SRTS News

  • Sembcorp Marine CEO volunteers to take 50% pay cut
    Sinagapore shipbuilding group Sembcorp Marine’s CEO Wong Weng Sun has volunteered to take a 50% pay cut as part of the group’s cost reduction measures. In the meantime, other members of the management team will be taking a 10-15% pay cut while employees earning above S$1,800 ($1,293) per month will ... read more
    splash247.com NewsPublished on 16.07.2020By Jason Jiang
  • Surging demand sees new lay-up destinations emerge
    With demand for lay-up services growing, traditional parking lots for unused ships are becoming congested forcing shipowners to seek alternative sites to send their assets into hibernation. Labuan in Malaysia, just north of Brunei, one of Asia’s premier lay-up destinations has become very busy in recent weeks (see MarineTraffic image ... read more
    splash247.com NewsPublished on 16.07.2020By Sam Chambers
  • The regulatory changes needed for seafarers post-coronavirus
    The Maritime CEO Leader Series powered by Ocean Technologies Group returns to your screens today. For the next six weeks we will be bringing you a mini-series focused exclusively on seafarers sponsored by the Wallem Group. Today’s episode features the heads of three maritime charities who give insight into what ... read more
    splash247.com NewsPublished on 16.07.2020By Splash 24/7
  • One week on from international summit, just 15 countries have fully opened for crew change
    More than two months since the International Maritime Organization (IMO) endorsed a 12-step set of protocols to ensure safe crew changes and one week on from the UK-convened international crew change summit there are still just 15 countries that have fully opened to crew movements, according to data amassed by ... read more
    splash247.com NewsPublished on 16.07.2020By Jason Jiang
  • Future sourcing, and the impact on liner shipping
    Re-shoring of industries post-coronavirus is a hot topic at the moment. Andy Lane from Singapore’s CTI Consultancy crunches the numbers to assess what impact this shift could have on container movements.  Stamford, Connecticut-based Gartner Inc ran a “Weathering the Supply Chain Storm” global survey during February and March 2020, soliciting ... read more
    splash247.com NewsPublished on 16.07.2020By Splash 24/7
  • Cross-industry initiative in Japan seeks to transform CO2 from steel mills into new shipping fuel
    Nine Japanese companies – including shipyards, shipping line Mitsui OSK Lines (MOL), Class NK and steel mills – are looking into capturing CO2 emissions from steel production to ultimately power ships.  The cross-industry initiative using so-called methanation technology is the latest innovative research being carried out as Japan pursues zero-emission ... read more
    splash247.com NewsPublished on 16.07.2020By Sam Chambers
  • As tanker fleet ages, charter rate disparity between modern and vintage units predicted to widen
    New analysis from Alphatanker shows that 57% of all tankers above 34,000 dwt are above 10 years of age, a trend researchers say will persist for years to come as owners are hesitant to order new ships given likely impending new green regulations. The implications of this ageing fleet is likely ... read more
    splash247.com NewsPublished on 16.07.2020By Sam Chambers
  • MISC moves into VLEC sector through deal with Satellite Petrochemical
    Malaysian national shipping group MISC has entered into memorandum of agreements with China’s Zhejiang Satellite Petrochemical for the acquisition of six newbuild 98,000 cu m very large ethane carriers (VLECs). The six VLECs, currently under construction at South Korean yards Hyundai Heavy and Samsung Heavy, were originally ordered by Delos Shipping ... read more
    splash247.com NewsPublished on 16.07.2020By Jason Jiang
  • Weekly Broker: Firming bulker prices
    The secondhand bulker sale and purchase market has continued to see prices firm despite a correction seen on the cape charter markets this week.  According to Alibra’s latest report, the capesize market has entered into a period of correction following the bullish sentiment of the past few weeks and rates ... read more
    splash247.com NewsPublished on 16.07.2020By Jason Jiang
  • BW LPG offloads 30-year-old VLGC
    BW LPG has announced the sale and delivery of VLGC , with the vessel to be used by its new owner for continued trading.  BW had been using the vessel as a LPG floating storage for a gas-to-power project since it was acquired five years ago. BW exercised a purchase ... read more
    splash247.com NewsPublished on 16.07.2020By Grant Rowles
  • ‘Now is not the time for inward looking nationalism’: New BIMCO boss urges more governments to come to the rescue of crews
    In one of his first public comments since taking the reins at BIMCO, David Loosley has hit out at the lack of international buy-in to crew changes.  In a press release sent out today entitled ‘Closed borders, closed minds’, Loosley, who took over this month from Angus Frew as secretary ... read more
    splash247.com NewsPublished on 15.07.2020By Sam Chambers
  • Missing Gulf Sky crew turn up in India having made sensational escape from the UAE to Iran
    Twenty-six of the 28 crew of the controversial suezmax , which had been under arrest off Khorfakkan in the United Arab Emirates (UAE) for the past four months, have landed on home soil in India, having upped anchor on July 5, taking on fuel surreptitiously the day before, and switching ... read more
    splash247.com NewsPublished on 15.07.2020By Sam Chambers
  • Worst over for carriers as inactive boxship fleet ducks below 2m teu
    The inactive containership fleet has ducked below the 2m teu mark for the first time in four months as the sector moves away from the bottom of the current coronavirus-inspired cycle.  Latest data from Alphaliner shows the inactive box fleet fell to 375 ships equating to 1,847,871 teu as of ... read more
    splash247.com NewsPublished on 15.07.2020By Sam Chambers
  • Allianz warns on potential spike in accidents brought about coronavirus-inspired downturn
    Insurer Allianz’s annual shipping review, published today, warns the consequences of coronavirus and a sustained economic downturn could threaten long-term safety improvement and trigger an uptick in losses from cost-cutting measures, fatigued crew, and idle vessels. “We know from past downturns that crew and maintenance budgets are among the first ... read more
    splash247.com NewsPublished on 15.07.2020By Sam Chambers
  • Paddy Rodgers joins Foresight board
    Ravi Mehrotra’s UK-based Foresight Group, an integrated shipping and offshore drilling company, has appointed Paddy Rodgers, former CEO of Euronav, as a non-executive director of the board. Rodgers left Euronav last year and took up a director role at Royal Museums Greenwich, one of the world’s largest maritime museums. “Foresight ... read more
    splash247.com NewsPublished on 15.07.2020By Jason Jiang
  • EU antitrust investigation into Hyundai Heavy’s DSME merger put on hold again
    EU antitrust regulators have put their investigation into Hyundai Heavy Industries’ $1.8bn merger with Daewoo Shipbuilding & Marine Engineering (DSME) on hold for a third time.  The South Korean mega yard merger would give the combined entity a 21% global market share, putting it on a par with China Shipbuilding ... read more
    splash247.com NewsPublished on 15.07.2020By Sam Chambers
  • Keppel awarded FPSO contracts by Modec
    Keppel Offshore & Marine has secured two contracts worth S$73m ($52.4m) from Modec for FPSO module construction works. Keppel Shipyard has been contracted to fabricate, complete and integrate the topside modules and mooring support structure for a FPSO vessel, with deliveries scheduled in the second quarter of 2021. Additionally, Keppel’s ... read more
    splash247.com NewsPublished on 15.07.2020By Jason Jiang
  • Eurotankers tipped to have taken popular VLCC
    Brokers Intermodal have revealed the buyer’s identity of a popular VLCC. Michael Gotsis-led Eurotankers is understood to have paid $48m for the 2011-built 320,105 dwt , taking the tanker from Vanda Marine.   Vanda Marine had bought the ship in November last year for an undisclosed price. The South Korean ship ... read more
    splash247.com NewsPublished on 15.07.2020By Sam Chambers
  • Ericsson study highlights savings made from deploying 5G at ports
    Telecoms giant Ericsson has crunched the numbers to show what savings 5G operations can bring to ports. The Swedish firm has been working for the last three years with the Italian Interuniversity Consortium for Telecommunications (CNIT) using the port of Livano on Italy’s northwest coast as a testbed for new 5G ... read more
    splash247.com NewsPublished on 15.07.2020By Sam Chambers
  • Why the internal combustion engine is here to stay
    Its obituary has been written repeatedly of later but the power part of a ship is not going to disappear anytime soon, writes Marc Sima, the CEO and president of FUELSAVE. The writing is on the wall for shipping. By 2030 the IMO has committed the industry to a 40% ... read more
    splash247.com NewsPublished on 14.07.2020By Splash 24/7
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