India: Dry bulk cargo shipowners lay up vessels, sell older ships
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Bangalore: Indian shipping firms engaged in carrying dry bulk cargo such as coal or steel have started laying up vessels and even selling older ones as freight rates plunge to record lows amid the global economic downturn and credit crunch. A lay-up happens when a ship is withdrawn from trading operations.
“The market for dry bulk [...]
Tanker outlook: Owners unlikely to walk away from newbuild contracts
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New York: Most of the tankers currently on order will be built and delivered, according to New York broker Poten & Partners. This is in marked contrast to the dry bulk market where analysts believe large numbers of bulk carriers will be seriously delayed or cancelled. However, tanker owners and investors are anxiously awaiting a [...]
Terror on high seas, now a major worry for ship owners
Plummeting freight rates and shrinking cargo as a result of the global financial meltdown are not the only issues presently gnawing at shipping companies. The recent flare-up of terror on high seas, off the coast of Somalia, has become a sharper concern for ship owners.
Even after the Indian seafarers aboard Stolt Valor, which was hijacked [...]
Piracy scourge affecting India’s merchandise trade
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Twenty seven-year-old Jasmeet Singh, third officer with a Norwegian merchant vessel cruising along the Horn of Africa en route to the Mediterranean sea, is a worried man. Satellite phone usage on-board is limited to senior officers like the captain and chief engineer.
But these are exceptional times. Besides his family, Singh has repeatedly called four of [...]
The latest must-have for commercial shipowners: a piracy insurance policy
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A risk consultancy with close ties to the Lloyd’s insurance market is offering the world’s first insurance policy for shipowners covering potential ransom payouts on crew members who have been kidnapped.
Kidnap and ransom insurance is well-established but has traditionally been offered only in respect of individual executives working in commercially sensitive [...]
ITF: New piracy high risk area agreed
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Maritime unions and shipowners have reached an agreement to extend the piracy high risk area to cover the entire Gulf of Aden. The designated high risk area previously only covered part of the Gulf of Aden. Members of the International Bargaining Forum (IBF), reached the agreement following a full meeting of the negotiating body in [...]
New inspection regime to start on 1 January 2009
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Norway is enforcing International Labour Organisation Convention No. 178 - the Labour Inspection (Seafarers) Convention. DNV will conduct these inspections in accordance with requirements set by the Norwegian flag authority.
The Norwegian flag authority, represented by the Norwegian Maritime Directorate (NMD), has directed all its recognised organisations to start inspecting ships as from the beginning of [...]
Legal Hurdles in West Slow Pursuit of Pirates
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Somali pirates firing automatic weapons and rocket-propelled grenades hijacked yet another ship in the Gulf of Aden on Friday, this time seizing a chemical tanker. A German military helicopter from a nearby warship arrived in time to pull three security guards out of the water, but not soon enough to prevent the hijacking of the [...]
Steaming under the constellation of Piracy
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Piracy has occurred through the ages together with the presence of the first Ships. People along the coasts of the Mediterranean Sea have been trying to gain control of the trade routes and attacking the competition that was en route by sea. Thus it was common practice for the people engaged in commerce to be [...]
Shipping industry urges EU governments to take up arms against Somali pirates
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Abdul Hassan, chief of the pirate group called the ‘Central Regional Coastguard’, carries a rocket-propelled grenade on to a boat with some of his crew. Photograph: Veronique de Viguerie/Getty Images
European shipowners are urging their governments to wage war on Somali pirates and seize vessels by force, the Guardian has learned, amid growing fear that shippers [...]
