SMI Newsdesk Archives

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…

IACS wins Poseidon Challenge Award

The International Association of Classifications Societies (IACS) has picked up the Poseidon Challenge award for its work on Common Structural Rules.

Presenting the award to Tor Svensen, Chairman of IACS, Willem de Ruiter (pic left), Executive Director of the European Maritime Safety Agency (EMSA), said the Poseidon Challenge initiative was “fresh and ambitious and very timely. It is about being proactive and about voluntary initiatives which have to Read More…

NITC boss opts for single nationality crew

Managing vessels in house rather than by third party can create better efficiencies and higher vessel performance especially if you have one crew nationality onboard, according to Mohammad Souri, Chairman of NITC.

Addessing the Intertanko Poseidon Challenge conference in Istanbul, the NITC Chairman said mixed crews can be successful onboard ship, “but in my opinion you should not have any more than two or three different nationalities. If Read More…

COSCO Shipyard completes first VLOC converted from VLCC

Major Chinese ship repairer COSCO Shipyard Group has completed the first conversion of a VLCC into a very large ore carrier (VLOC).

Work on the 322m long Hebei Success  took seven months to complete with steel structural portions and piping accounting for the bulk of the work.

Remodeling work was undertaken at the Dalian works and completed on April 19 at a cost believed to be around $25 million. A Read More…

SIBA appoints ‘first’ female master

SIBA Ships has appointed Laura Pinasco as master of the world’s largest livestock carrier, MV Stella Deneb. It is Captain Pinasco’s first voyage as master and also the first time a female master has been appointed to a livestock carrier of this size and trade.

Mauro Balzarini, chairman of Siba Ships, said of the move: “Captain Pinasco is one of our experienced officers and we are pleased to Read More…

Henriksen appointed new NSA MD

The Norwegian Shipowners’ Association (NSA) has appointed Sturla Henriksen as its new Managing Director. The acting Managing Director, Jon Egil Johnsen, will continue in his role until Henriksen takes up the appointment in the summer.

Association’s President Elisabeth Grieg said he was chosen for “his extensive expertise and international experience, combined with sound knowledge of the sector and documented leadership qualities.”

“I’m looking forward to getting started”, said Sturla Henriksen. Read More…

Stealth Maritime adds to its fleet

The Vafias controlled Stealth Maritime Corp has taken delivery of two more IMO II/III product tanker newbuildings. The 47,000 dwt, Marshall Islands-flagged Navig8 Faith, delivered from the Sungdong Shipyard in Korea, will start long period employment to oil trader Navig8 while the 50,000 dwt Mexico (pictured), built at the SPP Shipyard in Korea, will go on long-term period charter to Shell. After these latest deliveries the Vafias group Read More…