SMI Newsdesk Archives

Pac Basin ‘now chasing’ third party business

Hong Kong-based shipowner and manager Pacific Basin appears to have mounted something of a volte face when it comes to chasing third party shipmanagement business following claims in Lloyd’s List that it is targeting banks and financial institutions faced with taking over the fleets of struggling or bankrupt ship owners.

CEO Nigel Cleave resigned as CEO of the company’s third party management arm PB Maritime Services in December, claiming that Read More…

Gibraltarian lawyers warn ship arrest flurry is soon to hit

Major shipping lawyers have warned that the number of ship arrests this year will increase dramatically as significant concern over lack of finance spreads across the industry, writes Amy Kilpin from Gibraltar.

Unpaid mortgages and fees, coupled with a likely drop in safety standards and regulations are set to pave a future arrest-frenzy for ship owners and managers, as the economic meltdown blazes with intensity.

Prominent Gibraltarian law Read More…

Frontline predicts 80m barrels of oil being stored at sea

Frontline has claimed that oil companies were storing “about” 80 million barrels of crude oil at sea, possibly the highest in a quarter of a century. The figure is the highest storage estimate reported to date but shipbroking houses and banks that trade oil and other industry sources believe the total is considerably lower.

“We think it’s about 80 million barrels…but we are not 100% certain,” the acting chief Read More…

Moore Stephens puts a brave face on shipping’s prospects

Leading shipping accountant Moore Stephens says that, despite the current economic downturn, shipping is still a good business to be in and that resourceful investors will find opportunities to expand, or to get back into shipping, over the next 12 months.

According to Julian Wilkinson, head of the Moore Stephens shipping team, shipping enters 2009 with at least one certainty, that “the good times are over for now. Read More…

Lloyd’s Register helps South Korean navy to deep-dive record

ROKS DSRV II, a rescue submersible built by UK underwater defence systems specialists, James Fisher Defence (JFD), based at Renfrew in Scotland, is the first submarine in Korea to be classed with Lloyd’s Register, marking the first involvement by Lloyd’s Register Asia with the ROK Navy.

Also, the submersible’s final dive during its sea acceptance tests – to a depth of 507 metres – is the deepest recorded dive in Read More…

Shipping industry to demonstrate outside Korean Embassy in London over Hebei Two

Employers, trade unionists, and shipping industry representatives will rally outside the South Korean embassy in London on Friday 23 January 2009 to protest against what they describe as the politically and economically motivated imprisonment of two men in South Korea.

The rally will bring together organisations including global union federation the International Transport Workers’ Federation (ITF), shipowners’ and managers’ associations INTERTANKO and Intercargo, the International Maritime Employers’ Committee Read More…

Last Liberty ship reaches Greece

Flying the Greek flag, the Hellas Liberty, formerly known as the Arthur M. Huddell, has safely reached the port of Piraeus in Greece after leaving Norfolk, Virginia, on December 6, 2008. Until July 2008, the World War II-era Huddell was the last Liberty ship in the Maritime Administration’s National Defense Reserve Fleet., and was moored in the James River Reserve Fleet site at Fort Eustis. The ship was Read More…

Braemar predicts lower broking profits

Alan Marsh Braemar Shipping Services CEO

Leading London shipbroker Braemar Shipping Services has warned of lower shipbroking revenues and profits in 2009/10 but believes that the appreciation of the US dollar relative to sterling will ameliorate any reduction in dollar revenue.

Issuing its Interim Management Statement, the company said shipping markets had experienced a significant correction over the past four months and in varying degrees dry and wet Read More…

Attica founder Pericles Panagopoulos is kidnapped in Athens

The founder of one of Greece’s largest fast ferry owners Attica, has been kidnapped at gunpoint near his home on the outskirts of Athens, police sources claim.

Pericles Panagopoulos was abducted, along with his driver, after their car was deliberately blocked in the seaside suburb of Kavouri. The two men were bundled into another vehicle, though the driver was released a short while later.

Mr Panagopoulos, Read More…

Singapore dominates 2008 box handling but slowdown is on the way

PSA International (PSA) underlined its strength as a major global container port group by handling 63.2 million teus at its port projects around the world for the year ending 31 December 2008.

This volume represented a growth of 7.3% over 2007, with PSA Singapore Terminals contributing 29.0m teus (7.0% growth) and PSA’s terminals outside Singapore handling 34.2m teus (7.7% growth).

Eddie Teh, Group CEO, PSA International, said: “2008 Read More…

London Club warns of potential increase in exposure to liability

The London P&I Club has warned its members to be wary of a potential increase in exposure to liability for claims as a result of pressures exerted by charterers in the current tough market conditions, and against a background of continuing piracy attacks against shipping.

In the latest issue of its Club News, the Club says: “Given the prevailing market conditions, it might be expected that charterers will Read More…

Seafarers and families of the Hebei Spirit two demonstrate in New Delhi

Merchant navy seafarers and relatives of Captain Jasprit Chawla and Chief Officer Shyam Chetan, the two jailed Indian shipping officers from the Hebei Spirit, staged a demonstration in New Delhi on Saturday seeking justice and their release by contending they were not guilty for the collision of the anchored tanker with a crane barge in Korea.

According to local press reports, the protestors were seeking justice and the Read More…