SMI Newsdesk Archives

World’s Economy Already Past Worst Stage claims Nobel Laureate

Nobel economics laureate Robert Mundell has declared that the worst of the world economic crisis is over, saying the US is now in the recovery phase, according to a report by the Korean news agency Yonhap.

“The world economy is not in as bad shape as it appears from the news,” he said in his keynote presentation at World Leaders Forum held to commemorate the 60th anniversary of the Read More…

EMS doubles revenues and remains optimistic about the future

Every cloud has a silver lining it would seem for the Oslo-listed shipmanagement to ship supply operation Eitzen Maritime Services as it posted a near doubling in third quarter revenue and predicted a strengthening of its shipmanagement portfolio as ship owners look to cut costs in the current financial crisis and outsource their vessel management operations.

Yet the current financial crisis seems unlikely to have affected the company’s Read More…

ACP extends deadline for Panama Canal lock construction proposals

The Panama Canal Authority (ACP) has extended the submission date for the proposals to build the new set of locks. The four consortia vying for the contract will now have until March 3, 2009 to submit their bids for what will be the largest and most important project under the $5.25 billion expansion program.

The ACP received requests to extend the bid submission due date and, with the success of Read More…

French capture 9 pirates but tension mounts over captured ‘tank’ ship

Tensions heated up on the high seas, as the French Navy captured nine pirates near the Gulf of Aden and a Somali pirate warned Thursday that the crew of a hijacked Ukrainian arms ship would be killed if NATO forces attacked, according to a report by Associated Press.

The French Navy intercepted the pirates in two small boats about 115 miles (185 kilometers) from the nearest coast, finding Read More…

Top Ships pulls out of takeover talks

Top Ships has pulled out of takeover talks with an affiliate of Greek Billionaire shipowner George Economou after it reduced its offer price from $6 per share to $3 per share in cash for Top Ships stock.

Top Ships said that “after consideration of numerous factors, including the recent volatility in global markets and decline in the company’s share price on the Nasdaq Stock Market, the company’s Board Read More…

GL warns against shipping hitting hard times

Leading classification society Germanischer Lloyd has spoken out to shipowners and operators to remain vigilant to maintaining safety and quality standards of vessels in a period of economic downturn, and has issued advice on how to save costs under widespread financial strain.

Concern is rife over the possible future construction of substandard vessels off the back of a global credit crisis, as the worry for shipyards to cut corners Read More…

Owners are walking away from their deposits claims Top’s Pistiolis

More and more ship owners are walking away from their newbuilding deposits leaving shipyards with the impossible task of finding takers for the uncompleted projects, according to Evangelos Pistiolis, head of Top Ships.

Speaking ahead of today’s expiration of an extention to an exclusivity agreement with an affiliate of George Economou, the Greek shipowner, involving a possible takeover of Top Ships, Evangelos Pistiolis said this will mean many Read More…

Banks are now ‘paying’ to get out of their financing commitments

The escalating financial crisis that has brought the global shipping industry to a standstill has taken a new twist after it was divulged that one German bank is reported to have paid a ship owner to get out of a newbuilding financing arrangement.

Shipowning sources contacted by SMI confirmed that the bank not only paid off the shipowner’s deposit at the shipyard but paid him an additional $3million Read More…

INTERMANAGER TO UNVEIL KEY PERFORMANCE INDICATORS

The results of a three year study designed to draw up a pan-industry set of usable and comparable Key Performance Indicators to measure quality ship management services will be unveiled by InterManager, the trade association of in-house and third part ship managers, at its Annual General Meeting in Singapore on November 17th.

In a separate move, the AGM announcement will also mark the movement into ownership by InterManager of Read More…

SingTel and Becker forge marine comms deal

Singapore Telecommunications and Becker Marine Systems Communication, a leading maritime communications services provider, have signed a teaming agreement to offer cutting-edge managed Infocomm Technology (ICT) solutions for the global maritime industry.

Under the agreement, Becker Marine Systems Communication will seek to incorporate SingTel’s suite of Maritime Satellite solutions into its umc.global network managed services platform. By extending applications such as corporate email, Intranet and Internet access and voice Read More…

Wallem urges crews to ‘call home’

Hong Kong-based Wallem Group has become the latest third party ship manager to install Blue Ocean Wireless (BOW) GSM communication capability across its managed fleet.

For the first time, all crew onboard Wallem-managed vessels will be able to call or text their friends and family from the privacy of their own cabins. The seafarers will also be able to receive phone calls and text messages. All crew members Read More…

Manufacturer claims ‘magic pipe’ blocker breakthrough

Breakthrough installations have been completed of a fail-safe ship technology that automatically prevents the negligent or wilful discharge of oil overboard.

A liquefied natural gas carrier and a car carrier, under completion at leading South Korean yards, will be the first ships at sea to feature SmartSafe, the shipping industry’s first working automatic ‘plug and play’ Bilge Overboard Security System to tackle those intent on using ‘magic pipes’ to Read More…