May
7

Bulk Carrier Freight Rates to Triple?

BY PAUL SHERWOOD  |  POSTED IN MARITIME NEWS
Copyright 2013 Bloomberg. (Bloomberg) — Rates for ships carrying minerals and grains will climb almost threefold by 2015 as demand for the vessels expands at a faster pace than supply, according to RS Platou Markets AS, an Oslo-based investment bank. Earnings for the largest Capesize ships carrying about 90 percent of traded iron ore will gain 16 percent to average $11,000 a day i...
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Jul
19

MOL COMFORT AT REST

BY PAUL SHERWOOD  |  POSTED IN MARITIME NEWS
Mitsui O.S.K. Lines, Ltd. (MOL) reported that the fore part of the containership MOL COMFORT sank in the high seas of the Indian Ocean at 19:00 UTC on July 10 (04:00 on July 11 JST). The burned-out wreck disappeared in a water depth of about 3,000 meters, according to MOL. “We have reported this fact to the flag state of the Bahamas, Indian authorities and parties concerned. We wil...
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Jul
15

North Europe Ports Shipping competition to intensify

BY PAUL SHERWOOD  |  POSTED IN MARITIME NEWS
[Source http://www.shippingherald.com] North Europe transhipment competition to intensify With little market growth likely over the next few years and significant port capacity additions due to come on stream, competition between North European container terminals is set to intensify. In the search for volume, it will be the transhipment sector which is likely to be the first target...
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Jul
10

ICAO, IMO and WCO Chiefs Discuss Global Supply Chain Security

BY PAUL SHERWOOD  |  POSTED IN MARITIME NEWS
The heads of the International Civil Aviation Organization (ICAO), the International Maritime Organization (IMO) and the World Customs Organization (WCO) have met in London to discuss supply chain security and related matters, which cut across the mandates of the Organizations. IMO Secretary-General Mr. Koji Sekimizu welcomed his counterparts, Mr. Raymond Benjamin, Secretary-General, IC...
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Jul
10

Four COSCO Zhoushan’s Shipbuilding Contracts Become Effective

BY PAUL SHERWOOD  |  POSTED IN MARITIME NEWS
COSCO Corporation Limited announced that four shipbuilding contracts signed by COSCO (Zhoushan) Shipyard Co., Ltd with a European ship owner for the construction of four 111,000 dwt tankers have been made effective recently at a value of over US$180 million in total. Delivery of the above four tankers are expected to commence from first half of 2015. In addition, the ship owner has an o...
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Jul
10

China: SWS Starts Its First PSV Construction Project

BY PAUL SHERWOOD  |  POSTED IN MARITIME NEWS
Shanghai Waigaoqiao Shipbuilding Co., Ltd. (SWS) held the Technical Clarification on Contract & Kick-Off Meeting for its PSV Project on June 18. The meeting marks official start of the PSV project along with official entrance of SLO into the offshore auxiliary vessel construction field, which was realized via product portfolio restructuring of SWS. During the meeting, all branch man...
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Jul
10

EIB Supports Construction of LNG Terminal in Lithuania

BY PAUL SHERWOOD  |  POSTED IN MARITIME NEWS
The European Investment Bank (EIB) is lending EUR 87 million to Klaipedos Nafta for the construction and operation of a new liquefied natural gas (LNG) import facility located in the port of Klaipeda. This investment is critical for Lithuania to diversify and secure its energy supply as well as provide backup in the event of gas supply failures. The LNG terminal comprises a floating sto...
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Jul
10

DMHI Delivers New Containership to Zodiac Maritime

BY PAUL SHERWOOD  |  POSTED IN MARITIME NEWS
Daewoo Mangalia Heavy Industries (DMHI) delivered on 28 June 2013 the first of four 8,600 TEU containerships, the 116,079 DWT “CSAV TOCONAO” to Zodiac Maritime Limited (UK). The vessel was ready for delivery well before the contractual delivery date. Nevertheless, further to the mutual agreement between charterer of the vessel, Zodiac Maritime Limited and DMHI, for...
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Jul
10

Prospector Offshore Extends Three Rig Construction Options

BY PAUL SHERWOOD  |  POSTED IN MARITIME NEWS
Prospector Offshore Drilling S.A. (PROS) announced today the company has reached an agreement with Dalian Shipbuilding Industry Offshore Co., Ltd. (DSIC Offshore) to extend the expiry dates on two of its rig construction option  agreements that were previously due to expire on 30 June 2013. These rig construction option agreements (New Option Agreement No. One and New Option Agreem...
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Jul
10

Cold, Hard Realities of Arctic Shipping

BY PAUL SHERWOOD  |  POSTED IN MARITIME NEWS
Arctic Sea Routes: mage courtesy of UNEP In a recent article in USNI 'Proceedings Magazine' Stephen M. Carmel said: "Maritime pundits believe a shrinking ice cap translates to a frenzy of traffic as shippers rush to exploit shorter sea routes. They’re wrong." Excerpts follow: On 16 September 2012 the Arctic reached the point at which ice stops receding and...
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