The government is considering debt rescheduling for the shipping industry, as the industry’s profitability deteriorates along with worldwide trade volume in the aftermath of the global financial crisis. Late last year, Park Road Corp., a midsize shipping company, went bankrupt. Samsun Logix, another midsize shipping company, applied for court receivership early this month. The nation’s top four shipping firms Hyundai Merchant Marine Co., Hanjin Shipping Co., STX Pan Ocean Shipping Co. and Korea Line Corp. are also seeing their net profit decline. The Ministry of Land, Transport and Maritime Affairs and the Financial Services Commission announced they are discussing details for the industry’s eventual overhaul.
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Friday, February 20, 2009
Bailout plan for Korean shipping firms
Seoul: In yesterday’s emergency economy meeting presided over by President Lee Myung-bak, the shipping industry emerged as the next target after the construction and shipbuilding industries, where government-supervised and creditor-led restructuring efforts have already begun, local media reported.
Gulf Craft Inc completes delivery of three Majesty 121 Super yachts within a year of its market introduction
Dubai, February 18, 2009: Gulf Craft Inc, one of the world’s leading boat and yacht manufacturers, is celebrating the recent delivery of its third Majesty 121 yacht from its UAE shipyard.
The announcement marks an extraordinary achievement for the luxury yacht manufacturer, which has 27 years of fiberglass boatbuilding experience and which has now delivered three Majesty 121 yachts since the model’s official announcement at the 2008 Dubai International Boat Show. “The Majesty 121 has been designed to set a new standard for super yacht construction and has followed in the steps of its predecessor, the Majesty 118, which has been delivered over the years to customers in the super yacht havens of the French Riviera and Fort Lauderdale in the U.S,” said Erwin Bamps, Executive Manager, Gulf Craft Inc.“Our 1,600 staff are working overtime to deliver on time the high quality, luxurious yachts customers are accustomed to from Gulf Craft. Since its official launch to the general public ten months ago the Majesty 121 yacht has quickly become a firm favourite among super yacht enthusiasts and has proven to one of our best sellers,” added Erwin.The Majesty 121 is a true super yacht, from the immaculate exterior styling and the no-compromise naval engineering to the exquisite interior workmanship. Built under rigorous class inspection, the Majesty Super Yachts contain an extensive host of amenities and feature the latest high-tech entertainment facilities, to ensure unrivalled ocean-going luxury. “Our ability to keep up with the ongoing demand for Gulf Craft yachts has enabled us to firmly establish ourselves in the super yacht category and we are currently seeing an increase in interest in our super yachts from markets as far as the U.S. Our production rate is as high as ever before in order to ensure that we fulfill our delivery targets and continue to provide our customers with quality, value for money yachts on time,” added Bamps.Gulf Craft will once again be the largest exhibitor at the Dubai International Boat Show taking place between 3 -7 March 2009.
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The announcement marks an extraordinary achievement for the luxury yacht manufacturer, which has 27 years of fiberglass boatbuilding experience and which has now delivered three Majesty 121 yachts since the model’s official announcement at the 2008 Dubai International Boat Show. “The Majesty 121 has been designed to set a new standard for super yacht construction and has followed in the steps of its predecessor, the Majesty 118, which has been delivered over the years to customers in the super yacht havens of the French Riviera and Fort Lauderdale in the U.S,” said Erwin Bamps, Executive Manager, Gulf Craft Inc.“Our 1,600 staff are working overtime to deliver on time the high quality, luxurious yachts customers are accustomed to from Gulf Craft. Since its official launch to the general public ten months ago the Majesty 121 yacht has quickly become a firm favourite among super yacht enthusiasts and has proven to one of our best sellers,” added Erwin.The Majesty 121 is a true super yacht, from the immaculate exterior styling and the no-compromise naval engineering to the exquisite interior workmanship. Built under rigorous class inspection, the Majesty Super Yachts contain an extensive host of amenities and feature the latest high-tech entertainment facilities, to ensure unrivalled ocean-going luxury. “Our ability to keep up with the ongoing demand for Gulf Craft yachts has enabled us to firmly establish ourselves in the super yacht category and we are currently seeing an increase in interest in our super yachts from markets as far as the U.S. Our production rate is as high as ever before in order to ensure that we fulfill our delivery targets and continue to provide our customers with quality, value for money yachts on time,” added Bamps.Gulf Craft will once again be the largest exhibitor at the Dubai International Boat Show taking place between 3 -7 March 2009.
Hellenic registered fleet posts third straight monthly increase in December
After a bi-month slump in terms of numbers (August-September), the Hellenic Registry’s vessels has kept its rising momentum also in December, probably one of the worst months in the global shipping industry in decades.
According to the latest report published yesterday by the National Statistics Agency, the number of vessels flying the country’s flag was up by two vessels, compared to November’s figures, i.e. at 2,082 ships, versus 2,080 the previous month. But, the tonnage’s total capacity is now at 39.156.211 tons, versus 39,265,417 tons in November, slighlty decreased on a monthly basis. The dry bulk fleet was reduced during December at 626 vessels, against 628 during the previous couple of months. Similarly, a small drop in tonnage capacity was evident, with the dry bulk fleet’s tonnage now standing at 15,078,971 tons, versus 15,112,281 tons in November and 14,981,164 tons in October. The main reason for this development was the scrapping of older tonnage in the dry bulk sector, as a result of the market’s downturn. The bulk of the increase in the registered fllet came once more from the tanker side, with four more vessels being added, bring the total tanker fleet at 521 vessels with a capacity of 22.318.727 tons, up from 517 units with a capacity of 22,394,165 tons in November. As for the rest of the fleet (passenger ships and other types), it was also increased by two vessels to reach 935 units in December.Read More
According to the latest report published yesterday by the National Statistics Agency, the number of vessels flying the country’s flag was up by two vessels, compared to November’s figures, i.e. at 2,082 ships, versus 2,080 the previous month. But, the tonnage’s total capacity is now at 39.156.211 tons, versus 39,265,417 tons in November, slighlty decreased on a monthly basis. The dry bulk fleet was reduced during December at 626 vessels, against 628 during the previous couple of months. Similarly, a small drop in tonnage capacity was evident, with the dry bulk fleet’s tonnage now standing at 15,078,971 tons, versus 15,112,281 tons in November and 14,981,164 tons in October. The main reason for this development was the scrapping of older tonnage in the dry bulk sector, as a result of the market’s downturn. The bulk of the increase in the registered fllet came once more from the tanker side, with four more vessels being added, bring the total tanker fleet at 521 vessels with a capacity of 22.318.727 tons, up from 517 units with a capacity of 22,394,165 tons in November. As for the rest of the fleet (passenger ships and other types), it was also increased by two vessels to reach 935 units in December.
Cruise sector sees boost as downturn hits Marseilles Fos cargo volumes
France: The world economic crisis hit cargo activity at the port of Marseilles Fos in January, with total throughput of 6.54 million tonnes marking a 24 percent drop on the corresponding month in 2007.
While passenger numbers rose on the back of extended cruise business, all main cargo sectors were affected by the downturn. General cargo fell 28 percent to 0.99 million tonnes; this included container traffic of 0.56 million tonnes, also down 28 percent, amounting to 59,118TEU, a decrease of 25 percent. Throughput at Fos, the port which handles Asian and US trades, dropped 23 percent to 44,085TEU. Meanwhile the Marseilles harbour area saw a slump in previously resistant Mediterranean trades, with box volumes falling 31 percent to 15,033TEU. Likewise ro-ro was down 10 percent to 0.3 million tonnes and conventional traffic 53 percent worse on 0.12 million tonnes. Dry bulks plunged 47 percent to 0.67 million tonnes due to a 77 percent fall in imports of raw materials for the steel industry. Liquid bulks slipped eight percent to 0.22 million, although bio-fuels continued to flourish with a significant increase of 150 percent.
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Maintenance Work Boat from Shin Yang
The Malaysian firm Ajang Shipping recently took delivery of a versatile maintenance workboat from the Shin Yang Shipyard in Miri, Sarawak, East Malaysia.
The 246 by 65.5 ft Ajang Haidah has a moulded depth of 31.3 ft with a 16.5 ft design draft. Designed by Conan Wu & Associates of Singapore the new vessel is powered by a pair of 16-cylinder Cummins KTA50-M2 main engines each developing 1800 BHP at 1900 RPM. The engines turn fixed pitch four-blade 2100 by 1512 m/m propellers through Reintjes WAF664 gears with ratios of 5.044:1. This gives the vessel a speed of eleven knots.The vessels main gensets are three Cummins KTA19DM1-powered generators each rated for 360 KW at 50 Hz. The emergency gen set is a Cummins 6CTA8.3DM-powered 150 Kw generator. A 210-HP Cummins 6BT5.9 engine powers the vessels fire pump. An 815 HP Cummins VTA28DM engine generates power for the boats bow thruster.
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