore storage tanks filling up."People were expecting China to buy as much as last year in the spot market…

ABB Signs Breakthrough Contract for Marine Automation in China

Photo: Viking Line

ABB has won its first marine automation system contract for a cruise ferry in China, after the technology package for Chinese-built Viking Line vessel has been extended to include the ABB Ability System 800xA.ABB Ability System 800xA integrates power, propulsion and vessel management systems into one platform, enabling both crew and onshore teams to get a comprehensive overview of all the information needed to operate the vessel in the safest and most efficient manner. Adding marine automation to the technology package will improve project management…

Langh Tech Delivers Scrubbers for the Greek Market

Photo: Langh Tech

Langh Tech has secured a large deal in Greece for the delivery of 10 shipset scrubber systems for Bulk Carriers and Product Tankers.Shipping companies Marmaras Navigation and Delta Tankers, owned by Mr. Diamantides, one of the most reputable Greek shipowners, have selected Langh Tech’s systems for their continuing fleet upgrade program.Marmaras and Delta Tankers belong to the first movers among the Greek ship owners, that have selected during early 2018 to entrust scrubber technology…

Baltic Index Marks First Gain in 13 days on Higher Capesize Demand

© Aleksey Stemmer / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships transporting dry bulk commodities, snapped its 12-day losing streak on Thursday, powered by a rise in demand for capesize vessels.* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 11 points or 1.1 percent - after falling 12 sessions in a row - to 1,020 points.* The capesize index marked its first gain in 12 days, rising 7.1 percent, or 67 points, to 1,007…

Hyundai Merchant Marine Loss Grows in Q3

Image: Hyundai Merchant Marine

South Korea's largest shipping firm by sales Hyundai Merchant Marine (HMM) said that its operating loss in the third quarter increased to 123.1 billion won (US$108.65 million) from 29.5 billion won in the same period last year.According to the company, the net loss widened due to unfavorable market conditions and high fuel costs.According to Yonhap, the net loss reached 166.7 billion won (US$146.7 million) in the July-September period, compared with a net loss of 60.3 billion won during the same period last year."Bunker fuel prices reached $445 per metric ton in the third quarter…

Seanergy Maritime in Leaseback, Refinancing Pact with Cargill

Pic: Seanergy Maritime Holdings

The dry bulk cargo shipping company Seanergy Maritime Holdings announced has successfully concluded the refinancing of the 2011-built Capesize M/V Championship through a leasing agreement with Cargill International.The Nasdaq listed shipping company based in Greece informed that the refinancing has released approximately $7.8 million of liquidity for the Company.Pursuant to the agreement, the Company has chartered back the Vessel on a bareboat basis and subsequently entered it…

CargoX Launches the World's First Smart Blockchain Platform

Pic: CargoX

Slovenia-based supplier of blockchain solutions for logistics, CargoX has  launched the CargoX latform to become the first open, neutral, and accessible blockchain platform in the shipping industry.The company said that the platform can be used by businesses of any size, and it was recently selected as the winning innovation at the IRU World Congress among 77 startups after a presentation in front of over 1000 attendees from more than 60 countries."Shipping, freight forwarding…

BMA Goes to Japan

Pic: Bahamas Maritime Authority’s (BMA)

As part of its strategy to make further inroads into the Japanese shipping market the Bahamas Maritime Authority (BMA) is opening its new office in the heart of Tokyo's Minato district.BMA’s new office at Nishi-Shinbashi was inaugurated by the Deputy Prime Minister of the Bahamas, the Honorable Peter Turnquest.The office will provide direct service to the Japanese maritime market, the world’s second largest in terms of vessel tonnage.Turnquest said: “Japan is a great maritime nation, and The Bahamas Ship Registry is one of the world’s top registries.

NYK, YLK Hold Training Program

Front row, sixth from left, NYK director and senior managing corporate officer Yoshiyuki Yoshida; seventh, YLK director and managing executive officer Yasuhiko Ueda. Photo: NYK

Japanese shipping major Nippon Yusen Kabushiki Kaisha (NYK) and Yusen Logistics (YLK)  have jointly conducted their 2018 Global NYK/YLK Week recently in Japan.Twenty-eight staff members from around the world were nominated from the Group’s global business bases to attend the program, along with a handful of employees based in Japan.This training program has been jointly held by NYK and YLK since 2012 to deepen interaction among the participants across national, division, and company…

Maersk Warns Trade War Will Impact Box Shipping

Maersk Chief Executive Soren Skou (CREDIT: Maersk)

Top U.S. importers are stocking up on Chinese goods before new import tariffs take effect, shipping giant A.P. Moller-Maersk said on Wednesday, but warned a trade war would hit demand for container shipping in the coming years.Maersk's data indicated that imports into the United States from China had grown 5 to 10 percent year-on-year in the third quarter as companies such as Walmart and Home Depot built up inventories to avoid new import tariffs, Chief Executive Soren Skou said."The irony is that after (U.S.

Baltic Index Down as Capesize Rates Dip to Lowest Seven Month Low

File Image / Credit FedNav

The Baltic Exchange's main sea freight index, tracking rates for ships ferrying dry bulk commodities, fell for the twelfth straight session on Wednesday after the capesize index dropped to a seven-month low.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 55 points, or 5.2 percent, to 1,009 points, its lowest since mid-April.The capesize index slid 18.5 percent, or 213 points, to 940 points, a level last touched on April 11. Average daily earnings for capesizes…

Maritime Reporter Magazine Cover Nov 2018 - Workboat Edition

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.

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