Euro Banks to Increase Bad Shipping Loan Provisions by Quarter European banks need to increase their provisions for bad shipping loans by 25%, to EUR 7.3 billion (USD 9.25bn), according to the European Central Bank’s (ECB) year-long examination of the resilience and positions of the 130 largest bank
Some 124 vessels are expected to enter the oil tanker trading fleet in 2014, while 60 tankers were forecast to be sold for demolition or conversion, according to the latest report by McQuilling Partners. Through 3Q 2014, based on the forecast, 93 vessels should have delivered to the fleet and 60 tan
Clyde and Co: Ships with Fatigued Crew Unseaworthy If a ship’s crew doesn’t receive enough rest while trying to keep up with a ship’s schedule, there should be a regulatory framework under which the ship could be considered unmanned or unseaworthy, Law firm Clyde and Co claims… Read More BIMCO: Chan
The United Arab Emirates-based superyacht manufacturer Gulf Craft is planning to invest USD 100 million over the next five years in a new shipyard for luxury yachts spanning over approximately 900,000 square feet within the Dubai Maritime City complex. Commenting on the announcement, Mohammed Hussei
The fourth and final 31,445GT Product Tanker Mutriba, built by Hyundai Mipo Dockyard Co., Ltd. (HMD) as part of a series of vessels being constructed for the Kuwait Oil Tanker Company S.A.K. (KOTC) was officially delivered to KOTC at a ceremony held in Kuwait on October 20, 2014. The Mutriba is the
Cruise Passenger with Ebola Symptoms Denied Entry to Belize A Dallas hospital nurse who was reportedly in contact with specimen collected from a deceased Ebola patient, travelling on board Carnival Magic, has been denied entry to Belize. (read more…) Hindustan Shipyard Badly Damaged by Hudhud Damage
Several tanker owners have recently placed orders for Suezmax tankers and market pundits have discussed the merits or, in some cases, the potential pitfalls of the renewed interest in this segment of the tanker market, says Poten & Partners in its latest Tanker Opinions. Poten claims that the last t
Freight rates are likely to fall further as carriers stand firm in their reluctance to reduce capacity on the Asia-Europe and transpacific trades in the winter slack season, Alphaliner warned.…Read more Tanker Scrapes Bottom off Durban Eastern Pacific Shipping reported that an incident involving the
The International Chamber of Shipping (ICS) and its member national shipowners’ associations are engaged in the final flurry of lobbying for removing implementation hurdles of the International Maritime Organization (IMO) Ballast Water Management Convention. The Convention is expected to enter into
Financing of the shipping industry is again on the agenda as new investments are needed to keep up with the upcoming fleet renovation drive and market growth. According to Clarksons data, the cost of financing the shipping industry over the decade from 2014 to 2023 could be around USD 1.4 trillion,
This year has seen a major comeback of the Suezmax tanker market prompted by the recent surge in newbuilding orders, after three years of very few orders, according to London-based shipbroker Gibson. The “mini” surge in the newbuilding market, caused by more regular spikes in the spot market, has se
The secondhand dry bulk market has been struck by the latest stagnation in the market and depressed charter rates. “The market has been flooded by vessels for sale while even more candidates –especially from the Japanese market- are expected to come in the near future pushed by the weak Yen against
Global marine premiums dropped by 1.7% last year, falling from USD 34.8bn in 2012 to USD 34.2bn, as shown by the latest statistics released by the International Union of Marine Insurance (IUMI) at its 2014 annual conference held in Hong Kong. The conference gathered over 500 attendees who heard from
The shipping industry is ready for the introduction of new technology, all we need is a new generation of tech-savvy middle and senior managers, says Dr. Martin Stopford, author of textbook Maritime Economics. “The introduction of new technology is hindered by the industry’s current wide-spread lack
