For the rest of the world, that was none of their business, but as Somalis quickly perfected the art of hijacking ocean vessels in the high seas and demanding ransom for their safe release - thereby causing major disruptions on one of the world’s busiest shipping corridors - it has quickly become their business. And the question begs: Can the world continue to ignore the crisis in Somalia? The game changer came last year after the buccaneers hijacked a Saudi-owned oil tanker and Ukrainian vessel carrying weaponry for the Kenyan military. The audacity and the location of the hijackings deep in international waters raised the red flag for the international maritime community to a serious problem that needed urgent solutions. With the promise of green dollars raining down from the blue skies above and a lawless haven to stash away their loot, the skinny, thick-skinned, gun-totting lads from Somalia are bolder and willing to take greater risks to capture more ships. The lure of hard cash ahead and abject poverty back in their homeland being their sole driving force to venture deep into the Indian Ocean preying on ocean vessels.
Monday, June 15, 2009
Piracy: The global agenda
For close to two decades, the world has turned a blind eye as Somalis butchered each other and warlords called the shots in demarcated territories in Somalia.
For the rest of the world, that was none of their business, but as Somalis quickly perfected the art of hijacking ocean vessels in the high seas and demanding ransom for their safe release - thereby causing major disruptions on one of the world’s busiest shipping corridors - it has quickly become their business. And the question begs: Can the world continue to ignore the crisis in Somalia? The game changer came last year after the buccaneers hijacked a Saudi-owned oil tanker and Ukrainian vessel carrying weaponry for the Kenyan military. The audacity and the location of the hijackings deep in international waters raised the red flag for the international maritime community to a serious problem that needed urgent solutions. With the promise of green dollars raining down from the blue skies above and a lawless haven to stash away their loot, the skinny, thick-skinned, gun-totting lads from Somalia are bolder and willing to take greater risks to capture more ships. The lure of hard cash ahead and abject poverty back in their homeland being their sole driving force to venture deep into the Indian Ocean preying on ocean vessels.
For the rest of the world, that was none of their business, but as Somalis quickly perfected the art of hijacking ocean vessels in the high seas and demanding ransom for their safe release - thereby causing major disruptions on one of the world’s busiest shipping corridors - it has quickly become their business. And the question begs: Can the world continue to ignore the crisis in Somalia? The game changer came last year after the buccaneers hijacked a Saudi-owned oil tanker and Ukrainian vessel carrying weaponry for the Kenyan military. The audacity and the location of the hijackings deep in international waters raised the red flag for the international maritime community to a serious problem that needed urgent solutions. With the promise of green dollars raining down from the blue skies above and a lawless haven to stash away their loot, the skinny, thick-skinned, gun-totting lads from Somalia are bolder and willing to take greater risks to capture more ships. The lure of hard cash ahead and abject poverty back in their homeland being their sole driving force to venture deep into the Indian Ocean preying on ocean vessels.
Hebei Spirit officers head home after 550 days
Seoul: The Appeal Court of the Daejeon District Court 1st Criminal Division in Korea, has found the senior officers of the Hebei Spirit not guilty of the crime of destruction of property, following Korea’s Supreme Court ruling that the two should never have been imprisoned.
The case was referred back to the Appellate Division of the District Court on April 23 of this year by the Supreme Court, for further review when they found that the two officers could not be jailed as they were not responsible for the destruction of property, the only crime carrying a custodial sentence.The verdict will enable the two senior officers of the Hebei Spirit to return to their families in India after more than 550 days of an enforced stay in Korea, some spent in prison.
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US Prestige ruling reversed
A US appeals court has reversed the dismissal of the $1Bn suit against American Bureau of Shipping by Spain, which is seeking compensation for the 2002 sinking of the Prestige.
New York District Court Judge Laura Swain had decided in favour of class society ABS in January 2008, ruling that Spain sought damages under the International Convention on Civil Liability for Oil Pollution Damage and since the US was not a signatory, a US court had no jurisdiction. On Friday, the US 2nd Circuit Court of Appeals vacated Swain’s decision, ruling that a federal court is not necessarily deprived of jurisdiction because America had not ratified the treaty. The panel also ruled on a cross-appeal by ABS, which sought a reinstatement of counterclaims against Spain for contributory negligence. Ruling for ABS, the appeals panel remanded those claims for further proceedings.
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UK. Princess to build megayachts at South Yard Plymouth waterfront site
Princess Yachts International has signed the lease for a 15 acre (6 hectare) waterfront site at South Yard, Plymouth.
Part of the famous Devonport Naval base, this facility has been acquired to enable Princess to commence the construction of a new range of large yachts. The bespoke craft, which will be over 100 feet, are too large to be built in Princess’ existing manufacturing sites.Chris Gates, Managing Director at Princess Yachts International, said, “Acquiring this land is a significant step for the company’s future. We have been working for some time to achieve the waterfront location we require in the Plymouth area. Expanding locally has always been a priority not least because of the skilled workforce and supply chain we have established here over the years. “The South Yard site will enable us to start immediate production of a new range of large craft. We have identified this market as key for Princess to ensure its growth and long term development, helping us secure stable employment for our workforce.”Read More
Part of the famous Devonport Naval base, this facility has been acquired to enable Princess to commence the construction of a new range of large yachts. The bespoke craft, which will be over 100 feet, are too large to be built in Princess’ existing manufacturing sites.Chris Gates, Managing Director at Princess Yachts International, said, “Acquiring this land is a significant step for the company’s future. We have been working for some time to achieve the waterfront location we require in the Plymouth area. Expanding locally has always been a priority not least because of the skilled workforce and supply chain we have established here over the years. “The South Yard site will enable us to start immediate production of a new range of large craft. We have identified this market as key for Princess to ensure its growth and long term development, helping us secure stable employment for our workforce.”
Dry bulk market bounces back
The Baltic Dry Index managed to recover some of its losses, by the end of the previous week, regaining some ground.
Friday it gained another 100 points to finish the week at 3,583 points, down from the high of 4,291 points, reached just 10 days ago. According to Weberseas latest weekly report, “the indices continued their slide for the best part of the week however, by Thursday it was evident that this downturn would be short lived as the caper and panamax indices moved upwards and continued with strong gains on Friday. Even though on a week-to-week basis all of the indices were in the red the market is showing resilience in that downturns are short lived” the broker said. Another indication of the dry bulk market faring better is the number of transactions moving forward in the sale & purchase market for second hand vessels. According to brokers, there is an abundance of purchase enquiries, not to mention deals going through. “No matter what vessel is placed in the market for sale there are now buyers enquiring, inspecting and offering and more and more owners are taking this opportunity of capitalizing and cashing-in at ever increasing price levels” said Weberseas.
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