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Clean tankers: Platts East of Suez LR2 market steady Feb 21

The East of Suez LR2 tanker market was steady Wednesday following fresh demand that supported the rates. The recent decline in rates had drawn several charterers leading to a slight uptick. “I will not call it a recovery, it is more like a correction of rates,” said a broker in Singapore. “However, it is unlikely that the market will spike [further],” the broker said. Among the fixtures heard, the FS Endeavour was placed on subjects by Mitsubishi Chemicals at w86 for March 3 naphtha loading on the Persian Gulf-Japan route, ...

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Commission fines maritime car carriers and car parts suppliers a total of €546 million in three separate cartel settlements

In three separate decisions, the European Commission has fined four maritime car carriers €395 million, two suppliers of spark plugs €76 million, and two suppliers of braking systems €75 million, for taking part in cartels, in breach of EU antitrust rules. All companies acknowledged their involvement in the cartels and agreed to settle the cases. Commissioner Margrethe Vestager, in charge of competition policy said:”The Commission has sanctioned several companies for colluding in the maritime transport of cars and the supply of car parts.The three separate decisions taken today show that ...

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World’s first LNG-fuelled bulk carrier delivered

Hyundai Mipo Dockyard (HMD) and ILSHIN LOGISTICS have successfully delivered the world’s first LNG-fuelled bulk carrier under the dual-class of Lloyd’s Register (LR) and Korean Register. The 50,000 dwt bulk carrier has also been verified to be in compliance with the International Gas Fuel (IGF) Code. The vessel is the result of a collaboration project, announced in July 2016, to develop the first in a new generation of environmentally-friendly LNG-fuelled bulk carriers. The ship has a Type ‘C’ LNG fuel tank with a capacity of 500m³, made of austenitic high ...

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Fearnleys Week 8 2018

A quiet week in the VLCC market. With most of the Far Eastern charterers on holidays celebrating the Lunar New Year, along with IP week in

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Fresh produce accounts for 4.0% of the world seaborne trade of dry cargoes of all kinds: 2017 reefer box production remains low at some 160,000 TEU

Reefer shipping and the rest Statistics are always running behind, one more than the other. It has therefore appeared only recently that worldwide international trade of refrigerated perishables went through a dip in 2015. That year, volumes reduced by 2% to an estimated 144.4 million tons. As matters are, things were repaired again in 2016 with a growth of nearly 3.5% on-year, expected to improve further by 4.0% in 2017. Trade is one thing, seaborne transport of fresh produce another. The latter, in both conventional reefer ships and refrigerated boxes, ...

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Navios Maritime: Frangou Pleased with 2017 Results, as Group Expands Fleet to Exploit Improved Freight Market Conditions

Navios Maritime Holdings Inc., a global, vertically integrated seaborne shipping and logistics company, reported financial results for the fourth quarter and year ended December 31, 2017. Angeliki Frangou, Chairman and Chief Executive Officer, stated, “I am pleased with the results of the full year and fourth quarter of 2017. For the full year, we reported revenue and Adjusted EBITDA of $463.0 million and $126.8 million, respectively. For the fourth quarter, we reported revenue and Adjusted EBITDA of $128.5 million and $46.7 million, respectively. Rates for dry bulk vessels have improved ...

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Making waves within the ship management sector – M&A value drivers

The ship management sector is broadly split in two, between independent ship managers such as industry leading V.Group and in-house managers such as Mediterranean Shipping Company. Our research indicates that approximately 10% of the world merchant fleet greater than 5,000 GRT and built after 1991 are independently managed by the top 20 independent ship management companies. Favourable economic and market factors are encouraging M&A consolidation activity. Independent ship managers in particular, the larger businesses, are bolstering their respective position to generate greater economies of scale, whilst the smaller regional players ...

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World’s Biggest Container Liner Looks for Deals Outside Shipping

The world’s largest container company will start looking for takeover targets outside the shipping industry as it tries to pre-empt a new competitive landscape in which customers are morphing into rivals. Jakob Stausholm, A. P. Moller-Maersk A/S’s chief financial officer and head of transformation and strategy, says the company needs to expand its land-based activities to meet a growing need from clients. “We’re currently very big in the ocean segment, and we’d rather grow in non-ocean, so it may be a good idea to look for M&A targets there,” Stausholm ...

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North P&I Club consolidates its leading position

North P&I Club has consolidated its position as one of the leading members of the International Group of P&I Clubs, with controlled growth in total entered tonnage to 195 million GT at the 20th February 2018 renewal. In addition, the number of members taking North’s FD&D cover has increased by 10% to just over 90 million GT. North P&I’s Chairman, Pratap Shirke, commented, “The last 12 months have represented a persistently challenging trading environment for our members. Amid a growing regulatory burden and fragile economic growth in many sectors, we’re ...

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Biofouling during outfitting at South Korean shipyards drives high demand for Selektope® antifouling solution

As global water temperatures increase, global ‘biofouling hotspots’ in subtropical/tropical areas are intensifying, exposing newbuildings at the world’s major shipyards to greater risk of hard fouling during the outfitting process. The effects of intense hard fouling on idle newbuilds can have great impact on a newly applied hull coating and on a vessel’s performance in sea trials. In response to this problem, a new antifouling coating specifically targeting hard biofouling prevention during the outfitting period was brought to market by Danish marine coatings specialist Hempel in late 2017. GLOBIC 9500S ...

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The Swedish Club Moves Forward on a Firm Footing

The Swedish Club has reported results for the 2018 renewal season in line with its focus on quality business and expert approach to managing current and future risks. Growth is running according to plan and the P&I gross tonnage has moved in excess of the 50 million GT milestone. This follows on from the positive news announced by S&P Global Ratings (S&P) earlier this year, when it revised its outlook on The Swedish Club to positive from stable, affirming the ‘BBB+’ long-term insurer financial strength and issuer credit ratings for ...

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MCTC Appoints Catering Manager to Head Up New Catering Management Services

Leading catering training provider MCTC has appointed Stephen Storey to head up its new Catering Management services working with vessels in the procurement of catering provisions. MCTC, based in Limassol, Cyprus, trains catering crews from all over the world in all types of cuisine, through onboard distance coaching and onshore programmes at its training establishment in Makati, The Philippines. As part of its flagship Catering Competency Development Programme, MCTC now offers Catering Management as a value-added service, after being asked by its clientele. Through its Catering Management arm, MCTC works ...

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Exmar: Next step of the FSRU towards her long-term employment

EXMAR announces that its FSRU (Floating Storage and Regasification Unit) barge delivered end of 2017 has left the Wison Offshore Marine shipyard at 5.30 local time yesterday and is on her way to Singapore. There the unit will undergo site specific modifications before departing to its project destination to commence its long-term employment mid-2018 in line with its time charter commitments. This is an important step in the successful implementation of the barge-based regasification strategy of EXMAR. The FSRU is the first, new built regasification barge in the world, built ...

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Maximising returns: Chinese mills to ramp up output before curbs bite again

China’s steel producers are eager to unleash their mills’ capacity when this winter’s output curbs end next month, hoping for a repeat of last year’s record profits based on high margins and less competition as outdated plants were closed. China shut down up to half of its steel production this winter in 28 cities in the country’s manufacturing heartland in the north as part of an anti-pollution campaign. With margins still encouraging full output, China’s pent-up steel production should erupt when the curbs expire on March 15. Because of the ...

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European thermal coal traders change strategy as Q2/Q4 contracts flip into contango

The front half of the CIF ARA thermal coal futures curve has shown a move into contango recently as low demand in the spot market has continued to pull the prompt contracts down, affecting trading strategy. The spread between the Q2-18 contract and the Q4-18 contract first flipped from backwardation to contango earlier in the month and was in a contango of 30 cents Monday, having been backwardated $2.40 on the first day of trading in 2018. Sources attributed the drop at the front of the curve to a slow ...

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