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Maritime industry enters uncharted waters

A combination of technology and political and economic events are creating new risks and opportunities for the global maritime sector, Marsh Ltd. said in a report. “The Changing Tide of Risk: Expert Perspectives on the Marine Industry” examines several issues facing maritime companies. Among other things, the report considers how emerging technologies, such as blockchain, could potentially revolutionize cargo processing by reducing human error and improving efficiencies. “The technology promises to revolutionize container logistics by connecting the supply chain in a way the industry has never seen before,” the report ...

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Delivery of the first dual fuel tug built in Europe

After completing its sea trials program successfully, DUX, the first dual fuel tug ever built in Europe, was delivered to its owner, the Norwegian company Østensjø Rederi A/S. This state of the art vessel is the first tugboat of a series of three. Designed by the renowned Canadian company Robert Allan Ltd, the new escort tug, with 40.2 meters length and 16 meters beam, will provide tug services to Norwegian state-owned energy company Statoil, at the far-north terminal located at Melkøya under severe weather conditions. Built to withstand harsh environments, ...

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Jefferies Group LLC Reaffirms “Buy” Rating for Ardmore Shipping Corp (ASC)

Ardmore Shipping Corp logoJefferies Group LLC reissued their buy rating on shares of Ardmore Shipping Corp (NYSE:ASC) in a research note issued to investors on Monday, April 24th. The brokerage currently has a $10.00 price target on the shipping company’s stock. Several other research firms have also recently issued reports on ASC. Zacks Investment Research upgraded shares of Ardmore Shipping Corp from a sell rating to a hold rating in a research note on Tuesday, December 27th. ABN Amro upgraded shares of Ardmore Shipping Corp from a hold rating to ...

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When searching is not enough

The Pacific’s wild weather and vast distances make it a challenging location for search and rescue, said Keith Manch, Director Maritime New Zealand, in his opening address at the Pacific Regional Search and Rescue workshop in Auckland, New Zealand (22-26 May). The objective of the workshop is to provide Pacific Search and Rescue (SAR) coordinators and responders with the tools to improve coordination between national SAR agencies. The event also aims to improve regional collaboration through formal protocols and communication ensuring a uniform SAR response throughout the Pacific. IMO’s Carlos ...

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Hugely complicated’: Watson Farley, White & Case, A&O line up on $14bn shipping deal

Watson Farley & Williams (WFW) has advised a group of 29 international and local banks who were acting as financiers on a $14bn merger between shipping giants Hapag-Lloyd and United Arab Shipping Company (UASC). The merger will create one of the five largest container shipping lines in the world, with 237 vessels and a combined turnover of around $12bn. Dubai-based finance partner Andrew Baird led for WFW with support from Dubai partner Neale Downes, Hamburg partner Maren Brandes, London partner Kavita Shah and Singapore partner Mei Lin Goh. Allen & ...

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Dry Bulk FFA: Capesize June Rates Seen Up to $13,350 in FFA Market

Capesize FFA Commentary: Capes made some modest gains in early trading with June trading up to $13350 and Q3 $14900 before finding selling resistance. The physical market remained relatively quiet with Ascension Day holidays today in much of Europe and a UK holiday on Monday it could be that a long weekend is already underway. Q4 traded around $16500 levels and the Cal 18 held just above $14k. Panamax FFA Commentary: It was a rather lackluster day on Panamax paper with holidays taking a toll on liquidity. The curve continues ...

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Drewry: World Container Index – 25 May

The World Container Index assessed by Drewry, a composite of container freight rates on 8 major routes to/from the US, Europe and Asia, is down by 3.6% to 1446.81/40ft container [updated Thurs, 25 May 17]. Two-year spot freight rate trend for the World Container Index: Drewry assessment: Thursday, 25 May 2017 The composite index is down by 3.6% this week and up by 54% from the same period of 2016. The average composite index of the World Container Index assessed by Drewry for the year to date is US$1,580/40ft container, ...

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DNV GL salvage support for the “Modern Express”

When maritime incidents occur and the DNV GL Emergency Response Service (ERS) is called in, every minute counts, and close cooperation with salvage services is essential for a good outcome. One notable case was “Modern Express”. Emergency Response Service Last year, the “Modern Express”, a Panama-registered ship transporting 3,600 tons of construction machinery and timber from Gabon in West Africa to the French port of Le Havre, was caught in a severe storm in the Bay of Biscay. Battered by heavy seas and swells, the vessel developed a 40-degree list ...

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Global regulations for a level playing field

The relationship between global shipping regulation, through IMO, and regional implementation can be strong and very effective. This was the message from IMO Secretary-General Kitack Lim, speaking at the European Maritime Safety Agency (EMSA) in Lisbon, Portugal (24 May). Mr. Lim highlighted that EU Member States have made an invaluable contribution to IMO’s work, which, over several decades, has laid the foundation for shipping to become progressively safer, more efficient, cleaner and greener. And, moving forward, EU countries have an equally strong influence over ensuring that IMO measures are universally ...

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Satcom Global completes rapid rollout of Aura VSAT across Parakou Fleet

Leading Singapore based ship management company, Parakou, has selected Satcom Global Aura VSAT for installation across its fleet of tankers. The global Ku-band VSAT service is now live on eight vessels, following an eight week rapid installation programme in Asia and the USA, delivering high bandwidth quality communications for business and crew use. Operating in a time sensitive market, with vessels trading globally and at short notice, Parakou required a reliable communications solution offering full ocean coverage and guaranteed bandwidth. Satcom Global is meeting Parakou’s need head on with Aura; ...

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Dry Bulk Market: FFA Panamax Index Oversold says Broker

Panamax Index Weekly Support – 6,459, 5,948, 5,122, Resistance – 8,388, 8,857, 9,403 The 200 period MA has been broken, as have the first two support levels. At this point we have seen no bullish rejection candles that our needed to suggest a technical bounce. Market buyers should remain on the sidelines before looking to enter. The stochastic remains in oversold territory making this a high risk area to enter fresh shorts, highlighted by the technical support at USD 6,459. A market pullback that rejects the 34 period EMA at ...

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IEA says IMO should take ‘proactive action’ to reduce greenhouse gas emissions

The International Energy Agency has said the International Maritime Organization should take “proactive action” to reduce greenhouse gas emissions from international shipping to meet the ‘2 degrees Celsius’ goal. The 2DS goal lays out an energy system deployment pathway and an emissions trajectory consistent with at least a 50% chance of limiting the average global temperature increase to 2 degrees Celsius. According to an IMO decision, the global sulfur cap on bunker fuel will fall to 0.5% from 2020 onwards, from its current level 3.5%, while a policy for curtailing ...

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Asian MR Market Shows Signs of Recovery

A new lease of life has been breathed into the ailing Medium Range (MR) tanker market in Asia. The MR market has been mired in a slump in recent months, with TC11 rates sinking to a multi-year low of $240,000 in April on the back of lower product exports from China and South Korea. The lumpsum rate for TC11 has since rebounded by $50,000 to $290,000 due an influx of activity in North Asia. Overall Chinese product exports touched a three-month low at 3.5 mmt in April, down by 22.6% ...

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Baltic index hits lowest since early March on tepid demand

The Baltic Exchange’s main sea freight index , tracking rates for ships carrying dry bulk commodities, on Thursday fell to its lowest since early March as demand slowed across all vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 16 points, or 1.71 percent, at 918 points. The capesize index lost 59 points, or 3.57 percent, at 1,595 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargo such as iron ore and coal, were down $427 to $11,750. ...

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Piraeus bunker market braced for tightening barges

The bunker market at the Greek port of Piraeus is experiencing limited availability of barges and the shortfall will grow more marked over the weekend, sources said Thursday. “There will be some loading issues at the Hellenic refinery over the weekend, a low-sulfur fuel oil import cargo will take up one dock,” a supplier said. “It will be tight on barges until Monday,” a trader said. The busy barging schedule at the weekend will come after some delays loading at the refinery Wednesday night, sources said. The refinery was not ...

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