Mintzmyer is now looking for a rebound within the boxship equity sector.  In a recent posting on Seeking Alpha regarding shipowner Danaos, (NYSE: DAC), lately trading around $65 – $70 per share, he wrote: “Our current fair value estimate at Value Investor’s Edge is $125 per share, which implies around 80% upside to recent trading ranges.”

In his analysis, he mentions recent share buybacks, and notes that: “DAC short interest has increased this summer and now looks to be a coiled spring ahead of what’s expected to be multiple years of consecutive earnings blowouts amidst surging free cash flows.”

Source: https://www.seatrade-maritime.com/containers/renewed-interest-container-shipping-stocks


According to The Joint Co-ordination Centre (JCC) of the Black Sea Grain Initiative, Razoni sailed from the port of Odesa today in the early hours, carrying 26,000 tonnes of corn destined for Lebanon.

Ukraine Minister for Infrastructure, Alexander Kubrakov, said 16 ships have been blockaded in Odesa since the start of the war and are awaiting their turn to sail.

“In parallel, we will receive applications for the arrival of new vessels to load agricultural products,” said Kubrakov.

JCC was set up to co-ordinate the agreement between Russia, Ukraine and the UN to facilitate the safe export of Ukraine’s large grain stocks to the world market—the Black Sea Grain Initiative. JCC comprises representatives from Ukraine, Russia, Türkiye and the UN.

The shipment aboard Razoni is expected to arrive in Turkish waters for inspection on August 2, before sailing to its final destination, Tripoli.

Under the terms of Black Sea Grain Initiative, co-ordinates have been established to create a Humanitarian Maritime Corridor. The details of the corridor have been distributed and the JCC requested participants to ensure their militaries are aware of the vessel’s passage and its right to safety.

“Today Ukraine, together with partners, takes another step to prevent world hunger,” said Ukraine Minister for Infrastructure Alexander Kubrakov.

“Unlocking ports will provide at least $1 billion in foreign exchange revenue to the economy and an opportunity for the agricultural sector to plan for next year.”

Source: https://www.seatrade-maritime.com/dry-cargo/bulker-sails-ukraine-26000-tonnes-corn

IMO Secretary General Kitack Lim said: ““I am pleased to see the first departure. The immense work by the UN and the relevant parties has now come to fruition. IMO will continue to do everything to support safe and secure shipping and ensure the safety of seafarers.”


TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced that its wholly owned group company MOL Chemical Tankers Pte. Ltd. (MOLCT; President: Akira Sasa; Headquarters: Singapore) marked the 50th anniversary of its founding on July 17, 2022.

Please click the following link for a video of MOLCT’s history and its current business operations, produced in commemoration of the company’s 50th anniversary.

The 1960s saw a trend toward specialization in the ocean shipping industry, with vessels dedicated to specific cargoes. At the same time, demand began to grow for “parcel tankers” that can carry several cargoes simultaneously, such as vegetable oils and animal fats, which are transported in relatively small volume. In 1972, MOLCT’s predecessor, Tokyo Marine Co., Ltd. was founded.

Tokyo Marine became part of the MOL Group in 1996, and a wholly owned subsidiary in 2011. Later on, its headquarters functions were transferred to Singapore and the name was changed to MOLCT. MOLCT is currently striving into new fields such as tanker container and tank terminal business, in addition to its main chemical tanker business.

MOLCT, which has continued to face challenges and reforms in the 50 years since its founding, has grown into one of the world’s top three parcel chemical tanker operators, and today, about 370 employees of 23 nationalities support daily operations in 11 offices around the world.

MOL set “Integrating MOL Group Strength to Achieve Growth Globally” as the key theme of its “Rolling Plan 2022” management plan. The group continually increases its organizational strength and delivers new values to all stakeholders, aiming to be a strong and resilient corporate group that provides new value to all stakeholders and grows on a global scale.

Reference: MOL


The Kolkata port will undertake four trial runs before the implementation of an agreement on the use of neighbouring Bangladesh’s Chittagong and Mongla ports by India for trade, an official said.

The initiative will help boost business flow on inland waterways via the Indo-Bangla Protocol route, he said.

The decision to conduct trial runs was taken after the 13th India-Bangladesh Joint Group of Customs (JSC) meeting held in March, said the official of the Kolkata Port, now rechristened as Syama Prasad Mookerjee Port (SMP).

It was also decided that ships can carry cargo for both Bangladesh and the north-eastern states of India, he stated.

“We have been asked to undertake trial runs and it has to be completed within six months. All destinations are in Bangladesh,” SMP chairman Vinit Kumar said.

The trials will be undertaken on the following routes — Mongla to Tamabil (a hilly area in Bangladesh’s Sylhet), Tamabil to Chittagong, Chittagong to Sheola (a land border) and Mongla to Bibirbazar.

“Transit cargo for trial run on Mongla-Tamabil and Mongla-Bibirbazar (land port in Cumilla) routes will depart Kolkata on July 30,” the official said.

Maersk Line India has partnered with SMP to do these two trial runs, he said.

“The vessel is expected to reach Mongla on August 5, carrying 16 tonne of iron pipes of Electrosteel Castings Ltd in a container destined to reach Meghalaya using Tamabil-Dawki border points, and 8.5-tonne prefoam in another container for Assam using Bibirbazar-Srimantpur border points,” the Kolkata port official said.

“This exercise will boost an alternative route through waterways for transportation of coastal containers from Kolkata or Haldia to northeastern states, along with other export-import containers to Bangladesh in the same barge or vessel,” Kumar said.

The cargo movement from Kolkata port to the northeast states of India through the India-Bangladesh Protocol route will not just reduce transit cost and time but also help develop the economy.

An agreement and standard operating procedure on the use of Chattogram and Mongla ports for the movement of goods to and from India have been signed by the two countries.

Kumar said both the Inland Waterways Authority of India and SMP, Kolkata have undertaken several infrastructural development projects that will further smoothen environmental friendly cargo movement via the national waterways to NE states and Bangladesh.
Source: PTI


Jining, east China’s Shandong province, has made significant progress in leveraging the unique advantages of the Beijing-Hangzhou Grand Canal to build a shipping center of inland rivers in northern China, according to a press conference held by the Information Office of Jining Municipal People’s Government on July 20.

The combined cargo throughput at ports in Jining rose 30.2 percent year on year to nearly 28.32 million tonnes between January and June this year, during which these ports handled 23,000 twenty-foot equivalent units of containers, up 168.9 percent from the same period last year, an official said at the press conference.

The 14th Communist Party of China congress of Jining proposed unswervingly implementing the strategy for making breakthroughs in modern port and shipping logistics services, and established the modern port and shipping logistics development headquarters of Jining, aiming to pool citywide efforts to boost the development of the industry.

Officials disclosed at the conference that for speeding up the growth of Jining’s modern port and shipping logistics industry, the city has divided Jining Port into eight port areas and determined various collection and distribution channels, providing guidance and foundation for the development and construction of Jining Port as well as efforts to effectively protect and rationally use shoreline resources.

In an effort to promote the upgrading of the modern port and shipping logistics industry, Jining has made scientific planning and promoted synergy between and in-depth integration of ports and industrial fields in the hinterland.

Besides, the city has strived to improve the handling capacity of its ports, with efforts focused on the building of three port clusters with a capacity of more than 100 million tonnes. It has also endeavored to accelerate the upgrading and transformation of the Jining section of the Beijing-Hangzhou Grand Canal, among other major projects, expanded market for logistics services and trade, and built five major industrial parks to comprehensively facilitate the integrated development of ports and industries.

Moreover, Jining has established a smart trading platform for logistics services. During the first half of this year, 432,600 tonnes of goods were traded via the platform, with the total transaction value hitting 919 million yuan.

As the proportion of goods for trade in the total revenue of Jining Port and Shipping Development Group Co., Ltd., operator of ports in Jining, rises to 96.96 percent, the city’s ports are being transformed into ports with high added value and playing increasingly important roles in such industries as foreign trade and finance.

The modern port and shipping logistics development headquarters of Jining will further stimulate the endogenous impetus of Jining’s modern port and shipping logistics industry and speed up the upgrading and comprehensive revitalization of inland river transportation, in a bid to form a modern comprehensive logistics paradigm, said Zhang Meng, deputy director of the office of the headquarters.
Source: Global Times


In the half year of 2022, the cargo volume of Chinese ports was 7580.8 million tons, a year-on-year decrease of 0.8%; the container throughput of Chinese ports was 142.3 million TEU, a year-on-year increase of 3.0%. The chart below shows the cargo throughput and container throughput data of the twelve major ports in China.

In terms of container freight rates, the average value of the Ningbo Container Freight index (NCFI)1 in July was quotes 3293.0 points, have a decrease of 5.9% compare to last month. The shipping demand was doldrums on the Ningbo Zhoushan Port-West Costal of North America route, spot rate drops recently. The average freight rate of 40GP from Ningbo Port to Los Angeles port and New York& New Jersey port in July was $6836(-10.2%)and $9434(-4.3%)month-on-month respectively.


Source: Ningbo Shipping Exchange


A cargo of nickel matte shipped on an Ocean Network Express (ONE) vessel from Australia to China has been the subject of the first ever electronic Bill of Lading (eBL) transaction governed by Singapore law, following an electronic document amendment to legislation in the port city last year.

Singapore’s 2021 amendment to its Electronic Transactions Act (ETA) adopted the UNCITRAL Model Law on Electronic Transferable Records (MLETR), which grants eBLs the same legal status as paper equivalents.

The process was facilitated by tech firm essDOCS’ CargoDocs digital platform, which updated the terms of its eDocs Services & Users Agreement (DSUA) last year to align with the changes in Singaporean law and ensure the validity of eBLs on its system.

The transaction involved the sale of nickel matte in containers by BHP to Jinchuan Group, under a letter of credit (LC). The trade was supported by National Australia Bank (Hong Kong branch) acting on behalf of BHP and a Chinese trade finance bank acting as issuing bank on behalf of Jinchuan Group.

The parties were able to collaborate online in real-time to draft and approve the eBL and relevant supporting docs, before digitally exchanging the files to be signed, issued, transferred and electronically presented. The end-to-end documentation process was completed electronically in under 48 hours.

“At BHP, we are committed to continuously exploring avenues, together with our customers, to digitalise trade processes across the value chain with the adoption of the latest innovations enabled by technology,” said BHP’s Chief Commercial Officer, Vandita Pant.

“Regulatory reform will play a critical role during this transition and we firmly support efforts such as Singapore’s ETA. We were pleased that essDOCS enabled the first ever electronic Bill of Lading (eB/L) transaction governed by Singapore law between BHP and Jinchaun.”

“This transaction is a significant milestone for digitalising global commodities trade and we are thrilled to lead the way on a journey with the aim of achieving digital trade at scale.”

Source: https://smartmaritimenetwork.com/2022/07/29/first-ebl-transaction-under-new-singapore-law-completed/

As ammonia emerges as one of the frontrunners in shipping’s shift to low and zero carbon fuels Pilbara Ports Authority (PPA) is joining with Yara Clean Ammonia to assess potential demand for ammonia bunkering and the required infrastructure. Supply would leverage the existing large-scale ammonia production facility of Yara Pilbara.

The collaboration agreement would also focus on safety and creating ammonia bunkering guidelines.

“The potential of ammonia as a fuel to effectively decarbonise the maritime industry is very clear; however some questions remain on how to maximise safe and efficient fuel delivery in a port environment. This Collaboration with PPA intends to address these questions and consequently will help fast-track ammonia as a zero-carbon fuel in the region.” said Murali Srinivasan, SVP and Commercial Head of Yara Clean Ammonia.

PPA is the world’s largest bulk port authority covering the West Australia ports of Ashburton, Dampier, Port Hedland and Varanus Island. The world’s largest bulk carrier charterers such as BHP and Cargill are keen to reduce their shipping emissions are active participants in a number of projects to develop green fuels.

PPA CEO Roger Johnston said: “PPA strives to be a frontrunner in establishing frameworks to ensure safe ammonia bunker operations.  This collaboration with Yara Clean Ammonia creates great opportunities to work together to reduce carbon emissions.”

The joint project is expected to take about a year to complete.

PPA handles more than 17,000 vessel movements a year, with an average of 35 vessels per day.

Source: https://www.seatrade-maritime.com/sustainability-green-technology/pilbara-ports-makes-move-towards-ammonia-bunkering


  • Iris Logistics, Inc.’s MV Iris Paoay will start an intra-Asia service in August that will link the Philippines directly to Thailand and Vietnam
  • The service will start soon after MV Iris Paoay arrives in Manila on August 25 from Los Angeles, California
  • It will call Manila South Harbor, Bangkok, Laem Cha Bang, and Ho Chi Minh ports

Iris Logistics, Inc. will launch in August an intra-Asia service that will link the Philippines directly to Thailand and Vietnam.

The service will start after MV Iris Paoay arrives in Manila on August 25 from Los Angeles, California, its parent firm Royal Cargo said in a customer advisory.

The 1,118-twenty foot equivalent unit (TEU) vessel had been used by Iris Logistics for its US service that began in September 2021, in response to local exporters’ clamor after experiencing shipping difficulties due to COVID-19-induced supply chain and logistics issues.

Royal Cargo earlier deployed MV Iris Paoay as the first Philippine-flag container vessel to sail directly to the US in about 30 years.

The new intra-Asia service will call the following terminals:

  • Manila South Harbor
  • Bangkok: Thai Connectivity Terminal TCT (operated by PSA Terminals)
  • Laem Cha Bang: Eastern Sea Laem Cha Bang Terminal
  • Ho Chi Minh: Tan Thuan Terminal Saigon Port (can also accept delivery at Cat Lai Terminal upon request)

The vessel will depart Manila South Harbor on August 26 and call General Santos and Davao ports before sailing to Bangkok, arriving there on September 6.

The vessel will leave Bangkok on September 7 and arrive on the same day at Laem Cha Bang in Chonburi province, 130 km southeast of Bangkok. It will depart the next day for Ho Chi Minh and arrive in the southern Vietnamese port on September 11.

MV Iris Paoay will depart Ho Chi Minh on September 12 and arrive at Manila South Harbor on September 15.

Iris Logistics, formerly Royal Cargo Lines Inc., is a subsidiary of Royal Cargo, which operates domestic maritime and transport services.


Fire erupted in cargo hold of general cargo ship NOVA berthed at Eemshaven, Netherlands, in the afternoon Jul 26. The ship loaded with wind turbines parts, to get to the hotspot inside cargo hold firefighters had to remove or relocate cargo on deck and in hold. Fire is said to be under control or extinguished, it started in one of the containers in hold bottom.

New FleetMon Vessel Safety Risk Reports Available: https://www.fleetmon.com/services/vessel-risk-rating/


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