SMI Newsdesk Archives

InterManager shocked and appalled by injustice of Hebei Spirit trial

InterManager has spoken with outrage against reports emerging from Korea indicating that the Master and Chief Engineer of the Hebei Spirit have not been absolved following a further trial at the Korean Supreme Court.

Guy Morel, General Secretary of the international trade association for in-house and third party ship managers, has expressed utter infuriation at the news: “Enough is enough! These two dedicated seafarers have been held for more Read More…

Give seafarers back their dignity

Seafarers should be afforded the same dignified status as airline pilots and be given one passport and visa that says they are seafarer officers and which allows them the freedom to leave and return to their ship in port, said Peter Cremers, Chief Executive of Hong Kong-based manager Anglo-Eastern.

“My seafarers say to me that if they are in an airport and have to join a ship then Read More…

Do you agree?

DVB banker Dagfinn Lunde recently claimed that banks should not hand out repossessed vessels to third party management because they will get overcharged? (click here to see the full story). Do you agree with him?

We would like to hear your views. Use the reply box below.

Shipping left out in the cold in 2009 UK Budget

Despite the urge to alter the UK tonnage tax regime, the Government has made no mention of it in the 2009 Budget or any other measures which significantly affect the shipping sector, leaving the industry completely out of the loop.

Shipping accountant Moore Stevens has indicated that although a variety of measures proposed in January 2008 were later withdrawn, including a potential amendment to the EU flagging rules excluding ships Read More…

DNV warns of too great a focus on short-term economics

DNV has cautioned ship owners and managers not to push sustainability issues to the background while they struggle with more immediate business challenges faced by the economic recession, as negligence may result in far greater problems and costs in the future.

Managing Director, Per Marius Berrefjord, revealed that the currently harsh market conditions are causing even great concern for long-term sustainability, and that the global credit crisis has “left Read More…

Lunde slams third party managers

One of the world’s highest profile shipping bankers has thrown cold water on hopes by ship managers that ships repossessed by the banks will be handed out for third party management, reports Sean Moloney from Singapore.

Indeed, he even went as far as to say they will not be used and to slam their practices of overcharging for the benefit of their services.

Answering a question from Ship Read More…

Don’t talk the market down

Underlying demand which has affected the container sector has taken a big dip but it will still be there albeit not at the 10% growth rates we have become accustomed to because globalisation will not reverse itself, claimed Jesper Praestensgaard, Chief Executive Asia Pacific Maersk Line.

But what will be interesting to look at over the next few years will be how this plays out in the market, Read More…

Waiting for ‘rock bottom’

Statistics indicate that the US economy will hit rock bottom in the near future but do not expect a major recovery in the container shipping sector as the US consumer will be rather cautious to spending money as it has done in the past, according to Toshio Shimizu, Vice President of Kawasaki Kisan Kaisha (‘K’ Line).

Recovery in the shipping industry and in cosumer demand depends on the Read More…

Bibby Ship Management invests big bucks in training

Bibby Ship Management has celebrated the opening of its brand new $1.5m dynamic positioning (DP) cadet training facility in Sevastopol in the Ukraine as it homes in on the lucrative opportunities posed by the up-and-coming maritime region.

Jon Osborne, Managing Director, told SMI: “We were conscious that Eastern Europe provides a lot of seafarers, particularly the Ukraine, which provides many seafarers in the traditional main shipping fleets as well Read More…

Don’t look to China for salvation

The shipping industry should not look to China to help it out of its current crisis as the factors that led to the growth in the dry cargo markets over the last five to six years were peripheral rather than fundamental, a major Asian ship owner has warned.

Kenneth Koo, Group Chairman and CEO of Tai Chong Cheang Steamship, told delegates attending the first day of the Seatrade Read More…

Don’t blame derivatives ’but they can be dangerous’

Derivatives should not be blamed for the collapse in the dry cargo market but if they are abused or used foolishly they can be dangerous, according to the head of the Baltic Exchange.

Addressing delegates at the morning session of the Sea Asia conference in Singapore, Jeremy Penn, CEO of the Baltic Exchange said it was always easy to blame derivatives markets for market collapses. “I am put Read More…

Press your buttons now…

Delegates attending the morning bulk session of the Sea Asia Conference were in generally positive mood with the majority of those polled believing that a smaller than expected percentage of bulk carriers on order would be cancelled as a result of the financial crisis and that demand and supply balance would return to the dry bulk market by 2012.

In a unique electronic polling exercise of delegates attending the session, Read More…