Singapore News

Singapore Eyes Electric Harbor Boats to Cut Emissions

Singapore is seeking proposals on the electrification of small vessels known as harbourcraft as the industry transitions towards a low-carbon future, the Maritime and Port Authority of Singapore (MPA) said in a joint statement on Wednesday.The MPA is working with the Singapore Maritime Institute (SMI) to seek proposals from industry participants and institutes of higher learning or research institutes to develop commercially ready fully-electric harbourcraft.They are also seeking…

World's Largest LNG-fueled Containership Delivered

The world's largest containership to be powered by liquefied natural gas (LNG) has officially joined the fleet of French container shipping group CMA CGM, during a digital naming ceremony at CSSC’s shipyard in Shanghai.CMA CGM Group’s new flagship, CMA CGM Jacques Saadé, named after the group's founder, is the lead vessel in a series of nine LNG-powered, 23,000 TEU containerships ordered in 2017.Rodolphe Saadé, CMA CGM Group’s chairman and CEO, announced in November 2017 that the vessels would be equipped with LNG-powered engines…

OSM Nears Deal to Acquire SeaTeam

Norway-based ship management company OSM Maritime said Monday that it is nearing a deal to acquire Singapore-headquartered competitor SeaTeam Management from Frontline Ltd and Golden Ocean Group Limited.The acquisition, which is in final negotiations and remains subject to definitive documentation, is expected to be completed within the next 30 days, OSM said.“We look forward to finalizing our agreement with Frontline and Golden Ocean, after engaging in a very constructive dialogue,” said Tommy Olofsen, chair of OSM Maritime.

China Outlines Policy for New Storage Bases for Energy, Agri Imports

China is directing authorities in East China’s Zhejiang province to start planning to build stockpiling bases for energy and agricultural products, part of a push to develop regional free-trade zones (FTZs), a government document said on Monday.The directives call for looking at building above-ground and underground facilities to stockpile oil, gas and chemicals in FTZs that encompass 120 square km (46 square miles), including in parts of provincial cities Ningbo, Hangzhou and Jinyi.“(The government will) support experiments to build oil and gas reserves, to undertake greater tasks of governme

World's First LNG-powered Very Large Containership Delivered

Hyundai Samho Heavy Industries has delivered the world's first very large containership powered by liquefied natural gas (LNG) to Singapore's Eastern Pacific Shipping (EPS), the South Korean shipbuilder announced Wednesday.The LNG-powered, 14,800 twenty-foot equivalent unit (TEU) capacity CMA CGM Tenere is one of six containerships in a series being built for EPS by Hyundai Samho, a unit of shipbuilding giant Korea Shipbuilding & Offshore Engineering Co. The six neo-Panamax box…

Container Shipping & Perfecting on-time Performance

Recent reports show that on-time performance in the containership sector continues to deteriorate, causing tension between the carriers and retailers. In general, non-ocean carriers – trucks and trains – are achieving reliability rates well above 90% whereas containerships rarely beat a 70% on-time threshold. For retailers, the threat of having empty shelves is beginning to swing the balance from cheaper ocean transport to a need for reliable just-in-time deliveries supplied by…

Synergy, Norden Launch Tanker JV

Synergy Group and D.S. Norden have formed a new 50/50 joint venture to handle the technical management of Norden’s owned tanker vessels. Norden Synergy Ship Management (NSSM) will be headed by Henrik Christensen who previously managed Norden’s Technical Department.“We see great alignment when we have partnered previously and we expect that to lead to more mutual wins in the future through NSSM,” said Captain Rajesh Unni, CEO & Founder of Synergy Group.The formation of NSSM further cements the partnership between Synergy Group…

Ocean Tankers Seeks to Reclaim $19 Mln from Lim Family

The court-appointed manager of Singapore Ocean Tankers (Pte.) Ltd is seeking to reclaim about $19 million from the Lim family directors of the firm, who allegedly transferred the funds from the shipping company to their accounts in April, court documents show.The interim judicial managers from EY said the Lim family "breached their fiduciary duties" by transferring the funds when Ocean Tankers was insolvent.Ocean Tankers, owned by Oon Kuin Lim, founder of embattled oil firm Hin Leong Trading Pte Ltd…

Crew Tests Positive for COVID-19 in Singapore

Fifteen Filipino seafarers aboard a Bahamas-flagged cargo ship have tested positive for COVID-19 in Singapore, local authorities said. Singapore's Ministry of Health reported the first positive case from the unnamed oceangoing vessel on August 12, followed by 14 additional confirmed cases from the same ship, the Maritime and Port Authority of Singapore said.The 15 crew members were working on board a Bahamas-registered ship which arrived in Singapore from India on August 8 to conduct repairs and refuel.All crew members of the ship did not disembark.

Singapore Court Appoints Supervisor for Xihe Holdings

The Singapore High Court has appointed Grant Thornton Singapore as the supervisor of Xihe Holdings Pte Ltd and four of its subsidiaries, a source with knowledge of the matter said on Thursday.The court decision followed an application by Oversea-Chinese Banking Corporation Ltd (OCBC) to place Xihe Holdings and the subsidiaries under the business adviser's supervision.The subsidiaries involved are Da Xin Tankers (Pte) Ltd, Hua Guang Shipping Pte Ltd, Nan King Maritime (Pte) Ltd…

Ecochlor Expands Service Support Network in Singapore

U.S.-based ballast water management system (BWMS) manufacturer Ecochlor announced it has opened a service support center in the world's top shipping hub. Michael Madely, VP of Global Service at Ecochlor, said the new Singapore location is the first of many planned for Ecochlor’s spare parts support network outside the United States.“Having an inventory of spare parts located in Singapore will provide a faster response time to all vessels in Asia with our system on board. Our goal is to have parts located in the three main time zones – Asia…

Xihe Group, V. Group Ink Deal for Tanker Ship Management

Tanker ship owner Xihe Group of Companies appointed V.Group as the technical manager for 16 of its modern tankers.“This strategic partnership kickstarts Xihe’s engage-ment of independent, world-class professional companies to provide technical and commercial management for our vessels," said Kenny Lim, Interim CEO of Xihe. "Having witnessed the professionalism of the V.Group team in taking over ‘Ocean Queen’ under their technical management, Xihe is confident that our crew and assets are in capable hands.”The vessels are currently anchored off Singapore waters.

PDVSA Changes Oil Deals to Include Shipping as Sanctions Bite

Venezuelan state-run oil firm PDVSA has begun offering to ship its own oil, figuring in the costs in crude supply deals to help customers who have struggled to hire vessels to carry the country’s oil due to U.S. sanctions, according to company documents seen by Reuters.The United States has blacklisted vessel owners, shipping operators and threatened to sanction any tanker facilitating the country’s oil exports as it tightens restrictions on trade with the South American country.Washington has been trying to weaken socialist President Nicolas Maduro by choking the OPEC member’s oil exports…

Svitzer Announces Leadership Changes

Towage operator Svitzer announced Monday that effective September 1, 2020, Lise Demant will leave her role as global chief commercial officer and take up the position of managing director for Svitzer’s Europe region, succeeding Kasper Friis Nilaus, who was recently appointed CEO of Svitzer A/S. Also effective September 1, Videlina Georgieva will succeed Demant as global CCO and enter Svitzer’s global leadership team.Both Demant and Georgieva are based in Copenhagen and will report to Nilaus.Demant joined Svitzer in 2013 as chief operating officer in Svitzer Asia Pte Ltd.…

Newport Shipping Names Loges Managing Director for Germany

Newport Shipping said Ingmar Loges has joined the company as Managing Director, Germany, supportSing U.K.-based drydocking services firm in group financial strategy and marketing strategy for the German market.Loges comes with more than 30 years of industry experience in domestic and international marketplaces. His previous roles included Global Head of Ship and Offshore Finance for the last 15 years in financial institutions DVB BANK SE Amsterdam, HSH Nordbank AG Hamburg, UniCredit…

South Korea's July Exports Record Slowest Decline in Four Months

South Korean exports fell the slowest in four months and beat market expectations, data showed on Saturday, a further sign a recovery in Asia’s fourth-largest economy is gaining traction, although threats loom from global flare-ups in the COVID-19 pandemic.Overseas sales fell 7.0% in July from a year earlier, the trade ministry said, the fifth month of decline but much less than June’s 10.9% fall and the 9.7% drop tipped in a Reuters survey.South Korea is the first major exporting economy to release monthly trade data…

Trafigura Offers COVID-19 Premium

Commodities trader Trafigura Beheer has become the first company to offer a defined Covid premium on an Asian syndicated loan, paying up to an extra 20bp all-in on its latest US$1bn-equivalent financing.The novel pricing structure is a first for Asia, if not globally, and could set a precedent for other price-sensitive borrowers looking to limit the long-term effects of the pandemic on their funding costs.Without the Covid premiums, the terms of Trafigura's new deal are little…

BMT Names de Bruin Managing Director for Europe

BMT announced Dennis de Bruin has been appointed Managing Director for BMT’s Commercial Shipping Europe business, with immediate effect.A BMT employee since 2004, de Bruin has more than 20 years of experience in the maritime industry. He has served for the last seven years as Marine Director for BMT's nautical and cargo department of the Rotterdam office.He will succeed Jeroen de Haas as Managing Director of our European offices in the Netherlands, Belgium and Switzerland, who has been at the helm of Commercial Shipping Europe since 2001…

Shipowners Struggle to Bring Home Crews Amid Coronavirus Chaos

Shipping companies are still struggling to get hundreds of thousands of crew members back home after many months at sea despite pledges by countries to ease transit restrictions for seafarers, industry officials say.Countries including the UK, the United States, Singapore, the United Arab Emirates and the Philippines pledged this month to boost efforts to help seafarers, many of whom have been on ships longer than the 11-month limit laid out in a maritime labor convention.Other countries…

Wilhelmsen Ship Management Acquires 50% Stake in Ahrenkiel Steamship

Wilhelmsen Ship Management, a provider of third-party ship management services headquartered in Singapore, and the Hamburg-based asset and investment manager MPC Capital AG have agreed to combine their activities in the technical management of containerships. To this end, Wilhelmsen Ship Management acquires a 50% stake in Ahrenkiel Steamship GmbH & Co KG, the technical containership manager within the MPC Capital Group.The joint venture will operate under the brand Wilhelmsen Ahrenkiel Ship Management.

Shipping's Switch to Cleaner Fuel Has Been Smooth Sailing -ING Bank

Seven months after the United Nations' shipping agency brought in hotly anticipated new rules to curb emissions, the raft of technical issues and leap in fuel prices that were expected to result have failed to materialize, ING Bank said on Tuesday.Global shipping and oil firms had flagged major concerns over potential disruptions from International Maritime Organization (IMO) rules implemented at the start of 2020, which capped marine fuels' sulphur content at 0.5% against 3.5% previously.However, shipping and marine fuel suppliers say expected technical issues, such as damage to engines from

Isle of Man Ship Registry’s QUALSHIP 21 Status Confirmed by USCG

The Isle of Man Ship Registry has retained its place within the United States Coast Guard’s QUALSHIP 21 program, designed to recognize foreign-flagged vessels that maintain the highest safety and quality standards.Isle of Man Ship Registry director Cameron Mitchell said continued inclusion in the scheme through to July 2021 was great news for the registry and its clients, representing further independent verification of the quality of the Manx fleet.Entry into the program is based on data gathered during Port State Control inspections in the United States.

Iron Ore Under Pressure as China Port Stockpiles Grow

Iron ore futures slipped on Monday on rising port inventory of the steelmaking ingredient in China, though optimism over prospects of strong domestic steel demand for the rest of the year kept losses in check.The Dalian Commodity Exchange's most-traded September iron ore contract closed down 0.3% at 817 yuan ($116.91) a tonne, stretching losses into a third consecutive session.Iron ore's August contract on the Singapore Exchange dropped 0.7% to $106.31 a tonne in afternoon trade, extending losses into a fourth session.China's imported iron ore inventory stocked at ports rose for a fourth strai

Total Shipping Losses Are Declining, But Challenges Persist -Report

The record low 41 large shipping losses worldwide in 2019 represents a 20% improvement year-on-year and almost 70% over a decade, but the coronavirus crisis could endanger the long-term safety improvements in the shipping industry for 2020 and beyond, as difficult operating conditions and a sharp economic downturn present a unique set of challenges, according to recent report from marine insurer Allianz Global Corporate & Specialty (AGCS).Consequences of coronavirus and a sustained…

Singapore Retains Its Place as World's Top Shipping Hub

Singapore has maintained its position as the world's top shipping hub for the seventh year straight, according to a report published by the Baltic Exchange and Chinese state news agency Xinhua.The Xinhua-Baltic International Shipping Center Development (ISCD) Index, now in its seventh edition, assesses factors including port throughput and infrastructure; depth and breadth of professional maritime support services; as well as the general business environment in its attempt to…

BV Opens Remote Survey Center in Singapore

Bureau Veritas (BV) has opened a new remote survey center in Singapore, with more new locations to follow, as the testing, inspection and certification (TIC) services provider continues its digital transformation and push to prove remote class services amid travel restrictions in place due to the coronavirus pandemic. The newest site joins existing BV remote survey centers in Rotterdam, Piraeus, Istanbul and Dubai.Classification societies and other marine services providers have long striven to increase remote services in an effort to boost efficiencies and reduce costs.