GENERAL Archives - Page 58 of 68

Crystal Cruises and two of its ships have been bought by private equity operation Heritage Group, led by Manfredi Lefebvre d’Ovidio, and will operate through travel company A&K Travel Group.

The P&I insurer is now UK Club (effective June 15th).

Crystal Cruises had to be sold after the collapse of its parent Genting Hong Kong early this year, when it ran out of cash and could not raise any more.

Crystal was forced to suspend operations at the end of January 2022 and earlier this month the Bahamas auctioned off the line’s two large cruise ships to settle debts.

Lefebvre d’Ovidio acquired 80% of A&K in May 2019, while 20% was owned by Geoffrey Kent, son of the founders of the company.

The two ships, Crystal Symphony (IMO 9066667) and Crystal Serenity (IMO 9243667) will resume service in 2023 after undergoing extensive refurbishment and will operate under the revived Crystal Cruises brand.

The cruise ships were reported sold the week before last by the Supreme Court in the Bahamas, with the Crystal Symphony going for $25m and the newer Crystal Serenity fetching $103m. The brand name and other assets of the cruise line were acquired separately from the US-based liquidators of the company.

Crystal Cruises, launched by Japan’s NYK in 1991, was sold to Genting Hong Kong in 2015.

Geoffrey Kent, who becomes Co-Chairman of Crystal Cruises along with Lefebvre d’Ovidio , said that “the idea of combining the unparalleled onboard service that Crystal Cruises is known for, with the extraordinary tailor-made experiences Abercrombie & Kent has been successfully providing for our guests for the past 60 years, fills me with excitement, enthusiasm, and pride”.

A&K will also be partnering with V.Ships Leisure for the operation of the cruise ships.

1995-built, Bahamas-flagged, 51,044 gt Crystal Symphony was owned by Crystal Symphony care of Crystal Cruises LLC of Los Angeles, California. ISM manager was V Ships Leisure SAM of Monaco-Ville, Monaco. Equasis has it as entered with American Club, but that coverage has now ceased. Its new insurer is UK Club on behalf of Symphony Holdings Ltd (effective since June 15th 2022). As of June 28th the vessel remained at anchor off Freeport, Bahamas.

2003-built, Bahamas-flagged, 68,870 gt Crystal Serenity was owned by Crystal Serentu Ltd care of Crystal Cruises of Los Angeles, California, USA, with V Ships Leisure SAM of Monaco Ville, Monaco, and had been listed as entered with American Club. It too is now entered with UK Club, effective June 15th, on behalf of Crystal Serenity Ltd. As of June 25th the vessel was at anchor off Freeport, Bahamas.

It’s been another bumper month for long-term contracted ocean freight rates, as the cost of securing container shipments climbed by 10.1% in June. Following on the heels of a record 30.1% hike in May, this now means rates stand 169.8% higher than this time last year, with just two months of declines in the last 18 months. Despite a degree of macro-economic uncertainty clouding the horizon, all major trades saw prices moving up, with some corridors showing significant gains.

Oslo-based Xeneta has released the figures, drawn from its Xeneta Shipping Index (XSI®) Public Indices for the contract market, which crowd-sources and aggregates real-time data from the world’s leading shippers to deliver market insights. Those insights, notes Xeneta CEO Patrik Berglund, continue to confound commentators.

A question of sustainability
“Rates developments that would have been front page news a few years ago are in danger of becoming the norm in a market environment that is historically hot,” he states. “After last month’s colossal rise, we see another hike of 10%, pushing cargo owners to the limits, while the carriers fill their pockets. Again, we have to question, is this sustainable? And the signs are gathering that, well, it might not be.”

Berglund points to falling spot rates – that may increasingly tempt shippers away from traditional contracts – in addition to looming industrial action in ports (in Europe and, potentially, the US) that could further damage schedule reliability only just recovering from recent congestion and COVID-induced disruption. In addition, there’s the fact that the US has signed into law the Ocean Shipping Reform Act, designed to stop shipping companies from profiteering, and the looming shadow of widespread inflation that may impact upon consumer demand and slow economic activity.

Frayed relationships
“The carriers have had it all ‘their own way’ for the last 18 months or so,” Berglund comments, “but will they now be studying this wide array of factors with some concern? Not while rates continue to rise, but the relationship between their community, shippers and, to some extent, other key society stakeholders has been damaged by disruption, poor quality services (in terms of reliability) and runaway rates increases.

“We’ve already seen some cargo owners looking to distance themselves from traditional carriers and, for example, charter their own vessels, and you have to ask what will happen next? Will shippers continue to pay sky-high contracted rates in an atmosphere of declining demand, inflation, geopolitical uncertainty, disruption and the ongoing threat of COVID restrictions? Something, one feels, has to give.”

Xeneta CEO Patrik Berglund

The only way is up
For the time being, however, the rates arrows continue to point skywards across the board. According to June’s XSI®, which maps developments across all significant trade corridors, import and export benchmarks showed universal growth.

European imports index continued their recent climb, rising 13.7% to stand 163.4% higher than the equivalent period last year. The regional export index jumped by 6.2% and is now 148.2% up year-on-year. Similar signs were seen for Far East imports and exports, with the former rising 5% (up 62.5% against June 21) and the latter jumping 11.6%. The export benchmark is now a mighty 200.6% up year-on-year. This performance was mirrored by the US import figure, which climbed 8.6% over the month to stand 203.2% against last June. Growth on exports was more modest, with a 0.3% rise taking the index 41.7% up year-on-year.

“As we enter another period of turmoil, shippers will transform themselves into risk-averse buyers. Top of mind for them will be which trades they will procure on the spot market and which on the contract market, and their duration. They will aim to strike the best possible balance between both markets depending on their own business needs,” surmizes Berglund.

Stay tuned
He concludes: “The carriers are acutely aware of how their strategies have paid dividends, and won’t want to relinquish this position of power in contract negotiations. But at the same time, they, like the shippers, cannot control the macro-factors that dictate the wider economy. The complexity of the situation makes it difficult to forecast how this will develop, but, one thing’s for certain, develop it will. Stay tuned to the latest market intelligence to give you the understanding your business needs.”

Xeneta’s XSI® is compiled from the latest crowd-sourced ocean freight rate data aggregated worldwide. Companies participating in the benchmarking and market analytics platform include names such as ABB, Electrolux, Continental, Unilever, Nestle, L’Oréal, Thyssenkrupp, Volvo Group and John Deere, amongst others.
Source: Xeneta

HE JOB of a seafarer is not exactly a walk in the park.”

I usually cite this quote from the Supreme Court case of Oriental Shipmgt. vs Bastol (G.R. No. 186289 June 29, 2010) as opening statement during my paralegal lectures on seafarers’ rights.

The quote emphasizes the Supreme Court’s view on the nature of the seafarer’s work: “What makes the job more difficult, aside from exposure to fluctuating temperatures caused by variant weather changes, the job obviously entails laborious manual tasks conducted in a moving ship, which makes for increased work-related stress. All these factors may have exacerbated a seafarer’s medical condition.”

During my recent virtual lecture with maritime students of John B. Lacson Foundation Maritime University in Molo, Iloilo City, I discussed the reality of their profession that a vessel has always been identified as a high-risk workplace.

The industry remains fraught with health and safety hazards that increase seafarers’ risks of accidents, illnesses and mortality, while others may go missing or die in maritime disasters.

The European Maritime Safety Agency declared in a report that there were 745 work-related fatalities among maritime workers and nearly 9,000 persons injured between 2011 and 2020.

Some are exploited and subjected to discrimination, abuse, maltreatment, and unfair labor practices.

Pope Francis earlier said in a message that without seafarers, the global economy would come to a standstill; and without fishermen, many parts of the world would starve.

However, Pope Francis said that they face the seafaring dangers of storms and piracy, long periods of time away from their families and working conditions that are often harsh and low-paying.

Despite said risks, the seafarer, like other overseas Filipino workers (OFWs), is often looked up to as one of today’s heroes who, through huge remittances in billions of dollars they earn, have propped up our economy.

The sea-based sector’s remittance comprises at least 22 percent of the total OFW dollar remittances.

Records from the Banko Sentral ng Pilipinas (BSP) showed the sea-based sector’s remittances for the past five years: $6,870,827,000 in 2017; $6,139,512,000 in 2018; $6,539,246,000 in 2019; $6,353,522,000 in 2020; and $6,545,002,000 in 2021.

The data showed that remittances increased in 2018 by $731,315,000, then increased in 2019 by $399,734,000, then decreased in 2020 by $185,724,000, then increased in 2021 by $191,480,000.

The Scalabrini International Migration Network recently engaged in an online campaign dubbed as “No Shipping, No Shopping” that coincides with the celebration of the International Day of the Seafarer led by International Maritime Organization.

In 2010, the Conference of Parties to the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW) adopted a resolution establishing the Day of the Seafarer every June 25, which recognizes the valuable contribution of seafarers to international trade and world economy.

The international shipping industry is the life blood of the global economy as it is responsible for the carriage of around 90 percent of world trade.

Without shipping, intercontinental trade, the bulk transport of raw materials, and the import/export of affordable food and manufactured goods would simply not be possible.

For most merchant ships trading internationally transporting every kind of cargo, it is estimated that there is one Filipino seafarer for every four to five complements on board a vessel at any time.

The Philippines is still considered as the major supplier of maritime labor globally.

Philippines Overseas Employment Administration (POEA) data indicate that the total number of seafarers deployed overseas from the country reached 376,663 in 2017; 337,502 in 2018; 469,996 in 2019 and 217,223 in 2020.

Aside from the Day of the Seafarer every June 25, the Philippines also celebrate National Seafarers’ Day (NSD) every last Sunday of September.

Then President Fidel V. Ramos issued on July 9, 1996 Proclamation No. 828 declaring Aug. 18 as NSD; the Stella Maris was tasked to coordinate with the public and private sector in activities related to the celebration of said event.

The purpose of the Proclamation is to give due recognition to the vital role of Filipino seafarers towards the development of the Philippines as a maritime country.

Later, Proclamation No.1094 was issued in 1997 by President Ramos which moved NSD to every last Sunday of September every year.

The country will be celebrating the 27th National Seafarers’ Day this year.

Source: https://www.panaynews.net/seafarers-job-not-a-walk-in-the-park/

Stream Marine Training (SMT) is demonstrating its commitment to leading the way in alternative fuels by offering Bahamas Maritime Authority- (BMA) approved Basic (BIGF) and Advanced (AIGF) Training for Service on Ships using Fuels covered within the IGF Code.

The BMA has approved the UK-based global training course provider to deliver the STCW BIGF and AIGF course by webinar.

The courses are designed to give both basic and advanced training to seafarers responsible for designated safety duties associated with the care, use, and emergency response to the fuels on board ships subject to the International Code of Safety for Ships using Gas or other low-flashpoint Fuels (IGF Code).

Seafarers undertaking the basic training course will gain knowledge of the properties of fuels covered within the IGF Code and the hazards associated with their use as a fuel; health, safety and environmental precautions and measures when working on vessels; and the transfer and storage of fuels covered within the IGF Code.

CEO of the Stream Marine Training Group, Martin White said: “We are delighted to have received BMA approval to deliver these courses. We can now offer seafarers vital basic and advanced safety training for working on vessels covered by the IGF Code both online and face-to-face.”

CEO of Stream Marine Training Group, Martin White

“Stream Marine Training is a world class provider of maritime training and has led the way in alternative fuels coaching. We are passionate about making a difference in the maritime industry and offering these courses, and this is another way to demonstrate our commitment to the IMO’s goal of reducing CO2 emissions.”
Capt Jerry Mooney, Technical and Compliance Officer in The BMA’s Seafarers and Manning Department, said: “The BMA is committed to sustainability in shipping and we are pleased to be able to approve these two courses which will train seafarers to work safely with the alternative fuels that are being introduced into the sector.”
Source: Stream Marine Training

The UN Conference on Trade and Development (UNCTAD) says the war in the Ukraine is stifling trade and logistics of the country and the Black Sea region, increasing global vessel demand and the cost of shipping around the world.

In a report entitled “Maritime trade disrupted: The war in Ukraine and its effects on maritime trade logistics” published on 28 June, UNCTAD says Ukraine’s trading partners now have to turn to other countries for the commodities they import.

It attributes the shipping and transport hurdles in the Black Sea region to disruptions in regional logistics, the halting of port operations in Ukraine, the destruction of important infrastructure, trade restrictions, increased insurance costs and higher fuel prices.

Shipping distances have increased, along with transit times and costs.

“Grains are of particular concern given the leading role of the Russian Federation and Ukraine in agrifood markets, and its nexus to food security and poverty reduction,” the report says.

Soaring shipping costs raise food prices

Fewer grain shipments over longer distances are leading to higher food prices.

Grain prices and shipping costs have been on the rise since 2020, but the war in Ukraine has exacerbated this trend and reversed a temporary decline in shipping prices.

The report says between February and May 2022, the price paid for the transport of dry bulk goods such as grains increased by nearly 60%.

The accompanying increase of grain prices and freight rates would lead to a 3.7% increase in consumer food prices globally.

The Russian Federation is a giant in the global market for fuel and fertilizer, which are key inputs for farmers worldwide.

Disruptions in their supply may lead to lower grain yields and higher prices, with serious consequences for global food security, particularly in vulnerable and food-import-dependent economies.

Higher energy prices exacerbate challenges for shippers

The Russian Federation is also a leading oil and gas exporter.

“Confronted with trade restrictions and logistical challenges, the cost of oil and gas has increased as alternative sources of supply, often at more distant locations, are called upon,” the report says.

Daily rates for smaller-size tankers, which are key for regional oil trading in the Black Sea, Baltic Sea and Mediterranean Sea regions, have dramatically increased.

The higher energy costs have also led to higher marine bunker prices, raising shipping costs for all maritime transport sectors.

According to the report, by the end of May 2022, the global average price for very low sulphur fuel oil had increased by 64% since the start of the year.

Taken altogether, these increased costs imply higher prices for consumers and threaten to widen the poverty gap.

Policy actions needed to keep global trade flowing

UNCTAD calls for urgent action to open Ukraine’s ports to international shipping so the country’s grain can reach overseas markets, at lower shipping costs.

The organization says continued collaboration is needed among vessel flag states, port states and other actors in the shipping industry to maintain all necessary services, including bunkering supplies, health services for sailors and certification of regulatory compliance.

This will help to keep to a minimum the negative impacts on costs, insurance premiums and operations.

UNCTAD also says alternative ways of transport must be pursued and that easing transit and the movement of transport workers – even temporarily – can reduce the pressure on cross-border trade and transit.

Also, UNCTAD calls for more investment in transport services and trade and transit facilitation.

And more international support for developing countries, especially the most vulnerable economies, as the war in Ukraine adds to the challenges posed by the COVID-19 pandemic and the climate crisis.

(Dreamstime photo of Odessa grain dryer facilities blocked from export shipping)

Source: https://maritimemag.com/en/unctad-report-stresses-impact-of-ukraine-war-on-global-maritime-trade/

Chief Executive Bob Chapek introduced Walt Disney Co’s first new cruise ship in a decade on Wednesday, the culmination of the first project the former theme parks executive championed to the company’s board of directors.

The launch of the 4,000-passenger Disney Wish is a bright spot for Chapek, who became Disney’s CEO in February 2020 and secured a three-year contract extension on Tuesday following recent controversies that prompted questions about his tenure.

It took more than six years to bring the 144,000-ton Wish to the market, Chapek told guests at a christening ceremony that featured fireworks and appearances by Mickey and Minnie Mouse, Ant-Man, Chewbacca and other characters from Disney’s vast portfolio.

On the ship, “we combine these amazing characters and stories with incredible technology to create brand new experiences,” Chapek said.

The cruise business is part of Disney’s massive theme parks, experiences and products unit, which has rebounded from pandemic closures. Operating income hit $4.2 billion in the first half of fiscal 2022, reversing a $535 million loss a year earlier.

Disney does not disclose how much cruises contribute to earnings, but Chapek said in November that the business has generated “a double-digit return on investment” given the premium price that Disney charges.

The Wish, the fifth vessel in Disney’s fleet, “kicks off the largest expansion in Disney Cruise Line history,” said Josh D’Amaro, chairman of Disney’s parks division. Two more ships will be delivered by 2025.

The new ship sets sail as the industry works to lure customers back after a 15-month shutdown during the COVID-19 pandemic.

The Cruise Lines International Association estimates it could take until the end of 2023 for passenger volume to surpass the levels of 2019, when 29.7 million people boarded ships around the world.

The U.S. Centers for Disease Control and Prevention still advises that COVID-19 “spreads easily between people in close quarters on board ships” and that even vaccinated passengers may become infected.

D’Amaro said he believed Disney’s cruise line would return to full capacity, noting steady gains in bookings.

“When all is said and done, we’ll have seven of them, and all seven of them will be filled out,” he said in an interview. “I have 100% confidence in that.”

The ship also “complements everything that we do,” D’Amaro added. “For example, people that will come to get aboard this ship … they’re spending three days at Walt Disney World.”

The company will seek to entice vacationers to the Disney Wish with what it touts as its first attraction at sea, the AquaMouse. The theme-park-like ride incorporates animated short films featuring Mickey and other characters as guests float through 760 feet (230 meters) of winding tubes suspended above the upper decks.

Dining experiences place families inside the worlds of Disney’s “Frozen” and Marvel’s Avengers. For adults, Disney created a Star Wars-themed hyperspace lounge that evokes the look of star cruisers in “Solo: A Star Wars Story.”

The ship also boasts an interactive experience that marries the physical and digital worlds. A Disney Cruise Line app turns a user’s phone into a virtual “spyglass” for peering at constellations in the night sky (which appear as Disney and Pixar characters) and embarking on adventures.

The interactive game marks a step toward Chapek’s goal of establishing a presence in the metaverse. The executive has advocated virtual experiences as a way to keep consumers connected to Disney characters and stories in between movie releases and park visits.

The Disney Wish will set out on its first voyage on July 14 from Port Canaveral in Florida.

Disney has been embroiled in controversy in the state after the company opposed legislation to limit LGBTQ discussion in schools. That prompted state lawmakers to pass a measure that removes the company’s self-governing status for Walt Disney World in Orlando, though it has not yet taken effect.

Employees at Disney had urged the company to speak out against the LGBTQ legislation, which opponents dubbed a “Don’t Say Gay” bill.

Source: https://www.marinelink.com/news/disney-unveils-first-new-cruise-ship-a-497747

The International Marine Contractors Association (IMCA) has published a report, Global Specialist Offshore Support Vessel Market Overview, highlighting the risks to the US offshore energy industry should proposed crewing legislation, referred to as the American Offshore Workers Fairness Act, be passed into law by the US Senate.

According to the report, “The huge demand for US mariners, crew, and technicians to safely operate [offshore construction] vessels is materially undersupplied and there are not enough training programs and other initiatives underway to resolve this in the short term. This will be particularly true for the emerging SOV market because this work must be accomplished by coastwise qualified vessels requiring all US crew. Similarly, while not specifically categorized in this report, the offshore wind market should drive the need for coastwise CTVs and thus the demand for more qualified mariners.”

Allen Leatt, CEO of IMCA, said in a statement: “Increasing demand for the development of offshore energy sources is clear for all to see, in both the offshore wind and offshore oil and gas industries. The international fleet of construction vessels and their crew will be essential to meet national energy goals and the proposed crewing legislation will severely degrade the pace of development in the US.”

A letter to the Senate from the American Clean Power Association, signed by the CEOs of 25 companies involved in the US offshore wind industry, supports this message. The CEOs urge the Senate to exclude a provision that they say, “would derail the nascent US offshore wind industry, namely the maritime crewing language in the House-passed Don Young Coast Guard Authorization Act of 2022 (H.R. 6865) and seek other solutions to reach our shared goal of maximizing the number of domestic mariners.”

The letter notes that the crewing provision would block the use of international specialized offshore vessels “when there are currently no US-flagged specialized construction vessels to do the work needed.”

Source: https://splash247.com/report-highlights-shortage-of-qualified-mariners-to-meet-requirements-of-proposed-us-crewing-legislation/

The meeting aims to unite efforts of the 17 Signatory States to enhance regional maritime security and protect international trade routes

Dubai, UAE: In line with its commitment to support the security and safety of the maritime industry, the UAE hosted the 2022 high-level workshop of the amended Djibouti Code of Conduct (DCoC) concerning the Repression of Piracy and Armed Robbery in the Western Indian Ocean and the Gulf of Aden area.

The workshop was held between 28 to 30 June 2022, at the Intercontinental Festival City hotel in Dubai. With the presence of H.E. Eng. Suhail Al Mazrouei, the UAE Minister of Energy and Infrastructure. The workshop witnessed the presence of around 80 officials, including ministers, representing 17 countries. There were also representatives from ‘Friends of DCoC’ which includes international agencies and countries including France and the USA were present.

The latest amendment of the Djibouti Code of Conduct was adopted at the 2017 Jeddah meeting by countries in the Western Indian Ocean and the Gulf of Aden area.

This Code of Conduct is a major agreement in combating piracy and armed robbery against ships sailing in the region’s waters.

The Jeddah Amendment, which was developed from the initial version of the DCoC, covers measures to tackle a range of illicit activities, including piracy, arms trafficking, trafficking in narcotics, illegal trade in wildlife, illegal oil bunkering, crude oil theft, human trafficking, human smuggling, and illegal dumping of toxic waste in regional and international waters in the region.

Strategy to Support Maritime Security

Commenting on this significant meeting, H.E. Hassan Mohammed Juma Al-Mansouri, Undersecretary for Infrastructure and Transport Affairs at the Ministry of Energy and Infrastructure, said: “The UAE is a leading global maritime hub with the maritime economy exceeding AED 90 billion annually. Over 25,000 commercial ships call the UAE ports every year, making it a gate to the entire region. Maritime security is a key factor to sustain economic growth. Without it, the region’s countries will face major challenges. The UAE abides by all international initiatives that aim to enhance our maritime security and suppress all forms of illegal activities. We dedicate our maritime capabilities, resources and expertise to ensure that the region is free from criminal acts and abuses against humans, the environment and the wildlife.”

Al-Mansouri added: “Just as all oceans and seas around the world are connected as one large body of water, the security and the safety of ships and maritime routes are also connected, especially within the Arabian Gulf and the Western Indian Ocean region. This area has the largest energy reserves in the world as well as the most important straits and international trade routes. Affecting the maritime security of the region will have negative impacts on the global economy as a whole. That’s why, this meeting of the signatory states on the DCoC, which is hosted by us in the UAE, is significant for enhancing maritime safety worldwide.”

The Jeddah Amendment was signed by 17 countries. These are the UAE, Saudi Arabia, the Sultanate of Oman, Jordan, Yemen, Comoros, Djibouti, Ethiopia, Kenya, Madagascar, the Maldives, Mauritius, Mozambique, Seychelles, Somalia, South Africa and Tanzania.

Overarching regional framework

H.E. Sheikh Nasser Al Qasimi, Assistant Under-Secretary for Infrastructure and Transport Regulation at the Ministry of Energy and Infrastructure in the UAE, said: “Over the years, the emended DCoC has evolved from a piracy-centric cooperation framework into a comprehensive forum that addresses maritime security from a comprehensive perspective. Last year, the signatory states made great efforts to implement the planned Information Sharing Network and regionally prioritised Capacity Building Matrix to address the changing maritime security conditions in the Western Indian Ocean and the Gulf of Aden. The DCoC was further supported by the International Partners through the Friends of the Djibouti Code of Conduct to be able to collaborate in providing assistance based on the needs of the Signatory States. Today, we consolidate this cooperation, building on the previous efforts, in order to achieve the highest levels of maritime safety and security in this vital region of the world.”

Source: https://www.zawya.com/en/press-release/companies-news/uae-hosts-the-2022-high-level-meeting-of-the-amended-djibouti-code-of-conduct-legtn2zo

Ship owners have sped up their newbuilding contracting activity, opting for more modern tonnage. In its latest weekly report, shipbroker Allied Shipbroking said that “the impressive performance of the newbuilding market continued for yet another week. A large part of the buying interest continues to focus for yet another week on gas carriers and more specifically LNG units, as we are still seeing a flow of orders being made on behalf of the major Qatar LNG Project that is in the works. It seems that the good feeling that exists for this sector, the positive freight rates as well as the desire to secure energy supply amidst the current global energy crisis that has emerged has increased investor appetite for these projects and in turn the number newbuilding projects that are taking shape. On the shipbuilders’ front, the lion share has been taken up by South Korean shipyards which traditionally have the higher expertise, know-how and track record for these type of vessels, though if appetite remains high for much longer, we are likely to see an overspill across to other shipbuilders as well. We have also seen a strong buying appetite hold for containership units, as earnings are still holding at record highs, while despite the lacklustre earnings performance noted in tankers, the recent freight market recovery has triggered an increase in buying interest and a fair flow of new orders this past week”

Source: Allied Shipbroking

Banchero Costa added in its report this week that “whilst still satisfactory there is a slowing of orders for larger tonnage. Big concern for the New buindings with delivery after 3 years. This week Capital Gas Greece ordered 2 x 174,000 cu.m LNG Carriers at Hyundai Samho for delivery Jan/March 2026 at a level of $240 mln per unit. These are nearly $8 mln more than 2 other greeks controlled orders done few weeks back.

Source: banchero costa &c s.p.a

Knutsen NYK Offshore OAS booker 1 firm Suezmax Shuttle Tanker 154,000 dwt at Cosco Zhoushan for delivery 2024. No price emerged. Thenamaris added 2 more Aframax LR2 Product Carriers at Hyundai Vietnam for dely mid-2025. Total 15 ships on order in Vietnam from Thenamaris, all product carriers except 4 Bulkers ordered recently”.

Meanwhile, in the S&P Market, Allied said that “on the dry bulk side, it was a rather mediocre week in terms of activity taking place, given the relatively fewer number of units changing hands. This, on the other hand, came slightly attuned with the recent downward pressure noted from the side of earnings, with many interested parties appearing to have held back interest for the time being, hoping to get a better perspective of the true market direction at play right now.

Source: Allied Shipbroking

Especially in the bigger size segments, SnP activity was sluggish, underlying the higher volatility noted. On the tanker side, the number of deals appeared stronger as of the past week. It is true that the recent incremental growth in freight rates has helped things heat up in the SnP market as well. However, given that it will take some time before any form of true market direction takes shape, we can not take this recent trend for granted. At this point, we see activity being skewed towards the MRs, relatively inline with the momentum noted in their freight rates”.

Source: banchero costa &c s.p.a

Banchero Costa commented that “after offers were invited the 16th of June Japanese controlled Panamax Lowlands Maine abt 77k blt 2005 Sasebo (SS: 03/2025 – DD: 01/2023, BWTS fitted) has been sold for $16 mln. Two weeks ago, Orient Prima and Beauty abt 76k blt 2005 Imabari were reported at $17 mln. Chinese buyers were behind purchase of Cardinal abt 55k blt 2004 Oshima (SS due July 2024 DD due June 2022 BWTS fitted) at $15.8 mln. Open hatch boxed handysize Ionian Spire abt 32k blt 2008 Kanda (SS due 2026 DD due 2024 BWTS fitted OHBS) has been sold at $17 mln to Turkish buyers. In the tanker market, Greek owners have sold their “Maran Sagitta” abt 105 k dwt blt 2009 Hyundai for $27.6 mln to c. of Performance Shipping. Furthermore, Suezmax Storviken abt 152k blt 2006 Samsung (CAP 1 SS due 2026 and BWTS fitted) was purchased by Greek buyers at $23.5 mln”, the shipbroker concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide

National Security Advisor Ajit Doval

NEW DELHI: National Security Advisor (NSA) Ajit Doval on Thursday referred to as for seamless coordination amongst numerous companies concerned in the nation’s maritime safety equipment.
In an handle on the first assembly of the MultiAgency Maritime Security Group (MAMSG), Doval mentioned the companies and stakeholders in the maritime sphere must coordinate in sync with India’s general strategy of progress and improvement.
In view of geopolitical developments, seas have develop into way more necessary, he mentioned.
The assembly was chaired by the National Maritime Security Coordinator Vice Admiral (retd) G Ashok Kumar.
Kumar assumed cost because the nation’s first National Maritime Security Coordinator on February 16 this yr.
The assembly was attended by senior officers from key central authorities ministries, companies and safety forces coping with maritime affairs.
Maritime safety coordinators from 13 coastal states and Union Territories additionally attended it.
In a serious determination to reform coordination of maritime safety affairs on the apex degree, the Union Cabinet in November final authorized creation of the put up of NMSC, underneath the NSA, on the National Security Council Secretariat.
This initiative was supposed to make sure a seamless strategy to India’s maritime safety chopping throughout geographical and purposeful domains.
At the inaugural assembly, a quantity of essential coverage points on maritime safety have been taken up, together with mapping of present orders and insurance policies on maritime safety to determine gaps, evaluate of customary working procedures for maritime contingencies, safety of ports and coastal infrastructure and creation of a nationwide maritime database, officers mentioned
The MAMSG is envisaged to offer a standing and efficient mechanism to make sure coordination of all facets of maritime safety together with coastal and offshore safety, in addition to fill the technological and operational gaps in assembly current and future safety challenges.
The assembly is anticipated to handle maritime contingencies requiring an pressing and coordinated response.

Source: https://www.pehalnews.in/stakeholders-in-maritime-sphere-must-coordinate-nsa-doval-india-news-times-of-india/2181651/

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GENERAL Archives - Page 58 of 68 - SHIP IP LTD

Crystal Cruises will resume operations in 2023 under new owners, UK Club takes over cover

Xeneta: Long-term shipping rates shrug off uncertainty to rise again

Seafarer’s job not a walk in the park

Stream Marine Training gains Bahamas Maritime Authority (BMA) approval to deliver training courses to seafarers working

UNCTAD report stresses impact of Ukraine war on global maritime trade

Disney Unveils First New Cruise Ship in a Decade

Report highlights shortage of qualified mariners to meet requirements of proposed US crewing legislation

UAE hosts the 2022 high-level meeting of the amended Djibouti Code of Conduct

Newbuilding Activity Picks Up Pace

Stakeholders in maritime sphere must coordinate: NSA Doval | India News – Times of India

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