Here is what happened in Ocean Shipping between 1 – 7th October 2018.
Costamere Has Allowed the Offloading of a Boxship Vessel for $502 per ldt
A 20-year old Costamere boxship that weighed 3,842 teu has been scrapped for $502 per ldt by the company. This boxship has been recently offloaded to the Indian brokers and it has been reported that the 15,864 ldt from MSC Koroni has left Costamere with slightly less than $8m. According to the Brokers Braemar ACM, the boxship included a huge 60-tonne propeller that was the reason behind the premium in the pricing.
Braemar ACM stresses the fact that the current hike in demo rates ($480 per ldt) can be attained on a delivered basis for a unit that is of the same size. In its weekly report, Brokers Intermodal has clearly stated that the expectations for the last quarter of the year have been on the rise since the end of the summer. What with the unpredictable hike, cash buyers have developed more confidence to start strategizing their positions in the market in the majority of demo destinations. The cash buyers harbor the intention of buying higher ldt vessels that can possibly end into substantial margins for them if the market performance is maintained throughout the year.
Seaspan Corp Has Been Termed as an Unlikely Savior for Bankrupt Swiber Holdings
Seaspan Corp, a New York-listed containership owner, has become an unlikely savior for the still struggling Swiber Holdings, a Singapore-based offshore shipping company. Seaspan has signed a deal to invest an amount of $200m in the construction vessel company that desperately needs its support right now. Swiber had unpredictably collapsed in July after filing for liquidation and is presently under the judicial management.
According to the first deal, Seaspan Corp is to invest around $20m cash in new shares to gain the control of 80 percent of Swiber’s enlarged share capital. This investment is supposed to fund the upcoming Vietnamese power project. These ordinary shares are to be distributed to unsecured creditors under a specific debt restructuring scheme. During the second part of the deal, the company will invest an approximate of $180m in new preference shares in Equatoriale Energy, the Swiber subsidiary. Bing Chen, the CEO and President of Seaspan, has commented that the organization is very happy to establish a partnership with Swiber and is hopeful that the combination of Seaspan’s maritime asset management platform and Swiber’s engineering and operational facilities, will enhance their positions in the shipping industry.
Bharat Mumbai Container Terminals Has Achieved a New Vessel Productivity of 155 Moves Per Hour
The Bharat Mumbai Container Terminals by PSA at the JN Port has reached a new benchmark of vessel productivity of an incredible 155 moves per hour. The vessel in question was M.V. Xin Hong Kong owned by the COSCO Shipping Lines Co. Ltd, which departed on 30th September from the BMCT terminal. The M.V. Xin Hong Kong supervises the India Ocean/ EPIC 2 weekly service along with the sister vessels from partner companies - Hapag-Llyod and CMA CGM.
The EPIC 2 is responsible for connecting India and the Middle-East with the ports of London, Antwerp, Hamburg etc. The vessel call required the handling of not less than 2,462 moves and the operation took less than 16 hours. This incident has showcased the flexibility of the terminal and proved the fact that BMCT is perfectly capable of handling a huge amount of non-standard shipment to satisfy the demands of the various clients. As the number of vessels to anchor at the port has increased in the last few months, BMCT can also flaunt a monthly record of 50,434 teus in September itself.
The Prime Minister Inaugurated the New Mundra LNG Terminal at Anjar
Mr. Narendra Modi, the Prime Minister of India, paid a short visit to Anjar and has inaugurated the much-awaited Mundra LNG terminal along with the Palanpur-Pali-Barmer pipeline project and the Anjar-Mundra pipeline project. On observing the constant progress, the Prime Minister has appreciated the development of the Kutch region in the past 20 years. Mr. Modi also highlighted the fact that Gujarat is now preparing the operations of a fourth LNG terminal and has indeed come a long way from its very first terminal. Gradually, Gujarat is rising as the LNG hub in the country.
Singapore Decides to Apply Strict Control in its Bunkers Supply Chain
As we are aware of, Singapore is the largest bunkering or marine refueling hub in the whole world. Lately, the Singapore authorities have decided to tighten the control measures across the marine fuels sector supply chain in order to increase the transparency and accountability in the industry. The implementation of strict control will definitely boost the flexibility and promote fair trade in the bunkering ecosystem. The marine fuels sector is pretty infamous for its illegal short-selling of fuel and not to forget, the large-scale fuel theft. So, stringent measures are extremely necessary to flush out the wave of contaminated fuel in the supply chain.