SMI Newsdesk Archives

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…

10% return to members as UK War Risks Club sets new rates

The UK War Risks Club will return 10% of the net Advance Contribution paid by members for the 2008 policy year to all who renew for 2009. The directors’ decision reflects the projected operating result for the 2008 policy year which ends on February 20th. The return will be credited against the contribution required for the next policy year.

Andrew Ward, Director of Underwriting at UK War Risks, said: “I Read More…

Owners are better ‘managing their own ships’ in these tough times

Generating third party management business in the current economic climate may not be as easy as many managers believe following an assertion by two of Greece’s leading ship owners that the pressure of the current situation is exactly why owners should manage their own ships.

In an exclusive interview in the January/February  issue of SMI, Harry Vafias, CEO of StealthGas and Ion Varouxakis of FreeSeas disagreed with the Read More…

Brussels to target cash strapped shipping companies and piracy in new strategy document

The financial crisis and its impact on shipping together with boosting European seafarers numbers, combating piracy and reducing the environmental impact of shipping have been singled out by the European Commission as areas in need of decisive action.

Speaking at the launch of the Commission’s 10-year strategy plan to promote safe, secure, clean and efficient shipping, European Transport Commissioner Antonio Tajani said: “The financial crisis and its impact Read More…

Liverpool welcomes its biggest ship

The largest ship ever to enter the Port of Liverpool berthed at the Tranmere Oil Terminal to discharge a new traffic of West African crude oil for the Shell Stanlow Refinery in Cheshire.

At 158,569 gross tonnes BW Bauhinia took the record held for nearly two decades by the 153,517 gross tonnes Nisa since she sailed into the River Mersey in May 1988.

Onboard the new prize holder Read More…

Panagopoulos released but no news on the ransom

Greek shipowner Pericles Panagopoulos has been released by his kidnappers near the Greek capital, police say.

According to AFP, the 74-year-old owner, who was kidnapped in Athens on January 12, was released early on Tuesday, police said. His wife Katerina had made a fresh television appeal on Friday for the kidnappers to contact her after she said they had failed to do so for two days. She said Read More…

MSC Magnifica successfully floated

MSC Cruises’ MSC Magnifica has been floated out of its dry dock and transferred to the Penhoet dock at the STX Europe shipyard, previously known as Aker Yards, in Saint Nazaire, France.

Approximately 40 STX Europe personnel and six tugs were involved in the operation, which took a total of 24 hours. Starting at 22.30 on Wednesday 14 January and using the rising tide together with pumps to Read More…

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…