DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2009 – 065 · 03.08.2009 · Number 065 ***...

DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2009 – 065

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Number 065 *** COLLECTION OF MARITIME PRESS CLIPPINGS *** Sunday 08-03-2009 News reports received from readers and Internet News articles taken from various news sites.

The 2002 built HAKUSAN is a Suction Hopper Dredger with Spilt Oil Recovery Devices. The vessel is engaged in maintenance dredging around Nigata-Nishi Port area in daily operation. Once an oil spilt accident occurs in coastal area of Japan, the vessel shall

serve as an oil recovery vessel to minimize the environmental damage by oil pollution. Photo : Henk van Rooijen



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EVENTS, INCIDENTS & OPERATIONS Legislation says shippers to pay for

Neah Bay tug The Washington Legislature has passed a bill to require tankers, shippers and other large vessels to pay for a year-round rescue tug at Neah Bay. Supporters say a permanent money source was needed for the tug, which is sent to aid vessels in danger of spilling oil in the Strait of Juan de Fuca and off Washington's coast. The tug has been stationed at Neah Bay on a part-time basis since 1999 and paid for with state and federal money. In that time, it has made 41 rescues. Both the House and Senate passed the legislation Thursday. It requires large vessels to set up a fund by 2010 to pay for at least one rescue tug. Source : SeattlePI

The DE ZHOU seen anchored at Singapore Eastern Anchorage awaiting the departure with the rig MAERSK DEVELOPER, the tug will escort the rig on the voyage to the US Gulf , the MAERSK DEVELOPER which equipped with 8 thrusters is powered by 51.000 hp and will steam economical from Singapore first to Mauritius , then passing south of Madagascar bound for Saldanha Bay (South Africa) , in the meantime the DE ZHOU will visit Cape Town for

bunkers, the convoy will continue to the US Gulf Photo : Piet Sinke ©

Final salvaging of Den-Den may begin in a few days



Heavy metal chains and machines have been installed on the Tannirbhavi beach to salvage the stricken Eritrean vessel Den Den that sank here in June 2007, claiming the lives of three sailors. After several months of negotiations, the Kandla(Gujarat)-based ship-breaking company, “Fair Deal Supplies Ltd” has managed to buy the ship from the owners of Den Den. Sources at the New Mangalore Port Trust NMPT) told The Hindu that it was being bought at over Rs. 15 crore. The salvaging company is trying to get clearances from various agencies, including the Karnataka State Pollution Control Board and NMPT to start the work, which is expected to start in a few days from now. Harbour Master and in-charge deputy conservator of the NMPT Captain Prasad Mohanty told The Hindu that the salvaging company was yet to decide on the method to be adopted to break the ship. “They have installed heavy winches on the shore which can haul the entire ship onto land. But they are also considering breaking the ship in water and bringing it to shore bit-by-bit.” The threat of an oil leak persisted when the ship sank as it was carrying a cargo of 120 tonnes of furnace oil. But that threat was neutralised after the Offshore Supply Vessel “Al-Haml” retrieved the oil in November 2007. However, there might still be a threat of environmental degradation stress involved. The engine oil and other chemicals might spill into the sea if proper care was not taken during salvaging operations. This is what had rendered the choice of salvaging technique a critical one, said NMPT officials.

The SALVAGE CHAMPION seen passing Hoek van Holland STENA terminal enroute Rotterdam Photo : Patrick Borger ©

Opnieuw averij voor Telefonica Blue Telefonica Blue heeft donderdag opnieuw averij opgelopen in de Volvo Ocean Race. Dit keer brak de voorstag, midden op de Grote Oceaan richting Rio de Janeiro. Het Spaanse zeilschip van de Nederlandse kapitein Bouwe Bekking had op dat moment net weer de leiding genomen, nadat het met 19 uur vertraging uit het Chinese Qingdao was vertrokken. De Telefonica Blue was daar in de haven tegen een rots aangevaren, maar maakte binnen 21 dagen de achterstand weer goed. Het grootzeil moest uit het water worden gehesen, de voorstag is provisorisch gemaakt. De Telefonica Blue vaart nu voorlopig op halve kracht verder. Naar Nieuw-Zeeland koersen voor reparatie is geen optie vanwege het slechte weer, meldde Bekking. Na overleg met het ondersteuningsteam wordt een definitieve beslissing genomen over de te varen koers.

A Glimmer of Hope – in Shipping When it comes to reading economic tea leaves, the Baltic Dry Index is an obscure but closely watched statistic in the shipping world, with its avid followers viewing it as a barometer of global trade.



Amid the doom and gloom around the world, the index offers a glimmer of hope. if the latest rally – four straight days – has staying power, then global trade appears headed for a modest improvement in the second half of 2009, and the shipping industry is poised to ride China's economic stimulus package and recover from what's still expected to be a turbulent first half. The index surveys the price of transporting raw materials by sea. Despite some contradictory signs of whether the ocean shipping sector has bottomed, there are enough bright spots to clear the way for a gradual rebound in everything from bulk commodity markets to dismantling old ships to building new ones, experts say. A decline in commodity prices has coincided with dwindling stockpiles to spur China to renew selected purchases, helped by loosening short-term credit, said Oslo-based shipbroker RS Platou. “This has especially been the case of iron ore, where Chinese steel mills have been very active securing high-quality ore at very attractive prices. In addition, exports of grains, soybeans and fertilizers have all increased in the same period of time,” said Platou's analysis, titled A Sustainable Improvement? In November, China announced a $586-billion (U.S.) stimulus plan, including spending on infrastructure and construction. Stock markets around the world got a lift yesterday on hopes that China will soon expand its stimulus package to boost domestic consumption and fight rising unemployment. the Baltic Dry Index rose for the fourth consecutive day, gaining 50 points to 2,084 points, or more than three times its 22-year low of 663 in December. Its roots can be traced to Britain in 1744 and a London coffee house called the Virginia and Baltick, whose patrons were in the shipping business and would draw up deals there. The index has emerged as a reliable but not foolproof leading indicator of economic trends and volume of global trade, often predicting the beginning and end of recessions, though not necessarily nailing down the timing. Earlier this year, it went on a 17-day winning streak. The index is still down 82 per cent from its record high of 11,793 last May. But shipping experts say there's reason for optimism because of the sharp improvement from dizzying lows. “In the second half, fiscal stimulus may support tonnage demand sufficiently to prevent freight rates to fall back to the extremely low levels seen at the beginning of this year,” wrote Bjorn Bodding, Platou's senior partner of economic research. Some Canadian firms are positioned to benefit from a predicted economic recovery. For instance, Potash Corp. of Saskatchewan is forecasting that after a slow first quarter, exports of its fertilizers to China in 2009 should pick up and improve over last year, but stay flat year-over-year for India and Brazil, and dip slightly for Indonesia and Malaysia. The movements of North American railways are another indicator of economic activity. In the first seven weeks of 2009, freight volumes were down 16 per cent from the same period last year. Rail executives aren't ready yet to declare a return to good times. “We've worked hard to develop plans that allow us to anticipate and respond quickly to changes in the market, and our success in 2009 depends on our ability to swiftly react to economic changes and seize opportunities,” said Kathryn McQuade, Canadian Pacific Railway Ltd. chief financial officer. North American railways report that shipments of lumber have fallen an average of 31 per cent, non-metallic minerals such as fertilizers dropped 34 per cent and autos declined 55 per cent. But in a recession, the good news is that coal volumes slipped just 4 per cent – seen as a tentative signal of better times around the corner. Canadian railways enjoyed a 27-per-cent increase in mid-February in grain traffic and a slight rise in some fertilizer shipments. Spot freight rates for large cargo vessels, Capesizes, have jumped to about $30,000 a day from less than $10,000 earlier this year. But finished steel inventories have started rising recently, and a glut on the steel market remains a concern, amplifying the theme that any recovery will be bumpy, and China will likely mount a comeback well before others.



A report by Clarkson Research Services Ltd., a London-based shipping services firm, said the ship demolition market is showing early signs of bouncing back in India, Bangladesh and Pakistan. In the new shipbuilding industry, the majority of yards “still feel comfortable with their forward order books,” but there may be holes in those books as cancellations emerge and some ship owners opt for used vessels, Clarkson cautioned. It said the economic downturn's harsh effect on global trade in consumer goods lingers, with shipments of containers suspended by two major shipping alliances in the Black Sea – one of the gloomy signals mixed in with favourable ones.

“With today's cold wind, all shipping segments are vulnerable,” Clarkson said, forecasting that short-term volatility will continue. “Although the sentiment is strong for China's internal economic growth, it is very unlikely that the rest of the world would recover soon.” Shipbroker Howe Robinson and Co. Ltd. said there remains a vast oversupply of charter ships on the market. “Those looking for a post-Chinese New Year bounce have been disappointed,” Howe said, referring to shipping activity since Jan. 26. The Chinese government is offering incentives and credit financing to help bolster its shipyards, after orders for new ships in China dropped sharply last year, said ICAP Shipping International Ltd., which provides services such as freight forwarding and chartering. A study by shipbroker Galbraith's Ltd. warned that any recovery will be lengthy and fragile. “Iron ore demand from China is mostly restocking,” it said, adding that steel demand is still in decline in Europe. “History tells us that it will take years for the current oversupply of ships to correct.” Source: Report on Business.

Grootste zendings-en boekenschip bezoekt Scheveningen

Scheveningen krijgt bezoek van het grootste zendings-en boekenschip ter wereld. Vanaf donderdag ligt het schip Logos Hope in de Eerste Haven van de Zuid-Hollandse badplaats. De boot van de stichting Operatie Mobilisatie opent haar deuren voor nieuwsgierigen. Dat liet de stichting vrijdag weten. De organisatie wil met Logos Hope inwoners van kansarme landen bijscholen, informeren en vermaken. Zo zijn er meer dan vijfduizend boeken, een lounge en een theater aan boord. De boot is komende week voor een proefbezoek in Scheveningen en gaat daarna de wereld rond. Het schip heeft negen verdiepingen, is 132 meter hoog, ruim 21 meter breed en weegt meer dan 12.000 ton. In de tweehonderd hutten is plaats voor vierhonderd bemanningsleden en maximaal honderd passagiers. Oorspronkelijk fungeerde het schip als veerboot, maar in de afgelopen vier jaar is het gerenoveerd en ingericht voor het



zendingswerk. In de week van 12 tot en 29 maart zijn vanaf 10.00 uur diverse activiteiten op de boot. Zo zijn er rondleidingen en sprekers en zendelingen die vertellen over hun ervaringen tijdens de projecten in het buitenland.

German ship conducts controversial experiment to reduce greenhouse gas

The prestigious German oceanography ship Polarstern is conducting a major experiment of seeding the oceans with iron to absorb carbon dioxide, the principal greenhouse-effect gas. The experiment, under way to the northeast of the South Georgia Islands in the southern Atlantic, is intended to promote the growth of phytoplankton and consequently the absorption of carbon by dumping 20 tons of iron sulphate over an area of 300 square kilometres. The iron induces a proliferation of algae, which absorb more carbon dioxide (CO2) from the water during photosynthesis. Because the CO2 dissolved in the ocean's surface water is in equilibrium with the atmosphere, a deficit of the gas in the water is compensated by taking more CO2 from the air. The idea is that enriching the water with iron could become a way to fight global climate change, say the experts running the experiment. But some environmentalists warn about the experiment's unknown consequences. The study is now immersed in an international-scale debate. "The absorption of carbon dioxide through the activation of algae growth in the sea does not constitute an effective method to fight climate change and, furthermore, it involves great environmental risks. The sea cannot be turned into a bio-reactor," Stephan Lutter, of the Worldwide Fund for Nature (WWF), told Tierramerica. They also question efforts focussed on absorbing CO2 instead of reducing production of the gas in the first place. "One consequence of this kind of risky project could be taking away financial resources in other places for reasonable research in energy efficiency, for renewable energy and for reducing emissions of greenhouse gases," said Lutter. Meanwhile, the researchers involved in the study have been surprised by the "intensity" of the criticism. "The objective of our experiment is to manipulate one point of the ocean in its natural context in order to understand and quantify the processes that characterise the ocean ecosystems," said professor Ulrich Bathmann of the Alfred Wegener Institute for Polar and Marine Research, entrusted with the project alongside the National Oceanography Institute of India. The test "will show how plankton reacts to the addition of iron, what quantity of phytoplankton forms, how much CO2 is fixed - absorbed - what percentage of carbon remains in the system, and how much carbon is sunk in the depths of the ocean," Bathmann explained to TierramŽrica. Based on what has happened so far, the Argentine Foreign Ministry has expressed concern about the experiment and asked for explanations from the German delegation in that country, given that, although conducted in international waters, the results could affect the seas off the coast of Argentina. Environmental groups argue that the study runs up against international law. In fact, the 9th Conference of Parties to the Convention on Biological Diversity, held May 19-30, 2008, in Bonn, laid out critical statements about this type of initiative. Germany's Environment Ministry web site states that the conference took a clear position against activities like artificial fertilization of maritime areas for the purpose of CO2 absorption, because scientists fear serious negative consequences for the marine environment.



But on January 26 the German authorities gave the green light to the experiment, dubbed "Lohafex" (loha means iron in Hindi). And so 49 scientists, mostly from India and Germany, but also from Italy, Spain, Britain, France and Chile, began the planned iron enrichment of the Atlantic waters. They had already been aboard the icebreaker Polarstern for 20 days, awaiting authorization. "The experiment is going well. Fertilization was carried out in a closed oceanic eddy. The phytoplankton are growing and the biomass has more than doubled," Bathmann, who is in charge of monitoring the experiment from land, told TierramŽrica. In the last 15 years, oceanic carbon capture has been tested scientifically in a dozen small experiments, five in the Antarctic Ocean. In 2007, however, the US-based Planktos firm had to halt its plans to disseminate iron in Ecuadorian waters near the Galapagos Islands, in the Pacific, due to strong opposition from environmental activists and officials in the region. Planktos had hoped to negotiate carbon credits on the global market, as proposed in the Kyoto Protocol on climate change. The heads of Lohafex, however, have ruled out any commercial motivations. Nevertheless, environmentalists see serious risks in the effort. "There is the danger that interested companies will try to sell iron fertilization as a measure against global warming, and include it in the global emissions market," states the North Sea Action Conference. "It is a megalomaniac plan of the researchers. The background is the economic interest to find a low-cost solution for the global problem of CO2," says the environmental group in a statement. Regardless, and according to the original plan, the Polarstern will wrap up its experiment on March 17 when it reaches the coast of Punta Arenas in southern Chile, with the debate as its cargo. Source : Inter Press Service

The ZHEN HUA 20 seen arriving in Rotterdam-Europoort, loaded with 2 cranes for the EUROMAX terminal in Rotterdam-Europoort and 2 cranes for the Hessen Noord Natie terminal in Antwerp

Photo : Sabastiaan ©

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Search continues for 10 missing after boat sinks in SW China

Rescuers search for the missing people on the Qingshui River in Jianhe County, southwest China's Guizhou Province, March 4, 2009. A boat hit the reef and sank Tuesday on the river, leaving 10 people missing. (Xinhua/Yang Junjiang) Rescuers continued Wednesday searching for the 10 people who went missing after a boat capsized in a river in southwest China's Guizhou Province Tuesday. Search efforts were hampered by swift currents and low visibility in the Qingshui River, said Li Xiaogang, a diver with the rescue team under the Guizhou Provincial Flood Control and Drought Relief Headquarters.

"We will go all out to search for those missing despite of the difficulties," said Li. Relatives and friends waited anxiously by the rescue headquarters, hoping for news about the missing people. The disaster involved a boat with 46 people, including 44 passengers, the boat owner and ticket seller, on board which set sail for Liuchuan Town in Jianhe County, Qiandongnan Miao-Dong Autonomous Prefecture, for a rural market at 8 a.m. on Tuesday. The 44 passengers are mostly farmers from four villages. Each paid two yuan (about 0.29 U.S. dollars) for a ticket, according to Pan Liang, Party chief of Jianhe County. The boat has a registered capacity of 18 people. The boat quickly sank after hitting a reef at around 10 a. m. in a backwater zone formed following completion of a local hydropower station, throwing all those on board into the water. Passing boats and ships saved 36 people. Ten are still missing, according to Pan. Survivor Jiang Dalin, 40, said he swam hard after the boat, labeled "Qiandongnan passenger 0181", sank. He was saved by a passing boat. "A woman who grabbed my right foot was also saved by the boat," said Jiang. The missing are believed to be eight women, one man and a two-year-old girl, said Pan. Liu Zhongquan, 28, the boat owner, was detained by the police. The accident area has been closed to shipping. A province-wide check-up on water transport was launched on Wednesday, targeting ships in illegal operation and those involving overloading, said Li Hong, deputy chief of Guizhou Provincial Work Safety Bureau. Source : Chinaview



CASUALTY REPORTING

Foreign ship runs aground in Cebu A foreign cargo ship ran aground off Barangay Poblacion, Talisay City in Cebu Thursday morning, the Philippine Coast Guard reported. PCG officials estimated that half of Lagundi’s Reef’s protected corals were destroyed. MV United, a bulk carrier of Kamtchuka International Limited based in Athens, Greece, was supposed to anchor off Talisay City when it hit the shallow Bodo Shoal at 9:40 a.m., Coast Guard commandant Vice Admiral Wilfredo Tamayo said. The ship’s 25 Chinese crewmen headed by Capt. Chen Guang Ming, man the 31,643-gross ton vessel, whose home port is Majuro, capital city of the Republic of the Marshall Islands. Chen was detained for violating the city ordinance protecting Lagundi Reef. His crew stayed aboard the ship. “The ship nearly rammed a motorized boat carrying local divers who were installing buoys as a temporary demarcation line of Lagundi Reef, a protected fish sanctuary,” Tamayo said. A report sent by Cebu City Coast Guard Deputy Chief Virgilio Tibayan said nine volunteer divers led by Anthony Nator had just surfaced when they noticed the cargo ship coming their way. The MV United earlier unloaded 3,800 metric tons of steel coils at Cebu International Port, Tibayan said.

NAVY NEWS

The Brazilian G 29 - GARCIA D’AVILA (ex. Sir Galahad) seen arriving in False Bay Photo : Trevor Jones ©

Combat ship to be named USS Fort Worth



A new Navy littoral combat ship will be named the USS Fort Worth. The announcement came Friday from Secretary of the Navy Donald Winter. The Defense Department says the USS Fort Worth will be 378 feet long, have a waterline beam of 57 feet and will displace about 3,000 tons. The vessel will have the ability to speed along at more than 40 knots. Fort Worth has been home to military training facilities, aviation depots and defense contractor manufacturing. DOD says for more than 150 years the "patriotic citizens" of Fort Worth have supported the Navy and all personnel in uniform. The Navy says the USS Fort Worth will have the ability to handle missions ranging from mine and surface warfare to anti-submarine efforts.

Navy to Christen USNS Wally Schirra The Navy will launch and christen dry cargo/ammunition ship USNS Wally Schirra, March 8, 2009, during a 7 a.m. PDT ceremony at the General Dynamics NASSCO shipyard in San Diego, Calif. Continuing the Lewis and Clark-class (T-AKE) tradition of honoring legendary pioneers and explorers, the Navy's newest underway replenishment ship recognizes Walter "Wally" Schirra Jr., a U.S. Naval Academy graduate and former Navy test pilot who served in both World War II and the Korean War. On Oct. 3, 1962, Schirra became the fifth American in space and is honored as one of the original seven Mercury astronauts. He holds the distinction of being the only astronaut to fly in each of the Mercury, Gemini and Apollo space programs. Schirra officially retired from the Navy and NASA in 1969. NASA astronaut and Navy Capt. Lee M. E. Morin will deliver the ceremony's principal address. Serving as ship's sponsor, Josephine Schirra will christen the ship in honor of her late husband. The launching ceremony will include the time-honored Navy tradition of the sponsor breaking a bottle of champagne across the bow to formally christen the ship. USNS Wally Schirra is the eighth ship of the T-AKE class, a program of up to 14 ships, the first 11 of which will serve as combat logistics force ships and the last three of which are expected to be part of the Maritime Prepositioning Force (Future). As a combat logistics force ship, USNS Wally Schirra will help the Navy maintain a worldwide forward presence by delivering ammunition, food, fuel, and other dry cargo to U.S. and allied ships at sea. As part of Military Sealift Command's Naval Fleet Auxiliary Force, Wally Schirra is designated as a United States Naval Ship and will be crewed by 124 civil service mariners and 11 Navy sailors. The ship is designed to operate independently for extended periods at sea and can carry two helicopters and additional military personnel to conduct vertical replenishment. The ship is 689 feet in length, has an overall beam of 106 ft, a navigational draft of 30 feet, displaces approximately 42,000 tons, and is capable of reaching a speed of 20 knots using a single-shaft, diesel-electric propulsion system. Source : Marine Link



SHIPYARD NEWS

The ZEEROB seen getting lifted out of the water at the DE HAAS SHIPYARD in Maassluis Photo : Jan Steehouwer ©

Hyundai Heavy Industries ceos forfeit salaries to ease credit crunch

Hyundai Heavy Industries said yesterday that its upper management will cut back on their accepted salaries, with the company's two ceos Min Keh-sik and Choi Kil-seon forfeiting their entire salaries to the company in return for the labor union's concession on wage negotiations, writes the Korea Herald. The leading shipbuilder has stated that in addition to the two ceos, eight vice presidents will return 50% of their wages, and the remaining 180 executives 30% of their salaries. "I deeply thank the labor union and employees for their courageous decision to overcome the crisis together," Choi said in a statement. "All company executives including me have decided to pay back all or parts of wages until the crisis is fully resolved." It is likely that this decision may spur similar action by competitor yards and other maritime players. The HHI labor union recently announced that it would leave the decision on the 2009 wages to the management to help the company tide over the economic crisis. Choi urged employees to make efforts to transform the crisis into an opportunity, despite the bleak outlook of the economy."Due to the global financial crisis, our whole economy is in a dire situation. And our company is not an exception," he said. HHI's shipbuilding business has not received a single order since the second half of last year, and payments for previous orders are also being delayed, Choi noted. "Let's overcome this crisis and make the company keep growing by putting our efforts together," he said. Source: seatradeasia-online



Bharati Shipyard gets order worth Rs 2.81 bn from India's Ministry of Defence Bharati Shipyard Ltd, has received an order worth 2.81 billion rupees from India's Ministry of Defence, it said late on Thursday. The contract, for the supply of 15 interceptor boats for the coast guard, takes the company's order book to 50.9 billion rupees, India's second-largest private ship builder said in a statement. Source: economictimes.indiatimes

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German Shipbuilding Association see 2009 new orders down

Shipyards in Germany -- Europe's largest shipbuilder -- expect a price war with Asian rivals to break out this year amidst a drop in orders that has pushed four companies into insolvency, a top official said. Werner Lundt, managing director of the German Shipbuilding Association (VSM), told Reuters last year's decline in new orders is expected to continue this year. With worldwide shipbuilding capacity forecast to be much higher than expected demand for years, conditions are ripe for a bruising battle to win business by cutting prices. Lundt said estimates by European and Japanese shipbuilders see demand for all kinds of ships worldwide for the years starting 2010 until 2020 would be 35 million compensated gross tonnes (CGT) and for the period 2015 to 2020, it will be around 32 million. Expected capacity would rise to 70 million CGT.

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This compares with 42 million CGT of completed ships in 2008 with a value of $97 billion, said VSM, citing broker Clarkson Research. "This (overcapacity) makes us very nervous because we don't know how the other countries in Asia would react when they could not fill their capacities. We fear that a new competitive action will start over prices," he said. Steep price falls in second-hand ships are already evident and make shipowners hesitate to order new vessels he said. "The bubble in over-production has to evaporate and before that happens, the level of new orders would be very low," he said. "But (price cuts) could come up in the course of the year. I am expecting that a certain amount of new orders will emerge in the market," he said. He expected potential contracts would be for all types of ships except containers and bulkers, two areas marked by overcapacity. Lundt said he expected shipyards to cut temporary staff this year. Some could also apply to put staff on short working hours late this year. ThyssenKrupp is Germany's biggest shipbuilder, followed by two family-owned companies. Germany -- ranked fourth after South Korea, Japan and China -- last year built 84 ships worth 4.45 billion euros ($5.63 billion), up from the 74 produced the year before, with new orders off by 34 percent to 46 ships. He said 29 orders-- mostly container ships and general cargo types -- were cancelled in the fourth quarter, when two companies went insolvent. One more filed for insolvency in January. Industry sources said the 29 orders had to be cancelled because German shipyards could not find around 900 million euros in financing to cover the cost of building them. Before the credit crisis, German shipbuilders had the competitive advantage of getting bridging loans from local banks to buy materials and services for projects while awaiting final payments from owners. Germany's HSH Nordbank, the world's biggest ship financier, has run into problems after being pummelled by the financial market crisis, forcing it to seek liquidity guarantees of as much as 30 billion euros from the government. Lundt said one of the reasons the 29 ships were cancelled was because there were no guarantee that owners would pay them. The average annual new orders in German shipyards is 60-70 ships but Lundt said this year the new order level may not be enough to cover production for a full year. The order backlog as of end-December was 172 ships, enough to cover production until possibly 2012, he said. He said shipyards for small container ships -- the sector worst hit -- have switched to making ro-ro ships, passenger ships, yachts, dredgers, heavy lifts, practically "all the niches where the big ones in Korea are not engaged". He said a few shipyards have tapped the state-owned bank KfW's special credit programme for assistance. "We are also asking our government to create orders for the navy. There is a certain amount of workload which can also come from the government," he said. Source: Reuters

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The newbuilding ISLAND CHIEFTAIN seen in Romania under tow of the tug CAPITAN MICHALIS S Photo : Huib Lievense ©

’Modern cruise ship port will boost İzmir tourism’

A joint initiative of the İzmirChamber of Commerce and Costa, an Italian cruise firm, plans to build a modern port for cruise ships in Turkey’s biggest city in the Aegean region. The port is crucial for tourism, say the businessmen Turkey's biggest city on the Aegean coast is about to have a port for cruise ships that lives to its reputation. The İzmir Chamber of Commerce, or İZTO, and Costa, an Italian cruise firm, have joined forces to built one of the most modern ports in the Mediterranean at Üçkuyular, İzmir. The two parties have signed a booking note for the $75 million investment. Ekrem Demirtaş, president of the İZTO ruling board, said eight cruisers would be able to anchor at the port side by side at the same time. Pierluigi Foschi, president and CEO of Costa, said: "We will flood the shores of the Aegean with tourists." İzmir has become one of the top three ports in Turkey, handling 320,000 passengers in the last five years and is expected to enter the top five in the Mediterranean with the new port. Demirtaş said tourism had great importance in their vision of İzmir and added that when they started to work on cruise-based tourism in 2004, İzmir was a zero in the area. "Previously, there were only two ships arriving a year, and they were ones that had lost their way," said Demirtaş, adding that they needed to start from the scratch. "We started to talk with cruise firms," he explained. "We have decreased the port fees with support from Binali Yıldırım, the minister of transportation. They did not like the port of Alsancak; we did everything they have asked with the support of the mayor of the municipality, Ahmet Priştina." Demirtaş pointed out that through this project the number of cruise passengers visiting Izmir reached 320,000 and this year 360,000 tourists were expected from 136 ships.



Demirtaş said they had high hopes for the port. "We will push 400,000 tourists with constantly added ships," said Demirtaş, explaining why they needed the new port. "Our new target is having 1 million cruise passengers visiting every year to compete with cities like Barcelona which is visited by 2.1 million." Demirtaş said the Privatization Administration would put the Üçkuyular zone up for bidding after the necessary paperwork was done, such as the approval of the Preservation Board. Demirtaş said they would attend to the bidding by the partnership they had formed with Costa and would build the port in 18 months for $75 million. "The local partners in İzmir will have 33% of the shares and the foreigners 67%, Turkey is an indispensible market for us," Foschi said on behalf of Costa. "As we grow, we build more ships and increase our cruises," he explained. "Our target for now is building four or five ports in the Aegean." Foschi said there would be a great increase in the number of cruises, and added that they were planning to bring 400,000 tourists by sea. Continuing efforts to increase tourism in Fethiye, local authorities have decided to build a new wharf, a chairlift and a cable railway system for the city. Held with the aim of conducting infrastructure work and increasing service quality in tourism, a meeting for the Fethiye Seki Erendağı Winter Sports Tourism Center Infrastructure Service Union took place under the chairmanship of Ahmet Altıparmak, Muğla’s mayor. The meeting was attended by local authorities and tourism authorities and decided Ölüdeniz Belcekız Beach needs a wharf. The wharf would cost 350,000 Turkish Liras and work would start at the end of this summer season. Altıparmak said they were developing new projects to enhance Fethiye’s natural, cultural and historical values. He said they also sought financial resources to set up a cable railway system in Babadağ and a chair lift in Erendağı."We do our best to make best use of Fethiye’s resources. Our basic aim is to make Fethiye famous. The cable railway project will be completed in different stages. We are in search of resources for this project," said Altıparmak. Altıparmak said the city has all the necessary permission from the authorities to construct a wharf at Ölüdeniz BelcekızBeach. "The new wharf will contribute much to the district’s tourism potential. The tourists coming by boats have difficulty reaching the beach. The wharf, which will also have sewage and waste water links, will solve all these problems," he said. Source : Hurriyet Daily News

Møller-Mærsk’s net profit down 5% to $3.4 bln in 2008

A.P. Møller-Mærsk’s result in 2008 was almost at the same level as 2007, despite the changes in the group and high oil prices. The turnover was USD 61.2 billion (DKK 311 billion), profit before taxes and deductions was USD 16.5 billion

(DKK 83 billion). The net profit was USD 3.5 billion (DKK 17.6 billion), compared to USD 3.4 billion in 2007. The Group has deducted a loss of the value of its shares in Danske Bank by DKK 900 million, against a profit of DKK 3 billion in 2007. Left : The MERCOSUL MANAUS seen passing Flushing outward bound from Antwerp. Photo : Henk Nagelhout © The management finds the result for

2008 as at an acceptable level with higher profits in most areas, taking the circumstances into consideration. The outlook for 2009 is subject to considerable uncertainty, not least due to development in the global economy.



Specific uncertainties relate to the development in container freight rates, transported volumes, the USD exchange rate and oil prices. For the group overall, a result excluding gains on sale of ships, rigs, etc. is expected to be significantly below 2008 which was USD 2.6 billion. The equity was at the end of the year USD 29.9 billion (DKK 158.3 billion). Source: shipgaz.com

www.tos.nl TOS Rotterdam (+31)10 – 436 62 93 E-Mail [email protected]

Russian shipping line in Gothenburg for the first time

For the first time ever the Port of Gothenburg has a Russian container line as a customer. Delta Shipping Lines will put into Gothenburg as part of the scheduled route between northern Germany and St Petersburg. Commencing on March 10, the Port of Gothenburg will have yet another link with Russia. Delta Shipping Lines specialises in transport from the continental ports of Hamburg and Rotterdam to the Russian market via St Petersburg. The company has now included Gothenburg on its route. The rotation will be St Petersburg, Hamburg, Rotterdam, Gothenburg, St Petersburg, and will be served by three ice-class vessels. The vessels will put into Gothenburg once a week. "It is extremely gratifying to acquire a new customer in times such as these. This is the third new link with Russia this year alone for the Port of Gothenburg and is a reflection of the belief in the strength of the Russian market," says Magnus Kårestedt, chief executive at the Port of Gothenburg. "Even if volumes are not that high at present, the shipping companies want the lines in place in readiness for when the market takes off again. When that happens it will simply be a matter of filling the vessels with cargo." Swedish companies can use the new route for imports and exports to and from Russia. The transport time between Gothenburg and St Petersburg will be two days. "The more links with Russia we have the more attractive it will be for the shipping lines to go all the way up to Gothenburg with their largest ocean-going vessels and to handle transshipment to the Baltic region here instead of at the ports on the continent," says Magnus Kårestedt. Source: newsdesk.se

MSC stuurt eerste containerschip van 14.000 teu naar Antwerpen

MSC heeft beslist om haar nieuwe generatie ULCS's van 14.000 teu naar Noord-Europa te brengen. Zo zal de "MSC Beatrice" op 7 april de eerste zijn die de Noord-Europese havens gaat aanlopen in het kader van de Silk Service. Na Felixstowe en Rotterdam wordt een bezoek gebracht aan de MSC Home Terminal in Antwerpen.

De "MSC Beatrice", een schip van 366 meter lang, maakt deel uit van een nieuwe generatie schepen die deze dienst zal verzorgen. Momenteel wordt deze loop uitgebaat met 10 containerschepen van 9.450 teu. Deze zullen vervangen



worden door eenheden van 11.500 teu uit het segment Middellandse Zee/Azië en door eenheden van 14.000 teu, waaronder de "MSC Daniela", de eerste van de reeks. Volgens de loodsdiensten zal de komst van de ULSC's op de Schelde geen problemen veroorzaken.

Voor de lezers welke in het Rotterdamse wonen : De eerste aankomst van de MSC BEATRICE staat gepland voor 4 April smorgens vroeg in Rotterdam De MSC FRANCESCA staat gepland voor 10 april De MSC LUCANIA staat gepland voor 17 april De MSC SOLA staat gepland voor 25 april De MSC DANIT staat gepland voor 1 mei De MSC DANIELA staat gepland voor 22 mei De MSC IVANA staat gepland voor 29 mei

For the readers which are living in the Felixstowe region The first arrival of the MSC BEATRICE is scheduled for April 1st (no joke !) The MSC FRANCESCA is due to arrive April 7th

The MSC LUCANIA is due to arrive April 14th The MSC SOLA is due to arrive April 22nd

The MSC DANIT is due to arrive April 18th The MSC DANIELA is due to arrive May 19th The MSC IVANA is due to arrive May 26th

The EUROPALINK seen moored in Malmo, the ferry services the route Malmo <> Travemunde Photo : Rob de Visser ©

Piraeus port concession finalized



After several months one of the country’s major concession agreements is now final, after the Hellenic Parliament’s official approval of the 35-year deal between OLP (Piraues Port Authority) with Chinese transport operator Cosco Pacific to run facilities at the country's main port of Piraeus. A draft bill on the concession of container facilities was approved by a 149-131 vote with one absention. According to earlier port officials this is the final step in the port’s concession deal, which is expected to put an end to dockworkers’ on going protests from the beginning of 2008. They are worried about the new working conditions in the port’s container terminals, despite the fact that Cosco has pledged not only to retain all staff, but also hire new people, needed for the port’s expansion. The container terminals at Piraeus and the northern port of Thessaloniki are a top privatisation priority for Greece which seeks to exploit its strategic position at the European Union's gateway and maximise trade proceeds. The deal with Cosco was signed in November in the presence of Chinese President Hu Jintao. The Ministry of Mercantile Marine says the concession of Piraeus' docks II and III will bring a guaranteed premium of US$4.2 billion dollars and boost the port's capacity by 250 percent. Source : Nikos Roussanoglou, Hellenic Shipping News

The Wave Rolls On Carnival Cruise Lines Reports Record Booking Week

The ZUIDERDAM seen passing the Gatun Locks in the Panama Canal Photo : Cees Kloppenburg ©

Despite the challenging economy, Carnival Cruise Lines is reporting strong booking volumes as prospective vacationers take advantage of some of the best vacation values in years. For the one-week period ended March 1, 2009, Carnival recorded the highest number of net weekly bookings in its history. Additionally, on a cumulative basis since mid-January, net bookings are up 10 percent compared to the same period in 2008, although pricing is at lower levels. Wave season typically runs from about mid-January through early spring and is traditionally the busiest, most important booking period in the cruise industry. Last week's record reservations activity encompassed all of the line's 22-vessel fleet, which depart from a variety of convenient, drive-to homeports throughout the U.S.



Gerry Cahill, Carnival's president and CEO, attributed the increase in bookings to the line's travel agent partners and consumers' appreciation for the inherent value and affordability of a "Fun Ship" vacation, as well as aggressive marketing efforts. Among the marketing channels being utilized are broadcast, e-mail and on-line, along with targeted sales promotions, including a one-day sale. "This record booking activity, while at lower pricing, is certainly encouraging. It tells us that despite the uncertain economic climate, consumers clearly need more fun in their lives and view their vacations as a valuable and necessary part of that," Cahill said. "And Carnival's unmatched combination of quality, affordability and fun along with multiple close-to-home departure points and the greatest choice of short cruise options in the industry, make a 'Fun Ship' cruise the ideal getaway for today's consumers," he added. Carnival is the largest and most popular cruise line in the world, with 22 "Fun Ships" operating voyages ranging from three to 16 days in length to The Bahamas, Caribbean, Mexican Riviera, Alaska, Hawaii, Panama Canal, Canada, New England, Europe, and Bermuda. The line currently has two new ships scheduled for delivery between now and 2011. The first of those, the 130,000-ton Carnival Dream, is set to debut Sept. 21, 2009. SOURCE Carnival Cruise Lines

The SVANEN seen at Maaspilot station enroute Rotterdam Photo : Charles Bijl ©

PLEIDOOI VOOR BETERE HAVENACCOMMODATIES AAN DE WADDENZEE

Terschelling. De havens aan de Waddenzee moeten worden verbeterd en vergroot om aan de groeiende vraag van de recreatievaart te voldoen. Het gaat hierbij zowel om de particuliere pleziervaart als om de beroepsmatige chartervaart. Op een symposium in de hogere zeevaartschool op Terschelling werd gepleit voor haveninrichtingen met drijvende steigers voor de chartervaart en havens met drijvende boxen voor jachten. Door de getijbeweging moeten de passagiers van charterschepen vaak bij steigers en kademuren op klauteren. Dat is niet zonder risico. In sommige jachthavens liggen de schepen in rijen naast elkaar en wil men uit hoofde van zowel veiligheid als comfort in boxen



afmeren. Dat kost aanzienlijk meer ruimte. Vlieland heeft een dergelijke ingrijpende ombouw operatie van de haven uitgevoerd. Deze haven werd wel aanzienlijk groter, maar de capaciteit bleef noodgedwongen gelijk. In het kader van het Convenant Vaarrecreatie zijn alle havens aan de Waddenzee op dit moment aan het inventariseren welke behoefte er is en worden plannen gemaakt om op de groei en veranderingen in te spelen. Lange tijd was dit vrijwel onmogelijk door de knellende wetgeving van de PKB Waddenzee. Deze wet negeerde de autonome groei en behoefte. Hierdoor dreigen diverse havens in de problemen te komen. Bovendien vormen comfortabele havens met voldoende capaciteit een stimulans om te overnachten in plaats van droogvallen op het Wad. Van aantasting van de natuur door de pleziervaart is nauwelijks sprake omdat 90 % van de schepen aan de vaargeulen en havens gebonden is. De varende recreatie zorgt bovendien voor een aanzienlijke omzet voor het bedrijfsleven in het Waddengebied. Het symposium dat door de gemeente Terschelling werd georganiseerd trok ruim 175 deelnemers.

Kon. Wilhelminahaven zz 22 3134 KG Vlaardingen (Port No 650) The Netherlands www.mariflex.net tel (24 hrs) : +31 (0) 10 434 44 45 [email protected]

BALTIC LAUNCHES PORT COSTS DATA THE Baltic Exchange is to publish the port costs used to calculate its daily time charter equivalent (TCE) assessments for the tanker market, starting from 9 March. The service already provides average dollar pricing conversions for Very Large Crude Carriers (VLCCs), suezmax and aframax tankers derived from a range of Baltic Exchange routes expressed in Worldscale. Based on data provided by port agents Cory Brothers Shipping, the enhancement to the service will cover 30 ports. A complete list can be found under the main Baltic Dirty Tanker Index and Clean Tanker Index pages on www.balticexchange.com. The costs will be updated on the first working day of each month and the published rate will then be used routinely in the calculation for the full month. Baltic Exchange Chief Executive Jeremy Penn said: “The addition of this data will improve the transparency of the calculation and ensure that market participants can replicate the process with a high degree of accuracy. Other third party data used in the calculations are bunker rates provided by Argus Media and foreign exchange rates obtained from xe.com.” Source : Maritime Global Net

Luxury liner Queen Mary 2 arrives in Yokohama port

The ocean liner Queen Mary 2, now on a world cruise, arrived in Yokohama port Friday morning for its first port call to Japan since its maiden voyage in 2004. The 345-meter long, 62-meter high luxury ocean liner left Florida in January for the three-month round-the-world voyage. The ship will stay in Yokohama until late Friday afternoon, when it will sail to Hong Kong. Source : tmcnet



The CEC VISION seen in the port of Tripoli (Libya) Photo : Alexander Gorter ©

Delta Shipping Lines includes Gothenburg into its service between Germany and St Petersburg For the first time ever the Port of Gothenburg has a Russian container line as a customer. Delta Shipping Lines will put into Gothenburg as part of the scheduled route between northern Germany and St Petersburg. Commencing on March 10, the Port of Gothenburg will have yet another link with Russia. Delta Shipping Lines specialises in transport from the continental ports of Hamburg and Rotterdam to the Russian market via St Petersburg. The rotation will be St Petersburg, Hamburg, Rotterdam, Gothenburg, St Petersburg, and will be served by three ice-class vessels. The vessels will put into Gothenburg once a week. "It is extremely gratifying to acquire a new customer in times such as these. This is the third new link with Russia this year alone for the Port of Gothenburg and is a reflection of the belief in the strength of the Russian market," says Magnus Kårestedt, chief executive at the Port of Gothenburg. "Even if volumes are not that high at present, the shipping companies want the lines in place in readiness for when the market takes off again. When that happens it will simply be a matter of filling the vessels with cargo,” he said. Source: transportweekly

Gulf Energy Maritime receives 12th vessel Gulf Energy Maritime (GEM), the Middle East's largest independent commercial product tanker operator, has taken delivery of the first out of six new vessels scheduled for delivery this year from Korea's Hyundai Mipo Dockyard (HMD), one of the world’s largest ship builders. Named Gulf Muttrah, the IMO II-N2 type 46,000 dwt vessel is the 12th in GEM’s fast-growing fleet thus reaching 63% of all its newbuilding acquisitions. “With Gulf Muttrah’s delivery, another high quality vessel from HMD, we are achieving all the targets set for 2009,” said Ahmed Essa Hareb Al Falahi, CEO, GEM. “As the first of six new GEM vessels scheduled for delivery from HMD this year, we continue to be on the course of providing the market with safe, reliable and environment-conscious tonnage. As in the previous deliveries, Gulf Muttrah’s design and build are consistent with the highest standards of safety and quality - something we have consistently adhered to for all our ships – all for the benefit of our customers, the environment and our staff.” GEM also has on order two Aframax vessels from Samsung Heavy Industries with a capacity of 114,700 DWT each are of Large Range 2 (LR2) specification – capable of carrying both clean petroleum products and dirty products such as crude and fuel oil, and scheduled for delivery in 2011.



After the delivery of Gulf Baynunah and Gulf Jumeirah in 2008, Gulf Muttrah is the third new IMO II N2 type 47,000 dwt vessel for GEM. With five more new vessels to be delivered within the year, such vessels include one more 47,000 dwt type 2 ship, and four larger vessels of 75,000 dwt. GEM’s adherence to safety, quality and security has been acknowledged and recognized by the shipping fraternity through the three awards it received in 2008 alone. Seatrade Middle East and Indian Subcontinent Awards awarded GEM in the Safety and Quality category, while Lloyd’s Middle East Shipping Awards recognized GEM in the Clean Seas category, and bestowed the company with the Tanker Company of the Year award. GEM is certified by Lloyd's Register Quality Assurance to the ISO 9001-2000 Quality Management System and ISO 14001-2004 Environment Management System for the operational and technical management of its fleet. Headquartered in Dubai, GEM is the Middle East’s largest independent, commercial product tanker operator and boasts the world’s most modern Product and Chemical tanker fleet. Committed to delivering excellence in safety and quality, GEM’s Tanker Management Self Assessment System required by the Oil Companies International Marine Forum, has been approved by ExxonMobil, BP, Shell and Chevtex – the first Middle East product tanker operator to be approved by four of the world’s oil majors. Established four years ago, GEM has built an asset value now standing at US$ 1.3 billion. GEM is certified by Lloyd’s Register Quality Assurance to the ISO 9001-2000 Quality Management System and ISO 14001-2004 Environment Management System for the operational and technical management of a fleet of petroleum and chemical tankers trading worldwide. These also incorporate the pollution prevention requirements of the International Marine Organization’s ISM Code. GEM is a joint venture partnership between Dubai’s Emirates National Oil Company (ENOC), Abu Dhabi’s International Petroleum Investment Company (IPIC), the Oman Oil Company (OOC) and Thales of France under the UAE Offsets program. Source: gemships

The BRANI container terminal seen in Singapore with several container liners seen alongside Photo : Piet Sinke ©

BELSHIPS'S PROFIT PLUNGES NORWEGIAN bulker owner Belships has Q4 reported operating income of US$15.1m, down from $19.4m a year earlier and an operating profit of US$120,000 compared to a comparable figure of $24.9m in Q4 2007. The Q4 profit includes a time charter cancellation payment of $2.25. but the Q4 2007 figure had been boosted by a vessel bringing in $22.6m. Belships made a Q4 after-tax loss of $2.5m compared to a profit of $18.8m in 2007. The company notes: “The reduction in operating income was largely due to a general downturn in the rates for handysize bulk.” It adds: “Rates in the dry-bulk were in a free-fall during the fourth quarter, reaching a level where many owners of large bulkers chose to anchor up their vessels rather than entering into loss-making transactions. The reason for this development is a combination of the global financial crisis that stopped commercial credits and the draw-down of iron ore stocks in China.” Looking ahead the company says: “Rates in the dry-bulk market have moved upwards since the turn of the year. We are now seeing a levelling off. Keeping in mind the pronounced setback in the world economy, combined with substantial deliveries of newbuildings, the upturn will in all probability be temporary. We expect that a considerable



part of the newbuildings ordered will be cancelled and that many older ships will be scrapped. Nevertheless, the coming years may be difficult, with low rates and reduced ship values. For Belships, the greatest challenge will be to secure satisfactory, long-term financing of the newbuilding contracts. Securing long-term financing must be seen in light of the fact that long-term charter contracts have been concluded for the vessels at satisfactory rates.” Source : Maritime Global Net

The SETUBAL CASTLE seen at the Westerscheldt River Photo : Henk de Winde ©

Nanjing Tanker has orders for 16 VLCCs China's Nanjing Tanker Corporation (NJTC) has many more VLCCs on order than previously reported. State-owned NJTC has 16 VLCCs on order at present, all from Chinese yards, with no cancellation plans despite ongoing economic turmoil, a company source told Tankerword. “We will own six VLCCs and 25 MR tankers by the end of this year,” he said. According to the source, the newbuildings are part of a plan by the Chinese government to fuel work for its yards and expand the operations of Chinese tanker owners. Tankerworld reported earlier last year that around 90% of oil imports into China are moved on foreign-owned tankers, but Chinese authorities reportedly want to cut that to 50% and give more business to Chinese tanker owners. The NJTC source said the main focus of the Chinese government is to stimulate economic growth and several measures have been announced to aid its oil and shipping industries. For example the government will give subsidies if owners choose Chinese yards for their newbuilding projects, while Chinese oil majors will pay above market rates to fix Chinese-owned tankers if freight rate levels are too low for the owners to break-even. On the other hand, “we will give Chinese oil majors a discount if [market freight] rates are too high,” said the source. The source believed that major Chinese tanker owners, like COSCO, China Shipping and NJTC, would handle the current downturn well because they were backed by the government and the nation's oil majors. Lloyd's List reported Thursday that NJTC plans to invest some $599 million to acquire five VLCCs, ten 45,000 dwt MR tankers and three specialised vessels to more than double its fleet total capacity to nearly 4 million dwt. The company received its first VLCC in the fourth quarter last year and has twenty-one 45,000 dwt MR tankers in its fleet currently, said Lloyd's List. According to the NJTC website, its fleet at present includes 23 tankers in the 37,000 dwt – 55,000 dwt class, four small product tankers, two LR1 panamaxes, one LR2 aframax and one VLCC. NJTC is a subsidiary of China Changjiang National Shipping (Group) Corp (CSC), which is being run by the State-owned Assets Supervision and Administration Commission of State Council. Reports in August last year had pegged Chinese companies to order some 65 VLCCs by 2012. Data based on China's GDP growth of 10% per year then indicated that the country would need to increase crude oil import volumes by 8%. 2007 saw importation of 163.1 million tonnes of crude oil, a 12.4% jump from the 138.8 million tonnes imported in 2006. A senior director for CSC had projected earlier last year that China could need close to 150 VLCCs by 2015 to



meet the country's rising demand for crude oil.Vice-managing director Zhu Ning told the Shipping China Energy 2008 forum last April that “China's crude oil imports are set to increase between 17 million and 18 million tonnes per year.” The top five Chinese shipping companies currently have a combined fleet of 27 VLCCs, Zhu said, which will be sufficient to move just 20% of the country's projected demand for 2010-2015. Source: TankerWorld

SMIT Harbour work in Dafeng (China), above seen an assistance of the tug Lian Yun Gang with the arrival of the VEGA SONJA in the Port of Dafeng

Photo : Anton Bloemendal ©

Golden Ocean Hits Reef of Broken Charters The next 10 days would be crucial to whether one of the world’s best-known dry bulk shipowners survived the market downturn, one of its directors said on Tuesday. Oslo-listed Golden Ocean , whose largest shareholder is John Fredriksen, one of the world’s most successful shipping entrepreneurs, would be the highest-profile casualty of the collapse in earnings for dry bulk ships since last year. The company has had a cash flow crisis after a series of charterers broke contracts after being hit by collapsing demand or the decline in ships’ earnings. Mr Fredriksen, who controls 28.2 per cent of the shares, is ready to step in with a cash injection, according to his aide Tor Olav Trøim, a Golden Ocean director. But there would have to be concessions from the company’s bondholders for that to happen. Golden Ocean told bondholders on Monday it was likely to breach the terms of one of its loan covenants and asked them to decide what action they would take, Mr Trøim said. The bondholders have 10 days to reach a decision. If the bondholders rule that the terms have been breached and use all their rights under the loan agreements, the company would be unable to draw further on its borrowing facilities. The financing for the 17 vessels currently under construction for Golden Ocean would then collapse and the company would run out of cash.



However, Mr Trøim was optimistic that bondholders would agree to a deal that would allow Mr Fredriksen to go ahead with the equity injection. Much of the company’s remaining value was tied up in its charter contracts with ship operators, which could lose their value if the company went into administration. “Everybody has everything to lose from not finding an agreement,” Mr Trøim said. Golden Ocean has lost tens of millions of dollars of expected revenue as charterers have returned vessels they were contracted to keep operating for much longer. The company will lose $20m of future revenue following the redelivery of just one vessel – the Salvatore Cafiore – which was returned on Monday. Golden Ocean joins a series of dry bulk shipowners facing financial problems. Several, including Britannia Bulk, Industrial Carriers and Atlas Shipping, have gone into administration. Armada Singapore, DryShips and others are renegotiating terms with their lenders. Golden Ocean is the first of Mr Fredriksen’s group of companies to run into financial difficulty since Frontline, the world’s biggest oil tanker operator, came close to insolvency in 2002. In 2004, Golden Ocean was demerged from Frontline to provide investors with an opportunity to invest in the dry bulk sector, which was going through a boom at that time. Source: The Financial Times

MOVEMENTS

The tug MEGAS ALEXANDROS seen towing the damaged ER HAMBURG through the Bosporus Straits Photo : Captain Stelios Karras – TSAVLIRIS ©

…. PHOTO OF THE DAY …..



The tug SCHOUWENBANK is recently renamed in ENBANK and is expected to depart very soon to her new homeport Bantry Bay in Ireland Photo : Adri van de Wege ©

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DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2009 – 065 · 03.08.2009 · Number 065 ***...

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Transcript of DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2009 – 065 · 03.08.2009 · Number 065 ***...