Next week in Houston, Texas a group of owners, manufacturers and third-party inspection organisations (Lloyd’s Register among them) will meet to finalise a new standard for offshore containers. ISO 10855 will cover offshore containers and associated lifting sets. Once approved by the ISO committee, it will be one of two global standards for offshore containers put forth by industry
As has been the case with many ship classes, both in the tanker and the dry bulk segment, Aframax tankers have been on a rollercoaster ride for the past few weeks. In a recent report, analysts Poten & Partners said that "although freight rates are falling precipitously, recent volatility suggests that this market may still have a heartbeat yet. For the majority of the past few
In a judgment handed down in December 2013, the Court of Appeal upheld the decision of Mr Justice Teare in the Commercial Court in Griffon Shipping LLC v. Firodi Shipping Limited. The decision confirms that the sellers’ remedy under clause 13 of the Norwegian Sale Form 1993 (NSF 93) where buyers fail to pay the deposit is a claim for the unpaid deposit and they are not
Capital Product Partners L.P., an international diversified shipping company Friday released its financial results for the fourth quarter ended December 31, 2013. The Partnership's net income for the quarter ended December 31, 2013, was $2.0 million, including a $7.1 million loss from the sale of the M/T Agamemnon II to unaffiliated third parties and a
The dry bulk market is definitely in the doldrums since the start of the year, in what could only be described as a "lost" month for industry players. With China's New Year holidays looming, things can only get even worse, before a potential rebound, beginning after the first few days of February. Yesterday, the dry bulk market's benchmark, the Baltic Dry Index (BDI) was
Offshore has been one of the buzzwords in the Chinese shipbuilding industry since the market crash in 2008. Both the Chinese government and individual builders became keen to encourage further development of the offshore construction industry in China, so how successful has China been in attracting orders?
There will be widespread approval within the industry for the 2014 theme for the International Maritime Organization’s (IMO) World Maritime Day, which will be “IMO conventions – effective implementation”. A problem that is as old as IMO itself, the slow pace of implementation of IMO instruments has been regretted by successive IMO Secretary-Generals, so the emphasis put on this
The tanker market conditions are expected to remain challenging throughout the year for tanker owners, but even more pressing will be the issue of actual profits from tanker chartering operations. After all, ship owners can still book profits, even in adverse market conditions. According to the latest report from shipbroker Intermodal, this question will linger for the
Last month’s Tanker Outlook detailed the changes made to reclassify IMO-2 graded ships with MR characteristics as product tankers. This month, the attention turns to the impact on the more specialised tanker segments.
Navios Maritime Partners L.P., an owner and operator of dry cargo vessels, today reported its financial results for the fourth quarter and year ended December 31, 2013. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "Navios Partners previously announced that it was committed to a minimum distribution of $1.77 through 2014 and today extends
It's been yet a relatively active week in the dry bulk newbuilding market, despite the continuous fall of the Baltic Dry Index (BDI), which could potentially have a negative impact in investment appetite. In any case, according to the latest weekly report from shipbroker Clarkson Hellas, "Oldendorff Carriers have contracted two firm plus two option 208,000 DWT Newcastlemax
During the recent years, the shipping industry and maritime commerce has seen a sharp increase in not only the number of fraud cases, but also the variety of fraud. Fraudsters are becoming more and more ingenious in their design and execution of scheme, including the use of modern technology, such as computer hacking, but sometimes tried & tested “old school”
Although westbound cargo from the Mediterranean to North America continued strongly in 4Q 13, the lack of service withdrawals and meaningful sailing cancellations meant that vessels remained poorly utilised and unprofitable.
If one thing is clear as we reflect on the 2013 shipping markets, it's that ship owners took advantage of low prices, in order to acquire newer tonnage through the second hand and newbuilding markets. But, in them doing so, forgot to demolish their older ships, especially as we approached the end of the year, when the dry bulk market rebounded strongly. Of course, in business
The AP Moller-Maersk Group’s recent moves to sell over $4bn of non-core and under-performing assets begs the question of where the money will be re-invested, and its likely impact on existing market forces within the container shipping industry. Maersk Line already enjoys enormous economies of scale within the sector, so, should the cash be ploughed back into providing
Costamare Inc. reported unaudited financial results for the fourth quarter and the year ended December 31, 2013.
Voyage revenues of $112.5 million and $414.2 million for the three months and the year ended December 31, 2013, respectively.
Voyage revenues adjusted on a cash basis of $116.8 million
The initial consequence of the gradual relaxation of the sanctions on the Iranian oil regime is believed to be a rise in the number of VLCC cargoes heading to the East. This according to London-based shipbroker Gibson, which in its latest weekly report, said that "already one such unit has sailed for China following 12 months storage duties of Kharg Island".
At the start of 2014 there were 899 ships of 3,000+ TEU, with a beam of less than 32.3m – the maximum able to currently transit the Panama Canal – in the global containership fleet. They accounted for 3.76m TEU, 22% of global fleet capacity. However, since 262 such vessels were ordered in 2006-08, further Panamax contrac-ting has been negligible, as demand for the design has
Once upon a time commercial ports only had to deal with three key threats on a daily basis - theft, damage to goods and stowaways all of which have the potential to cause considerable financial damage to stakeholders but were identifiable and manageable. The contemporary port is subject to a far wider range of threats including the possibility of terrorist attack and
Tanker spot rates are expected to trend lower this year, as the imbalance of tanker supply in relatin to ton-mile demand will be a major factor. This according to the latest report on tanker market outlook issued this week by Mcquilling Services, which maintained that despite the current rally that is present in some tanker sectors, rates are likely to be pressured in 2014.