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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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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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Marseilles project: Ecoslops applies to the French competent authority for an authorization to operate

Ecoslops, an innovative technology company that upgrades ship-generated hydrocarbon residues, or “slops”, into valuable new fuels and light bitumen, today announced the formal application to the French competent authorities for an authorization to operate an oil residue waste-processing unit at La Mède, near Marseilles in partnership with Total group. Within this partnership, in which Ecoslops will get a majority stake, and as soon as a unique authorization is given (building and operation permits), the building of a micro-refinery unit with a 30,000 tons per year capacity should start mid 2018. ...

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Russian Maritime Signals Cooperation at NEVA 2017 Opening

A ship’s horn signalled the opening of the NEVA 2017 exhibition in St Petersburg today, but not before government and commercial dignitaries from home and abroad gathered on the red carpet to mark the start of Russia’s leading maritime event. An opening address from Minister of Transport of the Russian Federation Maxim Sokolov welcomed visitors and fellow speakers who included senior officials from the International Maritime Organization, and government representatives from a German regional powerhouse and Europe’s largest port City of Rotterdam. Mr Sokolov highlighted the event’s significance for shipping ...

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How to plan the best route for your container

Journey planner and business directory rolled in one. The Port of Rotterdam has developed Navigate, a journey planner for container transport allowing cargo to travel more often via the quickest and cheapest route, including that package you ordered online. WHY MAKE A JOURNEY PLANNER FOR CONTAINERS? In the old days, when entrepreneurs wanted to get a container from A to B, they had to determine which mode of transport (shipping, rail, road haulage) was their quickest option. This involved a lot of paperwork and phone calls to companies and transport ...

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