An attorney for Hanjin has told a New Jersey bankruptcy court that the company has recovered only $220 million owed to it, against creditor claims of $10.5 billion. This equates to a payout of only $0.02 to each dollar owed. When the initial distribution to creditors will be made remains uncertain. Judge John K. Sherwood, sitting in US Bankruptcy Court in Newark has granted a request from Columbia Group of Liberty Corner, New Jersey, to sell 35 Hanjin containers it is storing at its Port Elizabeth Terminal. The sale of the containers is estimated to be US$ 1000.00 each.
The International Chamber of Shipping has prepared a list of frequently asked questions to assist ship owners/operators in understanding their obligations and responsibilities under the Ballast Water Management Convention. To access this information visit: http://www.ics-shipping.org/docs/default-source/resources/environmental-protection/ballast-water-management---frequently-asked-questions-(faqs).pdf?sfvrsn=4
AltaGas has signed a deal with Tokyo's Astomos Energy Corp. to provide 1.2 million tonnes of liquefied propane gas per annum from its Ridley Island facility. Construction on its $500-million export facility is coming along. Installation of the roof section will start in Q1 of 2018 and once completed the overall height of the tank will be 45 metres.
Greg Wirtz, President of Cruise Lines International Association, North West & Canada appeared in Business in Vancouver this week to express concerns with the lack of planning for cruise capacity in the Port of Vancouver. This year's passenger numbers through Vancouver are projected at 841,000. The loss of Ballantyne Pier and the limitations under the Lions' Gate Bridge for larger vessels are forcing cruise lines to look elsewhere to homeport for the popular Alaskan cruise. In 2016, the cruise lines, their guests and crew spent nearly $1 billion directly in BC, employing local residents by the thousands — from longshore workers to taxi drivers to entertainers to summer students – and everything in between. All in, the total economic impact of the cruise industry in BC now totals $2.2 billion per year.
Teekay Offshore revealed plans to transfer its shuttle tanker business into a new subsidiary, Teekay Shuttle Tankers (ShuttleCo) along with the announcement that Teekay Offshore Partners (TOO) has entered into conditional contracts with Samsung Heavy Industries (SHI) to construct two Suezmax-size DP2 shuttle tankers with LNG propulsion technology and options to order up to two additional vessels. Upon delivery in 2019 and 2020, the 154,000 dwt vessels will provide shuttle tanker services in the North Sea under Teekay Offshore’s existing master agreement with Statoil ASA (Statoil).
Western Economic Diversification Canada (WD), an agency established to promote the development and diversification of the economy of Western Canada will receive increased funding worth $25 million over five years. With its two strategic priorities for 2017-18 on innovation and Indigenous economic growth, funding wil be directed towards :
Westward Shipping is moving back to downtown Vancouver effective August 14, 2017. The new address is: 1500 - 1166 Alberni Street, Vancouver, BC V6E 3Z3. All phone and fax numbers remain the same - tel: 604-273-6141 and fax: 604-273-4300.
South Korea’s 14 container carriers are expected to sign a memorandum of understanding next Tuesday to establish the Korea Shipping Partnership (KSP). All 14 container carriers including the largest Hyundai Merchant Marine and newcomer SM Line will sign a memorandum of understanding (MoU) to create the Korea Shipping Partnership (KSP) shipping consortium next Tuesday. It will be the first time for Korea’s entire shippers to come together under a single club. The KSP will establish operational guidelines by the end of the year, and aims to launch full-fledged operations in January.
The US Senate has unanimously approved longtime Republican fundraiser Kelly Knight Craft's nomination to be the next American ambassador to Canada. Ms. Knight Craft will need to present credentials to Canada's Governor General before her appointment commences. Other key approvals include the US Senate Committee on Commerce, Science and Transportation's confirmation of retired US Navy Rear Adm. Mark H. Buzby as the new administrator of the Maritime Administration (MarAd) and appointment Robert L. Sumwalt III to a two-year term as chair of the National Transportation Safety Board (NTSB). The position of MarAd administrator had been vacant since the mid-January departure of Chip Jaenichen.
Gerry Wang, the Chief Executive Officer, Co-Chairman and Co-Founder, will retire from Seaspan Corporation effective December 31, 2017 to focus on family business investments and his ongoing charitable efforts. Wang will continue in his current role as CEO until the earlier of when a permanent CEO is identified or December 31, 2017. For 20 years, Mr. Wang has been a driving force behind Seaspan’s development into the world’s largest non-operating boxship owner.
The Board of Directors has appointed David Sokol, a member of the Board of Directors and Executive Committee of Seaspan, as Chairman of the Board. Concurrent with this change, Kyle Washington and Gerry Wang have both been recognized as Chairman Emeritus. Seaspan has promoted Peter Curtis to Executive Vice President and Chief Operating Officer. Mr. Curtis joined Seaspan in 2001 as Vice President to establish and lead the ship management function and has served as the Chief Operating Officer of the company since 2012.
Pacific Basin Shipping Limited has announced a conditional agreement to acquire four secondhand dry bulk vessels and one resale newbuilding. The acquisition is contingent on the Hong Kong Stock Exchange's approval of the listing of the vessel consideration shares and the placing shares respectively, which is expected to be granted soon to allow for the delivery of the vessels between mid-August and end December of this year.
The Maritime Authorities of the Tokyo and the Paris Memoranda of Understanding (MoU) on Port State Control will launch a three-month joint Concentrated Inspection Campaign (CIC) on Safety of Navigation on September 1, 2017. The aim of the CIC is to check compliance with the applicable requirements of the SOLAS Convention, the overall status of the vessel’s navigation safety, and the competency of crew involved in navigation operations. Port State Control Officers (PSCOs) will use a list of 12 questions to assure that navigation equipment carried onboard complies with the relevant statutory certificates, the master and navigation officers are qualified and familiar with operation of bridge equipment, especially ECDIS, and that navigation equipment is properly maintained and functioning.
Rear Admiral Paul Thomas, assistant commandant for prevention and Mr. Ian Lennard, president of the National Cargo Bureau (pictured above) recently signed a Memorandum of Agreement for inspection and plan review performed on commercial cargo vessels by NCB on behalf of the Coast Guard. Among the functions performed by NCB are: inspection of cargo loading, cargo securing and stowage, approval of grain loading manuals, issuance of grain loading certificates and certification of inter-modal cargo containers.
NCB has performed work on behalf of the Coast Guard since its establishment in 1952 based on authority contained in the code of federal regulations. The establishment of a formal MOA with NCB was prompted by the recently enacted International Maritime Organization Code for Recognized Organizations. This new agreement outlines specific operating standards for organizations such as NCB including record keeping, quality management systems, training and qualification of personnel, liability, and governmental oversight of activities. Both the Coast Guard and NCB welcome this opportunity to affirm mutual commitment to safety and quality in the maritime workplace. A copy of the MOA is available online.
The International Longshore and Warehouse Union Friday announced that early reporting of coastwide election returns show the ILWU rank and file approved a three-year contract extension through July 1, 2022, signalling the potential for strong labor peace at West Coast ports for the next five years.
According to a report from U.K.-based shipping and shipbuilding market analysis firm Clarkson Research the total number of active shipyards has dropped by 62% with 358 yards remaining as of start July 2017, the lowest number of active yards for many years. Clarkson also warned that the remaining yards would have to struggle to survive. The report said, “30 percent of the remaining yards will be out of work by the end of this year. The number of shipyards will continuously decrease for a while.” In 2013 newbuild vessel orders reached 3,048, and in 2016 this figure has dropped by 80 percent to 573 last year.
The French state is to nationalize leading French shipbuilder STX France to prevent rival Italian operator Fincantieri from taking a majority stake in the company. With already a 33.34% stake in STX France, because a 50-50 split of the company's capital between French and Italian interests could not be agreed to, the state has had to intervene to pre-empt STX France from falling into Italian hands by default. This move enables negotiations to continue toward a longer term and more equitable arrangement with the Italian government.
Following a three-day retreat with her caucus, Christy Clark announced that she will resign as BC Liberal Leader and as MLA for Kelowna-Westside. Clark’s resignation takes effect August 4th. Her departure gives the NDP a two-seat edge in the house until a new MLA is elected. For the NDP, the vacant seat provides some breathing room on the tight numbers they have in the legislature. Former Minister of Energy, Mines and Natural Gas Development Rich Coleman will act as Interim Leader. There were no details on who will serve as interim leader. Party president Sharon White has 28 days to call a meeting of the Party Executive and officially begin a new leadership selection process. A by-election will be held in Kelowna-Westside within six months.