2020 Volatility Lifts Freight Derivative Volumes
The freight derivatives markets for both tankers and dry cargo vessels saw increased traded volumes in 2020, according to data released by the Baltic Exchange.Tanker Forward Freight Agreement (FFA) volumes were up 31% on the previous year, reaching 603,261 lots, with a daily record of 33,677 lots achieved on March 16 at a time when Time Charter Equivalent earnings for very large crude carriers (VLCC) exceeded $275,000. Dry FFA volumes hit 1,548,127 lots, up 17% on 2019.
New Wellboat Reisa Delievered to Norsk Fisketransport for Salmon Farming
Norsk Fisketransport AS took delivery of a new Havyard wellboat dubbed Reisa, a boat that is designed to offer greater salmon capacity and enhanced fish welfare.All told, four Havyard ships have been delivered so far, and two more are scheduled for delivery from Havyard New Ship Technology to Norsk Fisketransport AS (NFT) later this year.Reisa has a circular tank capacity of 3,250 cubic metres. Kjetil Myren…
Samsung Delivers Eagle Pilar Shuttle Tanker to AET
Oil tanker operator AET has taken delivery of the Eagle Pilar, a new Suezmax Dynamic Positioning (DP2) shuttle tanker. The vessel has been purpose-built for long-term charter to Brazil Shipping I Limited, a Shell subsidiary.The vessel was delivered on Wednesday by Samsung Heavy Industries (SHI) in South Korea.This 153,180 DWT DP2 vessel has been built in collaboration with DNV-GL and Eaglestar.According to AET…
Libya's Hariga Oil Port Loading Blocked by Sit-in Guards
Petroleum facilities guards at Libya's eastern Hariga oil terminal have delayed the loading of a one million-barrel cargo as they press salary demands, the port's manager said on Wednesday.The guards
Wallenius Wilhelmsen to Reactivate Up to 9 Laid Up Vessels
Wallenius Wilhelmsen, a Norwegian/Swedish RoRo shipping company, will reactivate up to 9 of its 16 vessels that are currently in cold layup.The company, which owns 123 vessels, said Tuesday that the reactivation would take place during Q1 2021, and that the reactivated vessels would replace capacity currently sourced through short term charters.“Flexibility in the fleet has been a core strategic choice since the inception of Wallenius Wilhelmsen…
Damen Repairs Seven CMA CGM Containerships
Damen Shiprepair and Conversion (DSC) said it is wrapping up a ship repair and maintenance program involving seven vessels owned by French shipping and logistics giant CMA CGM. The projects took place at Damen Shiprepair Amsterdam (DSAm) in the Netherlands and Damen Shiprepair Dunkerque (DSDu) in France, with the last vessel scheduled to leave DSDu later this monthIn a continuous operation running between June and August…
The Valdez Spirit: Repowering for a Promising Future
A true family business, Stan and Mary Helen Stephens started operating fishing and hunting charters out of Valdez, Alaska on their first vessel the 26-foot m/v Mary Helen, in 1971. Soon after, the rest of the family joined in, operating tours on the waters around Valdez and in Prince William Sound. They have been promoting the beautiful scenery and important resources of this community ever since, officially as Stan Stephens Glacier & Wildlife Cruises.
Oil Prices Jump 5% on OPEC+ Output Talks, Iran Tension
Oil prices climbed nearly 5% on Tuesday after news that Saudi Arabia will make voluntary cuts to its oil output, while international political tension simmered over Iran's seizure of a South Korean vessel.Brent crude futures rose $2.51, or 4.9%, to settle at $53.60 a barrel. U.S. West Texas Intermediate crude ended $2.31, or 4.9%, higher at $49.93 a barrel.Saudi Arabia will make additional, voluntary oil output cuts of 1 million barrels per day (bpd) in February and March.
Shipbuilding: Wilson Sons Unveils Plan to Build Six Tugboats
Wilson Sons will start in the first quarter of 2021 the construction of six tugboats, at its shipyards in Guarujá (SP), helping to grow the company's fleet, the largest in Brazil today with 80 tugboats. Click here to read a related story on the depth, breadth and growth of the Wilson Sons fleet from the November 2020 edition of Maritime Reporter & Engineering News.“The new series will contribute to…
Fairbanks Morse Acquires Ward Leonard
Fairbanks Morse, a portfolio company of Arcline Investment Management, has acquired Ward Leonard Operating, LLC, a provider of motor and control solutions for military applications. This acquisition will expand the scope of power and propulsion equipment and aftermarket services that Fairbanks Morse provides to its core customers, including the U.S. Navy, U.S. Coast Guard and the Canadian Coast Guard."The…
KSOE Secures Order for Six 15,000 TEU Box Ships
South Korean shipbuilding group Korea Shipbuilding & Offshore Engineering (KSOE) said Tuesday it has secured a 900 billion-won (US$828 million) order to build six 15,000 TEU containerships for an unnamed Asian shipowner, Yonhap reports.Four of the six box ships will be built by KSOE's Hyundai Heavy Industries unit, and two will be constructed by its Hyundai Samho Heavy Industries arm. The vessels will be delivered from the first half of 2023…
Rising Capesize, Panamax Rates Buoy Baltic index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, climbed on Tuesday to its highest level since mid-October last year as rates for capesize and panamax vessels extended gains.The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, added 44 points, or 3.2% to 1,418, a peak since Oct. 16, 2020.The capesize index was up 91 points…
US Hits Iran With Fresh Sanctions
The United States on Tuesday blacklisted a Chinese company that makes elements for steel production, 12 Iranian steel and metals makers and three foreign-based sales agents of a major Iranian metals and mining holding company, seeking to deprive Iran of revenues as U.S. President Donald Trump's term winds down.In a statement, the U.S. Treasury Department named the China-based company as Kaifeng Pingmei New Carbon Materials Technology Co Ltd.
RIBs: Turn Up the Power
However readers might define “normal”, 2020 was anything but. But the business of rigid inflatable boats (RIB) has been going at full throttle.Matthew Velluto, Director of Business Development and Marketing at RIBCRAFT USA, based in Marblehead, Mass., described a business moving steadily ahead, though it’s had to weave and bob at times during 2020. “We’ve been able to stay open throughout 2020, with no disruptions on our side…
There’s Room to Grow on Brazil’s Inland Waterways
Brazil’s waterways have enormous potential for commercial transport, but are still underused and inefficient in the country’s 12 river basins, according to Brazil’s National Transport Confederation (CNT). Of the 63,000 kilometers (km) that could potentially be used for inland navigation, only 19,500 km (30.9%) of the existing network is currently used commercially for cargo and passenger transport…
Teledyne to Acquire FLIR Systems in $8 Billion Deal
Industrial conglomerate Teledyne Technologies Inc said on Monday it will acquire thermal imaging camera supplier FLIR Systems Inc in a $8 billion cash-and-stock deal to beef up its portfolio of imaging sensor technology.FLIR shareholders will receive $28 in cash and 0.0718 shares of Teledyne common stock for each share held, the companies said.That implies a purchase price of $56.14 based on Teledyne’s last close, and represents a premium of 28.1% for FLIR shareholders to the stock’s Thursday cl
Iran Denies Seized Korean Ship and Crew Are Being Held as Hostages
Iran denied on Tuesday it was using a South Korean ship and its crew as hostages, a day after it seized the tanker in the Gulf while pressing a demand for Seoul…
Sævik Named Managing Director of New Havyard Ship Technology
Karsten Sævik has been named managing director of the New Havyard Ship Technology AS (NHST) shipyard in Leirvik, Norway, replacing outgoing managing director, Erlend Hatleberg, who has chosen to seek new opportunities outside the Havyard Group, the company announced Tuesday.Sævik brings to the role high-level experience in vessel construction and operations, having previously held roles as VP of projects and newbuilding at Odfjell ASA…
Kongsberg Sim-based eLearning Solutions for MAAP
Kongsberg Digital reports that the Maritime Academy of Asia and the Pacific (MAAP) has adopted its new K-Sim eLearning solution, as well as commissioning installation of a cutting-edge K-Sim Safety firefighting simulator at its premises in the Philippines.K-Sim Connect has provided more than 23,000 cloud-based simulations to customers worldwide this year.MAAP – a leading institution of excellence for…
Kingdon Tapped to Rep Isle of Man Ship Registry in China
The Isle of Man Ship Registry (IOMSR) has appointed Jonathan Kingdon as its first permanent representative in China.A well-known naval architect, experienced newbuilding project manager and Mandarin speaker, Kingdon has taken up the post from his base in Shanghai where he also heads up the Asia operation of IDWAL, a marine inspection and project management firm. He will join the Isle of Man Ship Registry’s network of overseas representatives in Greece…
