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.: 7-Nov-2017 :. Search News
Displaying 1 to 16 of Records.
Page 1 of 1
 1  

Three More Approvals Needed for Hamburg Sud Aquisition Closure
Maersk Line has received clearance for its acquisition of German liner company Hamburg Sud in 18 jurisdictions, with three more approvals remaining to be secured, Soren Skou, CEO of Maersk Group said.

Describing the acquisition as "well-timed", Skou said that in the best case scenario the remaining approvals would be obtained by the end of this month.

As informed, the company is going through motions with the relevant authorities from the remaining three geographies on clearing the deal.

The liner major confirmed its previous expectations on launching the integration of Hamburg Sud in the fourth quarter of 2017.

To remind, South Africa's and Brazil's regulatory authorities gave their green lights to Maersk Line's proposed acquisition of Hamburg Sud in October and September respectively.

Danish container shipping company said it would acquire Hamburg Sud for USD 4 billion on a cash and debt-free basis, which it plans to fully finance through an already secured syndicated loan facility.

Once the acquisition is completed, Maersk Line and Hamburg Süd will have a total container capacity of around 3.9 million TEU (3.3 million TEU) and an 18.7% (16%) global capacity share. The combined fleet will consist of 743 container vessels.

Estimated cost synergies are expected to range between USD 350-400 million by 2019 as earlier announced.

World Maritime News Staff

Posted On:7-Nov-2017



Credits: worldmaritimenews.com

Monjasa Adds Largest Member to Its Fleet
Denmark-based maritime company Monjasa has decided to expand its fleet with a D-Class product tanker from SKS Holding.

As explained, the 119,000 dwt ship will become the largest ever member of Monjasa's fleet.

The 2010-built tanker will form part of Monjasa's operations covering the West African continent, comprising 15 tankers delivering a total of 1.5 million tons of marine fuel yearly.

"It's a pioneering move to apply an SKS D-Class tanker as a floating storage and this first-class vessel becomes the largest ever member of Monjasa's fleet," Anders Ostergaard, CEO of Monjasa Group, commented.

The vessel comes with six double valve segregations and is equipped with Framo deep-well cargo pumps for each individual tank, Monjasa said.

Monjasa will soon take delivery of the vessel in Europe. The tanker, which joins on time charter terms, will be in full operation off West Africa during December 2017.

Flying the flag of Norwegian International Ship Register, the vessel features a length of 250 meters and a width of 45 meters.

Posted On:7-Nov-2017



Credits: worldmaritimenews.com

USS Indiana crew members visit county
USS Indiana crew members visit county  Journal ReviewFull coverage

Posted On:7-Nov-2017



Credits: www.journalreview.com

APM Terminals Remains in the Red in Q3
Market headwinds coupled with overcapacity woes have kept APM Terminal's business performance in the red with the terminal operator booking a loss of USD 267 million in the third quarter, against a profit of USD 131 million from a corresponding quarter year earlier.

The additional costs related to the cyber-attack have also exerted further pressure on the company's earnings.

APM Terminals posted a loss of USD 100 million in the second quarter of 2017 amid impairments of USD 250 million from some of its financially troubled terminals.

"The reported loss was impacted by impairments of USD 374 million related to terminals in markets with challenging commercial conditions," the company said.

The terminal operator recorded an underlying profit of USD 110 million (USD 126 million), also negatively impacted by the challenging market conditions in the industry.

Revenue of USD 1.0 billion was hit by the loss of service in North America partially offset by volume increase in other markets.

Average terminal utilisation was 64% and 68% down from 70% when excluding the terminals that have started operation this year, Lazaro Cardenas, Mexico, Izmir, Turkey and Quetzal, Guatemala.

APM Terminals volume was 6.5% higher at 10.2m TEU (9.5m TEU) weighted by the share of equity in each terminal, mainly due to strong volumes in Rotterdam, the Netherlands, joint venture terminals in China and terminals that have started operation this year.

Operating business generated an underlying profit of USD 117m (USD 131m), while projects under implementation realised an underlying loss of USD 7m (loss of USD 5m) stemming from start-up costs. The share of profit in joint ventures and associated companies was a loss of USD 182m (profit of USD 57m), impacted negatively by impairment in joint venture terminals.

During the quarter, APM Terminals inked a deal to divest the majority shareholding in APM Terminals Zeebrugge, Belgium to COSCO SHIPPING Ports. The transaction is expected to be finalised in Q4 subject to customary regulatory approvals and with only a minor financial impact.

Speaking of the market, the terminal operator pointed to the signs of stability on the East-West Network with the networks of major alliances in place.

"While APM Terminals lost some services following the changes in alliances, volumes are now positively impacted following the extension of 2M with HMM, and Hamburg Süd participation on some services," the company said.

For the nine-month period, APM Terminals reported a loss of USD 276 million, reversing from a profit of USD 351 million booked a year earlier.

Posted On:7-Nov-2017



Credits: worldmaritimenews.com

Scorpio Buying Four More Bulkers
Monaco-based dry bulk shipping company Scorpio Bulkers has entered into two separate agreements with unnamed parties to acquire one Kamsarmax and three Ultramax dry bulk vessels.

As informed, the ships will be bought for USD 90 million, of which USD 77.1 million is payable in cash and the remaining consideration is in the form of approximately 1.592 million common shares of the company to be issued to one of the sellers.

All of the Ultramax vessels were built at Chengxi Shipyard in China. Two of them were delivered in 2014 and one in 2015.

The Kamsarmax bulk carrier is a resale unit whose construction will be supervised by the company and which will be delivered from Jiangsu New Yangzijiang Shipbuilding in China in the second quarter of 2018, Scorpio Bulkers said.

The cash component of the vessel acquisitions will be funded by cash on hand, as well as new debt facilities which are currently under discussion with the company's lenders.

In September, Scorpio Bulkers also entered into agreements with Golden Ocean Group Limited (GOGL) to buy six Ultramax vessels.

Following the completion of its recent acquisitions of nine Ultramaxes and one Kamsarmax, the company will own or finance lease 56 vessels. In addition, Scorpio time charters-in one Ultramax.

On the back of an improvement in dry bulk rates, Scorpio Bulkers managed to cut its net loss for the period ended September 30. For the third quarter of 2017, the company’s GAAP net loss was USD 10.7 million, compared to a GAAP net loss of USD 21.3 million reported in the same period a year earlier.

Posted On:7-Nov-2017



Credits: worldmaritimenews.com

First of Four Balearia Eco Ferries Launched
Spanish shipbuilder Astilleros Gondan has launched the first vessel from a batch of four GRP eco fast ferries for shipping company Balearia.

Launched on November 3 at the facilities of the shipyard's GRP division, the ferry is scheduled to join its owner at the end of the year.

The 28-meter-long vessels, which will be capable of carrying 350 passengers, have been designed focusing on eco-efficiency, comfort and speed during navigation. They will be named Eco AQUA, Eco TERRA, Eco AIRE and Eco LUX.

The ferries will feature a wave-piercing bow which displaces water towards the side tunnels in order to maintain speed and reduce wave slamming. They will have a maximum speed of 28 knots.

Astilleros Gondan informed that the units have photovoltaic solar panels, which supply the necessary energy for onboard services, as well as 1450 hp diesel engines, which minimize emissions of polluting gases.

These catamarans, which will be finished between the end of this year and the middle of 2018, are designed to be able to operate in the different short distance trips that the shipping company makes in the Balearic Islands, the shipbuilder informed.

Posted On:7-Nov-2017



Credits: worldmaritimenews.com

Ince & Co: Shipping Should Prepare for More Cyber Attacks
Shipping and transportation companies have been advised to prepare for more cyber attacks in the wake of recent high-profile incidents.

Following the widespread impact and disruption caused by the WannaCry and NotPetya attacks earlier this year, a spate of incidents in the recent weeks has highlighted the evolving threat to not only shipping companies, but other parts of the supply chain, according to the international law firm Ince & Co.

Shipping company BW Group revealed last month that it was hacked in July, causing its computer systems to go offline. The incident followed a large-scale cyber attack on Danish A.P. Moller-Maersk on June 27, which shut down IT systems across multiple sites and business units owned by the company. The attack has cost the company up to USD 300 million.

In addition, so-called ethical hackers claimed to identify security flaws in the onboard satcom boxes of satellite communications company KVH, whilst a cyber security specialist reported on vulnerabilities in Inmarsat's shipboard communications platform. Both KVH and Inmarsat have since responded to these claims.

Ince & Co informed that the root cause of this challenge is that increasing digitalisation, advances in satellite communications, and a drive towards greater technological efficiencies "all increase the risks for owners and operators rushing for the benefits, without considering the side effects."

"Throughout 2017, we have seen headline-worthy cyber attacks occur with growing frequency and severity. A number of high-profile companies have already fallen foul of the risks posed by the increasing digitalisation of our industry," Rory Macfarlane, Partner, Ince & Co Hong Kong, said.

Macfarlane added that "what we see now is the tip of the iceberg." The size of the threat is underplayed due to a reluctance within the industry for victims of a breach to share their experiences for the collective good.

To be sure in the security of their systems, companies must begin to develop comprehensive security and response plans as soon as they can. In the world of cyber prevention, by far the best form of defence against cyber crime lies in a concerted, top-down effort to planning and prevention.

"The message is simple: improving your cyber protection need not be costly. Significant improvements can be made for a modest investment. But prevention is always better than a cure, and the creation of a culture of cyber security is essential," according to Macfarlane.

"Shipping is on the cusp of dramatic evolutions in how business is conducted, goods are moved and deals are sealed. But as we embrace all of the benefits new technology has to offer, it is only right that we also examine the risks, lest we fall foul of them ourselves."

Macfarlane informed that it may be time for the focus of the debate to shift from cyber security to cyber preparedness. As the amount and sophistication of attacks increase, and the digital and human attack surface expands, "the chances of permanently keeping threat actors out of our businesses is diminishing month on month."

Posted On:7-Nov-2017



Credits: worldmaritimenews.com

OSMC Holds India Seafarers Conference
Oman Ship Management Company (OSMC) has staged a conference in India enabling seafarers to share best practices and expand industry knowledge. It comes as OSMC figures reveal growth in its managed fleet expanding from 27 to 38 in last two years, largely due to expansion in its chartering business.


More than 100 delegates joined the Officer's Conference at the JW Marriot in Juhu, Mumbai. The two-day event involved seafarers from OSMC fleet vessels, office staff, crewing agencies and industry experts such as from Shell, P&I Clubs and Lloyds Register. It included a social gathering at gala dinner for the attendees and their families.

Chief Operation Officer of OSMC Captain David Stockley said the annual event provides a platform for seafarers to connect with the firm’s senior management to discuss a broad range of pressing maritime matters.

"The 2017 annual Officer's Conference performs an extremely important role each year as OSMC strives to deliver best practice on all vessels within its fleet. We selected Mumbai as the host location for a second year running. This is due to our large proportion of Indian seafarers, as well as the region’s reputation as a major international shipping hub.

"The conference provides a unique opportunity for seafarers and company's top management to discuss a range of key issues for an extended period. This includes current and future trends in the maritime industry, regulatory development and practical problem solving at sea. Attention was devoted to matters including human resources management, oil pollution, technical faults and breakdowns.

"This year we also received insightful presentations from Shell on resilience and dealing with crisis at sea as well as an outline of Shell's criteria on ranking. Our delegates further benefitted from a fascinating presentation from Captain Tony Field of Lloyds Register on fuel oil testing. Our valued seafarers were also given a fleet overview while addressing lessons learnt from incidents in the last year. A session dedicated to customers feedback and a reflective learning work shop also proved highly useful for staff development."

OSMC is a subsidiary of Oman Shipping Company (OSC). OSC currently operates more than 50 ships of different types and sizes with a total cargo carrying capacity of about 8 million tons.
OSC's wide ranging fleet spans from very large crude carriers (VLCCs), liquefied natural gas (LNG) carriers, product tankers, multi-purpose vessels, bulk carriers and container ships, to serve Oman’s oil and gas, petrochemical and other industries.

Captain Stockley added, "We look after of OSC's in-house ship management. We have strong experience in technical management and have formed effective working structures to enhance the link between vessels and offshore support through crew, operation and HSE departments. This event is a clear testimony of company's commitment to continually enhancing the safety culture.

"However, we are always aiming to improve. This latest conference highlights OSMC's continuing and constant commitment to safety, best practice and environmental responsibility. Through shared knowledge and experience we are able to strive for the very highest safety standards and ensure continued development of all staff, at all levels."

Posted On:7-Nov-2017



Fuel-Guzzling Yacht Industry Wades Into Hybrid Technology
By Nathan Crooks (Bloomberg) — Even the diesel-guzzling yacht industry is exploring hybrid engine technology. Luxury boat makers have trailed behind automakers in the quest for new ways to power engines, but Thomas Conboy, North America sales agent for Dutch yacht company Heesen, said his industry is paying attention to the growing demand for environmentally-friendly […]

Posted On:7-Nov-2017



Credits: feedproxy.google.com

First cruise ship returns to St. Croix on Nov. 11
First cruise ship returns to St. Croix on Nov. 11  St. Lucia News Online (press release)Full coverage

Posted On:7-Nov-2017



Typhoon kills 44, leaves 19 missing in central Vietnam
Typhoon kills 44, leaves 19 missing in central Vietnam  XinhuaTyphoon death toll in Vietnam climbs amid widespread floods  The Spokesman-ReviewFull coverage

Posted On:7-Nov-2017



Credits: news.xinhuanet.com

8 ships sank, biggest maritime disaster in Vietnam history
Nov 6 Update: according to officials, 8 cargo ships said to sank, 25 crew still missing, 4 or 10 reported dead. Some 18 SAR, Navy and CG ships and boats deployed in SAR, searching for survivors. Typhoon Damrey caused biggest Vietnam maritime disaster in modern history.

Posted On:7-Nov-2017



Dry Bulk Shipping: take good care of the recovery says BIMCO
Demand: Even without much support from Brazilian iron ore exports during August, capesize rates went from $10,000 to $17,000 per day. In September, those gains were retained until Chinese Golden Week in early October reduced trip chartering interest, dampened demand and lowered the freight rates. Not dramatically, but noticeably. Capesize ships have (as of 26 ...

Posted On:7-Nov-2017



Credits: www.hellenicshippingnews.com

Upbeat outlook for dry bulk charter rates from 2018 onwards
Drewry expects dry bulk shipping charter rates to recover from the second quarter of 2018 on the back of strengthening Asian iron ore demand, according to the latest edition of the Dry Bulk Forecaster, published by global shipping consultancy Drewry. For the medium and long term, Drewry holds the same views as in previous forecasts. ...

Posted On:7-Nov-2017



Credits: www.hellenicshippingnews.com

DP World To Develop Free Zone In Somaliland
Global trade enabler DP World will develop a greenfield economic free zone in Somaliland to complement the development of the Port of Berbera, which has seen record container volumes under DP World management. DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem and Republic of Somaliland Minister for Foreign Affairs and International Cooperation Dr. ...

Posted On:7-Nov-2017



Credits: www.hellenicshippingnews.com

The lemmings are back
The shipping industry is an interesting one; it is one of the least concentrated industries around with far too many players in virtually all sectors, writes Ben Hackett. Despite customer complaints about collusion, it is very market driven, driving prices down. Historically, the industry came to realise that in the world of shipping the only ...

Posted On:7-Nov-2017



Credits: www.hellenicshippingnews.com
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