SMI Newsdesk Archives

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…

Stena ‘to buy’ publicly quoted tanker company by Xmas

The dramatic fall in shipping company stocks forced by the financial crisis has thrust Gothenburg-based Stena Bulk strongly on the acquisition trail to the extent that it has targeted a publicly-listed tanker company that it said it will buy by the end of the year.

Ulf Ryder, President and CEO of Stena Bulk, told reporters at Stena’s offices in Sweden, that buying undervalued stocklisted companies was “a more Read More…

Northern Marine to move out of third party management

Glasgow-based Northern Marine Management will stop providing crews to third party clients by 2010 as its parent company Stena is forced to divert much needed seafarer capability to its own vessels.

Ulf Ryder, President and CEO of Stena Bulk, told SMI that Stena tonnage only represented 40% of the 120 vessels of 10 million dwt managed by Northern Marine Management but the need to crew its own ships Read More…

Dry paper players ‘are cooked’ as November FFA settlement date prompts more bankruptcy fears

Shipping markets should prepare themselves for more bankruptcies and shipping company casualties over the next fortnight as businesses struggle to meet the settlement terms for the dry cargo paper contracts, according to the CEO of a Singapore-based ship finance and value investment vehicle.

There are some owners who have speculated in the paper markets who face astronomical losses, said Alvin Cheng, CEO of Pacific Shipping Trust. “I understand Read More…

War of words between two Irish ports

A war of words has broken out between two Irish ports, one on each side of the border, but only 10 km apart. Warrenpoint in Co Down, on the Northern Ireland side of Carlingford Lough, has invested £20 million in expanding its ro-ro facilities. It also handles lo-lo, in total, about 2.5 million tonnes of trade a year.

Peter Conway, chief executive, said: ” Warrenpoint is the second Read More…

Schou confirms position as head of Wilhelmsen Ship Management

Carl Schou has been appointed President of Wilhelmsen Ship Management, succeeding the public and controversial figure Geir Sekkesaeter in the post.

Schou has been acting President since August 2008 but the confirmed appointment will take effect from November 1st this year.

He graduated from the Maritime University College in Oslo and has also done graduate studies at the Norwegian School of Management (BI). He previously worked for Det Read More…

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…