Wednesday, April 22, 2009
Vinalines hires Credit Suisse for loan
Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange, Vietnam National Shipping Lines hires Credit Suisse, Vinalines Refinances, Credit Suisse Ship finance, Shipping Finance, Freight Review,Maritime Baltic Index,TNT Freight Review
Hanoi: Vietnam National Shipping Lines, better known as Vinalines, has reportedly hired Credit Suisse Group AG to help it borrow as much as $600 million. In January Vinalines borrowed 15 trillion dong ($843 million) from Bank for Investment & Development of Vietnam to expand its fleet and other shipping services. [22/04/09]
Hanoi: Vietnam National Shipping Lines, better known as Vinalines, has reportedly hired Credit Suisse Group AG to help it borrow as much as $600 million. In January Vinalines borrowed 15 trillion dong ($843 million) from Bank for Investment & Development of Vietnam to expand its fleet and other shipping services. [22/04/09]
World steel production down 23% in Q1
Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange, World Steel Production down, Steel Association Steel down, China Steel, America Steel, Crude Steel down, Steel shipment down, Freight Review,Maritime Baltic Index,TNT Freight Review
London: World crude steel production for the 66 countries reporting to the World Steel Association was 92 million metric tons (mmt) in March. This is 23.5% lower than March 2008. World steel production in the first quarter of 2009 was 264 mmt, a decrease of -22.8% compared to the first quarter of 2008. In the first three months of 2009 Asia produced 173 mmt of crude steel, a decrease of -8.9% over the first quarter of 2008. The EU produced 30 mmt of steel in the first quarter of 2009, down by -43.8% compared to the same quarter of 2008. North America showed a -52.1% decline, producing 16.6 mmt during the first three months of 2009.
China showed a slight increase of 1.4% while all the other major steel producing countries showed a decrease in the first quarter of 2009.
China's crude steel production production for March 2009 was 45.1 mmt, -0.3% lower than March 2008. Japan produced 5.7 mmt of crude steel in March 2009, down by -46.7% compared to the same month last year. South Korea showed a decrease of -21.2% from March 2008, producing 3.7 mmt of crude steel in March 2009.
In the EU, Germany's crude steel was 2.1 mmt in March 2009, a decrease of -49.8% from March 2008. Italy's crude steel production was 1.7 mmt, down -42.7% compared to the same month last year. France showed a decrease of -36.7% from March 2008, producing 1.1 mmt in March 2009. Spain's crude steel production for March 2009 was 1.1 mmt, - 41.2% less than the same month last year.
The US produced 4.1 mmt of crude steel in March 2009, a decrease of -52.7% compared to the same month last year. Brazilian production was 1.7 mmt, -41.5% less than in March 2008.
Russia showed a -30.9% decrease from March 2008, producing 4.6 mmt of crude steel in March 2009. Ukraine produced 2.4 mmt of crude steel in March, a 38.5% decrease on the same month 2008. Turkey produced 1.8 mmt of crude steel in March 2009, a -24.5% down on 2008. [22/04/09]
London: World crude steel production for the 66 countries reporting to the World Steel Association was 92 million metric tons (mmt) in March. This is 23.5% lower than March 2008. World steel production in the first quarter of 2009 was 264 mmt, a decrease of -22.8% compared to the first quarter of 2008. In the first three months of 2009 Asia produced 173 mmt of crude steel, a decrease of -8.9% over the first quarter of 2008. The EU produced 30 mmt of steel in the first quarter of 2009, down by -43.8% compared to the same quarter of 2008. North America showed a -52.1% decline, producing 16.6 mmt during the first three months of 2009.
China showed a slight increase of 1.4% while all the other major steel producing countries showed a decrease in the first quarter of 2009.
China's crude steel production production for March 2009 was 45.1 mmt, -0.3% lower than March 2008. Japan produced 5.7 mmt of crude steel in March 2009, down by -46.7% compared to the same month last year. South Korea showed a decrease of -21.2% from March 2008, producing 3.7 mmt of crude steel in March 2009.
In the EU, Germany's crude steel was 2.1 mmt in March 2009, a decrease of -49.8% from March 2008. Italy's crude steel production was 1.7 mmt, down -42.7% compared to the same month last year. France showed a decrease of -36.7% from March 2008, producing 1.1 mmt in March 2009. Spain's crude steel production for March 2009 was 1.1 mmt, - 41.2% less than the same month last year.
The US produced 4.1 mmt of crude steel in March 2009, a decrease of -52.7% compared to the same month last year. Brazilian production was 1.7 mmt, -41.5% less than in March 2008.
Russia showed a -30.9% decrease from March 2008, producing 4.6 mmt of crude steel in March 2009. Ukraine produced 2.4 mmt of crude steel in March, a 38.5% decrease on the same month 2008. Turkey produced 1.8 mmt of crude steel in March 2009, a -24.5% down on 2008. [22/04/09]
STX completes first newbuilding at Dalian yard
Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange, STX Offshore and Shipbuilding, STX Begonia, STX Crocus, Cosco Shipyard Group, Apj Kais, Apeejay Shipping of India, STX Newbuilding, STX China yard, Freight Review,Maritime Baltic Index,TNT Freight Review
Dalian: STX Offshore and Shipbuilding of South Korea completed two 58,000 dwt handymaxes at its Chinese yard in Dalian on April 17, representing the first newbuildings constructed at the new yard. The newbuildings just completed are the STX Begonia and the STX Crocus, both for its group shipping company STX Pan Ocean. The Dalian yard cut steel for the ships in April 2008 and completed them in about one year.
On the same day COSCO Shipyard Group completed its first export ship. It delivered a 57,000-dwt bulker, the Apj Kais completed at its Guangdong yard, on April 17 to its owner Apeejay Shipping of India. The vessel represents the yard's first delivery to a foreign shipowner. [22/04/09]
Dalian: STX Offshore and Shipbuilding of South Korea completed two 58,000 dwt handymaxes at its Chinese yard in Dalian on April 17, representing the first newbuildings constructed at the new yard. The newbuildings just completed are the STX Begonia and the STX Crocus, both for its group shipping company STX Pan Ocean. The Dalian yard cut steel for the ships in April 2008 and completed them in about one year.
On the same day COSCO Shipyard Group completed its first export ship. It delivered a 57,000-dwt bulker, the Apj Kais completed at its Guangdong yard, on April 17 to its owner Apeejay Shipping of India. The vessel represents the yard's first delivery to a foreign shipowner. [22/04/09]
Fleet Management holds Dalian seminar
Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange, Fleet Management Hong Kong Seminar, Shipping Safety Programme, Kishore S. Rajvanshy, Freight Review,Maritime Baltic Index,TNT Freight Review
Dalian: Fleet Management of Hong Kong held their Senior Staff Seminar in Dalian Golf Hotel yesterday. Senior managers and captains from FML, Hong Kong gave speeches on different aspects such as incident analysis, MARPOL compliance programme, safety of navigation, cargo claims, PSC inspections, new regulations etc, and 70 crews attended.
Managing director of Fleet Management Kishore S. Rajvanshy said the firm holds this kind of seminar twice a year and most of them are in the Asia area – typically India, Philippines and China. The main purposes to hold this kind of seminar are sharing experiences, training crews and getting everyone together to work as a family not just a company.
When asked about the shipping depression, Rajvanshy said confidently, “It is a financial crisis but not a shipping crisis, and the shipping industry will come up very quickly.” [22/04/09]
Dalian: Fleet Management of Hong Kong held their Senior Staff Seminar in Dalian Golf Hotel yesterday. Senior managers and captains from FML, Hong Kong gave speeches on different aspects such as incident analysis, MARPOL compliance programme, safety of navigation, cargo claims, PSC inspections, new regulations etc, and 70 crews attended.
Managing director of Fleet Management Kishore S. Rajvanshy said the firm holds this kind of seminar twice a year and most of them are in the Asia area – typically India, Philippines and China. The main purposes to hold this kind of seminar are sharing experiences, training crews and getting everyone together to work as a family not just a company.
When asked about the shipping depression, Rajvanshy said confidently, “It is a financial crisis but not a shipping crisis, and the shipping industry will come up very quickly.” [22/04/09]
Pressure continues on Asian box trades
Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange, Asia Trade Volume Down, Shipping Containers Slump, Box Operators Slump, Container Volume Down, Freight Review,Maritime Baltic Index,TNT Freight Review
Hong Kong: Plummeting intra Asian trade volumes are a growing headache for boxship owners and operators. According to latest figures from broker Clarkson Asia, Chinese exports to Japan fell in February by a massive 32.4% compared with a year earlier. Total box trade between the two countries fell more than a quarter, year on year. But the Port of Singapore, the world's busiest container port, bucked the downward trend in March, with container throughput up 18.4% compared with February. However, container traffic totalling 2.19m TEU was still down almost 15% compared with March 2008's 2.57m TEU.
Meanwhile, fixtures continue to be concluded at rock-bottom rates. Clarkson reports that leading carrier MSC has continued to fix post panamax tonnage in a fleet expansion exercise. "This expansion and fleet renewal appear to continue unabated with rumours surrounding more 2 1 year fixtures at historically low levels," the broker commented. The container line is reported to have booked the 8411 TEU Northern J and sisters for 2, option 1 years at just $10,000 a day. Meanwhile the 2478 TEU Antonia Schulte and the 2442 TEU Gallia were chartered short term by Hamburg Sued at $5,400 a day and $5,500 a day respectively. [22/04/09]
Meanwhile, fixtures continue to be concluded at rock-bottom rates. Clarkson reports that leading carrier MSC has continued to fix post panamax tonnage in a fleet expansion exercise. "This expansion and fleet renewal appear to continue unabated with rumours surrounding more 2 1 year fixtures at historically low levels," the broker commented. The container line is reported to have booked the 8411 TEU Northern J and sisters for 2, option 1 years at just $10,000 a day. Meanwhile the 2478 TEU Antonia Schulte and the 2442 TEU Gallia were chartered short term by Hamburg Sued at $5,400 a day and $5,500 a day respectively. [22/04/09]
NYK Shipmanagement enhances seafarer competence
Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange, NYK Shipmanagement enhances seafarer competance, Hemant Pathania, DNV Seaskill, Crew competence, Shipping Management , Freight Review,Maritime Baltic Index,TNT Freight Review
Singapore: NYK Shipmanagement is to implement a crew appraisal and training system developed together with DNV. Under the agreement, DNV will verify and certify NYK Shipmanagement’s competence management system based on a set of Officer Competence Standards developed by the two companies, and in compliance with specifications from the Society of International Gas Tankers (SIGTTO) and Terminal Operators and the Tanker Officer Training Standards (TOTS) from Intertanko.
“The initial contract is for verification and certification of the competence management system for operation of our tankers managed by NYK Shipmanagement Singapore,” says Hemant Pathania, Managing Director and Chief Operating Officer of NYK Shipmanagement, Singapore. “It is expected that this will lead to verification and certification of other vessels managed by NYK Shipmanagement.”
NYK Shipmanagement aims to deploy the system on all of its 24 tankers by September this year and then move on to its entire managed fleet of 104 ships.
The competence management system, facilitated by DNV SeaSkill, will enable NYK Shipmanagement to systematically examine crew tasks, work tools, operating environment, officer’s mental well being, training and experience and communication across different vessel types.
“Given today’s challenges with crew competency and rising operational costs, NYK Shipmanagement and other shipping companies investing in such an undertaking stand to gain a competitive advantage,” points out Amit Ray, Head of DNV SeaSkill Asia, who has been instrumental in securing the contract and shall be responsible for the delivery.
“We shall always strive to be innovative, also in these challenges times,” says Hemant Pathania. “We need to utilize this recession period to recruit, train and retain high quality people so that we are well ahead of the pack when the economy recovers. We also hope that such competence management systems will – in due course – be accepted by the industry in lieu of the experience matrix now required by the industry.” [22/04/09]
Singapore: NYK Shipmanagement is to implement a crew appraisal and training system developed together with DNV. Under the agreement, DNV will verify and certify NYK Shipmanagement’s competence management system based on a set of Officer Competence Standards developed by the two companies, and in compliance with specifications from the Society of International Gas Tankers (SIGTTO) and Terminal Operators and the Tanker Officer Training Standards (TOTS) from Intertanko.
“The initial contract is for verification and certification of the competence management system for operation of our tankers managed by NYK Shipmanagement Singapore,” says Hemant Pathania, Managing Director and Chief Operating Officer of NYK Shipmanagement, Singapore. “It is expected that this will lead to verification and certification of other vessels managed by NYK Shipmanagement.”
NYK Shipmanagement aims to deploy the system on all of its 24 tankers by September this year and then move on to its entire managed fleet of 104 ships.
The competence management system, facilitated by DNV SeaSkill, will enable NYK Shipmanagement to systematically examine crew tasks, work tools, operating environment, officer’s mental well being, training and experience and communication across different vessel types.
“Given today’s challenges with crew competency and rising operational costs, NYK Shipmanagement and other shipping companies investing in such an undertaking stand to gain a competitive advantage,” points out Amit Ray, Head of DNV SeaSkill Asia, who has been instrumental in securing the contract and shall be responsible for the delivery.
“We shall always strive to be innovative, also in these challenges times,” says Hemant Pathania. “We need to utilize this recession period to recruit, train and retain high quality people so that we are well ahead of the pack when the economy recovers. We also hope that such competence management systems will – in due course – be accepted by the industry in lieu of the experience matrix now required by the industry.” [22/04/09]
Troubled Kanasashi will continue construction of five newbuilds
Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange, Kanasashi Heavy Industries Bankruptcy, Japan Shipyard problems, Newbuilding continues, Freight Review,Maritime Baltic Index,TNT Freight Review
Tokyo: Kanasashi Heavy Industries, which filed for court protection under Japan's Corporate Rehabilitation Law, will continue for the time being to construct the three newbuildings currently being outfitted, and two ships now being assembled on its slipways, the Kaiji Press reported. [22/04/09]
Shipowners opt for alternative financing
Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange, Shipowners financing, Bonds finances Ships, Private Equity finances ship, Sea Asia Conference Shipping Finance, Dagfinn Lunde, Freight Review,Maritime Baltic Index,TNT Freight Review
Keith Wallis, Singapore - Wednesday 22 April 2009
ALTERNATIVE ship financing sources, including bond issues and private equity, have started to take over from traditional bank lending to finance the newbuilding orderbook since the beginning of this year, financiers said today.This comes as the number of new ship finance banks entering the market has also shown a dramatic increase, delegates to the Sea Asia conference were told.
Jefferies maritime group managing director Hamish Norton said high-yield bonds, convertible bonds, equity finance and sovereign wealth funds have become more attractive as shipowners seek alternative funding sources.
Pointing to high yield bonds in particular, Mr Norton said 10 offerings totalling $13.9bn were done between January and March, compared with hardly any last year.
By comparison, DVB Bank head of shipping Dagfinn Lunde said 25 loans totalling $10.6bn had been done in the first three months of this year, according to Datalogic figures.
Mr Norton said that typically the five-to-10-year bonds carry a coupon rate of “15% plus”.
The high-yield bond and bank lending markets had “converged”, Mr Norton said.
He added that interest had also grown in convertible bonds, and while no shipping company had issued convertible bonds recently, he expected that to change.
Mr Norton said there had been little involvement by sovereign wealth funds. But the Chinese government had recently made commitments to support its shipyards, and the Norwegian government had also supported the country’s shipping companies.
Mr Norton said private equity companies would also take more of a role once they could assess ship asset prices to scrap prices.
“Private equity firms are waiting to see the true direction of ship prices relative to scrap values,” he said.
Jeffries has emerged as the largest US investment bank since the US banking crisis.
He thought that while the cost to shipowners of using these alternative sources looked higher in reality they were quite competitive.
Mr Lunde pointed out that banks were paying 280-350 basis points above the London interbank rates before they started to price loans for shipowners.
This came as new figures showed a dramatic change in the league table of ship finance banks based on bank lending. The top three last year were Nordea, DnB NOR and ING. Based on lending in the first three months of this year, Sumitomo Mitsui Banking was number one, SBI Capital Markets was number two and Mitsubishi UBJ was in third place.
HSH Nordbank Asia head of shipping Paul Chang said the state of the shipfinance market “might attract new banks into the picture”.
Mr Lunde said among the banks still active were DVB, DnB NOR and Fortis, “which was participating from both the Dutch and Belgian sides”. He said it was still possible to put together syndication or club deals of up to $100m-$150m, while the offshore sector could attract deals of around $400m.
Nordea head of corporate finance for Asia Erik Valen said Japan, South Korea and China were likely to take a national approach when it came to financing shipyards and owners, although China had also financed foreign owners.
Mr Valen added that more merger and acquisition activity was likely among shipowners but only towards the end of 2009 or 2010.
Costly pig iron fuels rise in steel prices
| Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange, Vietnam Steel, Pig Iron Upgrades, Ngyyen Tien Nghi, Vietnam Steel Association, Steel prices, Steel rod, Steel Bar, Freight Review,Maritime Baltic Index,TNT Freight Review |
VietNamNet Bridge - Steel companies nationwide have raised prices by VND100,000-150,000 per tonne over the last couple of weeks, with industry experts predicting more increases to come. According to construction steel distributors, the price of steel rod has reached about VND9.8 million (US$550) per tonne while steel bar is going for about VND10.5 ($560) million per tonne. A number of distributors blamed the price increase on higher import duties, which traders have passed on to customers. Viet Nam Steel Association vice chairman Nguyen Tien Nghi, however, said higher prices on the international market for pig iron – a leading raw material in steelmaking – were the primary factor driving up the costs of steel. Nghi said that pig iron imported from Russia and Ukraine had risen from $300 to $420 per tonne since late February, having a strong impact on the domestic steel market. New steel complex Van Loi Co Ltd will build a 500,000-tonne-capacity steel complex in Trung Ha Industrial Zone in the northern province of Phu Tho under a plan approved by Deputy Prime Minister Hoang Trung Hai on Wednesday. The provincial People’s Committee and the Ministry of Industry and Trade will conduct a feasibility study on the project which, if positive, will result in the addition of the project to the nation’s steel development plan for 2007-15. |
DryShips showed huge gains on Friday after raising cash and receiving an upgrade.
Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange, DryShips upgrade, Shipping Stocks Index, Eagle Bulk, Genco Shipping & Trading, Paragon Shipping, Freight Review,Maritime Baltic Index,TNT Freight Review
Oppenheimer upgraded dry bulk carrier DryShips Friday morning to "outperform" from "perform." DryShips announced after the bell on Thursday that it completed a $500 million equity offering, which the analyst believes will take pressure off the stock. DryShips plans to continue reducing debt and to explore future opportunities for growth, according to CEO George Economou. The stock is flying today, up by 20%.
As a whole the Dry Bulk Shipping Stocks Index is ahead by 5.7%. It is now ahead of the S&P 500 by 12% this month.
Eagle Bulk Shipping (NASDAQ: EGLE - News), OceanFreight (NASDAQ: OCNF - News), and AS Steamship (NASDAQ: TRMD - News) are all following DryShips ahead by more than 9%.
Genco Shipping & Trading (NYSE: GNK - News), Excel Maritime (NYSE: EXM - News), and Star Bulk Carriers (NASDAQ: SBLK - News) are all up by over 4%.
Paragon Shipping (NASDAQ: PRGN - News) and Kirby Corporation (NYSE: KEX - News) are industry laggards, up by less than 3%.
As of this writing the Dry Bulk Shipping Stocks Index has a P/E ratio of 3.9, the third lowest of all tickerspy Indexes.
Commodities Market Rebounded in March Although Demand Remains Low
Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange, IMF Commodity Price Index, Nickel, Steel, Chinese steelmakers, Chinese inventory policy, Copper, Freight Review,Maritime Baltic Index,TNT Freight Review
| Wednesday, 22 April 2009 | |
| The IMF commodity price index went up by 2.2% m-o-m in March but was 45% lower than a year ago. Despite the deep global economic recession and further financial deterioration, commodity prices experienced some recovery in March prompted mainly by a surge in energy prices and to a lesser extent in industrial metals and food. Most of the commodity markets, notably industrial metals and natural gas, remain in massive surplus with weakening demand as the crucial factor hindering sustainable recovery in the markets. Demand for some industrial metals has been supported mainly by Chinese buying but there are concerns on the possible outcome when the Chinese inventory policy is over because it is well-known from past episodes that a strong recovery in industrial metal prices will not be feasible until a recovery is seen in industrial production. It is worth noting that in 2001 global industrial production growth was negative and industrial metal prices began to recover before industrial production reached the bottom which resulted in only mild gains in industrial metal prices for 6 months when industrial production remained negative year-on-year. It seems that at present industrial metal price conditions may be similar to those in 2001. Indeed, there are factors which point to the fragility of the recovery in industrial metal markets such as a decline in the Baltic Dry Freight Index, a drop in Chinese domestic steel prices and the continued growth in inventories of some industrial metals. The IMF energy commodity index (crude oil, natural gas and coal) gained 4.4% m-o-m in March based entirely on crude oil prices (the average petroleum spot price) which surged 12.4%, while natural gas and coal prices plunged. Henry Hub (HH) gas has continued declining 11.8% in March. The commodity has been plummeting by more than 10% on monthly basis since the beginning of this year to stand at an average of US$4.54/MMBtu, 57.9% lower than the same period last year on the back of a bearish supply outlook and poor global macroeconomic perspectives. The same factors referred to in our previous report continued exerting downward pressure on the HH gas market, namely, declining US industrial production and rising domestic supply, in particular shale gas and working gas in storage volumes. Non-energy commodities decreased slightly by 0.8% in March m-o-m owing to losses across the spectrum. However, the pace of decline was lower than the previous month on continuing recovery in industrial metals. The industrial metal price index moved up by around 3% m-o-m in March as a result of the significant price gains in copper, lead and zinc. These markets were enhanced by some temporal factors such as consumer restocking, higher Chinese imports mainly due to China's State Reserve Bureau (SRB) buying, fund short-covering and a favorable LME-Shanghai arbitrage. Nevertheless, most of these markets remain in surplus with record-high inventories and weak global demand, which suggests that the increase in industrial metal prices is not sustainable. The premature increase in some metal prices also reflects their dramatic decline in the last months of 2008. The worsening of the situation in the Chinese steel market also suggests that the recovery in industrial metal prices is not sustainable. Copper prices increased 13.3% m-o-m in March. On the demand side, copper prices were sustained by strong imports from China which increased 99% y-o-y in February on restocking by producers and SRB. Higher imports were also encouraged by favorable London Metal Exchange (LME)/Shanghai arbitrage. Likewise, stocks at the LME declined by over 30,000 tonnes from the previous months. On the supply side, the International Copper Study Group estimates a 13% expansion of refined copper output in 2009 despite the recent production cut announcements. Lead prices climbed 12.6% in March m-o-m entirely on a record surge in Chinese imports of 308% in last February m-o-m and 100% on a yearly basis driven by a favorable LME/Shanghai arbitrage. Nevertheless, since this astonishing rise in Chinese demand follows a move to replenish stocks rather than a surge in real consumption, the revival in lead prices may be shortlived. Indeed, lead demand outside China remains weak and the temporal stop of activities in some battery manufacturers due to anemic demand from the automotive industry was reported. Lead LME inventories stabilized in March. Zinc prices also rose 9.4% m-o-m in March. As in the previous month, zinc prices found support in China's restocking policy and favorable LME/Shanghai arbitrage. Nevertheless, global demand is still weak. On the supply side, the production response to low prices led to market tightness, and further output cuts were announced. In addition, Chinese refined production of this metal declined 10% y-o-y in January and February 2009 due to shortage of domestic concentrate. As a result of higher imports and tight supply, zinc LME inventories recorded a slight decline in March. Aluminum prices showed a modest gain of 0.4% in March m-o-m on supply factors. Global output of the metal decreased 10% y-o-y in February which was mainly due to a 13% drop y-o-y in the Chinese output. Further output cuts have been announced by European and US producers. On the demand side, the situation remains bearish with the hefty fall in car sales in US last February – the two main US automakers reported a fall in sales of 51%. Likewise, in other markets the aluminum demand is also weak with South Korean aluminum imports having halved in the first two months of the year. Similarly, the Japan Aluminum Association estimates a drop of 11% in metal shipments for the year starting April 2009 which represents a bearish outlook for the rest of the year. Low demand translated into another rise in LME inventories of 7% to 3,471,000 tonnes in March from the previous month. Nickel prices continued falling 6.7% in March m-o-m as a result of continuing depressed stainless steel demand and record-high LME inventories. Chinese finished nickel imports during January-February were 21% lower than in the same period last year. Recent estimates from CRU indicate that a considerable decline in demand for stainless steel was on track to fall by 20% y-oy in China and as much as 54% y-o-y in the US, dragging down demand for refined nickel. Drastic efforts to adjust supply by producers have not been enough to offset collapsing prices. LME inventories continued to amount to record levels in March, increasing by 100% y-o-y to 108,000 tonnes in March. According to the Nickel Study Group, the surplus in the refined market reached 15.7kt in last January. |
Korea shipbuilders eye big orders from Brazil's Petrobras
Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange,South Korea shipyards, Petroleo Brasileiro SA, Petrobras, Shipyard Orders,Hyundai Heavy Industries Co., STX Shipbuilding Co. Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. , Freight Review,Maritime Baltic Index,TNT Freight Review
| Wednesday, 22 April 2009 | |
| South Korea's four shipbuilders will meet executives of Brazil's Petroleo Brasileiro SA (Petrobras), in Seoul this week in hopes of getting vessel orders worth more than $25 billion, the companies said. "We hope the meeting (with Petrobras) will result in real orders for offshore facilities and vessels, though there may be no immediate results an executive at one of the four shipbuilders told Dow Jones by phone. Petrobras' Chief Financial Officer Almir Barbassa and other executives will make presentations to local financial institutions on shipping finance on Monday, before holding separate meetings over Tuesday and Wednesday with each of the shipbuilders - Hyundai Heavy Industries Co., STX Shipbuilding Co. Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. "Samsung Heavy and Daewoo Shipbuilding will be in a better position to win orders for offshore facilities such as drill ships and semi-submersible drilling rigs, due to their experience and know-how," said an executive at another shipbuilder. But the other two shipbuilders – Hyundai Heavy and STX Shipbuilding – may also win orders as Petrobras is expected to place orders for 28 offshore facilities and vessels with overseas suppliers, said a spokesman at a third shipbuilder. "That's because two shipbuilders cannot cope with all of the 28 ships," he said. Oil development facilities are likely to account for more than half the 28 vessel orders, shipbuilders said. The government said it will provide strong support to help the shipbuilders, which are the world's biggest, win orders from Petrobras at the meetings. "The separate meetings will pave the way for the shipbuilders to get contracts, with vessel orders drying up amid the unprecedented economic slowdown," an official at the Ministry of Knowledge Economy said by phone. Brazil has suggested that the two countries do a barter deal in which South Korean shipbuilders provide the South American country with drill ships or floating production, storage and offloading platforms in return for stakes in oil fields in the Santos area, according to the Ministry of Knowledge Economy. However, the Petrobras officials aren't expected to discuss any oil development issues or meet with Korean energy firms, including state-run oil developer Korea National Oil Corp., during next week's visit to Seoul, said an official at KNOC Friday. In November, South Korea and Petrobras signed a memorandum of understanding in which any payment for orders Petrobras places with Korean companies for vessels and plants will be insured by state-run Korea Export Insurance Corp. Source: Dow Jones |
Cosco keeping bulk shipping
| Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange, Cosco Shipping, Cosco keeps Bulk shipping, Freight Review,Maritime Baltic Index,TNT Freight Review Wednesday, 22 April 2009 | |
| Cosco Corp Singapore Ltd, the shipbuilding unit of China's biggest marine company, said it has no immediate plan to sell its bulk transport business. 'The company has no plan at present to divest its dry bulk shipping business,' Cosco Singapore said yesterday in a statement filed to the city's stock exchange, without giving details. Sales from the shipping operations accounted for about 7 per cent of the total last year. The company, which has 12 bulk carriers, said earlier it plans to sell the business, depending on market conditions, to focus more on shipbuilding. The Baltic Dry Index, a measure of commodity-shipping rates, plunged 92 per cent last year. The company isn't able to say whether there will be more order cancellations and rescheduling given the conditions in the shipping industry, it said in yesterday's statement. Shipping lines have cancelled or delayed delivery dates for bulk ship orders because of tighter credit and tumbling rates caused by China's waning imports of iron ore and coal. Cosco Singapore, which began taking orders to build bulk carriers in January 2007, said in January this year an unidentified client cancelled two vessels from a total of five. Source: Bloomberg |
Port operator PSA; container shipping slump bottomed
Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange, PSA, Port Authority of Singapore, Kuah Boon Wee, Jesper Praestensgaard,PSA International, Container Shipping Slump Bottomed, Neptune Orient Lines, Freight Review,Maritime Baltic Index,TNT Freight Review
| Wednesday, 22 April 2009 | |
| Ports operator PSA said on Tuesday a slump in container shipping trade has hit bottom but many ports are likely to face overcapacity and increasing competition before global volumes rebound. "I'm quietly confident that physical trade in terms of containers has actually bottomed... and the trend moving ahead is likely to be positive said Kuah Boon Wee, Southeast Asia chief executive of PSA International, which operates ports around the world. But Kuah, speaking at a shipping conference in Singapore, warned that some ports in the region, including those in Indonesia, southern China, the Straits of Malacca and North Asia, serving trans Pacific routes, are in "structural overcapacity". The fall in world trade resulting from the global financial crisis has hammered shipping companies and port operators, forcing shippers such as Singapore's Neptune Orient Lines to cut capacity and jobs. "Competition is likely to increase in the short-term. The drop in ports is across the board -- it's endemic -- it will take time to improve," Kuah said. "Global trade will rebound, and I think it will probably rebound with more Asian characteristics -- we are going to have to rely more on Asian-centric demand." Jesper Praestensgaard, the Asia Pacific chief executive of Maersk Line, a unit of A.P. Moller-Maersk, told the conference the current recession would drive consolidation in the industry, but he did not see it happening right now as companies focus on their own financial health. Source: Reuters |
Hong Kong-listed trader buying VLCC for $24 million
Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange, Strong Petrochemical Holdings Ltd, Sale and Purchase, VLCC Resale, Single Hull, Titan Petrochemicals Group Ltd, Tanjung Pelepas, Contango, Freight Review,Maritime Baltic Index,TNT Freight Review
| Wednesday, 22 April 2009 | |
| Hong Kong-listed Strong Petrochemical Holdings Ltd is buying a re-sale VLCC for $24 million. According to a press release, the 1988-built 265,243 dwt single-hulled oil tanker is currently used to provide oil products storage services in the waters in Tanjung Pelepas port area, Malaysia, which is close to Singapore. “It can be used either as a floating storage facility by anchoring at a port, or as a vessel transporting oil products by sea,” said Strong Petrochemical. Previous reports had said Strong Petrochemical is seeking to rent logistics and storage services from another Hong Kong-listed firm Titan Petrochemicals Group Ltd. Titan has declined to comment on this possibility, while Strong Petrochemical did not state the owner of the floating storage facility. Strong Petrochemical, which describes itself as principally engaged in the trading of oil products, attributed the VLCC purchase to plans for “extending its business operation to petroleum and petrochemical product storage operation.” Titan, on the other hand, has been seeking to dispose of its VLCCs as it scales back activities in a volatile market. Strong Petrochemical says its demand for storage services provided by the VLCC is expected to increase as it expands its oil trading business. “At the current macroeconomic level, as crude oil storage is being built up by crude oil suppliers, among others, in the South East Asia region, demand for existing storage services is also expected to increase,” it added. Source: Tanker World |
KG houses will play decisive role for owners
Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange, KG Ship Finance, Torsten Teichert, Shipping Equity, Ship Liquidity, Shipowners balance sheet, Cosco Balance Sheet, Ship Finance, German Shipping Finance, Freight Review,Maritime Baltic Index,TNT Freight Review
Patrick Hagen, Frankfurt - Tuesday 21 April 2009 THE German KG ship financing industry will play an important role in helping large shipowners to unburden their balance sheets, according a leading German financing executive.
“Equity is more important than ever and KG houses will play a decisive role as equity providers for shipowners,” said Lloyd Fonds chief executive Torsten Teichert.
“In the past, large liner shipping companies such as Maersk or Cosco were not interested in tapping the KG market to finance vessels,” Mr Teichert said.
This would change, he said. The KG system would allow them to sell and lease back vessels.
“They will be under immense pressure from their banks to sell ships to unburden their books,” Mr Teichert said.
“I believe that a huge market is emerging here for KG houses.”
In the past, large lines did not need the KG market as they could finance 95% of a newbuilding with bank loans.
“Next year we will see a high demand for equity.”
Mr Teichert stressed that shipping markets would have to improve and market prices for vessels will have to stabilise first.
He said the situation in container shipping would remain “disastrous” for the next 12 to 18 months.
However, Mr Teichert said that it would be necessary for KG houses to develop new types of KG funds to encourage investors to put money in shipping funds.
Investors are reluctant to buy shares in KG funds following losses.
New fund types could include ones with lower commissions or they could include a right to exit for investors, Mr Teichert said.
“The industry always lived by developing innovative financing schemes,” he said.
Lloyd Fonds made a loss of €4.6m ($6m) in 2007 after a profit of €20.2m in 2007.
For its closed-end shipping funds, the company collected only €117m, compared with €253m a year earlier.
The company has a pipeline of 26 vessels scheduled for delivery between 2010 and 2012.
“We are in negotiations with shipyards for all of these vessels and we made a certain amount of headway for every order,” said Mr Teichert.
One outcome of these efforts could be that yards would delay building vessels or reduce the purchase price.
However, Mr Teichert refused to give any details.
Lloyd Fonds is under pressure to find employment as 14 of the vessels that it has ordered have no charter contracts.
They include four 12,800 teu vessels that the company ordered with shipowner NSC Schifffahrtsgesellschaft from Hanjin’s Subic Bay facility.
Mr Teichert confirmed that South Korean shipyards were much more reluctant to change existing orders than Chinese yards.
“But the situation has improved somewhat.”
There had been several agreements to delay the construction of vessels in previous months, he added.
Mr Teichert forecast that about 10% of the containerships ordered by German owners or KG houses would not be delivered at all.
Patrick Hagen, Frankfurt - Tuesday 21 April 2009
Torsten Teichert: Equity is more important than ever
“Equity is more important than ever and KG houses will play a decisive role as equity providers for shipowners,” said Lloyd Fonds chief executive Torsten Teichert.
“In the past, large liner shipping companies such as Maersk or Cosco were not interested in tapping the KG market to finance vessels,” Mr Teichert said.
This would change, he said. The KG system would allow them to sell and lease back vessels.
“They will be under immense pressure from their banks to sell ships to unburden their books,” Mr Teichert said.
“I believe that a huge market is emerging here for KG houses.”
In the past, large lines did not need the KG market as they could finance 95% of a newbuilding with bank loans.
“Next year we will see a high demand for equity.”
Mr Teichert stressed that shipping markets would have to improve and market prices for vessels will have to stabilise first.
He said the situation in container shipping would remain “disastrous” for the next 12 to 18 months.
However, Mr Teichert said that it would be necessary for KG houses to develop new types of KG funds to encourage investors to put money in shipping funds.
Investors are reluctant to buy shares in KG funds following losses.
New fund types could include ones with lower commissions or they could include a right to exit for investors, Mr Teichert said.
“The industry always lived by developing innovative financing schemes,” he said.
Lloyd Fonds made a loss of €4.6m ($6m) in 2007 after a profit of €20.2m in 2007.
For its closed-end shipping funds, the company collected only €117m, compared with €253m a year earlier.
The company has a pipeline of 26 vessels scheduled for delivery between 2010 and 2012.
“We are in negotiations with shipyards for all of these vessels and we made a certain amount of headway for every order,” said Mr Teichert.
One outcome of these efforts could be that yards would delay building vessels or reduce the purchase price.
However, Mr Teichert refused to give any details.
Lloyd Fonds is under pressure to find employment as 14 of the vessels that it has ordered have no charter contracts.
They include four 12,800 teu vessels that the company ordered with shipowner NSC Schifffahrtsgesellschaft from Hanjin’s Subic Bay facility.
Mr Teichert confirmed that South Korean shipyards were much more reluctant to change existing orders than Chinese yards.
“But the situation has improved somewhat.”
There had been several agreements to delay the construction of vessels in previous months, he added.
Mr Teichert forecast that about 10% of the containerships ordered by German owners or KG houses would not be delivered at all.
Tuesday, April 21, 2009
China's economy still waiting to return to full power
Technorati Tags: Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange, China Economy Rebound, China Power, China Electricity, Wenzhou, Chengda Beltmaker, Wang Wenxu, Electricity Consumption increase, China Stimulus Package, Freight Review,Maritime Baltic Index,TNT Freight Review
BEIJING, April 20 (Xinhua) -- Most people are alarmed when their power bills rise. But Wang Wenxu has been happily watching electricity consumption increase at his company for the last two months.
BEIJING, April 20 (Xinhua) -- Most people are alarmed when their power bills rise. But Wang Wenxu has been happily watching electricity consumption increase at his company for the last two months.
Belt maker Chengda Belt, where Wang is a senior manager, is based in the city of Wenzhou in eastern China, home to almost 300,000 small and medium-sized private export firms that manufacture everything from shoes to sunglasses for consumers around the world.
Since the end of the Chinese Lunar New Year, Chengda has seen overseas orders rise, assembly lines running at almost full capacity and more than 650 staff working overtime. More importantly, it's in profit again.
"In the last two months, total orders are 1 to 2 percent more than the same period last year," Wang says.
With production up, Chengda uses more electricity. In the last two months, Chengda paid 70,000 yuan (10,248 U.S. dollars) for almost 70,000 kilowatt-hours of power to produce up to 1.35 million belts each month.
In contrast, late last year when China's export industries were hard hit by plunging global demand due to the financial crisis, Chengda consumed just 20,000 kilowatt-hours a month.
"At that time, our foreign orders dropped by more than 40 percent. We produced about 600,000 belts a month and for every belt, we lost 2 U.S. dollars," Wang said.
At peak times before the export slump, Chengda consumed more than 80,000 kilowatt-hours of power and produced about 1.5 million belts a month, 80 percent of which were shipped to American and European markets.
Power consumption is a closely watched early indicator of the vitality of China's economy, because so much of the country's growth relies on power-intensive industries such as steel, aluminum and chemicals. Power consumption closely tracks the true pace of industrial activity since industries account for 74 percent of the total.
As many factories like Chengda resume production at part or full capacity, China's power consumption has picked up gradually in the last two months, in one of the key indicators that economists and officials said the Chinese economy had bottomed out.
The China Electricity Council (CEC) announced on April 14 that power consumption stood at 283.4 billion kilowatt-hours in March, a drop of 2.01 percent from a year earlier, but a jump of 15 percent from February's 245.5 billion kilowatt-hours.
In the first quarter, power consumption totaled 781 billion kilowatt-hours, down 4.02 percent from a year earlier, a milder decline than the 5.22 percent year-on-year slump in the first two months.
The CEC figures show China's monthly power consumption began to contract in October last year, when the country consumed 269.9 billion kilowatt-hours, a decline of 3.7 percent year on year.
In the following two months as the global financial crisis hit harder, the downward pace of demand accelerated. In November, consumption was 256.2 billion kilowatt-hours, down 8.6 percent, and in December it was 273.7 billion kilowatt-hours, a drop of 8.93 percent.
Wang Zejun, an industry analyst with Beijing-based Huarong Securities, said consumption rose in February and March as construction began on many projects in the 4-trillion-yuan stimulus plan.
It was also a result of a series of aggressive measures taken by the government to stimulate the economy, including export tax rebates, which allowed Chengda Belt to raise profit margins while slightly cutting prices.
Wang Wenxu says that rise in orders is partly due to the closure of many smaller belt-making companies since late last year and overseas buyers moving orders to bigger firms like Chengda.
Piracy Special: An inside look at a fledging problem
Technorati Tags: Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange, Somali Pirates, Gulf of Aden dangerous, MT Stolt Strength, Capt. Richard Phillips, Sagana Shipping Inc., Ruel de Guzman, Freight Review,Maritime Baltic Index,TNT Freight Review
| Tuesday, 21 April 2009 | |
| Ruel de Guzman seemed destined for a life at sea. Several relatives have served in the U.S. Navy, and growing up in the Philippines, he envied the nice houses neighbors were able to buy on a seafarer's salary, much more than he could make on land. For 20 years, the sea was good as De Guzman married, then started a family. He had risen to second mate on the MT Stolt Strength, a chemical tanker, sending home nearly $2,000 a month to support his wife Vilma, their four children and his 81-year-old mother. ''In the province, people flaunt their wealth, and so he wanted a nice house, too. His father was a tailor and his mother was a teacher. He was the first to finish school,'' Vilma de Guzman said. ''He became a seaman to help his family.'' Then on Nov. 10, Somali pirates swarmed aboard as the tanker sailed through the Gulf of Aden while hauling a cargo of phosphoric acid destined for Japan. Since then, the 46-year-old De Guzman and 22 other Filipino crew members have languished for months with scant rations, little water and constant threats as negotiations for their release drag on. For them, a military rescue like the one that freed American Capt. Richard Phillips is unlikely because the Stolt Strength is anchored in a pirate stronghold. Their only hope is that a ransom will eventually be paid. While sailors from richer countries get freed relatively quickly in exchange for multimillion-dollar ransoms, those from poorer countries like the Philippines, Bangladesh and Indonesia often wait for months, stuck in the middle because the companies they work for can't afford to make a big payoff. Almost half of the nearly 300 seamen currently held by Somali pirates are Filipinos – a Greek-owned ship was snatched Tuesday with 22 Filipinos on board, starting a fresh ordeal for a new group of families. Vilma de Guzman was at the shipping company with other hostages' wives when her husband called last Friday for only the second time since the pirate takeover and talked with their three daughters, ages 15, 10 and 7, and their 9-year-old son. ''He told them, 'Take care of mommy, take care of your siblings, love each other,''' Vilma de Guzman told The Associated Press. ''He was saying goodbye to his kids just in case he does not come out of this ordeal alive.'' ''I know when you are a seaman, it's really a high risk. But to say that you'd be taken hostage by pirates, we never imagined that would happen to him. We continue to receive his salary. He gets a big salary, but what will we do ... if we lose my husband?'' In a sign that the on-again, off-again negotiations between the pirates and the Stolt Strength's owner, Sagana Shipping Inc., might be picking up again, De Guzman called again last Saturday, trying to track down the phone number of the Philippine company's general manager. ''He said the pirates asked them to call to put pressure on the company to pay ransom,'' Vilma de Guzman said, adding that her efforts to get more details were met with a chilling reply: ''Don't ask too many questions because we can be heard on the speaker.''' Relatives of the hostages say that during the five months their loved ones have been held, the pirates have lowered their ransom demand from $5 million to $2.2 million. But there's no sign any payoff will come, despite the pirates' threat to haul the tanker further out to sea and use it as a mother ship to seize other foreign vessels. Relatives blame Sagana Shipping, saying they have been misled about efforts to free the captives, and their complaints have spurred a Philippine government inquiry into the handling of the case, according to a report last month on the Web site of the maritime industry journal, Lloyd's List. Capt. Dexter Custodio, the spokesman for Sagana Shipping, denied suggestions the company hasn't been doing enough to free the hostages, saying it has tried to negotiate with the pirates but that has proven difficult. ''They don't want to talk to us. They would just slam the phone...The main thought is it's a business and discussions will go to that – how much ransom do they want?'' Custodio said. A spokesman for the ship's London-based charter company, Stolt-Nielsen, said arguments between different factions of pirates holding the vessel has hampered efforts to free it. ''These disputes have made communication with those holding the ship and crew more difficult,'' spokesman Martin Baxendale said Wednesday. And while the manpower companies that contract the seamen have to pay double-pay for hazardous duty in pirate zones and carry insurance for payouts to their families in case of injury or death, it's unclear whether that is enough for a multimillion-dollar ransom, said Nelson Ramirez, president of the United Filipino Seafarers union. As the months drag on, the crew has been kept confined on the ship's bridge with little to eat or drink and wearing only the clothes they were seized in, according to relatives. Anything of value – including clothing, her husband's wedding ring and all the money he had saved to send home – were grabbed by the pirates, Vilma de Guzman said. ''They take a bath but can't change their clothes,'' she said. Source: Associated Press |
Forthcoming BIMCO president not in favour of arming crews against pirates
Technorati Tags: Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange, BIMCO arms crew, Pirates, Shipping Piracy, Gulf of Aden, Robert Lorenz-Meyer, Sea Asia 2009, Somali Pirates, Freight Review,Maritime Baltic Index,TNT Freight Review
Singapore: The president designate of shipowner body BIMCO has voiced his opposition to growing calls to arm crews in the escalating fight against pirates. Robert Lorenz-Meyer, speaking at a press conference after the opening session of the Sea Asia Conference at Suntec City in Singapore was firmly of the opinion that arming crews merely serves to increase the potential for violence. “Arming ships is not the solution. As a shipowner I would be afraid for my crews,” said the German national. [21/04/09]
Singapore: The president designate of shipowner body BIMCO has voiced his opposition to growing calls to arm crews in the escalating fight against pirates. Robert Lorenz-Meyer, speaking at a press conference after the opening session of the Sea Asia Conference at Suntec City in Singapore was firmly of the opinion that arming crews merely serves to increase the potential for violence. “Arming ships is not the solution. As a shipowner I would be afraid for my crews,” said the German national. [21/04/09]
Arroyo bars Filipino seafarers from sailing near Gulf of Aden
Technorati Tags: Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange,Freight Review, Somali Pirates, Philippine Overseas Employment Administration, Department of Foreign Affairs, Department of Labor and Employment, Gulf of Aden Ban, OEA,Filipino Seafarers, Maritime Baltic Index,TNT Freight Review
Manila: The government of the Philippines, which provides as many as one on three seafarers worldwide, has issued a directive that bans the deployment of Filipino sailors in the Gulf of Aden, or to within 200 nautical miles or 300 kilometres of Somalia.
“If there will be no assurance on the safety and security of our countrymen there, I think it is logical to ban their deployment in the areas,” said deputy presidential spokesperson Lorelei Fajardo, who added that safety and security was the top priority of the Filipino government.
Fajardi added that the implementiation of the rules and regulations of the deployment ban is being drafted by the Department of Labor and Employmment (DOLE), the Department of Foreign Affairs (DFA) and the Philippine Overseas Employment Administration (POEA).
It is still unclear exactly how the Philippines expects to enforce the ban, or how long the ban will remain in place. In a similar ruling a few years ago Manila barred its citizens from working in Iraq – each page of every new passport stamped to that effect.
More than 100 Filipino sailors are currently being held captive by Somalian pirates. [21/04/09]
Manila: The government of the Philippines, which provides as many as one on three seafarers worldwide, has issued a directive that bans the deployment of Filipino sailors in the Gulf of Aden, or to within 200 nautical miles or 300 kilometres of Somalia.
“If there will be no assurance on the safety and security of our countrymen there, I think it is logical to ban their deployment in the areas,” said deputy presidential spokesperson Lorelei Fajardo, who added that safety and security was the top priority of the Filipino government.
Fajardi added that the implementiation of the rules and regulations of the deployment ban is being drafted by the Department of Labor and Employmment (DOLE), the Department of Foreign Affairs (DFA) and the Philippine Overseas Employment Administration (POEA).
It is still unclear exactly how the Philippines expects to enforce the ban, or how long the ban will remain in place. In a similar ruling a few years ago Manila barred its citizens from working in Iraq – each page of every new passport stamped to that effect.
More than 100 Filipino sailors are currently being held captive by Somalian pirates. [21/04/09]
Subscribe to:
Posts (Atom)