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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Tuesday, April 28, 2009
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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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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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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Monday, April 27, 2009
CMA CGM flagship vessel calls at Hamburg
The new flagship of French shipping company CMA CGM has recently docked at the Port of Hamburg, Germany.
With a slot capacity of 11,356TEU and 800 connections for reefer containers, the 363-metre ‘CMA CGM Andromeda’ is the biggest container ship to have been handled at the Port of Hamburg to date. According to CMA CGM, the flagship vessel uses six percent less fuel than comparable ships. Its design moreover incorporates a number of technical innovations including an environmentally-friendly method of oil recovery. ‘CMA CGM Andromeda’ is being deployed on the company’s French Asia Line 1 (FAL 1) service between Asia and Europe. With a load carrying capacity of 135,000 tonnes, the ship has a maximum draught of 15.5 metres.Read More
With a slot capacity of 11,356TEU and 800 connections for reefer containers, the 363-metre ‘CMA CGM Andromeda’ is the biggest container ship to have been handled at the Port of Hamburg to date. According to CMA CGM, the flagship vessel uses six percent less fuel than comparable ships. Its design moreover incorporates a number of technical innovations including an environmentally-friendly method of oil recovery. ‘CMA CGM Andromeda’ is being deployed on the company’s French Asia Line 1 (FAL 1) service between Asia and Europe. With a load carrying capacity of 135,000 tonnes, the ship has a maximum draught of 15.5 metres.
Maersk builds green container ships
A completely new design will reduce the discharge of CO2 from the future container ships of Maersk Line by up to 22 per cent.
The new design will be tested on a series of 16 container ships that Maersk Line is building in South Korea. "We want A.P. Moller-Maersk to be leading in the development of a more environment friendly shipping. That is why we are seizing the moment, now that the Asian shipyards are in need of orders and therefore are willing to go far to fulfil the wishes of shipping companies, to put considerable focus on initiative, which can reduce fuel expenditure and thereby reduce CO2 discharge", says Bo Cerup-Simonsen, vice president of Maersk Maritime Techonology at A.P. Moller-Maersk's technical organisation, to business.dkThe additional cost of the new 16 ships is approx. 15 pct. more compared to a standard container ship of 7.450 TEU.The 16 container ships, which from the beginning of 2010 will sail Maersk's container services South America - Europe and South America - Asia, make their fuel savings from a series of small initiatives on different parts of the ship.
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The new design will be tested on a series of 16 container ships that Maersk Line is building in South Korea. "We want A.P. Moller-Maersk to be leading in the development of a more environment friendly shipping. That is why we are seizing the moment, now that the Asian shipyards are in need of orders and therefore are willing to go far to fulfil the wishes of shipping companies, to put considerable focus on initiative, which can reduce fuel expenditure and thereby reduce CO2 discharge", says Bo Cerup-Simonsen, vice president of Maersk Maritime Techonology at A.P. Moller-Maersk's technical organisation, to business.dkThe additional cost of the new 16 ships is approx. 15 pct. more compared to a standard container ship of 7.450 TEU.The 16 container ships, which from the beginning of 2010 will sail Maersk's container services South America - Europe and South America - Asia, make their fuel savings from a series of small initiatives on different parts of the ship.
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