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Minister for Industry, Business and Financial Affairs calls for regulation to prepare the way for autonomous ships

A new report on regulation of autonomous ships recommends that regulation be decided at the international level. ​Maritime regulation should be made more flexible if it is to support the development of autonomous ships. A new report published by The Danish Maritime Authority today identifies where changes in maritime regulation are needed. The report will be used as a platform for the future effort of The Danish Maritime Authority to develop regulation and make it digitalisation-ready. Minister for Industry, Business and Financial Affairs Brian Mikkelsen is pleased: ”It is important ...

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Integrated enforcement ensured piracy-free Malacca strait: Liow

Integrated enforcement conducted along the Strait of Malacca over the past four years, has made the strait a safe sea trading route that is free from piracy threats. Transport Minister Datuk Seri Liow Tiong Lai said the integrated enforcement was carried out by the Marine Department, the Royal Malaysian Navy and the Malaysian Maritime Enforcement Agency which is in charge of the safety of ships against the threat of piracy. “The country’s security forces also work closely with the authorities in neighbouring Singapore and Indonesia in safeguarding the waters of ...

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Merchant Navy Officers Pension Fund secures £490 million of members’ benefits in buy-in agreement with Legal & General

The Trustee of the £3 billion Merchant Navy Officers Pension Fund (MNOPF) has secured £490 million of members’ pension benefits through a buy-in transaction with Legal & General Group plc (“Legal & General”). The MNOPF was an early and significant adopter of innovative de-risking transactions, having completed its first bulk annuity transaction back in 2009 with Lucida Limited, which was acquired by Legal & General in August 2013. Today’s announcement follows a £1.5 billion longevity insurance transaction covering the benefits of the Fund’s “New Section” members in 2014, and the ...

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HMM Appoints New Chief of Container Business

Hyundai Merchant Marine announced that it has named Sooho Kim – Chief of Hyundai Merchant Marine America – as a Chief of Container Business Office as of December 11th. The newly appointed Sooho Kim had been the Chief of Hyundai Merchant Marine Europe Office in 2008, Chief of Container Business Office in 2012 and was appointed as the Chief of Hyundai Merchant Marine America in 2016. Jeongbum Kim – the previous Chief of Container Business Office – will newly be in charge of Hyundai Merchant Marine America. He served as ...

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Trans-Atlantic Market: New North Atlantic Service (NAS) to call London and Zeebrugge

As part of APL’s continuing efforts to enhance our network coverage, we are pleased to announce the launch of the new North Atlantic Service (NAS). Currently the only APL service to call London Gateway, NAS also provides APL customers with direct access to additional markets on the Trans-Atlantic Trade: Zeebrugge, Dunkerque and Philadelphia. Moreover, NAS offers market leading tranit times between North Europe and U.S. East Coast, including 12 days from London to New York, and 13 days from Le Havre to Miami. The APL Advantage Connects major markets in ...

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Teekay LNG Partners Secures Long-Term Financing for Yamal ARC7 LNG Carriers

Teekay LNG Partners L.P. today announced the completion of an $816 million(1) long-term debt facility to finance all six of the Partnership’s 50-percent owned ARC7 LNG carrier newbuildings, the first vessel of which is scheduled to deliver in January 2018, and the remaining vessels through to early-2020. These newbuildings will service the Yamal LNG project under charter contracts with firm charter periods out to 2045 plus option periods. “Together with our joint venture partner, China LNG Shipping, we are pleased to announce this significant project milestone for our ARC7 LNG ...

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ShipServ launches latest monitoring and analytics tool

ShipServ is pleased to announce the launch of the ‘Supplier Performance Report’, the latest addition to its monitoring and analytics tools. The Supplier Performance Report provides shipowners and managers using ShipServ with a host of key data on the procurement performance of every supplier that they use, enabling them to analyse trends, and identify where improvements can be made, so that relationships with suppliers can be enhanced and fully optimised. The Supplier Performance Report brings together a host of procurement metrics and data on every supplier that a shipowner or ...

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Container Shipping Capacity Problem May Be a Blessing in Disguise

Fleets of mega-ships setting sail point up to how container shipping capacity should remain in excess in the near and mid-term, despite carriers’ efforts last year to aggressively stem their losses through mergers and scrapping in-service vessels. The good news for those paying to ship stuff is that the overcapacity should continue to exert headwinds on pricing as the capacity remains in excess. But the bad news is that expected increases in demand as well as other factors will likely prompt an uptick in pricing, according to analyst consensus estimates. ...

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IOC, BPCL set rates for VLCC, Suezmax tanker

Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Ltd (BPCL) will benchmark the rates for a very large crude carrier (VLCC) and a Suezmax tanker, respectively, they plan to hire from local fleet owners for five years to the Clarksons index that are also subject to a floor (minimum rate) and a cap (maximum rate). IOCL has set a floor rate of $18,000 per day and a cap of $40,000 per day for hiring a 10-year old VLCC that can carry as much as 265,000 million tonnes of Basrah ...

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A Global Shipping Niche Seizes New Highs, Despite Hanjin, Trump

As shares of shipbuilder Samsung Heavy Industries collapsed on South Korea’s stock exchange Wednesday, investors kept a careful eye on Triton International ( TRTN ), Textainer Group ( TGH ), CAI International ( CAI ) to see whether the container-freight industry could maintain its recent strength. Samsung, one of the world’s largest shipbuilders, sank 29% in Seoul on Wednesday, after forecasting losses through the end of 2018. On the U.S. market, Triton and Textainer, based in Bermuda, and San Francisco-based CAI, all averaged a 4% decline for the week – ...

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UAE’s IMO membership ‘a major milestone’

The UAE’s successful bid for Category B Membership under the International Maritime Organization (IMO) Council is a historic achievement and an important milestone in the country’s efforts to become one of the world’s leading maritime centres, the Federal Authority for Land and Maritime Transport has said. Today, the world’s eyes are on the UAE, which has successfully outshone other major candidates to become the first Arab member to join the Category B body, it said in a statement. It aims to further strengthen its global leadership by adding value to ...

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MOL Honors Officers and Engineers at “MOL Presidential Awards 2017” – Award for Continuous Contributions to Safe Operation and Educating Young Seafarers –

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) today announced that the company held the 2017 commendation ceremony for the “MOL Presidential Awards for Officers and Engineers 2017” on December 8. The awards are intended to recognize the ongoing safety-related contributions of MOL Group officers and engineers and recognize their key role, in cooperation with fellow seafarers and ship management companies, in ensuring the safe operation of vessels. The recipients share a commitment to the education and training of younger seafarers, an exemplary attitude in their on board ...

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20/20 on 2020? Looking to the future for shipping

2020: a term that implies clarity of vision. And the 6th Annual Platts Mediterranean Bunker Fuel Conference held in Athens last week certainly featured numerous speakers seeming to claim 20/20 vision on 2020. Yet by the end of the conference I found my own vision to be distinctly blurry. 2020 refers of course to the sulfur content environmental restrictions to be imposed on marine fuel in just over two years’ time. There was certainly plenty to see and hear at the Athens conference. Opinions and ideas presented were universally thoughtful ...

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Essar Shipping eyes fleet expansion

Essar Shipping Ltd is weighing plans to expand and diversify its fleet by acquiring a panamax size bulk carrier, a medium range oil tanker, and a Suezmax carrier, said Ranjit Singh, Executive Director and Chief Executive Officer. The expansion plan, focussed more on the liquid side, though, will be subject to securing long-term cargo transportation contracts, Singh told BusinessLine. “That’s the ideal way to expand tonnage on the back of long-term contracts,” he stated. Buying VLCC Essar Shipping will bid on the tenders issued by Indian Oil Corporation Ltd (IOCL) ...

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Shipping assets investor Tufton targets $100 mln fund raise in IPO

Shipping assets investor Tufton Oceanic Assets Limited said on Friday it was targeting a fund raise in excess of $100 million from a London listing. Tufton Oceanic Assets, a fund management firm for the maritime, energy-related, transportation and infrastructure sectors, said it would make an application for admission of its shares to trading on the Specialist Fund Segment. Source: Reuters (Reporting by Rahul B in Bengaluru, editing by David Evans)

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