Iran Grain Ships Stranded in Brazil due to U.S. Sanctions
Two Iranian vessels have been stranded for weeks at Brazilian ports, unable to head back to Iran due to lack of fuel, which state-run oil firm Petrobras refuses to sell them due to sanctions imposed by the United States.The vessels Bavand and Termeh came to Brazil a couple months ago carrying urea, a petrochemical product used as fertilizer. They were expected to load corn and return to Iran, but lacked enough fuel for the trip, the port operator in Paranaguá told Reuters.Food is not covered by U.S.
Baltic Index at 5-1/2-year High on Iron Ore Demand
The Baltic Exchange's main sea freight index rose on Thursday to its highest since December 2013, driven by demand for vessels shipping iron ore in the Atlantic, pushing capesize and panamax indices to multi-year highs.The Baltic index, which tracks rates for ships ferrying dry bulk commodities, rose 3.2%, or 66 points, to 2,130, its highest since mid-December, 2013. The index has surged about 68% so far this year. The index extended gains for an eighth straight session, mainly…
Mnuchin: US, Chinese Call Could Produce 'in-person' Talks
U.S. and Chinese officials will hold a telephone call later on Thursday that could pave the way for further in-person trade talks, U.S. Treasury Secretary Steven Mnuchin told CNBC.Mnuchin, speaking from the G7 meeting in Chantilly, France, said he and U.S. Trade Representative Robert Lighthizer will participate in the call with their Chinese counterparts, adding that it follows an earlier discussion with their staffs."We'll see where we get," he said in an interview. "We continue to make progress.
VIKING Wins Breakthrough Order for HydroPen
The globally exclusive HydroPen distributor and leading safety solutions expert, VIKING Life-Saving Equipment, has announced the signing of a fleetwide contract with a major global container shipping operator to integrate the HydroPen System for container firefighting. Beyond the revolutionary system developed by Rosenby Engineering, the scope of supply also includes MED approved mobile water monitors, providing a further boost to the operators’ onboard fire safety setup.Closing the container safety gapWith the deal…
War Risk Costs Impact UAE Bunkers, Singapore benefits
Shippers trying to minimise time in the Middle East after oil tanker attacks pushed up insurance costs are scaling back purchases of marine fuels from the United Arab Emirates' (UAE) Fujairah oil hub, trade sources said.Instead, they are turning primarily to Singapore, the world's top refuelling hub, to buy marine fuels, also known as bunkers, with some diverting to smaller bunkering ports, including in India and Sri Lanka, the sources said.A tonne of 380-centistoke (cst) high…
Two Chinese Ports Halt Coal Imports
Chinese customs is no longer permitting coal cargoes to enter the country at the ports of Jingtang and Caofeidian, said three coal traders, who were told by customs officials of the halt on Tuesday.Customs officials at the port of Jingtang, one of China's biggest coking coal import points, and the neighbouring port of Caofeidian said they would halt customs declearation services from July 16 until further notice, the traders said on Wednesday.No reason was given for the service halt at the ports…
Van Oord Enacts Hopper Dredger Option
Van Oord has decided to use the option of ordering a third trailing suction hopper dredger at Keppel FELS Limited. The vessel is similar to the two vessels that Van Oord ordered in May 2018. Each one has a hopper capacity of approximately 10,500 cubic meters and measures 138 meters in length and 28 meters across the beam.This investment is part of a broader fleet renewal program in the Dredging business unit. The new hoppers will replace existing vessels and fit in with Van Oord’s aim of making its fleet state-of-the-art and more energy efficient.
US, Chinese Officials to Resume Trade Talks
U.S. Treasury Secretary Steven Mnuchin on Monday told reporters he expects to have another telephone call with Chinese officials this week as part of resumed discussions about a trade agreement.U.S. President Donald Trump and Chinese President Xi Jinping last month agreed to another truce in the year-long trade spat between the world's two largest economies.Mnuchin and U.S. Trade Representative Robert Lighthizer followed up with a phone call with Chinese trade officials last week, but no details have been released about an expected in-person meeting.
Baltic Index at 5-1/2 Year Peak as Capesize Demand Soars
The Baltic Exchange's main sea freight index hit a five-and-a-half-year high on Monday on the back of strong demand for capesize vessels shipping iron ore.The Baltic index, which tracks rates for ships ferrying dry bulk commodities, rose 3.4%, or 63 points, to 1,928, its highest since January 2014. The index has tripled since February. The index rose 7.2% last week for a fourth straight week, mainly driven by strong demand for vessels that ship iron ore from Brazil.A restart of Vale SA's Brucutu mine in Brazil in June…
Piraeus Bank mulls Asian Pacific partner for Shipping Financing
Piraeus Bank is looking into a strategic partnership with a major Asian Pacific financial conglomerate that will help it provide financing to Greek shipping companies, Greece's largest lender by assets said on Friday.Piraeus did not name the Asian partner, nor provide details of what form such a deal would take."This pioneering initiative forms part of Piraeus Bank’s continued commitment to the shipping community, through investment of international capital into existing opportunities and new financing to the shipping industry…
FMC Issues Notice to Passengers on Cuba Itineraries
The Federal Maritime Commission (FMC) is aware that passenger cruise lines that called Cuba have amended itineraries to comply with amendments made to the Cuban Assets Control Regulations announced in the Federal Register on June 5, 2019.Passengers with questions related to a voyage they have booked should contact their travel agent and/or cruise line directly.Cruise passengers should always carefully read their ticket contract, which states the cruise line’s obligations with respect to canceled voyages.
DESMI Ocean Guard wins Stolt Tanker Deal
Stolt Tankers B.V. and DESMI Ocean Guard A/S has announced that Stolt Tankers has selected the CompactClean Ballast Water Management System (BWMS) for installation on Stolt Tankers’ existing fleet.The agreement is to provide more than 60 chemical tankers with the CompactClean BMWS by the end of 2023. Most of the ships will be retrofitted with two CompactClean BWMS, one for each ballast pump. This has the advantage that the ships will maintain full redundancy on their ability to ballast and de-ballast…
Turkish Shipowners BWT Group Chooses Alfa Laval
Turkish Shipowners Ballast Water Treatment (BWT) Group has signed a fleet agreement for Alfa Laval PureBallast 3 systems, valued at approximately $22 million. Alfa Laval’s comprehensive offering in ballast water treatment, especially when it comes to service, was a key factor for the group.At the signing ceremony in Istanbul on July 4th, 2019, the around 50 members of the Turkish Shipowners BWT Group confirmed the decision to install PureBallast 3 systems on the group’s vessels.
DP World Hires Banks for Dollar Bond Issue
Port operator DP World has hired banks to arrange a series of investor meetings ahead of a potential issue of 10-year U.S. dollar-denominated sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed.DP World, majority owned by the Dubai government, mandated Citi, Dubai Islamic Bank and Standard Chartered to arrange the meetings to be held in Hong Kong, Singapore and London, starting on Wednesday July 10.The three banks, together with Barclays, Deutsche Bank…
Boxship Operators Opt for Navis Loading Computers
Twenty newly built container vessels in the size ranging from feeder segment 2,300 TEU to 15,100 TEU have been selected to be equipped with MACS3.Oakland, CA and Flensburg, Germany—July 2nd, 2019—Navis, the leading provider of maritime software solutions for efficient and compliant cargo and vessel performance, has announced that it has been selected as a partner for liner operator, Yang Ming and ship owner and ship manager ChinaNavigation and Eastern Pacific. Through this partnership…
Meyer Turku Wins Another Royal Caribbean Newbuild Deal
Royal Caribbean Cruises and Meyer Turku shipyard have signed an agreement (*) on the delivery of a third Icon class cruise ship, to be delivered from Turku in the spring of 2025. The previous Icon ships are to be delivered in 2022 and 2024. Icon ships will be approximately 200 000 gross tonnage cruise ships and will be powered by LNG.Meyer Turku has a long-standing history together with Royal Caribbean that was proven time and time again with many innovations and ships that were and are still the hallmarks of cruise ship building industry.
Connecticut Port Authority: the future is now
2019 brings new missions, strategies and new optimism for this three-port Northeast gateway.The Connecticut Port Authority began operations in 2016. The quasi-public agency’s mission is to grow Connecticut’s economy and create jobs by strategically investing in the state’s three deepwater ports and small harbors. In a nutshell, the Connecticut legislature teamed up with the governor to create the Connecticut Port Authority by statute in 2014.When it fully stood up, CPA’s first full time employee was none other than Evan Matthews, CPA’s Executive Director. He got right to work.
Tianjin Container Terminal Merger Announced
The board of directors (the “Board”) of the Company announced that on 30 June 2019, COSCO Ports (Tianjin) Limited (“CP Tianjin”)and China Shipping Terminal Development Co., Ltd. (“CSTD”), both being wholly-owned subsidiaries of the Company, entered into amerger agreement with Tianjin Port Holdings Co., Ltd. (“Tianjin Port Holdings”), China Merchants International Terminals (Tianjin) Limited(“CM Terminals”), Tianjin Port Container Terminal Co., Ltd. (“TCT”), Tianjin Five Continents International Container Terminal Co., Ltd. (“FICT”) and Tianjin Orient Container Terminals Co., Ltd.
Port Canaveral Wins Funding for Response Vessel
New fireboat will provide enhanced firefighting and rescue capabilities for maritime and commercial space. The Canaveral Port Authority will receive $1.5 million in funding from the State of Florida to support the acquisition of a specialized fireboat to provide marine firefighting and rescue capabilities for Port Canaveral and the surrounding communities. Port Canaveral’s Marine Firefighting Rescue Vessel (MFRV) will be purpose built to offer enhanced fire protection and response…
Valmet Scubbers for 10 COSCO Boxships
Valmet will supply exhaust gas cleaning systems (scrubber system) for ten container vessels of COSCO Shipping Lines Co., Ltd. The scrubber systems will be installed in existing vessels in China in 2019.The project is executed in co-operation with Health Lead Development Ltd.The order was included in Valmet's orders received of the fourth quarter 2018 and second quarter 2019. The value of the order will not be disclosed.Details about Valmet's deliveriesThe scrubber system delivery…
Delivering parts, fuel, mail over 52 million square miles
In Port and at Sea: NAVSUP Fleet Logistics Center Yokosuka Supports Navy Ships and Crews. Understanding how that happens can benefit commercial stakeholders, as well.As the post-Cold War Navy once again faces near-peer competitors at sea, it must reposition itself and step up sustainment of ships at home and abroad. While admittedly a goal in logistics is to provide material and services in a stable and predictable fashion, so that operations can proceed unimpeded, that goal sometimes runs counter to the unpredictable nature of military operations.
DP World buys Topaz Energy for $1 bln
Port operator DP World Plc will buy Topaz Energy and Marine Limited for $1 billion from Standard Chartered and Renaissance Services, DP World said on Monday.Topaz is a provider of marine logistics to the global energy industry. The deal is the latest in Asia-focused lender StanChart's efforts to sell its private equity business as part of a broader shift away from direct investing.Reporting By Lawrence White
Port of Oakland: $513.6 mln Approved for FY 2020
A $513.6 million operating budget for fiscal year 2020 has been approved at the Port of Oakland. The Port’s governing Board OK'd the spending plan at a meeting yesterday.The new budget is up about 4 percent from the one adopted for fiscal year 2019, the Port said. It goes into effect July 1.The budget projects revenue of $398 million at the Port in the next fiscal year. That would be up about 1.2 percent from anticipated FY 2019 revenue. Operating expenses are likely to increase 10.4 percent from the current budget, the Port said.
Singapore Suspends Inter-Pacific Petroleum's Bunker License
Singapore's Maritime Port Authority (MPA) has suspended the bunker craft operator licence of Inter-Pacific Petroleum Pte Ltd, the MPA said in a statement on Thursday.The MPA suspended the license, which allows Inter-Pacific to operate tankers used to load marine fuel, known as bunker fuel, onto ships, with effect from June 27 until further notice, the statement said.The license suspension occurred after "an enforcement check on a bunker tanker operated by Inter-Pacific Petroleum…
Hopes for U.S.-China Trade Truce Boost Markets
Risk appetite returned to world markets on Thursday following a media report the United States and China have tentatively agreed to a truce ahead of a highly-anticipated weekend meeting of the two nations' leaders in Tokyo.The South China Morning Post (SCMP), citing sources, said Washington and Beijing were laying out an agreement that would help avert the next round of tariffs on an additional $300 billion of Chinese imports.On Wednesday, U.S. President Donald Trump said a trade deal with his Chinese counterpart Xi Jinping was possible this weekend…
U.S. Wants 'Reasonable' Trade Deal with China
The United States "is not looking for victory" with China over trade but wants "a sensible deal that addresses the legitimate issues that we have," U.S. Commerce Secretary Wilbur Ross said on Wednesday."There are some inappropriate activities underway by the Chinese. They must cease. If they do, if we make some redressing of the trade imbalance, then that's a reasonable deal for both parties," Ross told Fox Business Network in an interview.Reporting by Susan Heavey
China, U.S. Trade Officials Talk Shead of Trump-Xi Meeting
Senior Chinese and U.S. trade officials spoke by telephone on Monday ahead of talks between Chinese President Xi Jinping and U.S. President Donald Trump set for later this week, as the world's two largest economies remain locked in a tariff war.Trump and Xi are expected to meet on the second day of the Friday-Saturday Group of 20 summit in Japan, the first face-to-face meeting for the leaders since trade talks broke off in May.Chinese Vice Premier Liu He held a phone conversation with U.S. Trade Representative Robert Lighthizer and U.S.
Storm Approaching: Firms Fear IMO's 2020 Rules
U.S. furniture company RC Willey Home Furnishings is so concerned that new global clean air rules will cause transport disruption that it brought forward the shipment of arm chairs and sofas from China by two months.The tougher regulations, set by the United Nations shipping agency, the International Maritime Organization (IMO), come into force on Jan 1. Costs will rise for ships towards the end of this year and there will be a knock on effect for trucks and other transporters…
Oceanwide Expeditions: another Ship on Order
Due to the success of our new Polar Class 6 ship, Hondius, Oceanwide Expeditions has ordered a sister ship built by the same manufacturer: M/v Janssonius is scheduled to be completed in October, 2021. She will have the same passenger capacity as Hondius (174), a nearly identical size and design, and will be a Polar Class 6 ice-strengthened vessel equivalent to a 1A super ice-class ship.Like Hondius, Janssonius will come equipped with a number of advanced systems and features specifically designed for safe…
SMS Group expands into Shoreham Port
The SMS Group, a Southampton, UK-based ship repairers and marine engineering services provider, has partnered with the Shoreham Port Authority to provide dedicated alongside ship repair wharfage, and to increase awareness of its Adur dry dock facility.SMS works in the commercial marine, defense and superyacht sectors. The business also operates, in-house, a diving and sub-surface marine engineering division.This partnership expands on the existing relationship with Shoreham Port…
Helikon Shipping, ShipMoney Strike Deal
ShipMoney extended its Maritime Payment Services Agreement with Helikon Shipping into a long-term multi-year relationship.Helikon has used ShipMoney to pay wages to crew members onboard under its agency for the last several years and they have decided to extend the relationship given the success of the program and their upcoming expansion of the Helikon fleet.The ShipMoney solution offers crew complete control and access to their wages while onboard ship, including the timing and currency of remittances sent home.
DP World Mulls Port Deals Along Russia's Northern Route
DP World, one of the world's largest port operators, wants to run ports that Russia plans to build along the northern sea route in the Arctic to shorten shipping times between the east and west, its chief executive told Reuters.Russian President Vladimir Putin has made developing the northern sea route (NSR) - which requires new ports and heavy icebreakers to move goods - one of his priorities, with supporters dubbing the route the northern Suez Canal.Dubai government-controlled DP World operates 78 marine and inland terminals…
Maersk India Trade Report Q1 2019
India’s containerized exports with the world witnessed a stable growth of 6% in the first quarter of 2019 propelled by robust performances in refrigerated cargo, engineering and pharmaceuticals sectors, while imports declined slightly in the same quarter registering a market growth of -2.2% in Q1. The import demand was buoyed by pharmaceuticals, metal, appliances and kitchenware, paper, chemicals and fruit & nuts, mainly from Northern Europe, South Asia, China and Russia. Exports were driven largely by the East and West of India…
Marine Interiors 2019: Designers on Board
Ship designers and architects are experts at merging design and safety on board cruise ships. The considerations that make the difference will be on top of the agenda of the Marine Interiors specialist panel discussions during the Seatrade Europe conference program.To make sure that cruise passengers will feel comfortable in every respect, designers and architects leave nothing to chance when designing ship interiors. Based on the shipowner’s suggestions they develop restaurants, bars, suites and spas down to the tiniest detail.
Tillerson Applauds U.S. Trade Goals, Not Tactics
Rex Tillerson, the former U.S. secretary of state and Exxon Mobil Corp chairman who has clashed with President Donald Trump since leaving the administration, said on Wednesday he supports the president's trade objectives "but may not support the tactical moves."Speaking to a group of energy executives in Houston, Tillerson said he was concerned that pursuing bilateral trade talks around the globe could weaken Washington's network of allies, which he called "that very strong alliance…
Vard to Build Another for Coral Expeditions
Fincantieri’s subsidiary Vard Holdings Limited (Vard), one of the major global designers and shipbuilders of specialized vessels, signed a contract with the Australian cruise operator Coral Expeditions for the design and construction of a second expedition cruise vessel. The unit will be named “Coral Geographer”, sister ship of “Coral Adventurer” which entered the owner’s fleet last April.As for the first vessel of the class, “Coral Geographer” will be 93.4 meters long, will have a guest accommodation capacity of 120…
China Urges Dialogue, Negotiations to Solve US Trade Row
China's commerce ministry on Tuesday urged dialogue and negotiation to solve trade differences with the United States.It is common to make revisions, suggestions and adjustments in trade negotiations, it said in a statement in response to U.S. government comments that China was pursuing a "blame game".Reporting by Reuters Hong Kong and Beijing newsrooms
CONTAINER PORTS: Boxed in or Busting Out?
Benchmarking the Nation’s top container ports in 2018 and looking ahead to what comes next.The nation’s major ports finished 2018 and began 2019 setting monthly and yearly container volume records, but agitated trade activity in the White House raised questions about what corrections would be permanent and which would not.President Donald Trump said on Febuary 24 he is delaying the scheduled March 1 increase in the tariffs on $200 billion in Chinese imports. The president said on Twitter he wants to give negotiators more time to reach a comprehensive trade deal with Beijing.
First ANS Cargo in One Year on Way to China
One million barrels of Alaskan crude is due in China next week, the first such shipment in almost a year, according to data from Refinitiv Eikon and vessel-tracking firm Kpler.China's imports of U.S. crude have fallen amid the two countries' trade dispute to 41,600 barrels per day (bpd) in the six months ended February, from 377,000 bpd in the first half of 2018, according to the U.S. Energy Information Administration.Tanker Sonangol Cabinda departed last week from Alaska's Valdez terminal carrying Alaska North Slope (ANS) crude and is projected to arrive June 6 in Qingdao…
South African Court Halts Port Strike
The South African Transport and Allied Workers Union (Satawu) said on Wednesday a court interdiction secured by the national ports authority has stopped planned strike action at ports from Thursday."Transnet National Ports Authority has interdicted the strike and the Labour Court has reserved judgment until Sept. 5, meaning we cannot go on strike tomorrow," union spokeswoman Zanele Sabela said.The strike was called after a deadlock over salary discrepancies between white and black workers.Reporting by Wendell Roelf
Mariners Set to Strike at South African Ports
South Africa's transport workers union Satawu threatened a "total shutdown" at major ports across the country from Thursday after issuing a 48-hour strike notice for mariners over a payment dispute, the union said on Tuesday.The South African Transport and Allied Workers Union (Satawu) called the strike after negotiations with management became deadlocked over salary discrepancies between black and white mariners, with what it says are white mariners drawing higher salaries than their black counterparts…
Risk Drives Up US-Venezuela Cargo Rates
Two major shipping lines this month have raised their rates for transporting goods from the United States to Venezuela, according to three industry sources and two documents, as U.S. sanctions limit transit between the two nations.Washington on May 15 banned direct flights between the United States and Venezuela, citing safety concerns, as part of a broad package of sanctions meant to pressure Nicolas Maduro into resigning as president of the crisis-stricken country.Citizens and…
More Shippers Join Maersk's Blockchain Solution
Two of the world's biggest shipping groups will join a Maersk led blockchain platform aimed at boosting efficiency and limiting the enormous paper trail of global container shipping.With Mediterranean Shipping Co (MSC) and CMA CGM, the second- and fourth-largest container shipping companies, joining the platform, nearly half of all cargo being shipped by sea - which accounts for 90% of traded goods worldwide - will be tracked using it.More than 100 companies, ports or authorities, such as Procter & Gamble and U.S.
Senior China Official: Trade War Could Cut GDP 1 pt
A senior official of China's ruling Communist Party said the trade dispute with the U.S.
Trump: US-China Trade Talks Haven't Collapsed
U.S. President Donald Trump on Tuesday said trade talks with China had not collapsed, characterizing the trade war between the world's two largest economies as "a little squabble."He made the remarks to reporters at the White House as Beijing and Washington ratchet up tensions with tit-for-tat tariffs on billions of dollars of imports.Trump indicated negotiators from the two countries were still talking, saying they were having a good dialogue.
China's Tariffs on U.S. LNG Mean Nothing, Everything
China's decision to hike import duties on U.S. liquefied natural gas (LNG) is a move that means very little for the market in the short term, but it has the potential to deliver outsized consequences the longer the levies remain in place.As part of its latest round of retaliatory tariffs on U.S. imports, Beijing increased the duty on LNG shipments from 10 percent to 25 percent.This will make it even more uneconomic for Chinese buyers to purchase LNG cargoes from the United States.
U.S. Imposes Venezuela Sanctions on shippers, tankers
The United States has imposed sanctions on two shipping companies and two tankers involved in trade with Venezuela, the U.S. Treasury Department said on Friday.The two companies are based in Marshall Islands and Liberia, and both tankers have Panama flags, the Treasury said in a statement on its website.Reporting by Makini Brice
DFDS Buys Two Freight Ferries for New Route
Danish roro ship operator DFDS secured a contract from Swedish paper producer Stora Enso to transport 700,000 tons of paper annually on a new route between Gothenburg, Sweden and Zeebrugge,BelgiumDFDS will acquire two freight ferries for the route, said the release. The new route will be operated by three freight ferries. Two freight ferries - Slingeborg and Schieborg - will be acquired from third party owners for DKK 270m.In addition, one freight ferry will be transferred from DFDS' existing route between Gothenburg and Ghent that currently deploys four freight ferries.
APL Enhances Japan Thailand Vietnam Service
APL has announced that the Japan Thailand Vietnam (JTV) service is extending its port rotation to the Philippines and within South China. The refined service will be calling three additional ports in Manila, Shekou and Nansha as part of its service rotation.The enhanced JTV service is primed to facilitate direct shipments from the load ports in South China to the Philippines, promising a fast 3-day Shekou-Manila transit time. The weekly service will also provide direct access to Laem Chabang in Thailand from Manila.
U.S.-China Trade Talks Go to the Wire
World shares tumbled for a fourth day running on Thursday after a warning from U.S. President Donald Trump that a long-worked-on trade deal with China was in serious danger.Chinese Vice Premier Liu He was heading to Washington for two days of talks, but Trump's insistence that China "broke the deal" and Beijing's response that it would retaliate against a planned U.S. tariff increase raised the stakes.Europe's main stock markets and Wall Street futures sank 0.5 to 1.3 percent after a torrid day for Asia saw more than 1.8 percent taken off China and more than 3 percent off South Korea…
DP World Acquires Fraser Surrey Docks
DP World, one of the world's largest port operators, said on Thursday it has agreed to buy Canadian marine terminal Fraser Surrey Docks from a Macquarie Group fund.The purchase consideration is below 2.5 percent of DP World's net asset value as of December 31, 2018, the port operator said, which Reuters calculated to be under $300 million.The marine terminal, is being acquired through Canadian subsidiary DP World Canada Investment Inc, which is 45 percent owned by Caisse de dépot et placement du Québec (CDPQ).The deal is expected to close in the first half of 2019, DP World said.
Hapag Lloyd: Calm Passage Despite Trade War
Hapag-Lloyd is optimistic about the year ahead, despite global trade tensions, the German container shipping company's chief executive said on Thursday after a first quarter earnings rise."Despite all the uncertainty, we see a somewhat stable development," Rolf Habben Jansen told Reuters, adding that trade wars have so far had a limited effect on Hapag Lloyd's business.U.S. President Donald Trump said on Wednesday that China had broken the terms of a trade deal, adding he would…
ITIC: Check Wording in CP Agreements
International Transport Intermediaries Club (ITIC) has urged ship brokers and managers to check the terms of their charterparty agreements closely before signing, in order to avoid costly mistakes further down the line.By way of illustration, ITIC cites the case of the manager of a tanker entering West African waters who believed that the terms of a charterparty provided that armed guards were to be appointed at the charterer’s expense. The manager duly appointed the guards for the voyage at a cost of $170…
Trump 'firm' on China Demands, Tariffs part of Enforcement
U.S. Vice President Mike Pence said on Friday that President Donald Trump would "stand firm" on his demands for structural changes to China's trade practices, and removal of U.S. tariffs on Chinese goods would be a part of a mechanism to enforce any deal with Beijing.Pence told CNBC television in an interview aired on Friday that Trump "remains very hopeful" about reaching a trade deal with China in talks next week in Washington.Chinese Vice Premier Liu He will travel to Washington…
Ports Part of Solution, Not the Problem - BPA Chair
Martin Lawlor, Chief Executive at the Port of Blyth and Chair of the British Ports Association: "Ports part of the solution, not the problem on a range of challenges facing the UK."A record turnout of over 300 guests gathered in London today for the British Ports Association’s annual lunch and AGM, which struck an optimistic tone about the role of ports in supporting a range of economic and environmental goals.Maritime Minister Nusrat Ghani MP, speaking at the lunch, said: “Ports are key to the vitality of the UK economy – underpinning regional and national growth.
Cancelled Ferry Contracts Renew Push for Grayling's Resignation
Britain's transport minister was under fresh pressure to resign after the government stacked up a 50 million pound ($65 million) loss for cancelling contracts to charter extra ferries to bring in essential supplies in the event of a no-deal Brexit.The decision to award the contracts has been a major political embarrassment after it emerged the government handed out a 14 million pound contract for extra ferries to a company that owned no ferries and published terms and conditions on its website that appeared to be for a takeaway food business.Then…
China-U.S. Trade Talks Start Again in Beijing
The latest round of China-U.S. trade talks began in Beijing on Wednesday, as both countries look to end their bitter trade war.Chinese Vice Premier Liu He greeted U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer as they arrived at a state guest house in Beijing.The three men exchanged pleasantries, but did not make comments directly to reporters, before they went into the meeting room.Reporting by Ben Blanchard
Zeaborn Acquires CPO Tankers
Zeaborn Group has signed an agreement to acquire 100 percent of the shares in Claus-Peter Offen Tankschiffreederei KG, the tanker management subsidiary of Offen Group.The transaction partners signed the relevant contracts on April 29. The completion of the transaction is subject to antitrust clearance. The parties have agreed to keep the key financial data confidential.With the takeover of CPO Tankers, Zeaborn stays on track concerning its strategy to further consolidate the shipping industry and expanding its services as an integrated and globally active shipping company.
Maersk's Digital Ocean Customs Clearance
International trade is subjected to diverse and wide controls and customs regulations that need to be met to ensure that traded goods are entering and exiting legally.If a delay occurs, the entire plan gets affected. A delay causes increased expenses such as storage costs, fines, and penalties, resulting in additional problems for importers and exporters."This new one-stop-shop allows us to timely and efficiently handle export and import declarations for our customers. The solution provides downstream benefits of full governance and compliance…
US Officials in China Trade Talks Next Week
U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to Beijing for trade talks beginning on April 30, the White House said in a statement on Tuesday.It said Chinese Vice Premier Liu He, who will lead the Beijing talks for China, will also travel to Washington for more discussions starting on May 8."The subjects of next week's discussions will cover trade issues including intellectual property, forced technology transfer, non-tariff barriers…
VT Halter Wins Historic $746m CG Contract
VT Halter Marine of Pascagoula, MS has emerged the victor in one of the most prized and coveted shipbuilding contracts in recent memory, a $746m deal to build the Coast Guard's lead Polar Security Cutter. If two additional ship options are exercised, the total deal could approach $2B.The U.S. Coast Guard and U.S. Navy, through an Integrated Program Office (IPO), awarded VT Halter Marine Inc., of Pascagoula, Mississippi, a fixed price incentive (firm) contract for the Detail Design and Construction (DD&C) of the Coast Guard’s lead Polar Security Cutter (PSC).
Trump Adviser 'Cautiously Optimistic' on China Trade Deal
A top White House economic adviser said on Tuesday the United States and China were making progress in trade negotiations and he was "cautiously optimistic" about the prospects for striking a deal.Speaking at a luncheon at the National Press Club, National Economic Council Director Larry Kudlow said the two nations still had issues to address and were discussing a "visitation exchange" as part of their ongoing talks."We're not there yet, but we've made a heck of a lot of progress," Kudlow said in response to questions from reporters.
Sudan Suspends Philippine Port Operator
Sudan's military rulers on Tuesday suspended a contract with Philippine port operator International Container Terminal Services Inc pending its cancellation, the country's Transitional Military Council said in a statement.Workers at Port Sudan's southern container terminal went on strike in February to protest against a 20-year concession signed in January to operate, manage and develop the South Port Container Terminal at Port Sudan.Reporting by Khalid Abdelaziz
QP Ships Naphtha to Thailand
Qatar Petroleum (QP), a state owned petroleum company of Qatar, said that it had concluded a 10-year sales agreement to supply Thailand's SCG Chemicals with a total of 3 million metric tons of light naphtha starting from this month.The agreement was made for and on behalf of the Qatar Petroleum for the Sale of Petroleum Products Company (QPSPP), Qatar Petroleum said in a press release.This long-term supply agreement is the first QPSPP naphtha feedstock sale to an end-user in Thailand…
Svitzer Seals USVI Tugboat Deal
Svitzer Caribbean Dominicana has secured a 5-year contract with Limetree Bay Terminals due to commence on June 15th, 2019.The company expands its market coverage providing tugboat services to some of the key oil refineries and terminals in the region – South Riding Point Terminal in Bahamas, Nustar Terminal in Statia, Buckeye Terminal in St. Lucia and now Limetree Bay Terminals (Limetree) in St. Croix, US Virgin Islands.Svitzer Caribbean Dominicana is delighted to add this contract…
Svitzer: 5 year Contract with Oil Refinery
Svitzer Caribbean Dominicana won a 5-year contract with Limetree Bay Refining, LLC, commencing June 15, 2019.The company expands its market coverage providing tugboat services to some of the key oil refineries and terminals in the region – South Riding Point Terminal in Bahamas, Nustar Terminal in Statia, Buckeye Terminal in St. Lucia and now Limetree Bay Refining in St. Croix, US Virgin Islands.Svitzer Caribbean Dominicana adds this contract for two tugs to the company’s portfolio and believes Limetree Bay Refining will benefit from adding these young vessels to their operation…
Navios Maritime Discloses Sale, Leaseback Deals
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that it has completed a $103.2 million sale and leaseback transaction for three MR2 product tankers and two LR1 product tankers. The proceeds have been used to refinance $82.4 million of bank debt.The Transaction provides for 28 quarterly payments of $2.3 million each plus interest at LIBOR plus 350 bps per annum. Navios Acquisition has an obligation to purchase the vessels at the end of seventh year for $39.7 million.
“It’s the steel production, stupid!”
BIMCO's Peter Sand, in a new report, weighs in on the implications for the Dry Bulk sectors.Chinese imports of iron ore keep falling, while its crude steel production keeps growing. China’s increased use of scrap metal for its production of crude steel is fundamentally critical to the dry bulk shipping industry. Mostly Capesize ships are impacted by this, way beyond the temporary iron ore export disruptions in Brazil and Australia.Chinese steel production grew by a massive 12.6 million tonnes (+9.2%) in the first two months on 2019 as estimated by China Iron and Steel Association (CISA).
ShipMoney Rolls Out Crew Payment Solutions
Seafarers employed on Tsakos-owned vessels operated under its management arrangement with Columbia Shipmanagement will now be paid electronically as opposed to by ‘Cash-by-Master’, under an agreement signed with global maritime payments provider ShipMoney.The deal means crewmembers will have complete control and access to their wages while onboard ship, including the timing and currency of remittances sent home. It will also dramatically reduce the need for large amounts of cash…
Diesel Laden VLCC Changes Course for Togo
The Very Large Crude Carrier (VLCC) Olympic Lyra changed its destination to Lome in Togo from Southwold in Britain, Refinitiv ship tracking data showed.VLCCs have a capacity of around 300,000 tonnes and their arrival in a region can affect refining margins.The Olympic Lyra, sailing from Asia, was supposed to arrive in Britain around May 7, but the shipping data now shows an estimated time of arrival in Lome on April 25. VLCCs often carry refined, or clean, oil products on their maiden journey before switching to crude oil or fuel oil.Reporting by Shadia Nasralla
Maritime Hall of Fame Inductees Announced
26th Annual Maritime Hall of Fame Honors Five International Leaders, May 8, at the Grand Hyatt New York, New York City The Maritime Association of the Port of NY/NJ founded the annual International Maritime Hall of Fame in 1993 to recognize maritime visionaries who, through excellence in their company, organization, or services, best exemplify the qualities of futuristic thinking that will guide the maritime industry in the 21st Century. The five honorees are:Harold J. DaggettInternational President…
U.S. Lawmakers Seek Massive Infrastructure Funding
Democratic leaders in Congress said on Thursday they would seek President Donald Trump's support in coming weeks for legislation to invest up to $2 trillion to rebuild U.S. infrastructure, including roads, bridges and schools.House of Representatives Speaker Nancy Pelosi and Senate Democratic leader Chuck Schumer said at separate news conferences they would try to revive an effort that sputtered early in Trump's presidency for major investments in aging public works.The White…
Nautilus Secures $11M in 'AI' Funding
Nautilus, the company building artificial intelligence for the maritime shipping industry, has announced $11M in Series A funding led by M12, Microsoft’s venture fund, along with Root Ventures. Existing and new investors including Quiet Capital, Trail Mix, and Amplifier Lab participated in the round, which brings Nautilus’ total funding raised to $14.5M.Nautilus was founded in 2016 to advance the efficiency of maritime shipping and build a more sustainable future for ocean commerce. Responsible for 90% of the world’s trade, ocean shipping consumes more than $100 billion in fuel every year.
Trump: U.S-China Trade Pact Possible in 4 Weeks
U.S. President Donald Trump said on Thursday the United States and China were close to a trade deal that could be announced within four weeks, while warning Beijing that it would be difficult to allow trade to continue without a pact.The two countries are engaged in intense negotiations to end a months-long trade war that has rattled global markets, but hopes of a resolution soared after both sides expressed optimism following talks in Beijing last week.Speaking to reporters at the White House at the start of a meeting with Chinese Vice Premier Liu He…
Trade Hopes Buoy World Shares
Cautious optimism over Sino-U.S. trade talks underpinned global stocks on Friday as benchmark bond yields ground higher and lifted the dollar to a three-week high against the yen ahead of U.S. job data.U.S. President Donald Trump said on Thursday a trade deal with China might be announced within four weeks, although he warned that it would be difficult to allow trade to continue without an agreement. Chinese President Xi Jinping reportedly said progress was being made and called for an early conclusion of talks.The pan-European STOXX 600 index nudged higher…
Port of New Orleans to buy New Gantry Cranes
New Cranes Allow Port NOLA to Accommodate Larger Ships and Meet Growing Needs. The Board of Commissioners of the Port of New Orleans (Port NOLA) have voted to approve the purchase of two new 100-foot gauge container gantry cranes to be used at the Napoleon Avenue Container Terminal. “These new cranes are vital to our success and growth here at Port NOLA,” said President and CEO Brandy D. Christian. “They will increase our efficiency so we can accommodate larger and wider ships…
Companies Sue Valero for Bad Marine Fuel
Two companies filled lawsuits this week in federal courts in Texas alleging that ships they operated in 2018 were damaged by contaminated bunker fuel sold by a Valero Energy Co subsidiary Valero Marketing and Supply Co, according to court documents.A Valero spokeswoman did not reply to a request for comment.The National Shipping Co of Saudi Arabia said it paid out more than $1.1 million for repairs and replacement fuel for a ship that drifted at sea for two days before restarting and arriving at Alexandria…
Customs Demands Bigger Bonds as Tariffs Bite
Stephen Wang is counting the costs of President Donald Trump's trade war. He had to put down 12 times more cash as a guarantee to U.S. customs that he would pay the bill for tariffs on the Chinese-made pumps, valves and motors he imports.The cost of the guarantee - a U.S. customs bond - has shot up, an additional hit to importers already facing steep customs bills adding up to tens of billions of dollars for tariffs imposed by the Trump administration on incoming Chinese goods…
Trafigura Sends More Asian Gasoline to Americas
Commodity trader Trafigura is shipping this month a second newly built crude tanker with Asian gasoline onboard to South America amid strong demand in the West, four industry sources who closely monitor petrol trade flows said on Thursday.Although it is not uncommon for traders to use a brand new crude tanker of 150,000 deadweight tonnage (dwt) to ship clean fuels such as diesel, it is rare to use them for gasoline because of the sheer size."South America likely needs gasoline more than gasoil now.
BSCS Wins Cruise Ship Management Deal
Bernhard Schulte Cruise Services (BSCS) was awarded technical management of Jalesh Cruises’ new vessel, MS Karnika. (formerly Pacific Jewel).The 70,285-ton, 2,000-passenger Crown Princess-class cruise ship is presently undergoing comprehensive refurbishment at Sembcorp Marine Admiralty Yard in Singapore prior to entering service from Mumbai, India in mid-April 2019. MS Karnika will operate cruises from India and Dubai for the duration of 2019.BSCS Managing Director Les Royle and Deputy Managing Director Martin Springer worked closely with Jalesh Cruises on the new partnership.
U.S. Clinches Port Deal with Oman
Tehran has in the past threatened to block the Strait of Hormuz, a major oil shipping route at the mouth of the Gulf, in retaliation for any hostile U.S. action, including attempts to halt Iranian oil exports through sanctions.Still, the U.S. official noted that the agreement would expand U.S. military options in the region for any kind of crisis.Duqm is ideal port for large ships. It is even big enough to turn around an aircraft carrier, a second official said."The port itself is very attractive and the geostrategic location is very attractive…
Hapag-Lloyd: Sees Strong 2019 Earnings
German container liner Hapag-Lloyd sees itself on a promising course to achieve better results and further reduce debts as it cuts costs, benefits from merger synergies and finds itself in an improving shipping industry environment."We see fairly stable demand growth and the fundamentals are favorable," said Chief Executive Rolf Habben Jansen in a call with analysts on Friday."This will enable us to deliver on our goals for 2019," he added.Earlier, the company had reported an increase in operating profit before interest and tax (EBIT) of 7.8 percent to 443 million euros ($500.37 million) in 20
Trump: China Trade Deal to Probably Happen
U.S. President Donald Trump said trade negotiations with China were progressing and a final agreement "will probably happen," adding that his call for tariffs to remain on Chinese imported goods for some time did not mean talks were in trouble.Trump, in a television interview aired on Friday, also said he expected to keep a 25 percent tariff on the European automobile sector amid separate ongoing trade talks with the European Union."Our deal is coming along very well. We'll see what happens," Trump told Fox Business Network. "I think the deal will probably happen.
Dynagas Vessel Employment Almost Full
Monaco-headquarters Dynagas LNG Partners said that it had estimated contracted time charter coverage for 98% of its fleet estimated available days for 2019, 100% of its fleet estimated Available Days for 2020 and 92% of its fleet estimated Available Days for 2021.As of March 21, 2019, the Partnership’s contracted revenue backlog estimate was $1.38 billion, with an average remaining contract term of 9.5 years, the Liquefied Natural Gas (LNG) maritime transportation company said.
Macquarie to Sell Gdansk Box Terminal
A consortium of investors including Poland's sovereign wealth fund PFR has agreed to buy the country's largest container terminal in Gdansk from the infrastructure fund of Australia's Macquarie in a deal worth more than 5 billion zlotys ($1.32 billion), the companies said on Tuesday.The container terminal had a capacity of 1.9 million Twenty-Foot Equivalent Units (TEUs) in 2018.Macquarie launched a sale of the terminal, which sources said in December could be valued at around 1.5 billion euros ($1.7 billion), last year with the help of Goldman Sachs.Reporting by Alan Charlish
GSL Extends Hapag-Lloyd Charter
Marshall Islands-incorporated containership charter owner Global Ship Lease (GSL) has agreed a three-year charter with Hapag-Lloyd for the 2015-built, 9,115 TEU containership UASC Al Khor.The new charter is in direct continuation of the current charter and is expected to commence in June, 2019, with re-delivery in the second quarter 2022, said the owner of containerships with a diversified fleet of mid-sized and smaller containerships.The charter is expected to generate approximately $28 million of Adjusted EBITDA.Ian Webber…