Noble Group Founder Resigns Due to 'Amicable Differences'
Noble Group Ltd said this week's resignation of its founder Richard Elman was due to "amicable differences" with the board and a group of senior creditors who are negotiating a debt restructuring that is crucial for its survival. The clarification, in response to a query from the Singapore bourse, comes days after Goldilocks, an Abu Dhabi Financial Group equity fund - a leading shareholder of Noble - filed a lawsuit in Singapore against the firm and some of its former and current senior executives, including Elman, alleging they inflated Noble's assets.
Connectivity Crucial to Singapore's Role as Maritime Hub
To continue growing the maritime cluster and capturing new opportunities, the Maritime and Port Authority of Singapore (MPA) will strengthen the connectivity and inter-linkages of Singapore’s maritime cluster, build a vibrant innovation ecosystem and develop a future-ready and skilled maritime workforce. MPA will also enhance and top up the Maritime Cluster Fund (MCF) by $100 million in support of our vision for Maritime Singapore to be the Global Maritime Hub for Connectivity, Innovation and Talent.
Diana Shipping TC Contract for New Orleans with SwissMarine
Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v New Orleans. The gross charter rate is $21,000 per day, minus a 5 percent commission paid to third parties, for a period of minimum 11 months to maximum 13 months. The charter is expected to commence on March 25, 2018. The m/v New Orleans is currently chartered, as previously announced, to Koch Shipping Pte.
Ardent and Singapore Salvage Engineers Join Forces for Emergency Response
Maritime services provider Ardent and Singapore Salvage Engineers (SSE) have joined forces for future operations within Singapore and adjacent waters. The two companies signed a cooperation agreement on the 19th of January 2018 to closely work together on future opportunities and at the same time retain their own corporate identities. “Through SSE’s strong background within the immediate region of Singapore and adjacent waters in combination with the diversity of resources they operate…
PSA International sees profit jump 5.0%
* PSA International Pte Ltd (PSA) handled 74.24 million TEUs for the year ended 31 December 2017, representing an increase of 9.8% from the previous year. * PSA's flagship Singapore Terminals contributed 33.35 million TEUs, increasing 9.0% over 2016. PSA terminals outside Singapore delivered a total throughput of 40.89 million TEUs, increasing 10.4% over 2016. * PSA Group revenue rose 7.8% and profit from operations grew 5.0% compared to previous year. Overall net profit for the year was 5.1% higher at $1.23 billion.
$3 Bln LNG-to-power Project Planned in Bay of Bengal
Bangladesh's Summit Power International said on Tuesday it signed a memorandum of understanding with Japan's Mitsubishi Corp and subsidiary Diamond Gas International to develop a $3 billion LNG-to-power project. Under the MoU, subsidiary Summit Corp, group company Summit Holdings and the Japanese firms agreed to develop an integrated liquefied natural gas (LNG) onshore receiving terminal with regasification capacity of up to 1,500 million cubic feet per day (mmcfd) at Matarbari, Moheskhali in the Bay of Bengal.
Remains of Three Crew Found on Maersk Honam
Maersk said the remains of three of four missing crew members have been found aboard the Maersk Honam after a fire broke out in one of the vessel’s cargo holds last week. The search for the fourth crew member continues on board, though the search at sea has been suspended. “Given the time passed and the severe fire damages of the vessel we must conclude by now that we have lost all four colleagues who have been missing since the fire onboard Maersk Honam which began on March 6. All four families of our deceased colleagues have been informed,” Maersk said.
Dryad Sees a Pattern in SE Asia Tankship Piracy
The latest report of a tanker hijack in Southeast Asia has prompted Dryad Maritime to issue an advisory to its shipping clients, on the basis that the crime follows a pattern, which has seen up to six such attacks, over the last nine months. The Company issued its advisory to maritime clients from its 24/7 Portsmouth, UK-based operations facility, explaining that the [Thai tankship] MT Orapin 4 laden with a fuel oil cargo, departed Singapore on 27th May 2014 and became the subject of a missing vessel alert the next day when attempts by her shipping company to contact her failed.
Singapore Rolls Out LNG Bunkering Standard
The first Singapore Technical Reference (TR) 56 for Liquefied Natural Gas (LNG) Bunkering was launched by the Maritime and Port Authority of Singapore (MPA), SPRING Singapore and the Standards Development Organisation @ Singapore Chemical Industry Council (SDO@SCIC). This standard has been developed to provide a safe, efficient, sustainable and transparent technical framework for conducting LNG bunkering operations in Singapore, thereby offering greater assurance to local and international LNG bunker buyers and suppliers.
Containership Alliance Launches Asia-Europe Service
Members of the G6 Alliance announced today that their groundbreaking cooperation in Asia-Europe container shipping will begin operation in the first week of March – one month ahead of schedule. “We are eager to roll out our competitive products to benefit customers by offering a comprehensive and increased coverage of 40 ports in the Asia-Europe market with more sailing frequency,” the members said in a statement. The G6 Alliance, serving the Asia-to-Europe-and-Mediterranean market was announced last December.
Tham is President, New Enterprises and Ventures of ST Engineering
Singapore Technologies Engineering Ltd (ST Engineering) announced the appointment of Russell Tham as President, New Enterprises and Ventures, effective March 19, 2018. In this newly created position, Russell will drive the expansion of the Group’s business by building new adjacencies for growth through technology and innovation in verticals outside of the Group’s core businesses in the Aerospace, Electronics, Land Systems and Marine sectors. He will report to the President & CEO.
Singapore: Dredger Sank After Colliding with Tanker, 5 Missing
The divers have recovered two bodies out of the five missing crew of JBB DE RONG 19, following the collision between Indonesian-registered tanker KARTIKA SEGARA and Dominican-registered dredger JBB DE RONG 19 that occurred in Singapore territorial waters at about 12.40am (Singapore time) on 13 September 2017. At the point of collision this morning, 12 crew members were onboard JBB DE RONG 19. Seven were sent to the Singapore General Hospital, out of whom five have since been discharged. Search and rescue (SAR) efforts for the three remaining crew members are ongoing.
Ocean Alliance Launches Day Two Product
The Ocean Alliance has launched its new Day Two Product with an estimated 3.6 million TEU carrying capacity provided by approximately 340 containerships deployed on 41 services. The new offering will commence in April 2018. Alliance partners CMA CGM, COSCO, Evergreen and OOCL will offer 20 Transpacific services, six Asia-Europe services, four Asia-Mediterranean services, four Transatlantic services, five Asia-Middle East services and two Asia-Red Sea services. “Ocean Alliance…
Singapore Well-positioned to Benefit from Brexit Permutations
Singapore’s position as Asia’s leading maritime services hub is likely to be enhanced in a post-Brexit environment, according to Singapore-based Ince Law Alliance, comprising Ince & Co Singapore LLP and Incisive Law LLC. The UK’s decision to leave the European Union has seen Sterling fall to $1.30 against the US dollar, with many commentators predicting a recession that could negatively impact the country’s maritime sector, which contributes £4.4 billion to the UK economy. Like Singapore, the UK’s economy is services–focused, with London the centre of UK and European maritime services.
Bunkering in Singapore - an Alternate View
SSA rtespondes to allegations of bunkering irregularities in Singapore. Bunkering is an important industry for Singapore. Consequently, the bunker supplying industry in Singapore is therefore also highly regulated by the Maritime and Port Authority of Singapore (MPA) - all Singapore bunker suppliers, bunker tankers and bunker surveyors involved in the bunkering business are required to be licensed by MPA. The Singapore Shipping Association (SSA) therefore takes a very serious view of recent allegations of malpractices by the bunkering industry in Singapore.
All On board for Norway Night
More than 240 senior executives from the global maritime industry attended the inaugural Norway Night this eveningas part of Singapore Maritime Week. The gathering at The Lantern, Fullerton Bay Hotel was to celebrate the maritime links between the two nations and strengthen this partnership for the future. Guests enjoyed Norwegian seafood and music as they mingled on the rooftop. They included Minister of Transport Lui Tuck Yew and Norway’s Deputy Minister Dilek Ayhan. Norway’s Ambassador to Singapore, Mr Tormod C.
Singapore Navy Rescues Five Crew from Capsized Trawler
A patrol vessel of the Republic of Singapore Navy (RSN) has rescued five crew members from a Malaysian-registered fishing trawler that had capsized in Singapore waters, said the Maritime and Port Authority of Singapore (MPA). The trawler, PAF 4658, had capsized 7 nautical miles north-east of Pedra Branca. All five crew members onboard were rescued by the Republic of Singapore Navy patrol vessel, RSS Independence. Two crew members had sustained minor injuries. They were given medical attention by the crew of RSS Independence. The rescued crew have safely reached Singapore.
KPI Bridge Oil Appoints Singapore Office Trader
KPI Bridge Oil has appointed Mr. Araki Takanobu as Senior Bunker Trader at its Singapore office. Araki Takanobu has more than 13 years experience in various bunker- and cargo trading roles and has previously been working in Japan, Korea and Singapore. Araki also has a degree from Meiji University in Political Science. He is Japanese and also speaks fluent Korean and is currently living in Singapore. "We are very pleased to have such a versatile and experienced marine professional joining our team," said Andrew Cheah, MD, KPI Bridge Oil Singapore.
Singapore Ranks #1 by Fleet Value per Capita
This week is Singapore Maritime Week 2016, when the city-state celebrates its role as the major hub for shipping in the region, Singapore has good reason to celebrate: according to mapping, ship search and valuation provider, VesselsValue, Singapore owners control just under 2,000 deep-sea going vessels with a total value of UD35.4bn. This equates to over USD 8,000 invested in shipping per person in Singapore. This makes Singapore the leading nation when it comes to vessel ownership in USD terms per head (see ATTACHED image for table).
Watkins Syndicate Appoints Senior Underwriters
Watkins Syndicate Singapore Pte. Ltd. has appointed two senior underwriters to bolster its expanding presence in the Asia Pacific region. Watkins Syndicate Singapore, which is part of the Lloyd’s Asia Platform and represents Watkins Syndicate 457 at Lloyd’s, has hired Colin Fordham as Liability Underwriter and Richard Dare as Energy Underwriter. Both underwriters join Watkins in Singapore with strong track records in the insurance industry. Colin Fordham joins from Seasia P&I Services Singapore where he was general manager.
GAC Singapore Moves to new HQ
GAC Singapore is marking the 30th anniversary of its establishment by relocating to a new head office to enable future expansion of its operations. The company, which has expanded its portfolio of services since its establishment as a ship agent in 1981, now employs 145 staff at four locations in Singapore, and is looking to expand further in 2012. An increase in business is expected as a result of a number of major infrastructural improvements in the pipeline for Singapore. These include a new LNG terminal on Jurong Island due to begin commercial operations in 2013…
Singapore Maritime Gallery Opens
The new interactive gallery was developed by the Maritime and Port Authority of Singapore (MPA) at a cost of $5 million. The Singapore Maritime Gallery was officially opened by Mr Lui Tuck Yew, Minister for Transport. Housed on the second storey of Marina South Pier, and occupying a total floor space of approximately 1,000 square metres, the Gallery showcases the diversity and vibrancy of Singapore's maritime industry. Singapore has long been associated with the sea and maritime trade, with its strategic position at the crossroads of East-West seaborne trade routes.
Singapore Eyes LNG Trading Hub Status
Singapore looks to pull ahead in the race to become Asia’s main gas hub by establishing a domestic gas trading market. Rising liquefied natural gas (LNG) supply and demand within Asia has prompted Singapore to to become a centre for energy trading. Singapore, already a global oil trading hub, is aiming to take advantage from increasing numbers of buyers especially in China, but also India and other parts of Asia. Announcing the decicion, Singapore’s trade and industry minister…
Singapore-issued CoCs need Revalidation
Holders of Singapore-issued certificates of competency (CoCs) need to revalidate their CoCs to meet the requirements of the 2010 Manila amendments to the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW2010) and to be able to serve on board a ship. CoCs issued by Singapore in compliance with the 1995 amendments to the STCW are valid up to 31 December 2016. Holders of existing Singapore-issued CoCs are required to take up additional courses in order to comply with the competency requirements of the 2010 Manila amendments to the STCW…
Nautical Institute (Singapore) Branch Inaugurated
The inauguration of new The Nautical Institute (Singapore) Branch was hosted by the Singapore Shipping Association and sponsored by the Shipowners’ Mutual Protection and Indemnity Association (Luxemburg), Singapore Branch, during Singapore Maritime Week. Members of the Institute attending were welcomed by the President of The Nautical Institute (Singapore) Branch, Capt. Duncan Telfer FNI and the Honorary Secretary Capt. Venkat Padmanabhan. Capt. Robert Mc Cabe FNI MSc Mgmt, President of the Nautical Institute…
SSA Showcases OSV Sector with OSV@Vivo 'Open House'
OSV@Vivo has been taken to the heart of the Singapore public with an anticipated 4,000 visitors, expected to throng the two state-of-the-art Offshore Support Vessels (OSV) “Pacific Legacy” and “VOS Prince” moored at local shopping mall Vivocity Waterfront Promenade from 21 to 23 April 2016. Local institutes of higher learning are lending their support to this inaugural event with some 600 students from the Institute of Technical Education and Ngee Ann Polytechnic already registered to attend.