Comment: IMO singe-hull cave-in impairs credibility The sun will simply not set in the same way on the UN agency IMO after it caved in to EU pressure to adopt an accelerated single-hull phase-out and new regulations on carriage of heavy fuel oil. IMO has now moved into the politically charged atmosphere of the EU and some of the credibility of the organisation is severely impaired. If any body should resist emotionally generated regulations IMO should have been the one.

Finance and insurance: It looks easy for now. Any prudent owner would use the present upturn in freight earnings to refinance existing debt into long-term, low coupon paper to be able to ride out the next downturn in the market, which may be closer than most operators like to think. Maybe it is a warning sign that some financiers want to sell their shipping risk portfolio while the going is good. There will be plenty of buyers, by the look of things.

Dazzled by their good fortune. When bulk owners broke out the champagne for the New Year’s celebrations they must have wondered what 2004 would bring. Last year saw the best return on shipping investments for 30 years and reserves were bolstered in many shipping companies, which were the lucky owners of bigger tank and dry bulk vessels. By all accounts 2003 was an exceptional year, particularly for dry bulk.

Anatomy of a privatisation. Full support from the Government”. This phrase was used by Tschudi & Eitzen Holding AS in October 2002 to thank the Estonian government. It was supposed to compensate the Estonian taxpayers for the EEK 100 million left unpaid from the privatization price (EEK 1 billion) for the Estonian Shipping Company (ESCO). However, the Republic of Estonia did not guard its money very well.

Short sea shipping crucial for Finland. It is quite simple. Without the short sea segment there would be no shipping at all in Finland. Short sea trades are as dominant as they are in Finland in only a few of the seafaring nations.

Order for new ASV vessel demonstrator. SES Europe AS in Sandefjord, Norway is now ready to market its innovative Air Supported Vessels (ASV) technology after several years of research and development and significant investments in fast vessel technology. This technology is the property of Effect Ships International AS (ESI). SES now intends to build the first full-scale demonstrator vessel, the real test of the design.

Competition mounting on the West Coast. The regular shipping services between Norway and Europe have seen significant changes over the last decade. New carriers have emerged to capture significant market shares, particularly container feeder services to the main European hubs.

Next english issue, IT and Communication, is due 27 February, 2004.

Latest update 18-10-2006 8:49

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