SMI Newsdesk Archives

Braemar warns of orderbook cancellations

Up to 10% or 15% of the world ship orderbook is at risk of not being built because contracts will fail to achieve refund guarantees, according to one of the industry’s largest shipbroking groups.

The situation is worst in China, where it is harder and takes longer for smaller yards to obtain refund guarantees from their banks and will mean handysize bulkers bear the brunt of cancellations.

Speaking Read More…

Berlusconi ally named for top EU transport job

A lawmaker close to Silvio Berlusconi has been nominated as Italy’s man in the European Commission following the departure of Franco Frattini to join Berlusconi’s new government, the Commission said.

Antonio Tajani, the head of Berlusconi’s Forza Italia party in the European Parliament, was designated EU Transport Commissioner and not assigned the justice and migration post Frattini held before becoming Italy’s foreign minister this week.

Some members of Read More…

EU probing shipping equipment cartel

The European Commission has confirmed it has written to a number of companies to outline its suspicions that they have been participating in a cartel suspected of controlling the market for marine hoses.

The Commission did not name any of the companies involved as it does not comment on ongoing investigations. It said in a statement: “The European Commission can confirm that a statement of objections has been sent Read More…

Mavroleon looks to the ‘younger generation’

Top US broker and CMA stalwart Basil Mavroleon has stepped down as Managing Director of Charles R. Weber claiming it was time to hand over to someone younger.

The company announced on Monday that it had chosen James L Ford as his replacement although Basil will continue as Managing Director of WeberSeas (Hellas) S.A. and will remain a senior member of Charles R. Weber’s Project Department.

In a Read More…

Paragon seeks longer three year charter deals

Nasdaq-listed bulker owner Paragon Shipping has started charter negotiations on six of its 11-strong bulker fleet and is looking to place them on longer term three year charters instead of the traditional one year deals to take advantage of the higher market levels.

However, with around $130 million of undrawn revolving credit and a lot of cash left in the company, Michael Bodouroglou, CEO, is not ruling out Read More…

Ireland announces plans to create new shipping register

Ireland has launched a public consultation process to pave the way for the creation of a new ship register that will enforce legislation on safety and living conditions aboard and help improve maritime safety.

Noel Dempsey, Irish Minister for Transport and Marine, has called on vessel owners and the public to become involved in the process.

According to Ireland’s broadcasting company RTE, new arrangements are being considered by Read More…

Vafias “more conservative”

Harry Vafias has suggested his publicly-quoted vehicle StealthGas will adopt a conservative approach to expansion over the next 12 months because of the effects of the credit crunch but has not ruled out a foray into the larger tanker sector should market conditions be right.

Speaking to SMI, the StealthGas boss said he was not happy with his company’s fleet balance at the moment and was in favour Read More…

Shipping companies could soon list on the Hellenic Stock Markets

Greece could become a favoured option for raising fleet expansion capital following reports that the Hellenic Stock Exchange is about to implement a series of guidelines aimed at making it easier for ocean going shipping companies to list their shares on the market.

In a move that has long been awaited by the market, the Hellenic Stock Exchange’s rules of operation will be revised to abolish, among other things, Read More…

Top Ships issues 7.3 million shares in private placement

Evangelos Pistiolis-led Top Ships has privately placed 7.3 million common unregistered shares worth $51 million with various investors.

The 7.3 m shares were sold for $7 per share, representing a discount of 15.5% based on the closing share price of $8.28 on April 23, 2008.

Of the shares placed, 2.9 m shares were placed with Sphinx Investment Corp., a company privately controlled by George Economou.

The Company expects Read More…

Marad awards $9.8m in grants to 19 small US yards

The U.S. Department of Transportation’s Maritime Administration has awarded $9.8 million in grants to 19 small shipyards in the US.

The grants are part of the new Assistance to Small Shipyards program, set up under the National Defense Authorization Act for Fiscal Year 2006.

“Small shipyards are vitally important for the health of the maritime industry, and for the economy of the Nation,” said Maritime Administrator Sean Read More…

The shipping industry may be ill prepared to accommodate the global drive towards biofuel use

Lloyd’s Register CEO Richard Sadler has called on the shipping industry to make preparations for the global drive towards biofuels and argues that if second and third generation technologies are successful then current projections of demand would see the world fleet unable to cope with the logistic demands. Speaking at IMarEST’s annual Stanley Gray lecture, Richard Sadler concluded that the increase in demand for biocargoes would require an Read More…

Intertanko voices concern over Takayama attack

Intertanko’s Council has expressed concern at the attack on NYK’s VLCC Takayama off Aden.  The Japanese VLCC was hit by a rocket proelled grenade launched from a small boat some 270 miles off the Aden coast. No injuries were reported and rthere was no fire or explosion.

A fuel leak was temporarily patched by the crew and the vessel is said to have continued her ballast voyage from Read More…