The freight market for S/R (Handysize) vessels will remain under pressure throughout 2018 on account of strong fleet growth and weak olefin trade, according to the latest edition of the LPG Forecaster published by global shipping consultancy Drewry. The market has been under pressure since 2017, but olefin trade growth has averaged 3.1% annually over 2012-17, down from 4.0% during 2007-12. Although s/r vessels can also carry LPG, the market is oversupplied with bigger f/r vessels and there is limited employment opportunity in this trade for Handysizes. There are several ...

The ambitious CO2 reduction targets set by the UN International Maritime Organization (IMO) for the year 2050 can only be delivered with the global rollout of zero CO2 fuels and propulsion systems says the International Chamber of Shipping (ICS). Speaking at the annual Summit of Transport Ministers hosted by the OECD International Transport Forum in Leipzig, ICS Deputy Secretary General, Simon Bennett said: “As well as being consistent with the 1.5 degree climate change goal, the IMO targets are far more ambitious than what has so far been agreed for ...

Little changed on the index from last week. Technically bullish but price action is neutral and between the shorter period EMA’s. Last week the June futures were considered technically bearish but not a technical sell due to the market divergence. Price rallied, held at the USD 11,410 resistance and is once again testing the lows. Again, this market is not a technical sell as we remain in the support zone with a high probability the market will once again diverge. The Q3 broke resistance by just USD 2 before selling ...

Employers in the maritime industry could be missing out in the battle to attract top talent by underestimating the importance of pensions as part of their employee benefits package, according to new research published today by Ensign. The research points to a significant disconnect between the importance attached to retirement saving by maritime industry employers and their staff. While more than half of employers surveyed see pensions as a “not very” or only “moderately” important part of their overall employee benefits package, a similar survey of workers in the sector ...

At the St. Petersburg International Economic Forum yesterday, Sovcomflot (SCF Group) and Rosnefteflot signed an agreement whereby SCF’s specialists will provide technical supervision during the construction of Rosneft’s new LNG-fuelled Aframax tankers. This latest step is part of a package of agreements, signed in 2017, involving the construction of LNG-fuelled Aframax tankers for Rosneft, using the latest technology, in partnership with Zvezda shipbuilding complex in Primorsky region, and their subsequent long-term chartering. The agreement represents an important further step in the successful cooperation developing between Sovcomflot and Rosneft. When designing ...

On the release of the financial results, Rodolphe Saadé, Chairman and CEO of the CMA CGM Group stated: “The shipping industry is experiencing sustained growth but was hit in the first quarter by the sharp increase in bunker prices. In this environment, CMA CGM succeeded in recording a strong increase both in volumes transported and in revenue, while maintaining a positive core EBIT margin, thus demonstrating once again the relevance of our strategy. Volumes should remain high throughout the year. In order to deal with the increase in bunker prices, ...

AET, one of the world’s leading petroleum tanker owners and operators announces extension of partnership in the DP2 shuttle tanker sector with Petróleo Brasileiro S.A. – Petrobras, the Brazilian multinational petroleum corporation. AET was recently awarded a contract to own and operate four specialist DP2 Suezmax Shuttle Tankers on long-term charter by Petrobras. These new vessels will be in addition to the two AET DP2 ships currently on charter in the Brazilian Basin for Petrobras. The four 152,000 DWT DP2 shuttle tankers will be built by a Korean shipyard for ...

As a further step in fleet positioning ahead of the gradually stronger market that is expected, Concordia Maritime has decided to participate in three suezmax tankers chartered in by Stena Bulk. The 158,000 dwt vessels were built in Korea in the period 2012-2014. The contracts are for 12 months, with an option to extend until the end of 2019. After delivery in May and July, the vessels will be employed on the spot market through the successful Stena Sonangol Suezmax Pool. Concordia Maritime’s share in the vessel charters is 50%. ...

“Fehn Pollux” is on its way home. After arriving in Leer in late May, the 4200 dwat vessel will be the frst ship to be equipped with the prototype of a newly developed sail propulsion system. The Eco Flettner * exploits a wide range of wind speeds thanks to its extended speed range. The additional thrust gained from wind energy is intended to reduce fuel consumption and harmful emissions. As the sailing power increases, the engine power can be reduced. The rotor consists of a18 meter high cylinder with a ...

A.P. Moller – Maersk has been nominated in two categories at the Maritime2020 Summit Industry Awards that will take place on June 19th in Copenhagen, Denmark. The ceremony will be the culmination of a one-day conference for senior maritime professionals, organised by Wisdom Events. The Maritime2020 Summit will provide attendees with the knowledge, strategies, and solutions needed to effectively meet International Maritime Organisation’s (IMO) global sulphur limits. Industry experts will talk about ways to cost-effectively lower the sulphur content in marine fuel from 3.5% to 0.5% before January 1st, 2020. ...

Anthony H Gould, AFNI FRGS CEO of Galileo Maritime Academy, Phuket, relates his amazing journey that culminated in the establishment of the MCA Flag-ship Maritime Academy in Asia: The story began in 2011 when I, as a Royal Navy engineer, flew out to Thailand and had a vision to start a school for superyacht crew. I could see Asia growing fast as a maritime destination for charter superyachts as well as for cruise and merchant shipping. The crew, I envisioned, could be mostly young Asians with a taste for adventure, ...

Seaspan Corporation (NYSE: SSW) announced yesterday that it has accepted delivery of the CMA CGM Chennai, a 10000 TEU containership that will commence a fixed rate time charter with CMA CGM S.A. (“CMA CGM”) for a three year term with an option to extend for an additional three years. The new containership, which was constructed at Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd. and Jiangsu New Yangzi Shipbuilding Co., Ltd., is the fourth in a series of four 10000 TEU vessels under time charter to CMA CGM that are scheduled to ...

We have received information that cross-border fraudulent letters are being sent by criminals spoofing NYK and the NYK Group to solicit investments or property. Please note that NYK and the NYK Group do not engage in such solicitation. If you receive any such letters, please exercise caution. （As of September 14, 2017 ） Source: NYK Line

Shipping Corporation of India Ltd reported earnings growth for Q4FY18 mainly due to a Rs284.3cr reduction in deferred tax liability. Revenue rose by 2.1% yoy to Rs916.9cr. EBITDA stood at Rs139.7cr, down 39.5% yoy. EBIDTA margin fell sharply by 1,048bps yoy to 15.2%. Net Profit stood at Rs254.5cr, up 174% yoy. During the quarter, the company sold one vessel, the MV Harshavardhana (5,140dwt). The company also lost one vessel at sea, the MV SCI Ratna. The company recognized the claim amount for the vessel lost and recognized a loss of ...

At about 17:20 (LST) on May 13, Marvel Falcon, a liquefied natural gas (LNG) carrier owned by NYK, offered humanitarian assistance to four sailors requesting rescue. The LNG carrier had been sailing from the port of Balboa, Panama, to the Sabine Pass LNG terminal in the U.S. state of Louisiana when the small boat was spotted. The rescued sailors had departed from Port Limon, Costa Rica, on May 7 to deliver fuel to another boat, but they experienced engine trouble on May 8 and had drifted at sea for the ...