SMI Newsdesk Archives

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…

Marlink wins 5 year Aida contract

Marlink, the world’s largest maritime satellite communications integrator has announced a new five year contract with German cruise company AIDA Cruises, for the supply of its Sealink(T) satellite communications system. Sealink(T) will be provided to five existing cruise vessels and three planned new builds, the first of which will be in operation from spring 2009 with the others in commission in 2010 and 2011.

The new contract is Read More…

APM Terminals puts charity first

APM Terminals project organisation for Maasvlakte 2 in Rotterdam has teamed up with SOGESTER in Luanda, Angola – a joint venture terminal company with local investor Gestao de Fundos and operated by APM Terminals – to help improve the ‘8004 Boa Esperança 3’ school in Luanda and create a better learning environment for its students.

APM Terminals Rotterdam collected and shipped the furniture in cooperation with a number of other Read More…

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…