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.: 1-Oct-2019 :. Search News
Displaying 1 to 15 of Records.
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300cubits: Blockchain Project in Container Shipping Fails due to Lack of Interest
Hong Kong-based 300cubits, one of the pioneers in the application of blockchain solutions to the container shipping market, has decided to suspend the operation of its Booking Deposit Module effective October 1, 2019.
As explained, the lack of clarity in regulatory regimes surrounding digital currencies has proved to be the greatest hurdle in the 300cubits marketing efforts.
What is more, the lack of liquidity for the TEU tokens and the volatility of all cryptocurrencies in general also cast a constant doubt among the users on whether the value of the tokens could be realized.
The cloud-based system built on blockchain started accepting trial shipments in March 2018 and was launched into live production in July 2018.
The system has had participation from the largest shipping companies such as Sealand of Maersk Group, CMA CGM, MSC and COSCO while the 300cubits has gone the length in its discussions with the rest of the top ten container liners about running trial shipments on the system. Additionally, more than a dozen shippers have tried the system and over 100 registered to get their allocation of TEU tokens, according to 300cubits.
When using the system, both carriers and shippers were careful about their commitment. Nearly all except one shipment where booking deposits were placed were executed according to the booking.
However, only a couple hundred containers have gone through the system, which is not sufficient to keep the system going commercially, 300cubits said.
Specifically, many potential users shied away from trying as they were not sure about what regulatory measures the authorities may take in respect to digital currencies. Apart from this, 300cubits has also learned that shippers face bigger booking pain point than rolling, which is what the system is designed to solve. Instead, these shippers complain that they often could not get their bookings confirmed during peak season despite their booking volume are still within contract commitment.
The company further explained that, from its experience, many of the core blockchain features such as immutability and anonymity are either not intuitive or unappealing to the business users.
With the system being suspended, 300cubits will burn at least 75% of the TEU tokens that have not been sold or picked up by the industry users. Going forward, 300cubits will burn even more TEU tokens as the ones currently being allocated to industry users circulate back to 300cubits.
Moving forward, the company said it would continue with its other projects. It plans to promote the use of blockchain in the areas of transportation and explore the use of other technologies in areas such as shipping and finance.

Posted On:1-Oct-2019



Avenir LNG s First 7,500 cbm LNG Carrier to Work for Petronas
The UK-based small-scale LNG supplier Avenir LNG Limited has partnered up with Malaysia s shipping group MISC Berhad to provide its first 7,500 cbm LNG carrier to a subsidiary of Petronas in an effort to advance LNG bunkering in Malaysia.
As informed, Petronas LNG Sdn. Bhd. (PLSB) has recently awarded a time charter party (TCP) to Avenir LNG.
The vessel will provide bunkering to LNG-fueled vessels across Malaysia in addition to transport services for small scale terminals in the region.
Through this collaboration, Avenir and MISC will form a joint venture company to manage the commercial operations of the LNG carrier whereas ship management services will be provided by Eaglestar Shipmanagement, part of MISC.
Avenir and PLSB will offer multi-modal LNG bunkering solutions and provide further support for LNG-powered vessels. Additionally, both companies intend to collaborate on the development of selected small-scale LNG projects.
Commenting on the TCP and wider collaboration, Andrew Pickering, Chief Executive Officer of Avenir LNG Limited, said:
"We are delighted to have partnered with MISC to provide our first 7,500 m3 LNG ship to PLSB to help start the bunkering activities in Malaysia and nearby areas."
"The wider cooperation with Petronas on bunkering and small scale development is what we consider very strategic in opening up this new and exciting market," he added.
Avenir currently has a total of six vessels under construction comprising four 7,500 cbm and two 20,000 cbm LNG carriers.

Posted On:1-Oct-2019



Lomar s Ship First to Drydock at Grand Bahama after Dorian
The Grand Bahama Shipyard has dry-docked its first vessel since reopening the shipyard shortly after Hurricane Dorian hit the Bahamas in September.
Taipei Trader, a 9,932-ton containership operated by Lomar Shipping Limited, docked at the No. 3 dock earlier this week, marking a major step in the return of normal operations to the shipyard.
The vessel first docked at the yard on August 25 for a routine program including propulsion and thruster maintenance, and preparation of the hull for protective coating application. On August 30, in accordance with the shipyard s hurricane procedures, the vessel had to be undocked and depart the shipyard due to the projected path of Hurricane Dorian.
Following the return and docking of Taipei Trader, Grand Bahama Shipyard resumed maintenance work and repairs on the ship, which are expected to be completed in October.
In mid-September, the shipyard welcomed the return of the 57,062-ton Agathonissos owned by Greece-based Eletson, which is currently at the pier completing repair work started prior to the storm.
Planning remains on track for the next cruise ship dry-dock at the shipyard, Carnival Cruise Line s Carnival Ecstasy, on October 5.

Posted On:1-Oct-2019



Exmar Gets Extension of USD 30 Mn Bridge Loans
Belgian owner and operator of gas carriers Exmar has obtained an extension of the USD 30 million bridge loans that were originally set to expire on September 30, 2019.
The extension comes on the back of the company s discussions with Sinosure regarding the approval for the partial release of the debt service reserve account in respect of the USD 200 million loan with Bank of China and Deutsche Bank. The discussions are still ongoing for the partial release of the DSRA before the end of the year "but so far no agreement has been reached".
Additional factors include the company s ongoing discussions with several financial institutions for a refinancing of an FSRU unit.
The financing of the FSRU under a sale and leaseback with CSSC has been signed, but not executed yet pending the security documentation requiring charterer s signature.
"Gunvor has raised some legal arguments that could lead to arbitration, which further delay the signature of security documents and hence the drawdown under the CSSC financing before the end of the month of September as originally planned. An extension of the drawdown period has been obtained until the end of October," Exmar said.
Exmar provided an update on its Tango FLNG unit, saying that it has been receiving feed gas from YPF since September 9, 2019 and has been producing LNG to its full capacity since then. In the first two weeks of operations, the Tango FLNG has transferred 25,000 cubic meters of LNG to a storage vessel chartered by YPF.
The company added that the LPG market has significantly improved over the last months with the VLGC market hovering around USD 50,000 a day for the month of September, compared to an average of USD 30,000 per day for the first half of 2019. The midsize market is following a similar trend.

Posted On:1-Oct-2019



NYK Completes World s First Maritime Autonomous Surface Ships Trial
Japanese shipping company NYK has conducted the world s first maritime autonomous surface ships (MASS) trial, making a big step toward realizing its target of manned autonomous ships for safer operations and reducing crew workload.
As informed, Iris Leader, an NYK-operated pure car truck carrier (PCTC), was navigated day and night using the Sherpa System for Real ship (SSR) navigation system.
The first part of the trial was conducted during the ship s voyage from Xinsha, China, to the port of Nagoya, Japan, from September 14 to 17, 2019, and the second from the port of Nagoya to the port of Yokohama, Japan, from September 19 to 20. The vessel s crew performed typical duties during the navigations, which included Japan’s coastal area but excluded bays.
During the trial which was carried out in line with the IMO guidelines for MASS trials, the SSR s performance in actual sea conditions was monitored as the system collected information on environmental conditions around the ship from existing navigational devices, calculated collision risk, determined optimal routes and speeds, and then automatically navigated the ship.
"Using data and experience gained through this trial but not obtainable through onshore simulators, NYK was able to ensure the feasibility of the SSR and its benefit for safe and optimal operations," the company explained.
NYK now plans to analyze the data and continue to develop the SSR into a more advanced navigation-support system by making adjustments to the difference between the optimal course derived by the program and that determined by professional human judgment.
The SSR verified by this trial would also be applied to future coastal ships, which currently face serious crew shortages, according to the company.

Posted On:1-Oct-2019



One Bourbon Rhode Crew Member Confirmed Deceased
One of the crew members from the sunken anchor handler tug supply (AHTS) vessel Bourbon Rhode has been confirmed as deceased, according to the latest update from French offshore vessel owner Bourbon.
The body of the missing seafarer was located by one of the aircraft involved in the search and has been recovered by one of the five vessels that came to assist. The seafarer s family was immediately notified and they requested that the identity not be disclosed, the company added.
Rescue operations are continuing to find the other 10 crew members, with significant maritime and air search resources deployed by the French and American authorities.
"We remain fully mobilized on search operations to find the other missing seafarers," Gael Bodénès, Chief Executive Officer of BOURBON Corporation, said.
Bourbon Rhode sank in the Atlantic Ocean after developing a water ingress in the rear part when it was hit by a category four hurricane. At the time, the ship was some 1,200 nautical miles off Martinique Island and 60 nautical miles south-south east from the eye of the hurricane Lorenzo in the Atlantic Ocean.
Mobilized rescue teams earlier recovered a lifeboat with 3 crew members inside. At the time of the incident there were a total of 14 seafarers aboard Bourbon Rhode.

Posted On:1-Oct-2019



Euroseas Finds Work for Its Only Non-Feeder Unit
Greek ship owner and operator Euroseas has secured a charter contract for its 5,600 TEU container vessel, the Akinada Bridge.
Built in 2001, the ship would be deployed on the charter for a minimum of ten and maximum of thirteen months at a daily rate of USD 16,500.
Euroseas said that the charter would commence upon completion of the vessel s special survey and drydocking and the installation of a ballast water treatment plant at a total cost of about USD 2.5 million.
The company added that it expects to fully recover the above-mentioned cost over the duration of the charter and to finance it via a loan from an entity affiliated with the company’s CEO.
"The strength of the intermediate size containership market has provided us with an opportunity to charter our only non-feeder vessel at rates that justified the investment required to complete the fourth special survey of the vessel and installation of a BWT plant. After the completion of the announced charter, we expect to have the vessel available for employment until its fifth special survey due date, i.e. for four additional years, with minimal incremental investment required beyond its operating cost," Aristides Pittas, Chairman and CEO of Euroseas, said.
"We are cautiously optimistic about the prospects of the containership market across all segments as fleet growth over the next couple of years is expected to be low by recent trends."

Posted On:1-Oct-2019



Adani group invited to develop major port at Machilipatnam
The State government has invited the Adani Ports and SEZ Limited to be part of the project to develop a deep sea port in an extent of 9,200 acres of the sea-front area on the Machilipatnam coast.
In August, the State government had scrapped the agreement signed with the Navayuga group for development of the port and took back 400 acres of land allotted to it for the purpose.

Posted On:1-Oct-2019



Credits: www.bunkerportsnews.com

Goods export from Chabahar port up by 100% in H1
The Director General of Sistan and Baluchestan Ports and Maritime Organization Behrouz Aghaei said that export of products from Chabahar s Shahid Beheshti Port in the first six months of the current year (March 21 - Sept. 22) increased 100 percent as compared to the last year s corresponding period.
He made the remarks in a press briefing on Sunday and added, "export of products has increased significantly since the beginning of the current year (started March 21) in a way that export of goods from Shahid Beheshti Port of Chabahar hit 100% growth."

Posted On:1-Oct-2019



Credits: www.bunkerportsnews.com

APM Terminals Itajai achieves record in first year of Ro-Ro operations
Celebrating its first year of Roll-on Roll-off (Ro-Ro) operations, APM Terminals Itajai, Brazil discharged more than 31,000 vehicles this month. The Terminal also recorded a productivity record, unloading 961 vehicles from the American Highway ship at 05.40 on September 7.
Traditionally focused on container operations, the opportunity to handle Ro-Ro cargo arose in March 2018.

Posted On:1-Oct-2019



Credits: www.bunkerportsnews.com

Fire on oil tankers at South Korean port injures ten
A fire that spread across two oil tankers in a South Korean port injured 10 people on Saturday, coastguard and fire officials said, adding the blaze had largely been put out.
An explosion occurred on the Stolt Groenland, a 25,000-tonne, Cayman Island-flagged oil tanker, at the southern port of Ulsan at around 10:50 a.m. (0150 GMT), a coastguard official said.
There were 25 sailors aboard, including Russians and Filipinos.

Posted On:1-Oct-2019



Credits: www.bunkerportsnews.com

Mitsubishi Shipbuilding to Build Two High-Speed Ferries for Shin Nihonkai
Mitsubishi Shipbuilding, a group company of Japan s Mitsubishi Heavy Industries (MHI), has received orders for two large, high-speed ferries from compatriot transportation company Shin Nihonkai Ferry.
To be constructed at the Tategami Main Plant of MHI s Nagasaki Shipyard & Machinery Works, the vessels are scheduled for completion and delivery in 2021.

Posted On:1-Oct-2019



EU Clears TPG s Acquisition of Genting s Dream Cruises Shares
The EU has given its approval to TPG Asia to acquire 35% of Genting Hong Kong s shares in cruise operator Dream Cruises.
The European Commission concluded that the proposed acquisition would raise no competition concerns, because there were "no horizontal overlaps or vertical links between the activities of the companies in the European Economic Area."

Posted On:1-Oct-2019



Steel Cut for "Singapore s Largest LNG Bunker Vessel
A steel cutting ceremony has marked the start of construction of what has been termed as "Singapore s larges" LNG bunkering vessel.
Built by Sembcorp Marine for Japan s Mitsui O.S.K. Lines (MOL), the bunker ship will be the second vessel of its kind in Singapore.

Posted On:1-Oct-2019



Very large ore carrier collided with bulk carrier at Itaqui, both damaged
Capesize bulk carrier WUGANG ATLANTIC collided with bulk carrier BERGE PHAN XI PANG at around 1715 UTC Sep 29, while maneuvering to berth at Itaqui port, Sao Luis, northeast Brazil. Bulk carrier BERGE PHAN XI PANG was leaving VALE Terminal at Sao Luis, understood she was also under way. Both ships said to sustain damages, but no information yet on damages extent. Both ships were anchored on Itaqui outer anchorage, and as of 0730 UTC Sep 30, remained at anchor.

Posted On:1-Oct-2019
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