Ports & Shipping

South korean shipbuilders to benefit from LNG ship orders in 2019

South Korean shipbuilders are expected to continue to benefit from a growing number of liquefied natural gas (LNG) ship orders this year, sources in the industry quoted as saying on Tuesday. In 2019, the world’s overall LNG ship orders are likely to reach 69, rising from 65 in 2018 and 17 in 2017, according to data compiled by the London-based shipping group Clarkson Research. Rising demand for LNG ships is partly due to China’s policy to encourage businesses to use LNG, an eco-friendly fuel, a shipbuilding official said. Hyundai Heavy received US$13.3 billion worth of orders last year, higher than its goal of $1.32 billion.

India govt to provide Rs 600 crore subsidy to merchant exporters

The Indian government on Wednesday decided to provide 3 percent interest subsidy to merchant exporters to enhance flow of funds for them with a view to boosting outbound shipments. The decision was taken by the Cabinet Committee on Economic Affairs, last week. Approval has been given to the proposal of the Department of Commerce for including merchant exporters under the interest equalisation scheme for pre and post shipment rupee export credit by allowing them interest equalisation rate of 3 percent on such credit for export of products covered under 416 tariff lines (products) identified under the scheme.

Ship loses potentially dangerous cargo in North sea

A cargo ship caught in rough North Sea weather lost at least 270 containers, including four holding potentially dangerous substances, the Dutch and German coastguards quoted as saying on Wednesday. The Panama-registered MSC Zoe shed the containers containing mostly toys, furniture and auto spare parts while battling a storm off the Frisian Islands, an archipelago off the northwestern Dutch coast also known as the Wadden Islands. The Dutch coastguard tweeted that three of the containers contained, in powder form, highly flammable, potentially dangerous organic peroxides used in making plastics which can cause irritation if breathed in.

Platts new marine fuel assessment jumps in Singapore

S&P Global Platts assessed FOB Singapore Marine Fuel 0.5 percent at $366.18/mt on Wednesday as part of its worldwide launch of pricing assessments for the low sulfur fuel ahead of next year’s new 0.5 percent limit on sulfur content. The assessment for Marine Fuel 0.5 percent was $40.25/mt higher than 380 CST HSFO, currently the dominant fuel used by ships around the globe. Cargoes of 0.5 percent sulfur content marine fuel were bid and offered on an FOB Singapore basis in the Platts Market on Close assessment process on Wednesday, the first day Platts began publishing this information through its eWindow platform.

Colombo port handles record 7m teu in 2018

Sri Lanka’s Colombo port announced that it has handled a record 7m teu for 2018, an increase of 1m teu from the previous year, according to Sri Lanka Ports Authority (SLPA). The port of Colombo having handled 1m teu in 1995, took nine years to handle 2m teu in 2004. Having handled 4m teu in 2010, it took five years to handle 5m teu in 2015.

In the year 2017, the port handled 6m teu and it took two years to handle that extra million. But what is unique is that this year, the port of Colombo handled 7m teu and that one million took only one year.

 

Ship finance buys 19,400-teu boxship pair with charters

Ship Finance International (SFL) has purchased two secondhand 19,400-teu containerships attached with long term charter contracts until late-2033.

The contracts from the pair of 2016-built vessels will increase SFL’s fixed rate charter backlog by nearly $470m, and the charterer has purchase obligations at the end of the charter period. Over the last nine months we have added more than $1.2bn to our charter backlog in a series of accretive acquisitions.

New tariff rules are a lifeline to older bot terminals

Fifteen cargo terminals, run by private firms at Centre-owned major port trusts under a rate regime finalised in 2005, are set to get a fresh lease of life with the Shipping Ministry drafting new tariff setting guidelines that addresses most of their concerns barring its ‘prospective’ application.

The changes proposed include allowing these older cargo terminals to set rates for services to meet their annual revenue requirement (ARR). The ARR (a cap) will be the average of actual expenditure for the past three years, plus a 16-per cent return on capital employed (ROCE), which includes capital work in progress, according to the draft tariff policy circulated by the Ministry for stakeholders’ comments.

Krishnapatnam port transshipments grow to 20,600 teu

Krishnapatnam Port Company Limited (KPCL), India’s largest deepwater transshipment port on the east coast, saw transshipment volumes rise seven per cent year on year in November to 20,600 TEU, following completion of the latest expansion of the Navayuga Container Terminal (NCT).

The expansion added 250 metres of berth to the existing 650 metres and three more quay cranes. The port plans to extend the quay length to 900 metres and equip it with three more quay cranes, bringing the total number of cranes to eight by the fourth quarter of fiscal year 2018-19 when capacity will rise from 1.2 million TEU to two million TEU.

One dead, 10 missing after cargo ship sinks off China

At least one person died and 10 others were missing after a freighter sank off China’s eastern coast on Wednesday, the Xinhua news agency reported. The cargo ship had 15 people on board when it sank at around 4:30 am (2030 GMT Tuesday), 90 nautical miles (167 kilometres) east of Taizhou City in Zhejiang province, Xinhua said, citing local maritime authorities. The 80-metre (262-foot) long freighter departed the Taiwanese port of Kaohsiung with 14 crew members from Myanmar and one Taiwanese national. Four people have been rescued so far, Xinhua said.