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News Flash! Greek Shipowners Prefer Bulkers

BIMCO Greek Bulkers (Eric Haun).jpg

The buying interest from Greek ship owners is focused on bulkers to an increasing extent, BIMCO said. Data from VesselsValue.com reveal that Greek owners were at the buying end of 43% of all bulker sales completed so far in 2014. As of June 2014, the number of Greek bulker purchases so far is 91, compared to 81 for the full year of 2012. The level of activity seen so far in 2014 would suggest Greek owners are on target to top the 199 bulker purchases completed in 2013. “The interest is much centered on bulkers and has become more and more explicit over the past two years, whereas Greek buying interest in tankers and containerships is flat,” said Peter Sand, Chief Shipping Analyst, BIMCO.  The market share of Greek tanker purchases has averaged at 19% in the past 2.5 years. So far this year, Greek owners has bought 39 tankers, only 12 of these built before 2000. Newbuild Investment Greek ship owners are not only the most active nation when it comes to sales and purchases, they are also investing the most in newbuilding contracts, BIMCO reported. Since 2010, contracts made by owners in Greece total $51B, dwarfing the likes of Norway and China as buyers. “The Greek ship owners’ interest in newbuilding contracts has continued into 2014, where 73 new contracts valued at $4.3 billion have been signed,” said Sand


ITIC Says: Ship Managers Must Beware of Increase in Claims by Owners

iticlogoweb.jpg

International Transport Intermediaries Club (ITIC) says it has seen a noticeable increase in claims against ship managers by shipowners who are going through difficult financial times. In the latest issue of its Claims Review, ITIC notes that, as result of their financial difficulties, owners resist paying for the full maintenance of their ships and also end up owing ship managers not only for their own fees but also for disbursements paid on owners’ behalf


Exculpatory Clause in Maritime Contract

The U.S. Court of Appeals for the Eighth Circuit ruled that a clear and unequivocal exculpatory clause may exonerate a marina owner from liability to vessel owners for simple negligence. In the instant case, owners of vessels berthed at the marina signed slip agreements containing exoneration clauses. A marina employee negligently repaired a fuel pump on a vessel at the marina. The vessel caught fire and the fire spread to adjacent vessels. The vessel owners sued the marina


Sea Tow Awards New U.S. Franchises

Sea Tow Services International Inc., announced the opening of four new franchises: Sea Tow Buzzards Bay (Mass.), Sea Tow Montauk (N.Y.), Sea Tow Lake Eufaula (Ala.) and Sea Tow Lake Lewisville (Tx.). The company also announced the sale and transfer of ownership of three existing franchise areas. Captain Walter Garschagen is the new owner of Sea Tow Central Hudson (N.Y.), Jim and Jan Pulley are the new owners of Sea Tow Table Rock Lake (Mo.), and Capt


Emergency Evacuation Plan Does Not Create Legal Duties

The U.S. Court of Appeals for the Fifth Circuit has ruled that an Emergency Evacuation Plan for a mobile offshore drilling unit (MODU) does not create legal duties to third parties. U.S. Coast Guard requires the operator of MODUs located on the U.S. outer continental shelf to prepare and submit an emergency evacuation plan. Two employees on a MODU alleged that they were injured while being evacuated to shore as a hurricane approached


BIMCO: Greek Shipowners Prefer Bulkers

BIMCO Greek Bulkers.jpg

The buying interest from Greek ship owners is focused on bulkers to an increasing extent, BIMCO said. Data from VesselsValue.com reveal that Greek owners were at the buying end of 43% of all bulker sales completed so far in 2014. As of June 2014, the number of Greek bulker purchases so far is 91, compared to 81 for the full year of 2012. The level of activity seen so far in 2014 would suggest Greek owners are on target to top the 199 bulker purchases completed in 2013.


Port of Houston Deepening Project Hits Legal Snag

The Port of Houston Authority Commissioners voted recently to appeal the U.S. District Court's January 25 ruling that the Port should pay for the removal and relocation of pipelines to accommodate the widening and deepening of the Houston Ship Channel. "We believe Congress clearly specified in 1996 that pipeline owners, not the taxpayers of Harris County, should pay for the removal and relocation of pipelines needed to widen and deepen the Ship Channel," said Port Chairman James T. Edmonds


Tanker Owners Fight Back

Tanker owners, who have been retreating on freight rates for crude cargoes for several weeks, have started to fight back in recent days, especially for prompt loading dates, brokers said on Thursday. The defiant mood was illustrated by the fixture of a VLCC from the Tankers International pool to Petronas at W57.5 ($0.45), about 40 percent above the prevailing market rate. Loading in the Mideast Gulf is scheduled for two days' time with discharge in Malacca, brokers said.


GAC China Launches New Pollution Control Service

GAC China launched a new specialist service to help ship owners comply with stringent new anti-pollution regulations that come into force at the country’s ports on March 1, 2012. Under the China Maritime Safety Agency (MSA) rules, owners and operators of vessels carrying any cargo deemed to represent a potential pollution risk in Chinese territorial waters must work with a Government-approved Ship Pollution Response Organisation (SPRO) to establish and implement a detailed Ship Pollution


ClassNK Announces Massive Expansion in Europe

Signing Ceremony - 6-6-13 Oslo.jpg

Classification society ClassNK announced it will soon open more than five new offices in Europe. The announcement was made during a press conference held during the Nor-Shipping 2013 exhibition, and was highlighted by a special signing ceremony which saw four renowned Northern European owners officially transfer nearly a dozen vessels to ClassNK. The new expansion which includes new offices already established in Klaipeda, Lithuania, and Ebeltoft


NY Harbor Supply & Distribution Fall Reception/Buffet

More than 600 attendees are expected at the 52nd annual New York Harbor Supply & Distribution Fall Reception/Buffet for the energy and energy related industries at the NY Hilton Hotel Trianon Ballroom, New York on Thursday, October 16, 2014.


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners


DOF Installer Sells Offshore Vessel

Photo: DOF Subsea AS

DOF Subsea AS subsidiary, DOF Installer ASA, reported the sale of one of its three sister ships, an anchor handling tug supply (AHTS) vessel, to an international buyer. According to the company, the sale will release approximately $1.7 million for the DOF Group after redemption of debt.


ITIC Urges Shipbrokers to Put it in Writing

 ITIC has warned shipbrokers that they face the risk of serious financial loss if they fail to ensure that all parties to fixture agreements are in possession of full, confirmed information prior to the conclusion of negotiations.  


ISS Chile Advising on Oil spill at Quintero Bay

Site of the oil spill South beach of the Primera Angostura in the Magellan Straits (Estrecho de Magallanes)

  Inchcape Shipping Services (ISS) Chile is advising of an oil spill at Quintero Bay, Nr Valparaiso, Chile, following an incident on Thursday 24th September at the Monobuoy Terminal when the MT Mimosa cut off hoses and cargo connection, resulting in a spill of around three cubic metres at sea


German Shipbuilder FSG Taken Over by Siem Industries

Ships hull: File photo

The German Shipyard Flensburger Schiffbau-Gesellschaft (FSG) informs that it has a new owner: the Norwegian controlled Siem Industries will take over command of the shipyard, including all its employees. Peter Sierk and Frank Bywater, the two Managing Directors of FSG


World Maritime Day 2014 Celebrated in Mumbai

World Maritime Day 2014 Celebrations in Mumbai

  25th September, the Day when the World Maritime Day gets celebrated in Mumbai is an event well-known among the seafaring community and in the shipping and other related circles. Though other centers in India too have their own celebration but many make it a point to attend the one that is


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners


Dorian LPG Announces Delivery of the "Corsair"

  Dorian LPG Ltd., a leading owner and operator of modern Very Large Gas Carriers ("VLGCs"), today reported that it has taken delivery of the ECO VLGC "Corsair" from Hyundai Heavy Industries. The "Corsair" will initially trade in the spot market and is the


Felixstowe Port Receives Full AEO Status

Port of Felixstowe

  The Port of Felixstowe, the Port of Britain, has become the first UK port to receive full Authorised Economic Operator (AEO) status. The AEO initiative was introduced by the European Commission through the Union Customs Code to help simplify customs procedures and secure international


AMI Helps Long Island Maritime Firms Collect 'Sandy' Cash

AMI logo

The Association of Marine Industries (A.M.I.) says it is actively helping Long Island marine based companies recover lost revenue from Hurricane Sandy through NY Rising, a designated New York State funding program. The A.M.I. is making a strong push to ensure that NY Marine based companies are


Dorian LPG Receive Second New VLGC

A VLGC: File photo

Dorian LPG Ltd. operators of Very Large Gas Carriers ("VLGCs") says it has received the 'Corsair', the second VLGC in its newbuilding program. ECO VLGC "Corsair" was delivered from Hyundai Heavy Industries and will initially trade in the spot market.


The New Pipeline

TracVision M9 on Tanker web.jpg

Competition in the maritime communications sector is fierce, and ship owners are the winners as service from land-to-sea is becoming faster and cheaper. MR spoke with KVH’s Jim Dodez in Athens at Posidonia for his insights on the present and future of connectivity at sea.  


Aker Evaluating Future of US Shipyard, ASC

Aker Philadelphia Shipard view: Image courtesy AKPS

Norway's Aker ASA may decide to merge or otherwise restructure two listed units that have seen strong benefits from the U.S. shale oil energy boom, Aker's Converto investment vehicle said in a statement released late on Monday. Converto, the top owner of both Aker Philadelphia Shipyard and


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners






 
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