Norway Mulls U.S. Gulf Naval Mission Proposal
Norway's foreign minister said on Thursday it was deliberating how to respond to a U.S proposal on forming an international mission to safeguard shipping in the Gulf.Speaking at a joint news conference with her Iranian counterpart, Eriksen Soereide said the government was "considering a number of different measures" and would make an assessment based on information it gathered.So far, Britain, Australia and Bahrain have joined the U.S.-led security mission to protect merchant vessels travelling through the Strait of Hormuz, a vital gateway for global oil supplies. Reporting by Nerijus Adomaitis
'Green' Focus for Citigroup's Shipping Finance Chair
Citigroup's veteran shipping finance banker Michael Parker is to become chairman of the bank's shipping & logistics business, a role which will include bolstering the lender's environmental focus in the sector, Citi said on Thursday.In June, Citi was among a group of leading banks who signed up to environmental commitments known as the "Poseidon Principles."These will for the first time integrate efforts to cut CO2 emissions into banks' decision making when providing loans to shipping companies.The initiative highlights how businesses are having to respond to moves by investors around the worl
HMD Builds 2 Methanol-Fueled Tankers
Two new dual-fueled tankers capable of operation using clean-burning Methanol, Mari Couva and Mari Kokako were named at the Hyundai Mipo Dockyard (HMD) by owners Marinvest and Waterfront Shipping.The Methanol Institute has welcomed the launch of the 49,000dwt product tankers.“The launch of the Mari Couva and Mari Kokako is a milestone for the acceptance of Methanol as a safe and reliable marine fuel that can meet IMO2020 regulations and create a pathway to lower carbon shipping…
ZIM Back in the Black
Israeli container line ZIM Integrated Shipping Services Limited reported a total revenues of $834.3 million in Q2 2019, reflecting an increase of 3.9% compared to $803.2 million in Q2 2018.In Q2 2019, ZIM carried 731 thousand TEUs, the second highest ever carried volume (reflecting a decrease of 5.3% compared to 772 thousand TEUs in Q2 2018, ZIM’s all-times record), said a press note.The container shipping industry is dynamic and volatile and has been marked in recent years by instability…
Marine Engines Market: $14.4Bln by 2026
The global marine engines market is estimated to grow at CAGR above 4.5% over the forecast time frame 2019 to 2026 and reach the market value around $14.4 billion by 2026.The shifting trends in the shipping industry and the increase of worldwide amounts of sea trade are projected to fuel the development of the market in marine motors, said a report by Acumen Research and Consulting.Increased use of low-sulfur fuels due to public emissions reduction standards will fuel demand for the item.
UN Treaty to Protect Marine Biodiversity
The International Maritime Organization (IMO) Secretariat is attending the latest in a series of conferences to develop a legally binding international instrument, under the UN Convention on the Law of the Sea (UNCLOS), on the conservation and sustainable use of marine biological diversity in areas beyond national jurisdiction - known as 'BBNJ'.According to the UN body, the 3rd Intergovernmental Conference (IGC) is being held at UN Headquarters in New York, United States (19-30 August).
Iran: Waterways Won't be Safe if its Oil Exports
If Iran's oil exports are cut to zero, international waterways will not have the same security as before, its president said on Wednesday, cautioning Washington against upping pressure on Tehran in an angry confrontation between the longtime foes.The comment by President Hassan Rouhani coincided with a remark by Iranian Foreign Minister Mohammad Javad Zarif that Tehran might act "unpredictably" in response to "unpredictable" U.S. policies under President Donald Trump."World powers know that in the case that oil is completely sanctioned and Iran's oil exports are brought down to zero…
Shell Charters LNG-Powered Tanker Fleet
Shell Tankers (Singapore) Private Ltd has agreed a long-term deal to charter a fleet of 10 LNG dual-fuel Aframax crude oil tankers from Sinokor Petrochemical Co Ltd, which expects to take delivery of them from Samsung Heavy Industries in South Korea in 2021."Shell has agreed to charter a fleet of new liquefied natural gas (LNG)-fueled crude oil and products tankers, as part of its drive to decarbonise shipping," said a press note.Separately, Shell has agreed long-term charters for four new LNG dual-fuel oil products tankers, from institutional investors advised by J.P.
Scotline Orders Third Newbuild
U.K based shipping company Scotline Marine Holdings announced that it has ordered a third newbuild vessel from Dutch shipyard Royal Bodewes which is due for delivery by the end of 2020."The new vessel will adopt the name ‘Scot Ranger’ which has not been used since we sold the previous vessel last year," it said.This vessel will be a sister to the Scot Carrier (launched November 2018) and the Scot Explorer (due for launch November 2019).Although the same design of vessel, the new Scot Ranger will be ice class 1A.
Vista Shipping to Finance Product Tankers
Hafnia Tankers, a member of BW Group, and shipyard-affiliated leasing company CSSC (Hong Kong) Shipping have formed a joint venture named Vista Shipping to finance and operate product tankers.A term loan facility of USD 111 million is intended to be used to finance four LR1 newbuildings. A banking consortium consisting of KfW IPEX-Bank, Societe Generale Hong Kong Branch and OCBC Singapore participate with 33% each as lenders at the term loan facility and have reached financial close.KfW IPEX-Bank acts as Facility Agent, Sinosure Agent and Security Agent.
Nordic Prime Ministers Urged to Ban HFO
The Clean Arctic Alliance and the Iceland Nature Conservation Association urged the Nordic Prime Ministers and the German Federal Chancellor to support the call for a ban on heavy fuel oil (HFO) in the Arctic.Clean Arctic Alliance’s Lead Advisor, Dr Sian Prior said: "We urgently need a strong commitment from the Nordic Prime Ministers and Ms Merkel to ban the use and carriage of heavy fuel oil or HFO in the Arctic.” “This is an essential and easy first step to contribute to reducing the warming we are currently experiencing in the Arctic, and to remove the risk of devastating HFO spills.
LNG Market Recovers in Q2, Says Flex LNG
During the second quarter 2019, spot liquefied natural gas (LNG) freight rates stabilized and started gradually to recover, says Flex LNG, the owner of LNG carrier vessels and floating storage regasification units (FRSUs).Unseasonably slow demand in Asia over the winter due to fewer heating days caused by warmer weather, and cooler weather than normal in key demand areas early in the summer coupled with ample supply growth from new liquefaction continued to weigh on global LNG prices.The on-going trade dispute between the U.S.
W African Firm Builds LNG Import Capacity
Equatorial Guinea is set to construct the first liquefied natural gas (LNG) storage and regasification plant in West Africa, advancing efforts to monetize gas resources through the creation of a domestic gas-to-power infrastructure.Located at the Port of Akonikien, the landmark regasification plant will enable the storage, transportation and distribution of liquefied natural gas (LNG) to the country’s mainland; 12 bullet tanks will carry 14,000 cubic meters of storage capacity…
Marine Lubricants Market to Reach $7.15Bln by 2026
The Marine Lubricants Market, which was USD 6.14 Billion in 2018, is expected to grow CAGR of 1.9% to reach USD 7.15 Billion by 2026.According to a new report by Reports and Data the key factors driving the market are the increase in world trade, new shipbuilding abilities and dry-docking activities which tend to stimulate the market globally.The predominance of yacht and cruise ships for leisure time is also adding to the growth of the market, it said.The improvement in the shipping industries is growing very swiftly across the world that propels the growth of the marine lubricants market.
Waterfront Adds Methanol-Fuelled Vessels
The marine transportation company Waterfront Shipping Company has added two new innovative, clean-burning vessels, M/T Mari Couva and M/T Mari Kokako, to its fleet.Both 49,000 dwt vessels are built with the second generation of MAN B&W ME-LGIM two stroke dual-fuel engines that can run on both methanol and conventional marine fuels, said the wholly owned subsidiary of Methanex Corporation.The vessels join the seven existing methanol-fueled vessels chartered by Waterfront Shipping…
BBC Chartering Appoints Ulrichs as CEO
German shipping services company BBC Chartering has announced that Ulrich Ulrichs has taken over the CEO position from Svend Andersen as announced in May of this year."The shareholders would like to thank Svend Andersen for his many years with BBC Chartering and his contribution to develop and grow the company to become the market-leading operator of multipurpose and heavy lift vessels," said a press note from the operator of multipurpose and heavy lift vessels.Ulrich Ulrichs…
Fire Hits PDVSA Tanker at Amuay Bay
A fire swept through the engine room of a tanker owned by Venezuela's state oil company PDVSA on Monday while it was anchored at Amuay Bay near the country's largest refinery, three sources familiar with the matter told Reuters on Tuesday.The extent of the damage to the Panama-flagged Aframax tanker Proteo was not immediately clear. But it highlighted the poor state of much of the fleet belonging to PDV Marina, PDVSA's shipping subsidiary, at a time when U.S. sanctions are complicating its ability to lease vessels from third parties.Even before this fire…
Greece: No Request Yet from Iranian Tanker to Dock
Greece said on Tuesday it had had no request for an oil tanker at the centre of a row between Iran and the U.S. to dock at one of its ports, as Washington warned Greece against helping the vessel.The Adrian Darya 1 - formerly the Grace 1 - left Gibraltar on Aug 18. Ship tracking data on Tuesday showed the vessel was heading to the Greek port of Kalamata on the southern coast of the Peloponnese, and was scheduled to arrive on Aug.
ABB’s Digital Solution Helps to Reduce Fuel Costs
ABB secured its first contract for ABB Ability Tekomar XPERT for fleet of 55 vessels with Hamburg based ship manager CPO Containerschiffreederei (CCPO).CCPO offers high quality service to its charter clients and professional ship management for 111 of own and third-party ships. They were an early adopter of the smart engine performance diagnostics software, Tekomar XPERT, during its initial release in 2015. The latest Tekomar XPERT for fleet web application launched in June this…
SPII Holdings Acquires DryShips
The dry bulk shipping company based in Athens DryShips Inc. will be acquired by SPII Holdings Inc. a company controlled by George Economou, under which SPII will acquire the outstanding shares for $5.25 per share in cash, without interest.As previously disclosed, DryShips is to be merged into a subsidiary of SPII Holdings, a company controlled by DryShips’ chairman and CEO George Economou.The deal is expected to close in the fourth quarter of 2019. The $5.25 per share price represents…
Guidance on 0.50% Sulphur Marine Fuel
A number of shipping, refining, fuel supply and standards organisations have worked together to produce Joint Industry Guidance on the supply and use of 0.50% - sulphur marine fuel released on August 20, 2019.The publication has been developed by experts from across shipping, refining, supply and testing of marine fuels.The publication is designed to provide guidance for stakeholders across the marine fuels and shipping industries, from fuel blenders and suppliers to end users. It presents the specific safety and operational issues relating to the supply and use of max.
SCCT Announces Reefer Repair Hub
The Suez Canal Container Terminal (SCCT), strategically located at the mouth of the Suez Canal in Egypt, has announced its intention to open its reefer container inspection and repair hub to all brands. The terminal will also launch a dry container inspection and repair hub in October 2019.Until just over a year ago, the terminal faced unnecessary costs for moving and repositioning reefer containers with damaged panels or defects that hadn’t been recorded, said a press release from the APM Terminals…
World's Largest Boxhip's Asia-Europe Maiden Voyage
Swiss-based global container shipping company MSC Mediterranean Shipping Company announced that MSC Gülsün, the world’s largest container ship, has arrived in Europe after completing its landmark maiden voyage from the north of China.MSC Gülsün is the first of a new class of 23,000+ TEU vessels to be added in 2019-2020 to the global shipping network of MSC, a world leader in transportation and logistics.According to a press release from the world's second-largest shipping line in terms of container vessel capacity…