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.: 9-Mar-2018 :. Search News
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MV Werften Starts Construction of 1st Global Class Ship
Germany s shipbuilder MV Werften launched construction works on the first Global Class ship, the largest cruise ship to be built in Germany, on March 8. Two steel cutting ceremonies were held, one at MV Werften s Wismar yard and another in the Rostock yard. Both sites will be needed to manufacture the 204,000 gross ton Global Class ship for the Hong Kong-based cruise line Star Cruises, owned by Genting Hong Kong. Production will take place in parallel in Wismar and Rostock, with final assembly to be carried out in the Wismar yard. The first Global Class ship is to be delivered at the end of 2020. Around 600 companies are involved in the construction process.

Posted On:9-Mar-2018



Taaleri's shipping company project launched
Aalto Shipping Company, a new Finnish shipping company, is starting operations. The shipping company is owned by Taaleri and its customers together with the acting management. Aalto Shipping Company has acquired to its fleet two modern, ice-strengthened dry bulk carriers and has started operating them. The ships will be moved under the Finnish flag over the coming months.
"The shipping company project restores tonnage to Finnish hands, since the vessels will operate under the leadership of Finnish officers. The ships acquired now are familiar farers of the Baltic Sea, and one of them previously served the Finnish paper industry for many years," says Tatu Laurila, Managing Director of Aalto Shipping Company Oy.
The names of the two new vessels under the Finnish flag will be m/s "Aurora" and m/s "Bothnia". The vessels are sister ships built in the Netherlands in 2002. The cargo tonnage of the vessels is 7,750 tonnes (dwt), their total length is approximately 120 metres, and they are extremely fuel-efficient.
The ships meet the high Finnish ice class requirement 1A and can operate in difficult ice conditions year-round. The ships are suited to carrying many types of cargo. Aalto Shipping Company has time-chartered them for several years ahead.
Taaleri has capitalised its ownership in Aalto Shipping Company through its co-investment concept whereby the company invests along with its customers from its own balance sheet. "Our domestic shipping company project immediately aroused great interest among our customers. In our co-investment model, Taaleri carries the owners risk together with its customers. We have found highly competent people to take charge of the project," says Jorma Alanne, Investment Director at Taaleri.

Posted On:9-Mar-2018



KOTC improves fleet performance with ECO Insight
Kuwait Oil Tanker Company (KOTC) has implemented DNV GL's ECO Insight fleet performance management solution across its entire fleet of 28 tankers. "We have started the fleet performance project with the DNV GL ECO Insight team in summer 2017", says Ali Shehab, Deputy CEO Fleet Operations of KOTC, "and we already see measurable improvements in operating the fleet. In addition to this and in order to implement the idea of energy efficiency among the whole KOTC organisation, we implemented an Energy Efficiency Management System according to ISO 50001 which has been recently certified by DNV GL."
"Improving fleet performance is on top of many quality shipping companies agenda today," comments Dr. Torsten Bussow, DNV GL's Head of Fleet Performance Management. "KOTC is known in the market for their superior fleet operations and we are happy to support such an advanced company like KOTC to excel even further in achieving savings and operational improvements."
DNV GL's performance management portal ECO Insight provides a comprehensive and easily accessible way to manage the performance of a fleet, including voyage, hull & propeller, engine & systems performance. It enriches customers own fleet reports with industry data, such as Automatic Identification System (AIS), weather, or fuel, and provides unique benchmarking capabilities. Advanced engineering methods, for example hull fouling prediction based on CFD, are also packaged into the portal. Since its launch early 2015 ECO Insight became the largest performance solution in shipping with more than 1.900 vessels under operation

Posted On:9-Mar-2018



U.S. fund manager Breakwave to launch first ETF for shipping futures
U.S.-based fund manager Breakwave Advisors is launching the first exchange-traded fund (ETF) focusing on freight futures, reflecting growing investor interest in shipping as it emerges from a near-decade long crisis, a regulatory filing showed.
Around 90 percent of traded goods by volume are transported by sea and global shipping sectors - such as dry bulk - are on course for a recovery this year, according to investors and analysts, prompting speculators to look for ways to trade. Freight forward agreements (FFA), which allow investors to take positions on freight rates at a point in the future, are being seen as viable betting instruments.
Breakwave Dry Bulk Shipping ETF said in a prospectus filed to the SEC this week that its fund would provide investors with exposure to the daily change in the price of dry bulk FFAs by tracking the performance of a portfolio of nearest calendar derivatives contracts. ETFs are a popular vehicle for tracking baskets of stocks, futures and derivatives, among other financial instruments, for much lower fees than actively-traded funds.
Sources familiar with matter said the ETF, the first of its kind in shipping futures, was expected to be launched in the coming weeks.

“Freight futures have not been that accessible to most investors out there,” one of the sources said, who declined to be named due to the sensitivity of the matter.

Another of the sources added that the ETF was likely to be of interest to many types investors, particularly hedge funds as they look for other types of exposure to the sector.

Hedge funds are already loading hundreds of millions of dollars into the shipping sector through investments in stocks – putting behind them losses suffered in 2013 when, based on forecasts of improved world economic growth, they piled in to shipping debt and equity.

Elsewhere, the London-run Baltic Exchange wants to make a tradable instrument out of its globally tracked main sea freight index, which gauges the cost of shipping dry bulk commodities including iron ore, grain and coal.

The Baltic is also looking into launching a freight index for LNG (liquefied natural gas), creating further scope for trading plays.

Posted On:9-Mar-2018



Shipping into a changing world
The International Shipping Industry still remains the only way to move the majority of minerals, energy products and manufactured goods between the nations of the world. Indeed it is still estimated that shipping carries 90% of World Physical Trade.
However given the huge changes that have occurred in many countries there is concern that the demand for shipping services may not grow but in fact decline. As the various conferences that meet annually at this time of year discuss the economics and operational issues of the shipping industry it is concerning that the shipping companies that are publically traded in a few stock markets represent the worst performing sector in those markets.
Furthermore the banks that have historically financed shipping have mostly withdrawn and a few of the remaining German banks are showing billions of dollars of losses and provisions.
Private equity and hedge funds looking to buy these banks are not showing support for shipping but the ability to liquidate the portfolios over the next few years at a profit. Meanwhile the biggest financiers of shipping today are the huge Chinese Leasing companies which together with the Chinese and Korean Exim banks are financing new ships being built in China and Korea with the objective of keeping freight rates down for the benefit of Chinese and Korean industries that rely on ships for the import of raw materials and export of manufactured goods.
The arrival of the speculative equity and hedge funds at the beginning of this decade changed the way shipping companies had traditionally operated, namely as the service industry to world trade. The security of longterm time charters with major cargo interests whose own credit standing supported the cash flow was discarded in favor of the spot markets enabling the ships to be sold as soon as their values generated a profit.
The longer this speculative period went so the cash flow problems worsened as the spot markets failed to produce constant income while the operating and financing costs continued. Furthermore the major charterers became reluctant to charter these speculative ships or allow their charters to be included in any sale. This was clear evidence of the importance of the relationships between shipowners and charterers which have always been important given the issues that always exist in operating ships in the oceans of the world.
Shipowners and particularly those that appeared in the equity markets, were encouraged to order new ships in the false belief that the Chinese would continue to pay high freight rates as their manufacturing economy continued to expand. It took some 5 years for the cargo interests to react to the high freight rates which for instance had caused the shipping cost of a ton of iron ore from Brazil to China to reach 60% of the landed price of the cargo.
The cargo interests understood that by encouraging more newbuildings in both the raw material imports and the finished goods so the freight costs could be minimized. Thus the Chinese have got the shipping cost of iron ore from Brazil down to 10% of the landed price. The same applies to the container sector with the giant ships pushing rates lower and the owners facing huge operating losses
Add to this the Korean and Chinese Exim bank financing and the involvement of huge Chinese leasing companies and we continue to see the orderbook grow while few shipowners show any profits. False optimism that "dry bulk markets look positive" or that "the USA exporting crude oil will be good for the VLCC markets" simply encourage new orders for ships and will not improve the operating profits for these sectors.
Thus it is the cargo interests that control the economics of the shipping industry today and ship values will continue to depreciate if they continue to trade in the spot markets. Consolidation of shipping companies will have no effect unless it enables the shipowners to secure period charters and improve their income streams, fully maintain the ships, employ quality crews and afford the new costs of ballast water treatment and cleaning up the engine exhausts.

Posted On:9-Mar-2018



Cruise ship CARNIVAL GLORY lost anchor
Cruise ship CARNIVAL GLORY lost starboard anchor with anchor chain while leaving San Juan port, Puerto Rico, in the afternoon Mar 7, said Cruise Law News Jim Walker. He was tipped by reader, crew member statement has been also mentioned. On video below is CARNIVAL GLORY having problem with her anchor. CARNIVAL GLORY resumed her voyage, with next call at Turks and Caicos.

Posted On:9-Mar-2018



EU Member States Push to End Reporting Burdens for Ships
Thirteen EU Member States, led by Denmark, have called on the European Commission to present an ambitious proposal on revising the Reporting Formalities Directive. The current directive introduced the National Single Windows as a way to harmonise reporting obligations from ships into a single electronic system in Member States, but has instead created more burdens on ship operators in EU, according to Danish Shipping. The Member States belong to the group of ambitious countries willing to make right on the original objective of simplification and to lead on the creation of an Internal Market for shipping in the EU.

Posted On:9-Mar-2018



TORM Profitable in 2017 despite Challenging Market
Danish shipping company TORM managed to remain profitable in the year ended December 31, 2017, despite a challenging product tanker market. The company s profit before tax amounted to USD 3 million in 2017, compared to USD -142 million seen in the previous year, while its revenue dropped to USD 657 million from USD 680 million reported in 2016. For the full year 2017, TORM achieved Time Charter Equivalent (TCE) rates of USD 14,621 per day, which were down from USD 16,050 per day reported a year earlier.

Posted On:9-Mar-2018



Port Houston Concerned about Proposed Steel Tariffs
Roger Guenther, Executive Director of Port Houston, a major importer of steel in North America, said he was worried that the proposed 25 pct tariff on steel cargo could decrease cargo volumes creating a detrimental impact on local jobs and the economy. "Our history shows that steel cargo immediately declined following a tariff increase," he said in a statement to World Maritime News. "We urge that the matter continue to be reviewed."
The anticipated decline will have come on the back of record-breaking performance in 2017.

Namely, Port Houston facilities handled 38.3 million tons of cargo in 2017, surpassing the previous record of 37.8 million tons set in 2014, mainly driven by steel imports and containers.

Posted On:9-Mar-2018



Maritime employers and employees on International Women s Day 2018
European shipowners and transport workers are jointly marking International Women s Day, a global day celebrating the social, economic, cultural and political achievements of women. The day is also a call to action for accelerating gender parity. This year’s theme is ‘The Time is NOW.
The European Community Shipowners Associations (ECSA) and the European Transport Workers Federation (ETF) have recently signed a Declaration to promote equal opportunities for women and men in the transport sector. They also became founding partners of the European Platform for Change, launched on 27 November 2017, bringing together organisations committed to increasing and improving female employment in transport to exchange good practices.

Posted On:9-Mar-2018



Seanergy Maritime Holdings Corp. Announces Availability of its 2017 Annual Report on Form 20F
Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ:SHIP) announced today that its Annual Report on Form 20-F for the fiscal year ended December 31, 2017 (the "Annual Report on Form 20-F") has been filed with the U.S. Securities and Exchange Commission. The Annual Report on Form 20-F may also be accessed through the Company’s website, www.seanergymaritime.com, at the Investor Relations section under Financial Reports. Shareholders may also request a hard copy of the Annual Report on Form 20-F, free of charge, by contacting the Company s Investor Relations, Capital Link, using the contact details

Posted On:9-Mar-2018



K Line opens new crew training facility in Philippines
Japanese shipping firm Kawasaki Kisen Kaisha Ltd. has opened a new crew training facility in the Philippines to meet increasing demand for Filipino seafarers along with its planned fleet expansion. The Tokyo-based firm says the 11-story building Ocean Breeze in Pasay City, south of Manila, is located adjacent to the K Line building, which houses K Line Maritime Academy Philippines. The new facility is replete with a clinic and dormitory with a capacity of 225 trainees and also houses K Line group companies such as manning, logistics and marine shipping agent firms. Kawasaki Kisen currently operates some 650 vessels and assigns its own crew members to about 190 of them. The number of K Line seafarers totals 2,400 to 2,500, with Filipinos accounting for 60 percent.

Posted On:9-Mar-2018



Credits: news.abs-cbn.com

Crew Rescued from Foreign-Flagged Vessel in South China Sea
Rescuers in Guangdong recently came to the aid of a cargo boat stranded in the South China Sea, China News reports. At around 4am on March 6, a crew of 24, including 10 foreign nationals, were rescued from the foreign-flagged vessel on the waters near Shantou s Nan’ao Island.The Transport Ministry s South Sea Rescue Division, which was responsible for the rescue operation, was alerted to the ship s dire situation – stranded and caught in stormy seas 17 nautical miles from the nearest shoreline - at 1.57am. Prior to the crew’s extraction at 4am, a previous rescue attempt was called off after rescuers arriving at the ship s location were unable to draw near due to high waves and rough weather.

Posted On:9-Mar-2018



Credits: www.thatsmags.com

Panamanian-flagged ship taking on water south of Kotka
The Finnish Border Guard’s maritime rescue centre in Helsinki received a distress call on Thursday afternoon saying that a freighter had sprung a leak off the south coast. At the time, the Panamanian-flagged ship was in international waters in the Gulf of Finland, just west of the Russian island of Hogland. Crew members reported that there was water about five metres deep in the engine room. The ship would not be in danger of sinking even if the entire compartment were to fill with water, the Border Guard said in a statement. The vessel has a crew of 22, who are in no immediate danger, it says. The Border Guard said that the situation was now stable and that the ship s owner is looking into having the vessel towed to port.

Posted On:9-Mar-2018



GTT Announces End of the Test Phase of its New LNG Brick
With the rise in the use of LNG as a fuel, the marine industry requires new cryogenic storage solutions which are both compact and easy to install. To answer this demand, GTT has developed the LNG Brick® technology and announces the end of its test campaign. This solution, comprising a Mark III membrane system, is delivered as a block ready to be installed into the ship structure. LNG Brick® provides LNG fuel tanks solutions for capacities ranging between 1 000 and 3 000 m3. It will also permit the construction of the LNG Brick® tank elsewhere than at the shipyard which will integrate it into an LNG-propelled vessel. LNG Brick® will also enable an easier management of boil-off for small volumes thanks to its ability to maintain a higher pressure than traditional membrane tanks

Posted On:9-Mar-2018
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