With a “perfect storm” in the newbuilding market global shipbuilding capacity is set to decline by 20 – 30% by the end of the decade according to Clarksons Platou.
Banks should play a much more proactive role in badly needed consolidation across the offshore support vessel sector, said René Kofod-Olsen, chief executive of Topaz Energy and Marine, as he declared that the last thing that was needed was another round of new contracting.
Regional feeder line SITC firmed up an order for two 1,011-teu gearless container vessels from an unnamed Korean yard and exercised options for two more similar vessels for delivery in 2018 and 2019 respectively.
Financially strapped Malaysian offshore player Nam Cheong Ltd (NCL) has been hit with a Writ of Summons by creditor AmBank.
Finland’s maritime software provider NAPA and Japan’s maritime software engineering firm NTT Data Engineering Systems (NDES) have announced a cooperation on system collaboration and engineering service business for shipbuilding.
China Merchants Energy Shipping (CMES) has stepped up to be the guarantor for close to $1bn in borrowings from the Export-Import Bank of China (China EximBank) for 10 VLOCs and five VLCCs on order.
China Merchants Industry Holding (CMIH) is set to boost capabilities after signing a strategic cooperation agreement with DNV GL.
The London Maritime Arbitrators Association (LMAA) has issued a new edition of its Terms, which will govern all LMAA arbitrations commenced after 1 May 2017.
“Ships are like living creatures” my old lecturer in naval architecture (we called it “ship construction” in those days) used to say before suggesting that they needed to be treated with kindness, in terms of maintenance and the avoidance of unnecessary stress.