SMI Newsdesk Archives

Japanese ship orders in April plummet by 74%

For the seventh consecutive month, Japanese export ship orders have nose-dived by 74% in April on a year-on-year basis as the devastation of the economic crisis knocks ship owners’ buying capacity to an absolute minimum.

According to the Japan Ship Exporters’ Association, the nation’s shipyards received orders for export ships totalling 410,170 gross tonnes in April, plunging a shocking 73.8% from the same month of last year.

Japanese shipbuilders Read More…

Paragon announces record Q1 profits

Greek drybulk owner Paragon Shipping has announced a record set of first quarter results, attributing the figures to effective cost control and a sound chartering startegy. 

Commenting on the results, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, said: “Paragon Shipping has produced its most profitable quarterly results since its establishment. Net Income adjusted for non-cash items, was $14.7 million. These results were delivered despite continued Read More…

George wins waiver

Drybulk owner DryShips has secured a waiver from DnB NOR on $86m worth of outstanding debt. It adds to waivers on loans of around $1.75bn achieved so far this year.

George Economou, Chairman and Chief Executive Officer said he was delighted to have reached agreement with DnB on yet another facility. “This facility covers two of our drybulk vessels. We continue to have constructive discussions with the remainder Read More…

Søren Thorup Sørensen quits as Group CFO of A.P. Møller-Mærsk while ‘time is right’

Søren Thorup Sørensen has resigned as Group CFO of A.P. Møller-Mærsk, claiming that in addition to the demanding workload that has negatively impacted his health, “the timing seems right” as the Group suffers first quarter net losses of $373m. He will leave the Group on May 31st.

Mr Sørensen, who was appointed a Partner in Firmaet A.P. Møller on 1 July 2007, said: “After almost three years as Group Read More…

Greener ship recycling passed by 63 global governments

The International Maritime Organisation (IMO) has drafted a pact for higher standards of environmental protection at ship recycling yards primarily located in South Asia, due to enter into force in 2011 after formal ratification from 15 countries constituting 40% of the gross tonnage of the global fleet.

The UN International Convention for the Safe and Environmentally Sound Recycling of Ships has received agreement from 63 countries to limit the degree Read More…

IMO reveals 20% emission reduction would profit shipping

A new report by the International Maritime Organisation (IMO) has revealed global shipping slashing its greenhouse gas emissions by at least a fifth would result in significant cost-saving for owners and operators.

The study is to be presented at the IMO’s Maritime Environment Protection Committee (MEPC) in July in the preparation to finalise the sector’s position ahead of the UN’s climate summit in Copenhagen, with the conviction that the Read More…

ITIC warns on valuations’ concerns

The fall in the shipping markets has created a number of difficult issues for ship valuers, with brokers in some cases even declining to provide valuations, according to the International Transport Intermediaries Club (ITIC)

“It is inevitable that some principals will simply be disappointed by the broker’s view of what the ship is likely to obtain in the current market. But brokers have also been challenged as to whether it Read More…

NOL announces first quarter losses of $245 million

Neptune Orient Lines (NOL), the major global container shipping, terminals and logistics group, has reported a net loss of $245m for the first quarter of 2009 as a result of deteriorated freight rates and a significant decline in global trade flows.

Comparing to a net profit of $121 million for the same period of 2008, the loss has impacted NOL hard, with revenue for the quarter having declined Read More…

Columbia Shipmanagement in 140 vessel data service upgrade

Columbia Shipmanagement (CSM) has ordered ChartCo’s ChartManager services for its entire fleet of 140 vessels, in a move towards greater technological competence in update Notices to Mariners and chart corrections.

With delivery of data via broadcast, internet and email based delivery services, ChartCo’s software allows vessels to manage their own corrections without recourse to shore-based providers, and includes a full catalogue of weekly-updated products allowing the vessel to manage and Read More…

Aberdeen port in record push

Aberdeen Harbour has announced strong financial figures for 2008 on the back of record vessel tonnage and healthy cargo throughput.

With total vessel tonnage increasing to 24.17 million tonnes and cargo throughput remaining above five million tonnes for the third successive year, annual turnover rose by more than 5% from £20.9m in 2007 to £21.98m in 2008. Retained profit for the year totalled £6.795m against £6.599m in 2007.

Read More…

Unlocking the Brussels competition machine

News that Brussels may have struck a deal with the International Association of Classification Societies to allow it to keep its exclusive membership structure in return for a commitment to let non-members participate in drawing up common rules will come as a big relief to a sector whch sserts it is committed to ongoing safety and security of the world’s merchant fleet. But what are the motivators behind Read More…

Horizon Lines awarded Jones Act Carrier of the Year 2008

Horizon Lines has been granted the prestigious Jones Act Carrier of the Year award for 2008 by Walmart Stores in recognition of its unrivalled operational reliability and customer service in domestic shipping.

Kelly Abney, Vice President, Walmart Corporate Transportation, said: “Horizon Lines’ overall dedication to customer service, operational excellence, and the ability to offer creative solutions to Walmart’s complex supply chain opportunities has set Horizon apart from its peers.”

Placing Read More…