SMI Newsdesk Archives

Don’t blame derivatives ’but they can be dangerous’

Derivatives should not be blamed for the collapse in the dry cargo market but if they are abused or used foolishly they can be dangerous, according to the head of the Baltic Exchange.

Addressing delegates at the morning session of the Sea Asia conference in Singapore, Jeremy Penn, CEO of the Baltic Exchange said it was always easy to blame derivatives markets for market collapses. “I am put Read More…

Press your buttons now…

Delegates attending the morning bulk session of the Sea Asia Conference were in generally positive mood with the majority of those polled believing that a smaller than expected percentage of bulk carriers on order would be cancelled as a result of the financial crisis and that demand and supply balance would return to the dry bulk market by 2012.

In a unique electronic polling exercise of delegates attending the session, Read More…

Braemar boosts LPG presence with acquisition of LPG Connect International

Braemar Seascope Ltd, the shipbroking arm of Braemar Shipping Services plc, has underlined its commitment to the all-important product broking market by acquiring the LPG broker and consultant LPG Connect International to form a product broking division called Braemar LPG Connect.

Creation of the product broking division, to take effect from April 21st, 2009, is based on Braemar’s strong belief in the future growth of the global LPG trade. It Read More…

The Swedish Club bucks falling trends with $4m surplus

A major turnaround in the P&I market has resulted in a combined underwriting surplus of $4m for The Swedish Club’s 2008 figures, which posted a shocking $18m loss in the preceding year, bucking the trend of financially struggling Clubs.

Unexpected severity in claims, substantial financial losses and evaporating investment portfolios have hit the International Group of P&I Clubs with considerable force, as a result of the economic turmoil.

Lars Read More…

Piraeus lying idle but waiting for work

The two hour trip from Piraeus to Hydra is a monotonous yet calming experience. The Flying Dolphin cuts its way through the surf, speeding faster and faster to its never changing destination, reports Sean Moloney from Athens.

But passengers travelling between the Greek mainland and the surrounding islands now have their regular view interrupted by what seems to be a floating graveyard of ships of all descriptions. As Read More…

Long Beach approves Middle Harbour Redevelopment Project

The Long Beach Board of Harbour Commissioners has unanimously approved an exhaustive environmental study of the Middle Harbour Redevelopment project, green-lighting a $750 million renovation to transform two aging Port of Long Beach shipping terminals into one of the “greenest,” most environmentally friendly terminals in the world.

With a significant addition of railroad tracks and built-in environmental technology, the new terminal will double the cargo-moving capacity of the Read More…

Hellespont launches chemical tanker pool

Hamburg-based Hellespont has launched a pool for modern IMO 2 chemical/product tankers.

The Seatramp Intermediate Tanker Pool will initially consist of three KG-financed and Hellespont-operated 13,000 dwt vessels, and Hellespont has committed a further eight 17,000 dwt newbuildings due between now and 2011 to the pool. Talks with other owners are at an advanced stage and the aim is to bring the pool to around thirty vessels by the end Read More…

MAAP opens new training campus in the Philippines

The Philippines’ Maritime Academy of Asia and the Pacific (MAAP) has opened a new campus dedicated to training seafarers who will work on board Japanese ships.

The JSU-IMMAJ Campus, the second for MAAP, was opened on April 7 in a ceremony attended by Philippine President Gloria Macapagal-Arroyo. She was joined by government, management and labor officials from both countries who are engaged in the project. Also present were 250 MAAP Read More…

Torm sends ships to drydock

Danish shipping company Torm has started sending ships to dry dock for maintenance work prematurely, so the ships will be ready when the market takes a turn, according to Maritime Danmark. The manoeuvre also helps reduce costs and capacity.

“At Torm, every penny is used, we are considering taking on cargo, we would not normally have considered and we are looking at dry docking. We have already put one ship Read More…

Danish owners to hold piracy crisis talks

The Danish Shipowners’ Association is to hold a special piracy crisis meeting after the Easter break in an attempt to prevent attacks on and hijacking of shipping in the waters east of Somalia.

“A solution could be to establish a coast guard to patrol along the stretch of coast to prevent pirates from leaving shore with their mother ships. It could be local coast guards, with African countries Read More…

No new orders for six months as cancellations continue

There have been no newbuilding orders worldwide for at least six months  as ship owners cut their investments and order cancellations keep on coming even at the risk of painful lawsuits following, claims Hellenic Shipping News.

According to the latest monthly report by shipbroker George Moundreas & Co, during the first quarter of 2009, with banks stepping away from shipping and focusing in their own problems, no new orders were Read More…

Heidmar and W-O agree tanker management jv

Heidmar and W-O Shipping Group have signed a letter of intent to enter into a joint venture to commercially manage small tankers.

Both companies have agreed on terms for the formation of a joint venture, WOMAR Holdings LLC to commercially manage small and intermediate size IMO II/Chemical and other tankers less than 30,000 DWT.

Heidmar’s Marida Tanker pool and W-O Shipping’s Yamuna and Ganges pools will become part of the Read More…