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.: 26-Sep-2019 :. Search News
Displaying 1 to 17 of Records.
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Cargo Ship Grounds off Sweden, Alcohol Influence Suspected
The Gibraltar-flagged general cargo ship Baltic Carrier ran aground in the evening hours of September 24 off the coast of Sweden.
There were no reports of oil leakages or other environmental damages, and crew onboard is safe, according to Finland-based ESL Shipping, the vessel s charterer.
After an initial investigation, the Swedish Coast Guard said it suspects the ship’s Master was under the influence of alcohol when the unit grounded north off Helsingborg. ESL Shipping noted that the company "has zero tolerance for being under the influence of alcohol while on duty."
The 1997-built unit was scheduled to be inspected by divers in the afternoon hours of September 25, upon which, the ship s owner, Baltic Forest Line, would decide on the further steps.
According to AIS data provided by MarineTraffic, the 3,110 dwt vessel is still stuck off Helsingborg where it grounded while transiting from the Russian port of Svetly to Sweden s Lidkoeping.

Posted On:26-Sep-2019



HMM, DSME Team Up on Smart Ship Development
South Korea s container shipping major Hyundai Merchant Marine and Daewoo Shipbuilding and Marine Engineering have joined forces on the research, development and innovation in the field of smart ship technologies.
Under a Memorandum of Understanding, the parties would conduct research on real-time service system based on IoT (Internet of Things), design on-shore platforms for optimised fleet operation, develop automated warehousing systems for ship materials and development economic navigation solutions.
HMM said it plans to promote the innovation of smart ship technology "under way of directly reflecting and testing operational data to its own container vessels."
The company added that certain smart ship solutions related to optimised ship operation have already been completed and will be applied to seven out of twelve 23,000 TEU mega containerships ordered from DSME in 2018. The ships are scheduled to be sequentially delivered from April 2020.
"Joining forces between HMM and DSME will make a huge synergy," an HMM official said, adding that the company "will preemptively respond to both environmental regulations and digitisation through operating 23,000 TEU ships outfitted with smart ship technology."

Posted On:26-Sep-2019



Carnival Corp, Bahamas in Two New Port Development Projects
Miami-based cruise ship major Carnival Corporation has, together with its two cruise line brands, signed an agreement with the government of The Bahamas to undertake two major port developments.
Under the deal, a new cruise port destination would be developed primarily for Carnival Cruise Line on the south side of the Grand Bahama, while a new addition, including a pier, would be constructed on the Bahamian island of Little San Salvador, which is home to Holland America Line s Half Moon Cay port.
The cruise major said that the Grand Bahama project will represent an investment of over USD 100 million, adding that the development on Little San Salvador is estimated at around USD 80 million of investment over time.
Once environmental and other permitting processes are completed, construction for both projects is projected to start by mid-2020. The projects are expected to play an important role in the country s recovery from the recent impact of Hurricane Dorian, according to Carnival Corporation.
The two developments will allow Grand Bahama and Little San Salvador to welcome guests from the cruise industry s larger ships, such as Carnival Cruise Line s Mardi Gras, which will debut in August 2020 as North America s first cruise ship powered by liquefied natural gas.
Holland America Line has over 40 scheduled cruises planned to The Bahamas through the end of 2019. Two of Holland America Line s newest ships, Koningsdam (delivered in 2016) and Nieuw Statendam (delivered in 2018), are both scheduled to visit Half Moon Cay this year.

Posted On:26-Sep-2019



Van Dam Shipping to Install Wind Assisted Propulsion System
The Netherlands-based Van Dam Shipping has signed a contract for the installation of an eConowind wind assisted propulsion system on one of its cargo ships.
The Ventifoil system, scheduled for delivery in the fourth quarter of 2019, would be installed on the 3,600 dwt cargo vessel MV Ankie.
The modular Ventifoil units are in the form of non-rotating wing with vents and an internal fan that use boundary layer suction for maximum effect. This installation will feature two, 10-meter wings along with two extensions of six meters that will generate significant force allowing the vessel to reduce motor power and thus save energy.
"We expect the reduction in fuel costs over a period of approx. three years will equal the costs of the system and thus fulfill our dream of using the wind again in modern shipping, which has been 40 years in the making," Jan van Dam, owner of van Dam Shipping, said.
The deal represent the first commercial order for eConowind s system, which completed sea test trials earlier this year.
The wind-assist system was developed over the past three years supported by an EU backed grant and this first installation "marks a significant milestone for the company in bringing their technology to a shipping market eager to deploy credible decarbonization solutions," eConowind noted.
Van Dam Shipping will participate in further testing of the concept in the new EU Interreg backed Wind-Assist Ship Propulsion (WASP) research program, which from October will study practical use of wind-assisted systems in day-to-day operation as well as actual savings over an extended period of time.

Posted On:26-Sep-2019



Moody s Downgrades CMA CGM due to Weakened Liquidity
The corporate family rating of French shipping major CMA CGM was downgraded to B2 from B1 amid the company s weakened liquidity profile, according to rating agency Moody s.
Additionally, CMA CGM s probability default rating was set to B2-PD from B1-PD, senior unsecured ratings were downgraded to Caa1 from B3, while the outlook was changed to stable from negative.
"Today s rating action reflects that CMA CGM s liquidity profile has weakened materially in the last 12 months as a consequence of the acquisition of CEVA Logistics AG, although expected by Moody’s to improve somewhat in 2020," Daniel Harlid, Assistant Vice President - Analyst and lead analyst for CMA CGM, said.
The downgrade of CMA CGM s rating follows the acquisition of CEVA Logistics, that together with the a large capex programme and difficult, albeit stable, market environment has and will continue to put pressure on the company s liquidity profile.
Given Moody s base case, where the free cash flow generation of the company leaves very limited room for debt reduction, Moody s now expects adjusted debt/EBITDA to be sustained above 5x and adjusted FFO Interest coverage to be sustained below 3x during the next 12-18 months.
Moody s notes that CMA GCM has historically shown "good access to capital and that there is some optionality when it comes to delay capex which would improve the current liquidity profile."
Also, Moody s understands the company is planning to sell a minority stake in Ceva and divest terminals, both of which would improve liquidity.
Nevertheless, the rating action reflects that available liquidity has decreased substantially since June 2018, when the company had USD 1.6 billion of cash on balance sheet and USD 1.2 billion of undrawn RCFs. This is in stark contrast with the liquidity position in June 2019, consisting of USD 1.5 billion (of which USD 270 million is at a Ceva level) and only around USD 280 million in undrawn RCFs.
As Moody’s currently have a stable outlook on the container shipping sector, expectations on CMA CGM’s operating performance for the next 12-18 months reflects volumes growing with low single digits coupled with some further improvements in operating expenses per TEU (excluding bunker costs).
This translates to a Moody’s-adjusted EBIT margin in the range of 3.5%-4.0% and Moody’s-adjusted debt/EBITDA of 5.6x-5.1x. The stable outlook is also based on a successful divestment of terminals for a total amount of at least USD 500 million.

Posted On:26-Sep-2019



US Sanctions COSCO Companies over Iran Trade
The U.S. Department of the Treasury has sanctioned a total of six Chinese companies, including COSCO subsidiaries, over alleged breaches of U.S. sanctions on Iran.
COSCO Shipping Tanker (Dalian) Co. and COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co. were determined by the Secretary of State to meet the criteria for the imposition of sanctions.
It was further stated that the sanctions applied only to these listed entities and did not apply to these entities ultimate parent, COSCO Shipping Corporation Ltd. (COSCO).
Similarly, sanctions do not apply to COSCO s other subsidiaries or affiliates (e.g., COSCO Shipping Holdings), provided that such entities are not owned 50 percent or more in the aggregate by one or more blocked persons.
The sanctions were imposed as the companies continued carrying Iranian crude after the exemptions granted last year to China South Korea, Japan, India, and Turkey expired in May this year.
The September 25 announcement is the latest in a series of moves by the U.S. made under the maximum economic pressure campaign on Iran over its alleged role in supporting terrorism in the region and its nuclear program.
Other companies blacklisted on September 25 include Kunlun Holding Company, Kunlun Shipping Company Limited, China Concord Petroleum, and Pegasus 88 Limited.

Posted On:26-Sep-2019



Capital Product Partners Boxship Starts MSC Charter after Scrubber Refit
Agamemnon, the first of two Capital Product Partners containerships to be chartered to Mediterranean Shipping Company (MSC), has started its charter.
The 2007-built boxship started operations on September 17, after completing the installation of a SOx scrubber system and ballast water treatment system and passing its special survey.
Agamemnon is set to be joined by its 2006-built sister ship Archimidis by the end of the year, according to an agreement signed between the Greek shipping company and MSC in July this year.
Both ships have a capacity of 8,266 TEU units and will conclude their charter in February 2024, at the earliest.
The company earlier said that these charters may generate collectively an estimated EBITDA of around USD 44.5 million over the median firm periods of the charters.

Posted On:26-Sep-2019



Japan Embarks on Carbon-Free Fuel Combustion Engine Research
Japan s National Maritime Research Institute (NMRI) will work with Japan Engine Corporation (J-ENG) on developing a system for the combustion of carbon-free fuel as a way of contributing to decarbonization.
The announcement comes in the wake of the establishment of a global alliance at the UN Climate Action Summit in New York that will lead the push for shipping s decarbonization.

Posted On:26-Sep-2019



US Sanctions Four More Vessels for Venezuela Ties
Four more companies and four tankers have been sanctioned by the U.S. Department of the Treasury s Office of Foreign Assets Control (OFAC) for moving Venezuelan oil to Cuba.
Namely, the U.S. Treasury said that the latest measures include Cyprus-headquartered Caroil Transport Marine, and the three vessels that the company operates, as well as the Panama-based Trocana World Inc., Tovase Development Corp and Bluelane Overseas SA, the registered owner of the fourth blocked vessel.

Posted On:26-Sep-2019



Rosneft Starts Low-Sulphur Fuel Bunkering in Russia s Far East
RN-Bunker LLC, a subsidiary of Russia s petroleum company Rosneft, has launched bunkering operations with RMLS 40 in the country s Far East.
The sulphur content in RMLS 40 does not exceed 0.5%, therefore fully complying with MARPOL requirements, according to Rosneft.
The first 200 tons of the new marine fuel was supplied to a bulk carrier in the Nakhodka waters.

Posted On:26-Sep-2019



UAE Shipping Association Joins International Chamber of Shipping
The United Arab Emirates Shipping Association (UAESA) joined the International Chamber of Shipping (ICS) during the Seatrade Shiptech event at the Madinat Jumeirah, Dubai, UAE.
UAESA and ICS on September 24 signed an agreement that will provide a framework for closer collaboration between the two associations.

Posted On:26-Sep-2019



Port is expanding, but not its eco-footprint
The ecological footprint of Port of Antwerp remains stable while freight volume and industrial output continue to rise. This is one of the main conclusions of the fifth Sustainability Report, an initiative of Port of Antwerp, the Left Bank Development Corporation and VOKA-Alfaport (chamber of commerce).

Posted On:26-Sep-2019



Credits: www.bunkerportsnews.com

Kazakhstan to cooperate with Norway s Narvik Port in transit transport, logistics
Narvik, one of Norway s largest ports, can become an Atlantic port for Kazakhstan, said Narvik Port Authority Director and CEO Rune Johan Arnoy. He was in the Kazakh capital to participate in the Sept. 19-20 Coordinating Council on Trans-Siberian Transportation (CCTT) General Assembly plenary session.
"We met with the management of KTZ Express, a company that offers logistic services and multimodal transport in Kazakhstan. We believe this meeting will bring us forward in this New Silk Road, as they call it, from China to Europe and in our respect to Narvik being a gateway to North America," he said in an interview for this story.

Posted On:26-Sep-2019



Credits: www.bunkerportsnews.com

Indian Ports Association launches 100% free value-added service on PCS 1x: eInvoice, ePayment and Edo
We are pleased to inform that PCS 1x is ready with value added Electronic Delivery Order facility for all the relevant stakeholders. The Next Generation eDO is a single platform to perform all eDO related activities including einvoice and e-payments, with highly secure data interchange between requester and provider. With the roll-out of the service, trade and industry will be further facilitated and save time and money in clearing cargo, speed up Delivery Order extension and the Empty offload process.

Posted On:26-Sep-2019



Credits: www.bunkerportsnews.com

Port of Rijeka Placed Among Top 100 Container Ports in World
As Morski writes on the 24th of September, 2019, the Port of Rijeka has been listed as one of the top 100 ports in the LSCI (Liner shipping connectivity index) this year, published since 2006 by UNCTAD.
The index refers primarily to container traffic and is calculated annually, for almost one thousand world ports, based on their connection with shipping lines with other world ports, the efficiency of cargo handling and other parameters.

Posted On:26-Sep-2019



Credits: www.bunkerportsnews.com

Ports take to skilling employees as they adopt modern infrastructure systems
Skilling and re-skilling of employees are not buzzwords in the IT industry alone. Having pumped in crores of rupees to make world-class infrastructure in modern, technologically superior ports that are on par with global ports, the government is now realising that a skilled workforce is critical to operating it effectively.
Not surprisingly, there has been a greater emphasis in recent times on building a skilled workforce for the port and maritime sector, and various measures are being implemented across the country to achieve it.

Posted On:26-Sep-2019



Credits: www.bunkerportsnews.com

Hydrogen-powered tug is world first for Port of Antwerp
Port of Antwerp has ordered construction of a tug powered by hydrogen, the first in the world. This unique "Hydrotug" is driven by combustion engines that burn hydrogen in combination with diesel. The motors also comply with the very strictest standard, the EU Stage V, making them the lowest-rated for emissions on the market.

Posted On:26-Sep-2019



Credits: www.bunkerportsnews.com
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