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The trade connundrum between China, USA and N. Korea

The shipping industry is bound to be affected by the rise in tensions in the Korean Peninsula. In a recent report, shipbroker Intermodal said that “the trade volume between North Korea and China is more than $5 billion per year. 83% of North Korea’s exports end up in China; similarly, about 85% of the nation’s imports come from China. The rest of the trade is with countries like India, Russia, Pakistan, Thailand and Mexico. Although Russia’s trade with North Korea is marginal, total volume being less than $100 million, it ...

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Asian Aframax Market Sees Rally on Busy Activity

Asian Aframax rates saw a resurgence this week on the back of firm cargo demand in Indonesia/Singapore. Other contributing factors include a robust Med market due to the lifting of force majeure on Sharara crude from Zawiya, potential weather delays in North Asia as a result of Typhoon Talim as well as higher bunker prices. Rates for the key Indo/Japan route basis 80 kt jumped by w17.5 points w-o-w to w110 as of today, crossed the w100 mark after languishing around w80 levels for the past two months. A pick-up ...

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Asia tanker rates jump as vessels ship fuel to U.S., Mexico

Freight rates for oil product tankers in Asia hit a multi-month high this week on reduced availability as vessels were diverted to ship fuel to the United States and Mexico in the wake of Hurricane Harvey. Some bigger tankers are also being used as temporary storage for gasoil as traders hold fuel on expectations of tighter supply and improved demand in the fourth quarter. This has compounded the shortage of vessels. Oil trader Winson Oil, for instance, has been aggressively buying in Singapore, snapping up millions of gasoil barrels. Rates for Long-Range 1 (LR1) tankers, which ...

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Improved risk profile for ocean hull insurance sector

Speaking yesterday at IUMI’s annual conference in Tokyo, Chairman of the association’s Ocean Hull Committee, Mark Edmondson reported a 10% reduction in global premiums from 2015 to USD 7 billion. “Reduction in asset values and a general decrease in vessel activity are having a significant impact on premium income”, he said. “The OSV fleet alone has around a third of capacity laid-up with little prospect of those vessels coming back online anytime soon”. In general, Edmondson was upbeat about an improving risk profile citing the work that IUMI was undertaking ...

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Dorian LPG Selects ABS to Evaluate LPG as Fuel and other 2020 Compliance Options

ABS, a leading provider of classification and technical services to the marine and offshore industries, has been selected by Dorian LPG to provide an in-depth techno-economic analysis, laying out compliance options for impending global sulfur cap requirements. Dorian LPG owns and operates a fleet of very large gas carriers (VLGCs), transporting liquefied petroleum gas around the world. ‘It is important for owners and operators to assess their fleets and evaluate their options so that they can develop the most efficient compliance strategies as new requirements come into place,’ says ABS ...

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Baltic index near three-year high as capesize rates surge

The Baltic Exchange’s main sea freight index , tracking rates for ships carrying dry bulk commodities, hovered near a three-year high, supported by robust rates for capesize vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 34 points, or 2.4 percent, to 1,449 points – its highest level since November 5, 2014. The capesize index climbed 138 points, or 5.07 percent, to 2,861 points, its biggest gain since Nov. 25, 2014. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such ...

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Fearnleys Week 38 2017

The VLCC market ended last week on a generally quiet and soft note except Caribs/East. Much to owners delight renewed activity has been

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CO2 emissions reductions of the shipping – European Shipowners discussing the impact of improved machinery, propulsion, operation and design

In the European Shipowners’ seminar on CO2 reductions in the shipping industry one message was clear: in order to achieve CO2 reductions across the world merchant fleet, a combination of different measures is needed. “In our seminar this week, we discussed with our stakeholders and European decision-makers different measures that enable to minimise the environmental impact of the shipping sector. In one analysis, the measures were divided in categories including the Technical and operational measures, Alternative fuels and Logistics related to the speed management of a vessel”, explained Tor Christian ...

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World’s First Conversion of Container Ship to Dual-Fuel Operation Concludes Successfully

At a recent event at the Hamburg offices of MAN Diesel & Turbo, Dr Uwe Lauber – CEO of MAN Diesel & Turbo – presented Gerd Wessels, Managing Owner of Wessels Reederei with a take-over certificate marking the formal conclusion of the ‘Wes Amelie’ LNG conversion project. Gerd Wessels said: “This pioneering project marks a milestone in the European container feeder market, and MAN has impressively proven that existing engines can be converted to LNG operation with a tremendous effect on exhaust emissions and the environment.” The project involved the ...

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A.P Moller Holding A/S acquires Maersk Tankers A/S and secures a strategic partnership with Mitsui & Co

A.P. Moller Holding A/S (A.P. Moller Holding) acquires Maersk Tankers A/S (Maersk Tankers) for USD 1,171 mill in an all cash transaction plus an agreed contingent payment reflecting a positive market development. Maersk Tankers has been part of A.P. Moller – Maersk since 1928 and is one of the largest product tanker companies in the world, transporting refined oil products globally and employing 3,100 people. The company will continue trading as “Maersk Tankers” and using the A.P. Moller – Maersk’s seven-pointed star-logo as part of its brand. “Maersk Tankers has ...

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Wilhelmsen majority shareholder in NorSea Group

With effect from 26 September 2017, Wilhelmsen increases its shareholding in NorSea Group from 40% to approximately 72%. Eidesvik Eiendomsinvest AS and Simon Møkster Eiendom AS will hold approximately 12% each, while management in NorSea Group controls the remaining 4%. Following the transaction, Wilhelmsen will buy a small portion of management controlled shares. The increased shareholding passed the Norwegian Competition Authorities 20 September 2017 and the transaction will take place 26 September. “We wish to have an exposure towards the energy market, primarily oil and gas, but also the offshore ...

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Maritime Executives – Pay & Reward

“Pay & Reward”, an extract from the report discussing the findings and answering queries on the subject. “The perception of executives is that they could get paid better in another industry” Given the pressures and complexities of leading a maritime business, you might assume that the pay of executives compares favourably to similar positions in other markets. However, the reality is that the majority of executives believe that their pay is not competitive. Only 12% of executives believed that they were paid better than their counterparts in another industry, whilst ...

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NYK Group and Norwegian Partner Dualog Begin Collaboration with NTT Group for On-board IoT Innovation

The NYK Group (Nippon Yusen Kabushiki Kaisha, MTI Co., Ltd.) and Norwegian Partner Dualog have entered into a collaboration with the NTT Group (Nippon Telegraph and Telephone Corporation, NTT DATA Corporation), on a proof-of-concept experiment for a next generation onboard IoT platform. The experiment is focused on validation of the below technology, which is expected to benefit the maritime industry in actual sea operations: •Data gathering from an expanding array of onboard sensors and monitoring equipment •Remote distribution and management of onboard applications •Monitoring of ship equipment, event analyses, and ...

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Fujairah National Shipping gears up to challenge network rivals in the Gulf Region

Fujairah National Shipping (FNS) is launching an ambitious bid to challenge network rivals in the Gulf by aiming to become one of the top three maritime services companies in the region by the end of 2018. Based at the Port of Fujairah and taking advantage of the port’s strategically important location near the Strait of Hormuz, FNS is targeting greater market share in the region by becoming the first ‘one-stop-shop’ maritime services company and further adding to its portfolio of services. The company has also brought in a new management ...

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Danaos Shipping Joins Container Ship Safety Forum (CSSF)

Piraeus (Greece) based shipping company Danaos Shipping Co. Ltd. joined the Container Ship Safety Forum (CSSF) in July 2017 and Nav-Tech B.V., the newly formed in-house ship management entity of Samskip from Rotterdam (The Netherlands), has been welcomed in the forum as the latest member this month. All 18 member companies confirmed their attendance at the next CSSF members’ meeting which is scheduled to take place in Hong Kong on 6 and 7 November 2017. The meeting is also open for representatives from non-member ship management companies to participate as ...

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