SMI Newsdesk Archives

Banks approach Brave to manage ‘bankrupt’ ships

The Vafias family controlled Brave Maritime Corp has been approached by bankers to manage ships that are either taken over by banks or that the banks believe can be managed better by Brave than their existing managers.

It would seem that the company has the necessary expertise after Brave, which has sold off all its bulkers except one, employs together with the other Vafias controlled owner Stealth Maritime Read More…

SHIPPING SLUMP HITS MARINE INSURERS

The marine insurance industry is facing one of the most crucial periods it has ever met, and underwriters, given the devastating fall in volumes and values in global trade, will have to “run hard to stay in place” over the next 18 to 24 months.

This was the blunt message from the International Union of Marine Insurance when its executive committee met in London yesterday and today for Read More…

K Line hits bottom line

K Line has announced a significant deficit in its operating income of almost 62% on last year, and is cutting off its final dividend to avoid a further crash, it said in its fiscal year 2008 report, as it proves itself as the latest victim to fall to the credit crunch blow.

“Due to a sharp decline in dry bulk freight rates, a decrease in container cargo movements, rising fuel costs and Read More…

Stolt-Nielsen hits the bottom of the tank with profit losses

Leading tanker operator Stolt-Nielsen S.A has been hit by the global financial downturn with operating profit losses amounting to $33.1m, and has raised deep concern for the “extremely challenging” years ahead, it reported in its fourth quarter and 2008 full year results.

Suffering under declining market conditions, a steep drop in bunker surcharges and the impact of hurricanes in the US Gulf, Stolt-Nielsen is anticipating a rough ride ahead as Read More…

UKHO navigates new office in Middle East

The United Kingdom Hydrographic Office (UKHO) has spread its wings into the Middle Eastern markets with a new office in Singapore, in a bid to implement a greater influence of navigational training, products and data in the major maritime trading region.

Based in the British High Commission, the new initiative is backed by the Maritime and Port Authority of Singapore in a move that hopes to bring the Read More…

V.Ships sharpens its focus on officer training

V.Ships has stepped up the benchmark for global officer training with full swing adoption of Intertanko’s Tanker Officer Training Standards (TOTS) initiative, in a bid to underline the importance of crew competency and set new industry standards for the tanker sector.

The world’s largest shipmanagement company initiated the scheme a number of months ago, and now at full throttle with its seafarer training development, has implemented hard copies of Read More…

IBF enforces designated transit lanes through ‘High Risk Area’ of the Gulf

The International Bargaining Forum (IBF) has enforced a new lane-system for vessels sailing through the ‘High Risk Area’ of the Gulf of Aden in light of concern over the increased number of warships patrolling the region, effective from 1st February 2009.

Newly designated East and West bound transit lanes are hoped to prevent potential collisions along the traffic-crowded Gulf, and with the continued intervention of armed naval forces in the Read More…

MOL and Gulf LPG in pool tie-up

Mitsui O.S.K. Lines has teamed up with the Gulf LPG of Qatar to form a new very large gas carrier (VLGC) pool that will trade under the name LPG Global Transport. The pool will begin operations immediately.

Both MOL and Gulf LPG have jointly incorporated LPG Global Transport Management Inc. to manage the pool’s business operations. Both companies are bullish about the future expansion of global LPG seaborne trade, especially Read More…

WWL chooses Gothenburg as Russian transit port

Wallenius Wilhelmsen Logistics has chosen the Port of Gothenburg as the transit port for cars and other vehicles destined for the Russian market. A new route has commenced between Gothenburg and the ports in St Petersburg and Kotka.

“This is extremely positive for the Port of Gothenburg and reinforces our position as the gateway to Russia and other Baltic countries,” said Magnus Kårestedt, Port of Gothenburg chief executive Read More…

Marlink wins 5 year Aida contract

Marlink, the world’s largest maritime satellite communications integrator has announced a new five year contract with German cruise company AIDA Cruises, for the supply of its Sealink(T) satellite communications system. Sealink(T) will be provided to five existing cruise vessels and three planned new builds, the first of which will be in operation from spring 2009 with the others in commission in 2010 and 2011.

The new contract is Read More…

APM Terminals puts charity first

APM Terminals project organisation for Maasvlakte 2 in Rotterdam has teamed up with SOGESTER in Luanda, Angola – a joint venture terminal company with local investor Gestao de Fundos and operated by APM Terminals – to help improve the ‘8004 Boa Esperança 3’ school in Luanda and create a better learning environment for its students.

APM Terminals Rotterdam collected and shipped the furniture in cooperation with a number of other Read More…

Thome Offshore appoints new Managing Director ahead of expected further growth in 2009

Thome Offshore Management, the offshore services arm of Singapore-based Thome Ship Management, has appointed a new managing director ahead of an anticipated increase in activity in 2009.

Tore Nedregaard (pictured) has been appointed Managing Director of Thome Offshore and comes to the company with an extensive background in the international offshore oil and gas industries.

He has previously worked for major international companies in the offshore services and Read More…