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Hyundai Mipo has won design approval for the development of what it believes to be the first 30,000 cubic meter liquefied carbon dioxide carrier. The design incorporates a new type of steel into the vessel’s Type C tanks, making the scantling lighter and enabling the construction of a much larger ship.

The design is the first product of a joint development project for a new steel type launched in late 2021, and Hyundai Mipo SVP Chan-il Kim says that it could underpin a class of more economical and efficient LCO2 carriers. Long-distance CO2 transport by sea could be an important part of the future carbon economy if carbon capture and storage ventures prove successful – particularly for delivering CO2 to offshore subsea storage wells.

“This is a very important project for the entire maritime industry, as this type of vessel will be an important part toward the successful implementation of upcoming maritime environmental and emissions regulations,” said Alfonso Castillero, the COO of the Liberian Registry, in a statement last year.

LR and the Liberian Registry have worked with Hyundai Mipo on the design approval, and ship manager Capital Gas joined in the venture to advise on commercial and operational aspects. Korean steel giant Posco will supply the specialized steel alloy for the venture.

“We see the move to the transportation of CO2 as a natural extension of our existing commercial and technical management expertise,” said Miltos Zisis, managing director of Capital Gas.

Hyundai Mipo Dockyard has developed three other liquefied CO2 carrier designs, including 12,000 and 22,000 cubic meter sizes.

On Wednesday, ABS and the Marshall Islands Registry unveiled a separate approval in principle for a 74,000 cubic meter “ultra large liquefied carbon dioxide carrier” for Hyundai Mipo’s sister company, Hyundai Heavy Industries. The design is based on nine cylindrical tanks and would operate on LNG fuel.

Source: https://www.maritime-executive.com/article/hyundai-wins-two-aips-for-larger-more-efficient-liquid-co2-carriers

 

CREWEXPRESS STCW REST HOURS SOFTWARE - Paris and Tokyo MoU have announced that they will jointly launch a new Concentrated Inspection Campaign (CIC) on Standards of Training, Certification and Watchkeeping for Seafarers (STCW) from 1st September 2022 to 30th November 2022

 


Last week’s news of a Chinese couple’s audacious plot to set up a mini-state in the Republic of the Marshall Islands by allegedly bribing members of parliament and officials was deeply disturbing: if successful, it could have seen the creation of a ‘semi-autonomous region’ on the remote Rongelap Atoll to expand foreign access to the Marshall Islands, according to reports.

Even more absurd than the scheme itself was how far the pair were able to get before they were busted. As reported by the BBC, a bill supporting the plan actually made it into parliament in 2018, where it was defeated by then president Hilda Heine’s government. Heine went as far as to accuse the bill’s promoters of working for China to turn the Marshalls into a ‘country within a country’. However, after Heine’s loss in the 2019 election, the new parliament endorsed the concept in 2020, paving the way for its establishment.

As it is often rightly argued, island countries’ sovereignty and their right to do business with whomever they please should be respected. However, this case demonstrates that sovereignty can put at risk by the very people entrusted with safeguarding it, which is why any such dealings should not be above question, and scrutinising them should not be seen, or portrayed, as a breach of sovereignty.

According to the charge sheet, Cary Yan and Gina Zhou bribed several Marshall Islands lawmakers with US$7,000 to US$22,000 to support the scheme. Yan also invested in a private business venture on behalf of one official, who then appointed Yan as a ‘special adviser’ on Rongelap. Both Yan and Zhou became naturalised Marshall Islands citizens.

Despite the seriousness of the case, the Marshall Islands government has ignored opposition calls for clarification, which is puzzling; in such situations, a quick and unequivocal response can help clear the air and allay undue suspicions. On the other hand, a non-responsive attitude creates public distrust and disquiet—particularly when it’s a question of threats to territorial integrity by a potentially corrupt, treasonous undertaking.

Contrary to Heine’s claims in 2018, there is no clear indication of China’s direct involvement, although the charge sheet indicates a typical Chinese strategy of conducting business by building personal connections, sometimes with elements of chequebook diplomacy. Besides cash bribes, the accused paid for the travel, accommodation and entertainment of Marshallese lawmakers to Hong Kong for a conference to establish the ‘Rongelap Atoll Special Administration Region’. One official gave a speech in praise of the concept.

This tactic is reminiscent of ‘elite capture’, often associated with the Chinese state and Chinese businesses, with the two elements said to operate in concert. Some Pacific commentators argue that the ambitions of Chinese businesses are often closely intertwined with the ambitions of the state.

Although the involvement of Chinese state officials is unclear at this stage, there’s no denying that the Marshall Islands would be a prime target and major prize for them. The country is one of only 13 that maintain diplomatic ties with Taiwan, and, for China, it would be a major scoop to persuade it to defect, especially after having coaxed Solomon Islands and Kiribati to switch sides in recent years.

On top of this, the Marshall Islands’ Compact of Free Association with the United States is due to expire next year, and Washington has made it a priority to renew the longstanding treaty. Among other things, the compact guarantees the US free and open military access to the Marshalls, while denying others the same rights.

Given the stakes, it’s not inconceivable that China would try to gain influence in the Marshall Islands, especially in the context of recent developments in the region, such as Kiribati’s decision to ditch Taiwan, rewarded with a US$66 million Chinese grant, followed by its shocking move to lift the moratorium on commercial fishing in the Phoenix Islands. When Kiribati withdrew from the Pacific Islands Forum in July, its former president Anote Tong quipped that something was ‘cooking’ between Beijing and Tarawa, while opposition leader Tessie Lambourne was adamant that China influenced the decision.

Likewise, in Solomons Islands, claims by an ABC Four Corners report that a Chinese state-owned company was negotiating to buy a deep-water port and World War II airstrip raised deep suspicions. Like the Marshall Islands case, there were allegations of bribery and influence buying, with Four Corners purporting to show documents of a Chinese slush fund that dispersed nearly US$365,000 directly to MPs loyal to Prime Minister Manasseh Sogavare. Head of Solomon Islands Transparency International Ruth Liloqula claimed: ‘China is keeping this government together. We all assume that China is remotely controlling the government and Solomon Islands affairs.’

While China denied the allegations and an angry Sogavare threatened a national ban on foreign journalists, the Four Corners’ claims are not easily dismissible given China’s involvement in chequebook diplomacy in the region. That said, the topic of China in the Pacific is a delicate one that’s not helped by speculation. The media don’t always get it fully right, such as reports of alleged Chinese attempts to develop a deep-water port in Vanuatu. However, playing down Chinese actions in the Pacific, and underestimating Beijing’s ambitions and power, is quite risky as well.

Evidence of the impact of China’s activities in the other regions of the world is clear and it would be naive to believe that the Pacific is somehow different and immune to trends gripping other countries where China is active.

If anything, the Marshall Islands case indicates that while national sovereignty is sacrosanct, it shouldn’t be allowed to be used as a shield to deflect legitimate questions—especially by those who may be prepared to trade national sovereignty for personal gain. In other words, national sovereignty cannot be divorced from the reality that crucial decisions in a country are often the prerogative of a few elite, potentially bribable leaders who operate in secrecy, can circumvent the wishes of the people and don’t always act in the national interest.

Source: https://www.maritime-executive.com/editorials/chinese-partners-attempt-to-set-up-micro-state-on-mid-pacific-atoll

 

CREWEXPRESS STCW REST HOURS SOFTWARE - Paris and Tokyo MoU have announced that they will jointly launch a new Concentrated Inspection Campaign (CIC) on Standards of Training, Certification and Watchkeeping for Seafarers (STCW) from 1st September 2022 to 30th November 2022

 


CREWEXPRESS STCW REST HOURS SOFTWARE - Paris and Tokyo MoU have announced that they will jointly launch a new Concentrated Inspection Campaign (CIC) on Standards of Training, Certification and Watchkeeping for Seafarers (STCW) from 1st September 2022 to 30th November 2022


Starlink introduced its enterprise and maritime connectivity services and equipment earlier this year, delivered via the world’s largest constellation of highly advanced satellites operating in low Earth orbit. From oil rigs and merchant vessels to mine sites and yachts, Starlink allows users to connect from the most remote locations and waters across the world.

Speedcast has been supporting customer trials to demonstrate the capabilities of Starlink as part of a seamlessly integrated service.

“Starlink is an exciting new communications pathway for customers, offering significant diversity and added capacity at a time when remote sites continue to push to the farthest ends of the Earth and when bandwidth demand is ever increasing,” said Joe Spytek, chief executive officer at Speedcast. “As a trusted, agnostic integrator of next-generation technologies for customers, we’re excited to add Starlink to our toolkit to make ubiquitous connectivity a reality for remote operations around the world.”

“We’re excited to provide Starlink’s high-speed, low-latency internet to Speedcast enterprise and maritime customers,” said Jonathan Hofeller, vice president of Starlink sales at SpaceX. “This significant leap in connectivity will open even more possibilities for companies to manage operations anywhere on Earth.”

Source: https://thedigitalship.com/news/maritime-satellite-communications/item/8064-speedcast-to-offer-starlink-service-to-maritime-customers

 

CREWEXPRESS STCW REST HOURS SOFTWARE - Paris and Tokyo MoU have announced that they will jointly launch a new Concentrated Inspection Campaign (CIC) on Standards of Training, Certification and Watchkeeping for Seafarers (STCW) from 1st September 2022 to 30th November 2022

 


The monthly record-setting streak that U.S. container import volumes have been posting since mid-2020 came to an end this August. While the August number was down slightly compared with the same month in 2021, it remained above 2.5M TEUs, which is still quite high and above the level that has caused port congestion and delays for the last 18 months. A number of factors, such as a slowing economy, inflation and high fuel costs, still have not had the anticipated impact of slowing down U.S. container imports. The combination of increased import volumes from China, persistent delays at major East and Gulf Coast ports and the high number of ships waiting off those ports continues to put pressure on supply chain predictability. The August update of the logistics metrics Descartes is tracking continues to point to congested and challenging global supply chain performance for the rest of 2022.

 

August finally broke the record monthly trend for U.S. container import volume.
Container imports into the U.S. last month dipped below the year-on-year level (see Figure 1), as TEU volume retreated 1.8% to 2,529,042, though volume was still up 18% from pre-pandemic August 2019. This is the first month since August 2020 that there has not been a record versus the previous year. August 2022 container import volume was relatively flat versus July 2022 with a 0.1% decline.

In August, U.S. container import volumes from China were up 1.4% to 1,008,499 TEUs compared to July 2022 and up 6.3% versus August 2021. Chinese imports in August were the highest of 2022. China represented 40% of the U.S. container import volume, up 0.6% since July 2022.

Source: Descartes Datamyne™

West Coast ports regained share from East and Gulf Coast ports even though the Port of Los Angeles saw a large decline in container import volume.
East and Gulf Coast ports continued to lead the West Coast ports in volume in August 2022 versus July 2022, but their overall share was lower. Comparing the top five West Coast ports to the top five East and Gulf Coast ports in August 2022 versus July 2022 shows that, of the total import container volume, the East declined slightly in August 2022 to 44.1%, while the West increased to 41.9% in August 2022 from 40.6% in July 2022. The top 10 ports gained share in August 2022 over smaller ports as the top 10 represented 85.9% of all volume, compared with 85.1% in July 2022 and 86.3% year-on-year.

Looking at five-month periods (see Figure 2), the top West Coast ports (orange), with the exception of Seattle, experienced container throughput shifts to other ports, including the East and Gulf Coasts (blue). The Port of New York/New Jersey retook the top spot at 451,190 TEUs in August 2022, up ~41,000 TEUs compared with July 2022. The Port of Los Angeles dropped considerably and came in second at 409,933 TEUs and down ~71,000 TEUs versus July 2022. Long Beach was third, up slightly in August by ~8,000 TEUs.

Source: Descartes Datamyne

Part of the shift to East Coast ports can be attributed to the growth of Chinese imports and shippers’ decisions based upon last year’s West Coast port congestion. Of the increase in Chinese imports in August 2022 versus July 2022, the Ports of Norfolk, Charleston and New York/New Jersey saw 32.5%, 16.2% and 15.8% growth, respectively. The Port of Los Angeles saw a 16.7% decline, which explains to a great degree why the port’s overall import container volume was down so much.

August port delays remain extended at major East and Gulf Coast ports.
Port delays in August 2022 were consistent with July 2022. The two largest West Coast ports experienced ~7-day delays, but East and Gulf Coast ports remained in the double-digits (See Figure 3). The number of ships waiting off ports according to MarineTraffic/American Shipper decreased overall by 15% to 130 at the end of August 2022, but the percentage of the total waiting off East and Gulf Coast ports increased 11% to 73 in August , reflecting the higher wait times.

Source: Descartes Datamyne

Industry and macroeconomic issues persist.

The labor situation remains the same and presents continued risk to port operations. The International Longshore and Warehouse Union (ILWU) contract expired on July 1st; however, business has proceeded as usual with the union working with management. There has been no impact on container processing as has been the case in the past. California law AB5 still remains a significant issue with no resolution in sight and there is a risk that more AB5-related stoppages could occur in other California ports in the future causing greater disruption. The labor uncertainty could be a significant reason why import volumes are not shifting back to major California ports despite their situation improving.

The potential impact of a slowing economy, peak season, inflation and fuel costs are all clouding the view of future import volumes. Despite gross domestic product shrinking for the second quarter in a row, the U.S. economy remains relatively strong. The August Jobs Report was again stronger than expected at 315,000 more jobs filled than anticipated and unemployment inched up to 3.7% due to 344,000 more people seeking work versus July 2022. The impact of peak season demand on container import volumes is unclear as August container import volume was flat versus July and China posted record container volumes into the U.S. Additionally, potential container import volume dampening high inflation rates remain high with the Consumer Price Index increasing slightly by 0.1% to 8.3%. According to the U.S. Energy Information Association, gasoline costs, a significant contributor to high inflation rates, dropped as much as $0.36/gallon in August, but diesel remained stable at $5.12/gallon. Both are still high and likely to remain elevated for the foreseeable future given the disruption of global energy markets as a result of the Russian invasion of Ukraine and subsequent sanctions on Russia.
Source: Descartes

 

CREWEXPRESS STCW REST HOURS SOFTWARE - Paris and Tokyo MoU have announced that they will jointly launch a new Concentrated Inspection Campaign (CIC) on Standards of Training, Certification and Watchkeeping for Seafarers (STCW) from 1st September 2022 to 30th November 2022

 


A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing institutions and private practice lawyers from Asia, Europe and the US began work this week to develop a standard letter of quiet enjoyment (LQE) for use in long term charter and leasing structure financings.

There is currently no standard form of LQE available in the market and while LQEs have long been a feature of ship financing transactions, the lack of a standard form means that the wording of an LQE may often vary significantly from one transaction to another. In most cases, an LQE will be beneficial to all parties involved, namely by preserving the charterers’ uninterrupted use and enjoyment of a ship – and thereby ensuring a regular income for the owner – and an opportunity for the lenders to secure rights of their own, e.g. in relation to appointing a replacement owner.

“By bringing together all the relevant stakeholders, we are planning to develop a balanced standard that can be used in various types of structures, as always with the possibility of the parties tailoring it to their specific needs,” says Catherine Smith of Hong Kong based Wah Kwong, who is chairing the drafting team.

The LQE will complement BIMCO’s existing suite of ship financing and leasing standards, SHIPTERM and SHIPTERM S (for bilateral and syndicated term loan facilities) and SHIPLEASE (for ship sale and leasebacks). A standard Shipmanagers’ Letter of Undertaking is also available from BIMCO.

At its first meeting on 7-8 September, the drafting team in charge of the project discussed the scope and objectives of the project. The overall aim is to develop a standard that is workable both for time and bareboat charter contexts as well as leasing. Several versions might be developed, namely in the form of unilateral and multilateral party LQEs. The standard will not cater for more complex project financings and similar structures as these will typically be very deal specific and therefore have to be tailormade.

The team also includes Sarah Jane Thompson of BHP in Singapore, Gitte Vannus Kragelund of Danish Ship Finance in Copenhagen, Jay Shi of CMB Financial Leasing Co., Ltd. in Shanghai, Olga Petrovic of Linklaters in London and Gerald Morrisey of Holland & Knight in New York.

The drafting team will continue its work on 24-25 October.
Source: BIMCO

 

CREWEXPRESS STCW REST HOURS SOFTWARE - Paris and Tokyo MoU have announced that they will jointly launch a new Concentrated Inspection Campaign (CIC) on Standards of Training, Certification and Watchkeeping for Seafarers (STCW) from 1st September 2022 to 30th November 2022

 


FORCE Technology has launched an online simulator to provide remote access to maritime navigation simulation for the purpose of testing planned port and harbour construction projects.

The new SimFlex Cloud for engineering studies unlocks time and cost savings during the planning and design phase of maritime infrastructure projects as proposed developments can be evaluated in real-time and under highly realistic conditions without the requirement to visit a physical simulator facility.

SimFlex Cloud for engineering studies is an expansion of maritime simulator developer FORCE Technology’s SimFlex Cloud simulator, a dedicated SaaS (Software as a Service) solution offering realistic navigation simulation for training purposes. It expands the company’s engineering design and testing services making them fully available online, helping customers to reduce costs and accelerate the planning phase by providing easy remote and real-time access to highly accurate environment simulations based on the proposed structural and/or vessel routing changes.

All new environmental model designs are created by FORCE Technology engineers within weeks of receiving the engineering plan so they can be quickly assessed by professional captains, pilots and navigators using any of the 700 mathematical ship models in the SimFlex Cloud vessel database. SimFlex Cloud for engineering studies introduces the new possibility of immediate online access for testing at any time and from anywhere with a stable broadband connection.

Navigators and bridge officers charged with harnessing their real-life experience to verify the impact of port and harbour design changes can operate their vessel models using a mouse and keyboard, a specially designed operator console for desktop simulation and can even operate their vessels in the first person using SimFlex Cloud’s new Augmented Reality (AR) functionality. Further, SimFlex Cloud for engineering studies provides the capability to automate test routes and specific maritime operations in order to produce trustworthy data over continuously repeated activities.

SimFlex Cloud for engineering studies enables verification of the impact of any new maritime infrastructure, from large turnkey projects to smaller more localised work. Design test applications include navigation in relation to new or removed seamarks; the effects of the design and location of piers including width and location of landing channels; conditions for arrival/departure in existing or new ports; vessel movements in relation to both frequency and time, which contributes to the precise assessment of e.g., the risk of grounding; moored ship movement at open or closed facilities; and maneuverability in shallow waters.

“Engineering design verification is a key service provided by the expert team at our state-of-the-art simulator facility in Kgs. Lyngby, Denmark,” said Jan Michelsen, head of department, simulation, ports & training at Force Technology. “Providing online access to these services through the introduction of SimFlex Cloud for engineering studies is a natural step that will help to optimise our customers’ workflows and allow them to make the most of their infrastructure planning & design budgets. The system also enables us to support customers from further afield, as online access significantly reduces the need for first-hand time with our full-mission simulator.”

Source: https://thedigitalship.com/news/electronics-navigation/item/8057-force-technology-expands-maritime-navigation-simulator-services

 

CREWEXPRESS STCW REST HOURS SOFTWARE - Paris and Tokyo MoU have announced that they will jointly launch a new Concentrated Inspection Campaign (CIC) on Standards of Training, Certification and Watchkeeping for Seafarers (STCW) from 1st September 2022 to 30th November 2022


Korean Register (KR) and Daweoo Shipbuilding & Marine Engineering (DSME) have joined forces on the development of propulsion systems capable of handling green fuels including ammonia and hydrogen.

The two South Korean organizations signed a memorandum of understanding (MOU) to jointly collaborate at Gastech 2022, Milan, Italy. The move follows announcements that KR would be jointly developing a liquefied CO2 carrier with DSME.

Whilst the global maritime industry is introducing operational measures such as limiting engine output and installing energy-saving devices to meet stringent greenhouse gas regulations, in the longer term green fuels will be needed to achieve substantial emission reductions.

There is a high level of market interest in propulsion systems and materials for operating with green fuels such as ammonia, hydrogen and methanol.

Ammonia and hydrogen, widely recognized as green alternatives, but are considered to have more sensitive characteristics than commonly used LNG fuels. To be used as a marine fuel, extra technical requirements need to be addressed. These include the toxicity of ammonia, hydrogen embrittlement, cryogenic conditions equivalent to -253°C, diffusion characteristics, as well as ensuring the same level of safety as existing ships.

This joint research agreement between the two parties will build on the unique strengths and accumulated technology of each company.

DSME aims to commercialize ammonia-powered container ships by 2025 based on its advanced technology, and is at an advanced stage in developing eco-friendly fuel technologies, including low-carbon ammonia carriers and liquefied CO2 carriers.

KR has also been actively seeking better options for decarbonization pathways. As well as publishing guidelines for ammonia-fueled ships, the classification society is developing its own hydrogen-powered ship rules and is working on enhanced decarbonization initiatives to ensure ship safety and a greener future.

“The added value of eco-friendly ship propulsion technologies is expected to increase further in the future amid the strengthening of environmental regulations. Besides this collaboration with KR, we will continue to develop advanced eco-friendly ship propulsion technology and strive to speed up the commercialization of decarbonized ships,” said Dong-kyu Choi, Head of DSME’s R&D Institute.

“Gastech 2022 was a great opportunity to showcase our technical strength and efforts. The joint agreement with DSME is significant in preparing for the future of green fuels in the long term. We will do our best to support the technology needed to deliver a low emissions shipping industry,” added Dae-heon Kim, Executive Vice President of KR R&D division.

Source:
www.rigzone.com

CREWEXPRESS STCW REST HOURS SOFTWARE - Paris and Tokyo MoU have announced that they will jointly launch a new Concentrated Inspection Campaign (CIC) on Standards of Training, Certification and Watchkeeping for Seafarers (STCW) from 1st September 2022 to 30th November 2022


A collective of firms including MSC and Shell have launched a new strategy to reduce methane emissions from vessels.

According to a report from Reuters, initiative supporters include ship certifier Lloyds Register.

In a statement, the supporters noted there were no globally recognized methods for measuring methane slip – unburned fuel that is not fully combusted in a vessel’s engines – and reaffirmed the importance of clarity in methane emissions measurements.

The Reuters report notes that shipping firms are increasingly trialling low or zero-emission fuels including biofuel, Liquefied Natural Gas (LNG), and methanol.

However, LNG-powered vessels, for example, can leak unburned methane into the atmosphere when a ship is running – a much more potent greenhouse gas (GHG) than CO2.

Members will pilot new technologies to gauge and drive down methane slip from LNG-powered vessels. The statement added that once the solutions have been validated, the collective will look to implement them in industry from 2023 onwards.

Earlier this month the CMA CGM Group announced a new Special Fund for Energies to accelerate its energy transition and achieve net-zero carbon by 2050.

Shipping group Maran Gas Maritime, among the seven partners involved, said it had “long been convinced of the advantages of LNG as a clean burning fuel”.

“However, in light of the strong warming potential of methane releases to the atmosphere, keeping tight control over methane emissions is critical to ensure that LNG’s overall GHG footprint delivers as much GHG reduction as possible,” Andreas Spertos, EVP-Technical Director with Maran Gas Maritime said.

Source: https://www.globaltrademag.com/msc-shell-and-partners-launch-initiative-to-reduce-industry-methane-emissions/?gtd=3850&scn=

 

CREWEXPRESS STCW REST HOURS SOFTWARE - Paris and Tokyo MoU have announced that they will jointly launch a new Concentrated Inspection Campaign (CIC) on Standards of Training, Certification and Watchkeeping for Seafarers (STCW) from 1st September 2022 to 30th November 2022

 


The newbuilding market has picked up the pace over the past week. In its latest weekly report, shipbroker Allied Shipbroking said that the “newbuilding market activity moved on a very positive tone during the last week, recording a strong performance in terms of the volumes of fresh orders coming to light. The ‘’Lion Share’’ was taken up equally between Gas carrier and the Containership sectors. The majority of Gas contracts were placed on behalf of the Qatar project. On the containership front, after a long period we saw an inspiring flow of fresh projects coming to light. There was an absence this week of new orders emerging for the tanker and dry bulk sectors, with the former going against the expectation that has been driven from the improved freight market conditions of late. In the case of the later, things are expected to remain muted for the time being especially when given the sharp correction noted in earnings over the past month or so. All-in-all, what we see is that despite the overall current market uncertainty accompanied by high inflations, considerable fluctuations related to the commodities prices and currencies , it appears that for the time being buying appetite is still holding buoyant, while owners have adopted a more ‘’wait and see’’ attitude regarding any newbuilding investments”.

 

Source: Allied Shipbroking

Banchero Costa, added in a separate report this week that “Evalend Shipping placed an order for 3 + 2 VLGC carriers of 88,000 cbm to be built at Hyundai. The price reported to was around $96.6mln each and deliveries of the 3 firm units are in 2024 and 2025. The Finnish owner Langh Ship made an order for 3 x 1,200 teu feeders. The vessels are TIER III, dual fuel, scrubber fitted and with batteries for port operations. The vessels will be built by Paxocean Zhoushan and will be delivered during end of 2024 and beginning of 2025. U-Ming Transport confirmed an order for 2 x Ultramax in China. One vessel will be built at New Dayang and the other subcontracted to Sumec. Vessels will be delivered during 2025 and were priced $34mln each”.

Source: banchero costa &c s.p.a

Meanwhile, in the S&P market this past week, Allied commented that “on the dry bulk side, things moved on an extremely uninspiring tone during this past week, reflected in the low volume of transactions that appeared in the market. What contributed mostly to this sluggish pace has certainly been the dramatic drop in earnings noted over the past month which has left an overwhelming feeling that asset values are about to follow in the same direction. Although it is very difficult for the time being to see any quick recovery taking place, things are looking a bit more optimistic to some extent for the smaller size segments, given the softer drop and limited freight market volatility that this segment has experienced.

Source: Allied Shipbroking

On the tanker side, the momentum still remains strong for yet another week given the increased vivid activity that took place during this period of time. Given the overall positive momentum that prevails in the freight market as of late and the fervent buying interest that has emerged, there is an anticipation of a good flow of transactions being developed during the upcoming weeks”.

Shipbroker Banchero Costa also noted that “few ships were inviting offers last week and several will also call for bids this week; interesting to follow the activity on the drybulk front. On the tanker the momentum keeps building with a large number of units out for sale and several private deals being concluded. A major deal on VLOC was negotiated with Berge Bulk purchasing enbloc from Cara Shipping the sisters STELLA DAPHNE (2017) and STELLA ISABEL (2015) about 250,000 dwt for enbloc price of $98mln, both ships are BWTS fitted. There were 2 interesting deals on modern, eco type Ultramax with Ultrabulk selling the ULTRA TRUST 61,000 dwt built 2015 Tadotsu (bwts fitted and scrubber fitted) to Eagle Bulk for a price around $28mln and with Nisshin Shipping selling 2 Ultramax eco type to Jinhui, namely HANTON TRADER I and WESTERN SANTONS 64,0000 dwt built 2014 Hantong (BWTS fitted) for a price of $25.375mln each. The Imabari 2006 built Supramax MEDI BANGKOK around 53,000 dwt (BWTS fitted) is reported sold for a price of region $17mln for delivery November.

Source: banchero costa &c s.p.a

Interesting to note the payment via letter of credit pushed the price higher. A vintage Handymax MARVEL around 49,000 dwt built 2001 IHI is reported sold for a price of $10.5mln, similar to AMBER L 47,000 dwt built 2000 Oshima (BWTS fitted on delivery) which was sold on subs at $10mln basis delivery Med fairly prompt. Tsuneishi design AQUARIUS 77 around 35,000 dwt built 2016 Tsuneishi Cebu (BWTS fitted) is rumoured committed at $21mln. A smaller Handy the ALAM SERI about 29,000 dwt built 2011 Shikoku (BWTS fitted) was also calling offers on the 8th September, hearing now she is under negotiation at the levels of mid-high $13s mln. The 2 sisters aframax ALBA and PIPER 115,000 dwt built 2005 Samsung were inviting offers. The ALBA being ice class 1A and scrubber fitted was rumoured around $31/32mln, whilst the PIPER scrubber fitted non ice class was under negotiations below $30mln. In the MR sector Gotland sold on subjects one of their GSI built GOTLAND CAROLINA 53,160 dwt built 2006 at $18.5mln to a KS; the HYDE 47,000 dwt built 2007 HMD (scrubber fitted and BWTS fitted) is rumoured sold basis SS due at price in excess of $22mln. The Handy tanker BALTIC MONARCH 37,000 dwt built 2006 HMD (ice class 1B) got sold to Greek Buyers for a price a tick over $15mln. In the smaller chemical tanker sector, the CELSIUS MEXICO around 20,000 dwt built 2008 Shin Kurushima (BWTS fitted) was sold for region $15.5mln”, the shipbroker concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide

Source: https://www.hellenicshippingnews.com/newbuilding-activity-increases-after-the-summer-holidays/

 

CREWEXPRESS STCW REST HOURS SOFTWARE - Paris and Tokyo MoU have announced that they will jointly launch a new Concentrated Inspection Campaign (CIC) on Standards of Training, Certification and Watchkeeping for Seafarers (STCW) from 1st September 2022 to 30th November 2022

 


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SHIP IP LTD
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Phone ( +359) 24929284
E-mail: sales(at)shipip.com