Baltic Exchange Authorized as Benchmark Administrator in the EU
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The Baltic Exchange’s subsidiary, Baltic Exchange Information Services Ltd (BEISL), has been authorized by the UK’s Financial Conduct Authority (FCA) as a benchmark administrator under EU Benchmark Regulation. This means that the Baltic Exchange’s daily dry bulk, tanker and gas freight indices are regulated by an EU National Competent Authority.“We are very pleased to have received authorization from the FCA,” commented Baltic Exchange Chief Executive Mark Jackson.
US Passenger Vessel Operators Seek Financial Assistance
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U.S. passenger vessel operators suffering low ridership and large economic losses amid the COVID-19 pandemic are urging President Donald Trump to include the hard-hit sector in the administration's plans to provide economic assistance to American businesses that have experienced financial hardship due to the coronavirus outbreak.The Passenger Vessel Association (PVA), a trade group representing the domestic passenger vessel industry…
ABB Supporting Sustainable Arctic Shipping
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High in the Arctic Circle lies the Northern Sea Route, one of the planet’s vital shipping arteries. It cuts a journey by almost a third compared to the southern route but it is passing through waters which are mostly frozen.The northern route connects east and west, allowing cargo to be transferred from northern Europe to northeast Asia, via the Bering Strait. It’s a 30% faster passage than the southern Europe-Asia alternative via the Suez Canal and is attractive to shipping companies…
Two Firms Vie for Submarine Batteries Contract
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Contracts for the design of the Main Storage Batteries Stages 1 and 2 for the Attack Class submarines have been awarded. PMB Defence, based in Adelaide and Sunlight, based in Greece have been contracted to provide design, prototyping and qualification activities for the Main Storage Batteries. Both organizations will provide shipbuilder Naval Group with the data necessary to select one as the preferred…
Winter Work on the Great Lakes
![(Photo: Fincantieri Bay Shipbuilding)](https://images.marinelink.com/images/maritime/w100h1500/photo-fincantieri-bay-shipbuilding-110976.jpg)
Along the 1,600-mile, ice gray arch of the St Lawrence Seaway, the 2020 Great Lakes commercial shipping season will lurch back to life on March 25 when the Soo Locks at Sault Ste. Marie, Mich. reopen.The ceremonial opening signals a passage with passable ice and the 114th Great Lakes season for its fleet of 45 venerable lakers. Most of these huge self-loading freight haulers are at least 50 years old…
Baltic Index Hits 1-week Low on Sluggish Demand
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The Baltic Exchange's main sea freight index fell to a one-week low on Monday, hurt by weaker rates for panamax vessels, which outweighed an uptick in demand for the capesize and supramax segments.The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, fell 8 points, or 1.3%, to 623, marking its biggest daily fall since Feb. 7 and its lowest level since March 9.The panamax index shed 37 points…
USCG Medevacs Injured Fisherman
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The U.S. Coast Guard medevaced an injured fisherman Saturday from a boat 170 miles southwest of Kodiak Island, Alaska.A Coast Guard helicopter crew from Air Station Kodiak hoisted the 49-year-old man from the 58-foot fishing vessel Alaskan Dream at approximately 1:15 p.m. He was transported to Air Station Kodiak and placed in the care of awaiting local EMS.Watchstanders in the Coast Guard 17th District command center in Juneau received the initial call from the Alaskan Dream at about 9 a.m.…
Libya's NOC says Jet Fuel Illegally Shipped to East
A shipment of jet fuel was shipped to eastern Libya recently in violation of United Nations sanctions and other international agreements, Libya's National Oil Company…
Lee Named GNS Chief Executive
![Kent Lee (Photo: GNS)](https://images.marinelink.com/images/maritime/w100h1500/kent-lee-photo-gns-110969.jpg)
Maritime services group Global Navigation Solutions (GNS) has appointed Kent Lee as Chief Executive Officer with effect from January 15, 2020. Kent’s appointment follows the acquisition of GNS by the Cornes Group in November 2019. He succeeds Paul Stanley, who led GNS from 2014 until its acquisition by Cornes.During the last 25 years, Kent has held a number of senior executive positions in the information technology industry with wide international exposure.
Stena Line Announces Job Cuts Due to COVID-19
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The coronavirus pandemic has taken its toll on Swdish ferry company Stena Line, who announced Monday that it will cut 950 jobs due to a sharp decline in passenger travel bookings as a result of the outbreak.Stena Line said the coronavirus (COVID-19) outbreak and subsequent travel restrictions imposed by several countries have weighed heavily on bookings, with passenger traffic to Sweden, Denmark, Poland, Germany and Latvia mostly halted.
China Steel Futures Rise on Demand Optimism
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Chinese steel futures hit their highest in nearly two months on Monday on signs of a recovery in demand, and as policymakers worldwide rolled out more stimulus measures to cushion global economies reeling from the coronavirus pandemic.The U.S. Federal Reserve cut interest rates by 100 basis points on Sunday, in line with a global policy effort to stave off a steep economic downturn as increasing lockdowns…
Greece to Quarantine all Arrivals from Abroad
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Greece announced on Monday it will shut all shops apart from supermarkets, pharmacies, banks, petrol stations and food delivery services, and put anyone arriving from abroad into quarantine for two weeks, to fight the coronavirus.Greece had already cancelled mass gatherings and closed bars, restaurants, playgrounds and gyms. So far the country has reported 331 confirmed cases of infections and four fatalities.
Business Picks up Pace in China, Global Recovery Pace Uncertain
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China's business and travel activities are steadily recovering after being disrupted by the coronavirus outbreak, but rapidly rising infections globally will pose a challenge to the country's broader economic resumption.Nomura estimated in a research report on Monday about 61.6% of the firms hardest hit by the health crisis in China have resumed work as of March 8, and 74.1% in the broader economy.China…
Forth Ports Orders Harbor Tug
![The signing ceremony took place in Tilbury Docks, UK on February 26. Representing Damen was Area Director Frank de Lange, while Forth Ports was represented by COO Stuart Wallace. (Photo: Damen)](https://images.marinelink.com/images/maritime/w100h1500/the-signing-ceremony-took-place-110949.jpg)
Damen Shipyards Group has signed a contract with Forth Ports Limited for an ASD Tug 2312. The new vessel will operate as part of the Forth Estuary Towage operation, conducting towage work at various Forth Ports locations as well as providing towage services to other external customers in Scotland.Forth Ports has a range of existing operations in the Forth and Tay Estuaries that will benefit from the acquisition of this new vessel…
Autonomous Ships or Better Decision Making?
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Looking back through articles on autonomous shipping, one could be forgiven for thinking that it’s becoming the nuclear fusion of maritime; always seemingly five or 10 years away but never quite arriving. In 2018, numerous commentators predicted that by 2030, autonomous vessels would be commonplace. With the lifecycle of most ships making this very difficult, barring a massive program of scrappage and new building, this is now looking less likely.
TechnipFMC Shelves Spin-off Due to Market Turmoil
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Franco-American oil services firm TechnipFMC Plc is putting on hold plans to split itself into two due to turbulence in financial markets linked to the coronavirus outbreak, it said on Sunday.The group, created three years ago via the merger of Technip and FMC, had been planning to separate its engineering and construction activities from its upstream oil services business in the first half of this year."Market conditions have changed materially due to the COVID-19 pandemic, the sharp decline in
US Navy Sailor Tests Positive for Coronavirus
![The amphibious assault ship USS Boxer (LHD 4) (U.S. Navy photo by Jessica Ann Hattell)](https://images.marinelink.com/images/maritime/w100h1500/the-amphibious-assault-ship-uss-110947.jpg)
A U.S. sailor aboard a warship ship tested positive for the coronavirus for the first time, the U.S. Navy said on Sunday, as it disclosed the case of a person assigned to an amphibious assault ship at port in San Diego.The Navy said the sailor was quarantined at home and that personnel who had been in close contact with the sailor have been notified and are in self-isolation at their homes."None of them is aboard the ship currently. U.S.
Port Canaveral Maintains Normal Operations
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The world’s second busiest cruise port is maintaining normal operations as it continues to monitor the COVID-19 developing situation, the Canaveral Port Authority announced.The port said it will be profoundly impacted by Friday's decision by major cruise lines to voluntarily suspend operations from all U.S. ports for at leas 30 days, and that it is working with cruise line partners to coordinate efforts and help meet their operational and berthing needs.
Mississippi River Closed After Bridge Allision
The U.S. Coast Guard has closed the Mississippi River near Luling, La., between mile markers 115 and 122, after a towing vessel allided with the Hale Memorial Boggs Bridge…
Fed Funds Could Aid Battered Cruise Lines
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U.S. Treasury Secretary Steven Mnuchin said on Sunday officials will have a better idea this week of the total cost of a coronavirus aid package, but predicted it will likely be "significant but not huge."Mnuchin told "Fox News Sunday" he also planned to talk to lawmakers about critical aid to airlines, as well as the hotel and cruise ship industries."It's hard to model some of these things because you don't know how many workers are going to be home.