The award follows Dubai based ports operator DP World winning a management contract in March 2009 to redevelop and operate Djen Djen port as well as the larger Port of Algiers.One source close to Daewoo, which has not disclosed the value of the contract, said that the company will expand the north and east breakwaters by 400mtr and 250mtr respectively. Daewoo will also create a new breakwater and an absorbing beach. The Transport Ministry wants the new port, which has been renamed DP World Djen Djen to act as a transshipment hub to serve the western part of the Mediterranean. The port will also serve as the main terminus for the eastern part of Algeria.
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Tuesday, June 2, 2009
Daewoo Engineering wins Algerian port expansion contract
Seoul: Algeria's Transport Ministry has awarded Daewoo Engineering & Construction a construction deal covering the expansion of Djen Djen port, 350 kms east of Algiers, writes news source Meed.
Somali piracy a boost for London's shipping insurers
London's shipping insurers are emerging as big winners from the surge in piracy across the Gulf of Aden.
As the frequency of attacks rises, so, too, does coverage of vessels plying pirate-infested waters.London has been home to the world's marine underwriting market since 1688 – when Edward Lloyd's coffee shop became the meeting place to sell coverage for slave ships. And it is the Lloyd's of London syndicates that make money insuring ships routed through the Gulf. (US insurers do not cover piracy. Figures released last month by marine broker Aon reveal the surcharge for separate kidnap and ransom coverage could mean a shipowner pays an extra $30,000 per journey – for every $3 million worth of coverage – through high-risk seas – 10 times that charged last year. Insurance firms are sensitive to suggestions that they benefit from the actions of pirates wielding rocket-propelled grenades, more so when their shipowning clients are wheezing from the impact of recession. But with 22,000 Gulf transits a year, additional premiums could be worth up to $400 million, says J. Peter Pham, a piracy expert at James Madison University in Harrisburg, Va.Read More
As the frequency of attacks rises, so, too, does coverage of vessels plying pirate-infested waters.London has been home to the world's marine underwriting market since 1688 – when Edward Lloyd's coffee shop became the meeting place to sell coverage for slave ships. And it is the Lloyd's of London syndicates that make money insuring ships routed through the Gulf. (US insurers do not cover piracy. Figures released last month by marine broker Aon reveal the surcharge for separate kidnap and ransom coverage could mean a shipowner pays an extra $30,000 per journey – for every $3 million worth of coverage – through high-risk seas – 10 times that charged last year. Insurance firms are sensitive to suggestions that they benefit from the actions of pirates wielding rocket-propelled grenades, more so when their shipowning clients are wheezing from the impact of recession. But with 22,000 Gulf transits a year, additional premiums could be worth up to $400 million, says J. Peter Pham, a piracy expert at James Madison University in Harrisburg, Va.
‘Norman Arrow’ arrives in Dover
LD Lines' new Incat 112-metre wave piercing catamaran, ‘Norman Arrow’, arrived in the Port of Dover for the first time on May 26, following completion of her three-week delivery voyage from Hobart, Australia.
“The vessel has performed admirably throughout the voyage,” said the master for the voyage, Captain Nick Dunn. The ‘Norman Arrow’ will be the largest fast ferry to operate on the cross channel routes between England and France, when she commences servicee on the Dover – Boulogne route from Saturday June 6.
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Australia releases offshore acreage for bidding
DARWIN, AUSTRALIA: Australia's Minister for Resources and Energy Martin Ferguson AM MP has announced the release of 31 new offshore petroleum exploration areas and two special areas in Commonwealth waters.
Speaking at the Australian Petroleum Production & Exploration Association's New Frontiers conference in Darwin, Minister Ferguson said there is nothing more important to the industry and Australia's future wealth than keeping the exploration sector strong and building project development opportunities. Ferguson said, "We must not forget that the long-term outlook for oil and gas is one of enormous demand growth. Investment in exploration and production must continue through the present economic downturn."
Container market to pick up by year-end: Maersk
Container vessel chartering rates have probably hit bottom and the container ship chartering market is likely to pick up at the end of 2009, said the head of Maersk Broker, one of the world's largest shipbrokers.
The global freight market has been hit hard by slowing trade due to the economic downturn, and container shippers have reported sharp decreases in freight volumes and rates.'In our opinion the container vessel chartering rates have generally reached the bottom. They could remain there for a while, but it won't get much worse than now,' Maersk Broker chief executive Jorn Nielsen told Reuters last week.The privately owned Danish firm's core business includes chartering of container vessels, tankers and bulk carriers, contracting new vessels and sale and purchase of ships.The broker's owner is also the biggest shareholder of world No 1 container shipper A P Moller-Maersk.Mr Nielsen said in an interview he saw the container chartering market stabilising in 2010. 'Our estimate is that, when you get a little further ahead, maybe at the end of 2009, it's beginning to look slightly brighter,' he said. 'We base that on our view of the world economy,' he added.'When we put our ear to the ground, we actually see reason to hope that this crisis is about to settle.'After years of booming business, the shipping industry is struggling with overcapacity as ships ordered years ago have become ready for delivery in the midst of the economic downturn.
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The global freight market has been hit hard by slowing trade due to the economic downturn, and container shippers have reported sharp decreases in freight volumes and rates.'In our opinion the container vessel chartering rates have generally reached the bottom. They could remain there for a while, but it won't get much worse than now,' Maersk Broker chief executive Jorn Nielsen told Reuters last week.The privately owned Danish firm's core business includes chartering of container vessels, tankers and bulk carriers, contracting new vessels and sale and purchase of ships.The broker's owner is also the biggest shareholder of world No 1 container shipper A P Moller-Maersk.Mr Nielsen said in an interview he saw the container chartering market stabilising in 2010. 'Our estimate is that, when you get a little further ahead, maybe at the end of 2009, it's beginning to look slightly brighter,' he said. 'We base that on our view of the world economy,' he added.'When we put our ear to the ground, we actually see reason to hope that this crisis is about to settle.'After years of booming business, the shipping industry is struggling with overcapacity as ships ordered years ago have become ready for delivery in the midst of the economic downturn.
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