SMI Newsdesk Archives

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…

Captain taken hostage as Maersk Alabama crew retakes ship

There was an astonishing twist in the latest piracy attack off the coast of Somalia as the American captain of the Maersk Alabama was taken hostage by the pirates in one of the vessel’s lifeboats after the crew thwarted the attack and retook command of the vessel.

According to reports from the BBC, the Captain was seized by armed pirates who had stormed the 1,100teu Maersk Alabama after a five-hour chase 400 Read More…

Maersk Line vessel hijacked by Somali pirates

Maersk Line has become the latest high profile target of Somali pirates after the 1,100teu boxship the Maersk Alabama was boarded and hijacked by pirates.

The US-operated vessel was seized in the Indian Ocean about 340 miles (500km) east of the capital, Mogadishu. Press reports suggested the vessel was carrying food aid for the World Food Programme.

The US flagged vessel has a crew of 20 US nationals Read More…

Canada Forest ups stake in Pac Basin

Interest was mounting that Hong Kong-based dry bulk owner player Pacific Basin Shipping may be the target of a possible takeover after a Canadian vessel owner and commodity company increased its stake in the business from 5.2% to just under 9.4%.

The move by Canada Forest Navigation is understood to be the most substantial ownership interest taken by a vessel owner/operator since Pacific Basin listed in 2004 (excluding Read More…

IRI opens offices in Houston and Dubai

International Registries, Inc. (IRI), Administrator of the Marshall Islands Maritime and Corporate Registries, has expanded its worldwide network by opening offices in Houston and Dubai. This expansion enables the Registry to further augment its services and will provide clients in these areas with the full expertise of the Registry in their local regions.

Bill Gallagher, President of IRI (pictured), said: “Opening offices simultaneously in Houston and Dubai is Read More…

Cost-cutting is making life at sea ‘miserable’

Danish officers believe that the shipping companies are cutting expenses so much at the moment that it makes the sailors’ life a misery. Savings include everything from the everyday laying of the table on board to therapy assistance, according to MaritimeDanmark.dk.

“It is always annoying when expenses must be cut. The sailors understand that the shipping companies have to save money, but they do not like it when provision of Read More…

Shipping confidence levels plummet

Confidence levels in the shipping industry have declined by more than 20% over the past twelve months, sparking fear among owners as markets continue to deteriorate and competition turns vicious.

A twelve month analysis of the Shipping Confidence Survey, produced by shipping consultant Moore Stevens, revealed that the average shipping confidence level expressed by owners and managers was down from 7.1 to just 5.4 against last year’s figures, Read More…

UK Shipping Minister opens Port of London Authority’s centenary celebration

Underlining a remarkable 100 years of crucial services to the history of British shipping, Jim Fitzpatrick MP, UK Shipping Minister, opened a commemorative exhibition on the history of the Port of London Authority (PLA), emphasising its imperative role in trade movement into and out of London over the past century, reports Amy Kilpin.

He said: “As Britain’s second largest port, it is an important reminder that the Port Read More…

StealthGas postpones LPG newbuilding delivery dates

Nasdaq-listed StealthGas Inc has finalised negotiations with shipyards that has resulted in the delivery of five of its ordered LPG Carriers being postponed until 2011 and 2012 with no vessels now being delivered to the Company during 2010.

In a separate move, it is also considering legal action against Genoa-based Societa Cooperative di Navigazione G. Giulietti, one of the charterers, to recover losses after it terminated the bareboat Read More…

Pirates detained after wrongfully targetting a naval vessel

Pirates proved their lack of intellectual worth as they misjudged a full-frontal piracy attack on a German tanker for a an attack on a fully-armed naval vessel. Forcefully rebuked by a collusion of EU and NATO naval forces, the pirate’s mishap culminated in the arrest of seven marine outlaws who now await a hefty trial.

Seven nations representing three task forces resisted the hostilities in the defence of the Read More…

IMO commissions African SAR coverage

Further key links in the plan to provide effective search and rescue (SAR) coverage off the coast of Africa have been established with the commissioning of two search and rescue sub-centres that will operate in conjunction with the existing regional Maritime Rescue Coordination Centre (MRCC) in Mombasa, Kenya.

The two sub-centres, in Dar es Salaam, United Republic of Tanzania and Victoria, Seychelles, were commissioned on March 25th and Read More…

Box ships are ‘idle’ not laid up

Not one vessel in the world’s container fleet has been laid up as a result of the financial crisis but are in active waiting mode ready to respond to changes in the market situation, according to Gerry Wang, CEO of Seaspan Corp.

Addressing the Capital Link Forum in New York, he said: “All are in an idle position rather than being laid up. When you talk about the Read More…