daily collection of mar itime press...

DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2014 – 089

Distribution : daily to 28900+ active addresses 30-03-2014

Number 089 *** COLLECTION OF MARITIME PRESS CLIPPINGS *** Sunday 30-03-2014 News reports received from readers and Internet News articles copied from various news sites.

The tugs BRENT and URAG ELBE towing the Borwin Beta platform towards the

installationm location approx 60 nm North of Ameland Photo : FLYING FOCUS luchtfotografie - www.flyingfocus.nl

CLICK ON THE PHOTO

http://www.flyingfocus.nl/�

http://www.maasmondmaritime.com/�

http://www.saveourseafarers.com/�

http://www.m3marine.com.sg/�

http://www.flyingfocus.nl/�



Your feedback is important to me so please drop me an email if you have any photos or

articles that may be of interest to the maritime interested people at sea and ashore PLEASE SEND ALL PHOTOS / ARTICLES TO :

[email protected]

If you don't like to receive this bulletin anymore : To unsubscribe click here (English version) or visit the subscription page on our website.

http://www.maasmondmaritime.com/uitschrijven.aspx?lan=en-US

EVENTS, INCIDENTS & OPERATIONS

The MAGLEBY MAERSK arriving in Rotterdam during her maiden voyage – Photo : Fred Vloo ©

Ook midden op de oceaan aandacht voor Earth Hour

Het zeilschip Bark EUROPA is momenteel midden op de oceaan te vinden en op zaterdagavond a.s. tussen 20:30u en 21:30u gaat daar, midden op de oceaan het licht uit in het kader van Earth Hour. Al varend over ’s werelds oceanen is de Bark EUROPA dag en nacht omgeven door natuur. Ook de bemanning is zich daarvan bewust en maakt elke dag afwegingen om het milieu te sparen. De EUROPA en haar bemanning doet daarom mee aan de actie van Earth Hour en hoopt anderen te inspireren om ook deel te nemen aan de beweging die zich inzet voor het behoudt van onze planeet.

In het donker nabij Tristan da Cunha Op dit ogenblik ligt het schip vlak voor de kust van Tristan da Cunha, het meest afgelegen eiland ter wereld. Als alles goed verloopt zal de bemanning daar morgen voet aan wal zetten en onderzoeken of de bewoners van het eiland ook mee willen doen aan dit bijzondere evenement.

mailto:[email protected]�

http://www.maasmondmaritime.com/uitschrijven.aspx?lan=en-US�


http://www.dutchmarinecontractors.com/�



Zeilen over wereldzeeën De Bark EUROPA is momenteel bezig met een wereldreis, in juni 2014 zal het schip weer terugkomen in Amsterdam. De belangrijkste voortstuwing van het schip is de wind. Met behulp van 30 zeilen vaart het schip van bestemming naar bestemming. Tijdens de reizen wordt het schip regelmatig bezocht door dolfijnen, albatrossen en walvissen. Zij komen dan een kijkje nemen en het schip onderzoeken. Ook nu op de oceaanreis naar Tristan da Cunha waren er bezoekers: dolfijnen hielden de stuurlieden gezelschap!

Geef de aarde door Onze leefwijze heeft grote impact op de natuur. Als iedereen de leefgewoonte van de gemiddelde Nederlander zou hebben, zouden er 3,5 aardbollen nodig zijn. Deze impact verkleinen lijkt soms moeilijk, maar het is wel mogelijk. En het begint bij jezelf. Als we ons daarvan allemaal bewust zijn, geven we samen de aarde door.

Kijk op www.wnf.nl/earthhour voor meer informatie over het evenement Kijk op www.barkeuropa.com voor meer informatie over het zeilschip bark EUROPA

Euronav firms $500m loan Euronav has signed a final agreement on a $500m loan which will help pay for 15 VLCCs bought from Maersk Tankers. Euronav says the giant facility is underwritten by DnB Bank, Nordea Bank Norge and Skandinaviska Enskilda Banken (SEB).

The six-year loan will carry an interest rate of LIBOR plus a margin of 2.75%, the tanker owner explains.

Details of the loan, which was first pencilled in during January as part of a wider funding package for the $980m Maersk deal, were released as Euronav announced its final consolidated results for 2013. Further funds for the takeover came from two equity issues and a bond sale. Euronav recorded a final loss of $89.68m for 2013, its consolidated accounts said. This is largely in line with the $88.3m loss revealed in its preliminary accounts.

As TradeWinds reports today the $980m Euronav paid for the Maersk fleet is looking like a good move right now. The same ships are worth $1.096bn this week, according to data from VesselsValue.com. Source : Tradewinds

Maritime Magic: The Making of the World's Largest Hybrids

Consider this. A single large container ship, say the 1,300 ft Emma Maersk, emits from its monster diesel engine pollution equivalent to 50 million automobiles. Its 84.4 MW, 14-cylinder, two-stroke engine, weighing 2,300 tons, consumes the dirtiest of all oils, bunker fuel, at a rate of 16 tons an hour. And it's only one of some 90,000 cargo ships of various types plying the sea lanes of the world. If you're looking for the dirtiest form of transportation on the planet, it's the world's fleet of cargo and, yes, passenger ships. Just 15 o f the largest ships, most of them owned by Maersk, generate as much sulphur oxides, as well as a long list of carcinogens and particulates, as all the world's 760 million cars and trucks. So, it's little wonder that nations are

http://www.wnf.nl/earthhour�

http://www.barkeuropa.com/�



starting to crack down on these monster emitters, at least in their near shore waters, and some shipping firms are starting to respond. One of them is Scandlines, the European car and passenger ferry operator whose 15,000-plus ton vessels link Denmark, Germany and Sweden with regular 24/7, 365-day-a-year service.

In 2013, the company converted the 900-passenger, 300-vehicles Prinsesse Benedikte, pictured above, to hybrid electric, replacing one of its diesel generators with a 2.7MW battery bank developed by British Columbia-based Corvus Energy Limited, in collaboration with Siemens. Now the vessel can operate for up to half-an-hour on its battery reserves alone, which means it can maneuver in the harbor without generating any air pollution. At sea, during its 11-mile ferry run between Rødbyhavn, Denmark and Puttgarden, Germany, its diesel engine recharges the battery, which also helps reduce fuel consumption and emissions. While docked, the batteries can be recharged in 30-minutes using shore power, a significant share of which can come from those Danish and German wind turbines offshore.

The system has been so successful that Scandline just announced that it was commissioning the conversion of three more of its ferries to the Siemens and Corvus hybrid propulsion system. That is, of course, great news for Corvus, especially their Vice President of Global Marketing, Grant Brown, with whom EV World spoke

recently using Skype video. That conversation is featured below in two, roughly 15-minute segments. Due to periodic wireless bandwidth issues, the video portion of the call freezes, but the audio remains in synch.

The CEMSTAR moored in Willemstad (Curacao)

Photo : Kees Bustraan – http://community.webshots.com/user/cornelis224 (c)

Subsea 7 taps Jumbo for Western Isles FPSO moorings installation

http://community.webshots.com/user/cornelis224�

http://www.abb.com/turbocharging�



Subsea 7 has contracted Jumbo to install the mooring piles and chains of the FPSO for Dana Petroleum’s Western Isles development project in the UK northern North Sea. Jumbo’s DP heavy-lift vessel Fairplayer, which features two 900-metric ton (990-ton) deepwater cranes, is expected to start the program in July. The same vessel is booked for mooring installations this summer for Ithaca Energy’s Greater Stella Area project in the central UK sector. Western Isles is in block 210/24a, 90 km (56 mi) east of Shetland in 160 m (525 ft) of water. It is being developed via subsea wells tied back to a central FPSO. Oil will be exported by shuttle tanker with produced gas sent through a dedicated pipeline to TAQA’s Tern platform. First oil is due in summer 2015. Source : PennEnergy

28-03-2014 : The GENCO AUGUSTUS leaving the IJmuiden locks bound for Puerto Bolivar Photo : Simon Wolf ©

Captain: Cruise ships may over-rely on electronics

Cruise operators, like airline pilots, may be relying too heavily on electronics to navigate massive ships, losing the knowledge and ability needed to operate a vessel in the case of a power failure, an expert sea pilot told a federal agency on Wednesday.

Capt. Jorge Viso with the Tampa Bay Pilots testified before the National Transportation Safety Board on the second day of a two-day hearing the agency is holding after several high-profile cruise mishaps, including last year's fire aboard the Carnival Triumph that left thousands of passengers stranded for days in squalid conditions aboard a powerless ship adrift in the Gulf of Mexico.

In 2010, a fire also knocked out power to the Carnival Splendor in the Pacific Ocean, also stranding passengers at sea until the vessel could be towed to port. In 2012, the Costa Concordia ship capsized off Italy, killing 32 people.

Cruise ship captains are handling high-tech vessels with state-of-the-art navigations systems, Viso said, but added that he fears they are not as adept at manually handling the massive ships as they become over-dependent on fancy electronics. "We have noticed a trend for too much reliance on electronic navigation," said Viso, who as a pilot assists large cruise ships get to port in Florida.

"If there is an instrument failure, a control failure or presentation failure there are distinct disadvantages to those not familiar with the handling of a vessel," Viso added, comparing it to a similar phenomenon gaining attention in the airline industry. "There is a definite trend toward driving the ship electronically, and while some may argue that this is the future, we are not there today." Officials with the federal agency questioned the captain and other cruise operators, executives, training experts and officials about whether the industry was able to keep up with safety needs as ships get larger and hold more passengers.

Budd Darr, senior vice president for technical and regulatory affairs at Cruise Lines International Association, told the panel the size of the largest cruise ships had likely stabilized for now. But "the average size will increase as we are not constrained by the Panama Canal anymore," Darr said, referring to the expected opening next year of an expansion of that key crossing point. Viso cautioned, though, that while the ships are continuously growing, port infrastructure is not always keeping up. Source : Philstar / AP



Yinson net profit doubles to RM67m Yinson Holdings Bhd’s net profit for the year ended Jan 31 doubled to RM67.4 million compared with last year, largely on its marine and transportation segments and the newly-acquired subsidiary, Yinson Production AS. The revenue for the year surged to RM945.8 million compared with RM865.2 million last year. “In line with the management’s strategic plans in successfully completing the acquisition of Yinson Production, we are confident of the group’s enhanced global presence and positioning in the oil and gas industry,” said group CEO Lim Han Weng. For the fourth-quarter ended Jan 31, the company’s net profit increased six-fold to RM26.3 million while the revenue was recorded at RM253.4 million against RM172.7 million in the previous year quarter. The better profit the company said is mainly attributed to strong contributions from the marine and transport segments. The company however had a negative goodwill of RM49 million arising from the acquisition of Yinson Production notwithstanding the acquisition expenses of RM16 million. Yinson held a naming ceremony for its Vietnam bound (floating production, storage and offloading) FPSO, PTSC Lam Son at Keppel Shipyard, Singapore, earlier this month and the first oil of this FPSO is scheduled for the second-half of the next financial year. “With this additional FPSO, Yinson is now the sixth-largest FPSO operator globally,” it said. Yinson had earlier announced its proposal for a renounceable rights issue of new ordinary shares of RM1 each to raise proceeds of up to RM600 million. The proceeds raised from the proposed exercise will be used to pare down the group’s financial borrowings and for future expansion, the company noted. Source : FMT News

RICE CARGOES DESTINED FOR NIGERIA, SHIPPED VIA BENIN

The Association has learned that at present a significant number of vessels have been waiting at anchorage of Cotonou, Benin, waiting to discharge cargoes of rice. Some of these vessels may have been there for some significant time, which could impact on

the cargo laden on board.

It appear s that the underlying reason for this situation is a dispute between the Nigerian authorities and rice importers over duties payable for the import of rice in to Nigeria. As rice is an organic cargo, it can suffer from deterioration during a voyage for a number of reasons, including pre-shipment condition, conditions of carriage and the length of the voyage. Spoiled rice may be unfit for human consumption and can quickly become a total loss once the deterioration process has started. The Association has previously advised in detail on the transportation of rice cargo. From our Correspondents we understand that rice to Nigeria is often parboiled rice, and that Nigeria is the main market for this particular type of rice cargo. As such many cargoes shipped to nearby countries may ultimately be destined for Nigeria. Members considering a fixture to carry parboiled rice to West Africa should therefore check:

1. to which country is the cargo consigned 2. to ensure that the cargo comes with all necessary import documentation to that country 3. if the cargo is parboiled rice, to enquire further and contact the Association

http://www.vlierodam.nl/�



A bag of rice that spoiled following moisture damage In case of further query, Members are asked to contact the Association: [email protected]

The brandnew MAGLEBY MAERSK arriving in Rotterdam-Europoort duringher maiden voyage – Photo : Frans de Lijster ©

CSCL sinks to huge losses China Shipping Container Lines (CSCL) slumped to losses of CNY2.6Bn ($431.1M) in 2013 in line with its forecast earlier this year, due to the lack of cargo volume's support for rate hikes sought by the company and rise in operating costs.

Left The CSCL MERCURY arriving in Rotterdam – Photo : Luuk Silvius ©

Excluding one-off items, CSCL's losses surged 280% year on year to CNY3.0Bn as it sold its stake in a terminal in Lianyungang in 2013, a stock filing of CSCL said yesterday. In 2012, the liner company posted CNY522.7M in profits, mostly due to one-off gains from sales of self-owned containers. Revenues rose

3% y/y to CNY34.3Bn due to expansion of its fuel trading business. Source : HIS Maritime 360




Indian cruise market seen tripling in coming 5 years

Indian cruise passengers are set to jump in the coming years, but India is not yet ready to attract many cruise calls. That was the message from Gavin Smith, regional vice president – Asia Pacific for Royal Caribbean, who was speaking at a press event in the Indian capital this week. Smith estimated Indian cruise passengers could jump from the current 100,000 a year to 300,000 in the coming five years. Despite the growth Smith said that the current size of the local market would not make it viable for cruise ship operators to call at Indian ports. “Local deployment can come only with growth. Once that growth is achieved, ship operators will have the confidence to put a ship here,” he said. Source : Asia Cruise News

The Damen built pilot tender RED BISHOP operating in Cape Town – Photo : Jan van Vuuren ©

Shipping confidence hits highest level since 2008

Overall confidence levels in the shipping industry rose to their highest level for almost six years in the three-month period to February 2014, according to the latest Shipping Confidence Survey from international

accountant and shipping adviser Moore Stephens. Freight rates look set to improve or maintain existing levels over the next twelve months, while an increase in private equity funding is expected to have a major impact on the industry. In February 2014, the average confidence level expressed by respondents in the markets in which they operate was 6.5 on a scale of 1 (low) to 10 (high), compared to the 6.1 recorded in the previous survey in November 2013. This is the highest figure since the 6.8 recorded when the survey was launched in May 2008.

http://www.nexumcm.nl/�



All categories of respondent to the survey reported improved levels of confidence compared to the previous survey. Confidence on the part of owners was up from 6.2 to 6.6, while the rating for charterers (up from 5.7 to 6.5) was the highest in the life of the survey. The rating for managers was up from 6.1 to 6.4, while that for brokers was up to 6.4 from the previous level of 5.6. Geographically, confidence was up in Asia (from 5.9 to 6.4), in Europe (from 6.1 to 6.4), and in North America (from 6.6 to 7.1).

The mood of improving confidence evident in many of the responses to the survey was tempered by an awareness of the difficulties which the industry still faces. One respondent said, “There are signs that we have passed the deepest point of the recession. The only question now is how long it will take for the markets to improve to the point where we have sustainable rates again. It may be that some shipowners will still not make it because time – or cash and the patience of the banks – will run out.” Elsewhere it was noted, “2014 will see us bounce along, with small upward flurries followed by a return to barely profitable rates for all but debt-free vessels.”

“The markets have been in the low-end band for the past five years, affected by both supply-side and demand-side crises,” said one respondent. “But the supply side is now showing some stability, and the demand forecasts are positive in the light of various recovery measures under way in certain major economies. We expect to see the supply/demand imbalance corrected in fourth-quarter 2014. Then rates will rise, and it will be payback time!” In similar vein, it was noted elsewhere that, “The supply/demand imbalance should start to improve over the next twelve months, and we will see more ‘dirty’ and inefficient ships scrapped.” Extending that line of thinking still further, another respondent emphasised, “We are confident because we invested heavily in eco-ships, which will be the best performers in the coming years.” The general mood of cautious optimism displayed by many respondents was typified by such comments as, “The markets have been too low for too long, and we are certain they will start to pick up,” and, “The trick is getting the timing of the cyclical swings right.” But there were others who were less confident. One said, “The continuing uncertain political and economic situation worldwide will keep shipping a very marginal business, affected by overcapacity.” Another, meanwhile, insisted, “There is no doubt that we are living on borrowed money and borrowed time, and the hot-air bubble is about to give. We are enjoying a false sense of security.”

It was evident from the survey that the threat posed by over-tonnaging has now assumed a lower level of criticality. One respondent noted, “We are convinced that the market will steadily improve over the coming year, mainly due to the limited ordering of newbuildings.” But a number of respondents still referenced the effect which a surfeit of ships could have on the fortunes of the market. One said, “It is to be hoped that owners start thinking properly, and only order newbuildings on the basis of genuine need.” Another emphasised, “Despite increased scrapping, there is still a brimming over-supply of tonnage coming into the market,” and another still insisted, “The market is still suffering from an excess of tonnage availability.”

One respondent said, “Protracted over-supply remains a risk arising from the socio-economic ordering of newbuildings and a surplus of new money seeking to invest in shipping.” On a similar theme, another pointed out, “While there are a number of positive indicators, there has to be some concern at the level of ordering. This new money may get burned in a similar manner to the KG money.” And it was the influx of ‘new’ money – specifically private equity funds – which a number of respondents picked up on.

One respondent observed, “There appear to be a lot of private equity funds, or vulture funds, willing and able to invest in shipping, which helps to increase confidence levels because the investors in such funds normally expect a significant rate of return.” Another pointed out, “Equity funds are cash-rich and keen to invest. Shipping is gaining favour as an investment, witness the number of IPOs that we are seeing.” Yet another said, “Hedge-funds have excess cash in abundance to purchase cheap assets for asset play over the next four years.” Not everybody, however, saw the growth of equity funding in shipping as a good thing. One respondent said, “The over-supply of tonnage, together with private equity investment, will continue to depress rates and delay recovery.” Another noted, “The flood of private equity funding, which must be spent before it reaches its sell-by date, persuades previously sensible operators to ignore basic economic principles. It’s happened before.” In similar vein it was noted elsewhere, “Private equity investment is ruining any hope the markets had of better days. The shipping markets are changing structurally, with far too many new ‘finance experts’ who think they know shipping better than the shipping experts do. Stand by for a race to the bottom, followed by a long period of below-average returns.”

The likelihood of respondents making a major investment or significant development over the next twelve months was unchanged on the previous survey, on a scale of 1 to 10, at 5.8, which remains the highest figure since the rating of 6.0 recorded in August 2010. The figure for owners was slightly down on last time, from 6.0 to 5.9, as was the case with managers (from 6.1 to 6.0) and charterers (6.4 to 6.3). But the figure for brokers was up from 4.6 to 5.4.

Fifty per cent of charterers (up from 45 per cent last time) rated the likelihood of making a new investment over the next twelve months at 7.0 out of 10.0 or higher. The numbers of owners and managers of like mind were 47 per cent



and 43 per cent respectively, down on the corresponding figures of 48 per cent and 51 per cent last time. Geographically, expectation levels of major investments were unchanged in both Asia and Europe, at 5.7 and 5.8 respectively, but down in North America from 5.8 to 5.1. A number of respondents referred to ‘niche’ opportunities which they had identified as areas for possible expansion. But one complained, “Although there is certainly a lot of tonnage up for grabs in the ship management sector, the competition in Asia is unbelievable, with operating costs quoted which are impossible to maintain and which can only lead to poor and unsafe operation.”

Demand trends, competition and finance costs once again featured as the top three factors cited by respondents overall as those likely to influence performance most significantly over the coming twelve months. The overall number for demand trends was down by two percentage points to 21 per cent while, for the third quarter in succession, competition was unchanged at 19 per cent. Meanwhile, the number of respondents citing finance costs rose from 15 per cent to 16 per cent. Tonnage supply (unchanged at 13 per cent) featured in fourth place, while operating costs (up from 9 per cent to 11 per cent) supplanted fuel costs (down one percentage point to 9 per cent) in fifth place.

Demand trends remained the number one performance-affecting factor for owners, albeit down by 3 percentage points to 22 per cent. Finance costs, up one percentage point to 18 per cent, displaced tonnage supply (unchanged at 17 per cent) in second place. For managers, meanwhile, competition remained in first place, although down 3 percentage points to 19 per cent. Operating costs, at 16 per cent, assumed second place from demand trends and finance costs (15 per cent), unchanged and up one percentage point respectively on last time. For charterers, demand trends, while down by 4 percentage points to 22 per cent, featured in first place, ahead of tonnage supply (up from 16 per cent to 19 per cent) and fuel costs (18 per cent). Geographically, demand trends were the most significant factor for respondents in Asia (although down from 24 per cent to 20 per cent), Europe (unchanged at 22 per cent) and North America (down 11 percentage points to 24 per cent). Competition was the second most significant performance-affecting factor in Asia (up one percentage point to 20 per cent), Europe (unchanged at 18 per cent) and North America (down from 24 per cent to 23 per cent). Operating, finance and fuel costs featured in third place in Asia, Europe and North America respectively.

A number of respondents referred to the rising cost of fuel as a significant performance-affecting factor. “Fuel prices are a deterrent, said one. “Freight rates have increased, but fuel prices eat into time-charter equivalents.” There was a one percentage-point increase (from 40 per cent to 41 per cent) in the number of respondents overall who expected finance costs to increase over the next twelve months. The number of respondents expecting finance costs to come down, meanwhile, fell by 3 percentage points to 6 per cent, equal to the lowest figure recorded in this regard in the life of the survey. Owners were the only main category to record a fall in the numbers of respondents expecting higher finance costs (down from 41 per cent to 38 per cent). The figure for brokers was up from 36 per cent to 39 per cent, for managers from 40 per cent to 42 per cent, and for charterers from 28 per cent to 35 per cent.

The number of respondents in Asia anticipating an increase in the cost of finance fell by one percentage point to 48 per cent, while in Europe the numbers were up from 35 per cent to 37 per cent. In North America, meanwhile, the numbers anticipating higher finance costs fell from 33 per cent to 29 per cent.

A number of respondents voiced concerns about the cost and availability of finance. “The banks must deal with their bad loans,” said one, “which will lead to an increase in foreclosures.” Another pointed out, “The banks have to realise their losses and accept write-offs, with tonnage of between 20 and 23 years of age scrapped and not sold on the secondhand market.” Elsewhere it was noted, “The banks are supporting owners who are in trouble rather than letting them go.” Turning to the freight markets, there was an unchanged expectation of higher rates in the tanker trades, but a higher level of optimism with regard to rate increases in the dry bulk and container ship sectors.

The number of respondents overall who expressed an expectation of higher rates in the tanker sector over the next twelve months was static at 43 per cent, which remains the highest figure since May 2011. Charterers led the way, with 50 per cent anticipating higher rates, as opposed to 36 per cent last time. Managers’ expectations in this regard were up by 6 percentage point to 43 per cent, while owners’ expectations were unchanged from last time at 43 per cent. Meanwhile, 36 per cent of brokers (as opposed to 40 per cent last time) thought that tanker rates were likely to go up over the coming year. Geographically, the prospects for increased tanker rates were deemed higher this time by respondents in Europe (up from 40 per cent to 43 per cent). But they were lower in Asia (down from 46 per cent to 43 per cent) and in North America, where there was a 62 percentage-point fall to 21 per cent.

One respondent maintained, “The tanker market is still suffering from over-tonnaging,” while another said, “Demand for newbuild tankers will be maintained as the effect of the phase-out of older, single-hull vessels is felt.” Elsewhere it was noted, “We are confident that consolidation in the tanker market will positively influence the dirty and clean petroleum products trades.” In the dry bulk sector, meanwhile, there was a 2 percentage-point increase, to 58 per cent, in the overall numbers of those anticipating rate increases. This is the highest figure recorded in the life of the



survey to date. Charterers, up by 29 percentage points to a survey high of 76 per cent, led the way, followed by owners, up one percentage points to 59 per cent, another all-time high. The expectations of managers, however, suffered a 3 percentage-point fall to 57 per cent. Expectations of higher dry bulk rates over the next twelve months were down in Asia (from 63 per cent to 49 per cent) and in North America (from 64 per cent to 47 per cent). But they were up in Europe by 9 percentage points to 64 per cent.

One respondent said, “After a long period of imbalance between supply and demand in the dry bulk trades, the number of new deliveries for 2014 is rather small, and demand should show healthy, positive signs. 2015 also looks good.” Another remarked, “Although rates are reasonable at the moment, this is mainly due to the lack of tonnage caused by wave after wave of bad weather disrupting shipping. Charterers may believe that owners are doing well, but there are a good number of owners whose fleets suffered during December and January, and finances are going to be strained.”

In the container ship market, meanwhile, the numbers expecting rates to increase over the coming twelve months was up by 4 percentage points to 34 per cent. Charterers, up from 30 per cent to 50 per cent, led the way in this regard. Owners’ expectations were also up, by 4 percentage points on last time to 34 per cent, while optimism in this regard on the part of brokers rose from 29 per cent to 36 per cent, and that of managers from 30 per cent to 33 per cent. Geographically, expectations of improved container ship rates were up by 2 percentage points in Asia to 38 per cent, and by 4 percentage points in Europe to 31 per cent. But they were down in North America, from 44 per cent to 27 per cent. Moore Stephens shipping partner, Richard Greiner, says, “Six years is a long time in shipping. Indeed, based on empirical evidence, it is long enough to qualify as a cycle in what is an historically cyclical industry. It is perhaps too soon to say that we have reached the end of the most recent downward cycle, but it seems that the worst may be over. This latest survey finds confidence in shipping at its highest level since 2008, with genuine prospects for further improvement over the next twelve-to-eighteen months.

“The outlook in all the major freight markets is brighter than at any time in recent memory, not least because some of the fears about over-tonnaging have been eased by increased scrapping and by a more pragmatic approach, albeit one dictated by necessity, to business expansion. Despite continuing difficulties in certain part of the world, some of the volatility has been taken out of the global economic and political crises which have characterised the passage of the past few years. That is good for trade and good for shipping. “The survey also provided compelling evidence that a sea-change is set to take place in connection with shipping finance, with the industry currently attracting a significant level of interest and investment from the private equity sector. This is helping to fill the gap created by a comparative paucity of more traditional bank finance. Some of our respondents welcomed this development as a means to improve further the level of confidence in the shipping industry. Others, however, saw it as a recipe for depressing rates and delaying recovery, and even as a spur to reckless expansion plans.

“The truth is that shipping cannot at present fund itself through traditional bank finance alone. It has been clear for some time that shipping is heading for a multi-billion-dollar funding gap, and it is that gap which private equity is now beginning to fill, at least in part.

“The interest of private equity investors in shipping has partly been fuelled by the distressed nature of the industry after a protracted downturn. There is also a reasonable expectation that, as rates rise and values recover, the returns in the next few years will be above the long-term average. This will be attractive to private equity investors, whose involvement in shipping is nevertheless expected to be comparatively short-term by shipping industry standards. But that involvement is already under way, and there is a clear opportunity for shipping to gain access to a type of funding with which it may be unfamiliar, but which could be used to help develop business in a sustainable way.

“One issue which was largely noticeable by its absence from the comments of the respondents to the survey was the cost of impending regulation. This may be because the cost of complying with the likes of the Ballast Water Management (BWM) Convention and the proposed new regulations governing emissions control are as yet unquantifiable. This, however, has not stopped people from quantifying them, with one leading shipowner recently estimating that it will cost the industry US$80 billion to achieve BWM compliance. “There are two main issues here. Firstly, where will shipowners find the money? Secondly, how will this expenditure be accounted for? Watch this space.” Source : Moore Stephens

ALSO INTERESTED IN THIS FREE MARITIME NEWSCLIPPINGS ? PLEASE VISIT THE WEBSITE :

WWW.MAASMONDMARITIME.COM AND REGISTER FOR FREE !

http://www.maasmondmaritime.com/�



28-03-2014 : OSLO BULK 1 IMO 9485758, 2010/5629gt, out from Geelong off Sorrento

Photo : Andrew Mackinnon – www.aquamanships.com ©

Zim net losses widen to US$530 million, revenues decline 7pc in 2013

The ZIM LONDON at Maaspilot station – Photo : Marijn van Hoorn ©

ISRAEL's Zim Integrated Shipping Services widened year-on-year net losses in 2013 to US$530 from the $428 million loss suffered in 2012, drawn on this year's revenues of $3.7 billion, down seven per cent. A significant portion of that annual loss was concentrated into the fourth quarter, a reflection of the accelerated declines in rates towards the end of last year.

The container line posted a $282 million net loss in the fourth quarter, again widening the shortfall from the $238 million lost in the corresponding quarter in the previous year. Nontheless Zim posted positive operating cash flow of $13 million, but this too was down year on year from year-earlier figure of $94 million. The company made gains in

http://www.aquamanships.com/�

http://www.lekko.org/�



reducing its annual operational loss, which stood at $191 million for 2013, a $15 million improvement over the $206 million operational loss for 2012. Despite a five per cent increase in volume, sinking freight rates led to average revenues falling nine per cent to $1,227 per TEU in 2013 from $1,342 per TEU the year before. Zim ships carried 2.5 million TEU in 2013, up from 2.4 million TEU in 2012. Source : Asian Shipper

Capital’s APOSTOLOS arriving in the port of Sohar (Oman) assisted by the SVITZER SAHAM

Photo : Rik van Marle ©

Minor Bulks Heading for the Major League?

Big ships get lots of attention. How often do you read about the Vale-maxes, Capesizes and VLCCs? Of course the big bulk trades are massively important and the five major bulks totalled 2.8 bt of cargo last year. But they're not the whole story. The minor bulks are not so minor any more. This year they will reach 1.5 bt of small parcels that tie up lots of ships - probably about 200 m dwt.

Minor Bulk, Major Cargo

This seething mass of trades is the bedrock of the “handy bulker” business, but for analysts they are challenging. Clarkson Research tracks more than 30 “minor bulk” commodities, each a micro-business with its own drivers, trading partners and transport requirements. The smallest is less than 10 mt pa and the biggest nearly 300 mt. The best way to deal with so many commodities is to bundle them into groups that can be analysed together.

The “Six Minor Bulks”

The six minor bulk commodity groups shown in the chart are agribulks; fertilisers; forest products; iron & steel; minor ores; and other minerals. This wide-ranging mix of trades displays good and bad points. On the positive side, the average volume trend since 1990 has been upwards. In the period 1990-2003 minor bulk trade grew at an average of 3% per annum, and this has risen to 4% in the years since then. Not so good was the volatility, growth swinging between 6-8% pa (for example 1994, 2003-4, 2006-7 and 2011) and zero or negative growth (1991, 1996, 1998, 2001 and 2008-09).

Cargo Diversity

There has also been a good deal of diversity in the growth rates of the individual commodities. Across the period in question agribulks and fertilisers, two solid trades of around 300 mt combined, grew at 3% per annum, which fits in with their agricultural base. But forest products, another 200 mt trade, have been quite flat, averaging only 0.9% growth since 1990. Iron and steel, which includes products, scrap, pig iron and DRI reached 426 mt in 2013. But trade growth has averaged only 2.8% pa and the trend is edging downwards. In contrast the minor ores, which include nickel, manganese and copper, are the stars of minor bulk. They have averaged 9.2% pa growth since 1990,



accelerating to 15.7% in the last decade, backed by Chinese demand. Finally the other minerals include lignite, anthracite, cement, sulphur, salt, petcoke, limestone and lots of very small trades. Together they totalled almost 500 mt of cargo in 2013 - a challenge for analysts, but good business for small bulkers.

Real Life Shipping

So there you have it. Minor bulks don't hit the headlines, but they provide business for an enormous range of shipowners at the smaller end of the dry market. Some are big and highly organised corporates, others are companies with just a few ships. And with each decade the trade gets bigger and more complex, which, on the whole, is good news for shipowners who like a challenge but not media attention. Have a nice day. Source: Clarksons.net

At the FLENSBURGER shipyard the sheerlegs MATADOR 3 installed the superstructure at the LOCH SEAFORTH

Photo : Horst Nürnberger ©

Navig8 Adds Two More Tankers to Its Orderbook

Navig8 Chemical Tankers Inc has signed shipbuilding contracts for the construction of two 25,000 dwt IMO2 eco-design Stainless Steel Chemical Tankers to be built at Fukuoka Shipbuilding. The newbuildings are set for delivery in 2017. “We are experiencing robust growth for chemical tanker demand, in particular for long haul cargoes. We anticipate an acceleration of demand growth from 2015 onwards, initially from the Middle East producers, which are

http://www.multraship.com/�



expected to add 5 million tonnes of new ethylene capacity between 2014 and 2016. Thereafter, the biggest change will come from the US from 2016 onwards, on the back of the US shale gas revolution, which is set to reshape the landscape for liquid chemical production and transportation,” the company said in a press release. “This order fits very well with our newbuilding strategy. Larger Eco long haul chemical tonnage from a first class yard,” Navig8 concluded.

Navig8 Chemical Tankers, the venture sponsored by Navig8 Group and Oaktree Capital Management L.P, has a current orderbook of eight 25,000-dwt stainless-steel chemical tankers at Japan’s Kitanihon Shipbuilding and Fukuoka Shipbuilding for delivery in 2016 and 2017, and 18 units of 37,000 dwt on order at South Korea’s Hyundai Mipo Dockyard (HMD) for delivery next year. Source: Navig8

NAVY NEWS Review of Collins Class submarine

maintenance regime nears completion The latest review into how Australia's submarine fleet is repaired and maintained is expected to be given to the Federal Government shortly. The review by British expert John Coles began in 2011 and has recommended structural changes to the Australian Submarine Corporation (ASC) to improve efficiency and productivity.

The latest instalment is expected to focus on what improvements have been made and comes as the ASC completes a two-year refit of one submarine, the HMAS Rankin. The boat will now be handed back to the navy which will then fit its operational systems.

"The Coles Report was a galvanising moment for ASC," said General Manager for Collins Class Submarine Maintenance Operations Mark Stephens. "It took us from doing two boats in full docking and changed that methodology. It has radically shaped how we look at the maintenance, what maintenance we do and how we do the maintenance."

The most obvious sign of change at the Osborne site is a three-storey dry dock maintenance support tower which replaces old scaffolding and allows workers easier access to the submarines. The timetable for major maintenance of the boats has changed from three years to two in keeping

with the Defence Department's desire to have more of the fleet available for the navy at any one time.

In 2012, then-defence minister Stephen Smith said the Coles Review showed "we fall substantially below any comparable international benchmark". The ASC believes the reorganisation of its operations positions it well for future projects. "We are now looking towards that advanced manufacturing and how that is going to equip us to be more efficient in the build phase," said Mr Stephens.

Russia begins increased submarine patrols off the coasts of the United States

Last year in July its was reported on the fact that Russia will increase patrols off both coast of the United States.



On June 1 or a bit later we will resume constant patrolling of the world’s oceans by strategic nuclear submarines,” Russian navy Commander Adm. Vladimir Vysotsky said Friday. This in apparent response to the “threat” posed by the

United States which has adopted a “pre-emptive war strategy” and is considered by Russian military and intelligence officials as the single largest military threat to world peace and stability.

Unconfirmed reports suggest that Russian nuclear submarines will patrol off the coast of the eastern United States to act as a deterrent to the growing American threat. “The Russian will also ‘bird dog’ US Naval aircraft carriers and battle groups when they patrol the world’s oceans. Make no mistake they do this to because of American wars over the past 10 years. Most American don’t seem to understand or comprehend that the US has been accused of serious war crimes, that include such things as “crimes against humanity, wars of aggressions, violations of

international laws, genocide, terrorism, financing terrorism”, just to name a few (see article: “Will the ICC Act? Indictment against NATO” http://english.pravda.ru/opinion/columnists/16-11-2011/119646-indictment_second-0/ ).

“These are very serious allegations, backed up by evidence”, says Roger Gravano of Charlotte, North Carolina, a well respected human rights activist and retired Naval officer. “Mainstream media here in the United States will never report such news”, he said.

ACTIVE PATROLS The number of annual routine patrols made by Russian submarines has dropped from more than 230 in 1984 to less than 10 today, RIA Novosti reported. That is all set to change because of recent actions taken by the United States, which may wage a pre-emptive war against Iran and Syria in the near future.

ADDING BOREY CLASS SUBS

The Russian navy has suspended its plan to dispose of its 12 nuclear-powered strategic submarines currently in service until 2020, in addition they will add 8 new Borey-class strategic submarines will be built. Borey class subs are considered some of the most advanced in the world.

The Borei class (Russian: Борей; sometimes transliterated as “Borey”, also known as the Dolgorukiy class after the name of the lead vessel, the Yuriy Dolgorukiy) is a class of nuclear-powered ballistic missile submarine produced and operated by the Russian Navy.

The class is intended to replace the older Delta III, Delta IV and Typhoon classes now in Russian Navy service.

The class is named after Boreas, or “the North wind.” Advances include a compact and integrated hydrodynamically efficient hull for reduced broadband noise and the first ever use of pump-jet propulsion on a Russian nuclear submarine. Costing some 23 bln RUR ($890 million USD), Borei is approximately 170 metres (560 ft) long, 13 metres (43 ft) in diameter, and has a maximum submerged speed of at least 46 ki lometres per hour (25 kn; 29 mph). In comparison the cost of an Ohio class SSBN was around 2 billion USD per boat (1997 prices).

Smaller than the Typhoon class, the Borei was initially slated to carry 12 missiles but was able to carry 4 more due to the decrease in mass of the 45-ton Bulava SLBM (a modified version of the Topol-M ICBM) over the originally proposed R-39UTTH Bark. It should be noted that a fifth generation successor/supplement is already in development as of the publication of this report.

All this is t o help counter act what Russia sees as the growing threat posed by the United States which has been actively engaging in waging wars around the world, in places like Afghanistan and Iraq for over the last decade. Source : Ground Report

Russia May Sell China New Advanced Submarines

Russia has announced it will build a new fifth generation, Kalina-class submarine. Will Moscow sell them to China?

Russia is developing a new advanced submarine class and may sell them to China, according to reports in Russia’s media.

Last week, the head of Russia’s Navy, Adm. Viktor Chirkov, announced that Russia would build new fifth-generation submarines dubbed the Kalina-class. “Russia is currently designing a fifth-generation conventional submarine, dubbed

http://english.pravda.ru/opinion/columnists/16-11-2011/119646-indictment_second-0/�



Project Kalina, which will be fitted with an air-independent propulsion (AIP) system,” Adm. Viktor Chirkov said, according to Russian media outlets.

“Our industry promises to develop this AIP system by 2017 and build the first boat fitted with such a system by 2018,” he added.

The report did not specify what type of AIP technology would be used. Submarines equipped with AIP technologies offer significant advantages over conventional diesel-electric engines and even nuclear submarines. AIP systems allow submarines to stay submerged far longer than diesel-electric submarines, which must surface more frequently for oxygen, and thus give away their positions to potential adversaries.

On the other hand, submarines with AIP systems are much stealthier than nuclear-powered submarines, which must constantly run pumps to cool their nuclear reactors. This pump emits noises that can be used by adversaries to detect the submarine’s presence and location. Thus, AIP-powered submarines can stay submerged for long periods of time while remaining virtually silent.

A number of countries, predominately Western ones but also including ones like India, have acquired or are pursuing AIP-powered submarines. There is also speculation, including by the Indian government, that China’s Type 041 (Yuan-class) submarines—or at least some of the fleet—may be powered by AIP systems.

The development of the new Kalina-class submarines raises questions about a prospective submarine deal Russia is negotiating with China. As The Diplomat has reported before, Russia and China have long been in negotiations over Beijing’s desire to purchase four of Russia’s fourth generation Lada-class submarines. However, Russia’s decision to proceed with production of the fifth-generation Kalina-class submarines may mean that Moscow will not continue producing the Lada-class submarines (so far, only one Lada-class submarine, St. Petersburg, actually exists).

According to Want China Times, however, Voice of Russia reported soon after Admiral Chirkov’s announcement that Russian President Vladimir Putin will probably authorize the sale of the Kalina-class submarines to China. Want China Times said that the Voice of Russia report—which does not appear to be available in English—was based on the assessment of Vassily Kashin, a senior research fellow from the Moscow-based Center for Analysis of Strategies and Technologies.

Thus, in no way has this been officially announced by the Russian government. Moreover, Moscow may be floating the idea simply as another way of pressuring the United States over its reaction to Russia’s annexation of the Crimea. Still, selling China the new submarines would further enhance Beijing’s growing undersea fleet, especially if China used the submarines to reverse engineer its own vessels based on Russia’s technology. Source : The Diplomat

The DAMEN built P 421 ARTHUR DIONHANNA left the builders for yard trials, Photo : Cees Kloppenburg ©



Admiralty Shipyards launches submarine Khanh Hoa built for

Vietnamese Navy On March 28, 2014, Saint-Petersburg based Admiralty Shipyards held an official ceremony of floating out the Khanh Hoa, submarine of project 636. According to the press center of Saint-Petersburg Administration, the event was attended by representatives of Admiralty Shipyards OJSC, Vietnam People's Navy, Saint-Petersburg Administration, Russian defence export company Rosoboronexport OJSC and Central Design Bureau of Marine Engineering “Rubin”.

This is the fourth serial submarine of project 636 built for Vietnam by Admiralty Shipyards. Submarines of this project feature the best stealth quality than any other domestic warships. Merging with natural water noise the submarine can detect a target at a distance 3 to 4 times more then the distance of her own detection by an enemy, the statement says. The Improved Kilo, or Project 636 Varshavyanka-class submarine also features an inertial navigation system (INS) with long-term storage of parameters without correction. The warship was designed for anti-shipping and anti-submarine operations in relatively shallow waters.

Admiralteiskie Verfi OJSC (Admiralty Shipyards) is a key enterprise of shipbuilding, a centre of conventional submarine building of Russia. The shipyard is affiliated with the United Shipbuilding Corporation OJSC. Source : PortNews

Shipyard formally decommissioned USS Miami

A ceremony was held Friday at Portsmouth Naval Shipyard to formally decommission the submarine USS Miami, which sustained hundreds of millions of dollars in damage as the result of arson in May 2012.

http://www.dredgingoffshore.com/�



After the incident, the Navy initially said it would repair the Los Angeles-class attack submarine. The Navy told Congress in August 2013 that the estimated cost to repair the vessel had gone from $450 million to $700 million after the discovery of unanticipated damage and cost overruns. The Navy dropped the project at that time, citing a fiscally constrained environment and the automatic federal government spending cuts known as sequestration that were triggered in earlier in 2013. The decommissioning ceremony was held in the shipyard's main auditorium and attended by current crew members, their families and other invited guests. The event will mark the end of Miami's nearly 24 years of active service. The ship's first commanding officer, retired Capt. Thomas Mader, was the keynote speaker. Rear Adm. Ken Perry, commander of Submarine Group 2, was the guest speaker. Cmdr. Rolf Spelker, who assumed command of Miami on Nov. 15,was speaking at the ceremony.

The submarine is currently undergoing an inactivation process the Navy announced last fall. A crew of 111 officers and enlisted personnel will all be reassigned to other units by December, the Navy said. USS Miami was commissioned June 30, 1990, as the Navy's 44th Los Angeles-class submarine. It has been led by 11 commanding officers and hundreds of sailors have staffed the ship over the years.

In March 2013, former shipyard worker Casey Fury was sentenced to 17 years in federal prison for setting fire to the Miami. He admitted to setting the blaze, citing a desire to go home early and an anxiety disorder as reasons for his actions. During Fury's sentencing hearing, U.S. District Court Judge George Singal said it was necessary to weigh the "significant" loss to the Navy and the risk placed on firefighters, while also taking into consideration Fury's mental condition. Fury was sentenced on two counts of arson for setting the May 23, 2012, fire that severely damaged the Miami, and a smaller fire outside the submarine several weeks later. Singal also ordered Fury to pay the Navy $400 million in restitution. Source : SeacoastOnline

SHIPYARD NEWS Bollinger Delivers 9th USCG Fast

Response Cutter

Bollinger Shipyards, Inc. has delivered the Kathleen Moore, the ninth Fast Response Cutter (FRC) to the United

States Coast Guard.

Bollinger President, Chris Bollinger announced the successful delivery of the USCGC Kathleen Moore to the 7th Coast Guard District in Key West, Fla., stating, “We are very pleased with the latest delivery of this high quality Fast Response Cutter built by the Bollinger team. Once again, this is another successful FRC delivery that is on schedule and on budget. We are all looking forward to the vessel’s commissioning, as well as honoring and celebrating the heroic acts of Lighthouse Keeper Kathleen Moore.”

The 154 foot patrol craft Kathleen Moore is the ninth vessel in the Coast Guard's Sentinel-class FRC program. To build the FRC, Bollinger used a proven, in-service parent craft design based on the Damen Stan Patrol Boat 4708. It has a flank speed of 28 knots, state of the art command, control, communications and computer technology, and a



stern launch system for the vessels 26 foot cutter boat. The FRC has been described as an operational “game changer,” by senior Coast Guard officials.

The Coast Guard took delivery on March 28, 2014 in Key West, Florida and is scheduled to commission the vessel in Key West, Florida during May, 2014. Each FRC is named for an enlisted Coast Guard hero who distinguished him or herself in the line of duty. This vessel is named after Coast Guard Hero, Lighthouse Keeper Kathleen Moore. Kathleen Moore first stood the watch at the age of 12, when her father began tending the light in 1817 after a shipboard injury prevented him from going to sea. She took on the duties herself as her father’s health worsened, although she was not officially appointed as head keeper until 1871. She served that station for an astounding 72 years where she continually braved the harsh storms of Long Island Sound to save those in peril. Kate Moore served as keeper of the Black Rock Harbor Light on Fayerweather Island, Connecticut. She was officially credited with saving 21 lives. Her light made the difference between a successful journey and catastrophe for more than two hundred vessels sailing the sound nightly. Source : MarineLink

Maritime Craft Services benefits from Damen’s fast delivery

In March, Maritime Craft Services (MCS) took delivery of a new Damen Shoalbuster 2609. Damen has delivered numerous Crew Transfer Vessels, Multicats, and Shoalbusters to MCS – the two companies have a long-standing relationship. What is notable, however, about this latest delivery is t he incredibly short delivery time involved.

MCS owner Dirk Kuijt and Damen Shipyards Hardinxveld managing director Jos van Woerkum signed the contract on 12 March and just eight days later, MCS took

delivery. “Such a fast delivery time demonstrates the trust that Damen and MCS have with each other,” explains Mr Van Woerkum. “We had the vessel in stock, so it was a case of getting the classification organised. Between Damen and MCS, a handshake means a lot.”

“The fast delivery was very important to us,” comments Mr Kuijt. “This wouldn’t have been possible without such a good relationship with Damen.” The Shoalbuster 2609, named MCS Rosie, has a couple of minor modifications to

http://www.tos.nl/jobs/ship-delivery-hoofdwerktuigkundigen-2/�



the standard design. Her 32t bollard pull is s lightly more powerful than the standard design due to her increased engine capacity. There were also alterations made to the deck crane.

The 26 metre long MCS Rosie is currently in Abu Dhabi, already preparing for her first job in Qatar providing support services to the dredging industry. “We are very pleased to provide MCS with this rapid service. I am confident that we can continue our cooperation with them in the future,” concludes Mr Van Woerkum.

MCS is a family owned company and some of its fleet carry the names of family members. This latest vessel is no exception and continues the tradition: MCS Rosie shares her name with MCS Managing Director Menno Kuijt’s baby daughter.

Banks clear ABG Shipyard’s Rs. 10,000 crore loan recast plan

A group of 22 banks led by State Bank of India (SBI) has cleared the recast of Rs.10,000 crore in loans advanced to ABG Shipyard Ltd, under the corporate debt restructuring (CDR) process for bailing out financially stressed borrowers, offering India’s largest private shipbuilder a breather.

It’s the second biggest loan recast in recent times by Indian banks, next only to the Rs.13,500 crore debt reorganization done for engineering and construction company Gammon India Ltd in July 2013. “The bankers have cleared the CDR. This is a big relief. We have got two years to get our act together,” said ABG Shipyard’s chief financial officer Dhananjay Datar in a phone interview. “Under the CDR, around Rs.2,500 crore worth of long-term loans and Rs.7,000 crore of working capital loans were restructured. We will get two years of moratorium for interest payment. After

moratorium, we have eight years to repay the loan,” he said. SBI is the lead banker for ABG. Other banks include ICICI Bank Ltd, Punjab National Bank, Bank of India, Bank of Baroda and IDBI Bank Ltd. Many borrowers have sought debt restructuring as they battle an economic downturn that led growth to weaken to 4.5% in the year ended 31 March 2013, the least in a decade, amid high interest rates and stalled projects that have crimped corporate cash flows. Two bankers directly involved in the CDR process confirmed the approval for ABG’s debt recast. “We have approved the restructuring of ABG Shipyard. Banks have agreed to this after several round of discussions,” said one of the bankers. The official didn’t want to be identified because the transaction pertains to a specific company. As part of the CDR, the company will be offered a two-year moratorium, a reduction in interest rate and an extended repayment period. “As in any CDR cases, there will be a closer monitoring of ABG’s operations and the financial performance during the period of recast,” the banker said. The shipping industry is recovering from the worst glut in decades after a boom in ship orders coincided with the global financial crisis in 2008. A slump in freight rates and decline in global trade hurt demand for new vessels. Indian shipbuilders, including ABG Shipyard, have not received new orders for bulk ships since 2007. Mint had reported in December that banks were nearing an agreement to restructure ABG Shipyard’s loans. “The company has a strong recovery plan and hence bankers have agreed to approve the CDR. We will get out of this CDR quickly,” Datar of ABG Shipyard said. Banks had already sought the appointment of professional managers to run the company, the banker cited above said. In January, ABG Shipyard appointed Syed Waheed Zafar Abdi as its new managing director and chief executive officer to script a turnaround. Under CDR, banks typically offer a payment holiday to a financially stressed company, stretch the period in which the loan has to be repaid, cut the cost of borrowing and sometimes even accept a so-called haircut by reducing the amount of debt the borrower has to pay back. A CDR is approved if at least 75% of the creditors by value of the loan and 60% by number back the proposal. “The CDR assistance to ABG could help banks, as otherwise there was a good chance of this account becoming an NPA (non-performing asset) and provisions could have shot up to above 25% as



compared with 5% for a new restructured loan,” said Abhishek Kothari, an analyst at Networth Stock Broking Ltd. Banks typically prefer to restructure loans to a troubled borrower to prevent them from being classified as NPAs. That’s because while banks need to make a 5% provisioning when they restructure a loan, the provisions can rise to 25-30% if it becomes an NPA. A surge in non-performing loans in the Rs.84 trillion banking system has pushed banks to take an aggressive stance in recovering dues from borrowers through asset sales. The Reserve Bank of India (RBI) has emphasized the need for banks to take prompt steps for loan recovery amid concerns over the rising pile of stressed assets. Gross NPAs at 40 listed banks in the December quarter rose 35.84% to Rs.2.43 trillion from Rs.1.79 trillion a year earlier. About Rs.4 trillion of bank loans are being restructured, both through RBI’s so-called CDR mechanism and on a bilateral basis. Source : LiveMint

ROUTE, PORTS & SERVICES

The NIKOLAY CHICKER arriving in Willemstad (Curacao)


Kendal Mega Seaport To Operate In 2016

Kendal Mega Seaport may be operated in 2016 after the entire supporting infrastructure development is completed in 2015. The official of Syahbandar and Port Authority office (KSOP) at Tanjung Emas Semarang Karolus Sengadji said the operational delay is caused by the late completion for office buildings and road infrastructure to the port.

“It should be operated in 2016. Yet, the preparation is delayed and should be completed accordingly in 2015,” he said to Bisnis, Monday (3/24). The construction process of offices and road access is mutually performed with the district government of Kendal with the budget of IDR33 billion as obtained from the State Budget.


http://www.fairplay-towage.com/�



He said in 2013 the KSOP had returned the budget worth IDR40 billion to the central government since there is still remaining funds from the project completion. Source : caissat prime

The BELLA SCHULTE outbound from Rotterdam – Photo : Kees van der Kraan ©

Japan loan to build Iraqi ports The Japanese International Cooperation Agency (JICA) will provide a soft loan of $4.5bn to develop the power sector and port infrastructure in Iraq The Ministry of Planning said that the 15-year loan period will see projects coordinated with JICA and other government entities Abdul Zahra Al-Hindawi, spokesperson from the Ministry of Planning, said, “The most important of these projects is rehabilitation and development of some Iraqi ports and the construction of power plants in 2014.” The construction of the Al-Hartha power station and rebuilding Khor Al Zubair port in Basra will be the first among the 15 projects, added Al Hindawi. Source : GulfshipNews

Corps awards Columbia River dredging contract

The Corps of Engineers has awarded a $5 million contract for dredging this spring and summer at the mouth of the Columbia River at Astoria. The deal with Seattle's Manson Construction Co is part of a $17 million contract that includes dredging at San Francisco and Humboldt, Calif. The Oregonian reports (http://bit.ly/1pBjWTX ) the dredging is scheduled to be completed by Sept. 15. Source : San Jose Mercury News

Hapag-Lloyd hikes Far East-Arabian Gulf rate US$200/TEU on April 1

GERMANY's big container carrier, Hapag-Lloyd, will increase rates for all cargo and container types moving from East Asia (excluding Japan) to the Arabian Gulf by US$200 per TEU from April 15. In a notice to trade, Hapag-Lloyd said it defines the Arabian Gulf as the ports in the United Arab Emirates, Bahrain, Iraq, Kuwait, Oman, Qatar and Saudi Arabia (Dammam & Riyadh via Dammam). Source : asian shipper

http://bit.ly/1pBjWTX�

http://www.redwise.com/�



PLEASE MAINTAIN YOUR MAILBOX, DUE TO NEW POLICY OF THE PROVIDER, YOUR ADDRESS WILL BE “DEACTIVATED”

AUTOMATICALLY IF THE MAIL IS BOUNCED BACK TO OUR SERVER If this happens to you please send me a mail at [email protected] to reactivate

your address again You can also read the latest newsletter daily online via the link :

http://newsletter.maasmondmaritime.com/ShippingNewsPdf/magazine.pdf

MARITIME ARTIST CORNER

Click HERE for the LIVE STREAM WEBCAM in Hoek van Holland Berghaven

…. PHOTO OF THE DAY …..


http://newsletter.maasmondmaritime.com/ShippingNewsPdf/magazine.pdf�

http://www.maasmondmaritime.com/en/webcam-feed/�

http://www.maasmondmaritime.com/en/webcam-feed/�



The VALE SAHAM discharging in the port of Sohar (Oman) - Photo : Rik van Marle ©

The compiler of the news clippings disclaim all liability for any loss, damage or expense however caused, arising from the sending, receipt, or use of this e-mail communication and on any reliance placed upon the information provided

through this free service and does not guarantee the completeness or accuracy of the information

UNSUBSCRIBE / UITSCHRIJF PROCEDURE To unsubscribe click here (English version) or visit the subscription page on our website.

http://www.maasmondmaritime.com/uitschrijven.aspx?lan=en-US

Om uit te schrijven klik hier (Nederlands) of bezoek de inschrijvingspagina op onze website. http://www.maasmondmaritime.com/uitschrijven.aspx?lan=nl-NL

Above photo can also be seen in high resolution in the Maasmond Maritime Flickr photo album , just click here

Click HERE to see the above Photo direct in High Resolution


Photo : Hans Lingbeek – www.tussenhoekenstad.nl (c)

Photo : Richard Wisse – www.richard-photography.nl (c)

Photo : Wim Kosten – www.maritimephoto.com (c)

Photo : Ruud Zegwaard - http://tugfoto.blogspot.com/ - http://merchantshipsphoto.blogspot.com/ (c)

Photo : Frits Janse - http://www.ships-photographs.tk ©

Photo : Ronald Ribbe – http://www.rorifocus.nl ©



http://www.maasmondmaritime.com/uitschrijven.aspx?lan=nl-NL�

http://www.maasmondmaritime.com/uitschrijven.aspx?lan=nl-NL�

http://www.flickr.com/photos/33438735@N08/show/�

http://www.flickr.com/photos/33438735@N08/9889910225/�


http://www.tussenhoekenstad.nl/�

http://www.richard-photography.nl/�

http://www.maritimephoto.com/�

http://tugfoto.blogspot.com/�

http://merchantshipsphoto.blogspot.com/�

http://www.ships-photographs.tk/�

http://www.rorifocus.nl/�



Photo : Ruud Kempe - www.andrekempe.nl ©

Photo : Stefan Hofecker - www.aviaimages.net ©

Photo : Hans de Visser - www.hdvs.nl (c)

Photo : Michel Kodde – www.maasmondphoto.nl (c)

Photo : Andrew Mackinnon – www.aquamanships.com ©

Photo : Rodrigo João Mélo - www.panoramio.com/user/1451474 ©

Photo : Kees de Vries - www.keesdevries.net ©

Photo : Chris Brooks - www.ShipFoto.co.uk ©

Photo : Willem Holtkamp - http://fotomaker.jalbum.net/FOTOMAKER/ ©

Photo : Tom van Oossanen – www.tomvano.com ©

http://www.andrekempe.nl/�

http://www.aviaimages.net/�

http://www.hdvs.nl/�

http://www.maasmondphoto.nl/�

http://www.aquamanships.com/�

http://www.panoramio.com/user/1451474�

http://www.keesdevries.net/�

http://www.shipfoto.co.uk/�

http://fotomaker.jalbum.net/FOTOMAKER/�

http://www.tomvano.com/�

daily collection of mar itime press...

Documents