SMI Newsdesk Archives

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…

IoM Flag reaches 1,000

The Isle of Man Ship Registry reached another milestone on the 28th January with the registration of an anchor handling supply vessel bringing the total number of Isle of Man registered vessels for the first time to 1,000.

The Ship Registry is now in its 25th year as an international ship register, but it has historically been in operation since 1786 serving the needs of local craft and operators.

The Read More…

Pedersen resigns as head of EMS Shipmanagement

Rising star Svein Pedersen has shocked the shipmanagement sector by resigning as President of EMS Ship Management after only two years in the post.

The ‘roller blading’ shipping executive moved from rival manager Thome in the last quarter of 2006 to head up EMS Ship Management, or what was originally known as TESMA.

His boss Annette Malm Justad will take over duties at the growing shipmanagement company until Read More…

UKHO extends its hand toward the Japan Hydrographic Association

Greater flexibility has been granted to mariners transiting through the Malacca and Singapore Straits (MSS) in the United Kingdom Hydrographic Office’s (UKHO) new licensing agreement with the Japan Hydrographic Association (JHA) in a bid to promote comprehensive and safe global ENC (Electronic Navigational Chart) coverage.

Currently licensed to distribute fully comprehensive and detailed ENC’s of the Straits through its Admiralty Vector Chart Service (AVCS), the UKHO’s new agreement Read More…

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…


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…