Authorities in the UK are monitoring four gigantic plastic pipes that have washed ashore after breaking free while under tow off the east coast of England. The Maritime and Coastguard Agency (MCA) said the four pipes are part of a shipment of twelve Norwegian-built plastic pipes under tow to Algeria. Eight sections of pipe remain secured and under control off the East Anglian coast. The MCA said the four pipes that broke free, the longest being 480 meters long, have washed ashore at Eccles on Sea, Sea Palling and Winterton (Horsey). The pipes are brand new and range from 200 meters to 480 meters in length.
Consolidation within the container space still has a way to go whereby there will be as few as just five global liners a decade from now, the head of AP Moller-Maersk has predicted in an interview with the Financial Times. Soren Skou, speaking ahead of Wednesday’s quarterly results, said the wave of merger and acquisitions seen in the past couple of years was not over. “My prediction would be that the industry would consolidate further. A decade from now, we would be more in the five to six range,” he said. Maersk’s quarterly results later this week will show just how much the recent cyber attack cost the company.
Shipping’s global regulatory framework is under threat from a lack of consensus on major issues, a survey has found. The latest MarPoll, the quarterly topical survey carried on this site, has garnered hundreds of votes and comments. More than three quarters of readers to date believe the current global regulatory framework is indeed under threat. “The consensus won’t be reached as it is currently being driven by a political agenda,” one respondent commented. Some cite the regulatory singularity that has happened in maritime (cyber) which will make IMO an irrelevance.
More tankers are being circulated among brokers for demolition, according to UK brokerage Gibson. Sales to Indian and Bangladeshi breakers have accelerated with scrap prices on the sub-continent around $100 a tonne higher than this time last year, Gibson noted. Moreover, 15-year-old secondhand prices are now getting closer to converge with rising lightweight prices. As well as the traditional summer lull for tanker rates, owners are worried about the slew of newbuilds still to deliver into what is already a weak tanker market. Another pressure is that storage employment opportunities for VLCCs are also diminishing.
V.Group has not lost any hunger for acquisitions under its new ownership, sealing a deal with Graig Shipping to buy Graig Ship Management. Graig Ship Management will continue to operate independently as part of the V.Group portfolio, and manages a fleet of 17 vessels made up of 15 bulkers and two containerships according to its website. V.Group says the acquisition will enhance its ship management capability in Asia. Hanne Sorensen, interim CEO of V.Group, commented: “Graig Ship Management has developed a leading reputation in Asia and Europe for offering both cost effective and high quality solutions.
DP World, has formed a joint venture (JV) company with Egypt’s General Authority for the Suez Canal Economic Zone. The new venture will see the global terminal operator assist in developing projects in the SCZone, the main trade route between Europe and Asia, serving more than 8% of annual global trade. The new venture will develop projects in the Suez Canal Zone, one of the most promising trade zones given the calibre of its logistics facilities and its strategic location.
Tanker owners are faced with some very important decisions moving forward, as they will be faced with the dilemma of whether it makes financial sense to retrofit their older vessels or just sell them for demolition. This in turn will likely alter the balance between demand and supply, creating a new dynamic in terms of freight rates. The convention required all existing tonnage to install an approved BWT system at the 1st renewal of the International Oil Pollution Prevention (IOPP) certificate from 8.09.2017, which has traditionally been done alongside special survey every 5 years.
The 52,454 dwt bulk carrier "Patriot" has been detained in Singapore waters, Supreme Court of Singapore’s data shows. The 2004-built ship, which is operated by Greek shipowner Edem Marine, was arrested in the morning hours of August 10, 2017. Focal Investigation & Security Agency has been appointed for security and investigation purposes related to the arrest of the bulk carrier, built at Japan’s Tadotsu Tsuneishi yard. Supreme Court of Singapore did not disclose the reasons for the ship’s detention.
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