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Pacific Basin to Fit Majority of Supramaxes with Scrubbers
Hong Kong-based dry bulk shipping company Pacific Basin revealed its plans to fit scrubbers on a majority of its Supramaxes by the end of 2019.
The company said that it positioned many of its owned ships for dry docking this year. Besides scrubbers, the company would also install ballast water treatment systems on both Handysize and Supramax vessels.
The equipment is expected to set Pacific Basin up "for what we believe will be stronger years ahead. We think the market momentum will return and we are well positioned to benefit."
The dry bulk freight market is set to benefit in the second half of 2019 and early 2020 from many larger ships being taken out of service for several weeks for scrubber installation. The market for smaller dry bulk ships would benefit also over the longer term, as these units would consume more expensive low-sulphur fuel and therefore be incentivized to operate at slower speeds which reduces supply.
"We expect to see seasonally stronger freight market conditions in the second half of 2019, although with continued volatility influenced by further uncertainty about the US-China trade war, slower economic growth than in recent years and the impact of African Swine Fever on soybean imports to China," Pacific Basin noted.
During the first half of 2019, the company s result was adversely affected by weaker dry bulk freight market conditions. Net profit for the period dropped to USD 8.2 million, compared to USD 30.8 million reported a year earlier, while the company s average Handysize and Supramax daily TCE earnings of USD 9,170 and USD 10,860 per day net were down 6% and 7% year-on-year.
The first six months of the year also saw Pacific Basin expand its fleet with four secondhand vessels, including one Handysize and three Supramax units, and complete the sale of an older, small Handysize.
Two further Supramax acquisitions delivered into the company s fleet in July, expanding the owned fleet to 115 ships. Including chartered ships, Pacific Basin operated an average of 230 Handysize and Supramax ships overall during the first half of the year.Posted On:5-Aug-2019
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Awilco LNG Agrees Refinancing for LNG Carrier Duo
Oslo-listed shipping company Awilco LNG has reached a sale and leaseback deal for two of its 156,000 cbm LNG carriers.
Under the agreement, the 2013-built units, WilForce and WilPride, would be refinanced at "favourable terms", the company said. The refinancing is similar to the current financing of the vessels and enables a full take out of the facilities maturing at the end of 2019.
Awilco LNG signed the deal with an undisclosed leasing company based in Asia. The new financing is expected to close during the fourth quarter of 2019.
The 230-meter-long WilForce is still undergoing repairs in Singapore after being involved in a collision in May 2019. The work is scheduled for completion by late August or early September, Awilco LNG earlier said. The second vessel under the refinancing deal is currently deployed on an 8-month time charter contract that started in early July.Posted On:5-Aug-2019
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K Line Gets AIP for LNG-Fuelled Ore Carrier Concept Design
Joint Approval in Principle (AIP) for New Concept Design of LNG-fuelled Ore Carrier
Japanese shipping major K Line has, together with Namura Shipbuilding, received an Approval in Principle (AIP) for the concept design of an LNG-fuelled ore carrier from DNV GL.
The parties said that work on this joint project complied with both environmental and actual operation requirements as follows, based on Namura Shipyard s second generation WOZMAX, an optimum size of vessel that can call main West Australian iron ore loading ports.
The new design would keep almost the same deadweight and normal service speed as WOZMAX, retain enough endurance for round-trip between Singapore and Brazil in gas fuel mode, arranging the LNG tanks in center section of hull, as well as achieve EEDI phase 3 by means of primary fuel changes to LNG, K Line said.
In addition to LNG fuel conversion, the parties studied the possibility of it being combined with shaft generator, binary cycle power generation system and lithium battery so as to further reduce CO2 emissions and confirmed that this system can achieve an additional 4% reduction of fuel oil consumption.Posted On:5-Aug-2019
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Taiwanese Freighter Collides with Chinese Warship
A Taiwanese freighter collided with an unidentified Chinese People s Liberation Army (PLA) warship on July 31, according to the Taiwan Coast Guard.
The two vessels clashed while they were underway some 20 nautical southeast of Taiwan-controlled Kinmen island off China s southeast coast.
There were no reports of injuries following the incident.
The Coast Guard said it established contact with the Chinese warship but the ship s captain refused to cooperate in an investigation into the accident.
The freighter Yutai No.1 headed to the Liao Luo Port on the Kinmen island group for inspection and repairs following the collision.
The incident comes at a time of heightened tensions between Beijing and Taiwan, which Beijing regards as a "rogue province". While not necessarily related, the Chinese Navy is said to have organized large-scale military drills near the Taiwan Strait following the collision.
China has also announced it would no longer issue individual travel permits to Taiwan, citing "cross-strait relations" as the reason.Posted On:5-Aug-2019
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One more typhoon WIPHA victim, crew rescued
Bulk carrier DI WEI 506 issued distress signal at night Aug 2 some 8 nm south of Macau, reporting sinking, crew abandoning the ship and going into life raft. SAR ships and helicopters were engaged, search lasted for some 5 hours, in nighttime and adverse weathe conditions. All 11 crew were found and rescued, on the verge of sinkling, because life raft was punctured and leaking.Posted On:5-Aug-2019
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Cargo ship ran aground twice, Master found intoxicated
General cargo ship HADELAND ran aground two times, while leaving port of Riga, Latvia, at night Aug 3. The ship refloated by own means after first grounding, to ran aground second time shortly after resuming moving. Coast Guard officers found Master to be intoxicated, the ship was taken to outer anchorage, and brought to anchor, for investigation and probably, Master replacement.Posted On:5-Aug-2019
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Port of Stockton Achieves Green Marine Environmental Certification
The Port of Stockton in San Joaquin Valley has achieved certification from Green Marine, the largest voluntary environmental certification program for North America s maritime industry. Certification recognizes the Port of Stockton s commitment to continuously reducing its environmental footprint.Posted On:5-Aug-2019
Credits: www.bunkerportsnews.com |
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Century-old Panama Canal lock drained for maintenance
The more than century-old Miraflores Lock on the Panama Canal s Pacific side was drained on Thursday for maintenance, a routine operation that will last at least a week but scarcely affect ship traffic.
The work involving more than 600 technicians will focus on the lock gates, an executive in the Panama Canal Authority s Locks Division, Wilfredo Alberto, said, adding that it took 14 hours to empty the chamber, two hours fewer than usual, the Efe news agency reported.Posted On:5-Aug-2019
Credits: www.bunkerportsnews.com |
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Visakhapatnam Port Trust third major port in country in cargo traffic
The Visakhapatnam Port Trust (VPT) stood third among major ports in cargo traffic during April to July in the current financial year. The VPT moved to 3rd position from 4th position it got in the last financial year 2018-19.
The VPT handled cargo traffic of 23.70 million tonnes during April to July 2019 as compared to 21.52 million tonnes of corresponding period of previous year; thus, an incremental volume of 2.18 million tonnes is achieved.Posted On:5-Aug-2019
Credits: www.bunkerportsnews.com |
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The Panama Canal Implements Speed Limits to Protect Whales
Starting August 1 and until November 30, 2019, the Panama Canal will promote the implementation of the International Maritime Organization s (IMO) annual recommendations on speed and maritime transit aimed at protecting cetaceans, which include whales, dolphins and other large aquatic mammals, during their nearby seasonal migration.Posted On:5-Aug-2019
Credits: www.bunkerportsnews.com |
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India: Tepid economic activity slows cargo growth of ports
Subdued economic activity has led to a muted cargo performance of major ports and railways during the April-June quarter of this fiscal.
Major ports clocked only 1.5 per cent growth during the period as against four per cent growth in cargo throughput in the corresponding quarter of FY19.Posted On:5-Aug-2019
Credits: www.bunkerportsnews.com |
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