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.:Maritime News :.
.: 7-Mar-2019 :.
Drewry: Scrubbers Increasingly Attractive for VLGC Owners
With less than a year to go before the cap on sulphur comes into force, VLGC shipowners are increasingly considering scrubbers as an attractive option to meet IMO s low-sulphur regulation, according to shipping consultancy Drewry.
The popularity of scrubbers in the large LPG sector is evident, given that 27 of the 30 VLGCs ordered over the last two years were either fitted with scrubbers or were scrubber-ready. However, in the existing VLGC fleet, the share of scrubber-fitted vessels remains small, with just 19 vessels having scrubbers.
Drewry said that an analysis of time charter fixtures indicates that charterers prefer scrubber-fitted ships for long-term contracts. An evidence of this is the recent fixing of Dorian LPG-owned 2015-built VLGC, scrubber-fitted Concorde, which was fixed at USD 29,000 per day for three years, some USD 3,000 per day higher than charter rates for non-scrubber-fitted ships. The USD 3,000 per day premium can be justified if the bunker price differential is greater than USD 130 per day over the three years, Drewry explained.
"Even when allowances are made for the expected narrowing bunker price differential over time, our figures indicate the potential saving in fuel costs could be upwards of USD 11 million over a five-year charter. Hence, scrubber-fitted VLGCs are likely to attract a rate premium for some time to come," the shipping consultancy continued.
Drewry believes fitting vessels with scrubbers makes economic sense as it increases the probability of attracting long-term contracts. In addition, the investment of around USD 2-3 million for installing scrubbers could be recovered in two-to-three years, assuming a rate premium of USD 3,000-4,000 per day.
"While the attractiveness of installing scrubbers will be high in 2020 because of the wide gap between the two fuel prices, slots may not be available for retrofitting. Although more slots will be available in later years, there is a risk of significant narrowing of premium for low-sulphur fuel if its supply improves faster than expected," Drewry concluded.
More Shipowners Join CSA 2020 in Support of Scrubbers
A number of companies have recently joined The Clean Shipping Alliance 2020 (CSA 2020), increasing the organisation s membership to 35 shipowners operating a combined fleet of almost 2,500 vessels.
Norwegian/Swedish shipping company Wallenius Wilhelmsen is the latest shipowner to join the alliance. Other companies that have recently joined include Hammonia Reederei, International Seaways, Chandris (Hellas) and Genco Shipping & Trading.
Wallenius Wilhelmsen operates a fleet of about 130 vessels, of which 23 will feature scrubbers by the end of 2021.
Genco Shipping & Trading plans to install scrubbers on 17 Capesize vessels with retrofit options for an additional 15 smaller bulk carriers. The decision follows extensive evaluation and analysis of the environmental impact of the technology.
"With the addition of these new members to CSA 2020, we can now gather further data on which shipowners, regulators and port authorities can make more informed decisions on how best to comply with the global sulphur cap," Ian Adams, Executive Director, CSA 2020, said.
Other than the 35 CSA 2020 members that have already adopted exhaust gas cleaning as an environmentally responsible means of meeting the global sulphur cap, the alliance has identified a further 242 ship owning/operating companies with investments in EGCS technology.
SRTI: Owners Ship Recycling Transparency Picks Up
The first report of the Ship Recycling Transparency Initiative (SRTI) indicates that there is a growing movement stepping up the pressure on shipowners to disclose their approaches to ship recycling.
Launched on March 6 at Tradewinds Ship Recycling Forum 2019 in Hong Kong, the report presented data collected through a disclosure questionnaire circulated among shipowners as part of the transparency initiative.
Since the SRTI online platform went live in December 2018, eight large shipowners, operating a combined total of more than 1,800 vessels, have voluntarily shared data on their company’s ship recycling policies and practice. All disclosing shipowners have a written policy on ship recycling for their own vessels covering issues related to the environment, labour and human rights in accordance with the Hong Kong Convention.
"We re seeing increasing pressure on shipowners from key stakeholders including investors, retailers and manufacturers,"Andrew Stephens, Executive Director of the Sustainable Shipping Initiative, said.
"Conversations with cargo owners, lenders and insurance companies have highlighted that they too want more information on ship recycling to inform their decision-making."
"Shipowners feel the effects of the market as they are being held accountable; the simple act of being transparent about their approach to ship recycling is leading to improved policy, practice and performance," Stephens added.
The SRTI report also revealed how shipowners implement their responsible ship recycling commitments through the use of standard contracts such as BIMCO s RECYCLECON for the sale of vessels for green recycling; and/or explicit requirements for ship recycling facilities to follow a specific ship recycling plan. All of disclosing shipowners said they monitor facilities compliance during the ship recycling process, mostly by way of ongoing supervision and assigning a company representative, and conduct follow-up onsite and spot checks.
K Line Readies for Major Loss, Starts Structural Reform
Japanese shipping major K Line is to launch a significant structural reform in order to improve its profitability from fiscal year 2019.
Namely, the company plans to cancel charter contracts for containerships and small and medium sized dry bulkers worth around JPY 50 billion (USD 447 million) and reduce its market exposure.
As part of its next medium-term management plan, the company intends to improve profitability by concentrating on four business pillars, namely the Dry Bulk, Car Carrier, Energy Resource Transport, and Logistics and Affiliated businesses.
With this implementation of the business structural reforms and changes of other extraordinary income or losses, the company now expects to record a net loss of JPY 100 billion (USD 895 million) for the year ended March 31, 2019, compared to a previously expected loss of JPY 20 billion (USD 179 million) for the period.
K Line revised the forecast of consolidated financial results ending March 2019 because of provision for losses regarding chartering in operating loss, reflection of impact by dry bulker s weaken market conditions, extraordinary losses related to cancellation of chartering contracts, as well as the change of the timing implementation for extraordinary profit by assets sale such as fleets to subsequent period, which results in expansion of net loss attributable to owners of parent.
As to the cost of the business structural reforms, K Line estimated around JPY 65 billion followed with provision for loss related to containerships chartering to Ocean Network Express (ONE), as well as chartering cancellation of containerships and dry bulkers.
K Line determined to record the provision for losses of around JPY 15 billion, as rationally estimable amount, regarding loss related to containerships chartering as well as to carry out cancelling chartering contracts for some of uneconomical containerships and small and medium sized dry bulkers to reduce the exposure to risks from market fluctuation.
Maritime UK to launch Initiatives to boost Gender Diversity
Maritime UK, the voice of the maritime sector, and its Women in Maritime Taskforce will be celebrating International Women's Day with a reception at Belfast Harbour to mark the launch of two new resources aimed at promoting gender diversity within the maritime sector.
The reception will also provide an opportunity for Northern Ireland companies to sign up to the Women in Maritime Pledge, which states: "We are committed to building an employment culture that actively supports and celebrates gender diversity, at all levels, throughout our organisation and our industry." Since launching, over 100 companies have signed the pledge.
Maritime UK established its Women in Maritime Taskforce last year to address fairness, equality and inclusion within the maritime sector. The Taskforce brings together leaders from across the maritime sector to identify practical steps to increase the number of women in maritime, and crucially within senior roles across its shipping, ports, services, engineering and leisure marine industries.
The two new resources have been created to respond to specific challenges companies have raised in their mission to improve diversity. Namely, too few women speakers at industry conferences and a lack of gender diversity in new recruits.
The first resource is a 'Speaker Bank' comprising women speakers. The initiative will provide a database of women speakers for panels and conferences. Through its work, the Taskforce heard that many conference organisers claimed that they were unable to identify women to speak on a relevant topic at events. The speaker bank will tag speakers with areas of expertise. The organisers of London International Shipping Week have committed to promoting the speaker bank to those organising events during the week.
Maritime UK will also be organising a series of public speaking workshops to help support more women to join the speaker bank.
The second resource will be an "Interview Pool", which will loan maritime women to companies that may lack diversity on interview panels. Research by the Taskforce identified that more diverse interview panels or panels with HR professionals with diversity training are more likely to recruit a diverse workforce. However, a number of smaller companies in particular highlighted that they do not have access to such recruiters within their staff. The interview pool will provide a facility for these companies to access relevant skills and expertise.
Sue Terpilowski OBE, Chair of the Taskforce, said:
"By taking this proactive approach of helping organisers to find speakers through our pool we believe we are solving a problem. We knew there were qualified and experienced women within the industry who would enhance any panel, finding them was the issue. So now, there should be no excuses not to have gender balanced panels. This will not only enable the audience to gain a good broad insight into the issues being discussed but clearly also shows that women are making an impact within the industry and are good role models to everyone."
Maritime Minister, Nusrat Ghani, said:
"I want to see more women enjoy a career at sea or on shore. Recruitment can often be the first point candidates encounter the maritime sector, and it is vital our ambition for greater diversity is reflected at this stage.
"This is just one example of the fantastic progress being made by the Women in Maritime Taskforce to open up this industry to everyone, no matter their gender or background."
Harry Theochari, Chair of Maritime UK said:
"I am delighted that the Taskforce is producing such tangible results. Diversity is incredibly important to our sector. Today we miss out on huge talent and diversity of thought, which are essential to the future success of our £40bn sector. The resources launched today will help in our mission to change our maritime sector for the better."
Nicky Goldsbrough, Director of Corporate Services at Shoreham Port, who has led work on the interview pool, said:
"Collaboration has been key to the success of the Taskforce so far and the Interview Pool builds on this through broadening the networks of women in maritime, sharing skills and enabling gender balanced interview pools to be created, all of which is pivotal for attracting more women into the sector."
Innovative IMOIIMAX Fleet a Success, Stena Bulk Says
Swedish tanker shipping company Stena Bulk has been operating a fleet of thirteen IMOIIMAX chemical tankers for a year. An evaluation has shown that the MR vessels have been a success, both in terms of performance and business.
"Utilization of and entry into the chemicals market has gone better than expected, and we have secured a good market position that we are continuing to build on," Erik Hanell, Stena Bulk s President and CEO, explained.
Qatargas: Commissioning LNG Cargo Shipped to India s Ennore Terminal
Doha-based liquefied natural gas (LNG) firm Qatargas has supplied a commissioning LNG cargo for Ennore, India s newest LNG receiving terminal located near the city of Chennai.
The LNG cargo was delivered onboard the 160,000 cbm tanker Golar Snow on February 25, 2019.
DP World To Invest In New Infrastructure In Kazakhstan
The potential of DP World investing in new infrastructure in Kazakhstan s ports and logistics sectors was the focus of discussions between global trade enabler DP World s Chairman and CEO Sultan Ahmed Bin Sulayem and Kazakhstan s Prime Minister H.E. Askar Mamin in Astana today.
Sweden Braces for Port Strike That Could Cost Millions
Sweden is bracing for a port strike that could cost millions and disrupt supplies of everything from trucks to bananas.
A conflict that has been brewing for years looks poised to culminate in a nationwide strike by dockworkers at 16 ports from midnight Wednesday.
Western Australia Ports Win National Biosecurity Awards
An innovative marine biosecurity surveillance program developed by port authorities in Western Australia and the Department of Primary Industries and Regional Development (DPIRD) has been nationally recognised for its achievements.
The State-Wide Array Surveillance Program (SWASP) received an Australian Biosecurity Award, with a joint win in both the industry and government categories.
Apapa ports, infrastructure, taxes take centre stage as Lagos decides
Issues bordering on the quality of the business environment in Lagos, especially those relating to Apapa ports, parlous state of infrastructure and multiple taxation will form the bedrock of private sector s decision on who becomes the next governor of the state.
Indeed, members of the Organised Private Sector (OPS) had explained their involvement in the electioneering process, citing the need to protect their investments as well as ensure that the quality of governance is improved upon for sustainability.
Port of Tema expansion on schedule for June inauguration
All 7 ship-to-shore and 20 RTG ultra-modern gantry cranes have arrived for installation in the Port of Tema, Ghana. These are one of the final pieces of a $1.0bn investment by APM Terminals and its partners in Meridian Port Services (MPS), Bollore Africa Logistics and Ghana Ports & Harbours Authority. With crane commissioning and operator training now taking place, the Port is on schedule to open on June 28 this year.
Wartsila Vessel Traffic Service solutions to increase efficiency of two Portuguese ports
The technology group Wartsila has successfully completed the installation and operational staff training for its Vessel Traffic Service (VTS) solution in the ports of Lisbon and Setubal / Sesimbra in Portugal. The systems will increase the efficiency of these ports by reducing waiting time for vessels and allowing just-in-time pilotage. The state-of-the-art solution has been developed and supplied by Transas, a Wartsila company. The project was booked in July 2018 and completed in January 2019.