SMI Newsdesk Archives

Letters of credit must ‘return’ if shipping rates are to improve, claims Varun boss

Shipping freight rates can return to normal, not ‘super-normal’ levels, if the bottlenecking of world trade caused by the lack of letters of credit is resolved and the flow of construction material returns, claimed Yudhishthir Khatau, Managing Director of Varun Shipping.

Interviewed at the 3rd International Ship Management Summit, organised by Ship Management International in Singapore, the past-President of the Indian National Shipowners Association, said the banking system Read More…

Market forces could solve our problems and improve quality, claims Thome boss

The time has come for the shipping industry to deploy market forces to solve its problems and let incentives be the main driver of the right behaviour, according to the Managing Director of Thome Ship Management.

Addressing delegates at the 3rd International Ship Management Summit in Singapore, Bjorn Hojgaard said this will not come overnight, but there has to come a time when charterers and owners become better Read More…

IMEC warns of spiralling piracy problems

The International Maritime Employer’s Committee (IMEC) has spoken out against the lack of authoritative action to combat the increasing number of piracy attacks in Somalian waters.

Addressing a recent conference, IMEC Secretary General, David Dearsley, indicated that efforts being made to tackle piracy need to improve significantly, with a greater degree of active and aggressive naval intervention and more patrol vessels to be employed in the high-risk region.

Read More…

Thome is first to implement class-endorsed crew competence management system

Norwegian class society Det Norske Veritas has struck a groundbreaking agreement with Thome Ship Management to deploy a sophisticated crew appraisal and training system that it claims will set a new global benchmark in seafarer compentencey management.

The contract which was signed between DNV and Thome in Singapore makes Thome the first ship manager in Asia to set up such a class society-endorse competency management system for its Read More…

Panama finalises $2.3bn Canal expansion financing

Panama has calmed fears over the effects the global financial crisis will have on the expansion plans for the Panama Canal by tying in five major multilateral agencies from Europe, Asia and Latin America to handle the $2.3bn needed for the next stage of expansion.

Panamanian President Martín Torrijos announced the final financing structure which comes after months of extensive negotiations.

Under the terms of the $2.3 billion Read More…

Stratos uses satcoms to assess Hurrican Ike damage

Stratos Global Corporation has begun field testing of Iridium’s OpenPort marine satellite system with Fugro onboard a vessel operating in the Gulf of Mexico.

During the initial phase of the communications field testing onboard the Betty Cheramie, Fugro is using Iridium OpenPort to provide post-Hurricane Ike damage assessments of oil and gas platforms operated by a major independent oil & gas company.

Fugro is conducting these assessments to determine the Read More…

Cash is king but you will have to wait for the S&P deals

It appears it is all doom and gloom at the Singapore Maritime Week with brokers claiming there is no sale and purchase market currently operating and bankers warning of a complete drying up of finance for new or second hand ships.

One broker questioned by SMI, said that those cash rich owners capable of taking up available tonnage, were waiting in the wings in anticipation of vessel values Read More…

IRI bagging 150 ships from Korean and Japanese owners

International Registries, Inc. (IRI), the Marshall Islands Maritime and Corporate Administrator, is seeing a dramatic increase in the number of vessels from Japan and Korea following the decentralisation of the Registry and the development of local offices in the two countries.

During the next three years Japanese owners have indicated that they will register more than 100 vessels of some 3 million tonnes and Korean owners have committed Read More…

MEPC adopts MARPOL revisions

The IMO’s Marine Environment Protection Committee (MEPC) has formally adopted the changes to Marpol Annex VI, in a move labelled ‘historic’ by IMO Secretary-General Efthimios Mitropoulos. The stricter emissions standards hope to see heavy fuel oils eventually phased out completely in the commitment to creating a ‘greener’ shipping industry.

“I am confident that, once adopted as amendments to Marpol Annex VI in the coming October, the new measures Read More…


Pirates preying on the world’s busiest shipping route in the Gulf of Aden have provoked the North Atlantic Treaty Organization (Nato) to deploy a permanent patrol off the coast of Somalia, writes Thomas Land from Budapest.

The decision announced at a Nato ministerial conference in Budapest follows an action call by the United Nations Security Council. Other countries are to cooperate. The number of recorded pirate attacks in Read More…

US ratifies Annex VI

The US has become the 53rd state to ratify Annex VI of the International Convention for the Prevention of Pollution from Ships (MARPOL), with the deposition today of an instrument of ratification with the International Maritime Organisation (IMO).

Annex VI, which was adopted in 1997 and entered into force in May 2005, regulates the discharge of atmospheric pollutants from ships. Among other things, it set, for the first time, Read More…

V.Ships concerned over Hebei Spirit trial injustice

V.Ships has raised concerns that the Master and Chief Officer of the Hebei Spirit “may not get a fair trial” when their appeal takes place later in the year.

In a further comment, the company claimed that the criminalisation of seafarers was having a detrimental effect on the industry at a time when there was a chronic crew shortage.

V.Ships President Roberto Giorgi recently visited Korea in a Read More…