SMI Newsdesk Archives

V.Ships buys ITM and strengthens role in the Middle East

V.Ships has taken the third party shipmanagement market by surprise by announcing its purchase of the Dubai-headquartered tanker ship management specialist ITM from Wilhelmsen Ship Management for an undisclosed sum.

The move, which immediately strengthens V.Ships foothold in the important Middle East tanker management sector, will also safeguard jobs at a company which Wilhelmsen has been looking to sell. ITM currently has 45 ships on full management.

Lars Read More…

Longchamp ‘manager’ negotiates with Somali pirates

The manager of a 3,200 cu m chemical carrier hijacked off the Somali coast has started negotiations with the pirates over the release of the vessel and it has received a photograph of the crew proving that they have so far been unharmed in the attack.

The Bahamas-flagged tanker Longchamp was seized in the Gulf of Aden in the early hours of Thursday, 29 January with a full Read More…

Stratos Successfully Deploys FleetBroadband for Bernhard Schulte Shipmanagement

Stratos Global Corporation has successfully completed an Inmarsat FleetBroadband field trial with Bernhard Schulte Shipmanagement. Bernhard Schulte Group owns 90 vessels and manages 650 vessels worldwide.

The three-month field trial was conducted onboard the Bernhard Schulte vessel Marianne Schulte in European waters and the Caribbean Sea. Telaccount Overseas managed the installation of a Thrane & Thrane SAILOR 500 FleetBroadband terminal onboard the vessel.

The successful trial led to Bernhard Schulte Shipmanagement’s Read More…

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…