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COSCO China Shipyards Diminish Group Q1 2013 Profits

The Group achieved $9.7 million net profit on turnover of $733.0 million in Q1 2013, but shipyard & drybulk operations contributions down. In Q1 2013, turnover from shipyard operations decreased by 25.5% to $719.2 million from $965.9 million in Q1 2012, owing to lower revenue contribution from the ship repair and ship building segment. The Group delivered 7 bulk carriers in Q1 2013. Of these, COSCO Zhousan and COSCO Guangdong shipyard delivered 2 bulk carriers each while COSCO Dalian shipyard delivered 3 bulk carriers. Turnover from dry bulk shipping and other businesses increased 7.8% from $12.8 million in Q1 2012 to $13.8 million in Q1 2013. Outlook As the Group continues construction in 2013 on new ship building contracts that were secured in 2010 to 2012 at low contract values due to the slumping bulk carrier shipping market then, the Group expects operating margins on these new shipbuilding projects to continue to be under great pressure notwithstanding improving gains in efficiency and productivity. In offshore marine engineering operations, the Group aims to enhance its offerings. It is currently one of the largest marine engineering groups in the People’s Republic of China. Offshore marine projects in its order book as at 31 March 2013 include 1 deep-water drillship, 1 FPSO, 1 semi-submersible accommodation rig, 1 semi-submersible accommodation vessel, 1 jack-up barge, 1 semi submersible, 1 wind turbine installation vessels, 2 pipelay vessels


Bulk Carrier into Unithai for Fix

The largest ship currently under repair at Thailand’s Unithai Shipyard is the 140,532 dwt bulk carrier Eurydice D, owned by Marmaras. Other ships in the yard include the 35,224 dwt bulk carrier Maris, owned by Trust Shipping Enterprise, Piraeus, the 22,857 dwt part containership Med Lerici, owned by B Navi, World CI’s 3,043 dwt lpg vessel Gas Eurasia, the 22,531 dwt general cargo vessel Everise Glory, owned by Everise Maritime, Kuala Lumpur, and Baba Kaiun’s 10


China's Taizhou Sanfu Yard Launches Bulker

Photo credit: Taizhou Sanfu

Taizhou Sanfu Ship Engineering Co. launch a 92,500 dwt bulk carrier for Indian owners   The builders say that this was the first PSPC compliant vessel ever built in their yard (referring to IMO's 'Performance Standard for Protective Coatings) which applies to dedicated seawater ballast tanks in all types of ships and double-side skin spaces of bulk carriers.   The vessel is 230.0 m LOA, with a molded breadth of 38.0m, and a design draft of 12.50 m. Speed is 14.90 knots


CNCo Christened MV Tunsin at Imabari Shipyard

MV Tunsin Photo CNCo

The China Navigation Company (CNCo) christened its last newbuild bulk carriers, MV Tunsin, on 16 November at the Imabari Shipyard in Japan. Tunsin is the 241st CNCo newbuilding and the 86th vessel in this series. CNCo ordered four handysize bulk carriers (Imbari38 loggers) from Imabari Shipbuilding in 2014. Deliveries of the first three vessels, MV Taiyuan, MV Tientsin and MV Tsingtao took place between July and October this year


Diana Shipping Time Charter Contracts

Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the transportation of dry bulk cargoes, announced that it has entered into a time charter contract with Louis Dreyfus Commodities Suisse S.A., for one of its Panamax dry bulk carriers, the m/v Nirefs, at a gross charter rate of $21,000 per day for a period of about 23 to about 25 months. The charter is expected to commence in the middle of February 2010.


GL Offers New Bulk Carrier Database

Shipping companies and owners of bulk carriers can now use a new database developed by Germanischer Lloyd to obtain comprehensive information about all requirements relating to the structural and equipment aspects in relation to the cargoes to be conveyed in each case. The new cargo compliance tool "PROTOS" (Provisions for Transportation of Solid Bulk Cargoes) was presented at the first Bulker Forum, which was attended by over 40 shipowners and business partners.


Dunkerque-max M/V Cape Garland Delivered

20090130_ph01.jpg

Mitsui Engineering & Shipbuilding Co., Ltd. completed and delivered the 177,000 dwt type bulk carrier MV Cape Garland (Hull No. 1693) at its Chiba Works on January 30, 2009. This ship is the newly designed Cape-size Bulk Carrier of Dunkerque-max Type. It has a double-side skin to cargo holds construction. A Dunkerque-max type is a common name for Cape-size Bulk Carriers built to the restriction of the port of Dunkirque, France


Bureau Veritas Issues First EEDI Certificate

Sinopacific's Crown63 class Bulk Carrier, JS Amazon, gains BV's first EEDI rating   Leading international classification society Bureau Veritas has issued its first EEDI (Energy Efficiency Design Index) certificate to the ultramax geared bulk carrier JS Amazon, the lead ship in a new generation of ‘CROWN63’ vessels developed by China’s  Sinopacific Shipbuilding Group with bulk carrier expert Setaf-Saget.  


G E Shipping Takes Delivery of Bulker

G E Shipping

  The Great Eastern Shipping Company Ltd. (G E Shipping) took delivery of a new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt). The vessel was ordered by GE Shipping in July 2013 and has been built at Tsuneishi Heavy Industries (Cebu) Inc., Philippines. The said vessel was contracted for sale in August 2015 and will be delivered to the new buyers this month. (See: http://www.greatship.com/pdf/JagAakashSale.pdf)


Diana Shipping Inc. Takes Delivery of New Vessel

Diana Shipping Inc. a global shipping transportation company specializing in dry bulk cargoes, today announced that it has taken delivery of the Bolina, a 73,583 dwt Panamax dry bulk carrier built in 2004, to be renamed Thetis. The vessel is chartered to Bunge S.A., Geneva, Switzerland for a period of about 36-38 months, at the charterer's option, at a rate of $25,000 per day, gross of commissions, that commenced on August 4, 2004. Diana Shipping Inc. has


"K" Line Joins Indian National Shipowner's Association

Image: KLine (India) Private Limited

 "K" Line (India) Shipping Private Ltd (KLISP), affiliated company of Kawasaki Kisen Kaisha Ltd., joined Indian National Shipowner's Association(INSA) at the end of January 2017.   KLISP was established in 2014 and actively participates in Indian Coastal Trade as well as


US Detains 2 Panama-flagged Bulkers

Two Panama-flagged bulk carriers were detained in the U.S. on February 23, 2017, after substandard safety issues discovered during routine exams aboard the vessels along the Columbia and Willamette Rivers.   The Atlantic Ruby, a 590-foot bulk carrier was boarded in Portland on February 23


MES Delivers 66,000 DWT Bulk Carrier

22nd Ship of MES’s Eco-Ship neo66BC Photo MES

Mitsui Engineering & Shipbuilding Co., Ltd. (MES) completed and delivered a 60,000 dwt type bulk carrier M.V. "INDIGO BREEZE" (MES Hull No. 1926) at its Tamano Works on 22nd February, 2017 to ARIST MARITIME S.A., the Republic of Panama.


US-flag Cargo Movement on Lakes Little Changed in January

U.S.-flag Great Lakes freighters (lakers) moved 2.1 million tons of dry-bulk cargo in January, a decrease of 125,000 tons compared to a year ago, according to the Lake Carriers’ Association  (LCA).   This January’s float was down nearly a quarter from the month’s


Another Busy Winter for Fincantieri Bay Shipbuilding

Photo: Fincantieri Bay Shipbuilding

The winter repair season is in full swing at Fincantieri Bay Shipbuilding (FBS) in Sturgeon Bay, Wis., where 16 vessels of various sizes from the Great Lakes bulk carrier fleet are in for winter repair, including five 1,000-foot bulk carriers


Diana Shipping Extends Time Charter Contract for M/v Houston

Photo:  Diana Shipping Inc.

 Diana Shipping  has announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with SwissMarine Services, Geneva, for one of its Capesize dry bulk vessels, the m/v Houston


Marine Propulsion Market Poised for Growth -Report

Photo: MAN Diesel & Turbo

The marine propulsion engine market was valued at $9 billion in 2015 and is projected to reach $12 billion by 2022, growing at a CAGR of 4.1 percent from 2016 to 2022, according to a new report published by Allied Market Research. Diesel propulsion system segment is expected to maintain its


Diana Shipping Extends SwissMarine Charter

M/V Aliki. Photo: Diana Shipping Inc.

 Diana Shipping , through a separate wholly-owned subsidiary, has agreed to extend the present time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Aliki.   The global shipping company specializing in the ownership of dry bulk


Improved Demand Easing Dry Bulk Vessel Oversupply

An impressive outlook for dry bulk demand coupled with a small orderbook of newbuilds Drewry

With contraction in vessel supply and healthy demand growth, the dry bulk shipping market is expected to recover from 2017 onwards, according to the latest edition of the Dry Bulk Forecaster, published by global shipping consultancy Drewry.


ClassNK Updates PrimeShip-HULL (HCSR) Software

ClassNK has released the latest version of its design support software PrimeShip-HULL (HCSR) Ver.4.0.0., developed in response to the IACS Common Structural Rules for Bulk Carriers and Oil Tankers (CSR BC & OT). The new version incorporates the latest rule amendments to CSR BC & OT and in


Korea Bank Puts 10 Hanjin Vessels Up for Sale

File Image: a Hanjin Boxship underway (CREDIT: Hanjin)

 Korea Development Bank, the main creditor of the dissolved Hanjin Shipping Co. and state-owned entity, has put 10 Hanjin vessels up for sale in order to source back elements of its extended loans, reports Yonhap.   According to the sources


MES Delivers Bulk Carrier Desert Harrier

Mitsui Engineering & Shipbuilding Co., Ltd. (MES) completed and delivered a 60,000 dwt type bulk carrier M.V.  Desert Harrier (MES Hull No. 1910) at its Chiba Works on February 1, 2017 to Genoa Shipping and Investment Limited, Marshall Islands.  


Panama Canal Sets Monthly Tonnage Record

File photo: Panama Canal Authority

 In January 2017, the Panama Canal set a new monthly tonnage record of 36.1 million Panama Canal tons (PC/UMS), with the transit of 1,260 ships through both the Expanded and original locks.   The previous record was established the month prior, in December 2016, when 1


Alabama Port Signs Agreement with Cuba

Photo by Alabama State Port Authority

 The Alabama State Port Authority has announced a new memorandum of understanding with the National Port Administration of Cuba, potentially laying the groundwork for future trade deals.   The five-year, cooperative agreement  was signed at the Tampa Marriott Waterside Hotel in


Star Bulk Carriers Announces Private Placement

Photo: Star Bulk Carriers Corp.

 Star Bulk Carriers Corp. announced the closing of its previously announced private placement of 6,310,272 common shares, at a price of $8.154 per share.    The aggregate proceeds to Star Bulk, net of underwriting fees and offering expenses, were approximately $50.6 million






 
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