The Liberian Registry held its annual seminar in London on 16 November. The event was held at the Trinity House in London. It was well attended by over 70 people from various segments of the shipping industry, including: ship owners, management companies, class societies, equipment manufacturers, ship finance, the legal community, and International Shipowner organisations. The seminars speakers included: Mr. Thomas Klenum, LISCR’s Executive Vice President of Innovation and Regulatory Affairs; Mr. Dallas Smith, LISCR’s Head of LNG and Alternative Fuels; and Mr. Kostas Ladas, the General Manager of LISCR ...

Technology company ZeroNorth has announced the launch of its new Vessel Optimisation service, which will simplify the process of identifying inefficient vessels within a fleet in real time for ship owners and operators. The Vessel Optimisation service focuses on two of the industry’s most important performance challenges: hull fouling and auxiliary boiler consumption, ensuring vessels are operated efficiently at sea and in port. The new service uses data and machine learning to generate actionable insights on how to improve operational procedures and better manage the condition of onboard equipment, enabling ...

Northwest Europe Supply of VLSFO and LSMGO is said to be normal in Rotterdam and other ports in the ARA hub. Suppliers can offer delivery of LSMGO for prompt dates. Recommended lead times for LSMGO and VLSFO in Rotterdam are around four days, while HSFO may require 5-6 days, sources say. The ARA’s independent fuel oil stocks have averaged 3% higher so far this month than in October, according to Insights Global data. Even as fuel oil inventories have been building this month, they are still below their five-year average ...

Leading players in the maritime industry joined ABS and the Methanol Institute (MI) for a deep dive into the potential of methanol as marine fuel to contribute to shipping’s decarbonization objectives. ABS and MI hosted the London Methanol Summit, bringing together shipowners, shipyards, regulators, ports and methanol producers for an afternoon of panel discussions followed by an evening reception. Panelists from Maersk, MAN Energy Solutions, Waterfront Shipping, SafeBulkers and the Port of Rotterdam discussed opportunities and challenges for methanol adoption as well as provided insights on the emerging technologies that ...

Maritime HR, recruitment and executive search expert, Spinnaker, has revealed the results of its 2022 shore-based salary survey, comprising 41,000 jobs in the industry. The results show 192 jobs have either ‘environment’, ‘environmental’, ‘sustain’, ‘sustainability’, ‘governance’, ‘transition’, ‘carbon’, ‘ESG’, ‘Chief Environmental Officer’ or ‘change’ in the title. Whilst this number does not sound high on the face of it, the data reveals that 29% of maritime organisations have at least one role dedicated to transforming business practices towards a more sustainable approach. This is in contrast to just 5 years ...

Höegh Autoliners ASA through its subsidiary Höegh Autoliners Shipping AS, has declared an option pursuant to a certain bareboat charter party to purchase the vessel Höegh Trapper for a purchase price of USD 53,200,000 from Ocean Yield. The average market value of the vessel estimated by three different brokers was USD 96 million by the end of Q3 and the Company is working on financing the purchase of the vessel. Höegh Trapper was built in 2016 with a capacity of 8,500 CEU. The vessel is a sister vessel to Höegh ...

A transport workers’ union of the Korean Confederation of Trade Unions has decided to support the general strike by the Cargo Truckers Solidarity set to start Thursday. The Korean Public Service and Transport Workers’ Union which comprises rail, taxi, airport and port affiliates announced in a press conference Wednesday that they will actively support the truckers’ walkout and fight together with them. The group said that all of its members will refuse to step in as substitute transport for cargo during the strike and will sternly respond to employers who ...

Flex LNG, Ltd. is pleased to announce an extension of the Time Charter Agreements with Cheniere Marketing International LLP (“CMI”) for the three LNG carriers Flex Endeavour, Flex Ranger and Flex Vigilant. Prior to this agreement, the three ships have about 6 years in aggregate of remaining firm charter period, and the new agreement extends the charter periods for up to an additional 19 years in aggregate. Under the agreement, CMI early declares the original 1+1-year optional periods for all the three vessels. Additionally, Flex LNG and CMI have agreed ...

Ocean Yield AS announces results for the third quarter 2022. Highlights EBITDA for Q3 2022 was USD 48.8 million and EBITDA adjusted for finance lease effects was USD 77.0 million. Net profit for the period Q3 2022 was USD 23.4 million. The quarter ended with a strong balance sheet, with an equity ratio of 31% and USD 122 million in cash. Refinancing of several loan facilities post quarter end has resulted in additional available liquidity of USD 90 million, which currently is undrawn. Acquisition of one 5,500 TEU container vessel ...

The market for the company’s vessels in the third quarter has been better in all segments than the corresponding period in 2021. Revenues and profit are significantly affected by the sale of vessels. Agreement with lenders entered into in 2020 clarifies the company’s obligations towards the lenders for the period until 2024. Five vessels that have been in lay-up, of which 3 AHTS and 2 PSV, have been sold. Of these, 3 vessels were delivered to new owners in the second quarter, one vessel was delivered in the third quarter ...

Transworld Group Dubai taking a bold step to diversify our fleet from our traditional container ship business and subsequent participation in the dry bulk segment has now ventured into the liquid bulk segment with purchase of 2 vessels of 74k DWT flying the Panama flag. The purchase of two LR1 tankers, named TTC Vidyut and TTC Shakti, marks a new era in the 46 year history of the Group. The tankers which are trading in clean petroleum products will be employed on worldwide trades. The current strategy of the company ...

Fesco, one of Russia’s largest transportation companies, said on Tuesday it was in negotiations to establish a shipping route between Russia and Latin America, in a move driven by the need for bananas from Ecuador. The West has imposed sweeping sanctions against Russia over its actions in Ukraine, while the world’s three largest container shipping lines, Denmark’s Maersk, France’s CMA CGM and Swiss-based MSC, have suspended bookings to and from Russia. “We are currently holding negotiations with our partners – retailers who are interested in restoring lost routes,” Andrei Severilov, ...

For most Canadians, marine shipping is something that takes place out of sight and over the horizon. Although an estimated 70 to 80% of the goods we use in our daily lives is brought to us by ships, the complex laws and regulations that keep shipping working only get the public’s attention when there’s a dramatic event at sea or there’s a problem with supply chains. Recognizing this lack of awareness, the Clear Seas Centre for Responsible Marine Shipping (Clear Seas) commissioned a team at Dalhousie University and the Memorial ...

BW Epic Kosan reports 3Q22 results next Tuesday. We expect stable results from the company stating this as a positive message in the otherwise volatile markets. Our Target Price for the stock was lowered mostly due to the increased Risk-Free Rate in our valuation, but Hold recommendation is reiterated. Uplisting the stock might improve currently low liquidity, but as far as we know, nothing firm is decided yet, although the company seems to be ready. Stable rates in monthly assessment reports signal a flat quarter Nothing dramatic at all is ...

South Korea and the United States have agreed to establish a green cargo shipping route between the former’s Busan port and the latter’s Tacoma port near Seattle as part of joint efforts to achieve maritime carbon neutrality. According to the fisheries ministry on Tuesday, an agreement was signed between South Korea’s climate ambassador Na Kyung-won and U.S. climate envoy John Kerry on the sidelines of the 2022 UN Climate Change Conference, or COP27, recently wrapped in Egypt. Zero-emission vessels are expected to operate on the Busan-Tacoma route in line with ...