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.: 12-Nov-2019 :. Search News
Displaying 1 to 13 of Records.
Page 1 of 1
 1  

Maersk s Soren Toft Leaves, Company Looking for New COO
Danish shipping major A.P. Moller - Mærsk revealed a sudden departure of Chief Operating Officer, Soren Toft, as he decided to pursue an opportunity outside of the company.
Toft left his position effective November 11, Maersk said, adding that the responsibilities as Chief Operating Officer would in the interim be taken on by Soren Skou effective immediate.
The Executive Board will hereafter consist of Søren Skou, CEO and interim COO, Carolina Dybeck Happe, CFO, Vincent Clerc, CCO, and Morten Engelstoft, CEO of APM Terminals.
"I have worked with Soren for many years, and I appreciate Soren s many contributions to A.P. Moller - Maersk. He leaves an agile and strong operating organization and we all wish Soren the very best in the future," Soren Skou, CEO of A.P. Moller - Maersk, said.
Toft has held various commercial and operational roles both in Copenhagen, Germany and Indonesia before he was appointed Head of Network Planning in Maersk Line. A position he held until 2014, where he was appointed Chief Operating Officer (COO) in Maersk Line and held the responsibility of global operations for the liner businesses with the goal of providing the most reliable and efficient service for customers.
He has also overseen the acquisition and integration of Germany s Hamburg Süd, a deal which closed in the fourth quarter of 2017. Toft handled the negotiations with the German line s owners, the Oetker family, and helped broker the arrangement that provided Maersk with a market-leading combined fleet capacity of 4.15 million TEU.

Posted On:12-Nov-2019



EIB Provides USD 155 Mn for Port of Piraeus Expansion
The European Investment Bank (EIB) has formally agreed to provide EUR 140 million (USD 154.5 million) to support expansion and upgrade of the Port of Piraeus.
The 20-year loan, signed in Athens, will support the implementation of part of investments at the principal port of Greece in a total investment plan of more than EUR 600 million (USD 662 million).
The funding was described as the largest ever loan for port investment in the country by Europe’s long-term lending institution.
"The EIB has been supporting strategic infrastructure across Greece for more than 50 years and has unique technical and financial expertise financing leading ports across Europe and worldwide," Kyriakos Mitsotakis, Prime Minister of Greece, said.
"Redevelopment of the Port of Piraeus will strengthen connections between Greece and the rest of the world and ensure that Greece benefits from a world-class maritime logistics hub … EIB support reflects the economic benefits to be unlocked in the coming years and the importance of ensuring competitive transport links for Greece and South Eastern Europe," Andrew McDowell, European Investment Bank Vice President, added.
The first EUR 100 million tranche of the EIB loan was signed on November 11 and the remainder was agreed as project construction progresses. The loan is guaranteed by the Exports - Imports Bank of China.
New investment at the Port of Piraeus includes development of a new port logistics centre, construction of a new cruise passenger handling facility, expansion of car shipping facilities, an improved ship repair area and the upgrade of the container terminal.
The long-term EIB loan will complement other investments in the port currently under consideration by the European Commission and the Greek government.

Posted On:12-Nov-2019



Klaveness Scaling Down Supramax Activity to Focus on Panamax, Post-Panamax Segment
Norwegian shipping company Torvald Klaveness revealed intentions to scale down its dry bulk shipping activity in the Supramax segment and focus on the Panamax to Post-Panamax units.
The company s Klaveness Chartering has had a particular stronghold in the Panamax, Kamsarmax and Post-Panamax segments and there are significant synergies with the rest of the group in this activity.
In order to grow and develop this business further, Klaveness will through its offices in Singapore, Dubai and Oslo, have a primary focus on the Panamax to Post-Panamax segment going forward. As a consequence, Klaveness Chartering will decrease its activity in the Supramax segment, the company explained.
"We have a wide portfolio of activities in our group and have concluded that to grow and develop we need to focus our efforts where we have the strongest competitive positions. We have a lot to offer our customers in the Panamax segment and will continue to develop our presence and service together with them," Lasse Kristoffersen, CEO Torvald Klaveness, said.
The company, which is also a pool manager of dry bulk vessels through its pools Baumarine and Bulkhandling, noted that these activities "have significant growth opportunities" and there are ongoing discussions with potential external parties to develop this activity in partnership. These discussions are expected to be concluded over the next few months.
"Our pools are seen as market leading and have significant potential for growth. We believe this can best be achieved through close partnerships with other leading players," Kristoffersen concluded.

Posted On:12-Nov-2019



Euronav Signs LSFO Deal with Malaysian Port of Linggi
Belgian tanker operator Euronav has signed a service agreement under which Malaysia s Linggi Port will become its low-sulphur marine fuel supply base.
The port would also provide other services, including supplying crews and provisions, for the company s ships sailing on the East of Suez routes, Reuters referred to a statement released by the port operator.
The contract would help Malaysia develop its maritime and bunkering industries, with an aim to rival the world’s largest hub in neighboring Singapore. The parties did not reveal the financial terms of the agreement.
The deal comes only months after Euronav sent one of its two ultra-large crude carriers (ULCC), the 2003-built Oceania, to Kuala Linggi International Port (KLIP). Namely, the company purchased a total of 420,000 metric tons of compliant fuel oil and marine gasoil and used the ship to store this inventory because of its size and related economies of scale.
According to AIS data provided by Marine Traffic, the 441,585 dwt tanker arrived at the port of Sungai Linggi in late September, where it would be used as floating storage with 3 million barrels of 0.2% and 0.5% low sulphur fuel oil.
In line with Euronav s strategy, a new USD 100 million revolving loan facility has been secured with a club of banks in order to assist funding of the compliant fuel inventory on the Oceania.

Posted On:12-Nov-2019



UK Chamber of Shipping: Vessel Speed Reduction Not the Answer to Cutting Emissions
Slow shipping is not the answer to cutting emissions from shipping, the UK Chamber of Shipping pointed out.
The UK trade body for shipping highlighted its argument while the latest round of UN ship climate negotiation is being held at the International Maritime Organization (IMO) in London.
"Whilst much has been made of the possible benefits of slow shipping, we still believe that a one-size-fits-all approach won t work, and slow shipping is not the answer," the UK Chamber of Shipping said.
"Ships are at the heart of international trade and if they are forced to slow down, we may need more vessels to transport the goods we need. This would increase carbon emissions which we all want to avoid."
As explained, not a reduction in shipping speed but international regulations that encourage innovation and technological advancement to help reduce emissions are needed.
The trade body has put tackling climate change at the top of its agenda. Shipping is six times more efficient than trucks and over 40 times more efficient than a freight aircraft as a mode of transport, but the chamber believes there is more to do to cut emissions. What is more, shipping as a global industry requires global collaboration and initiatives.
Last year, IMO countries met in London and reached a milestone agreement to limit carbon emissions from shipping through the adoption of the initial Green House Gas (GHG) Strategy.
The IMO is meeting this week to discuss short-term measures that will start delivering on its climate commitment deal by 2023. The meeting is going to see proposals from countries and organizations, many of which are built on previous submissions ranging from speed restrictions to goal-based approaches, including things like propeller upgrades and innovative paints, that support setting goals that allow shipowners to make their own choices tailored to their business.
The International Chamber of Shipping has submitted a hybrid goal-based approach which combines elements that also addresses the concerns of ships for which key operational decisions are made by the charterer.
"Last May we had a taster of what is to be discussed, where the majority of the IMO countries expressed their clear support for a goal-based approach. There are encouraging signs that the IMO is likely to support a goal-based approach at this session as well. However, it should not prolong indecision but signal at this meeting about the direction of travel," the chamber continued.

Posted On:12-Nov-2019



Drewry: Box Spot Rates Rise amid More Idle Ships, Bunker Surcharges
The container spot freight market have rebounded amid a growing number of idle ships and new bunker surcharges, in what has been a mostly disappointing year for ocean carriers, according to shipping consultancy Drewry.
Drewry s World Container Index, a composite of eight major East-West trades, in the past two weeks has swelled by USD 210 to return losses accumulated over the prior two months.
Since the mid-point of this year spot rates have been significantly down on the corresponding period in 2018. This is less a reflection on the current market and more to do with what happened last year, when the U.S.-China trade war super-charged freight rates. Therefore, spot rates in the second half of 2019 were virtually destined to look very weak in comparison to an artificially inflated market, Drewry explained.
"Today s market is not in full bloom, but it certainly is not as bad as it initially appears. In our opinion the lower prices of the third quarter of 2019 were a consequence of a diminished trade-war multiplier and a return to the rate cutting tendencies by some carriers."
"The current freight revival is unlikely to have come from an unexpected demand boom. Volumes were moribund in the third quarter peak season and judging by the continued heavy use of void sailings by carriers that situation hasn t changed dramatically."
Instead, it is changes on the supply side that are driving the upwards momentum. The idle fleet has skyrocketed with just over 1 million TEU, or 4.5% of the total cellular fleet, out of action as of the first week of November. That represents an extra 400,000 TEU added to the inactive fleet in one month, which can be attributed to more ships being sent to dry-dock for exhaust scrubbers in readiness for the new IMO 2020 low-sulphur fuel regulations.
"A bigger idle fleet does not automatically produce higher freight rates. The idle fleet percentage was comparably high in March, but as this coincided with a Chinese New Year-related lull in demand, it merely helped to raise the floor for prices rather than push the ceiling."
"This time, however, it appears that demand is sufficiently strong that similar supply-side reductions are translating into more positive utilisation and freight rates."
Adding to the inflationary momentum is the fact that carriers are beginning to transition to higher new bunker surcharges related to IMO 2020. This process is expected to ramp up for December and should contribute to a strong end to the year for carriers, running contrary to what was seen at the end of 2018.
Looking forward, Drewry said that freight rates are expected to continue to rise on account of higher bunker surcharges, "but for carriers the true measure of success will be whether or not they rise sufficiently to cover the additional costs."

Posted On:12-Nov-2019



MSC Cruises Claims Title of World s First Carbon Neutral Cruise Line
Switzerland-based MSC Cruises announced it would become the first global cruise line with carbon-neutral operations.
The company said that all direct carbon dioxide (CO2) emissions from its fleet marine operations would be offset as of January 1, 2020, through a blend of carbon offset projects developed by international entities that take immediate action on greenhouse gas emissions.

Posted On:12-Nov-2019



ITF Calls for Urgent Action to Tackle Rising Piracy in Gulf of Guinea
On the back of two piracy attacks on vessels in Gulf of Guinea last week, the International Transport Workers Federation called for urgent global and regional cooperation to fight piracy in the region.
The latest incidents occurred in early November and involved the Norwegian-flagged MV Bonita and the Greek-flagged Elka Aristotle.

Posted On:12-Nov-2019



Port of Ceuta Carries Out First VLSFO Bunkering
The Spanish Port of Ceuta is ready to deliver IMO 2020-compliant marine fuel after completing its first very low sulphur fuel oil (VLSFO) bunkering operation on November 7.
Oil tanker Ridgebury Colette B delivered first VLSFO for the port at the Poniente quay on November 1. Later in the day, tanker Sti Fulham delivered further 25,000 tons of VLSFO, bringing the total amount of fuel unloaded at the port to 59,500 tons.

Posted On:12-Nov-2019



MPC Capital Takes Stake in Tanker Specialist Albis
Hamburg-based asset and investment manager MPC Capital has acquired a strategic stake of 50 percent in compatriot tanker chartering company Albis Shipping & Transport.
Albis operates a commercial platform for tankers of various sizes, offering tailor-made solutions for chartering and operations of tankers.

Posted On:12-Nov-2019



First Capesize vessel sails from EGA s GAC in Guinea
Emirates Global Aluminium, today announced that the first Capesize vessel has sailed from its bauxite mining subsidiary Guinea Alumina Corporation in the Republic of Guinea.
The vessel, the MV Berge Rosa operated by shipping line Berge Bulk, is bound for a customer in India laden with 173,000 tonnes of bauxite ore. Capesize vessels are amongst the world s largest bulk cargo ships and some 300 metres long.

Posted On:12-Nov-2019



Credits: www.bunkerportsnews.com

Ports should focus on ease of doing business, delivering value to customers
Ports should focus on ease of doing business and delivering the value to the customer, and for that co-operation among all the stake-holders, especially the government agencies, is needed, according to P Raveendran, the Chairman of Chennai port.
Raveendran was chairing a session on port services on Friday, the concluding day of the two-day Bay of Bengal Initiative for Multi-sectoral Technical and Economic Co-operation (BIMSTEC) ports conclave.

Posted On:12-Nov-2019



Credits: www.bunkerportsnews.com

Two more LNG tankers heading to north-west Europe this week
Two more liquefied natural gas tankers are due to arrive in north-west Europe this week, Refinitiv Eikon data shows.
The Fedor Litke vessel, with a carrying capacity of around 170,000 cubic metres, is heading to Britain’s Isle of Grain terminal on Nov. 13.

Posted On:12-Nov-2019



Credits: www.bunkerportsnews.com
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