Month: October 2019

Transport Ministry to Partner with TEF on Road ProjectsTransport Ministry to Partner with TEF on Road Projects

first_imgThe Ministry of Transport, Works and Housing will be partnering with the Tourism Enhancement Fund (TEF) to undertake two infrastructure projects during this financial year.Making the announcement during his contribution to the 2013/14 Sectoral Debate in Gordon House on June 5, State Minister for Transport, Works and Housing, Hon. Richard Azan, said one project will involve the installation of light-emitting diode(LED) street lighting along the elegant corridor in Montego Bay, St. James.[RELATED: Additional River Training Along Yallahs River]“The second project involves the Ministry partnering with the TEF on the design and construction of 6.25 kilometres of pedestrian and bicycle infrastructure along the Norman Manley Boulevard in Negril, Westmoreland,” he said.Mr. Azan said this project will complement the 1.5 kilometres of shared used path being funded under the Inter-American Development Bank (IDB)/Government of Jamaica Road Improvement Programme,” he said.Turning to other matters, he said that efforts are being made to improve the working relationship between the National Works Agency (NWA) and the National Water Commission (NWC), citing the signing of an agreement by the two agencies late April.“The NWA and the NWC restored their close partnership with the signing of a two-year contract, which will see the NWA reinstating roadways excavated to facilitate NWC works. This agreement represents a fundamental shift in the working relationship between these two agencies,” he stated.Mr. Azan said it is expected that this arrangement will result in increased work productivity and efficiencies going forward, adding that the Ministry plans to identify areas and other public agencies where similar agreements can be fashioned to allow for greater synergies.Contact: Alecia Smith-Edwardslast_img read more

JEEP Provides Employment for 700 Persons in West Central St. JamesJEEP Provides Employment for 700 Persons in West Central St. James

first_imgApproximately 700 persons gained employment on various projects undertaken in West Central St. James, under the Jamaica Emergency Employment Programme (JEEP), at a cost of $35 million.State Minister of Industry, Investment and Commerce, and Member of Parliament for the constituency, Hon. Sharon Ffolkes Abrahams, informed that the projects were done in the communities of Spring Gardens, Mount Salem and Granville, and involved the patching and repairing of roads, bushing, and the cleaning of drains.Mrs. Ffolkes Abrahams made the disclosure as she addressed the House of Representatives during the 2013/14 Sectoral Debate, on June 25.“Repairs were done on the Catherine Mount Road, Mt. Salem Main Road, and Barnett View Heights, Jarrett Terrace, Phoenix Ave, Catherine Drive, Rhynie Drive, Moy Hall, Tower Hill, Bayview Drive, Granville Drive, Gunns Drive and Gordon Crescent,” she noted.She further added that U-drains were constructed at Crawford and Clarke Streets and a main drain was built on Granville Drive.The Member of Parliament reported that repairs were done to the community centre and basic school at Gutters, where the roof was leaking.“In addition, drain cleaning was carried out in Catherine Hall as part of disaster mitigation efforts. We also restored the badly damaged retaining walls on the Long Hill Road and on the Bogue Hill Road, contributing to road safety on the busy thoroughfares of St. James,” she said.Mrs. Ffolkes Abrahams pointed out that the projects were undertaken in the constituency through JEEP Phases 1 and 2.The JEEP was launched by Prime Minister, the Most Hon. Portia Simpson Miller, on March 22 last year, in Kingston.It is one of the strategies of the Government to respond to the chronic unemployment status of some Jamaicans, particularly those in the lower socio-economic strata, persons with special needs as well as those with low skills levels.Contact: Andrea Brahamlast_img read more

New Board for Cornwall Regional HospitalNew Board for Cornwall Regional Hospital

first_img The efforts of the management and staff have reduced complaints Story Highlights Minister of Health has appointed a new 13-member Board for the Cornwall Regional Hospital The staff and management of the hospital have been performing excellent service Minister of Health, Hon. Dr. Fenton Ferguson, has appointed a new 13-member Board for the Cornwall Regional Hospital, chaired by Communications Consultant, Calvin Brown.“I believe, from all indications, that this will be an excellent management committee that will work in concert with the Regional Board. The Health Services Act is very clear about the role and function of a hospital management committee,” the Minister said.Dr. Ferguson was speaking at a contract signing ceremony for the expansion of the Haemodialysis Unit at the hospital on August 2, at the offices of the Western Regional Health Authority (WRHA), in Montego Bay.“Very soon I will be meeting with members of the hospital management committees across the Regions, so that persons can be clear about their role and functions,” the Minister said.Meanwhile, Minister of State in the Ministry of Industry, Investment and Commerce, Hon. Sharon Ffolkes Abrahams, who is also Member of Parliament for West Central St. James, said the staff and management of the hospital have been performing excellent service for the people of the region.“Cornwall Regional Hospital is a very important institution, not just only here in Mount Salem, and St. James, but the entire region. I congratulate you on your performance, and for doing your job diligently. I visit patients here very often, and I must commend you on the service, the cleanliness, and the efficiency of the hospital,” she told them.For his part, Mayor of Montego Bay, Councillor Glendon Harris, said the efforts of the management and staff have reduced the complaints of clients who had experienced dissatisfaction at the institution.He lauded them for the way in which the Cornwall Regional Hospital has been delivering service to the citizens of the West.“There was a time when we normally get a myriad of complaints, but those complaints have trended down. Your commitment is unwavering and we will continue to assist you in the process,” the Mayor said.last_img read more

Vineyard Town Police Station Refurbished by NCB FoundationVineyard Town Police Station Refurbished by NCB Foundation

first_img The NCB Foundation spent a total of $4.5 million to refurbish three police stations on Labour Day, including Vineyard Town, Summit in St. James, and Alligator Pond in Manchester. The projects were managed by Kaizen Development Limited. Police personnel and residents of Vineyard Town, in South East St. Andrew, are now enjoying the comfort of the renovated police station, as a result of the generosity of the National Commercial Bank (NCB) Foundation.As part of its Labour Day project on May 23, the Foundation’s volunteers painted the police station, installed air-conditioning units and grills, and did electrical and lighting installation as well as plumbing works.On Friday, June 16, the Foundation members toured the facility and unveiled a plaque. Also on the tour were political representatives and members of the Jamaica Constabulary Force’s hierarchy.Group Marketing and Communications Manager at NCB, Nichole Brackett-Walters, told JIS News there was a shift from the Foundation’s usual education focus to national security, because of the transformation that is needed in that area.“The project is under our community development programme [and] is in keeping with our mandate to help our communities and to build a better Jamaica. It is our intention that this assistance will go towards improving national security. We really hope that this contribution will promote peace and goodwill within the community,” she said.Inspector of Police and Sub-Officer in Charge of the Vineyard Town Police Station, Mark Harris, expressed gratitude for the project, noting that it will go a far way in improving staff morale and how the community is served.“We were affected significantly because of the condition of our facility. NCB Foundation came on board to improve the facility on Labour Day and I can tell you from that day until now, the citizens are very happy, my staff is motivated and I am happy to be working in a better environment. I must say a big thank you to NCB Foundation and its volunteers on behalf of the Ministry of National Security and the Jamaica Constabulary Force, and I hope you continue to serve Jamaica in this capacity,” he said.Woman Corporal, Kaedene Hendricks Williamson, also praised the NCB Foundation.“There is now more space and we are comfortable. The space is cool and this creates a different environment when you have different types of customers to deal with. We now have an interview room that is ready for persons that have queries or reports of a private nature. We are really glad that this project was done,” she said.Member of Parliament for South East St. Andrew, Julian Robinson, said the refurbishing will aid police in having a closer relationship with the community.“The police station has a very close working relationship with the community. The refurbishing of the station allows the police to work in a more comfortable environment and will allow them to better serve the community. As the representative, I want to thank NCB Foundation for doing this, and we look forward to a continued close working relationship [among] the police, the political representatives, the community and the business persons,” he said.The NCB Foundation spent a total of $4.5 million to refurbish three police stations on Labour Day, including Vineyard Town, Summit in St. James, and Alligator Pond in Manchester. The projects were managed by Kaizen Development Limited. Group Marketing and Communications Manager at NCB, Nichole Brackett-Walters, told JIS News there was a shift from the Foundation’s usual education focus to national security, because of the transformation that is needed in that area. Story Highlights Police personnel and residents of Vineyard Town, in South East St. Andrew, are now enjoying the comfort of the renovated police station, as a result of the generosity of the National Commercial Bank (NCB) Foundation.last_img read more

Jamaicans Urged to Use LED LightsJamaicans Urged to Use LED Lights

first_img Mr. Shaw was speaking at the signing ceremony for the Exchange of Notes and the Record of Discussions, for the Energy Management and Efficiency Programme (EMEP), held at the Ministry’s National Heroes Circle offices in Kingston on Friday (October 6). He also emphasised the need to have “the entire street lighting system across the country (utilising) LED lights”. Story Highlights Finance and the Public Service Minister, Hon. Audley Shaw, is encouraging more Jamaicans to utilise light-emitting diode (LED) bulbs in their homes as a method of energy conservation. Finance and the Public Service Minister, Hon. Audley Shaw, is encouraging more Jamaicans to utilise light-emitting diode (LED) bulbs in their homes as a method of energy conservation.“Spend a few extra dollars, purchase LED lights, which can help you to sharply reduce your electricity bills. They are more expensive than your regular bulbs, but over time you will save a lot of money by going that route,” he said.He also emphasised the need to have “the entire street lighting system across the country (utilising) LED lights”.Mr. Shaw was speaking at the signing ceremony for the Exchange of Notes and the Record of Discussions, for the Energy Management and Efficiency Programme (EMEP), held at the Ministry’s National Heroes Circle offices in Kingston on Friday (October 6).The programme was strengthened with a loan of US$15 million from the Government of Japan through the Japan International Cooperation Agency (JICA).It is part of a joint loan of US$30 million with the Inter-American Development Bank (IDB), which will provide the other US$15 million.The primary objective of EMEP is to bolster the Government’s efforts in the areas of energy efficiency and conservation through the design and implementation of measures targeting key Government facilities as well as fuel usage within the sector.Expected results of the project include reduced electricity consumption within government facilities; decreased fuel consumption through traffic control management; and increased capacity of the relevant authorities or organisations in the promotion and supervision of electricity planning.The EMEP is executed by the Petroleum Corporation of Jamaica (PCJ), under the Ministry of Science, Energy and Technology.last_img read more

Country’s Rating Upgraded from Stable to PositiveCountry’s Rating Upgraded from Stable to Positive

first_img Finance and the Public Service Minister, Hon. Audley Shaw, says the country’s rating has been upgraded from ‘stable’ to ‘positive’ by international rating agency, Fitch, as a result of macroeconomic improvements. Finance and the Public Service Minister, Hon. Audley Shaw, says the country’s rating has been upgraded from ‘stable’ to ‘positive’ by international rating agency, Fitch, as a result of macroeconomic improvements.He said these include further reduction in unemployment to a 10-year low at 10.3 per cent; stabilisation of the Jamaican dollar, which revalued to $125.50 against the US dollar up to Friday (February 2); growth in the tourism and business process outsourcing industries; and a construction industry that is “literally booming”.The Minister was speaking at Thursday’s (February 1) signing ceremony for €9.17 million (US$10 million) in grant funding under the European Union-Caribbean Investment Facility (EU-CIF) for the Government’s energy management and efficiency project, at the Ministry in Kingston.Additionally, Mr. Shaw said the debt to gross domestic product (GDP) ratio is poised for further reduction and is expected to close the 2017/18 fiscal year below 105 per cent.“We are moving in a very aggressive way to deal with all the fundamental issues that collectively militate against business and consumer confidence and investments (and by extension, growth).We have to make sure that we do the necessary things to make our country more appropriately aligned with global standards,” the Minister said.Meanwhile, representatives of several of Jamaica’s multilateral and development partners have welcomed the news of the country’s macroeconomic progress and upgraded rating.The Inter-American Development Bank (IDB) General Manager, Country Department, Caribbean Group, Therese Turner-Jones, noted that the out-turns show that Jamaica has “come a long way”.She said the Fitch announcement also indicates how far Jamaica has progressed in terms of reducing debt and improving the overall macroeconomic environment.“So, I think we are all extremely proud of that – the IDB especially, because we have been working with you on this for the last five years. I think the future is bright,” Mrs. Turner-Jones added.For his part, visiting Director-General for International Cooperation and Development in the European Commission, Stefano Manservisi, said he is “very happy” with Jamaica’s progress, which has contributed to the improvement in the country’s global rating. Story Highlightscenter_img The Minister was speaking at Thursday’s (February 1) signing ceremony for €9.17 million (US$10 million) in grant funding under the European Union-Caribbean Investment Facility (EU-CIF) for the Government’s energy management and efficiency project, at the Ministry in Kingston. last_img read more

MOL Enters Joint Ownership of Two LNG CarriersMOL Enters Joint Ownership of Two LNG Carriers

first_imgzoom Mitsui O.S.K. Lines, Ltd. today announced an agreement with Kansai Electric Power Co., Inc., for joint ownership of two newbuilding liquefied natural gas (LNG) carriers that will sail under long-term charter contracts signed in June 2012. Kansai Electric Power will hold a 70% share in the Bahamas-based MOL subsidiary that will own the two carriers, with MOL holding the remaining 30%.With this agreement, MOL and Kansai Electric Power will jointly own a total of three vessels following the LNG Ebisu (delivered in Sep. 2008), the first such vessel directly owned by Kansai Electric Power.Backed by its experience, know-how, and worldwide service network build up as one of the world’s leading LNG carrier owners and management companies, MOL continually strives for safe and stable transport of LNG, which has drawn increasing attention in recent years as a clean energy source. 此页面无法正确加载 Google 地图。您是否拥有此网站?确定 Print  Close My location MOL, October 1, 2013last_img read more

HHI Floats Out Fifth Frigate for ROK NavyHHI Floats Out Fifth Frigate for ROK Navy

first_img My location HHI, November 13, 2013 zoom Hyundai Heavy Industries (HHI), the world’s biggest shipbuilder, today held a launch ceremony for its fifth frigate, ROKS Jeonbuk.The launch ceremony was attended by the Chief of Naval Operations Admiral Mr. Hwang Ki-chul, governor of Northern Jeolla Province Mr. Kim Wan-ju, Hyundai Heavy’s president & CEO Mr. Lee Jai-seong and other government and military officials in Ulsan shipyard.The Jeonbuk frigate has greatly improved capabilities with its weapon and sensors including new 3-D radar, antiaircraft & antiship missiles, and sonar & torpedo acoustic counter measures. In addition, the vessel uses stealth technology to minimize the exposure to electromagnetic waves. More than 90% of major equipment is locally developed and sourced.The 2,300 tonne frigate, measuring 114 m long, 14 m wide, and 25 m deep, can sail at a maximum speed of 30 knots with a crew of 120. The frigate will be delivered to the Korean Navy in December 2014.The Ulsan, South Korea-based shipbuilder delivered its third frigate ROKS Incheon in January this year and is also currently building its fourth frigate ROKS Gyeonggi scheduled to be delivered in October 2014.Since constructing and delivering the first Korean-built frigate ROKS Ulsan in 1980, Hyundai Heavy has grown as a leading naval shipbuilder by delivering 63 naval ships including the first and the third Korean Aegis destroyers, 3 KDX-II destroyers, 5 frigates, 3 submarines, and 29 patrol·salvage ships. Print  Close 此页面无法正确加载 Google 地图。您是否拥有此网站?确定last_img read more

UECC Places Order for Two PCTCsUECC Places Order for Two PCTCs

first_img Print  Close My location NYK, March 7, 2014 zoom United European Car Carriers (UECC), a company jointly owned by NYK and Wallenius Lines, has signed a contract to construct two dual-fuel LNG Pure Car and Truck Carriers (PCTCs).The contract has been signed with Kawasaki Heavy Industries, and the vessels will be constructed at the shipbuilder’s joint venture NACKS shipyard in Nantong, China. Deliveries of both vessels will be in the second half of 2016.The vessels will be 181 meters long and have a 30-meter beam. They will be Finnish/Swedish ice class 1A Super vessels, thus allowing for full-year trading in the Baltic area. Each ship will be capable of transporting approximately 3,800 standard-sized vehicles over its 10 decks. A significant amount of the cargo capacity can also be used to transport high and heavy cargo, in addition to cargo loaded onto MAFI trailers. The deck configuration will be optimized for both current and expected cargo mixes.The vessels will be capable of operating on either LNG fuel or heavy fuel oil and marine gas oil, thus providing greater flexibility and efficiency. These ships will be the first PCTCs to be fitted with an LNG-fuel propulsion system and will be able to complete a 14-day round voyage in the Baltic using solely LNG fuel for main engine and auxiliary power generation.LNG is recognized as the cleanest and most environmentally friendly choice of fuel suitable for marine transport. The use of LNG significantly reduces CO2 emissions, as well as almost eliminating sulphur oxide emissions and other particles. According to UECC CEO Glenn Edvardsen, “The LNG installation is a pioneering design and will be one of the largest employed on a commercial vessel and the largest yet of its kind on a pure car and truck carrier. We are proud of the exciting step UECC is taking towards greener and more environmentally friendly shipping.”The vessels will employ a number of other design elements and technologies to help reduce fuel consumption and emissions, ensuring safer and more efficient operations. With a capacity for approximately 3,800 cars, these ships will be the largest PCTC-type vessels specifically designed for transiting the Baltic and other ice-prone areas. “UECC will be able to provide our customers with transportation in the Baltic area with unparalleled efficiency, reliability, and superior environmental performance,” Mr. Edvardsen stressed.The vessels have been jointly developed by UECC in close collaboration with NYK’s Technical Group and Wallenius Marine, together with Kawasaki Heavy Industries in Japan. 此页面无法正确加载 Google 地图。您是否拥有此网站?确定last_img read more

China Wants to Invest in Fourth Set of Locks in PanamaChina Wants to Invest in Fourth Set of Locks in Panama

first_imgzoom Work on Panama Canal ExpansionThe Panama Canal Administrator Jorge L. Quijano held an informative meeting with a delegation headed by Mo Wenhe, Chairman of the China Harbour Engineering Company (CHEC) and Wei Hua Wang, representative of the Chinese-Panamanian Office of Business Development.Mo Wenhe showed interest in the development of projects in the Panama Canal during the upcoming years.“We are exploring our participation in all Canal projects, especially in the design, construction and financing of a Fourth Set of Locks,” Wenhe said.CHEC is a full-service provider of Engineering-Procurement-Construction (EPC), Build-Operate-Transfer (BOT) and Public-Private-Partnership (PPP) for the public and private sectors. Currently, CHEC is present in over 80 countries including Panama and conducts projects worldwide for over US$10 billion. The company will be setting up its regional headquarters in Panama.The expansion program of the Panama Canal registered an overall progress of 78%, while the new locks project is currently 73% complete.The project is expected to be complete by December 2015.Press Release, August 12, 2014last_img read more

DMA Urges Shipowners to Prep for Wreck Removal RegulationsDMA Urges Shipowners to Prep for Wreck Removal Regulations

first_imgzoom With the upcoming entrance into force of the Nairobi International Convention on the Removal of Wrecks on 14th of April 2015, new regulations will be implemented affecting all signatory countries.Among several provisions, the Convention is aimed at placing financial responsibility for the removal of certain hazardous wrecks on shipowners, making insurance, or some other form of financial security, compulsory.The Danish Maritime Authority (DMA) said that the Convention’s implementation will set a new springtime course calling Danish companies and shipowners to prepare for new insurance and certification requirements.As explained, all Danish ships of or above 20 GT (gross tonnage) must take out insurance or other financial security to cover the owner’s liability in connection with the removal of wrecks. The ships must not engage in trade at all if such insurance or other financial security is not held. The regulations apply to all types of ships – not just merchant ships, but also fishing vessels, passenger ships and recreational craft.Large ships of or above 300 GT must carry a certificate on board, certifying that they have the required insurance/financial security. If such a certificate is not carried on board, the ships must not engage in trade and are at risk of being detained – this is so in Denmark, Bulgaria, Congo, Cook Islands, India, Iran, Malaysia, Marshall Islands, Morocco, Nigeria, Palau, Great Britain and Germany.The requirement to carry a certificate also applies to foreign ships of or above 300 GT calling at Danish ports or offshore installations in Danish territorial waters.“The Danish Maritime Authority urges all owners of Danish ships of or above 20 GT to make sure that they have taken out valid insurance to cover their liability in connection with the removal of wrecks before 14 April 2015,” DMA said.In addition, the Authority urged Danish shipowners with ships of or above 300 GT to forward applications for certificates to the DMA as soon as possible and well in advance of 14 April 2015 to avoid any problems.Denmark became the 10th country to ratify the convention, thereby triggering its entry into force exactly this April.Image: DMAlast_img read more

Port of Hamburg Earns More Despite Ukraine TurmoilPort of Hamburg Earns More Despite Ukraine Turmoil

first_imgzoom Germany’s Port of Hamburg reported an increase in revenue and operating result in the 2014 financial year, despite the economic crises in Ukraine and Russia and a slowdown in the growth of the global economy and global trade, Hamburger Hafen und Logistik AG (HHLA) reports.The company achieved an operating result of EUR 169 million (USD 192m), up 10 percent compared to the previous year. Preliminary figures show that HHLA generated revenue of approximately EUR 1.2 billion (USD 1.36bn), representing a rise of more than 5 percent on 2013.Container throughput at the three container terminals in Hamburg increased by a moderate 1.2 percent on the previous year to 7.2 million standard containers (TEUs), impacted by lower feeder traffic with Russia in the second half of 2014.This rise was not enough to fully offset the drop in throughput at the Container Terminal Odessa in the Ukraine caused by the crisis in Ukraine. Throughput there fell by nearly 30 percent to almost 0.3 million TEU. Total container throughput remained on previous year’s level, at approximately 7.5 million TEUs.In contrast, HHLA’s Intermodal companies’ transport volume in European seaport-hinterland traffic increased significantly by 9.4 percent to 1.3 million TEUs.”Our vertical Group strategy proved to be so robust in 2014 that we were still able to generate above-average results even in a difficult operating environment, which included a further delay in the dredging of the river Elbe and the regional crises in Russia and Ukraine,” said the Chairman of HHLA’s Executive Board, Klaus-Dieter Peters.last_img read more

Shell Looking Into Hydrogen Energy SupplyShell Looking Into Hydrogen Energy Supply

first_imgzoom The Anglo–Dutch oil and gas company Royal Dutch Shell has joined a pilot project related to hydrogen energy supply chain development, the company confirmed to World Maritime News amid media reports that it was teaming up with Japanese Kawasaki Heavy Industries on the project.“Shell is participating in a Technical Research Association and Pilot Demonstration Project for hydrogen energy supply chain development (HySTRA). The HySTRA consortium was established in February 2016,” Shell said in statement.In an agreement to start working together on the project, the two companies are said to be planning to produce hydrogen from low-quality brown coal abundant in Australia at low cost and then ship liquefied hydrogen in special vessels, Nikkei reported.According to reports from the news agency, the project would also see contribution from Iwatani and Electric Power Development. As part of the project, Kawasaki would provide transportation vessels and storage tanks, Iwatani would contribute facilities for loading hydrogen stored tanks onto transportation vehicles, while Electric Power Development would manage production plants.A pilot operation was allegedly scheduled to launch in 2020, targeting annual hydrogen imports of 660,000 tons in 2030.World Maritime News Stafflast_img read more

Chartworld Shipping Buys Capesize NewbuildingChartworld Shipping Buys Capesize Newbuilding

first_imgzoom CarVal Investors, LLC, an investment arm of Cargill, has sold its newbuilding Capesize bulk carrier for a total consideration of USD 32.5 million, according to data released by VesselsValue.The 180,000 dwt ship, named Mustang, was purchased by Greece-based shipowner Chartworld Shipping Corporation.Featuring 93,960 gross tons, the vessel is currently under construction at Chinese yard New Times Shipbuilding and it is scheduled for delivery during the year.Mustang will join Chartworld’s fleet of 64 vessels covering the dry bulk, tanker, reefer and container sectors.The company manages a fleet of 10 bulk carriers with a total capacity of some 921,000 dwt, 27 refrigerated cargo vessels, 7 tankers with a total carrying capacity of 582,079 dwt and 22 container ships.World Maritime News Stafflast_img read more

MSI Shipping Faces a Stormy Road to RecoveryMSI Shipping Faces a Stormy Road to Recovery

first_imgzoom The shipping industry is set to experience a stormy road to recovery, with uneven supply/demand trends set to test the nerve of investors and operators, according to research and consultancy firm Maritime Strategies International (MSI).Addressing the Hansa Forum in Hamburg, Germany this week, MSI Senior Analyst James Frew warned that the industry will continue to face multiple challenges to a sustained recovery despite positive demand fundamentals.“The commodity shipping sectors remain well correlated with each other – with the exception of offshore and LPG – and most sectors are positively correlated, but not tightly so,” Frew said, adding that the question is “whether it is supply or demand that is wrecking the markets?”In demand terms, headline trade in goods and services has stalled in relation to GDP and policy decisions rather than fundamentals, hold the key to future direction. Factors including increased energy efficiency, slowing containerisation demand and reshoring are all threats. However, the demand side is far from all bad news.According to MSI data, ships required versus ships on order exceed projected demand for product tankers and chemical carriers but lag for bulk carriers and containerships. This is thanks to the industry’s self-prescribed medicine, with 2016 scrapping levels at or near record levels in the bulk carrier and containership sectors.“The recovery is going to be uneven at best, with a disproportionate increase in vessel earnings for LNG carriers, tankers and LPG carriers. Even with improvements, earnings for containerships and bulkers will not approach their pre-crisis highs,” Frew said.He added that shipyards will continue “to suffer from a lack of forward cover next year and only cost pressure will stop newbuilding prices falling further in 2018.”last_img read more

Port of Koper Looking into LNG Bunkering OpsPort of Koper Looking into LNG Bunkering Ops

first_imgzoom The Slovenian port of Koper presented studies in the framework of the European project GAINN4MOS as the port is looking to refuel vessels with liquefied natural gas (LNG) at the site.Koper port said that, although the National spatial plan for comprehensive spatial arrangement of the international port in Koper does not foresee the existence of fixed infrastructure for LNG, the port still has to guarantee support to LNG powered vessels as it is among core EU ports.Uroš Prosen, director of TGE Gas Engineering Slovenia, said that considering space limitation of the port of Koper and safety issues, “the refuel would be possible only with mobile solutions – for example through specialized feeder vessels.”He added that for now “it seems that refuelling could be done only at anchorage and not at berth.”The studies were presented as part of the Directive 2014/94/EU on deployment of alternative fuels infrastructure, which was adopted with the aim of minimising dependence on oil and to mitigate the environmental impact of transport.Through the Directive the European Union requested from Member States to draft national policy frameworks on alternative fuels, including LNG. Member States are also expected to ensure that an appropriate number of refuelling points for LNG are put in maritime ports to enable ships to circulate throughout the TEN-T Core Network by the end of 2025.To study adequately the field in cooperation with institutions that have experience with LNG, Luka Koper joined the Action GAINN4MOS, which is co-financed by the European Union through the Connecting Europe Facility.last_img read more

MOL Steps Further into Subsea Support Vessel BusinessMOL Steps Further into Subsea Support Vessel Business

first_imgzoomImage Courtesy: MOL Japanese shipping company Mitsui O.S.K. Lines (MOL) is moving further into the subsea support vessel business as it decided to buy a stake in Norwegian AKOFS Offshore AS.As informed, MOL and Mitsui & Co have entered into a share purchase agreement to acquire shares in AKOFS Offshore AS, which is owned by Aker Group’s Akastor ASA.“After in-kind contribution of the company of owner and leasing the subsea support vessel, Skandi Santos, which MOL, Mitsui & Co., and AKOFS are jointly operating since November 2016, MOL’s acquisition amount will be about JPY 8 billion,” the company said.The move will enable MOL to become more involved in the operation and ship management of subsea support vessels, as explained by the company.AKOFS currently operates three subsea support vessels. Two of them, including the Skandi Santos, are chartered to the Brazilian state oil company Petróleo Brasileiro, while another is planned to be chartered by Equinor Energy AS.MOL said it anticipates stable demand and earnings in the subsea field and plans to get involved in every phase of subsea support vessel operations, from research of sea bed petroleum and gas fields to construction, maintenance, repair work, and removal, as the company strives to expand the business.Additionally, MOL, Mitsui & Co., Akastor and Aker have agreed to seek new opportunities to expand their collaboration based on a long-term perspective.last_img read more

Milaha Launches Its 1st European ServiceMilaha Launches Its 1st European Service

first_imgzoomAbdulrahman Essa Al-Mannai, Milaha CEO; Image Courtesy: Milaha Qatar-based maritime transport and logistics company Milaha has launched the new Black Sea Express Service (BSX) — the company’s first European service linking the Mediterranean and the Black Sea. The new direct feeder service will be connecting Greece, Turkey, Georgia and Russia and will initially be served by two vessels with a 1,700 TEU capacity and 300 reefer plugs.It will have the following port rotation: Piraeus (Greece) – Kumport (Istanbul) – Poti (Georgia) – Novorossiysk (Russia) – Piraeus (Greece).According to Milaha, the new service will cater for Russian and Turkish regional trade, while also linking Greece with multiple locations in the Black Sea region, further enhancing the company’s portfolio of international maritime and logistics services.Milaha’s President and CEO Abdulrahman Essa Al-Mannai highlighted that the introduction of the new service reflects the company’s success in expanding its coverage into new markets, amid rising demand for its services.“This latest addition to our feeder services will complement our existing coverage in the Black Sea region and expand our reach to the Mediterranean Sea,” he said.Milaha currently calls twelve ports directly and serves more than 20 ports via its liner services in the Middle East, Indian Sub-continent, South East Asia and Europe.The company’s fleet currently comprises 66 vessels with a total fleet value of USD 792.07 million, VesselsValue’s data shows.Related:Milaha to Upgrade Its Mesaieed ShipyardMilaha Joins Forces with Oracle Cloud to Transform Its Businesslast_img read more

BDO Moore Stephens Merger Strengthens Shipping PresenceBDO Moore Stephens Merger Strengthens Shipping Presence

first_imgzoomIllustration. Image Courtesy: Pexels under CC0 Creative Commons license The merger between accountants and advisers BDO LLP and Moore Stephens LLP in London was completed earlier this month.Clients of the merged firm, BDO, will have access to offices in over 160 countries with a presence in every major shipping location in the world, the parties informed.“Both BDO and Moore Stephens LLP have for many years been leading accountants and advisers to the shipping and transport sector. We are confident our clients will now benefit greatly from having access to the combined resources of the two firms,” Michael Simms, Partner and Head, Shipping & Transport at BDO, said.“The merger enables us to deliver the ever-increasing range and depth of solutions demanded by our clients, who can expect the same high-quality, industry-leading service to which they have become accustomed.”last_img read more

Containerships CEO Steps DownContainerships CEO Steps Down

first_imgKari-Pekka Laaksonen, the Chief Executive Officer of boxship operator Containerships, has announced his decision to resign from the position.The company’s board of directors is to meet on March 29 to find a successor for Laaksonen.Laaksonen will remain in his position until his replacement is effective.French liner CMA CGM Group is set to propose Claude Lebel, current CEO of MacAndrews Gmbh, for the role.CMA CGM earlier decided to merge Containerships and MacAndrews brands under the single Containerships brand from April 1, 2019. The French shipping major said the move would combine the two companies’ maritime and inland solutions with complementary regional footprints.CMA CGM acquired Finland-based Containerships in October 2018. The acquisition added four LNG-powered 1,400 TEU vessels to its fleet.last_img read more