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.: 10-Apr-2019 :. Search News
Displaying 1 to 11 of Records.
Page 1 of 1
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GOGL Takes Stake in Singapore Marine
Norway-based dry bulk shipping company Golden Ocean Group Limited (GOGL) has acquired a 15% ownership interest in Singapore Marine, a dry bulk freight operator.
Thomas Semino, Chief Commercial Officer of Golden Ocean, will be appointed as a Director of Singapore Marine.
"While Singapore Marine will operate independently from Golden Ocean and our participation in the company is primarily financial, we expect to derive additional value through this relationship," Semino commented.
As informed, Singapore Marine will initially focus on the Post Panamax to Capesize vessel segments.
The company, which has offices in Singapore, Geneva and Verbier, will seek to generate returns in all market conditions by employing an asset-light business model.
Singapore Marine has raised USD 105 million in available capital where Golden Ocean has provided USD 10 million in equity and USD 10 million in available subordinated shareholder loan.
Singapore Marine is sponsored by Peter Weernink, the former Chief Executive Officer of Swiss Marine SA. Weernink, who has a long track record of successfully growing dry bulk freight operations businesses, is the largest shareholder in the company.
GOGL currently has 77 vessels on the water with an average age of 5.5 years and commercial platform with an additional 44 ships under management.

Posted On:10-Apr-2019



NGO: 142 Ships Beached in South Asia in Q1
A total of 142 ships, from the 181 ships broken in the first quarter of 2019, were sold to the beaches of South Asia, according to the NGO Shipbreaking Platform.
During the three-month period, US, Saudi Arabian and Singaporean ship owners sold the most ships to South Asian yards, followed by Greek and South Korean owners.
More than half of the ships sold to South Asia this quarter changed flag to the registries of Comoros, Niue, Palau and St. Kitts and Nevis just weeks before hitting the beach.
Between January and March, three workers have lost their lives and four were severely injured when breaking ships in Bangladesh.
According to local sources, a worker lost his life in late January while working at S. S. Green Ship Breaking yard, located on the beach of Chittagong, Bangladesh. Two more workers dies when a fire broke out in the engine room on board the tanker S WARRIOR at Shagorika Ship Breaking Yard in mid-February.
No severe accidents were reported in India and Pakistan. Whilst information on accidents in Alang remain difficult to obtain due to lack of access and transparency, a significant decrease in scrapping activities has contributed to a quarter with no recorded accidents in Gadani, NGO Shipbreaking Platform explained. In the last six months, 70% of the workers are said to have lost their job.
The EU Ship Recycling Regulation became applicable on January 1, 2019. According to the Regulation, EU-flagged vessels have to be recycled in approved facilities included in the EU list. At least five ships were scrapped in accordance with the new requirements.
However, the platform recorded at least seven ships that swapped their European flag to that of a non-EU registry prior the last voyage to the shipbreaking yard in order to circumvent the legislation.
NGO Shipbreaking Platform said that the shipping industry claims that it is forced to re-flag as there is not enough capacity on the EU list. A report published in September last year by the platform and Transport & Environment, however, showed that there was more than enough capacity, both in terms of tonnage and size, to cater for the EU flagged end-of-life fleet. Since then, two Turkish yards, a yard in the US and more European yards have been added to the list.
This week the European Commission also announced that it intends to add a further eight yards operating in Denmark, Norway and Turkey to the list.

Posted On:10-Apr-2019



US Blacklists Two Shipping Firms, Tanker for Violating Venezuela Sanctions
The U.S. Department of the Treasury has blacklisted two shipping firms and a number of vessels, including one Greek tanker, in relation with the U.S. sanctions on Venezuela.
The two companies are the Liberia-based Ballito Bay Shipping and Greek ProPer In Management, respectively the registered owner and the operator of the blacklisted tanker.
The Liberia-flagged 71,600 dwt crude oil tanker Despina Andrianna was delivering crude oil from Venezuela to Cuba during February and March of 2019 in violation of American sanctions, according to the Department of the Treasury.
Additionally, the Office of Foreign Assets Control (OFAC) identified 34 vessels as blocked property of Petroleos de Venezuela (PdVSA), which was blacklisted on January 28, 2019, for operating in the oil sector of the Venezuelan economy.
"Cuba has been an underlying force fueling Venezuela s descent into crisis. Treasury is taking action against vessels and entities transporting oil, providing a lifeline to keep the illegitimate Maduro regime afloat," Steven T. Mnuchin, Treasury Secretary, said.
"Cuba continues to profit from, and prop up, the illegitimate Maduro regime through oil-for-repression schemes as they attempt to keep Maduro in power. The United States remains committed to a transition to democracy in Venezuela and to holding the Cuban regime accountable for its direct involvement in Venezuela’s demise."
The U.S. said it continues to take strong action against the regime of former President Nicolas Maduro, not only to isolate corrupt Venezuelan enterprises, but also to target Maduro s supporters in Havana who continue to enable the oppression of the people of Venezuela.

Posted On:10-Apr-2019



CLIA: Global Cruise Passenger Numbers Grow in 2018
Cruising continued at a paced growth around the world, with a 6.7 percent increase from 2017 to 2018, according to Cruise Lines International Association (CLIA).
As informed, a total of 28.5 million passengers traveled onboard cruise ships last year.
Research showed that North American travelers continue to embrace cruising with an annual passenger increase of 9 percent year-over-year (YOY). Around 14.2 million passengers in 2018 were from North America, representing 49.9 percent of global ocean passengers.
In addition, 25.1 percent of total passengers came from Europe, followed by Asia-Pacific and South America.
While the cruise sector represents 2 percent of the overall global travel industry, this segment is on pace with international tourism worldwide. According to the latest UNWTO World Tourism Barometer, international tourist arrivals grew 6 percent in 2018, totaling 1.4 billion while cruise travel grew at almost 7 percent during the same timing.
"It is not surprising that cruise travel is on par with overall international tourism growth. Cruising makes international travel accessible for travelers worldwide and it is apparent in the 2018 CLIA global passenger findings," Kelly Craighead, president and CEO, CLIA, commented.
"From a renewed interest in cruises to the Mediterranean to a significant increase in adventure cruising, travelers are embracing cruise travel more than ever before," she added.

Posted On:10-Apr-2019



German freighter collided with Lock s control center, Kiel
General cargo ship BBC AMETHYST struck control center of Kiel-Holtenau Lock, Kiel, at around 0645 LT Apr 7, while entering Kiel Canal, en route from Sweden to Rotterdam. Reportedly, the ship was moving at too high speed to be stopped safely. Center s roof was damaged, but Lock wasn t closed down. The ship was said to sustain slight damages, and allowed to continue Canal transit. BBC AMETHYST transited Canal and docked at Rotterdam on Apr 9.

Posted On:10-Apr-2019



Manila International Container Terminal yard utilization down by 20%
Yard utilization at the Manila International Container Terminal (MICT) has declined by nearly a fifth following government efforts to solve port congestion by cracking down on overstaying cargoes, port operator International Container Terminal Services Inc. (ICTSI) said.
The listed company owned by tycoon Enrique Razon yesterday lauded the concrete steps undertaken by the government to clear Manila ports of overstaying containers.

Posted On:10-Apr-2019



Credits: www.bunkerportsnews.com

Strategic disinvestment of Kamarajar Port in Chennai begins
Department of Investment and Public Asset Management (DIPAM) of Union Finance Ministry has commenced the process of strategic disinvestment of Kamarajar Port Limited (KPL). Bids have been invited to appoint a legal adviser.
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, on February 28 had given in principle approval for strategic disinvestment of 100 per cent equity shares of Government of India in KPL to Chennai Port Trust in a single stage process, by following Arm s length principles.

Posted On:10-Apr-2019



Credits: www.bunkerportsnews.com

Singapore, Malaysia suspend port limit implementation
At 12.01am yesterday, Malaysia and Singapore mutually suspended the implementation of their overlapping port limits.
Both countries reverted to the arrangements in place before Oct 25 and Dec 6, respectively, the Maritime and Port Authority of Singapore said.

Posted On:10-Apr-2019



Credits: www.bunkerportsnews.com

GT USA Wilmington Confirms New Partnership With Long Time Port Of Wilmington Tenant
GT USA Wilmington, the U.S. arm of Gulftainer, the world s largest, privately owned, independent ports and logistics company, has welcomed the commencement of a new partnership with Chiquita Fresh North America, which will see the continued presence of the company at the Port of Wilmington through the next decade.

Posted On:10-Apr-2019



Credits: www.bunkerportsnews.com

Fire Destroys RoRo Ship off Saudi Arabia
Panama-flagged roll-on/roll-off (RoRo) ship Al Fayrouz caught fire while underway in the Red Sea on April 8.
According to Saudi Arabian Border Guards, the 101-meter was in international waters, 60 nautical miles off Saudi Arabia s Farasan Islands, when the incident occurred.

Posted On:10-Apr-2019



US Ports See Retail Imports Growth as Tariffs on Chinese Goods Are Delayed
Major U.S. container ports are witnessing an increase in retail imports on the back of a delay of U.S. tariff increases on Chinese goods and the approaching summer season, according to the National Retail Federation.
U.S. ports covered by Global Port Tracker handled 1.62 million TEU in February. That was down 14.3 percent from January and down 4 percent year-over-year.

Posted On:10-Apr-2019
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