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Carrier Profit: What’s Ocean Container Shipping Really in for in 2018?

Depending on how you look at it, ocean container shipping has seen a major change since the summer of 2016. The new shipping alliances have started to mobilize in 2017 and the volatility of rates for all the major trade lanes is nothing short of unnoticeable. Blank sailings, GRIs, drop in rates. Will it be a buyer’s or seller’s market? What is on the horizon? Let’s not call the doom for carriers and complete plummet of the market too soon. It’s still early. The box carrier world is far different ...

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A step closer to ballast-free shipping

GTT and Dalian Shipbuilding Industry Co. Ltd (DSIC) received approval in principle (AiP) from Lloyd’s Register (LR) for their 30,000m³ B-FREE LNG carrier design in a ceremony at Marintec China yesterday. The spread of invasive species is recognised as one of the greatest threats to the ecological and economic well-being of the planet and this new design could provide a ballast-free shipping solution. DSIC GTT AiP The innovative design has several advantages over conventional designs (based on Type C cargo tanks and using ballast), combining environmentally-friendly features with increased efficiency ...

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Transitioning into EU MRV

The EU MRV (monitoring, reporting and verification) regulation 2015/757 entered into force on 1 July 2015 as part of the European Commission (EC)’s effort to reduce greenhouse gas (GHG) emissions from international shipping within the European Union (EU). The EU MRV Shipping Regulation applies to ships above 5000 GT irrespective of their flag and requires such ships carrying out maritime transport activities to or from EEA ports and at EU Ports to monitor and report information including verified data on their CO2 emissions from 1st of January 2018. The legal framework ...

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Singapore Dec term ex-wharf 500 CST bunker concludes at parity to discount of 50 cents/mt

Singapore ex-wharf 500 CST bunker fuel term contracts for December have been concluded at parity to a discount of 50 cents/mt to Mean of Platts Singapore 380 CST high sulfur fuel oil assessments, trade sources said this week. This reflects a slight downward move month on month, with November term contracts heard done at around parity to a premium of 50 cents/mt. “[It is] a little bit lower only,” a trader said. Despite the fall in the premiums for December term supply, one trader noted that the spot market for ...

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Cash to paper on high sulfur fuel oil barges slides to 10-month low amid low buying interest

The 3.5% FOB Rotterdam barge price nosedived Wednesday to a 10-month low as the destocking season and weaker buying interest took hold. The 3.5% FOB Rotterdam barge price was assessed at $331.00/mt Wednesday, while the contango on the physical to the front-month swap plunged to minus 4.25/mt, from minus $2.00 on Tuesday. This is the weakest contango seen since February 1, when value was minus $5.25/mt. “Two weeks ago the swaps structure was in backwardation; it’s a big slip,” a trader said. There were only six barge trades during Platts ...

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Wärtsilä enters joint project agreement for shuttle tanker development

The technology group Wärtsilä has signed a joint industry project cooperation (JIP) undertaking with Dalian Shipbuilding Industry Company (DSIC), a part of the China Shipbuilding Industry Corporation. The objective of the JIP is to develop a preliminary production level design for a 127,000 dwt shuttle tanker that may be built by DSIC with DNV-GL classification. The agreement was signed in October 2017. The demand for shuttle tankers is forecasted to increase, and this joint project is intended to generate a high level design concept with a dynamic positioning (DP) system ...

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European shipowners welcome the Council conclusions on the digitalisation of transport

European shipowners welcome the Transport Council’s conclusions on the digitalisation of transport adopted yesterday. It rightly underlines the importance of digitalisation for the European economy and competitiveness, and confirms the EU’s ambition to become a global leader in this area. “Digitalisation is already very present in our sector and we welcome the attention given to it by the Transport ministers”, commented Martin Dorsman, ECSA Secretary General. “As the Council conclusions propose, a genuine European single window should be provided, based on the “reporting once” principle and the use of a ...

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Sale of EXMAR’s share in four FSRUs

Excelerate Energy and EXMAR NV are pleased to announce that they have concluded the acquisition by Excelerate Energy of the full 50% shares held by EXMAR in four (4) companies, Excelerate NV, Explorer NV, Express NV and Excelsior BVBA, each owners of the respective FSRUs registered under the same names. All four (4) FSRUs (Floating Storage and Regasification Units) are under a long-term time charter to Excelerate Energy. The sale and purchase of the first three (3) companies has been completed and the proceeds of the sale were used to ...

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RINA Hellenic Advisory Committee focuses on digitalization and other important issues of the Industry

RINA Hellenic Committee hosted several leaders within the Greek shipping community on the 22nd of November, who discussed new trends and challenges of International Shipping. The Committee Chairman George Youroukos, Owner of Technomar Shipping Inc., opened the meeting by highlighting some of RINA’s significant achievements in 2017, such as the growth of the fleet and the success of the added value services among clients. Mr. Youroukos emphasized that the Greek owned fleet of RINA has increased by 25% during current year and added value services, like the Infoship EGO energy ...

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Teekay Tankers Announces Management Change

Teekay Tankers Ltd. announced today that Stewart Andrade has been appointed Chief Financial Officer of Teekay Tankers, succeeding Vince Lok who will remain Teekay Corporation’s (Teekay) Executive Vice President and Chief Financial Officer. Mr. Andrade joined Teekay in 2002 and has worked in a variety of increasingly senior roles across the organization. He has been responsible for executing a number of strategic transactions, including acquisitions and the establishment of joint ventures, to grow Teekay Tankers into one of the world’s leading tanker companies. His most recent role was Vice President, ...

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Prosafe extends standstill agreement with Cosco

Prosafe remains focussed on its fleet high-grading strategy and continues to work with COSCO (Qidong) Offshore Co. Ltd (COSCO) to find a comprehensive commercial solution for the three Prosafe vessels that currently reside in COSCO’s Qidong shipyard in China. The Safe Eurus is in a preserved, strategic stacking mode and negotiations continue with COSCO to find a workable commercial solution. The standstill agreement between Prosafe and COSCO related to Safe Nova and Safe Vega has recently been extended until 20 April 2018. Prosafe remains in negotiations with COSCO and related ...

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MV Banak port call in Algeciras, Spain on November 24th – 25th, 2017

The MV Banak, a 2 500 TEU container ship owned by Klaveness Container AS, is currently on time charter to the French liner company CMA CGM S.A. “The vessel is on time charter to the French liner company CMA CGM S.A., who employs the vessel in their liner trade and contracts with third parties for the carriage of containers. As the vessel’s charterer it is CMA CGM who directs what containers are to be loaded or discharged at any time. Klaveness has strict procedures for handling of the containers carried, ...

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LOC takes next step for MWS services across North Africa

The UK’s Ambassador to Egypt H.E. John Casson has welcomed LOC Group, the independent marine, engineering consultancy and survey organization, at the opening of a new LOC office in Cairo, Egypt to increase the company’s presence across North Africa and the Middle East. LOC has worked on projects in the region for more than 15 years, mainly offshore in the gas fields of the West Delta Deep Concession, however, an increasingly optimistic economic outlook in the region is driving greater demand for LOC’s services. The new Cairo office will be ...

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Crowley’s Newest LNG-Fueled ConRo Ship, Taino, Launched at VT Halter Marine

VT Halter Marine has launched Crowley Maritime Corp.’s second Commitment Class ship, Taíno, one of the world’s first combination container/roll on-roll off (ConRo) ships powered by liquefied natural gas (LNG). Video of the ship being transferred from land to water Monday can be viewed below. The launch of the ship in Pascagoula, Miss., marks the latest achievement in Crowley’s transformation and modernization of its shipping and logistics services between Jacksonville, Fla., and San Juan, Puerto Rico. The new ships, port terminal improvements and technology upgrades underway are all designed to ...

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Japan Grants Panama Canal Administrator the Order of the Rising Sun

Panama Canal Administrator Jorge L. Quijano has been awarded the Order of the Rising Sun, Golden and Silver Star, by the Government of Japan. Established in 1875, the distinguished honor is bestowed by the Japanese Government upon individuals who make exemplary achievements in international relations, promoting Japanese culture, improving social welfare, environmental preservation or the advancement of their own respective field. Mr. Quijano was recognized for his service in strengthening relations through trade and global maritime transportation and promoting mutual understanding between the nations of Japan and Panama. “We have ...

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