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ShipServ appoints Business & Account Director for EMEA and opens Athens office

ShipServ, the world’s leading maritime e-procurement platform, is pleased to announce the appointment of Philip Uhrskov Nielsen as its Business & Account Director for EMEA (Europe, the Middle East, and Africa). Mr Nielsen will be responsible for building new relationships with shipowners and operators in primarily Greece, which dynamically continues to expand its share of the global fleet, as well as in Southern Europe. Philip has a wealth of experience working in a number of leadership positions across digital and technology markets. Prior to joining ShipServ, he worked for leading ...

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Frontline calls for consolidation among oil tanker firms

The global market for crude oil tankers remains too fragmented and needs consolidation among owners, one of the industry’s leading companies said. Oslo-listed Frontline, the oil shipping arm of billionaire investor John Fredriksen, also said the market for crude carriers is expected to remain weak until the second half of 2018. “The tanker market is highly fragmented with many owners who have one or two vessels,” Frontline Chief Executive Robert Hvide Macleod told analysts in a conference call. “It would be good to see the fleet sitting in fewer hands,” ...

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To Be an MLP or Not to Be, That Is the Question

Enterprise Products Partners LP is a bellwether for the master limited partnerships sector. Which is why this chart represents a fundamental problem for the MLPs: MLPs aren’t strictly a “sector,” like healthcare or utilities; just a particular, tax-advantaged form of financing that wraps around an underlying business operating energy infrastructure, such as pipelines. The sole purpose of the MLP is to raise financing as cheaply as possible. As I’ve written here and here, MLPs have come under severe pressure as the energy crash has exposed earlier excesses in terms of ...

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Panama bunker consumption per vessel increases

Panama marine fuel sales rose to 3.48mn t in the first nine months of the year, higher by 19pc compared with the same period in 2016. Fuel oil sales were up by 18pc to 3.22mn t and marine gasoil (MGO) sales rose by 33pc to 259,543t. Increased bunker demand on a per vessel basis, prompted by larger ship sizes, could be part of the overall sales tonnage increase. The Panama canal expansion was completed in June 2016. The expansion allowed for Neopanamax vessels, with a beam of 107 feet and ...

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Dry Bulk FFA: Capesize Market on Another Positive Day

Capesize FFA Commentary: Another positive day for the big ships as the Atlantic continues to edge higher and the paper remains at a discount to the spot. Some good volume changed hands today as buyers gained confidence. We are now at the years high’s for the December contract and the technicals suggest that the upward momentum is starting to wane. An interesting end to the week is in store if the IOS continues in its journey to the moon. Panamax FFA Commentary: An uptick in activity in both basins has ...

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Tristar: banks and shipping must align goals

At the 3rd Annual Maritime Standard Ship Finance & Trade conference that took place in Abu Dhabi, Chris Peters, CEO of Emirates Ship Investment Company (Eships), part of Tristar Group, spoke about the economic factors changing the face of shipping finance. He was one of the speakers at the session on Shipping and Ports – How will politico-economic factors shape future opportunities and challenges? According to Chris Peters, “In 2015 the average tanker rate was over $36k/d whereas the oil price had slumped back to average only $44/bbl. In 2016 ...

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Standard Club: Open Policy Years And Renewal 2018

The committee reviewed the Class’s financial position, the open policy years, and the requirements for the 2018 renewal at its meeting on 17 November 2017. The committee reviewed the release call for open policy years and confirmed that all will remain at zero. It should be noted that London Class continues its record of no unbudgeted calls in any year; a proud record of call stability of more than 25 years. RENEWAL 20 FEBRUARY 2018 For the eighth consecutive year, the committee decided that members with satisfactory performance should be ...

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WFW advises Alpha Bank on US$250m shipping securitisation transaction

International law firm Watson Farley & Williams (“WFW”) advised Alpha Bank AE (“Alpha Bank”) on raising financing of US$250m from Citibank through the securitisation of part of its shipping portfolio. The upsize securitisation transaction follows Alpha Bank’s first shipping securitisation issuance which raised US$500m in 2014, and represented the first shipping securitisation transaction completed by a Greek bank. The financing is in the form of a non-recourse four-year term dollar funding with a unique structure and represents one of the very few shipping securitisation transactions which has been completed globally ...

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Drewry: Port Throughput Indices

The Drewry Container Port Throughput Indices are a series of volume growth/decline indices based on monthly throughput data for a sample of over 220 ports worldwide, representing over 75% of global volumes. The base point for the indices is January 2012 = 100.   Drewry’s latest assessment – November 2017 After showing increases in July and August 2017, the Drewry global container port throughput index contracted by two points to 125.2 in September 2017. Nevertheless, the September 2017 figure was nearly 10 points up on the September 2016 figure and ...

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Cyprus: Cabinet approves purchase of land from UK for new port

Cabinet approved on Wednesday a proposal by Transport Minister Marios Demetriades to sign an agreement with the United Kingdom to acquire a piece of land near Vassilikos, in Limassol to construct an industrial and energy port that could be used by the hydrocarbon industry. Following the cabinet meeting, Demetriades said that the approval of his proposal was “of great importance” for the country, and opened great prospects for development. He said the decision is part of the government-integrated plan for port infrastructure and the wider policy of making Cyprus a ...

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Mexican ports switch to civilian control

A rejig of port management is taking place in Mexico. According to the Ministry of Transport (SCT), overall responsibility for ports is being transferred from the Naval Secretariat (Semar), which has been in charge for the past three years, to civilian control. This has prompted the replacement of many senior directors. Jorge Luis Cruz Ballado recently stepped down as head of Lázaro Cárdenas’ port authority, while Alejandro Miranda Oceguera quit Manzanillo as of November 16. The SCT noted that the director of Puerto Vallarta may replace the incumbent at Mazatlán ...

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Port in southeastern Iran soon operational costing $1 billion

The first phase of Shahid Beheshti Port in Chabahar, southeastern Iran, will be inaugurated by early December with an estimated investment of $1 billion. Mohammad Rastad, managing director of Ports and Maritime Organization (PMO), announced that the inauguration ceremony will be attended by President Hassan Rouhani, top officials from 27 countries, as well as representatives of the private sector active in maritime and ports industries. “Senior transportation officials from Russia, Turkey, China, South Korea, and India have been invited accordingly to attend the ceremony,” Mehr news agency quoted Rastad as ...

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Egypt: Suez Canal Nov. Tolls Exceed U.S.$455 Million, Says Chairman

Egypt’s Suez Canal revenues surged 17.1 percent year-on-year in November 2017, Suez Canal Authority chairman Mohab Mamish said on Tuesday 21/11/2017. Mamish said the Canal revenues reached 455.8 million dollars in November 2017, compared with 389.9 million dollars during the same period last year. The number of ships transiting the international waterway during November reached 1,506 up from 1,366 ships in November 2016, he noted. Source: Egypt State Information

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Indian Oil Corp studies renewed Venezuelan crude purchases

Indian Oil Corp is considering buying Venezuelan crude for the first time in at least six years, in a move that could help the crisis-struck South American nation settle unpaid bills with another state-owned Indian energy firm. The OPEC-member’s economy has collapsed since crude prices plummeted in 2014 , forcing it to delay payments for oil services and fuel supplies. Venezuela depends on oil for more than 90 percent of its export revenues. Venezuela’s national oil company PDVSA has missed debt payments to ONGC Videsh, the foreign investment arm of ...

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In shadow of OPEC’s noisy oil cuts, Asia’s miners quietly tightened coal supplies

Australian and Indonesian miners have quietly done in the last two years what OPEC has been shouting about: tighten coal markets and prop up prices. The informal coal output reductions, unlike the official cuts in place since January led by the Organization of the Petroleum Exporting Countries (OPEC), are culminating right as Asia enters the Northern Hemisphere winter when heating demand peaks in January. Additionally, there are warnings a La Nina pattern that typically brings colder-than-normal weather to the Northern Hemisphere might occur. In 2015, at the peak of the ...

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