The Challenge of Marine Asset Appraisal
While large shipping asset deals are often financed through the major capital markets, loans for most oilfield service marine equipment are funded with asset based lending. For such asset based lending, a domestic U.S. bank, with some exceptions, will be asking for an appraisal that is compliant with the Uniform Standards of Professional Appraisal Practice (USPAP). Due to blatantly false appraisals that caused the collapse of the savings and loan industry in 1988, it became mandatory for real estate appraisers to provide transparent, verifiable and unbiased appraisals of real estate.
Strategic Marine: Innovative Quality
As ferry operators search for efficiency to reduce pollutants and operating costs, the importance of design, quality construction, and efficient propulsion become ever more important. Such is clearly the case with the Netherlands-based ferry operator Rederij Doeksen, whose two BMT Nigel Gee designed ferries are currently under construction at Strategic Marine’s Vietnam yard for operations between Harlingen on the mainland and the islands of Terschelling and Vlieland. in the Netherlands’ Wadden Sea.
Economic Sustainability is Key to Green Shipping -ICS
Addressing government trade negotiators in the OECD Working Party on Shipbuilding at a workshop on “green growth” in Paris, the International Chamber of Shipping (ICS) asserted that the shipping industry could only be environmentally sustainable if it is economically sustainable too. “The perennial challenge facing ship owners is overcapacity, aided and abetted by government subsidies and support measures that encourage shipyards to produce ships that are surplus to requirements,” said ICS Director of Policy, Simon Bennett.
DRTC Equips with Modern Simulator
The Djibouti Regional Training Centre (DRTC) has been equipped with a modern computer-based training simulator as part of International Maritime Organization (IMO)'s efforts to promote maritime safety and security in the West Indian Ocean and Gulf of Aden. Equipment installation, funded through a contribution to the Djibouti Code of Conduct Trust Fund by the Kingdom of Denmark, has been completed and the first cohort of six Djibouti officers have been trained to operate it. The simulator training room consists of 11 trainee consoles and an instructor's work station.
Langh Tech Scrubbers, EGR Water Treatment for New Box Ships
Three container vessels on order at Guangzhou Wenchong Shipyard in China for Eimskip Island ehf and Royal Arctic Line A/S will be equipped with Langh Tech hybrid scrubber systems and water treatment systems for exhaust gas recirculation (EGR). The newbuilds are of a new energy-efficient design developed by Deltamarin. The in-line scrubbers are multi-inlet installations, where the main engine and auxiliary engines are connected to the same scrubber tower. In addition, the MAN Diesel & Turbo two-stroke main engines of the newbuildings are equipped with EGR systems.
Suspected Pirates Apprehended off Somalia
Six suspected pirates were apprehended by the European Union’s antipiracy force off the coast of Somalia. EU NAVFOR Somalia’s flagship, the Italian vessel ITS Virginio Fasan, detained six crew and their vessels following reported attacks on a 52,000 metric ton containership and a fishing vessel over a 24 hour period on November 17 and 18 in the Southern Somali Basin. During the incidents a number of rocket propelled grenades were fired against the containership, though no damage or injuries were reported, and all crew and vessels are said to be safe.
Suez Canal Authority, DP World Present Sokhna World Zone
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World and Admiral Mohab Mamish, Chairman of the Suez Canal Authority and Chairman of the Suez Canal Economic Zone (SCZone), presented details of the recent agreement to develop an integrated industrial and residential zone at Sokhna in Egypt to investors and businesses in Dubai. The opportunities to invest and launch operations in the project were outlined to company representatives, many of whom already have existing outlets in Dubai’s Jebel Ali Freezone (Jafza).
Wärtsilä to Power Viking Line Ferry
Wärtsilä will supply the engines, the navigation system and a broad scope of other products and systems for a new luxury and environmentally friendly ferry being built for the Finland based operator, Viking Line. The ship is being built at the Xiamen Shipbuilding Industry yard in China and there is an option for a second vessel. The order with Wärtsilä was booked in October 2017. Six Wärtsilä 31DF dual-fuel engines running primarily on liquefied natural gas (LNG) will provide the propulsion and power for the vessel.
Hapag-Lloyd Adds Low Carbon Refrigerant Containers from Maersk
To maintain and expand its container fleet, Hapag-Lloyd, a global container line, has purchased 3,700 Star Cool Integrated containers as part of their recent reefer investments from Maersk Container Industry (MCI). Of these, 1,000 Star Cool units will be chilled by the environmentally friendly R513A refrigerant system with a Global Warming Potential (GWP) of less than 56 percent of the commonly used R134A refrigerant. Eager to support the market adaptation of more environmentally friendly refrigerants…
Diana Shipping Reports 3Q Loss of $24.5 million
Greece-based Diana Shipping inc. (DSX) on Tuesday reported a loss of $24.5 million in its third quarter of of 2017. Its net loss attributed to common stockholders was $25.9 million. This compares to a net loss of $78.3 million and net loss attributed to common stockholders of $79.8 million for the third quarter of 2016. The loss is including an $8.4 million impairment loss on the m/v Melite which was sold for scrap in October 2017 after her grounding in July 2017 and the receipt from the insurers of the insured value.
France to Boost LNG Usage in Shipping
France will modify regulations on the natural gas to allow liquefied natural gas (LNG) bunkering to take place at ports, Reuters reported quoting Prime Minister Edouard Philippe. He said the country will consider changing fiscal rules on amortising investments in new ships or engine technology. “We have to use this (energy) transition to differentiate ourselves on the market - in transport and in port services,” he said. The report said that LNG has been promoted as an alternative to fuel oil for a shipping sector facing tougher emissions standards from 2020…
Talos, Stone Energy Plan $2.5 Bln Merger
Talos Energy LLC and Stone Energy Corp, two U.S. exploration and production companies focused on the Gulf of Mexico, announced on Tuesday plans to merge and create a new company valued around $2.5 billion including debt, sending Stone's shares down nearly 13 percent. "The idea of a reverse merger works very well for us, as we get a lot of talented people into the company and also use a structure which gets us to the public equity markets", said Timothy Duncan, chief executive of Talos, who will retain the title under the combined company, to be named Talos Energy Inc. Stone shares will be exchanged for Talos stock on a one-for-one basis, while Talos' existing stockholders will be issued 34.2 million shares to give them 63 percent of the combined company, according to a statement.
Maritime Technologies Incubator Launched in New York
The newly formed Maritime Global Technologies Innovation Center (MGTIC) is a collaborative incubator hosted at SUNY Maritime College that sets out to foster technology developments in the maritime space through entrepreneurial innovations. “Shipping interests exist in an increasingly complex environment and are impacted by new problems every day. At the same time, entrepreneurs and researchers seek to remedy these problems,” said MGTIC co-founder Dr. Christopher Clott, ABS Chair of Marine Transportation and Logistics at SUNY Maritime College.
Golden Ocean Adds New Vessels
Golden Ocean Group Limited (GOGL) announced that it has entered a deal to acquire two Capesize bulk carriers from affiliates of Hemen Holding Limited at a purchase price of $43 million per vessel. Hemen Holding is indirectly controlled by trusts established by John Fredriksen for the benefit of his immediate family (Hemen), the company's largest shareholder. GOGL has already taken delivery of one of the vessels, the 2016-built Sea Behike, to be renamed Golden Behike. Golden Ocean has issued 2,000,000 shares to Hemen as part of the purchase price for the vessel. Following this transaction, the company's issued share capital is $7,106,884.85 divided into 142,137,697 issued shares, each with a nominal value of $0.05.
Ship Operating Costs Stabilize: Drewry
The cost of operating cargo ships rose marginally in 2017 following two consecutive years of falls, but ship owners should prepare for higher costs led by a spike in insurance premiums, according to the latest Ship Operating Costs Annual Review and Forecast 2017/18 report published by global shipping consultancy Drewry. After two years of marked decline, average vessel operating costs stabilized in 2017 as pressure on owners was lifted by a nascent recovery across most cargo shipping markets.
Singapore Charges Defunct Bunker Supplier, Staff
A Singapore marine fuel supplier and three executives have been charged with cheating as part of a government crackdown on short deliveries of fuel to vessels in the world's largest bunkering hub. Vermont UM Bunkering Pte Ltd, two directors and a former bunker manager were charged with 150 counts of conspiracy to charge customers for more marine fuels - also known as bunkers - than actually delivered, the Corrupt Practices Investigation Bureau (CPIB) said in a statement. "Through these alleged fraudulent transactions, Vermont Bunkering had dishonestly induced its customers to make excess payments totalling over $8 million," the statement said.
German Banks Step up Efforts to Offload Toxic Shipping Debt
Top national lenders Deutsche Bank and Commerzbank are stepping up efforts to offload distressed shipping loans, finance sources said, as the German banking system grapples with $100 billion in toxic debt from the sector. While the shipping sector is showing signs of recovery after a near-decade long downturn, it is still struggling with an excess of ships and sluggish growth in global trade, which has led to some shipping companies going to the wall. German banks, once global leaders in ship financing, have written off billions of euros in loans to shipping companies, while other European lenders - facing capital pressure from regulators - have quit the business.
Brexit Prompts North P&I Club to Set up Dublin Subsidiary
British ship insurer North is setting up a new European Union subsidiary in Dublin in case Britain loses access to the single market after Brexit, becoming the first of these specialised providers to announce such a move. Insurers are making contingency plans after Britain’s vote to leave the EU means they could risk losing “passporting” rights that allow UK financial services firms to trade in Europe without the need for locally regulated entities. Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs like North could weaken other parts of the country’s multi-billion pound shipping services sector.
Liberian Registry, ICS Challenge Brazilian Court Ruling
The Liberian Registry, in cooperation with the International Chamber of Shipping (ICS), has succeeded in helping the holder of a Liberian mortgage to overturn a decision of the Brazilian courts which, if left uncontested, could have had serious adverse legal and economic consequences for the international shipping industry. Pursuant to the acquisition of the FPSO (Floating, Production, Storage, and Offloading vessel) OSX-3 in March 2012 by a Dutch company and following re-registration under the Liberian flag…
Research Vessel Launched for Angolan Fisheries Ministry
On November 9, Damen Shipyards Galati launched Baía Farta, a new Fishery Research Vessel (FRV) 7417 for the Angolan Ministry of Fisheries. The vessel's sponsor was Dra. Isabel Cristóvão, director of Gabinete de Estudos, Planeamento e Estatística. The FRV 7417 is suited to various purposes, including hydrographic operations, acoustics research, pelagic and demersal trawling, plankton, water, environmental and geographical sampling, oil recovery and emergency towing operations.
Moody's on Shanghai Port Tariff Cut
Moody's Investors Service says that the announcement by China's National Development and Reform Commission (NDRC) of a cut in the handling tariff for import and export containers is credit negative for Shanghai International Port (Group) Co., Ltd (SIPG), but will not immediately affect SIPG's A1 issuer rating or the A2 backed senior unsecured bond ratings of Shanghai Port Group (BVI) Holding Co., Ltd. The ratings outlook remains stable. "The reduction in tariff will negatively impact SIPG's profitability and cash flow generation capability from 2018 onwards…
American Maritime for Puerto Rico Recovery
The American Maritime Partnership – the voice of the domestic maritime industry – today issued the following statement to set the record straight on the importance of American maritime for Puerto Rico recovery and the capacity and capability of Jones Act vessels to meet Puerto Rico’s present and future needs. “While the American Maritime industry was delivering cargo to the docks of Puerto Rico with relief supplies within hours of the hurricane passing, familiar opponents worked to fan debunked myths about our industry and the Jones Act…
GPA Approves Savannah Port Expansion
The Georgia Ports Authority (GPA) has approved the rail and gate expansion projects that will significantly boost capacity at the Port of Savannah’s Garden City Terminal - North America’s biggest container terminal. “A strong Southeast U.S. economy, on-terminal expansion, and investment by private logistics firms throughout the region have resulted in phenomenal growth for Georgia,” said Executive Director Griff Lynch. “But these record volumes could not have been possible without the tireless dedication of the men and women responsible for moving this cargo.
US Navy Assists in Hunt for Lost Argentina Sub
The U.S. Navy has ordered its Undersea Rescue Command (URC) based in San Diego to deploy to Argentina Nov. 18, to support the South American nation's ongoing search for the Argentinean Navy submarine A.R.A. San Juan in the Southern Atlantic. URC is deploying two independent rescue assets based on a number of factors, including the varying depth of ocean waters near South America's southeastern coast and the differing safe operating depths of the two rescue systems. Three U.S. Air Force C-17 Globemaster III and one U.S.
Cruise Ships & Environmental Risk: ‘No Silver Bullet’
LONDON - “Sustainability is core to the cruise industry; but there is no silver bullet or one solution to fit all.” This was the key message that echoed across the panel of speakers at Thursday, November 16, 2017, IMMEDIASEA Shipping Debate Forum in London. The lively discussion between representatives of Carnival Corporation, Wartsila Marine Solutions, Bellona, DNV GL, Jotun and Hurtigruten highlighted a shared vision of a green and sustainable future for the industry. There are concerns with the rise in popularity of remote and environmentally delicate destinations such as Norway…
UK Shipping Seeks to Double Seafarer Training Fund
The UK Chamber of Shipping, with backing from 40 shipping companies, has this week written to the Secretary of State for Transport, Chris Grayling, asking the Government to double the amount of funding available for seafarer training as soon as possible. The letter was also sent to the Chancellor of the Exchequer, Philip Hammond and the Minister of State, Department for Transport, John Hayes. The UK Chamber, in conjunction with Nautilus International, has submitted a proposal for the Government's existing Support for Maritime Training (SMarT) scheme to be extended.
Transporting Hazardous Substances by Ship
Transporting hazardous and noxious substances (HNS) by sea is a vital trade. Chemicals, LPG, LNG and other products are important to many manufacturing and energy processes and International Maritime Organization (IMO) regulations ensure their safe transport. However, when incidents do happen, IMO’s HNS Convention helps to ensure that those who have suffered damage have access to a comprehensive and international liability and compensation regime. To explain this treaty and why it is needed…
MPA Introduces Service Enhancements and Training
More than 4,600 ships flying the Singapore flag will benefit from service enhancements to be introduced from November 2017 by the Maritime and Port Authority of Singapore (MPA). Singapore-incorporated maritime companies will also receive assistance in the form of training on sustainability reporting. These initiatives were announced by Chief Executive of MPA, Mr Andrew Tan, at the Singapore Registry of Ships (SRS) Forum. Themed "Innovation in Challenging Times", this year's SRS…
Cooperation for Oil Spill Preparedness in Africa
A regional conference of countries in west, central and southern Africa has committed to continue to work at both national and regional levels to boost preparedness to deal with oil spill incidents which could be devastating both for the marine environment and financially. The conference (6-9 November) in Abidjan, Côte d'Ivoire, was hosted by CIAPOL, the Ivoirian pollution control centre. It brought together industry and government focal points from 20 out of 22 west, central and southern African countries covered by the Global Initiative for West, Central and Southern Africa (GI-WACAF).
GulfMark Sails Out of Bankruptcy
GulfMark Offshore, Inc. said it has completed its financial restructuring plan and emerged from bankruptcy protection under chapter 11 of the U.S. Bankruptcy Code. The company’s court-approved reorganization plan went into effect November 14, 2017, and converts approximately $429.6 million of outstanding bonds into equity, and raises approximately $125 million of new equity capital. “GulfMark is now positioned as one of the best capitalized companies in the global offshore industry,” said Quintin Kneen, President and Chief Executive Officer.
US Oil Rig Count Steady this Week -Baker Hughes
U.S. energy companies kept the oil rig count unchanged this week, General Electric Co's Baker Hughes energy services firm said on Friday, as some analysts expect a gradual decline in overall rigs in the fourth quarter and in 2018. The rig count, an early indicator of future output, held at 738 in the week to Nov. 17, still much higher than 471 rigs a year ago as energy companies boosted spending plans for 2017 as crude started recovering from a two-year price crash. The increase in drilling lasted 14 months before stalling in August…
Sovcomflot Reports Loss for 9M 2017
PAO Sovcomflot (SCF Group) reported a $6.8 million loss for the first nine months of 2017, citing the adverse impacts of low spot market freight rates in the conventional tanker sectors. “This year has proven to be a very challenging period for the tanker industry and the situation now faced by many conventional tanker ship owners is especially severe,” said Sergey Frank, President and CEO of PAO Sovcomflot. “An oversupply of tonnage and reduced demand, resulting from oil capacity cut-backs led by OPEC…
ABS Raises Cyber Awareness to Marine Insurance Industry
ABS Chairman, President and CEO calls upon insurance industry and class to work closer together in addressing the next-generation safety system. Christopher J. Wiernicki, Chairman, President and CEO of ABS, addressed the American Institute of Marine Underwriters (AIMU) today, describing the future of maritime safety and risk mitigation as it relates to cyber safety as well as outlining how the classification and insurance industries can strengthen their collaboration as the progression of cyber and autonomy propel maritime safety into new waters.
Newcastle’s Operations Complete
HMAS Newcastle has rounded out her busy six-month deployment to the Middle East, completing some ‘firsts’ and ‘lasts’ for Australian Navy ships in the region. During her demanding deployment, she patrolled about 25,500 nautical miles or five times the distance around Australia. She conducted a range of Combined Maritime Forces operations, including an attachment in support of the USS Nimitz Carrier Strike Group, and trialled emerging naval capabilities. Commanding Officer, Commander Mark Sirois said the deployment included many highlights.
ESPO Supports CO2 Emissions Agreement
Last week, the European Parliament and the Council reached an agreement with regard to the CO2 emissions from shipping and agreed to align any EU action with the IMO timeline. This compromise is a part of the first reading agreement on the review of the EU Emission Trading Scheme (ETS) Directive. The agreed text wants the IMO to introduce an ambitious emission reduction target and accompanying measures by 2023. In particular, the agreement sets two milestones by saying that an…
Diana Shipping Time Charter for Naias With Phaethon
Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Naias. The gross charter rate is US$10,000 per day, minus a 5% commission paid to third parties, for a period of about 15 months to maximum 18 months. The charter is expected to commence on November 24, 2017.
Port of Hamburg handles 104 MT Cargo in 9 Months
Comprising the general and bulk cargo segments, seaborne cargo handling in Hamburg during the first nine months at 104.3 million tons was at a stable level. At 6.8 million TEU (20-ft standard containers), throughput of containerized general cargoes continued to grow; while at 34.1 million tons, bulk cargo throughput remained just below the previous year’s figure. For Port of Hamburg Marketing, the excellent trend in container traffic with Canada is a gratifying pointer. The port’s…
Offshore Oil Service Firms Dominate Energy Bankruptcies
Offshore oil drilling and service companies, hurt by the energy industry's shift to lower-cost shale and away from deepwater projects, are dominating the year's energy bankruptcies in North America, according to law firm Haynes and Boone. There were fewer oilfield service companies seeking protection this year than last but those that did have had larger debts. Through October, 44 oilfield services companies filed for bankruptcy in the United States and Canada owing creditors $24.8 billion, compared with 72 companies and $13.48 billion for all of 2016.
Catching a Jones Act Seaman’s 'Golden Parachute'
A challenging offshore environment produces a different but equally difficult development. Will you be ready when it comes to your fleet? Unfortunately, our industry continues to suffer due to the depressed oil prices that started in 2014. When the price of oil initially dropped, the industry’s outlook remained positive, and I remember hearing the mantra: “Stay lean for 2015.” Everyone thought that oil prices would rebound in short order and that we were only weathering a short downturn.
73 Foss Maritime Vessels Earn Environmental Awards
With a combined 877 years without an incident, 73 Foss Maritime and subsidiary companies’ tugs and tank barges have been recognized by The Chamber of Shipping of America (CSA) for their environmental records. CSA announced the 2017 Environmental Achievement Awards on Nov. 8, 2017, in Washington, D.C. Foss and its sister companies have 39 vessels with 10 or more years without an environmental incident, with 11 of those vessels achieving 20+ years of environmental excellence. The Edith Foss is one of the Foss Maritime vessels that have been free of environmental mishaps for more than 20 years.
S&P Upgrades MOL‘s Long-term Credit Rating to BBB-
MOL Plc. has been upgraded to BBB- investment grade long-term credit and issuer rating with stable outlook by Standard and Poor’s (S&P). S&P concluded that the upgrade to investment grade credit rating was justified by the improvement in MOL’s current and forecasted credit metrics, thanks to the company’s strong performance and supportive industry conditions. S&P added that MOL demonstrated the benefits of its integrated business model, delivered on its cost optimization program…
Ships 'Unseaworthy' If They Don't Meet Emissions Rules -IMO
Ships which do not meet cuts to the amount of sulphur they can burn in their engines risk being declared "unseaworthy", the International Maritime Organization (IMO) said on Thursday. Shippers and refiner are not sure how they will comply with rules finalized last year which require ships worldwide to cut sulphur emissions from 3.5 to 0.5 percent by 2020. The IMO said there would be no delays or exceptions to the coming rules, whether or not the industry takes the steps it needs to comply, and warned that all parties face consequences if they do not play their part.
US Navy Accepts Delivery of Future USS Ralph Johnson
The Navy accepted delivery of future guided-missile destroyer USS Ralph Johnson (DDG 114) from shipbuilder Huntington Ingalls Industries (HII) Nov. 15. In early September, DDG 114 successfully demonstrated its ship's systems and readiness during a series of at sea and in-port trials for the U.S. Navy's Board of Inspection and Survey (INSURV). Due to the success of the trials, INSURV recommended the ship be accepted for delivery to the U.S. Navy. "The namesake of this ship is a true American patriot who sacrificed his life for the safety of his fellow Marines and his country," said Capt.
De Nora BWTS Concludes USCG Testing
De Nora announced that it has completed shipboard testing for its BALPURE ballast water treatment system (BWTS), and intends to make its submission for United States Coast Guard (USCG) Type Approval by the end of 2017. The shipboard testing of De Nora BALPURE was conducted on a US-flagged Aframax tanker operating in the west coast of the United States in the regulated waters of California and Alaska. The tanker is in normal trading and has been ballasting and deballasting with BALPURE system on a regular basis.
US Navy: Back to Basics
The U.S. Navy has a well-deserved reputation for seamanship in trying conditions. Recently though, the Navy has suffered a series of marine casualties, including the fatal collisions involving two destroyers of the Pacific Fleet. On June 17, USS Fitzgerald (DDG-62), an Arleigh Burke-class destroyer, was involved in a collision with the container ship ACX Crystal off Japan, resulting in the deaths of seven Navy crewmembers. The destroyer was severely damaged and is being returned to the United States via heavy-lift vessel for extensive repairs. On August 21, USS John S.
Maritime Cyber Security: The Wrong Formula
For many industries, cyber security is about target hardening and perimeter defense. This makes sense, as cyber security is implemented in much the same way that physical security is implemented. We often think of it in terms of the medieval castle design, which translates to defense in depth in modern vernacular. This formula makes sense, as we can see and touch perimeter defense in physical security. We have seen and are comfortable with things such as fencing, ingress and egress areas (think doors, drives, sidewalks), guard stations and cameras. We like things we can see and touch.
UK Ship Register Signs its First Unmanned Vessel
The UK Ship Register has signed its first ever unmanned vessel to the flag, showing how it is adapting to the changes of the maritime industry. ASV’s C-Worker 7 will be used for work such as subsea positioning, surveying and environmental monitoring. It can be used under direct control, semi-manned or completely unmanned. Although such autonomous vessels are now being introduced to many fleets in both commercial and military sectors across the world, they are still relatively new in the maritime sector.
Havila Shipping Hikes Capital
Havila Shipping has made a stock exchange announcement about expected debt conversion to shares according to subscription rights issued as a part of the restructuring of the company. The Norway-based offshore company announced about sale of vessels. The vessels were delivered to new owner on 9th and 10th November. The company received on 13 November 2017 exercise notices for 60,909,975 subscription rights related to remaining debt after sale of MV “Posh Vibrant” and MV “Posh Virtue”.
Panama Maritime Authority Authorizes Turk Loydu
Turk Loydu has been authorized by Panama Maritime Authority, the world’s leading maritime administration, to conduct survey and certification activities for Panama flagged ships. Worlds No.1 maritime administration Panama Maritime Authority and Turkish classification society Turk Loydu has signed an authorization transfer protocol in Istanbul on 7th November 2017. In accordance with the signed authorization Turk Loydu will be able to issue classification certificates and conduct statutory surveys and certification services for Panama flagged ships.
Hapag-Lloyd Reports Better Results for Q3 2017
Hapag-Lloyd closed the third quarter of 2017 with a significant positive Group net profit and a much improved operating result (EBIT). The integration with United Arab Shipping Company (UASC) is almost completed and on schedule to be finalized by the end of the year. For the third quarter the net profit amounted to EUR 54.3 million (prior-year period: EUR 8.2 million), the EBIT rose to EUR 180.6 million (prior-year period: EUR 65.6 million), and the EBITDA stood at EUR 361.5 million (prior-year period: EUR 184.6 million).
Technology Cooperation for Low-Carbon Shipping
The Global MTTC Network (GMN) maritime technology project, run by International Maritime Organization (IMO) and funded by the European Union, was presented during a side-event (10 November) at the UN climate change conference in Bonn, Germany (COP 23). The project established a network of five regional Maritime Technology Cooperation Centres (MTCCs). Representatives of the European Union, IMO, MTCC-Caribbean and MTCC-Pacific participated at the event. MTCCs updated the audience on their pilot projects, including data collection on fuel oil consumption on ships.
Norway's Arctic Oil Plan Violates Constitution, Lawsuit Says
Norway's plan for Arctic oil exploration is unconstitutional because it violates the right to a healthy environment, a lawyer for Greenpeace and the Nature and Youth environmental group told an Oslo court on Tuesday. The case is the first of its kind in Norway and says a 2015 oil licensing round in the Arctic that gave awards to Statoil , Chevron and others violates the constitution. Norway signed the 2016 Paris accord, which aims to end the fossil fuel era this century. The country is Western Europe's largest oil producer and oil and gas are its most important exports.
Fincantieri to Delist Vard
Italian shipbuilder Fincantieri has proposed to seek the privatization of Vard Holdings via a voluntary delisting from the Singapore Exchange Securities Trading Limited (SGX-ST). Fincantieri, which holds a 79.34 per cent stake in Vard through a subsidiary Fincantieri Oil & Gas, is now offering 25 Singapore cent per for every share it does not own, one cent more than its previous offer, which closed in January. "Under the Exit Offer, Fincantieri O&G will offer the shareholders of Vard SGD 0.25 in cash for each Vard share tendered in acceptance of the Exit Offer…
ICS & CMI Update Campaign on Maritime Treaty Ratification
The International Chamber of Shipping (ICS) – whose member national shipowner associations represent over 80% of the world merchant fleet, and the Comité Maritime International (CMI) – the international association for maritime lawyers, have released an updated brochure to promote the importance of governments ratifying international maritime conventions, especially those adopted by the UN IMO. The aim of the brochure ‘Promoting Maritime Treaty Ratification’ is to encourage more…
Major Revamp at Stena Bulk
Stena Bulk is reorganising its business activities into three business areas: Crude & Fuel, Products & Chemicals and LNG and have appointed two new managing directors. At the same time, its business activities previously conducted under the name of Stena Weco are being coordinated and incorporated into Stena Bulk. Additionally, a new office in Copenhagen will be opened in the next few days. As a result, the company will leave its office in Rungsted, which until now has been used by Stena Weco.
USS Donald Cook Departs Aksaz, Turkey
The Arleigh Burke class guided missile destroyer USS Donald Cook (DDG 75) departed Aksaz, Turkey, Nov. 9 after conducting a regularly scheduled port call. While Donald Cook was in port, Sailors attended multiple planning sessions, a reception for participants and a press conference for exercise Dogu Akdeniz 2017. After departing Aksaz, the ship and crew participated in a photo exercise for Dogu Akdeniz. "Our time in Aksaz was a great experience," said Cmdr. Matt Powel, commanding officer of the Donald Cook. "Our first evolution after departing went without a hitch," Powel said.
Protecting Mauritania’s Marine Park
A particularly sensitive sea area (PSSA) is an area of special ecological, socio-economic or scientific importance which may be vulnerable to international shipping. To date, International Maritime Organization (IMO) has designated 17 areas which benefit from the scheme and are protected. IMO Member Governments can submit applications for the designation of PSSAs at any time. Representatives from IMO, the UNESCO World Heritage Centre Marine Program and the International Association of Marine Aids to Navigation and Lighthouse Authorities (IALA) met with national stakeholders in Nouakchott…
Dellner to Expanded Product Range to US Market
Dellner Brakes, fresh off acquiring U.S. brake and clutch specialist Gummi USA, said it will present its expanded range of power transmission products to the U.S. marine market at the International Workboat Show (IWBS) from November 29 to December 1. Since the acquisition announced in September, the enlarged business is already starting to work together under one umbrella and the company’s U.S. stock and distribution operations have been consolidated to the Dellner Brakes Gummi USA facility in Houston.
Bilden Joins HII Board of Directors
Philip M. Bilden has been elected to Huntington Ingalls Industries’ (HII) board of directors, effective November 7. Bilden retired last year as a co-founding member of the private equity firm HarbourVest Partners. He began his career in Boston in 1991 and relocated to Hong Kong in 1996 to establish the firm’s Asian subsidiary. Throughout his 25-year tenure at HarbourVest Partners, Bilden served in senior leadership roles in the firm’s global management, including the firm’s six-person executive committee responsible for governance.
Delfin Taps China for US FLNG, but Final Investment Decision 'Challenging'
Delfin Midstream, developing the first floating facility to export U.S. natural gas, has sealed a preliminary 15-year sales deal with city gas distributor China Gas Holdings, Delfin founder and Chief Executive Officer Frederick Jones said. But industry veteran Jones told Reuters in an interview that Delfin is also tapping unnamed Chinese banks to fund its ambitious $8 billion as the current global supply overhang in liquefied natural gas (LNG), with bumper exports also expected from Australia and Qatar, makes Delfin’s target of a final investment decision (FID) in 2018 challenging.
Marine Fuels: Unmasking Gas
A primer on the way forward for alternative fuels for marine propulsion. By now, many of us have been passed by a garbage truck, taken a ride on an airport bus or hailed a taxi cab that is clearly labeled by their respective marketing departments that these vehicles are powered by clean burning natural gas. Even now in our own maritime industry, some trendy operators are looking to make the case for liquefied natural gas (LNG) propulsion systems, others are opting for hybrid-electric solutions, and some are even aiming for full electric configurations.
Insights: Todd Schauer, President, American Salvage Association
Todd Schauer is Director of Operations at Resolve Marine Group, as well as President of the American Salvage Association. After graduating from the U.S. Coast Guard Academy with a degree in Naval Architecture in 1991, he followed that up with graduate degrees in Naval Architecture, Marine Engineering and Mechanical Engineering from the University of Michigan. And, while his considerable U.S. Coast Guard experience includes shipboard engineering, marine safety, advanced engineering and emergency response, he is best known for his longtime role in the commercial salvage business.
Quadrilateral Coalition on the Indo-Pacific
With an eye on China’s activities in the region, India said that the first meeting of its officials with those from the US, Australia and Japan — described as the “quadrilateral” — agreed that a “free, open, prosperous and inclusive Indo-Pacific region serves the long-term interests of all countries in the region and of the world at large”. "Officials from India’s Ministry of External Affairs, Australia’s Department of Foreign Affairs, Japan’s Ministry of Foreign Affairs and United State’s Department of State met in Manila on November 12…
Oakland Port Okays Seaport Logistics Complex
A long-held vision to revitalize this city’s decommissioned Army base is nearer reality at the Port of Oakland. Port Commissioners have given initial approval to a landmark deal with CenterPoint Properties for a logistics center at the former base. The tentative agreement caps nearly 15 years of planning for the most-anticipated Port growth project ever. Port officials said today that the agreement includes unprecedented commitments to hire local workers. “The future is at hand,” said Port of Oakland Executive Director Chris Lytle.
Boskalis Expanding Subsea
Royal Boskalis Westminster N.V. (Boskalis) is set to expand its market position in the area of subsea services, according to its Corporate Business Plan 2017-2019. "In a persistently challenging market there tend to be interesting opportunities for anti-cyclical investments in companies or equipment that will result in Boskalis being well-positioned when end-markets recover again," it says. In mid-August Boskalis acquired subsea survey specialist Gardline, and the group recently…
Australian Warships Drill with Republic Of Korea
Across late October and early November, Royal Australian Navy frigates HMA Ships Melbourne and Parramatta visited the Republic of Korea for the biennial maritime anti-submarine warfare exercise HAEDOLI WALLABY. Arriving alongside in Busan, Australian personnel and their Korean Navy counterparts commenced the harbour phase of the exercise, enhancing mutual understanding and cooperation through a series of table-top briefings, damage control demonstrations, practical scenarios and a game of soccer.
Yang Ming Posts Year-on-year Profit Increase
Yang Ming announced an increase in third quarter profits of 23.4 percent from the same quarter last year. At its board meeting on November 9, the company approved the financial report that showed revenues for the third quarter of 2017 rising to $1.2 billion from $958 million in the third quarter of 2016. This was largely due to frieght rates increasing over the last few periods and higher that average demand during the annual peak season. Their volumes for the third quarter were reported at 1.2 million TEUs, an 11 percent increase from the same quarter last year. The company also announced plans to expand its operations in the Mediterranean and South East Asia. Yang Ming is in talks with the Taiwan International Port Corporation to form a joint venture and invest in Indonesia.
DNV GL, Chrysaor Pact for North Sea Operations
DNV GL has secured a combined engineering services agreement with Chrysaor Holdings Ltd. to deliver a unique range of services to the company in support of its North Sea Operations. Chrysaor recently completed the acquisition of a package of assets in the UK North Sea from Shell for a price of $3.0 billion. The transaction sees Chrysaor become the leading independent E&P company in the UK. It currently has more than 400 staff working in the UKCS. Hari Vamadevan, Regional Manager UK & West Africa…
Busan Port Aims for Top-notch Eco-friendly Port
To this end, BPA plans to convert 5 conventional RTGC into fully electric RTGs (E-RTGC) by the end of this year and will convert 85 more RTGC equipment. The e-RTGC conversion project is conducted by BPA and Busan Port Terminal Corp. BPA will cover the construction expenses for infrastructures at Gamman Pier 2,3,4 berth to provide electricity and BPT will pay for the equipment renovation.
Port Security: Preventing Stowaways
Enhanced port security can help the in the facilitation of international maritime traffic and the prevention of stowaways. A national workshop in Freetown, Sierra Leone (6-10 November) is one of a series assisting ports with the highest number of stowaway incidents to address these issues. Meetings with key stakeholders responsible for maritime security and facilitation are being used to gauge knowledge of national legislation, port facility security plans, local organization of maritime security and facilitation, and inter-agency cooperation through security and facilitation committees.
IMO Trains New Audit Team Leaders
The auditing of International Maritime Organization (IMO) Member States to assess how effectively they administer key IMO instruments is an important part of the Organization’s work to create a regulatory framework for the shipping industry that is universally adopted and implemented. To support this process, new audit team leaders are being trained under IMO’s Member State Audit Scheme (IMSAS) at a course being held at IMO Headquarters, London (6-10 November). The course involves…
CSA Honors Environmental Achievement Award Winners
The Chamber of Shipping of America (CSA) this week announced the 2017 Environmewntal Achievement Award Winners. At a dinner ceremony in the Ronald Reagan Building in Washington, DC on November 8, 2017, CSA awarded Certificates of Environmental Achievement to 1,810 ships owned by seventy-two companies with a total of 15,307 years of environmental excellence. The average number of years operating without incident for ships and vessels that received awards is 8.1 years. Two hundred and eighty-six of the vessels have logged sixteen or more years of environmental excellence.
Pilot, Captain Prosecuted for River Humber Collision
A former captain and marine pilot have each been given four months suspended sentence after pleading guilty to causing a head-on collision between a car transporter ship and a ferry on the River Humber in December 2015. Gehan Sirimanne, marine pilot, now retired and Ruslan Uromov, former captain were sentenced at Hull Crown Court on November 8 after pleading guilty to offences in connection with the collision. Ruslan Uromov was charged with conduct endangering ships, structures or individuals, contrary to section 58(2) and (5) of the Merchant Shipping Act 1995. Gehan Sirimanne was charged with misconduct by pilot endangering ship, contrary to section 21 of the Pilotage Act 1987. Both pleaded guilty to these offences and sentenced to four months, suspended for 18 months.
Metal Trades Delivers Construction Barge
Shipbuilder and Heavy Steel Fabricator Metal Trades, Inc., located on Yonges Island, SC has announced the launch of its largest ever built new construction barge. This barge is 370’ x 59’ x 14’. It is designed to hold a total of 18- 60 foot rail cars capable of carrying cargo for up to 2298 Long Tons for New York New Jersey Rail, LLC (NYNJR), a short line railroad and wholly-owned entity of the Port Authority of New York and New Jersey. Metal Trades, Inc. is contracted to build a total of two of these barges and the first of these barges is to be delivered next week.
Bollinger Delivers USCG Joseph Gerczak
Bollinger Shipyards has delivered the USCGC Joseph Gerczak, the 26th Fast Response Cutter (FRC) to the U.S. Coast Guard. The Coast Guard took delivery on the 9th of November 2017 in Key West, Florida. The vessel’s commissioning is scheduled for March 9, 2018 in Honolulu, HI. Ben Bordelon, Bollinger President & C.E.O. said: “This FRC built by Bollinger Shipyards will be the second FRC to be stationed in Honolulu, Hawaii. Previous cutters have been stationed in Florida, San Juan, PR, Cape May, NJ, Ketchikan, Alaska, and Pascagoula, MS.
Kenya Craftsmen to Build Boat Out of Plastic Waste
The beaches of Kenya's idyllic Lamu island are dotted with traditional Swahili stone and coral houses, mansions built by European royalty, the odd donkey and, increasingly, tidal lines of plastic trash. When a resident organised a beach clean-up that collected 33 tons of rubbish in a single summer, British-Ethiopian safari organiser Ben Morrison decided he couldn't stand by while his beloved island was ruined. So the tall, bearded 42-year-old decided to try to design a traditional dhow…
Wreck Removal Continues for Pacific Paradise
Work on the Pacific Paradise continues and the unified command has contracted Resolve Marine Group with support from several other experts to conduct the removal of the pollution threat. "The combined experience of the team we have working this challenge is impressive and the effort they've put in to develop this wreck removal plan is significant," said Captain of the Port Capt. Michael Long, commander, Coast Guard Sector Honolulu. "This response is a dynamic and constantly evolving process with many factors to consider and it will take some time to complete.
S.Korean Refiners Look to Cash in on 2020 Mandate
Three refiners to spend more than $5 bln to upgrade or add units. South Korean refiners are planning to spend over $5 billion on plant upgrades in response to tighter rules on shipping fuel, boosting production of low-sulphur fuel oil as well as other high-end products. The refiners hope the investment, which comes ahead of the 2020 introduction of the new rules, will make them one of the biggest beneficiaries of the new regulations, with many competitors still waiting to commit to new spending. "Not many refiners are doing so.
Asian Floating Storage Declines as Crude Market Tightens
Strong demand is tightening the market but rising US output could sap efforts to rebalance market. The amount of oil stored on tankers around Singapore has dropped sharply in the last months, the latest indication that OPEC-led supply cuts are successfully tightening crude markets even as U.S. exports have soared. Shipping data in Thomson Reuters Eikon shows around 15 super-tankers are currently filled with oil in waters off Singapore and western Malaysia, storing around 30 million barrels of crude.
Pakistani Shipbreaking Plot Sealed Off
Shipbreaking plot no. 54 in Gadani, Pakistan, was sealed off after a massive fire broke out on-board the ship ACES (IMO 8021830), said NGO Shipbreaking Platform. This is the same floating oil production tanker that blew up on 1 November last year – an explosion that caused the death of 31 workers and seriously injured at least another 58 workers. Fortunately, reports seem to indicate that no workers got caught in the flames of yesterday’s fire on the ACES. After having been left untouched and unbroken in the same yard since last year’s catastrophic explosion…
Three-Carrier Strike Force Exercise to Commence in Western Pacific
The USS Ronald Reagan (CVN 76), USS Nimitz (CVN 68) and USS Theodore Roosevelt (CVN 71) strike groups will commence a three-carrier strike force exercise in the Western Pacific, Nov. 11-14. Units assigned to the strike force will conduct coordinated operations in international waters in order to demonstrate the U.S. Navy's unique capability to operate multiple carrier strike groups as a coordinated strike force effort. "It is a rare opportunity to train with two aircraft carriers together, and even rarer to be able to train with three," said U.S. Pacific Fleet Commander, Adm. Scott Swift.
Europe to Adress Administrative Burden of Shipping Crew
European Community Shipowners' Associations (ECSA) and the European Transport Workers’ Federation (ETF) call for easing the administrative burden shipping crew and companies are facing today. The Reporting Formalities Directive, that aimed to simplify and rationalise reporting formalities for ships in European ports as of June 2016, has unfortunately not helped in easing the situation. Crews and companies face a worse situation today than before. Rather than having a single European window…
Antwerp Port Focus on Container Barge Handling
The Antwerp port community has drawn up an action plan to make container barge handling in the port more efficient. Container handling has come under heavy pressure in some shipping terminals over the past few months. The rapidly growing volumes and the ever larger sizes of seagoing ships calling at the port in combination with labour shortages have led to peak loads on the terminals, with long waiting times for container barges as a result. Since barge traffic is important for the port community as a whole…
Indian Ports Register Positive Growth of 3.27% in H1
The major ports in India have recorded a growth of 3.27% during the period April to September, 2017 and together handled 383 Million Tonnes of cargo as against 371 Million Tonnes handled during the corresponding period of previous year. The Eight Ports i.e. Kolkata, Paradip, Chennai, Cochin, New Mangalore, Mumbai, JNPT and Kandla registered positive growth in traffic during the period April to October, 2017. The highest growth was registered by Cochin Port (17.66%), followed by Kolkata [incl. Haldia], New Mangalore, Paradip with growth of about 12%.
Oil Prices Rise on Supply Cuts, Tensions
Oil prices rose nearly 1 percent on Thursday, supported by supply cuts by major exporters as well as continuing concern about political developments in Saudi Arabia. Brent crude oil was up 59 cents or 0.9 percent to $64.08 a barrel by 11:30 a.m. (1630), still close to Tuesday's intra-day high of $64.65, which was the highest since June 2015. U.S. light crude was up 46 cents or 0.8 percent at $57.27, just shy of this week's more than two-year high of $57.69 a barrel. Saudi Arabia plans to cut its crude exports by 120…
Maritime Cyber Security: Naval Dome, LR Team
Cyber security is a pervasive issue globally, particularly in the commercial maritime sector where ship to shore and "always on" connectivity is still in its infancy. To help get ahead of the problem, a new partnership was announced between Naval Dome, an Israel-based cyber security specialist and Lloyd's Register, which have signed a Memorandum of Understanding (MoU) aimed at establishing standards and guidelines for maritime cyber defense. Using intelligence agency security technology…
ChartCo Introduces EnviroManager 5.4 At Europort
ChartCo introduced version 5.4 of its EnviroManager. Already installed on over 500 vessels since its launch in early 2017, EnviroManager consolidates information to assist vessels to comply with MARPOL regulations for discharges and emissions. EnviroManager includes the baseline information for each nation as required by regulations. The display shows “distance from land” as measured from the official country baseline, as opposed to the shoreline which is identified on a navigational chart.
CPC: La Niña Chances at 65-75%
A U.S. government weather forecaster on Thursday said La Niña conditions are predicted to continue through the Northern Hemisphere winter 2017-18. The Climate Prediction Center (CPC), an agency of the National Weather Service, in a monthly forecast pegged the chance of La Niña developing at about 65 percent to 75 percent. The agency in its October advisory had projected a 55 percent to 65 percent chance of the phenomenon developing during the Northern Hemisphere's fall and winter.
TOTE Invests (again) in LNG Conversions
TOTE Inc., courtesy of being the first in the world to order containerships powered by LNG, have been leaders in the push to design and build tonnage ahead of the emissions regulation curve. The company again makes headline with the announcement that TOTE Maritime Alaska has contracted MAN PrimeServ – MAN Diesel & Turbo’s after-sales division – to convert a pair of RoRo ships, North Star and Midnight Sun to dual-fuel operation on liquefied natural gas (LNG). Today the vessels are powered by four × MAN 58/64 engines and will be retrofitted to MAN 58/64 retrofit units.
DSME Posts Profit for Q3
South Korean yard giant Daewoo Shipbuilding and Marine Engineering (DSME) ended the third quarter of this year with a profit of KRW 45.7 billion (USD 41 million), compared to a net loss of KRW 284 billion posted a year earlier, Yonhap said. The troubled shipbuilder is significantly better off than last year after a rescue package from the South Korean government in the spring. DSME, which has battled a highly publicised liquidity crunch for the past two years, posted profit for the third straight quarter from July through September…
China OKs Maersk Hamburg Süd Deal
The Ministry of Commerce (MOFCOM) in China approved Danish shipping giant Maersk Line’s proposed acquisition of Hamburg Süd, reported Reuters. Maersk Line, the world’s biggest container shipping company, will pay 3.7 billion euros ($4.3 billion) to buy German rival Hamburg Sud. However, China has put in place restrictions on Hamburg Süd and Maersk Line’s use of vessel-sharing agreements (VSA). The ministry, in a statement, said the company could not enter a new ship sharing alliance on Far East-South America routes in the five years after the deal.
ESPO Congrats Port Boulogne Calais for PERS Certification
The European Sea Ports Organisation (ESPO) congratulated the Port Boulogne Calais for achieving the Port Environmental Review System (PERS) certification, the only port sector specific environmental management standard provided by the EcoPorts Network. The PERS certificate was handed over to the port during the ESPO General Assembly by the ESPO Chairman, Eamonn O’Reilly, the ESPO Secretary General, Isabelle Ryckbost and the EcoPorts Coordinator, Sotiris Raptis. Compliance with…
U.S. Commerce Chief Ross Reportedly Divests Shipping Interests
According to a Reuters report, U.S. Commerce Secretary Wilbur Ross has divested his interests in oil tanker company Diamond S Shipping and is in the process of selling off his holdings in another shipping firm, Navigator Holdings, a Trump administration official said earlier this week. Ross had originally intended to retain his shipping interests following his confirmation in February. But the 79-year-old investor came under criticism after disclosures on Sunday that one of Navigator's major clients is the Russian gas company Sibur…
ST Engineering Profits Up, Despite Maritime Drag
Singapore Technologies Engineering Ltd (ST Engineering) announced that it registered higher year-on-year profits for its third quarter ended 30 September 2017 (3Q2017). Group revenue of $1.62b came in with higher Profit before tax (PBT) of $162.9m, up 53% from $106.6m, and higher Profit attributable to shareholders (Net Profit) of $128.4m, up 67% from $76.7m. Higher profits were largely due to the absence of the $61.1m one-off charge incurred in 3Q2016 for its Specialty Vehicle business in China.
Samsung Heavy's Profit Down 82%
South Korean shipbuilder Samsung Heavy Industries (SHI) said that net profit for the third quarter of 2017 was down 81.8% year on year to KRW23.4 billion (USD20.44 million), mainly due to deliveries of low-priced vessels and a decrease in orders. According to Yonhap, the operating income in the July-September period reached 23.6 billion won, sharply down from an operating income of 84.1 billion won a year earlier. The shipyard's sales dropped 37 percent on-year to 1.75 trillion won over the cited period.
Sino-Danish Focus on Energy Efficient Ships
A delegation from the Chinese Ministry of Industry is visiting Denmark as part of the cooperation between the two Administrations. A Danish-Chinese workshop on energy efficient ship design and marine equipment will be held during the three-day visit. The workshop will be attended by the Danish Maritime Authority, the Chinese Ministry of Industry and other Chinese authorities, as well as shipowners, marine equipment manufacturers, the Technical University of Denmark (DTU) and Danish Maritime.
Maersk Line Stays in Profit
In Q3, the revenue of A.P. Møller - Mærsk A/S’ continuing operations increased by 14% year on year driven by higher freight rates in Maersk Line. The underlying profit was USD 248m, with an improvement of USD 290m in Transport & Logistics and a decline of USD 15m in Energy. For A.P. Møller - Mærsk A/S, the third quarter of the year was a defining quarter of major change, where strong and viable solutions were found for Maersk Oil and Maersk Tankers. Furthermore, today A.P. Møller…
Inspection Training for Cleaner Shipping
Inspection training for Port State Control Officers in South and Central America is underway at an International Maritime Organization (IMO) workshop in Buenos Aires, Argentina (6-8 November). There are participants from: Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Panama and Uruguay. Port State Control is the process, supported by IMO, by which officials in ports can board visiting foreign-flagged vessels to verify compliance with international safety and pollution standards.
World First: LNG to Fuel Largest Containerships
The move to LNG as fuel in the maritime sector picks up steam, as CMA CGM announced plans to outfit nine of its new 22,000 TEU containerships with LNG fueled engines. A trend that started in the United States is spreading to the world, as global containershipping giant CMA CGM announced its intention to outfit its series of new 22,000 TEU containerships with LNG-fueled engines. The move to ‘clean fuel’ in the maritime sector has been rapid, spurred by new rules from the International…
Shell Trading, Harvey Gulf ink LNG Transport Contract
Harvey Gulf International Marine’s CEO Shane Guidry announced today the formation of new marine transportation company, Quality Liquefied Natural Gas Transport, LLC (“Q-LNG”), owned 70% by Shane Guidry and 30% by Harvey Gulf. Q-LNG will own and operate assets providing marine transportation of liquefied natural gas (“LNG”), a critical component of U.S. LNG infrastructure, commencing with a long-term contract with Shell Trading (U.S.) Company (“Shell”) to deliver LNG as a fuel source to various ports in Florida and the Caribbean. Mr.
Maersk Steers Annual Shipping Forecast Lower
Maersk restates annual guidance after energy deal; lowers forecast for its key container business. A.P. Moller-Maersk , the world's largest container shipping group, cut the profit forecast for its core business on Tuesday after a costly cyber attack and a weaker than expected third quarter. Maersk, which agreed to sell its oil and gas business to Total in a $7.5 billion deal this year, has to prove to investors that the firm's strategy to focus on transport and logistics is the right one even with oil prices rising again.
ECSA Supports IMO
European Community Shipowners' Associations (ECSA) representing the European shipowners believe that continuous progress was made last week at the International Maritime Organisation’s (IMO) intersessional meeting of the Marine Environment Protection Committee (MEPC). The meeting has further built on an initial strategy for reducing CO2 emissions from the international shipping, which the next MEPC meeting should adopt it in 2018. In the meeting, the draft initial IMO plan was…
Scorpio Bulkers Acquires Four Vessels
Scorpio Bulkers, announced that it has entered into two separate agreements with unaffiliated third parties to acquire three Ultramax dry bulk vessels and one Kamsarmax dry bulk vessel. The deal was for an aggregate of $90 million, of which $77.1 million is payable in cash and the remaining consideration is in the form of approximately 1.592 million common shares of the Company to be issued to one of the sellers. All of the Ultramax vessels were built at Chengxi Shipyard Co Ltd in China, of which two were delivered in 2014 and one was delivered in 2015.
Upbeat Outlook for Dry Bulk Charter Rates
Drewry expects dry bulk shipping charter rates to recover from the second quarter of 2018 on the back of strengthening Asian iron ore demand, according to the latest edition of the Dry Bulk Forecaster, published by global shipping consultancy Drewry. For the medium and long term, Drewry holds the same views as in previous forecasts. Chinese steel production is expected to pick up pace at the end of winter, in the second quarter of next year, by which time production curbs will have relaxed. Strong infrastructure and construction activities will further strengthen steel consumption.
IMO Updates COP23 on Climate Change Work
The progress made in starting to shape a draft comprehensive International Maritime Organization (IMO) strategy on reduction of GHG emissions from ships has been reported to the COP 23 climate change conference, meeting in Bonn, Germany (6-15 November) by IMO’s Stefan Micallef. He reported that more than 2,600 ocean-going ships have now been certified to the mandatory energy efficiency design requirements, which have been in force since 2013. The significant global reduction…
Darwin Farewells Namesake City
HMAS Darwin has completed her final port visit to Darwin, farewelling the city by exercising the right to Freedom of Entry and showcasing her capability to thousands of locals. The six-day port visit included a ceremonial gun salute on arrival, the Freedom of Entry parade, an open day and various public performances by the Royal Australian Navy Band. Commanding Officer Darwin, Commander Phillip Henry, said the ship’s company were overwhelmed and deeply grateful to the community for the support they had received.
Recent Vessel Sales: October 2017
Vessel sales for October 2017 (as of November 1) as prepared by Shipping Intelligence, Inc., New York. 10/29 - COASTAL NO.
Op/Ed: Facts Do Matter - A Defense of the Jones Act
I recently read a story in The New Yorker – but that sounds more intellectual than what really happened, let me start over. I recently clicked a link on Facebook, which sought to explain why the term “Fake News” has become so popular. The article claimed that facts no longer matter to the average voter. As evidence (yes, the article explaining why facts don’t matter included evidence), it detailed a study whereby the subjects had been given false information, then were asked to make a choice between two options.
Speedcast Launches SIGMA Gateway Xtreme
Speedcast International Limited, provider of fully managed, remote communication and IT solutions, has announced the release of SIGMA Gateway Xtreme, a new network device capable of managing Speedcast’s global Ku VSAT network, Inmarsat’s Fleet Xpress network and 4G/LTE services. “The launch of SIGMA Gateway earlier in the year was a milestone in bringing secure virtualized server environments to the Maritime market,” said Tim Bailey, Executive Vice President, Products, Marketing, & Business Development, Speedcast. “We’re excited to be able to offer even better reliability and redundancy with the launch of SIGMA Gateway Xtreme. SIGMA Gateway Xtreme is designed to withstand harsh maritime environments…
Eniram Inks Service Deal with Corsica Linea
Eniram, a Wärtsilä company, has signed a five-year service agreement with Corsica Linea to take them to the forefront of digitalization and performance management. The agreement covers the fleet owned and operated by Corsica Linea between Marseilles and Corsica. These five vessels will be upgraded to the latest Eniram real-time performance management standards. With Eniram's solutions, Corsica Linea is able to reduce fuel costs and optimize its operations. In addition, Eniram's solutions take into account upcoming regulations concerning the monitoring…
Cyber Shoal Waters
Over the past two months the world has been rocked by three major hacking events that have garnered international notice. These included the EQIFAX event in which 140 million individuals were reported to be possibly compromised, the WannaCry attack and the NotPeyta event. In the past two years the emphasis on the cyber security of the Marine Transportation System, a vital economic cog to the world has come under increasing scrutiny. In August, trade journals and major international…
Ingalls Shipbuilding Acquires Automated Welding Solution
Pemamek Ltd. is delivering high-tech PEMA welding automation to Mississippi-based Ingalls Shipbuilding’s Pascagoula shipyard. The extensive and technologically advanced automation solutions provide Ingalls improved panel production and enhanced work flow. Mississippi-based Ingalls Shipbuilding, a subsidiary of the Huntington Ingalls Industries, kicked off its “Shipyard of the Future” initiative in 2014. The multiyear initiative includes investments in modern infrastructure and manufacturing equipment, as well as technologically advanced procedure and processes.
Singapore Revokes Transocean Oil's Bunker Licence
Singapore's Maritime and Port Authority (MPA) said on Monday it had revoked Transocean Oil's bunker fuel supply licence in the Port of Singapore, effective immediately. MPA said it had conducted checks on Transocean in March and April as part its efforts to ensure the integrity of bunkering operations at the port and found "falsifications of records and discrepancies in the stock movement logbooks on board the bunker tankers" operated by the company. Transocean Oil, which was formed in 2003 and operates a fleet of thirteen bunkering barges, according to its website, was not immediately available to comment. It sold a monthly average of around 200,000 tonnes of bunker fuel in 2013. Reporting by Roslan Khasawneh
China Unveils Huge Island Building Vessel
China has has unveiled a massive island-building vessel, which has been called “a magic island-maker” by its designer and is considered the most powerful vessel of its type in Asia, the state media reported. Named Tian Kun Hao, the ship is reported to have a deck the size of nine basketball courts and be capable of dredging up to 6,000 cubic meters an hour and digging as deep as 35 meters under the sea floor. The ship, capable of building artificial islands of the sort the country has constructed in the contested South China Sea…
Craig Group Sells Shipping Business
Family-owned Craig Group, of Aberdeen, has sold its core North Star Shipping business to international investors Basalt Infrastructure Partners in a move described as “restructuring for a new era”. "North Star Shipping has been acquired by Basalt Infrastructure Partners. The existing senior management team, staff and crew of North Star will remain with North Star, under the new owners," said a press release from the company. "The opportunity arose to secure the long-term future of North Star Shipping under new ownership who could bring even more opportunity for further investment and growth.