Fuel Futures: Diesel Will Spike on IMO2020
New marine fuel rules to boost diesel prices for at least a year -analystsGlobal prices for diesel and marine fuels should rise by October ahead of a January switchover to new, very low-sulfur marine fuels, and remain higher for at least a year as refiners shift production to make more of the new fuels, analysts said.Marine fuels containing no more than 0.5% sulfur by weight, down from the 3.5% currently used, to power ocean-going vessels will be required for ships without exhaust scrubbers on Jan.
Containershipping: Restoring Balance
The repositioning of empty containers costs the liner industry an estimated $15-20billion every year according to Boston Consulting Group (BCG), as containers sit idle at a depot or are repositioned to a different loading point while empty. This is time spent not earning revenue, whil incurring additional costs, and is estimated by BCG to account for 5-8% of total operating costs for an average container liner. These expenses can include inland repositioning by rail or road onto a different port or terminal…
Finance Conference Speakers Take Optimistic View of Shipping Market Trends
The fourth Maritime Standard Ship Finance and Trade Conference, held at Abu Dhabi’s Sheraton Hotel and Resort, was in many ways very different from the preceding three events in this increasingly popular series. While in other years the sense of challenge and adversity was dominant, this year speakers at the one-day conference were generally much more optimistic and upbeat about market prospects, although a number of potential hazards on the road to full recovery were also much in evidence.Conference chairman…
Blockchain Benefits Still Murky for Most Commodities Trading
Commodity firms and banks have been diving into blockchain pilot schemes over the last two years but the new technology's application for most trading has likely been over-hyped, a report by Boston Consulting Group (BCG) said.Blockchain, originally the platform behind cryptocurrency Bitcoin, is viewed by some as a solution to inefficiencies, improving transparency and reducing to the risk of fraud. But BCG believes its potential has been exaggerated.A high-tech ledger, blockchain…
New BLOK System Aims to Slash Empty Container Costs
A new system which treats lifting four or six empty containers as a single block using the same principles as the lifting of a six pack of beer cans has been developed to save the industry billions of dollars while also improving safety for terminals and shipping lines. The shipping container has revolutionized international freight transport and continues to account for a greater share of cargo moves every year but the handling of empty containers is a continuing problem. Repositioning…
Nyheim, Wang Join Wilhelmsen as Vice Presidents
As part of reshaping the executive team, the Wilhelmsen group adds two senior vice presidents to its group management team. Mr Erik Nyheim will be responsible for Wilhelmsen’s investments in ships service (marine products and agency), safety products and solutions (Survitec), governmental services and Qube, while Mr Jan Eyvin Wang will be responsible for following up ship management, insurance services, Treasure ASA and NorSea Group. “I am pleased to see Erik and Jan Eyvin joining our team,” says Thomas Wilhelmsen, group CEO at Wilhelmsen.
Digital Marine Solutions Names Østergaard Executive Chairman
Digital Marine Solutions AS (DMS), the parent company of C-Map, has appointed Paul Østergaard as executive chairman. Together with the DMS board of directors and the C-Map leadership team, Østergaard will develop and implement the company’s strategic plan and lead the company in achieving its growth targets for 2017 and beyond. Østergaard began his career as an officer with the Danish Royal Guards and then spent five years with ship-owner J. Lauritzen in commercial and operational roles in Denmark and Brazil.
Vivek Bhatia New CEO of Thyssenkrupp AsiaPac
Vivek Bhatia (38) will become the new CEO of thyssenkrupp Asia Pacific effective October 1, 2016. He succeeds Dr. Stefan Schmitt (40), who will move to thyssenkrupp AG as Head of Human Resources Strategy effective October 1. Vivek Bhatia has been Head of Strategy, Markets and Development at the Regional Headquarters in Singapore since May 2014, prior to which, as part of the Boston Consulting Group for several years, he advised industrial businesses on their strategy and operations, in markets across the world and as part of Engineers India Ltd.
Shipping Corporation Net Profit Jumps Over Three-Fold
State-run Shipping Corporation of India (SCI) Ltd has reported more than three times rise in net profit for the quarter ended 30 June on account of higher earnings from running oil tankers and lower bunker (ship fuel) prices. Its June-quarter net profit is 1.64 billion rupees versus 494.9 million rupees year ago. Its June-quarter income from operations is 10.46billion rupees versus 10.58 billion rupees last year. The company’s board, which met in Mumbai on Wednesday, approved…
Bunker Holding Hires Hughes in Group Operations
As of January 1, 2015, Bunker Holding, the parent company of a worldwide group of bunker companies, has employed Kristian Kent Hughes as Manager – Operations & Projects. He will work closely with and report to Søren Høll, Group COO of Bunker Holding. In addition to daily operations, Kristian will be responsible for managing, prioritising and developing projects across the group independently and in cooperation with Søren Høll. Kristian’s primary place of work will be Bunker Holding’s head office in Middelfart, Denmark.
New L.A. Harbor Commissioners Hold First Meeting
The newly assembled Los Angeles Board of Harbor Commissioners held its first meeting, with four of the five-member panel newly appointed by Los Angeles Mayor Eric Garcetti. Three of the commissioners are Harbor Area residents. The Harbor Commission is expected to elect its president and vice-president at the next Board meeting on December 12 th. “Spurring investment and creating job opportunities at our nation’s No. 1 Port is critical to Los Angeles and the entire country,” said Mayor Garcetti.
Container Ships Must Alter Course for Profitabality Says Report
Container carriers can recover from the losses they suffered in recent price wars by adopting more disciplined business practices, says a new report. The recently published report by The Boston Consulting Group (BCG) is titled 'Charting a New Course: Restoring Profitability to Container Shipping'. It finds that the container-shipping industry’s poor performance in 2011 and its continued struggles in 2012 are primarily the result of a self-inflicted supply-and-demand imbalance, which triggered intense competition and price wars.