SSG Nyhetsbrev

Grounded Mona Lisa to Kiel
SSG-TALLINN. The cruise vessel Mona Lisa has departed from Ventspils. The vessel’s propellers will be inspected in Kiel, Germany. Mona Lisa could leave the Latvian port on Thursday evening after the government office got a letter of guarantee from the vessel’s insurance company in order to secure that Latvia would get back EUR 192,000 from the rescue operations including evacuation of passengers.
   According to the Latvian Maritime Administration’s spokesperson, Sarma Kocane, the accident was probably due to a navigation failure.
   “It was the mate who made a navigational error”, she says to SSG.
   The cruise vessel Mona Lisa grounded in Irbe Sound, some 10 nautical miles off the coast of Latvia on Sunday morning. The Bahamian-flagged vessel had 651 passengers and 320 crew members on board. The Latvian Search and Rescue service evacuated the vessel. After several failed attempts to refloat the Bahamian-flagged Mona Lisa, the cruise vessel was pulled off by tugs on Wednesday afternoon by Svitzer Salvage. The Mona Lisa is owned by Greek Leonardo Shipping.
(09.05.08) Up

Fredriksen failed at TUI
SSG-GÖTEBORG. John Fredriksen did not manage to sack the chairman of the board of TUI, Jürgen Krumnow, at the AGM on Wednesday, despite support from 42.6 per cent of the votes. Also, Fredriksen did not get a seat in the board. John Fredriksen, who wants to divest the Hapag-Lloyd business, has spent almost USD 1 billion on TUI shares, and is the largest single shareholder with 11.6 per cent of the shares.
John Fredriksen's right-hand man, Tor Olav Troim, hurled criticism against the acting board during the AGM. According to Troim, the board lacks leadership and competence in liner shipping with too much concentration on tourism, the group’s other business area.
(08.05.08) Up

EU clears Stolt-Nielsen and Odfjell from cartel charges
SSG-GÖTEBORG. The EU Commission has closed the investigation into alleged cartel crimes by Stolt-Nielsen and Odfjell. The Commission has not publicly motivated its decision, but Odfjell says that they have reason to believe that EU lacks jurisdiction due to the tramp exception in the EU competition rules.
However, Odfjell warns that the issue could be raised by national authorities, but says that the company has been granted conditional amnesty from the relevant states and that this should therefore not lead to any fines.
(09.05.08) Up

Storm circles WMU – Sweden cuts support to half
SSG-GÖTEBORG. When the IMO-governed World Maritime University in Malmö, Sweden, is preparing its 25th anniversary, a large row has erupted over the school and the way it is managed. Last year, an external investigation was launched to examine the situation at the school. According to the WMU executive council, wide-ranging changes are needed and this should be undertaken by a new management. The council has decided that a new president shall replace the current president Karl Laubstein by 1 January 2009, while at the same time proposing that the WMU board of governors appoint him as “president emeritus”.
The external investigators also slams the Comptroller and Auditor General of India that is acting as external auditor for WMU as well as for IMO. According to the investigators, the Indian auditors have “consistently given unqualified opinions in relation to the University’s accounts.”
The investigation has not been made public and this has been met by heavy criticism from the Swedish International Development Co-operation Agency (Sida). Through Sida and the Municipality of Malmö, Sweden is the largest contributor to WMU, and Sida now emphasises its discontent with the hush-hush by cutting its financial contribution this year by half, to about USD 1.5 million. The agency however states that its commitment to WMU is long-term and hopes to be able to return to the earlier level of support by 2009.
(09.05.08) Up

Stena orders billion-dollar vessel
SSG-GÖTEBORG. Stena Drilling has ordered a fourth drillship from Samsung Heavy Industries in South Korea. According to the shipyard, the price is USD 942 million dollar, more than 50 per cent above the price for the previous ordered vessels and indicating a final at-berth price tag of USD 1–1.1 billion. The fourth vessel will be delivered in December 2011. According to SSG sources, no firm charter has been secured yet, but the vessel will be built for extreme conditions north of Canada and Russia with Arctic ice class for safe operation in temperatures down to – 40 C. Stena Drilling’s investments in new drillships are now close to USD 3 billion.
The first vessel, the Stena DrillMAX, was delivered in November when it entered a 4+1 year charter with Repsal. Number two, the Stena Carron, will be delivered this summer and has a charter with Chevron for 3+5 years. Number three is expected next summer and has a charter secured with American Hess for five years.
Stena Drilling is part of the Stena AB group, which reported a SEK 3.9 billion profit for 2007, the best year ever for the group’s tankers, offshore activities and ferry services, according to CEO Dan Sten Olsson.
(05.05.08) Up

Russian ports to get tax financial benefits
SSG-TALLINN. The Russian competition authorities will determine which ports to get financial benefits 49 years ahead and be declared as special economic zones, reports SeaNews.ru. Next year the appointed ports will be presented. Probably the competition authorities will choose to pick one port per sea or region; the Baltic Sea, the Black Sea, the Caspian Sea and the Far East and the Arctic.
(09.05.08) Up

O. W. Bunker in fleet renewal
SSG-RINGKØBING. O. W. Bunker & Trading Ltd. has taken the last steps in the company's fleet renewal. Two older ships have been sold off and two Clipper-owned tankers have been taken on bareboat charter for a period of seven years, and furthermore a Swedish tanker has been taken on a long term time charter. O. W. Bunkers is in the process of selling the veterans Tinka, which has been in the fleet since 1990, and Breeze which has been in the fleet since 1993. Tinka has been sold to a Greek operator for takeover at the end of this month, while Breeze has been sold to a Russian operator. As replacement ,the company has bareboat chartered the Clipper owned tankers Clipper Barolo and Clipper Barbera. The 2005/06-built tankers will change to the DIS register and sail under the names OW Copenhagen and OW Aalborg. The 3,769 DWT tankers will work in a pool with the Swedish tanker Neptunus. During the last couple of years O. W. Bunker has disposed off more than a handful older tankers.
(09.05.08) Up

Three calls per day to Radio Medical service
SSG-RINGKØBING. The Danish Radio Medical Service had on average three calls per day during 2007. In total the Radio Medical Service had 1.107 calls from ships around the world or in Danish waters. The 24h service is conducted from the hospital in Esbjerg on behalf of the Danish Maritime Authorities. The service helps ships to minimise the number of evacuations to only 57 times in 2007. On the other hand the number of calls from passenger vessels with illness amongst passengers saw an increase of 19 per cent in 2007. The most common illness reported to the Radio Medical are problems with teeth, broken arms and shoulders (8 per cent of the calls) and skin deceases (7.6 per cent).
The service has an annual price tag of DKK 1.5 million.
(09.05.08) Up

Damaged port cranes complicates Burma aid
SSG-GÖTEBORG. The seagoing international aid to Burma following the tropical cyclone last week faces severe obstacles, due to a damaged main container terminal. Hutchison Port Holdings, which owns the Burma International Terminals Thilawa, says that terminal’s cranes had been wrecked but they are working hard to replace them, reports Lloyd’s List.
   The regime of Burma says that 23,000 people have died following the catastrophe and that further 43,000 are missing. USA estimates that 100,000 people have died, reports the Swedish newspaper DN.
   The regime of Burma accepts different forms of aid such as food and money but is
   reluctant to allow other countries or international organisations to actually carry on aid work in the country.
(09.05.08) Up

Aker Yards heading in right direction
SSG-GÖTEBORG. Although the operating profit in Q1 was less than half the corresponding profit last year, Aker Yards' management sees the NOK 211 million profit as an indication that the group has broken the trend from last year, which ended with a significant loss. This year, the group has secured three orders, one gas-propelled supply vessel and two ice-strengthened container carriers, and management expects growth in the market to level out.
(08.05.08) Up

Keel laying of Viking ADCC in Spain
SSG-ÅBO. The keel of Viking Line’s newbuilding for the Mariehamn – Kapellskär route has been laid at the Spanish shipyard Astilleros de Sevilla. Viking Line’s project manager Kaj Jansson said to SSG that the work on the newbuilding is proceeding as planned and that the vessel, which so far is called Viking ADCC, will be delivered in summer, 2009. She will have a capacity of 1,500 passengers and 320 cars. A service speed of 22 knots will reduce the crossing time to two hours. Much attention has been paid to minimal impact on the environment and, for example, all main and auxiliary engines are to be equipped with catalytic exhaust gas cleaning.
(08.05.08) Up

Deep Sea Supply cashes in
SSG-GÖTEBORG. Deep Sea Supply has signed two time charter deals with Esso Exploration Inc. covering the PSVs (Platform Supply Vessels) Sea Pollock and Sea Turbot, which will enter the charters in August. The PSV newbuilding Sea Trout has been fixed by Petrofac, and the AHTS (Anchor Handling Tug Supply vessel) Sea Lynx by Saipem for a minimum of 175 days. The total value of the contracts is around USD 90 million.
(08.05.08) Up

Norwegian campaign to ban use of fast rescue boats at sea
SSG-RINGKØBING. A campaign conducted by Norsk Sjøffisersforbund to ban the transfer of personnel at sea with fast rescue boats will not have any effect on Esvagt, the Danish standby-ship operator.
   “We are very much aware of developments in the Norwegian sector and the campaign”, says Ovin Carlsson, CEO of Esvagt, to SSG. “The campaign is against using supply ships' and anchorhandlers' fast rescue boats for personnel transfer”, says Ovin Carlsson. “We are using a very different kind of equipment with special davits, which can take the rescue boat out of the water within seconds and that's a whole different ball game”, says Ovin Carlsson.
   He says that if the Norwegian authorities introduce a ban against using fast rescue boat like Esvagts the whole operation at sea would be false security.
   “We have a close dialog with the Norwegian authorties and our customers in Norwegian waters”, says Ovin Carlsson.
   Esvagt uses seaborne crew replacements every 14 days and with fast rescue boat transfer at sea.
(07.05.08) Up

DFDS sells four tramp ships
SSG-RINGKØBING. DFDS Group has sold its four tramp vessels owned by DFDS Lisco in Klaipeda. The four vessels have been for sale since the autumn, when it was decided that tramp shipping should no longer be part of the DFDS strategy. The four vessels Rasa, Aukse, Vytautas and Gediminas have been sold to a Greek operator for takeover gradually from the end of May. They have been sold to a subsidiary called Aura Shipping, which will crew the ships until delivery. The ships are two pairs of sister. The Rasa and the Aukse were built 1996 by Baltija Shipyard in Klaipeda. The 5,500 DWT vessels are fitted with two side-cranes. The Gediminas and the Vytautas were also built by Baltija in 1996 and 1995, respectively. They have a deadweight of 4,863 tons and fitted with two cranes. During their years with DFDS, the four vessels were employed in timber exports from the Baltic to mainly the Mediterranean area. According to DFDS, the sale will generate a profit of approximately DKK 20 million.
(07.05.08) Up

Norden calls for extra ordinary general assembly
SSG-RINGKØBING. Dampskibsselskabet “NORDEN” has called for an extraordinary general assembly on May 28, 2008, to seek confirmation for a number of changes in the company. One of them is the change of name from Dampskibsselskabet “NORDEN” to Dampskibsselskabet NORDEN. The old name will continue to be a secondary name along with the other secondary names: Dampskibsselskabet Orient A/S, Nordmax A/S and Nordfarer A/S. Furthermore, the general assembly will be asked to confirm move of the company’s registered office from Copenhagen (Amaliegade) to a new office in the former Tuborg brewery in Tuborg port in the municipality of Gentofte. The company will move away from its central Copenhagen address next weekend.
(07.05.08) Up

Dutch tanker came under pirate fire off Somalia
SSG-RINGKØBING. In the ongoing reporting of incidents of piracy off the Somalia coast, the latest report comes from a Dutch-owned chemical tanker flying the Marshal Island flag. The tanker Fairchem Pegasus reported that it had been attacked with firearms some 300 nautical miles off the coast of Somalia while en route from Durban to Sharjah. None of the 23 crew members on the tanker was injured, however, the Dutch company W-O Shipping has not specified what kind of damage the attack caused. The ship will be inspected by the P&I Club North of England upon arrival in Sharjah. The attack appears to have been conducted by two smaller boats. According to the captain on board the 19,800 DWT tanker, the boats must have been launched from a larger ship somewhere nearby. The Fairchem Pegasus increased its speed when the attack began and shortly after the pirates gave up and disappeared.
(07.05.08) Up

Tax liability will probably remain in new Finnish tonnage tax scheme
SSG-ÅBO. The Finnish Ministry of Finance is preparing a proposal for revised tonnage tax legislation, which is expected to be completed by no later than the beginning of June.
   “The big problem is the treatment of deferred tax liabilities”, says Hans Ahlström, MD of the Åland Shipowners’ Association. The shipping companies propose that these disappear within ten years.
   “It seems that the Ministry of Finance is not willing to agree to this”, says Mr. Ahlström.
   The new legislation is expected to come into force on 1 January, 2009.
(06.05.08) Up

STX buy of Aker shares gets green light from EU
SSG-GÖTEBORG. The EU Commission has approved the STX purchase of 39.2 per cent of the shares in Aker Yards. The South Korean shipbuilding group will become the largest shareholder in the company and is expected to have representatives elected to the board at the AGM on 21 May. The Commission has dismissed all complaints including warnings that STX might be able to take advantage of illegal subsidies from South Korea. There are widespread fears that the deal will lead to a transfer of competence in the cruise sector from Europe to South Korea.
The EU decision and rumours that Fincantieri is on the move to buy stakes in Aker Yards to prevent STX from a total takeover sky-rocketed the share price on the Oslo Exchange. Trading was halted when the price had risen some 20 per cent.
(06.05.08) Up

Clipper joins up with Argentinean tanker company
SSG-RINGKØBING. The Danish Clipper Group has joined forcew with a new partner. This time it is the Argentinean company Petro Tank S.A. in Buenos Aires. Together with Clipper, it has formed the company Petro Clipper for the purpose of developing shipping activities in Argentinean waters. Petro Tank S.A. will contribute a product carrier built in 1983, the Mar Tirreno, currently sailing in cabotage traffic along the coast. Clipper will transfer the trio Clipper Kitty, Clipper Kylie and Clipper Kristin, built in 2006 and 2007, to the new joint venture company. The 11,300 DWT tankers were built by STX Shipyard in South Korea.
The Argentinean investment is only one made by Clipper following the huge profits from the bulk and tanker markets in recent years. The investments range from the food processing industry via traditional shipping to investments in ferry services like Mols-Linien, DFDS and Nordic Ferry Service.
(06.05.08) Up

New ro-ro link across the Gulf of Finland
SSG-ÅBO. Navirail OÜ, which was established in 2007 by investors from Finland, Estonia and the USA, will soon start up a liner service between Helsinki and Muuga with the ro-ro vessel Ahtela. She will be time chartered for five years, with two sailings from each port a day.
Board member Lasse Sandgren said to SSG that Navirail plans to establish a railway connection from Finland to Southern Europe. The company will order its own railway wagons with exchangeable wheels due to the different rail gauges. To start with, transhipment between ship and railway will take place in Muuga but the plan is to order a railway ferry. It ihas not yet been decided between which ports the ferry will sail.
(05.05.08) Up

NSCP buys shares in Lomonossov Cargo Terminal
SSG-TALLINN. Novorossiysk Commercial Sea Port (NCSP) will buy 50 per cent of the shares in Lomonossov Cargo Terminal. The price tag is EUR 77 million. Lomonossov Cargo Terminal will build a container terminal in the Port of Lomonossov, close to St. Petersburg, and the terminal will have a capacity of 1.3 million TEUs annually. Before the contract was signed, Novoroslesexport, a subsidiary of NCSP, had reached a settlement with the shipping company MSC’s (Mediterranean Shipping Company) representative in the Black Sea, MSC Novorossiysk, regarding vessel calls at the container terminal, which is operated by Novoroslesexport.
According to SeaNews.ru, MSC needs a Russian partner for the construction of a terminal in Lomonossov.
(05.05.08) Up

SMA hit hard by pension debt
SSG-GÖTEBORG. An expected SEK 35 million (EUR 3.7 million) profit became a SEK 377 million (EUR 40.3 million) loss when the Swedish National Government Employee Pensions Board changed the calculation criteria for the Swedish Maritime Administration’s pension debt. This has all but eradicated the profit equalisation reserve, which now stands at SEK 24 million (EUR 2.5 million). Revenues reached SEK 1,818 million (EUR 195 million), up SEK 172 million (EUR 18.4 million) compared to 2006.
(05.05.08) Up

Longer time for privatisation negotiations
SSG-KOLOBRZEG. The final date for the privatisation negotiations involving Gdynia Shipyard hasbeen pushed back again, this time to 20 May. The ministry responsible for privatisation is negotiating with Amber, a subsidiary of Zlomrex, which had the sole right to privatisation negotiations up until 30 April.
Both the ministry and the shipyard’s management claim that the negotiations are going well and that the privatisation process will be completed before 30 June. The lengthy negotiations are worrying union representatives who want to know when important decisions about the future and workplaces will be made.
Amber is interested in taking control of the two largest Polish production yards and the marine engine manufacturer H. Cegielski in Poznan.
(05.05.08) Up

One oil spill villain grabbed during international coast guard operation
SSG-GÖTEBORG. Led by Denmark, coast guard aircraft from nine European countries have spent ten days patrolling the Skagerrak sea. 17 oil slicks were detected during a total of 185 flight hours on 61 missions. On the last day, one Norwegian-flagged vessel was caught red-handed when pumping oily water over board north of the Skaw. Legal proceedings will be held in Denmark, as it was caught by a Danish aircraft in Danish waters. The head of the CEPCO 2008 operation is satisifed with the outcome.
“I’m glad that we detected only 17 oil slicks. This indicates that the intensified survelliance during the last two-three years has had the preventive effect we wished for”, says rear-admiral Nils Wang at the Danish Naval Command in a press statement.
Denmark, Germany, Sweden, Norway, Finland, Holland, Belgium, France and Spain participated with one aircraft each. Next CEPCO is scheduled for 2009 with Holland as host.
(05.05.08) Up

Finnjet to be scrapped
SSG-ÅBO. According to reports from India, the car and passenger ferry Da Vinci (ex Finnjet) has been sold “as is” in Genua for scrap. The ferry was built for Finnline’s traffic between Finland and Germany by Wärtsilä’s Helsinki yard. Gas turbine propulsion gave her a crusing speed of 30 knots. After the ferry was withdrawn from service on the Baltic in 2005, she was used as accommodation in Baon Rouge after the hurricane Katrina. At the beginning of this year, the ferry was reported to have been sold and renamed Da Vinci for conversion into a cruise liner.
(05.05.08) Up

Norwegian Cruise Line takes responsibility for explosion
SSG-GÖTEBORG. Eight seamen died and ten others were injured after a boiler exploded on the cruise vessel S/S Norway in the Port of Miami in 2003. The U.S. attorney’s office in Florida says in a statement that the shipping company, Norwegian Cruise Line, has agreed to plead guilty to a criminal charge and to pay an undisclosed criminal fine, reports South Florida Sun-Sentinel. “Charges such as those today are necessary to show that companies operating and managing ships have a duty to take reasonable measures to assure the safety of all onboard – passengers and crew – and that they will be held accountable if they fail to meet that obligation,” U.S. Attorney R. Alexander Acosta of Miami said in a statement.
Norwegian Cruise Line owned the vessel at the time of the accident. The Norway arrived in Alang as the Blue Lady for scrapping in August, 2006, and breaking up started in January, this year.
(05.05.08) Up

Idle winter for icebreakers
SSG-GÖTEBORG. The Swedish icebreakers had a relaxed winter. The ice only covered about a quarter of the surface covered during a normal winter. Only Ale, the smallest vessel in the Swedish icebreaker fleet, has been in operation throughout the whole season.
   ”Two of the large icebreakers, the Atle and the Ymer, joined the Ale for a couple of weeks in March and the beginning of April”, says Ulf Gullne, head of the icebreaking unit at the Swedish Maritime Administration, to SSG.
   During the winter, the Swedish icebreakers assisted 196 vessels, the lowest number since 1990/91; this to be compared to 1,500–2,000 during a normal winter. Together with the Finnish icebreakers, a total of 692 vessels were assisted compared to 3,500–4,000 in a severe winter. Ulf Gullne estimates that around 1,000 vessels were assisted by icebreakers in the Baltic Sea region this winter season. The corresponding number during a normal winter is about 7,000–8,000.
   According to the Swedish Meteorological and Hydrological Institute, SMHI, the ice season is now all but over, one to two weeks earlier than normal.
(05.05.08) Up

Eidesvik secures charter deal worth NOK 1 billion
SSG-GÖTEBORG. Eidesvik Offshore ASA has secured a long-term contract with ES Special Services, Inc., USA, for a large subsea construction vessel. The vessel will be delivered from Ulstein Verft in December, 2008. The contract is for eight years with optional extensions, and the contract value for the firm period of more than NOK 1 billion.
(05.05.08) Up

Two marine accidents in Danish waters during the weekend
SSG-RINGKØBING. During the week, two minor maritime accidents occurred in Danish waters. At Grådyb (the entrance to Esbjerg) the dredger Brage R, owned by Rohde Nielsen A/S, but flying the Dutch flag, was working when a leak developed,making the ingress of water so rapid that the crew decided to set the vessel on the bottom. The dredged canal is surrounded by very shallow water so there was no problem “saving the ship” from sinking. Later, the vessel was escorted to Esbjerg and docked for repairs.
In Limfjord, the German-owned coaster Jutland grounded in sand close to the isle of Venø, while on a voyage to Struer. Apparently, the coaster did not sustain any damage. It was refloated after some hours and with the help of the Struer-based SAR vessel MHV 906 and continued its voyage.
(05.05.08) Up

Deep Sea Supply sells AHTS
SSG-GÖTEBORG. Norwegian Deep Sea Supply is to sell the newbuilding AHTS vessel Sea Wolverine to TMM, Mexico. The gross selling price is USD 22 million, Deep Sea Supply's profit from the sale will be USD 6 million. The Sea Wolverine will be delivered from ABG Shipyard, India, in the first half of May, 2008, and delivery to TMM will take place later on in the month.
(05.05.08) Up

The Freight Market week 18

Freight Market Indicators

(Earnings, change compared to friday week 17)

Bulk
Capesize + +
Panamax –
Handysize + +
Up

Tank
VLCC, modern +
Suezmax i.t.
Aframax i.t.
Produkt, clean +
Produkt, 37,000 UK Cont–Med/US – –
Up

Explanation
–/+ = change less than five per cent,
– – / + + = change more than five per cent,
0 = change less than two per cent,
n.a. = not available
i.t. = indistinct trend
Up

Bunker oil and crude oil prices
Port Bunker price 380 cSt (USD/tonnes)
C= change compared to Friday the week before (USD)
P= price difference for MDO (USD/tonnes)

Rotterdam 481 C –18 P +531

Brent, London (USD/barrel) 111.32 C –4.58
The crude oil price is the spot market price at the Friday opening of the International Petroleum Exchange, IPE.
Up

Scrapping/Conversions/Deliveries/Order book
Scrapping (S)/Conversions (C)/Deliveries (D)/Order book (O) to this date 2008
VLCC 3S/9C/13D/45O (2007: 0S/20C/30D/30O)
Suezmax 0S/2C/3D/25O (2007: 4S/16C/26D)
Aframax 4S/11C/13D/79O (2007: 10S/27C/59D/59O)
Up

Sources: Stockholm Chartering, Fearnleys

THE S&P MARKET WEEK 18

Bulkers
Geden NB resale: 176,000 dwt blt 09 SWS, 9HoHa. Sold region USD 153,000,000 to Dryships.
Nightflight: 170,012 dwt blt 04 Hyundai, 9HoHa. Sold region USD 158,000,000 to Dryships.
Pacific Trader: 45,578 dwt blt 00 Tsuneishi, 5HoHa, Crs 4x30t. Sold region USD 59,000,000 to undisclosed buyer, sale incl transfer of existing tc until 10/2008 at USD 18,350 per day.
Cargo Endurance: 45,244 dwt blt 78 Tsuneishi, 5HoHa, Crs 5x15t. Sold region USD 17,700,000 to Bogazzi.
Aquadance: 37,705 dwt blt 84 Hitachi, 5HoHa, Crs 4x25t. Sold region USD 27,000,000 to Greek buyer, sale incl tc attached
until 9/2008 at USD 27,000 per day.
Hornbill Arrow/Toki Arrow: 31,247 dwt blt 80 Kanasashi, 5HoHa, 1,299 teu, Gantry Crs 4x40t, Open/Box. Sold region USD 17,000,000 each to Italian buyer.
Indian Challenger: 23,542 dwt blt 85 Uwajima, 4HoHa, Crs 2x25t, D 2x25t. Sold region USD 22,000,000 to undisclosed buyer.
Nazmi C: 8,700 dwt blt 92 Tulcea, 4HoHa, Crs 4x5t. Sold region USD 6,500,000 to Turkish buyer.
Up

Containers
3 x CSBC NB resale: 52,000 dwt blt 08/09 Taiwan, 4,350 teu. Sold region USD 210,000,000 en bloc to Chinese buyer, sale incl 14.5 years bb back at USD 18,500 per day.
Xiang Kun: 12,067 dwt blt 83 Imabari, 4Ho/14Ha, 656 teu, Crs 1x30t. Sold region USD 4,300,000 to Turkish buyer.
Up

Tweendeckers
Fiona 7: 17,850 dwt blt 85 Warnowwerft Warnemünde, 4HoHa, 533 teu, D 1x125t, 2x25t, Crs 4x12t. Sold region USD 11,000,000 to Middle East buyer.
White Orchid: 15,030 dwt blt 82 Ruiz De Velasco, 4HoHa, 272 teu, D 4x15t. Sold region USD 4,800,000 to undisclosed buyer.
Up

Tankers
Four Schooner: 73,083 dwt blt 00 Samsung Heavy Industries. Sold region USD 51,000,000 to Greek buyer.
Siteam Merkur: 41,985 dwt blt 81 Sanoyasu. Sold region USD 8,000,000 to Italian buyer.
Axinos/Tuna/Scorpios: 39,900 dwt blt 88 Hyundai. Sold region USD 14,000,000 each to Chinese conversion buyer.
Keilir: 6,019 dwt blt 02 Jiangnan. Sold region USD 14,000,000 to O.W. Bunkering.
Carbon Tiger: 5,261 dwt blt 92 Kumamato, 4,912 cbm, Bitumen. Sold region USD 10,6000,000 to undisclosed buyer.
Up

LPG
Apollo Genkai: 49,985 dwt blt 80 IHI, 80,311 cbm. Sold region USD 14,500,000 to Chinese buyer.
Up

Newbuildings
No Size Type Yard Delivery Price ($m) Owners
3 159,000 dwt Tank Samsung 2010/11 Euronav
1 9,500 cbm Lpg Miura 2012 Geogas
8 200,000 dwt Bulk Dalian 2011/12 78 COSCO
2 180,000 dwt Bulk Odense 2010 110 Greek
2 180,000 dwt Bulk Hyundai 2011 100 Orion
2 180,000 dwt Bulk Sasebo 2012 SK Shipping
8 35,000 dwt Bulk SPP 2011/12 40 Iran Shipping Lines
4 34,000 dwt Bulk Daesun 2010/11 38 undisclosed
4 10,000 dwt Mpp China 2010/11 San-Trans
8 13,500 teu Cont Nantong 2011/12 160 COSCO
4 2,800 teu Cont Guangzhou 2011/12 Schoeller
4 803 teu Cont Damen 2009/11 Oslo Marine
6 336 teu Cont Damen 2009/11 Oslo Marine
Up

Demolition
Bangladesh
MT United Sunrise: 55,363 dwt blt 82, 10,971 ldt, USD 765.00/ldt.
MT Higher Fidelity: 50,056 dwt blt 81, 10,836 ldt, USD 672.00/ldt, as is Singapore.
Da Vinci (Pax/RoRo): 2,728 dwt blt 77, 15,157 ldt, USD 650.00/ldt, as is Egypt.

Pakistan
MT Polar: 153,471 dwt blt 87, 27,814 ldt, USD 655.00/ldt, as is Jeddah
Up

Hoha = holds and hatches

All details believed to be correct but not guaranteed.

Source: Aquamarine Shipping Consultants, www.aquamarine.org

THE SHORT SEA MARKET WEEK 19

Baltic
The Baltic market has clearly taken a breather this week with a significant drop in activity combined with weaker rates. Prompt tonnage supply is building up in the whole region forcing owners to accept rate cuts in order to cover their promptest positions. Still owners able to book ahead are putting bullish numbers on their indications, but presently it seems unlikely that the market will manage to remain at present level as tonnage is getting more and more visible.
Activity level: Slower
Up

Scandinavia
It has been very difficult to book ahead also in Scandinavian waters with more tonnage showing along the coast of Norway and in Kattegat. Rates have remained mostly unchanged, but spot orders have attracted much more attention from owners this week indicating that they have fewer options to play. Still good activity in project cargo movements from Denmark and Poland to Norway and the UK this week, but also small coasters are beginning to see a dip in demand.
Activity level: Slower
Up

UK/Continent
Activity has also dropped on the Continent with owners looking for suitable employment to take them to Baltic or south to Mediterranean. 2,000 mt soya meal from ARAG to Latvia is paying in region of EUR 12–12.50 while 3,000 mt minerals from ARAG to N.Spain were fixed at EUR 19.50 p/mt. Resent increases in fuel costs have so far not been compensated in freight rates, and there is reason to believe that current lack of momentum will make it difficult to push for rate increases.
Activity level: Slower
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Mediterranean
Both western and Eastern Mediterranean are seeing good activity and volume flow with rates remaining mostly unchanged on major trading routes. Wheat continues to dominate the market in western regions while minerals seem to be the main taker for tonnage ex Turkey and Black Sea. Still no change in activity, but tonnage availability might build up as ships arrive from Northern Europe in coming weeks.
Activity level: Active
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Fixtures
– 2,500 mt agriprod 60’ North Sea/WC Greece fixed EUR 64 p/mt
– 3,000 mt minerals WC Greece/Span Med fixed USD 35 p/mt
– 2,000 mt minerals WC Norway/Klaipeda fixed EUR 19.50 p/mt
– 2,000 mt minerals ARAG/SC Norway fixed EUR 14.50 p/mt
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Earnings Estimates on T/C basis per day (Modern, Box)
Size This week Last week
1,250 DWT EUR 1,950 EUR 2,000
1,750 DWT EUR 2,100 EUR 2,150
2,500 DWT EUR 2,600 EUR 2,650
3,500 DWT EUR 3,550 EUR 3,600
6,500 DWT EUR 5,400 EUR 5,450
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Market snapshots
This week Last week
Brent USD 122.39 USD 118.60
MGO Rotterdam USD 1,134.00 USD 1,068.00
IFO180 Rotterdam USD 566.50 USD 527.00
EUR/USD 1.54 1.57
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Source: Norbroker Shipping & Trading A/S, Flekkefjord, www.norbroker.no

THE WET & DRY BULK MARKET WEEK 19

Wet – slow and gloomy for clean rates
Extensive holidays in the Far East and in Europe has taken its toll on the market activity for clean products. The Baltic Clean Index has slipped more than 30 points in a week to below 1,160. Rates for trans-Atlantic MR’s (37,000 ts) are slipping toward WS 300 and the only market holding up is the Caribbean.
The tone is far more positive in the VLCC markets with few double-hull vessels available in the MEG for early June fixtures. By the middle of the week, MEG–West paid around WS 122 and MEG–East WS 200-205.
Few Aframaxes in the North Sea also led to a hike in rates by some 30 points to around WS 180.
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Dry – up and up we go
The average for the four t/c routes continued to climb last week and passed USD 180,000 per day. Fearnley’s reports USD 210,000 per day for a 172,000-tonner on an Atlantic round-trip.
Panamax rates also kept on rising and holidays in the Far East and in Europe did nothing to change the trend. The Baltic Panamax Index was up by over USD 5,000 in a week and reached almost USD 80,000 per day. A t/c in the Atlantic was fixed at USD 80,000 per day for 12 months.
For handies, the Atlantic continued to boom and rates hiked to around USD 60,000 daily.
Rolf P Nilsson
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Some fixtures
Wet
Dirty:
Sture – Milfordhaven — British Willow, 80,000t, WS 185
Rotterdam – UK/Cont — Baltic Sky I, 30,000t, WS 280
Clean:
Baltic – USAC — Okhta Bridge, 37,000t, WS 315
T/C:
Oceanatlantic Frontier, 46,600 dwt, 2007-built, 4 years USD 21,750 per day.

Dry
Some fixtures:
Coal:
Richards Bay – Rotterdam — Constantia, 150,000t, USD 49 p ton
T/C:
Kirmar, 164,218 dwt, 2001-built 3 years, USD 105,000 per day
Padre, 73,613 dwt, 2004-built, 4-6 months, USD 76,500 per day
Gourniati, 28,387 dwt, 1996-built 4-6 months, USD 48,000 per day
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All details believed to be correct but not guaranteed.

THE OFFSHORE MARKET WEEK 19

After a brief contraction after Easter the North Sea spot market for supply vessels has suffered from oversupply which has contained rates at a moderate level. For most of the two weeks under review, a steady backlog of anchor-handlers and platform supply vessels have been available in Aberdeen. On May 2, for example, there were 10 idle anchor-handlers with another 3 in Norway. There were also three available PSVs.
The chartering situation, however, picked up to eat into the backlog. From a level of GBP 15,000 for large anchor-handlers for rig moves, the rates have doubled through this week to some 30,000. PSVs, on the other hand, have enjoyed a relatively stronger market with rates around GBP 20,000 for large vessels.
A good number of vessels have been fixed for term charters or intermediate periods at reasonably good terms, and the construction season will no doubt make an inroad on the spot fleet.
Two major newbuilding deals have come to light during the period. A new company based at Fosnavåg, Neptune Offshore, has ordered two SX-130 MR vessels from Sinopac Shipbuilding in China. These vessels are built for well maintenance and other subsea functions. Delivery in 2010.
Rieber Shipping, Bergen, is the majority partner in a group which has acquired four MT-6009L multi-purpose service vessels from Otto Marine Pte Ltd, Singapore. The vessels were ordered by Otto from the Batamec shipyard in Indonesia in 2006/07 for delivery next year. The 80-meter vessels will be fitted out for seismic research. Østensjø Rederi of Haugesund had ordered an anchor-handling tug from Astilleros Gondan for 2010 delivery.
Deep Sea Supply of Arendal has entered a series of deals including the sale of the new anchorhandler Sea Wolverine to TMM of Mexico and 4-year charters for newbuildings Sea Pollock and Sea Turbot to Esso Exploration.
Dag Bakka Jr
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Some representative fixtures
Date Charterer Vessel Type Operation Rate
25.04 BP N Siem Sailor psv 4 weeks firm NOK 230,000
25.04 StatoilHydro Rem Provider psv supply duties RNR
25.04 AGR Peak Viking Troll ahts rig move Byford Dolphin GBP 17,000
25.04 AGR Peak Sea Tiger ahts rig move Byford Dolphin GBP 17,000
25.04 AGR Peak Sea Lynx ahts rig move Byford Dolphin GBP 17,000
25.04 BG Group Toisa Invincible psv supply suties 7 days firm+d/d 7 RNR
25.04 Maersk Oil UK Normand Progress ahts rig move Ensco 101 RNR
25.04 StatoilHydro Normand Master ahts supply duties RNR
27.04 AGR Peak Highland Prestige psv cargo run + opt GBP 20,000
27.04 Maersk Oil UK Island Champion psv supply duties GBP 17,500
28.04 Gaz de France Granit aht rig move Noble Piet van Ede RNR
28.04 Maersk O&G Havila faith psv 30 days firm RNR
28.04 MLS Rem Supplier psv supply duties 7 days firm + d/d 14 NOK 210,000
29.04 Totral NL Zeus aht rig move Noble Al White RNR
29.04 Apache Highland Prestige psv cargo run RNR
29.04 Oilexco Suvarna ahts cargo run GBP 10,000
29.04 Maersk Oil UK North Fortune psv 4 weeks firm+3x1 w + d/d 7 GBP 16,000
29.04 BP N Normand Aurora psv cargo run P&C
30.04 MLS Odin Viking ahts cargo run P&C
01.05 BP N Rem Spirit psv supply duties d/d 14 P&C
01.05 Maersk Oil UK Havila Faith psv cargo run RNR
02.05 BP UK Ocean Scotsman psv cargo run GBP 12,000
02.05 AGR Peak Vidar Viking ahts rig move Sedco 704 GBP 15,000
02.05 AGR Peak Balder Viking ahts rig move Sedco 704 GBP 15,000
02.05 AGR Peak Tor Viking ahts rig move Sedco 704 GBP 15,000
02.05 BP N Odin Viking ahts supply duties d/d 7 NOK 140,000
02.05 BP N Rem Mermaid psv d/d 14 NOK 150,000
02.05 BP UK UP Esmeralda psv cargo run GBP 18,000
02.05 Shell UK Skandi Giant ahts heading control canx GBP 15,000
02.05 Shell UK Havila Neptune ahts cargo run RNR
03.05 Talisman Sea Tiger ahts rig move Maersk Giant NOK 150,000
03.05 Talisman Bourbon Surf ahts rig move Maersk Giant NOK 150,000
04.05 Nexen Petroleum Northern Chaser ahts rig move Borgsten Dolphin GBP 14,000
04.05 Nexen Petroleum Normand Mariner ahts rig move Borgsten Dolphin GBP 15,000
04.05 Nexen Petroleum Skandi Giant ahts rig move Borgsten Dolphin GBP 15,000
05.05 Talisman N Silex aht rig move Maersk Giant P&C
05.05 Oilexco Suvarna ahts rig move Sedco 712 P&C
05.05 Oilexco Skandi Giant ahts rig move Sedco 712 P&C
05.05 Oilexco Havila Neptune ahts rig move Sedco 712 P&C
05.05 StatoilHydro Normand Carrier psv 10 days firm + d/d 20 NOK 200,000
05.05 StatoilHydro Normand Master ahts cargo run d/d10 NOK 190,000
05.05 Esso N Normand Master ahts chainwork, 7 d firm + d/d 7 P&C
06.05 Oilexco Viking Dynamic psv crago run GBP 15,000
06.05 AGR Peak Olympic Hercules ahts rig move Transocean Prospect GBP 28,000
06.05 AGR Peak Viking Troll ahts rig move Transocean Prospect GBP 22,000
06.05 AGR Peak Havila Saturn ahts rig move Transocean Prospect GBP 22,000
06.05 Peterson Sical Torino psv supply duties, 7 d firm + d/d 7 RNR
06.05 Maersk Oil UK Havila Saturn ahts mooring inspection GBP 25,000
06.05 StatoilHydro Edda Frigg psv supply duties, d/d 9 NOK 195,000
07.05 Maersk Oil UK Maersk Detector ahts rig move Galaxy I GBP 18,000
07.05 Shell UK Highland Prestige psv cargo run + opt GBP 17,000
07.05 StatoilHydro Far Scout ahts d/d 7 (extension) NOK 250,000
07.05 BP UK Boa Fortune psv cargo run + opt GBP 14,000
07.05 Ruhrgas FD Reliable psv 1 well (140 days) RNR
07.05 MLS Northern Comrade ahts buoy deployment RNR
08.05 Team Odin Viking ahts rig move Stena Spey GBP 30,000
08.05 Team Normand Mariner ahts rig move Stena Spey GBP 30,000
08.05 Team Northern Chaser ahts rig move Stena Spey GBP 25,000
NOK/GBP = 10.03
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Based on information from R G Hagland Offshore – www.hagland.com