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.: 26-Oct-2017 :. Search News
Displaying 1 to 10 of Records.
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Shipping Should Not Be Included in EU Emissions Trading System?
As the European Parliament and the EU Member States have not yet reached an agreement regarding the EU's Emissions Trading System (EU ETS), European shipping is therefore at risk of being subject to unilateral EU regulation rather than supporting the global process, Danish Shipping said.

It was not possible to reach political consensus on an agreement for the EU's Emissions Trading System (ETS) for the period 2021-2030 despite lengthy negotiations. The issue of inclusion of shipping has been a contentious issue throughout the entire negotiation process.

The purpose of the emissions trading system is to reduce emissions in energy production and in industry, but shipping has so far not been part of that scheme, Danish Shipping explained.

Bendt Bendtsen, Member of Parliament, The Danish Conservative Party, calls on the European Parliament to abandon its special requirements to the detriment of European shipping companies and support the work of the International Maritime Organization (IMO) instead. The EU can only introduce regulations that are regionally confined to Europe, but it is out of reach with the reality as ships literally sail all over the world, according to Bendtsen.

"'Of course, it is disappointing that an agreement on a new CO2 emissions trading system has not been reached, because it is really necessary that the quota price rises. At the same time, the lack of consensus in the EU puts the shipping sector in a difficult situation. Especially now where the IMO has launched a global strategy for the sector's emissions," Bendt Bendtsen said.

The IMO's Marine Environment Protection Committee (MEPC) has launched an ambitious process to set a strategy for reducing shipping's emissions on a global level. The next meeting round takes place this week. The plan is that an initial strategy should be in place in spring 2018 and a final adoption in an extended version in spring 2023.

Danish Shipping said the EU system should use its efforts more constructively than pointing the gun at itself and its own industry if the IMO does not deliver.

"The fact is that the input from the Danish and European shipping companies to the IMO negotiations are more ambitious than those of a number of IMO member states. The industry is not the barrier here, which is why we once again call on the EU to accelerate its climate diplomacy and reach out to the foot-dragging countries instead of threatening to harm its own industry. Think of the global results we could have achieved last year if we had chosen that way," Casper Andersen, Director of EU Affairs of Danish Shipping's office in Brussels, commented.

A new round of negotiations between the European Parliament and the Council is provisionally set for the second week of November.

Posted On:26-Oct-2017



Credits: worldmaritimenews.com

OOCL's Mega Boxship Grounds in Suez Canal
Orient Overseas Container Line's (OOCL) new 21,000+ TEU size containership briefly ran aground in the Suez Canal on October 18, the company confirmed to World Maritime News.

The 21,413 TEU ultra large container vessel (ULCV) was en route from Singapore to the UK, data provided by VesselsValue shows.

''During OOCL Japan's transit through the Suez Canal on October 18, the vessel experienced mechanical problems and because of that, the ship went off course and was grounded in the sands,'' OOCL's spokesperson told World Maritime News.

''With the help of tugboats, the vessel was re-floated within a few hours time and continued its transit through the canal,'' the spokesperson added.

An investigation into the actual cause of the grounding has been launched, according to the company.

The 399.9-meter-long OOCL Japan was named at the Samsung Heavy Industries shipyard in Geoje Island on September 1, 2017. It is the company's third boxship in a series of six 21K+ vessels.

The ship is serving the Asia-Europe trade lane on the LL1 service and its port rotation is: Shanghai / Ningbo / Xiamen / Yantian / Singapore / via Suez Canal / Felixstowe / Rotterdam / Gdansk / Wilhelmshaven / Felixstowe / via Suez Canal / Singapore / Yantian / Shanghai in a 77-day round trip.

In July, Kea Trader, one more brand new containership, ran aground off New Caledonia. The vessel hit the Durand Reef, some 100 kilometers southeast of the island of Mare. Refloating attempts have been unsuccessful until now and a new plan to move the stranded boxship from the reef is to be made.

A month later, another ULCV grounded on the Westerschelde estuary near Bath, the Netherlands, closing the shipping traffic in the estuary. The 366-meter-long CSCL Jupiter ran aground on August 14. The vessel was subsequently refloated and the assessment showed that there was no visible damage on the ship.

World Maritime News Staff

Posted On:26-Oct-2017



Credits: worldmaritimenews.com

Heerema Marine Axing 250 Jobs
Over 250 job cuts are planned within restructuring efforts announced on Tuesday by Heerema Marine Contractors (HMC), the Netherlands-headquartered owner of crane vessels.

The marine contractor said the restructuring was needed amid continuing low oil price and historic low investments in the oil and gas industry resulting in an increasingly competitive market. This is further exacerbated by deteriorating market conditions since the start of this year, with no prospects of market recovery.

''The restructuring foresees a termination of contract of around 200 worldwide office personnel and around 50 fleet personnel. The management has informed the staff of the intended plans. All changes are subject to consultation with the relevant stakeholders and as a first step the company has asked advice from the Works Council of HMC in The Netherlands. HMC will do everything possible to support those affected and has also entered into discussions with the trade unions about a severance package,'' HMC informed.

''We are deeply sorry to have to consider this restructuring, resulting in a loss of colleagues, who every day put so much passion into their work and have helped in establishing our position as a leading company in the offshore industry,'' Frans den Houter, Executive Board Member of HMC, said.

''At the same time, we are convinced that these decisions are crucial for the continuity of HMC.''

HMC specializes in the transportation, installation, and removal of all types of offshore facilities, including fixed and floating structures, and subsea pipelines and infrastructures in shallow, deep, and ultra-deep waters.

Posted On:26-Oct-2017



Credits: worldmaritimenews.com

FESCO Reaches Milestone in Restructuring Deal
Russia's Far-Eastern Shipping Company (FESCO) has obtained a guarantee approval from a majority of its shareholders for outstanding senior secured notes totaling around USD 644 million.

The company said that the notes consist of 8% senior secured notes due 2018 and 8.75% senior secured notes due 2020.

The provision of the guarantee, with shareholder approval to be obtained as a condition subsequent, formed part of the restructuring terms agreed between FESCO and the ad hoc group of noteholders earlier this year.

Obtaining the approval by October 20, 2017 was one of the key milestones under the terms of the standstill and lock-up agreement between, among others, FESCO and certain of the noteholders dated September 6, 2017.

As announced on October 11, 2017, the High Court of Justice of England and Wales has ordered a meeting of scheme creditors to be held on October 27, 2017 to consider and approve the restructuring scheme of the group's indebtedness under the USD Notes.

If approved, the scheme will be subject to subsequent approval of the court at a sanction hearing that is scheduled to take place on November 3, 2017.

Posted On:26-Oct-2017



Credits: worldmaritimenews.com

Court Appoints Liquidators of Mercator Lines
The High Court of the Republic of Singapore has appointed liquidators of Mercator Lines as the shipping company pushes forward with the winding up of its business.

As disclosed in a filing to Singapore Exchange, Yit Chee Wah, the company's Judicial Manager and Joshua James Taylor have been appointed the Joint and Several Liquidators of the company on October 25, 2017.

Singapore-incorporated Mercator Lines applied for winding up of its business on September 6, 2017 after it spent months under judicial management.

During this time the Judicial Manager Yit Chee Wah held discussions with several potential investors to explore transferring the company's listing status and/or its restructuring. However, these attempts failed.

Faced with liquidity shortage and poor business performance, Mercator Lines decided to exit from dry bulk business and sell its fleet of 11 dry bulkers at the beginning of 2016.

Earlier this month, the company completed the sale of its vessel Prem Poorva to Natalia Shipping Limited.

Under the deal concluded on October 9, 2017, the Panamax bulker fetched a price of USD 3.8 million.

Mercator Lines said it would use the proceeds from the sale to repay debts.

World Maritime News Staff

Posted On:26-Oct-2017



Credits: worldmaritimenews.com

Diana Containerships Hit with Class Action Lawsuit
A class action lawsuit has been filed by a number of law firms against Diana Containerships over the shipping company's ''unlawful business practices''.

Bronstein, Gewirtz & Grossman informed that the lawsuit has been filed against Diana Containerships and its officers on behalf of shareholders who purchased Diana securities between January 26, 2017, and October 3, 2017.

What is more, Kahn Swick & Foti (KSF), former Attorney General of Louisiana, Charles C. Foti, Jr., are reminding investors that they have until December 22, 2017, to file lead plaintiff applications in a securities class action lawsuit against Diana Containerships if they purchased the company’s shares during the aforementioned period. This action is pending in the United States District Court for the Eastern District of New York.

Two more law firms including Faruqi & Faruqi and Pomerantz are investigating potential claims against Diana Containerships. Faruqi & Faruqi is encouraging investors who suffered losses exceeding USD 50,000 investing in Diana Containerships to contact the firm.

The complaint alleges that during the Class Period, defendant Symeon P. Palios, the Company's CEO and Chairman of the Board, caused Diana to engage in a series of manipulative share issuance/sales transactions with Kalani, a British Virgin Islands entity, and related entities.

On January 26, 2017, Diana filed a shelf registration statement for the sale of USD 250 million worth of company securities. Over the following eight months, Diana sold large volumes of its common shares and securities convertible into common shares to Kalani at a significant discount to market price.

Kalani subsequently resold these shares into the market. As Diana's share price declined following Kalani's sales, the company executed a series of reverse stock splits that had the effect of raising its share price.

By October 3, 2017, the price of Diana common stock had declined from USD 2,500 per share to USD 0.47 per share on an unadjusted basis. At this share price, Diana had a market capitalization of less than one million dollars, despite having raised millions of dollars from investors since January 2017.

Posted On:26-Oct-2017



Credits: worldmaritimenews.com

Golar LNG Partners Prices Offering to Collect USD 138 Mn
Nasdaq-listed Golar LNG Partners has priced its public offering of 4.8 million of shares, aiming to raise up to USD 138 million.

The company said that its 8.75% Series A cumulative redeemable preferred units, representing limited partner interests, were priced at USD 25 per unit.

The company said that distributions would be payable at a rate of 8.75% per annum of the stated liquidation preference of USD 25, adding that the offering is expected to close on October 31, 2017.

Golar LNG Partners has also granted the underwriters a 30-day option to purchase up to an additional 720,000 preferred units.

Net proceeds from the offering and any exercise of the underwriters' option would be used to purchase additional Series A preferred units for general partnership purposes, which may include, among other things, repaying indebtedness and funding working capital, capital expenditures or acquisitions, according to the Partnership.

Morgan Stanley and BofA Merrill Lynch are acting as the joint bookrunners in connection with the offering.

Posted On:26-Oct-2017



Credits: worldmaritimenews.com

Vopak​ Starts Bunkering​ ​Services​ ​at Singapore Terminal
Tank storage company Vopak has introduced a new concurrent bunkering services​ ​at​ ​its​ ​Sebarok​ ​terminal​ ​in​ ​Singapore.

With the service, vessels calling at the company's Sebarok terminal can receive bunkers from bunker barges while loading or discharging at the terminal, eliminating the shifting time to anchorages for bunkering and making the scheduling of bunker supply more predictable.

Vopak said that the move is in line with Maritime and Port Authority (MPA) of Singapore's directive to improve port efficiency. Prior to the service, vessels were required to sail to the anchorage to receive their bunkers.

''This new concurrent bunkering service is a continuation of Vopak's strategy to help unlock logistical value for our customers, enabling seamless, safe and efficient logistics processes in the entire supply chain,'' Tan Soo Koong, Vopak Terminals Singapore’s Managing Director, said.

The bunkering service, introduced through a collaboration with BW Pacific, Sinanju Marine Services, and Unicore Fuel, will be expanded to Vopak's other terminals in Singapore, according to the company.

Located close to the Eastern anchorage where a large part of the bunkering activity takes place, Vopak's Sebarok terminal is a strategic hub connecting the supply of bunker fuels and the flow of oil products.

Posted On:26-Oct-2017



Credits: worldmaritimenews.com

Turkish bulk carrier collided with German heavy lift ship, Black sea
Bulk carrier MARAKI K collided with heavy lift ship MARIA on Constanta outer anchorage at around 0300 UTC Oct 25, both ships understood to be under way at the time of collision, maneuvering to anchor. Reportedly both ships didn’t sustain serious damages, no leak occurred. MARAKI K movements nevertheless, are rather strange - she left anchorage at some 7 knots speed, sailed further to sea and as of 1500 UTC was moving in southern direction at some 3-4 knots speed, under way or drifting. MARIA was at anchor on Constanta Anchorage.

Posted On:26-Oct-2017



Taiwanese fishing vessel burned out, 2 crew missing, Indian Ocean
Taiwanese longliner MING MAAN SHYANG 18 caught fire in the morning Oct 25 some 700 nm south of Reunion, Indian ocean. MRCC Reunion was alerted at 0500 LT by MRCC Taiwan. Longliner HUNG YI was the first on the scene, and rescued 15 crew, while 2 crew went missing. MING MAAN SHYANG 18 was engulfed in fire in a short time, crew went into two life rafts, one of them suffered serious burns. Two merchant ships and a plane were or still are taking part in SAR, trying to find 2 missing crew. burned out wreckage of MING MAAN SHYANG 18 reportedly is still afloat. On MRCC photo MING MAAN SHYANG 18 wreckage, still smoking.

Posted On:26-Oct-2017
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