State-owned Export-Import Bank of Korea and Korea Export Insurance Corp. will give guarantees, insurance coverage and loans to global shipping lines, the Ministry of Strategy and Finance, the Ministry of Knowledge Economy and the Financial Services Commission said in a joint statement. The worst credit crisis since the Great Depression has made it difficult for shipowners to meet payment schedules, forcing them to cancel orders or ask shipyards for deferrals. The cash reserves of shipbuilders have also shrunk as orders slumped since the third quarter. “The government decided to push for progressive restructuring plans and provide more liquidity because the global credit crisis has practically dried up orders for new ships worldwide,” according to the statement. “Domestic shipyards won only one order in the first quarter.
Saturday, May 2, 2009
South Korea to Provide 11.5 Trillion Won of Shipping Finance
South Korea plans to provide 11.5 trillion won ($8.8 billion) of shipping finance this year to help shipowners pay for existing contracts and place new orders.
State-owned Export-Import Bank of Korea and Korea Export Insurance Corp. will give guarantees, insurance coverage and loans to global shipping lines, the Ministry of Strategy and Finance, the Ministry of Knowledge Economy and the Financial Services Commission said in a joint statement. The worst credit crisis since the Great Depression has made it difficult for shipowners to meet payment schedules, forcing them to cancel orders or ask shipyards for deferrals. The cash reserves of shipbuilders have also shrunk as orders slumped since the third quarter. “The government decided to push for progressive restructuring plans and provide more liquidity because the global credit crisis has practically dried up orders for new ships worldwide,” according to the statement. “Domestic shipyards won only one order in the first quarter.Read More
State-owned Export-Import Bank of Korea and Korea Export Insurance Corp. will give guarantees, insurance coverage and loans to global shipping lines, the Ministry of Strategy and Finance, the Ministry of Knowledge Economy and the Financial Services Commission said in a joint statement. The worst credit crisis since the Great Depression has made it difficult for shipowners to meet payment schedules, forcing them to cancel orders or ask shipyards for deferrals. The cash reserves of shipbuilders have also shrunk as orders slumped since the third quarter. “The government decided to push for progressive restructuring plans and provide more liquidity because the global credit crisis has practically dried up orders for new ships worldwide,” according to the statement. “Domestic shipyards won only one order in the first quarter.
Seafarer unions and employers extend piracy risk area off Somalia
London: The International Bargaining Forum (IBF), the joint negotiating body that brings together maritime unions and employers, has agreed to extend the piracy risk area off Somalia.
The wider zone stretches 400 nautical miles (741km from the coast), in recognition of the increasing areas pirates are using. Crews on ships with IBF and ITF (International Transport Workers' Federation) agreements within this area receive double pay and a doubling of death and disability compensations. If on vessels inside the zone but outside the International Recommended Transit Corridor they have the right to refuse to sail and to be repatriated at the employers’ expense. The ITF had requested the extension of the zone.Read More
The wider zone stretches 400 nautical miles (741km from the coast), in recognition of the increasing areas pirates are using. Crews on ships with IBF and ITF (International Transport Workers' Federation) agreements within this area receive double pay and a doubling of death and disability compensations. If on vessels inside the zone but outside the International Recommended Transit Corridor they have the right to refuse to sail and to be repatriated at the employers’ expense. The ITF had requested the extension of the zone.
Swine flu fears lead to OTC cancellations
HOUSTON, TEXAS: Fears brought on by the international swine flue outbreak have led to several event cancellations at the annual Offshore Technology Conference (OTC), which is being held at Reliant Park in Houston from May 4 to May 7.
Petrobras President and CEO Jose Sergio Gabrielli de Azevedo and several other officials from the Brazilian energy company reportedly have canceled plans to attend OTC.PEMEX General Director Jesus Reyes Heroles has opted to stay in Mexico rather than travel to OTC, where he was scheduled to present at an industry breakfast. Heroles will stay in Mexico to direct PEMEX's efforts related to the outbreak.Read More
Petrobras President and CEO Jose Sergio Gabrielli de Azevedo and several other officials from the Brazilian energy company reportedly have canceled plans to attend OTC.PEMEX General Director Jesus Reyes Heroles has opted to stay in Mexico rather than travel to OTC, where he was scheduled to present at an industry breakfast. Heroles will stay in Mexico to direct PEMEX's efforts related to the outbreak.
Iraqi Navy assumes control of oil terminal
The Iraqi Navy assumed control of the Khawr Al Amaya Oil Terminal (KAAOT) during a ceremony April 30 aboard the terminal in the North Arabian Gulf.
This turnover is the first step of a multi-step naval transition plan that will eventually transfer security responsibilities to the Iraqi Navy. US and coalition forces have maintained a presence on KAAOT since April 2004, assisting the Iraqi Navy by helping provide security to their oil platforms, which account for approximately 70 to 85 percent of Iraq's GDP. Coalition forces have operated jointly with Iraqi Navy sailors and marines, training them in point-defense force protection and visit, board, search and seizure operations.Read More
This turnover is the first step of a multi-step naval transition plan that will eventually transfer security responsibilities to the Iraqi Navy. US and coalition forces have maintained a presence on KAAOT since April 2004, assisting the Iraqi Navy by helping provide security to their oil platforms, which account for approximately 70 to 85 percent of Iraq's GDP. Coalition forces have operated jointly with Iraqi Navy sailors and marines, training them in point-defense force protection and visit, board, search and seizure operations.
Navy Stern Flap Installations for Fuel Savings
The U.S. Navy began installing stern flaps in April on amphibious ships in an effort make ships more fuel efficient and save up to $450,000 in fuel costs per ship annually.
USS Whidbey Island (LSD 41), the first dock landing ship to receive stern flaps, began the installation process mid-April during a scheduled maintenance availability in Norfolk, Va. The ship is expected to head back to sea in late November.” A stern flap, located on the aft end of a ship, makes the ship more hydrodynamic, reducing drag and the energy required to propel them through the water," said Petter Kristiansen, Fleet Readiness Research and Development Program (FRR&DP) program manager. "Previous installations on other Navy ships generated annual fuel savings of $365,000 to $450,000 per ship.Read More
USS Whidbey Island (LSD 41), the first dock landing ship to receive stern flaps, began the installation process mid-April during a scheduled maintenance availability in Norfolk, Va. The ship is expected to head back to sea in late November.” A stern flap, located on the aft end of a ship, makes the ship more hydrodynamic, reducing drag and the energy required to propel them through the water," said Petter Kristiansen, Fleet Readiness Research and Development Program (FRR&DP) program manager. "Previous installations on other Navy ships generated annual fuel savings of $365,000 to $450,000 per ship.
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