The Baltic Exchange’s main sea freight index fell on Monday, as a drop in rates for capesize vessels outweighed a rise in other vessel segments. The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, fell seven points, or 0.4%, to 1,551 points. The capesize index dropped 31 points, or 0.9%, to 3,242 points, marking its fourth-straight session of losses. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $259 to $23,445. The panamax ...

Daewoo Shipbuilding & Marine Engineering Co., a major shipbuilder in South Korea, said Monday it has secured a US$380 million order from Greece’s Angelicoussis Shipping Group to build three vessels. Under the deal, Daewoo Shipbuilding will build a liquefied natural gas (LNG) carrier for Maran Gas Maritime Inc. and two very large crude carriers (VLCCs) for Maran Tankers Management Inc. Both Maran Gas Maritime and Maran Tankers Management are affiliates of Angelicoussis Shipping Group. Daewoo Shipbuilding said the LNG carrier with a capacity of 174,000 cubic meters will be delivered ...

South Korean shipbuilders kept lead for the 11th month in new order book thanks to demand for LNG carriers. According to British shipbuilding and marine industry tracker Clarkson Research Services on Monday, Korean shipbuilders bagged new orders totaling 7.12 million compensated gross tonnage (CGT) worth $16.4 billion in the January-November period, retaining world’s leading ranking in new order counts. They were followed by China with 7.08 million CGT worth $15.3 billion, Japan with 2.57 million CGT, and Italy with 1.14 million CGT. In November alone, Korean shipbuilders won third-largest amount ...

With the Christmas mood now firmly in place, it would seem that the focus of most is as to what the expected prospects are for next year.

CSSC, the largest shipbuilding group in the world, has entered into a new strategic partnership with DNV GL. A framework agreement between both parties was signed during Marintec China trade fair last week by Mr. Qian Jianping, Vice President of CSSC, and Norbert Kray, Regional Manager for Greater China at DNV GL – Maritime. The ceremony was witnessed by Remi Eriksen, Group President & CEO of DNV GL, CSSC Chairman Mr. Lei Fanpei, and CSSC Group President Mr. Yang Jincheng. The strategic partnership will focus on developing future-proof solutions and ...

Saudi Aramco’s shipping arm Bahri has issued an expression of interest (EOI) to charter up to 12 liquefied natural gas (LNG) tankers from 2025, its first foray into the superchilled fuel, industry sources said on Monday. No further details were immediately available and Saudi Aramco declined to comment. EOIs are preliminary enquiries that may or may not turn into full-fledged orders. According to Bahri’s website www.bahri.sa/default.aspx, the national shipping carrier of Saudi Arabia has six business units dealing in oil, chemicals, logistics, dry bulk, ship management and data and owns ...

ABS has granted Approval in Principle (AIP) to Deltamarin and GTT for a dual-fuel Newcastlemax bulk carrier design. Deltamarin, GTT and ABS have been cooperating on the development of this LNG-Fueled energy efficient Newcastlemax Bulk Carrier that is intended to meet current and future environmental targets, by introducing GTT Membrane type LNG Tanks with LNG fuel stored at atmospheric pressure and designed to ABS Class. The AIP addresses the design’s introduction of a membrane fuel tank sited in the aft of the vessel. The tank design is intended to maximize ...

The Iceland Nature and Conservation Association and the Clean Arctic Alliance today welcomed the new regulation issued by Iceland’s Minister for the Environment and Natural Resources, Guðmundur Ingi Guðbrandsson, to restrict exhaust emissions containing high levels of sulphur from being burned by ships in Iceland’s territorial waters, i.e. 12 nautical miles, but highlight that while Iceland is making a positive step forward in cleaning up shipping emissions, the new rule contains a loophole that allows vessels to continue to burn polluting heavy fuel oil and emit black carbon, provided they ...

The Board of The Swedish Club has announced a 5% General Increase, for P&I in 2020, reflecting the balanced approach adopted by the Club to meet the needs of its members and the need of the Club to keep premiums abreast with claims. After four years of zero general increase, the Club believes that premium levels across the industry have eroded to a point where expected claims cannot be met adequately. Whilst investment returns have been healthy during 2019, the Club does not anticipate generating similar levels of returns in ...

The technology group Wärtsilä has signed a strategic development agreement with Chinese state-owned shipbuilder CSSC Huangpu Wenchong Shipbuilding Company Limited Huangpu Wenchong. The five year agreement is aimed at the joint development of a hybrid powered dredger, but could possibly extend to other hybrid vessels as well. The agreement was signed on December 3 at the Marintec conference and exhibition in Shanghai. The purpose of the agreement is to build a cooperation framework and working mechanism for the research and development of hybrid power systems. Wärtsilä will support Huangpu Wenchong ...

The prevention of bribery, corruption, money laundering and financing of terrorism remains a priority for many regulatory authorities around the world. Members should continue to review their compliance programmes in this regard, to ensure that they remain effective. Useful information on dealing with financial crime in the maritime industry can be found here: • International Chamber of Commerce – International Maritime Bureau – Commercial Crime Services • The Financial Action Task Force • EU Sanctions Program • US Sanctions Program • The Maritime Anti-Corruption Network Marine insurers, like other financial ...

Besides fuel costs, personnel costs and costs for maintenance and re- pair make up the largest share of the operating costs of a merchant ship. They account for up to 30 or 25% of the total operating costs. Increases in efficiency in these are- as can therefore lead to decisive competitive advantages for ship- ping companies. Against this background, the Fraunhofer CML has now further developed the SCEDAS® software solution to smartly integrate maintenance tasks into personnel and resource planning. SCEDAS® was originally developed in order to plan the deployment ...

Leading classification society Bureau Veritas Marine & Offshore has formally joined the ‘Coalition for Maritime Environmental and Energy Transition’ as a Founding Partner. The signing ceremony took place in the presence of Ms. Elisabeth Borne, the French Minister for Environmental and Solidarity Transition, during the Assises de l’Economie de la Mer, the leading annual gathering for the French maritime community held on 3 and 4 December in Montpellier. The Coalition, developed by the French Maritime Cluster, aims to define a “2050 vision for maritime environmental and energy transition” and to ...

Bahri, a global leader in logistics and transportation, has become an official member of the Maritime Anti-Corruption Network (MACN), a global business network of over 110 companies working together to tackle corruption in the maritime industry. Bahri’s membership underlines its commitment to contribute to advancing a culture of integrity in the maritime sector. Bahri’s decision to join MACN supports Saudi Arabia’s ongoing commitment to zero tolerance of corruption at all levels, as directed in its Saudi Vision 2030 program. A party to the UN Convention Against Corruption (UNCAC), the Kingdom ...

Seafarers UK, the charity for those who work at sea, has been championing seafarers since 1917 when it was formed during the First World War as King George’s Fund for Sailors. A new ten-point manifesto sets out the charity’s commitment for seafarers’ safety and welfare before, during and after their seafaring careers. Said Seafarers UK CEO Catherine Spencer: ‘This manifesto sets out our aspirations for seafarers, the hidden heroes of maritime. It is not aligned to any political party, but summarises what we are working on and what we want ...