SMI Newsdesk Archives

Increased environmental legislations expose industry to financial risks

Greater regulatory control over emissions may expose the shipping industry to significant financial liabilities, a report by Eurosif (European Sustainable Investment Forum) and environmental data company Trucost, has warned.

Examining six critical environmental, social, and governance (ESG) challenges facing the shipping industry, the report revealed that companies delaying or cancelling investments and initiatives in cleaner, more efficient vessels during the economic downturn could risk increased exposure to strict Read More…

IBIA appoints Chief Executive under new board structure

Ian Adams has been assigned as the first ever Chief Executive Officer of The International Bunker Industry Association (IBIA) under its new transformation from a 25-member Council of Management to a Board of Directors.

Formerly Secretary General of the IBIA which has been governed by Council of Management since its formation in 1993, Ian Adams will be heading up the Association after the decision to restructure reached unanimous agreement Read More…

Odfjell Tankers contracts Inchcape Shipping Services to manage fleet

Norwegian-based Odfjell Tankers has appointed marine management company Inchcape Shipping Services (ISS) in a major new global hub agency contract, which will manage services for over 4,000 annual port calls worldwide.

A major player in the global transportation and storage of chemicals and petroleum products, Odfjell’s specialised fleet currently stands at 92 vessels and nine newbuildings, with total capacity of around 2.9m dwt.

The new contract with ISS will oversee Read More…

IMO hails climate change as key focal point

Global warming has been designated by the IMO Council as the theme for this year’s World Maritime Day, and urgent global action to be taken by the shipping industry against greenhouse gas emissions is the central area of focus for the appointed slogan; ‘Climate change: a challenge for IMO too!’

Addressing the IMO’s Sub-Committee on Fire Protection, IMO Secretary General Efthimios Mitropoulos, said: “I sincerely hope that the theme Read More…

DVB Bank launches new Shipping Asset Management division

DVB Bank has pioneered a new Shipping Asset Management division to tackle the credit challenges being faced in the current asset backed shipping market for the banking and financial investor community.

Targeting institutions requiring assistance in the long-haul struggle of economic recession, the unit offers comprehensive restructuring and recovery techniques and services to assist in managing financial situations.

Dagfinn Lunde, a Managing Director at DVB Bank, said: “The formation Read More…

Heidmar boosts Star Tankers pool with four newbuilds

Heidmar has announced the delivery of four additional vessels to the Star Tankers pool as longstanding members demonstrate their commitment to boosting the pool’s fleet, now consisting of 35 modern, double hull panamax tankers.

Established pool member Tsakos Shipping and Trading entered the M/T Selini, closely followed by the M/T Salamina; both newbuilds fresh out of Sungdong Shipyard in Korea. Heidmar also announced that Sanko Steamship has committed two Read More…

UK P& I Club announces rise in death and injuries during mooring

Severe accidents in mooring operations involving death and injuries have increased according to the UK P&I Club, totalling $34 million in related insurance claims over the last 20 years.

Statistics reveal a long-term trend for a rise in such claims, with mooring injuries landing seventh in the most frequent cause of personal injuries dealt by the Club, yet third most expensive; indicating the severe nature of the claims.

The Read More…

DNV prepares hazardous material inventories for boom in ship recycling

DNV has formulated important inventories of hazardous materials as the global recession witnesses a major boom in recycling of vessels, in preparation for the IMO’s International Convention for the Safe and Environmentally Sound Recycling of Ships later this year.

With volumes of tonnage sent for recycling in the first month of 2009 standing at 40% more than in the entire year of 2006, DNV has raised significant concern over the Read More…

INTERTANKO warns inadequate regulations are hazardous

INTERTANKO has raised alarm to the significant number of catastrophic incidents on small product tankers and chemical carriers, and has pushed for a revision of Inert Gas regulations to newbuildings in a bid to improve safety.

Concerned that the prime cause of 36 incidents examined was failure to follow procedures, INTERTANKO has submitted a report to the IMO stating that the present IG regulations incorrectly imply that the risks Read More…

DVB launches $250m investment fund

DVB Bank, the specialist in transport finance, has unveiled a $250m fund for opportunity-driven investments in the shipping and offshore industry by way of tackling the economic slump head on.

With some maritime assets trading well below their intrinsic value, the fund, formed via DVB’s Shipping and Intermodal Investment Management (SIIM) team, hopes to create an opening for long-term investment as values eventually recover.

Eric Snellen, Managing Director and Read More…

CMA CGM gains concession for Syrian port

CMA CGM has turned the downward trend of business on its head with a new concession agreement to manage and operate the Lattakia Container Terminal in Syria under a 10 year contract, in its 29th investment in worldwide port terminals.

As Syria’s main port within the Mediterranean, the joint consortium with Souria Holding, a Syrian Limited Liability Company, plan to increase the terminal’s current capacity to 1m teu by 2012 Read More…

DryShips agrees covenant waiver

George Economou’s (pictured) global bulk shipping and offshore contract drilling oil services company DryShips has reached preliminary agreement with Nordea Bank Finland to obtain a covenant waiver in connection with the $800 million Primelead facility, which was used to partially finance the acquisition of Ocean Rig ASA. As of today, the outstanding loan amount under the facility is $650 m.

In accordance with the main terms of the Read More…