Hellas' Prime Minister Costas Karamanlis visited Downing Street yesterday to discuss the global credit crunch with the shipping world beginning to feel the crisis with one large bankruptcy already announced and the potential that London jobs could be at risk.
City Desk The shipping community in London is experiencing a near crisis situation with the collapse of the dry bulk shipping market caused by the global economic slowdown with the news that operator Industrial Carriers Inc filing for bankruptcy which last year had revenues of $1 billion but had liabilities of around $33 million. According to a report in the Journal of Commerce: "During the market's free-fall that began this summer, rates for 150,000-165,000-ton Capesiz ships crashed by 50 percent as of last week to just over $12,000 a day compared with a peak of $233,000 in late May." Speaking to the Journal of Commerce a London shipbroker Clarkson said: “Earnings have fallen off a cliff.” The London shipping community is dominated by the Greek shipping families who as yet have not publicly expressed any undue concerns about the state of the shipping market, and who traditionally have prospered when the price of crude has increased. But as crude oil prices plummet and inflation goes up in the main European and US markets the dry bulk cargo market is shrinking and will affect the bottom lines of these companies.It is estimated that in London alone around 40,000 people are employed directly and indirectly from the Greek shipping families alone who account for around 70 per cent of trade at the Baltic Exchange.The Greek Prime Minister Costas Karamanlis visited Prime Minister Gordon Brown today to discuss the economic crisis.
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Wednesday, October 22, 2008
2008 ANL Maritime Art Prize awarded
On October 17, the Mission to Seafarers, Victoria, Australia announced that the winner of the 2008 ANL Maritime Art Prize was Mr John Santucci for his painting “Landlocked”.
Mr Santucci was awarded the $15,000 first prize by John Lines, CEO of ANL Container Line. Morris Bellamy, Manager Arts & Culture, City of Melbourne, spoke on behalf of the judges who agreed unanimously on the winning canvas. “Landlocked” depicts ‘J153’, the first ship to be built in Whyalla, which bravely served in WWII and then was finally landlocked two kilometres inland from where it was constructed. David Borcoski, Group CEO of ASP, awarded Betina Fauvel-Ogden the $5,000 award for “Best in Traditional Marine Art” for her painting “Docking”. While ANL is the naming sponsor of the prize, ASP sponsors the “Best in Traditional” category and Wallenius Wilhelmsen Logistics sponsors the “People’s Choice Award”. Rio Tinto is a pledge partner and major sponsor while Stolt Nielsen is also a major sponsor. Every year the Mission to Seafarers, Victoria conducts the Maritime Art Prize to fund a variety of support services for seafarers, including counselling, access to transport and communications, emergency relief and legal support. Some 300 guests enjoyed the awards, which doubled as the opening night gala for the exhibition of entrants’ paintings. The exhibition runs until Sunday October 26, after which a further painting will be selected for the “People’s Choice Award”.
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Mr Santucci was awarded the $15,000 first prize by John Lines, CEO of ANL Container Line. Morris Bellamy, Manager Arts & Culture, City of Melbourne, spoke on behalf of the judges who agreed unanimously on the winning canvas. “Landlocked” depicts ‘J153’, the first ship to be built in Whyalla, which bravely served in WWII and then was finally landlocked two kilometres inland from where it was constructed. David Borcoski, Group CEO of ASP, awarded Betina Fauvel-Ogden the $5,000 award for “Best in Traditional Marine Art” for her painting “Docking”. While ANL is the naming sponsor of the prize, ASP sponsors the “Best in Traditional” category and Wallenius Wilhelmsen Logistics sponsors the “People’s Choice Award”. Rio Tinto is a pledge partner and major sponsor while Stolt Nielsen is also a major sponsor. Every year the Mission to Seafarers, Victoria conducts the Maritime Art Prize to fund a variety of support services for seafarers, including counselling, access to transport and communications, emergency relief and legal support. Some 300 guests enjoyed the awards, which doubled as the opening night gala for the exhibition of entrants’ paintings. The exhibition runs until Sunday October 26, after which a further painting will be selected for the “People’s Choice Award”.
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APL reduces capacity
Singapore: APL announced a reduction in capacity on October 21, responding to global economic instability and challenges in the container shipping industry.
APL will cut capacity by 25% in the Asia-Europe trade and by 20% in the Transpacific, to cope with the economic downturn and rising fuel costs. APL’s president, Eng Aik Meng told the Financial Times that the global situation, combined with a decline in demand had led to the need to take action. APL has also cut several of its services, including the China Europe Express, Pacific South Express 3 and Singapore Subcontinent Express. Other services, including the South China Express and Pacific Coast Express will alter their routes.
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APL will cut capacity by 25% in the Asia-Europe trade and by 20% in the Transpacific, to cope with the economic downturn and rising fuel costs. APL’s president, Eng Aik Meng told the Financial Times that the global situation, combined with a decline in demand had led to the need to take action. APL has also cut several of its services, including the China Europe Express, Pacific South Express 3 and Singapore Subcontinent Express. Other services, including the South China Express and Pacific Coast Express will alter their routes.
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INDESEC EXPO 2008
INDESEC EXPO 2008 is the Indo-international cluster of co-located defense & national security exhibitions and conferences to be held in Delhi, from 6th - 8th November, 2008.
A large number of senior end users and buyers will be present at the event, including India's Minister of State for Defence and the Chief of the Indian Air Staff. Hundreds of established and emerging Indian and international companies will be using the Indesec platform to ensure that they are seen, heard, and able to meet with key new prospects over the course of the three days. The event encompasses three major defence and homeland security exhibitions with their respective conferences; the flagship Defence and National Security Leadership Summit; the Informa Indesec awards ceremony and gala dinner; and ample networking receptions. Indesec 2008 comprises seven major defence and national security events – including the Network Enabled Capability Exhibition (NECE), the Border Security International Exhibition (BSEC) and the Maritime Security International Exhibition (MSI) and conferences for NECE, BSEC and MSI along with the Defence and National Security Leadership Summit (DNS). Indesec 2008 is wholly international – with international buyers, end users and solution providers in attendance – the event’s host nation, India, is widely regarded to be one of the most important emerging markets within the global defence industry. You will have the best possible promotional and networking platform to forge important new business relationships and partnerships in India. As an exhibitor, this will present you an opportunity to serve and access the multi-billion dollar Indian (and international) defence market. Numerous meaningful sponsorship opportunities exist for your organisation, including the event’s high level Leadership Summit, the Conferences and associated Networking Events. as an international exhibitor promoting cutting-edge solutions, you have every reason to expect world-class exhibition facilities.
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A large number of senior end users and buyers will be present at the event, including India's Minister of State for Defence and the Chief of the Indian Air Staff. Hundreds of established and emerging Indian and international companies will be using the Indesec platform to ensure that they are seen, heard, and able to meet with key new prospects over the course of the three days. The event encompasses three major defence and homeland security exhibitions with their respective conferences; the flagship Defence and National Security Leadership Summit; the Informa Indesec awards ceremony and gala dinner; and ample networking receptions. Indesec 2008 comprises seven major defence and national security events – including the Network Enabled Capability Exhibition (NECE), the Border Security International Exhibition (BSEC) and the Maritime Security International Exhibition (MSI) and conferences for NECE, BSEC and MSI along with the Defence and National Security Leadership Summit (DNS). Indesec 2008 is wholly international – with international buyers, end users and solution providers in attendance – the event’s host nation, India, is widely regarded to be one of the most important emerging markets within the global defence industry. You will have the best possible promotional and networking platform to forge important new business relationships and partnerships in India. As an exhibitor, this will present you an opportunity to serve and access the multi-billion dollar Indian (and international) defence market. Numerous meaningful sponsorship opportunities exist for your organisation, including the event’s high level Leadership Summit, the Conferences and associated Networking Events. as an international exhibitor promoting cutting-edge solutions, you have every reason to expect world-class exhibition facilities.
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2012 deadline to scan all port cargo won't be met
Los Angeles: The Homeland Security Department says it will not meet a 2012 deadline set by Congress to scan the contents of every cargo container headed to U.S. ports.
Instead, it plans to gather more information about who made the goods in the containers and who packed them. Under that proposal, only a small fraction of the 11 million containers shipped to the U.S. each year — those from unknown companies and countries known to harbor terrorists — would be flagged to be scanned for nuclear or radiological materials. "It's called Risk Management 101," Secretary Michael Chertoff said. "I'm not terribly concerned someone's going to build a nuclear bomb in England" and load it into a container headed for a U.S. port. "But I might be more concerned about South Asia." Chertoff says there are countless obstacles to the 100% scanning mandate passed by Congress in 2006. Among them: Some countries don't want U.S. Customs officers operating scanning equipment in their ports; scans could slow trade; the program would be costly.Chertoff is taking criticism from the shipping industry, which opposes both Congress' 100% requirement and his plan to collect more information from shippers."Two wrongs don't make a right," says Frank Vargo of the National Association of Manufacturers. He says Chertoff's plan will slow trade and could cost the industry as much as $20 billion a year. "It will result in a two-day — maybe a five-day — delay before that container (is cleared) and can be loaded onto a ship."Security experts agree that 100% scanning would be very difficult to achieve. "It's not practical, and there's no threat that justifies it," said James Carafano of the Heritage Foundation, a conservative think tank.P.J. Crowley of the Democratic-leaning Center for American Progress says 100% scanning isn't feasible by 2012 but is a worthy goal for the next decade. "You want to have 100% confidence you know what's inside the box," he says. "You can't just do that by reviewing cargo data."
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Instead, it plans to gather more information about who made the goods in the containers and who packed them. Under that proposal, only a small fraction of the 11 million containers shipped to the U.S. each year — those from unknown companies and countries known to harbor terrorists — would be flagged to be scanned for nuclear or radiological materials. "It's called Risk Management 101," Secretary Michael Chertoff said. "I'm not terribly concerned someone's going to build a nuclear bomb in England" and load it into a container headed for a U.S. port. "But I might be more concerned about South Asia." Chertoff says there are countless obstacles to the 100% scanning mandate passed by Congress in 2006. Among them: Some countries don't want U.S. Customs officers operating scanning equipment in their ports; scans could slow trade; the program would be costly.Chertoff is taking criticism from the shipping industry, which opposes both Congress' 100% requirement and his plan to collect more information from shippers."Two wrongs don't make a right," says Frank Vargo of the National Association of Manufacturers. He says Chertoff's plan will slow trade and could cost the industry as much as $20 billion a year. "It will result in a two-day — maybe a five-day — delay before that container (is cleared) and can be loaded onto a ship."Security experts agree that 100% scanning would be very difficult to achieve. "It's not practical, and there's no threat that justifies it," said James Carafano of the Heritage Foundation, a conservative think tank.P.J. Crowley of the Democratic-leaning Center for American Progress says 100% scanning isn't feasible by 2012 but is a worthy goal for the next decade. "You want to have 100% confidence you know what's inside the box," he says. "You can't just do that by reviewing cargo data."
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