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.: 25-Oct-2017 :. Search News
Displaying 1 to 9 of Records.
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USS John S. McCain Develops Hull Crack while Transiting to Yokosuka
The U.S. Navy's guided-missile destroyer USS John S. McCain (DDG 56) developed a crack in its hull while transiting to Yokosuka aboard the heavy lift transport vessel MV Treasure, a spokesperson for the U.S. Seventh Fleet confirmed to World Maritime News.

The warship was moved onto to the heavy-lift vessel earlier this month and was supposed to head for Yokosuka, where it is scheduled to undergo repairs.

"The crack is about four inches long on the starboard side, amidships, and there is also a small dent there," Cmdr. Clay Doss said in a statement.

"This development, along with inclement weather and sea state conditions associated with Typhoon "Lan," diverted MV Treasure to Subic Bay, Philippines. While there, experts will inspect the crack and determine if any additional repairs are needed before continuing to Yokosuka."

The guided-missile destroyer already suffered a major damage in a collision with an oil/chemical tanker Alnic MC that took place east of the Straits of Malacca and Singapore on August 21.

Specifically, the destroyer sustained damage to the port side aft resulting in flooding to nearby compartments, including berthing, machinery and communications rooms.

World Maritime News Staff

Posted On:25-Oct-2017



Credits: worldmaritimenews.com

Bahri's Earnings Suffer amid Lower Spot Rates
Lower spot market rates in general, and specifically in oil and chemicals transportation, affected the National Shipping Company of Saudi Arabia (Bahri) as it saw a drop in its net profit in 2017.

The company's net profit for the third quarter ended September 30, 2017 was at SAR 60.5 million, plunging by 80.8 percent from a net profit of SAR 315.3 million reported in the same quarter a year earlier.

Bahri's revenues for the third quarter reached SAR 1.28 billion, compared to SAR 1.37 billion in the corresponding quarter of 2016, representing a drop of 7 percent.

The company's operational profit was also down in the period, reaching SAR 176 million, compared to SAR 234.4 million seen in the same quarter in 2016, representing a drop of 24.9 percent.

During the first nine months of the year, Bahri said that its net profit dropped by 58 percent to SAR 593.2 million from SAR 1.41 billion seen in the same nine-month period in the previous year.

The company's revenues for the first nine months of 2017 were down by 11 percent to SAR 4.61 billion from SAR 5.16 billion reported in the same nine-month period of 2016.

Similarly, Bahri's operational profit for the nine months was down by 41.1 percent to SAR 857.1 million from SAR 1.45 billion reported in 2016.

Posted On:25-Oct-2017



Credits: worldmaritimenews.com

US Regulator Gives Nod to COSCO's OOIL Takeover
COSCO Shipping Holdings' takeover bid for Orient Overseas International Limited (OOIL) has passed the anti-trust review in the United States, the company said.

The go-ahead comes after COSCO Holdings' shareholders approved the deal at the extraordinary general meeting held on October 16.

The takeover offer was made in July this year when COSCO Shipping Holdings and Shanghai International Port Group (SIPG) placed a pre-conditional voluntary general offer to acquire all issued OOIL's shares at an offer price of HKD 78.67 (USD 10.07) in cash, totaling in USD 6.3 billion.

On completion of the transaction, COSCO would hold 90.1%, while SIPG would hold 9.9% of OOIL.

The EU and Chinese regulators still need to give the green light to the deal.

The combined entity, if the merger is completed, would become the world's third-largest container carrier, with a combined fleet of 400 vessels.

World Maritime News Staff

Posted On:25-Oct-2017



Credits: worldmaritimenews.com

Port of Antwerp's Volumes Up in First Three Quarters
The Port of Antwerp closed the first three quarters of this year with a freight volume of 167.1 million tons, an increase of 3.3% compared to the same period a year earlier.

As informed, strong growth has been recorded in almost all sectors until the end of September.

''In the last quarter too we are managing to maintain the same high pace of expansion as in the previous nine months. In fact this trend is holding steady from past years,'' Jacques Vandermeiren, CEO Port Authority, commented.

''Antwerp has been performing extremely well for quite a time now in a market that is otherwise characterised by volatility and fluctuations. If in such a situation you manage to not only maintain but also grow your market share, that gives you confidence in the future,'' he added.

The container volume rose by 3.7% in tonnage to 91.9 million tons or by 3.2% in TEU to 7.8 million TEU during the first nine months. The port said it handled 4.6% more full containers, while the number of empties fell by 4.4%.

The port explained that the growth in containers is partly due to the sailing schedules of the new alliances which choose Antwerp as a port of call. For the other part, new liner services have been launched which have opted resolutely for Antwerp. The result has been a sharp growth in container freight - over the past nine months, the second quarter was the best ever for Antwerp with 2.66 million TEU, followed closely by the third quarter with 2.65 million TEU.

Additionally, RoRo freight is experiencing strong growth this year - so far it is up 10.7%, standing at 3.75 million tons. At the end of September, the volume stood at 7.82 million tons, an increase of 7.7%.

What is more, the volume of liquid bulk increased by 2.4% to 54.46 million tons at the end of the nine-month period. The rise of 11.4% in exports of liquid fuels stands in contract with the decline of 12.8% in imports during the same period, so that the total volume is practically the same at 30.81 million ton, according to the port.

On the other hand, the volume of dry bulk cargo handled during the first three quarters declined by 0.8% to 9.20 million tons.

Posted On:25-Oct-2017



Credits: worldmaritimenews.com

Ultra-Large Containerships Seen Dominating Asia-Europe Trade in 2020's
By Gavin van Marle (The Loadstar) - The Asia-North Europe trade will be almost entirely operated by ultra-large container vessels (ULCVs) during the course of the next three years.

But this will leave shippers with significantly fewer sailings each week.

According to new research from SeaIntel, there will be 90 vessels of 14,000 teu-plus delivered to carriers over the next three years, which means that by 2020, this size vessel will account for 88% of the ships operating between Asia and Europe.

And if all the newbuilds are delivered according to schedule, by then 125 vessels on the Asia-North Europe trade would be 18,000 teu and above.

SeaIntel added that if demand remained at current levels, the delivery schedule would mean that the trade's entire needs could be covered by just 15 weekly services deploying 165 vessels across the three main deepsea alliances.

''Assuming a healthy 5% demand growth in the coming three years, and also assuming the same degree of vessel utilisation as seen in 2017, it will essentially force each of the alliances to eliminate one of their current services,'' it said.

It means carriers have the potential to order another 14 18,000 teu vessels - pushing the forecasted level of 125 18,000 teu-plus vessels in 2020 to the 165 required to run 15 services, making the trade entirely mega-ULCV-operated.

In turn, that would likely mean the trade’s existing 14,000-17,000 teu vessels cascaded to the Asia-Mediterranean trade. But it is doubtful whether it could cope with that sort of influx, as that would mean that 84% of vessels on that trade would be 14,000 teu-plus size, ''and the trade lane will be entirely unable to absorb more than a small portion of the spill-over from the North European trade''.

SeaIntel chief executive Alan Murphy added: ''Of course, 18,000 teu-plus vessels can also be phased directly into the Mediterranean trade, there is nothing preventing this. From that perspective, the field is wide open for more orders of 18,000 teu-plus tonnage.

''However, this would further exacerbate the cascading issues.''

The Loadstar is fast becoming known at the highest levels of logistics and supply chain management as one of the best sources of influential analysis and commentary.

Posted On:25-Oct-2017



Credits: gcaptain.com

Navibulgar Exercises Option for Two More Bulkers at Yangzijiang
Bulgarian shipping company Navigation Maritime Bulgare (Navibulgar) confirmed the building of another two 45,000 DWT bulk carriers of Bluetech 45 design at Chinese builder Jiangsu Yangzijiang Shipbuilding Group Ltd.

The deal is a continuation of the contract for 4+2 newbuildings signed in July this year.

''This constitutes another confident step towards the implementation of Navibulgar's objective to operate towards the middle of the 2020s its own fleet of 1.5 million tons of average age below 7 years,'' the company said.

The company aims to establish itself as one of the leading shipowners in Europe in the Handy-size bulker sector.

In August, the company booked construction of four 42,000 DWT ships at China's Chengxi shipyard, plus two optional vessels of identical size.

Navibulgar has a fleet of over 30 vessels including 26 Handy/Handymax bulk carriers of over 25,000 DWT.

Posted On:25-Oct-2017



Credits: worldmaritimenews.com

Rough Weather Causes Reefer to List off France
The 10,603 dwt reefer vessel Baltic Performer has suffered a list after its cargo shifted in inclement weather conditions, according to French Prefecture maritime Atlantique.

The vessel was off the coast of Penmarch, Bay of Biscay when it reported the list of 12 degrees in the afternoon hours of October 21.

At the time, the 1992-built reefer, crewed by 25 seafarers, was sailing from the Dutch port of Vlissingen to Senegal.

The Liberia-flagged ship changed its course on October 22 and docked at the port of Brest in France around 6 pm on October 23, where it still remains, according to AIS data provided by Marine Traffic.

There were no reports of injuries to the crew nor loss of cargo.

Posted On:25-Oct-2017



Credits: worldmaritimenews.com

Megaships Taking Over Asia-Europe Trade
With the current orderbook of 90 mega-vessels of more than 14,000 TEU to be delivered in the next three years, the Asia-Europe trade will see 88% of vessels in excess of 14,000 TEU by 2020, according to market intelligence provider in the container shipping industry SeaIntel Maritime Analysis.

Asia-Europe is already close to the limit of what this trade can reasonably be expected to absorb until 2020 in terms of vessel upgrades. Further vessel ordering in the 18,000+ TEU category is highly likely to result in excess capacity issues, SeaIntel said.

Assuming a healthy 5% demand growth in the coming 3 years, and also assuming the same degree of vessel utilization as seen in 2017, the Asia-North Europe trade will be fully covered by just 15 weekly services. As explained, this would essentially force each of the alliances to permanently eliminate one of their current services. Furthermore, SeaIntel estimates that this would require 165 vessels.

As a result, the current orderbook is expected to result in a fleet of 125 vessels in excess of 18,000 by end-2020.

From this perspective, there would be ''room'' to phase in another 40 vessels of 18,000 TEU and above on the Asia-North Europe trade. But this perspective is extremely narrow and fully disregards the cascading ramifications, SeaIntel added.

''Existing cascading of 14,000-17,000 TEU vessels to the Asia-Mediterranean trade will, by end-2020, increase the composition of vessels in excess of 14,000 TEU to 83%, and the trade lane will be entirely unable to absorb more than a small portion of the spill-over from the North European trade,'' the intelligence provider further pointed out.

''Of course, 18,000+ TEU vessels can also be phased directly into the Mediterranean trade, there is nothing preventing this scenario. From that perspective, the field is wide open for more orders of 18,000+ TEU tonnage. However, this will further exacerbate the cascading issues,'' SeaIntel CEO, Alan Murphy said.

In conclusion, if the carriers end up taking advantage of the current low newbuilding prices and order the ''remaining'' 40 mega-vessels, thus bringing the entire Asia-North Europe trade lane to 18,000+ TEU, the Asia-Mediterranean trade will not be able to receive the cascaded vessel, and even more trades will feel the capacity squeeze.

Posted On:25-Oct-2017



Credits: worldmaritimenews.com

V.Ships Wins Technical Ship Management Deal in Shanghai
Ship management company V.Ships has received its first technical ship management contract in Shanghai's Free Trade Zone with Minsheng Financial Leasing (MSFL).

V.Ships' Shanghai office will provide technical management for four 64,000 dwt Ultramax bulk carriers, which are currently under construction.

The vessels, being built at China Shipping Industry's shipyard in Jiangsu, are scheduled to be handed over to their owner over the next year.

''We are honoured to be able to provide MSFL with our ship management expertise and look forward to establishing a long and prosperous relationship with them,'' Alexandre Bilokon, general manager, V.Ships Shanghai, said.

''Our local management team is supported by a global network across V.Group and this provides MSFL with a committed and passionate team to help them achieve their business goals,'' Bilokon added.

Posted On:25-Oct-2017



Credits: worldmaritimenews.com
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