Dalian: China's first electronic trading platform for iron ore will launch today, 25 May, at Rizhao city in northeast China's Shandong province.
This is a significant moment in the liberalization of China’s freight trade. Caofeidian to the north is setting up a similar scheme, but for coal. Meanwhile, the Shanghai Shipping Exchange is pushing ahead with its own freight derivatives scheme as part of the city’s bid to become an international maritime centre.
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Monday, May 25, 2009
Ship finance gathering highlights overwhelming order book
Ship financier Paul Slater spoke recently at a Lloyd’s Shipping Economist finance gathering.
During the meeting, Mr. Slater said that the present global order book was overwhelming and that the present fleet was already 25 percent larger than required.According to Mr. Slater, “reckless owners” spent some US$750 billion on new build contracts in the five years leading up to 2008, with US$500 billion still on order; not very many contracts have been cancelled and far more have been deferred. He added that yard capacities were not declining as Chinese yards have been filling deferred spaces with new local orders for Chinese owners with cargo contracts to industrial groups. Mr Slater foresaw that this would create an enormous negative impact on the dry cargo markets and said that it would delay the market’s recovery by several years
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Economic conditions slow down Jotun
The economic downturn resulted in stagnating growth for Jotun in the first four months of the year.
The figures so far are still relatively high in relation to record levels seen last year. In litres and kilos the group sold two per cent less paint than it did for the same period last year. The Powder Coatings Division saw a marked fall in volumes while other important areas continued to grow. The weaker Norwegian kroner exchange rate was one of the factors that contributed to a relatively strong increase in operating income. The operating profit totalled NOK 339 million compared with NOK 363 million in the first four-month period last year. Weaker performance is expected. The group’s operating income amounted to NOK 3.7 billion compared to NOK 3.2 billion last year.
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The figures so far are still relatively high in relation to record levels seen last year. In litres and kilos the group sold two per cent less paint than it did for the same period last year. The Powder Coatings Division saw a marked fall in volumes while other important areas continued to grow. The weaker Norwegian kroner exchange rate was one of the factors that contributed to a relatively strong increase in operating income. The operating profit totalled NOK 339 million compared with NOK 363 million in the first four-month period last year. Weaker performance is expected. The group’s operating income amounted to NOK 3.7 billion compared to NOK 3.2 billion last year.
Sunday, May 24, 2009
MAN Diesel’s First 40-Bore Electronic Engine
MAN Diesel’s first S40ME-B electronic engine has entered service. Yielding 6,810 kW at 146 rpm and an mep of 21 bar, the new engine was built by STX in Korea and is one of six ordered by Intership Navigation of Cyprus to power a series of vessels.
The ME-B engine is the prime mover aboard the Pacific Adventure, a multi-purpose vessel built at HuangHai shipyard in China. The newbuilding recently passed its sea-trials successfully. The market requirement for the lowest possible propeller speed in relation to bore size has led to the new ME-B engine having a stroke/bore ratio of 4.4. In turn, the new engine has an increased maximum cylinder pressure, giving rise to an improved fuel consumption that is 2 g/kWh lower than existing, small-bore engines. Thanks to the electronic control of the engine’s parameters, the ME-B is also well-equipped to meet the new Tier-II emission requirements. Ole Grøne, Senior Vice President, MAN Diesel Promotion and Sales said “Market reception for the ME-B series has been very positive to date and, with over 100 orders recorded thus far, we are very happy with its success.”
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Hong Kong cuts harbour fees and charges
The Hong Kong Government has announced plans to reduce the harbour fees and charges of 27 marine-related services provided by the Marine Department.
According to a statement released by the department, this would come at a cost of US$2.2 million a year. If approved by the Legislative Council, the fees cuts would come into effect on July 10. The Hong Kong Government will also introduce another bill to update references in its existing ordinance in compliance with world marine safety regulations. The new Merchant Shipping (Safety) (Amendment) Bill 2009 is designed to ensure the timely implementation of international marine safety conventions under the Merchant Shipping (Safety) Ordinance. This will be introduced to Legislative Council on May 27.Read More
According to a statement released by the department, this would come at a cost of US$2.2 million a year. If approved by the Legislative Council, the fees cuts would come into effect on July 10. The Hong Kong Government will also introduce another bill to update references in its existing ordinance in compliance with world marine safety regulations. The new Merchant Shipping (Safety) (Amendment) Bill 2009 is designed to ensure the timely implementation of international marine safety conventions under the Merchant Shipping (Safety) Ordinance. This will be introduced to Legislative Council on May 27.
Brazil looks to China for port investment
Shanghai: In the month when China became Brazil’s leading trade partner, the South American country’s Port Minister Pedro Brito has declared he is confident of persuading the Chinese to invest in the $1.2bn Barnabe Bagres port complex in Santos.
This statement comes on the heels of a week-long visit to Beijing by a 240-strong Brazilian trade delegation. Brito, as well as Jose Serra, the President of Santos port authority Codesp, were part of the special envoy accompanying Brazil’s president Luis Inacio Lula da Silva for high-level talks with the Chinese leadership in Beijing.And Brito has already said that he is “hopeful” of Chinese interests investing in the Barnabe Bagres complex, which will take the capacity of Santos from today’s 110M tones per annum, up to more than 240M tons per year. Deals definitely signed in China are a $10bn loan from the Chinese Development bank to Brazil’s state-owned oil company Petrobras, and an MOU between Wuhan and mining, ports and logistics company LLX, which will involve some $4bn investment from the Chinese company. The CDB will also lend another $800m to the Brazilian National Development Bank for infrastructure projects – including port projects such as BB - and another $100m to the Itau Bank. Petrobras has promised (via a 10-year pact) to deliver 200,000 barrels of oil per day to China.
Somali Accused in Pirate Attack Pleads Not Guilty
A Somali captured last month after U.S. Navy commandos freed an American cargo-ship captain held by pirates off the Horn of Africa pleaded not guilty to piracy charges at his arraignment in federal court in New York.
Abduwali Muse was charged May 19 by a federal grand jury on a 10-count indictment accusing him of crimes including piracy and violence against maritime navigation. He faces mandatory life imprisonment if convicted.Muse appeared today in Manhattan federal court before U.S. District Judge Loretta Preska. After his capture, a federal judge ordered him detained and rejected a claim by his lawyers that Muse is 15 years old. The judge said the slender Somali, who stands 5 feet, 2 inches, will be treated as an adult.“How do you plead sir?” Preska asked Muse today. “Not guilty,” he answered through an interpreter. Muse allegedly was among a group of pirates who overtook the Maersk Alabama on April 8 and held its captain captive for five days. The group subsequently kept the captain, Richard Phillips, 53, in a lifeboat off the Somali coast.
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