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Ships Built In India Set To Get Priority In Chartering
In a big step to promote the Make in India initiative and incentivize ship building activity in the country, the Ministry of Shipping has revised its guidelines for chartering of ships by providing Right of First Refusal (RoFR) to ships built in India. Henceforth, whenever a tendering process is undertaken to charter a vessel, a bidder offering a ship built in India will be given the first priority to match the L1 quote. It is expected that this priority given to ships built in India will raise the demand for such vessels, providing them with additional market access and business support.
Prior to the revision of the guidelines, the RoFR was reserved for Indian flag vessels as per the relevant provisions of Merchant Shipping Act, 1958. The existing licensing conditions have been reviewed in consonance with the Government of India's policy of promoting the Make in India initiative and the Public Procurement and Make in India orders dated 15.6.2017 and 28.05.2018 issued by DIPP. The review is also in line with the need to give a long term strategic boost to the domestic shipbuilding industry, the need to encourage the domestic shipping industry to support the domestic shipbuilding industry, and the need to develop self- reliance and a strong synergy between these vital industries for the overall long term development and economic growth of the country.
The Ministry of Shipping has also laid down eligibility conditions and rules for exercise of the RoFR. The RoFR would be exercised only in case the vessel being offered for charter by the lowest bidder (L1) has been built outside India. For any bidder to exercise RoFR, his bid should be within the Margin of Purchase Preference, which will be 20% of L1. The two instances under which the RoFR may be exercised are that the L1 bidder is a Foreigner or Company registered outside India, offering a ship not built in India and the L1 bidder is a Citizen of India OR company registered in India OR Society registered in India OR Indian Shipping company/organization with a vessel registered/flagged in India, offering a ship not built in India. From amongst the bidders eligible to exercise RoFR, the priority to exercise this Right would lie in sequence from the lowest to the highest bidder within the margin of purchase preference.Posted On:19-Feb-2019
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Royal Caribbean Orders Sixth Oasis-Class Ship in France
Miami-based Royal Caribbean Cruises has entered into an agreement with French shipbuilder Chantiers de l Atlantique to order a sixth Oasis-class ship for delivery in the fall of 2023.
The order is contingent upon financing, which is expected to be completed in the second or third quarter of this year, according to the company.
"This order is a reflection of the exceptional performance of this vessel class and the extraordinary partnership between Chantiers de l Atlantique and Royal Caribbean Cruises Ltd," Richard D. Fain, Chairman and CEO, Royal Caribbean Cruises, said.
"This is the twenty-third cruise ship that RCL will be building at our shipyard, and we are especially proud of it," Laurent Castaing, General Manager, Chantiers de l Atlantique, added.
Royal Caribbean Cruises fifth Oasis-class ship, ordered from the French shipyard in May 2016, is scheduled to join the owner in the spring of 2021.Posted On:19-Feb-2019
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Gas4Sea Partners Sign LNG Bunkering Deal with Equinor
The Gas4Sea partners ENGIE, Mitsubishi Corporation and NYK have agreed with the Norwegian energy group Equinor to supply their four crude shuttle tankers with LNG as marine fuel in the port of Rotterdam.
The four planned dual fuel vessels are scheduled to come into service in early 2020. The units will be operated by Equinor in Northern European seas.
Marine LNG Zeebrugge, a joint venture of the Gas4Sea partners, will supply LNG using the LNG bunkering vessel ENGIE Zeebrugge, which started operations in 2017.
The vessel is currently performing ship-to-ship LNG bunkering services in the port of Zeebrugge, in Belgium.
ENGIE Zeebrugge holds an LNG capacity of 5,000 m3 and is designed to serve a full range of shipping customers.Posted On:19-Feb-2019
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Algoma s Newest Self-Unloader Sets Sail for Canada
Algoma Conveyor, Algoma Central Corporation’s third Seawaymax Equinox Class 740 self-unloading dry-bulk carrier, has begun its delivery voyage from China to Canada.
The 38,000 dwt newbuild started its two-month journey home, departing the Yangzijiang shipyard on February 16, 2019.
After taking fuel in the Philippines, the Tuvalu-flagged vessel will cross the Pacific Ocean, traveling through the Panama Canal and from there will make its way to Canada. The vessel is expected to arrive home in early April.
"We are looking forward to the Algoma Conveyor joining our fleet for the 2019 navigation season as market demand and volumes are strong," Gregg Ruhl, President and CEO of Algoma, commented.Posted On:19-Feb-2019
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Havyard to Design Two More Cargo Ships for Royal Arctic Line
Havyard Design & Solutions will deliver ship design for further two cargo vessels for Royal Arctic Line, which would be built at Nodosa Shipyard in Pontevedra, Spain.
This will be the third and fourth cargo vessels that Havyard Design & Solutions delivers to Royal Arctic Line A/S. The design is of the Havyard 971 type, which is smaller than the first two vessels.
"These two vessels are an important addition to our strategy to renew older vessels, and, not least, to the infrastructure on Greenland," Anders Bay Larsen, Head of Fleet Management, said.
The vessels will operate in northwest Greenland, which makes stringent requirements of the vessels design, as they must operate in a rough climate, sail in and out of small shallow ports, and meet ice class requirements.
Havyard 971 was developed in close collaboration with the shipping company in order to meet these requirements.
The first vessel is scheduled to be delivered at the end of 2020, while the second vessel would join the owner four months later.Posted On:19-Feb-2019
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GOGL Profitable Despite Capesize Freight Rates Decline in Q4
Norway-based shipping company Golden Ocean Group Limited (GOGL) managed to remain profitable in 2018 despite weaker Capesize dry bulk market.
For the full year 2018, GOGL posted net income of USD 84.5 million, against net loss of USD 2.3 million in 2017.
In addition, the company reported net income of USD 23.6 million in the fourth quarter of 2018, compared to net income of USD 35.3 million in the corresponding period a year earlier.
As a result of a softer market environment for the company s Capesize vessels, operating revenues decreased to USD 176 million in Q4 2018 from USD 189.3 million seen in Q4 2017.
"Golden Ocean generated strong cash flow during the fourth quarter, despite a softening Capesize market," Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management AS, commented.
The deadly dame collapse in Brumadinhoas, Brazil has significantly impacted market expectations for 2019. Combined with uncertainties created by trade tensions and a seasonally weaker first quarter, the spot market and the forward curve have worsened.
"The start of 2019 has been marked by uncertainty created by trade tensions and by the tragic dam accident in Brazil. The company s low cash breakeven levels and strong balance sheet are vitally important as we navigate through current market volatility," Ringstad Vartdal added.
However, expectations can change quickly, and a confluence of negative factors are currently priced into the market, according to GOGL. Any prolonged period of weakness will likely trigger vessel recycling. This would help to offset the increased number of new vessels scheduled to be delivered this year. Although orders are still being placed at shipyards, a weaker market should eventually result in downward revisions of fleet growth forecasts hence provide some support to the market, as explained by GOGL.
"Although sentiment is surely negative in the short term, we believe most scenarios have been priced into the forward freight curve, and if this market continues we should see adjustments to supply," Ringstad Vartdal concluded.
The company entered into an agreement to purchase 20 scrubbers with options to purchase five additional scrubbers to be installed on certain of its Capesize vessels. The company s current intention is to install the scrubbers at the same time as routine dry dockings, the majority of which are scheduled for 2019 or early 2020.
During the fourth quarter of 2018, GOGL secured financing for up to 11 scrubber installations in combination with a 3-year extension and upsizing of an existing loan facility.
What is more, GOGL announced in Q4 a share buy-back program to purchase up to 6 million of the company s common shares. The buy-back program ends on December 20, 2019.
The company also repaid the outstanding balance of the convertible bond at maturity in January 2019.
As of December 31, 2018, GOGL s fleet consisted of 77 vessels, with an aggregate capacity of approximately 10.7 million dwt.Posted On:19-Feb-2019
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Diana Shipping Sells Panamax Duo, Finds Work for Two Units
Greece-based Diana Shipping has agreed to sell the 2001-built Panamax dry bulk vessels Danae and Dione.
The two vessels were sold for USD 7.2 million each, according to the company.Posted On:19-Feb-2019
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Techcross Reveals Surge in BWMS Orders
South Korean ballast water management system (BWMS) manufacturer Techcross received a large number of orders in January alone in 2019, which will be the first year when the IMO regulation comes into effect.
The orders won last month include a total of 242 units for 159 vessels and reflect a rebound in the shipbuilding industry, according to Techcross.Posted On:19-Feb-2019
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Two Workers Die Following Tanker Fire in Chittagong
A fire in the engine room of a tanker being dismantled on a beach in Chittagong, Bangladesh, claimed the lives of two workers, NGO Shipbreaking Platform informed.
The two men were working at Shagorika Ship Breaking Yard, which is under the same ownership as RA Shipbreaking yard that earned itself a media spotlight following the purchase of Nordic American Tankers Nordic Sprite.Posted On:19-Feb-2019
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Iran to promote Chabahar as curbs will hit main port
With U.S. sanctions threatening Iran s main port of Bandar Abbas, the Iranian government is planning to promote the Chabahar port being developed by India in a major conference on February 26, highlighting the potential of the Indian Ocean port beyond India-Afghan trade alone.Posted On:19-Feb-2019
Credits: www.bunkerportsnews.com |
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GAC named Top Steamer Agent at Krishnapatnam Port
The Office of the Additional Commissioner of Customs has named GAC India the Top Steamer Agent at the Krishnapatnam Port for the financial year 2018-2019.
This recognises the company s outstanding performance as a ship agent, as well as the fact that it handled the most port calls throughout the period.Posted On:19-Feb-2019
Credits: www.bunkerportsnews.com |
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Haropa Ports expects auto spares cargo from India to grow in double digit
Haropa Ports, the 5th largest port complex in Northern Europe is confident of continued trade growth and movement of cargo in a host of sectors including auto spares set to reflect in growing volumes from India with enhanced, innovative & 100% digital logistic solutions in port procedures & offerings.Posted On:19-Feb-2019
Credits: www.bunkerportsnews.com |
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Botany operator NSW Ports says Newcastle too far from major Sydney markets for container terminal
A report to be launched in Sydney today calls into question Newcastle s push for a container terminal, saying Port Botany had sufficient capacity for decades and that Port Kembla was the "obvious choice" for a second terminal if needed.
Quay conclusions: finding the best choices for additional port capacity in NSW, was prepared by consultants KPMG and commissioned by NSW Ports, which holds the long-term leases to Botany and Port Kembla.Posted On:19-Feb-2019
Credits: www.bunkerportsnews.com |
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Port of Hamburg sets record for seaport-hinterland rail traffic
Handling 135.1 million tons of seaborne cargoes (down one percent), Germany s largest universal port can report a respectable result for 2018. Hamburg successfully asserted itself in a difficult environment, achieving a distinct advance on railborne seaport-hinterland transport.Posted On:19-Feb-2019
Credits: www.bunkerportsnews.com |
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