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Shipping Corporation of India may be privatized by the government as part of a wider privatisation programme involving a number of key state assets. The government owns 63.75 per cent of the flagship carrier, which has a fleet of 64 ships, comprising 15 bulkers, 22 tankers, two containerships, four gas ships and 10 offshore support vessels (OSVs), as well as significant real estate holdings in Mumbai. The privatisation plans need approval from the central cabinet before any sales process can commence, reported Singapore's Splash 247. SCI was established 58 years ago through a merger between Eastern Shipping Corporation and Western Shipping Corporation.

Friday, 11 October 2019 14:29

Tokyo Gas rejects vessel after malfunction

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Tokyo Gas has rejected the delivery of an LNG cargo aboard the carrier Energy Atlantic, after the vessel suffered a power outage and engine malfunction shortly after entering Tokyo Bay Thursday morning. The vessel – chartered by Cheniere – regained power, but Tokyo Gas did not take delivery for safety reasons, as the carrier operator did not know the reason for the outage. The Energy Atlantic is a 157 000 m3 tanker and loaded the cargo on 3 September at the Corpus Christi LNG terminal in the US.

 

Friday, 11 October 2019 14:27

Panama Canal sets record in 2019

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The Panama Canal saw a 6.2 percent increase in the 2019 fiscal year (FY19) with a record tonnage of 469 million Panama Canal tons (PC/UMS), exceeding its own projections for the year. Most of the increase can be attributed to the increase in transits for the liquefied natural gas (LNG) and liquefied petroleum gas (LPG) segments that rose by 37.6 and 6.9 percent respectively, representing the largest gain across all segments. Additional segments with significant transit increases included crude product tankers with a 5.6 percent increase and vehicle carrier/RoRo with a 5.5 percent increase, compared to the previous fiscal year. In terms of tonnage, the container segment continued to dominate with 164.87 million PC/UMS tons, of which 126.2 million PC/UMS tons transited through the Neopanamax Locks.

 

The main routes using the Panama Canal by cargo tonnage in FY19 include between the US East Coast and Asia, followed by the US East Coast and the West Coast of South America, Europe and the West Coast of South America, the US East Coast and the West Coast of Central America, and the US intercoastal route. The main users of the waterway were the United States, China, Japan, Chile and Mexico.

 

Friday, 11 October 2019 14:24

TK Shuttle Tankers places green bond

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Teekay Shuttle Tankers has placed USD 125 million senior unsecured green bonds due October 2024 to be listed on the Oslo Stock Exchange. The proceeds from the bond issue will be used in accordance with Teekay Shuttle Tankers’ green bond framework to partially fund four E-Shuttle newbuilds currently under construction and with planned deliveries in 2019 and 2021.

 

Another TK related news item, Teekay was presented the “Shipping Company of the Year” award at the International Seafarers’ Welfare awards held during the London International Shipping week. Teekay Shipping provides free internet to all its ships and a support line for seafarers experiencing challenges in their work of personal life. The company provides modern gym equipment on board and social interaction is encouraged with onboard team competitions.

Friday, 11 October 2019 14:21

Fuel Cell Project for Shipping

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By early 2021, Carnival Corporation’s German market brand, AIDA Cruises, aims to be the world’s first cruise company to test the use of fuel cells on a large passenger ship on board its LNG fueled cruise ship AIDAnova. The fuel cell trial will be apart of the Pa-X-ell2 research project funded by the German Federal Ministry of Transport and Digital Infrastructure to develop a decentralized energy network and a hybrid energy system with a new generation of fuel cells for use in oceangoing passenger vessels.  In addition to AIDA Cruises/ Carnival Maritime GmbH, other partners include shipbuilder Meyer Werfts and fuel cell specialist Freudenberg Sealing Technologies. The objective is to find practical solutions for climate-neutral shipping.

 

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Cargill, Maersk Tankers and Mitsui & Co. have established a strategic collaboration to accelerate the reduction of global greenhouse gases (GHGs) within shipping.  The companies will fully exploit existing fuel-saving technologies and explore new technical solutions. These projects will involve measures to optimize vessel performance by sharing and using data from the vessel in conjunction with weather routing and other mechanisms that will improve performance. The goal is to demonstrate that there are economic benefits that can be derived from sustainable shipping solutions.

Friday, 04 October 2019 11:16

BIMCO support ship's power to curb emission

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BIMCO has submitted a proposal to the International Maritime Organization (IMO) to regulate propulsion power of ships in order to sustain the GHG savings already achieved through slower steaming. While it remains a fact that ships’ speed is the single most important variable influencing their CO2 emissions, there are different views as to which regulatory measure is best when it comes to enforcement and achieving the objective of curbing emissions. It has been concluded that limiting ships’ propulsion power can be controlled accurately and at the same time, it has a close correlation to speed. Setting a limit for ships’ power has already been suggested by Japan. BIMCO recommends the power limit should be derived for each shipping sector from an assumed performance of an average ship sailing at current average trading speed within each sector. The proposal will be introduced at the Intersessional meeting of the working group on reduction of greenhouse gas emissions from ships at the IMO in London on 11-15 October. Maersk is said to be already backing the proposal.

Friday, 04 October 2019 11:15

VLCC spot rate near $100,000/day

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Geopolitics are pushing VLCC spot rates towards $100,000 a day, as charterers work around the clock to snap up tonnage in a red hot market. The attacks on Saudi oil installations last month, combined with US sanctions on Cosco’s tankers 11 days later have sent the supertanker sector soaring with spot rates for some routes now in excess of $70,000 a day and a number of analysts pointing out that six-figure sums are on the horizon, backed up by news from tanker derivatives desks in London and Singapore reporting exceptionally brisk trading this week deep into Q4.

 

Friday, 04 October 2019 11:12

Nur Allya found

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Pinger locators have finally found where the Nur Allya sank six weeks ago. After an extraordinary search over thousands of square kilometres, Indonesia’s National Transportation Safety Commission has located the Gurita Lintas Samudra-owned ship in the Halmahera Sea, north of Buru Island in the Maluku area that sits in the heart of the Indonesian archipelago. The ship’s last contact with its owner was on August 20, after which a giant search and rescue operation got underway. The vessel was carrying nickel ore when it sank with 25 crew onboard, a cargo prone to dangerous liquefacation. None of the crew have been found. Since the incident, Intercargo urged all shipping companies to exercise “extreme caution” when accepting, for carriage, nickel ore and other cargoes that have the potential to liquefy.

Friday, 04 October 2019 11:10

Volumes on Northern Sea Route up 40%

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Goods volumes are expected to reach 29 million tons in course of 2019, says leader of Russia’s Northern Sea Route (NSR) Administration. The lion’s share of NSR ship traffic is related to the liquified natural gas produced by Novatek. The company’s Yamal LNG is expected to produce more than 16 million tons in 2019. The number of ships operating on the Northern Sea Route remains low with a total of 743 vessels requested sailing permission year to date. Only a limited number of these vessels carry goods, the official NSR list of vessels shows that almost half are tugs and support and service vessels, most of which are involved in oil and gas-related activities.

 

Friday, 04 October 2019 11:05

South China Sea tensions ramp up

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Hanoi says Beijing’s survey and coastguard vessels are widening their activities in disputed, energy-rich waters. Vietnam accused a Chinese oil-surveying vessel and coastguard escorts of territorial violations after entering the country’s exclusive economic zone and operating within offshore blocks for three months. The region contains unexploited hydrocarbons that the US says could be worth US$2.5 trillion. Vietnam has become increasingly isolated in its efforts to push back against China, which is nearing a deal with the Philippines for joint energy exploration in a contested area of the sea and just set up one-on-one talks with Malaysia to settle disputes in the waters.

 

Friday, 04 October 2019 11:04

MOL to set sail with new technology

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Mitsui O.S.K. Lines, Ltd. (MOL) today announced that MOL and Oshima Shipbuilding Co., Ltd. have jointly obtained "Approval In Principle (AIP)" from Nippon Kaiji Kyokai (ClassNK) for the design of a hard sail system. The system converts wind energy to propulsive force with telescopic hard sail, and is a fundamental technology of the "Wind Challenger Project" that MOL and Oshima Shipbuilding are spearheading to reduce greenhouse gas (GHG) emissions by using wind energy. It is estimated that emissions will be reduced by 5% on a Japan-Australia voyage, and about 8% on Japan-North America West Coast voyage. The long-term goal is to develop a widely accepted solution to achieve the IMO target in combination with other measures to reduce GHGs by equipping vessels with multiple sails. 

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