SMI Newsdesk Archives

Axel says be adaptable as Camillo Eitzen celebrates 125 years

Change is progress, sometimes fundamental and other times detailed, sometimes slow and other times faster but change is the rule, not the exception. This was the message given by Axel Eitzen on the occasion of Camillo Eitzen’s 125th birthday celebrations from India, reports Sean Moloney at the party in Mumbai.

“And we have experienced this over the last six months in quite a substantial way but adaptability is Read More…

EMS opts for vessel escorts

Vessels managed by EMS Ship Management will continue to pass through the Gulf of Aden but will now connect to naval convoys to protect against attack from Somali pirates, writes Sean Moloney from Mumbai.

Addressing a conference of over 250 EMS-employed officers in Mumbai, Svein Pedersen, company President, said there were two vessels waiting at Fujairah to join the first convoy, but all EMS ships would join a Read More…

IMO chief appeals to UN Security Council for Somalia piracy action

IMO Secretary-General Efthimios Mitropoulos has issued a call at the highest level for a coordinated and cohesive response, both internationally and nationally, to combat the scourge of piracy off the coast of Somalia.

In a personal briefing to the UN Security Council, IMO Secretary-General Mitropoulos told Security Council members about the scope and extent of the problem which, he said, was a matter of grave concern. He also outlined Read More…

Intertanko supports owners who opt for Cape switch

Tanker owners opting to sail round the Cape of Good Hope instead of running the gauntlet of the Gulf of Aden and its piracy can count on the support of Intertanko.

More and more companies are considering avoiding the Suez Canal and the Red Sea and the independent tanker owners association has said its supports their reasoning.

In a statement, Intertanko said it and its members “abhor the Read More…

Piracy posing a major threat to industry as insurance costs escalate

BGN Risk has revealed shocking statistics estimating that piracy attacks off the coast of East Africa are claiming an estimated $400 million from the industry in record-high insurance costs, exposing businesses to unprecedented risks of hijacking as well as colossal transport bills.

A subsidiary of Begbies Traynor Group, the corporate security risk experts, has warned that businesses braving the crucial trade route are failing to obtain adequate cover Read More…

Shipping confidence levels dive as rates look set to continue downward trend

The latest Shipping Confidence Survey by Moore Stephens has revealed a significant drop in overall confidence levels in the market and an increased expectation that rates in the tanker, dry bulk and container ship sectors will fall in the next twelve months.

On a scale of 1 to 10, the average confidence level reported by respondents was 5.6, compared to 6.8 in the previous survey in June 2008. Confidence levels Read More…

Frontline could follow Odfjell lead and steam around the Cape to avoid piracy attacks

Frontline has not ruled out redirecting its tankers around the Cape of Good Hope to avoid the escalation of piracy attacks in the Gulf of Aden.

Indeed, it has suggested this could be a real possibility for a lot of vessels if the continued fall in charter rates makes transiting the Red Sea an economically unviable option.

It follows yesterday’s decision by Norwegian chemical and products tanker owner Read More…

Giorgi puts training first as he takes over InterManager Presidency

InterManager, the international trade association for in-house and third party ship managers, has appointed Roberto Giorgi as its new President.

Mr Giorgi, who was elected unopposed at yesterday’s InterManager AGM in Singapore, succeeds Ole Stene, Managing Director of Aboitiz Jebsen Bulk Transport Corporation, who has completed his two-year appointment in the role.

The appointment of Mr Giorgi is a significant and positive move in the growth of InterManager. Read More…

Ship Managers are ‘credit crunch’ winners and costs could fall too

Third party ship managers are ring fenced from the ravages of the current financial crisis and could even see business increasing as owners strive to keep fixed overhead costs down by delaying taking ships back in-house and ships repossessed by banks are forced to seek third party management expertise.

According to Guy Morel, InterManager General Secretary, there is also good reason to believe that high vessel running costs Read More…

Dubai launches its own maritime week

Dubai Maritime City is to organise the ‘Dubai Maritime Week’ starting from 2010, as part of a series of initiatives designed to support the development of the UAE and region’s maritime sector.

The region’s first-of-its-kind event will be co-organised by Dubai World Trade Centre and will include seminars, exhibitions, panel discussions and conferences relating to the global maritime industry. In addition, activities that allow Dubai’s entire community to Read More…

India bullish about the benefits of the credit crunch

Indian shipping companies have indicated that not only have they been unaffected by the global credit crisis, but that it is a “blessing in disguise” for the Indian economy as it uses the period of downturn to shift attention on internal development and growth.

Managing Director of Bibby Ship Management’s Mumbai office, Prakash Agarwal said that in stark contrast with the majority of global shipping operations, India is Read More…

DVB raises concern as world fleet enters dire financial straits

DVB bank has warned that frozen credit lines may force banks to take ownership of vessels as financing becomes increasingly tighter, indicating that shipowners and operators should cut their losses against the future world newbuild orderbook.

Dagfinn Lunde, Member of the Board of Managing Directors of DVB Bank, said that as a result of the global economic crisis, it is “likely that banks will be taking ownership of vessels Read More…