Archive for June, 2009
EIB steps up its support to the Port of Piraeus with EUR 55 million
The European Investment Bank and the Piraeus Port Authority SA have signed a further EUR 55 million finance contract. Financed investments will provide an extra capacity for increased container traffic and cross-border transhipment.
The contract was signed in a ceremony in the presence of Mr Anastasios Papaligouras, Minister of Mercantile Marine, the Aegean and Island Policy, [...]
PIRATES “DESTROY ABANDONED SHIP”
Pirates “destroy abandoned ship”
Somali pirates claim to have destroyed the Seychelles-based maritime research ship Indian Ocean Explorer after releasing her seven crew for a ransom. The vessel was seized by pirates in March and a ransom demand of US$1m dollars was made to the ship’s owners. The crew were released this week after a settlement [...]
Somali Pirate Attacks Boost Shipping Insurance Rates
The cost of piracy insurance has risen by as much as 100 percent after attacks on ships off the Horn of Africa surged, insurance broker Marsh said.
Attacks on large commercial vessels such as the Sirius Star, a Saudi oil supertanker that was released in January, almost two months after it was hijacked with a cargo [...]
DOCKWISE TO CUT DEBT
Heavylift specialist Dockwise has announced that it expects to have cut its massive debt by US$58m by the end of the second quarter of the year. The reduction will still leave Dockwise’s total debt at US$963m. The reducting will be driven by the release of the remaining US$40.6m held in the escrow account for the [...]
Eastwind Maritime, affiliates, file for bankruptcy
Shipping company Eastwind Maritime Inc., along with more than 50 affiliates, filed for Chapter 7 bankruptcy protection in New York, according to court documents. The documents did not give a reason for the bankruptcy filing beyond saying “…in the judgment of the board of directors, it is desirable and in the best interests of the [...]
“NO CUTTING CORNERS ON SAFETY” - MITROPOULOS
IMO secretary-general Efthimios Mitropoulos has warned shipping companies not to be tempted to cut corners on safety as the industry feels the financial pinch in the global recession. Addressing the opening session of the IMO’s Technical Co-operation Committee, Mr Mitropoulos said: “The unprecedented financial and economic crisis that we inherited since the second half of [...]
ECSA BACKS ROTTERDAM RULES
The European Community Shipowners Associations has come out strongly in favour of the UNCITRAL Convention on the carriage of goods (wholly or partly) by sea, otherwise known as the Rotterdam rules. “ECSA urges all States worldwide and particularly all EU Member States, to sign up to the Rotterdam rules at the signing ceremony in Rotterdam [...]
Strike affects work at Haldia dock
Kolkata, June 23 Operations at Haldia dock have remained suspended for the past few days following a cease-work by a section of contractors’ workers demanding higher wages and more facilities.
The majority of the more than 3,000 such workers employed in various operations at the dock are participating in the strike, according to dock sources.
Sections Not [...]
SAFE BULKERS SELLS PANAMAX
Greek operator Safe Bulkers has sold a six year-old panamax bulker to undisclosed buyers for US$33m. The 76,000 dwt vessel will stay with the company on the spot market until the end of the year, when it will be handed over to its new owners. CEO Polys Hajioannou said: “The sale of one of our [...]
Allianz Piracy Study Highlights How Ship-Owners Can Respond to Increased Risk
Allianz Global Corporate & Specialty (AGCS), a leading insurer of ships and cargo, has released a study suggesting its clients adapt their approach to marine insurance as the threat of piracy off the Horn of Africa continues to grow. In addition, the study points out that crews entering dangerous waters must be prepared to handle [...]
