Tanker sector not looking good

Things are looking quite bleak for the tanker sector, which has been caught in duldrums during the first quarter of the year.

Tanker owners have to cope with multiple negative factors, which are dragging rates downwards. Low oil demand and production are the main reasons, but this is not the only reason of concern. Perhaps the most dangerous issue to be dealt is the tanker fleet's potential growth. Gibson's latest report highlights this danger exactly. Indeed, analysts said that if tanker rates plunged, then owners would be looking for ways to dispose, renegotiate and postpone their shipyard contracts. Gibson said that as “one would expect, to date the drybulk market has seen the most cancellations, bu relatively few have emerged in either the crude or the clean petroleum products sectors. Perhaps, this is because the tanker market has only recently experienced the squeeze in rates already encountered in other sectors. However, we do anticipate more cancellations as the pressure intensifies on the market. What can confuse the issue is when owners cancel orders for legitimate contract violations, such as lack of refund guarantees or late delivery, but the shipyard announces that they intend to complete the vessel anyway”.
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Coral Triangle Initiative seeks funds for coral reef preservation

The Coral Triangle Initiative (CTI) is planning to set aside US$250 million for the preservation of reefs in the Coral Triangle, which is home to over 50 percent of the world’s coral reefs.

Countries in the CTI are Indonesia, Malaysia, the Philippines, Papua New Guinea, East Timor and the Solomon Islands. Leaders of CTI countries will attend a CTI Summit in Manado on May 15.
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Canaveral Creates Seaport Police Department

Joseph Hellebrand, a 30-year law enforcement veteran, will serve as chief of the newly created Port Canaveral Police Department.

The Canaveral Port Authority Board of Commissioners established the department late last year as culmination of a four-year initiative to enhance public safety at the world’s second busiest cruise port and Central Florida’s outlet to the sea.“The formation of the Police Department is simply the next step in the evolution of public safety at Port Canaveral in the aftermath of 9/11 and the increased demands of both federal and state laws and regulations,” said Port CEO Stan Payne.
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EC ready to crack down on illegal fishing in Somali

The European Commissioner for fisheries, Joe Borg, has said that the EC would investigate and take action against any European boats or European-owned companies flying flags of convenience if caught engaging in illegal fishing off Somali coasts.

Mr Borg’s comments were made in response to a statement by Abdirahman Ibbi, the Deputy Prime Minister and Minister of Fisheries and Marine Resources of the new Somali national unity government in which Mr Ibbi said that an estimated 220 foreign-owned vessels were engaged in unlicensed and illegal waters in Somali waters. Mr Ibbi said that most of the vessels were of European origin.

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PLA Navy kicks off 60th anniversary celebrations

China: The People's Liberation Army (PLA) recently held a grand ceremony to mark the 60th anniversary of its navy.

Twenty-nine naval delegations from all over the world attended the event on April 20 off the coast of the eastern city of Qingdao. PLA Navy Commander Admiral Wu Shengli announced the start of festivities, which included seminars, a sampan race and a fleet parade. A total of 21 naval vessels from 14 other countries then joined in a naval parade. There were 21 warships including destroyers, escort ships, patrol vessels, landing vessels and supply ships.

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