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Ships; Demolition Market Looking to Pick Up Next Week

It might have been rather quiet over the course of the past few weeks, but things could start to pick up in the demolition market over the course of the coming days say shipbrokers. In its latest weekly report, Clarkson Platou Hellas said that “genuine sales candidates that are being touted in the market this week are finally creating some positive momentum, pushing price levels northwards as the lack of tonnage, particularly for Pakistan, starts to bite. Owners of any larger LDT dry cargo tonnage will certainly benefit from the ...

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Chinese Iron Ore Imports: Holding Strong

Chinese seaborne iron ore imports have grown robustly in the year to date, and are currently projected to reach 1,074mt in full year 2017, accounting for more than 70% of global seaborne iron ore imports and around a third of the expected growth in total seaborne dry bulk trade this year. What factors have driven the firm expansion in China’s seaborne iron ore imports in 2017 so far? As Hard As Iron After a period of slower growth in Chinese seaborne iron ore imports in 2015, expansion picked up in ...

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New OCIMF pre-fixture tanker vetting cyber requirement

Following the EXXON VALDEZ incident in 1989, the OCIMF started a pre-fixture tanker vetting program in 1993 with the introduction of the the Ship Inspection Report Program (SIRE). In 2004 OCIMF introduced the Tanker Management and Self Assessment (TMSA) program for the vetting of tanker owners’ office and/or management. The TMSA includes certain Key Performance Indicators and in 2008, OCIMF introduced TMSA Version 2 which has 12 performance elements. In April 2017, the OCIMF issued . In addition to the inclusion of ballast water management, fuel management and other items, ...

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Asia Tankers-VLCC rates to fall further on slow demand, flurry of ships

Hopes for an end-of-year rebound in freight rates for very large crude carriers (VLCCs) have faded as a slow pace of cargoes from charterers threaten to drag rates below breakeven levels, brokers said. Brokers last week predicted that rates could climb to 75-80 on the Worldscale measure over the next few weeks from W65-W68, but sentiment turned negative after the expected flurry of cargoes failed to materialise. “By next week we could see rates from the Middle East fall to the mid-W50s,” a Singapore-based supertanker broker said. That would be ...

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Dry Bulk FFA: Capesize Market Loses Traction

Capesize FFA Commentary: Cape paper failed to gain any traction Friday despite the index still making modest gains as the week drew to a close. The fact the FFAs held their ground over a very quiet day could be construed as bullish but only further physical news next week will give us something more solid to hold on to. Good weekend to all. Panamax FFA Commentary: The trend of the last few days continued yesterday with buying interest early on before liquidity dried up in the afternoon. Prompt periods were ...

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Striking a sector deal for maritime

Maritime industry leaders from across the UK are working to ensure that the sector is at the heart of the government’s industrial strategy. In January this year, the Government published its green paper ‘Building our industrial strategy’. The paper challenges sectors to come forward with proposals that will help the UK build competitive advantage over its international rivals; enhance productivity, address shortfalls in skills and advance developments in technology. The Government has said it will work with sectors that organise themselves behind “strong leadership” – including universities and regional leaders ...

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The NYK Group Teams with J-ENG to Improve Ship Engine Maintenance through the Use of Operational Big Data

Nippon Yusen Kabushiki Kaisha (head office: Tokyo; president: Tadaaki Naito; NYK), MTI Co., Ltd. (an NYK Group company; head office: Tokyo; president: Yasuo Tanaka; MTI), and Japan Engine Corporation (head office: Hyogo; president: Michio Shimizu; J-ENG) have seen progress in their joint research to improve safety and optimize maintenance for marine engines. The three companies began their research in December 2016 with the aim to pursue further safety and economic efficiency by taking advantage of operational big data resulting from collaborative work among engine manufacturers and users. Since the start ...

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The UK P&I Club to set up a subsidiary in the Netherlands

The United Kingdom’s decision to leave the European Union has led to uncertainty as to the ability of UK insurers to trade within the single market after Brexit.The single market allows financial services firms authorised in one member state to provide goods and services across the European Union without the need for further authorisations. Since the UK P&I Club, in common with many international insurers, is established in the UK (as well as Bermuda) it is necessary to make arrangements to continue trading after the UK’s exit from the European ...

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Britannia P&I Hosts European Members’ Forum in Greece

The important role that Members from Europe play within the Britannia P&I Club was among the issues discussed at its annual European Members Forum held on 9 November in Athens. The Forum, now in its 21st year, which was attended by 52 Members from across Europe, underlined the Club’s commitment to remaining accessible while providing Members with a personalised service. The Forum coincided with the announcement that Britannia will be opening an office in Greece within 2018. “Holding the European Forum in Greece was important given that it is the ...

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BW Offshore: Operating Results Retreat in Third Quarter of Significant Reversal of Loss Provisions

EBITDA for the third quarter was USD 82.1 million, a decrease of USD 36.5 million (USD 118.6 million). The decrease in EBITDA was mainly as a result of a significant reversal of loss provisions as overdues were paid by Addax during second quarter 2017. The BW Catcher FPSO arrived at the Catcher field in the UK on 18 October, and completed the hook up of the Submerged Turret Production (“STP”) buoy mooring system one day later, before successfully completing a rotation test around the buoy on 20 October. The final ...

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Diana Shipping Inc. Announces Time Charter Contract for m/v Norfolk With SwissMarine

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Norfolk. The gross charter rate is US$13,250 per day, minus a 5% commission paid to third parties, for a period of minimum twenty-one (21) months to maximum twenty-four (24) months. The charter is expected to commence on December 1, 2017. The m/v Norfolk is currently ...

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DNV GL grants AiP for Dreifa Energy’s floating regas concept

We are pleased to inform that Dreifa Energy’s floating regasification unit concept (the “Dreifa FRU”) has been granted Approval in Principle (“AiP”) by DNV GL. The Dreifa FRU consists of a regasification plant and associated utility systems located on the deck of a platform supply vessel. The Dreifa FRU operates in combination with an LNG carrier acting as a floating storage unit (“FSU”). The AiP is based on DNV GL’s examination of the basic engineering package developed by Dreifa Energy throughout Q2 and Q3 2017. In addition to confirming the ...

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Klaveness: Get full upside by joining our pools without giving away optionality

Did you know that the Klaveness pools have served Ship Owners for more than 50 years? Our Bulkhandling and Baumarine pools are based on the principles of the sharing economy, offering Ship Owners full upside without giving away optionality by being part of a global fleet. In this business, you might say that size matters. If you have ever wondered why some Ship Owners would outsource their vessels, this might be what they would tell you. Timing is Crucial With an ever-changing market, Owners appreciate having the flexibility that a ...

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Höegh LNG: Termination of FSRU charter agreement with Global Energy Infrastructure

Reference is made to the stock exchange notice on 15 December 2016, in which Höegh LNG Holdings Ltd. (“Höegh LNG” or “the company”) announced that it had signed an FSRU contract with Global Energy Infrastructure Limited (“GEI”) for GEI’s LNG import project in Pakistan. As explained in its third quarter 2017 financial report issued 16 November 2017, Höegh LNG has considered its options under the contract with GEI, and has today informed GEI that it has concluded to terminate the FSRU charter agreement signed 15 December 2016. However, Höegh LNG ...

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The end of the Nicaragua Canal?

With the surge in China-Panama relations following Panama’s break with Taiwan, it would appear that the vision of the Nicaragua Canal becomes shipwrecked. From a pure business perspective the Nicaragua Canal have always appeared non-feasible. Hence the only logical main driving force would have been political motivation from the Chinese. And given China’s direction, especially under the Belt and Road Initiative, such motivation should clearly not be underestimated. However, with the strengthened China-Panama relations, and a rush to invest in infrastructure in Panama, is appears logical that the Nicaragua Canal ...

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