Wednesday, December 23, 2009

Shipping must Wait for IMO MEPC for direction on Emissions and Bunker Fuel issues

At Copenhagen there was an absence of proposals bringing shipping emissions under a national responsibility and to provide either a national or international framework to limit growing emissions from international shipping . The consumption picture continues to be confused for shipping- both international as well as coastal operations. Bunker consumption is typically estimated from as the size of the world fleet. Figures based on the theoretical requirement of the world fleet are generally thought to overestimate consumption due to quotations for only full speed and are generally higher than those based on suppliers' estimates of their market share –logically- published sales figures could refine estimates of total Bunker fuels usage between the supposed range 300-400 Million tonnes annually.
One outcome of the UN climate talks was the Copenhagen Accord, which makes no mention of the shipping and highlights the failure to discuss specifics of bunker fuels sectors in the conference itself. The working group charged with drafting an agreement on bunker fuels, co-chaired by Norway and Singapore, could not agree a draft text to forward to the main body, the Council of the Parties (COP) to the UN climate convention, for consideration.

DNV had published research that claims ships could reduce CO2 emissions by 500 million metric tons by 2030 while increasing profits - certain owners have taken some action – on 21st December VIKING LADY A Norwegian supply vessel powered by a 320-kilowatt molten carbonate fuel cell that operates on liquefied natural gas berthed in Copenhagen-showing what can be done.
Perhaps shipping must await The IMO’s Marine Environment Protection Committee next meets in March to review it’s work plan on shipping emissions – and illuminate a way forward in the absence of answers for the basic questions:
Targets for emissions reductions for shipping – equality of treatment for all ships – Levies on Fuel or Market methods to regulate control – Role of UNFCCC / IMO

Tuesday, December 22, 2009


Sale and Purchase Market Report for the Week Ending 18.12.2009

Another fairly active week for secondhand vessels, with bulkers dominating
activity. Chinese buyers remain behind many of the purchases.

With shipyards becoming more realistic in their pricing, there continues to
a small amount of newbuilding discussions and contracts.

The Indian and Chinese markets are currently dominating demolition activity
with a distinct improvement in prices from these areas, meaning that
and Pakistan are finding it difficult to compete. Prices have improved on
back of increasing steel prices and favourable currency movements while in
China yards are attempting to fill their quotas before the end of the year.
Current prices are not expected to last into the New Year.

Name Type Dwt Blt Price Buyer
Chs Star Cape 150,149 91 USD 17.50 M China
Theresa Hebei Pmax 76,300 04 USD 35.00 M Undisclosed
Ernst Salamon Pmax 73,000 99 USD 26.00 M Undisclosed
Juno Island Pmax 72,080 97 USD 24.00 M Greece
Pierre Pmax 70,316 96 USD 22.50 M China
Haina Wealth Pmax 68,772 89 USD 12.00 M China
Kritika Naree Hndy 34,072 82 USD 4.35 M Malaysia
Clipper Lake Hndy 28,000 01 USD 19.00 M Undisclosed
Maritime Master Hndy 26,320 84 USD 3.60 M Undisclosed

Lions Gate Bridge 5500teu 69,000 01 USD 21.00 M Undisclosed
Saronikos Bridge 2670teu 44,044 90 USD 11.40 M Undisclosed en bloc
Msc Seine 2932teu 43,940 90 USD '' '' ''
Zrin 2275teu 35,100 93 USD 5.00 M Germany

The Iris Roro 1,265 82 - Finland
Autoline Roro 1,550 83 - Syria (conversion)
Autotransporter Roro 1,566 83 - '' ''

Hamal Star Vlcc 301,550 94 USD 20.00 M Korea (conversion)
Concord Vlcc 276,052 88 USD 16.00 M Undisclosed(storage)

Fgm Achiever Bulk 7242/LDT 78 USD 355.00/ton Bangladesh (further-
trading option)
Samos Sky Bulk 10000/LDT 81 USD 310.00/ton China
Gemini Bulk 5405/LDT - USD 290.00/ton Pakistan
Msc Federica Cont 12181/LDT 74 USD 330.00/ton India
Msc Serena Cont 77 USD 323.00/ton India
Harriette N Gas 15272/LDT 80 USD 342.00/ton Bangladesh,
Orion Tank 1600/LDT 82 USD 459.00/ton India (incl 190t
Galaxy Tank 6042/LDT 85 USD 360.00/ton India
Ocean Grace Tank 10300/LDT 85 USD 367.00/ton India
Esraa Tank 6076/LDT 82 - Pakistan


Thursday, November 26, 2009



Events that occurred this week confirmed our assessment in our last report that a market correction was on the books in the Atl as activity reduced quite dramatically from last Friday. The gap between owners and charterers became too wide and uncertainty started to creep slowly in: owners had to let go some steam. Nevertheless the market remains firm to stable. Rates back to FEast between usd 35-4...
The Pmax market kept stable from last week, with healthy numbers on all trades. BPI only fell USD 1000, with little shred of evidence in the physical market. Still a good flow of fresh cargoes in the Atlantic market emphasized the USD 37-38000 market throughout the week. Fronthauls declined only USD 2000, to arnd USD 44500. It was still sustainability in the Pac market, with rounds fixing more or ...
After rapid increases in rates over the past weeks, rates have been steady down in both basins so far this week. However, despite the Baltic dropping USD 2000 to 3000 daily in average, market levels are still much higher than expected. An Australia to China round is around USD 18 pmt. Rio Tinto rumoured having booked four ships today and the activity is healthy, despite a drop in rates from USD 25-26 level at the peak last week. Front haul is down at around USD 90,000/day on TC and low 40 on voy...


Hundreds of Antarctic Icebergs Head for New Zealand

Posted: November 24, 2009

In this Nov. 5, 2009, photo provided by the Australian Antarctic Division, a large iceberg spotted off Macquarie Island, about 1,500 kilometers (930 miles) southeast of Australia, mid-way between Antarctica and Australia. It is a rare sight in waters so far north, Australian scientists said Thursday, Nov. 12, 2009.
(A large iceberg spotted off Macquarie Island, about 1,500 kilometers (930 miles) southeast of Australia)

Click here to find out more!

Associated Press logo

Associated Press Writer

A flotilla of hundreds of icebergs that split off Antarctic ice shelves is drifting toward New Zealand and could pose a risk to ships in the south Pacific Ocean, officials said Tuesday.

The nearest one, measuring about 30 yards (meters) tall, was 160 miles (260 kilometers) southeast of New Zealand's Stewart Island, Australian glaciologist Neal Young said. He couldn't say how many icebergs in total were roaming the Pacific, but he counted 130 in one satellite image alone and 100 in another.

In the current case, a cold snap around southern New Zealand and favorable ocean currents conspired to push the towering visitors, which have drifted around Antarctica for the past nine years, to the region intact.


Thursday, November 19, 2009


Claims data from the International Group for bunker oil pollution incdents with a value above 100K USD recorded 595 incidents for vessels entered with the IG- of this only eight Incidents have been reported where the total cost of claims for pollution damage arising from a spill from the ship s bunker oil exceeded the 1996 LLMC Protocol limits. In half of these incidents, the Protocol was in force at the time in the State in whose waters the incident occurred. The clubs Reported that in each of those cases the 1996 LLMC Protocol limits were exceeded by significant amounts. In Queensland - A $25 million settlement was reached which under LLMC would have been between $14.5 million and $17.5 million. With the number of claims exceeding the threshold levels set being just 1.3%- it seems unlikely that the limit will be raised anytime soon and consequently - Owners/ Ships Masters will continue to feel the heat.

Monday, November 16, 2009


24,000 dwt TWEENS FOR SALE


following tweendeckers for sale as follows:-

Built 12/1988 ISHIKAWAJIMA-HARIMA HI (JAP) abt 23853 DWT on Draft 10.03
Class: NV (, )
LOA 173.95m, Beam 27.6m, LBP 165m
1 x SULZER 6RTA62 BHP 15480 - Abt 17.8 knts on abt 43 mts / Abt 16.2 knts
on abt 35.8 mts / Abt 14.3 knts on abt 26.8 mts GT 18936 / NT 7808, Holds 6
/ Hatches 6 - () Decks 1 - Grain 33332, Bale 31870, TEU 965 Geared - Gantry
2 x 40mt, Cranes 1 x 25mt Non Cellular

EC Aus (EAU)
On t/c to Tasman Orient Line until April 2010 after which she can be

Built 2/1989 ISHIKAWAJIMA-HARIMA HI (JAP) abt 23853 DWT on Draft 10.03 mtrs,
Class: NV (, )
LOA 173.95m, Beam 27.6m, LBP 165m
1 x SULZER 6RTA62 BHP 15480 - Abt 17.8 knts on abt 43 mts / Abt 16.2 knts
on abt 35.8 mts / Abt 14.3 knts on abt 26.8 mts GT 18936 / NT 7808, Holds 6
/ Hatches 6 - () Decks 1 - Grain 33332, Bale 31870, TEU 965 Geared - Gantry
2 x 40mt, Cranes 1 x 25mt Non Cellular

Spot South America

Sunday, November 15, 2009


In the late 90´s MRM SA predicted the upsurge of low level piracy off Somalia. This was rejected or ignored by the bulk of the maritime community. The warning was repeated in 2002 and received a similarly unenthusiastic reception, as did it´s forecast about West Africa.

It will be appreciated that MRM SA - unlike, for example, the IMB who perform an excellent post-event reporting and data collection service - is a pro-active organisation anticipating challenges, and acting swiftly and decisively on behalf of major clients.

Now, as difficult times appear on the maritime horizon, MRM SA is ready to help our industry rise to and overcome it´s new challenges.

In addition, therefore, to it´s Anti-Piracy service, the company continues to offer Cargo Loss Control and Asset Recovery services, now supplemented by a Vessel Lay-Up service utilising it´s extensive experience gained during recoveries where both hot and cold lay-ups were often necessary.




Saturday, November 14, 2009

2010: Year of the Seafarer

The Council of the International Maritime Organization (IMO), meeting for its 102nd session in London (29 June to 3 July 2009), agreed that next year's theme for World Maritime Day will be "2010: Year of the Seafarer", endorsing a proposal from IMO Secretary-General Efthimios E. Mitropoulos.

The theme - to be celebrated throughout the year and also at a World Maritime Day parallel event in Argentina - was selected to give IMO and the international maritime community the opportunity to pay tribute to the world's seafarers for their unique contribution to society and in recognition of the risks they shoulder in the execution of their duties in an often hostile environment. In proposing it, Secretary-General Mitropoulos said that "the unique hazards confronting the 1.5 million seafarers of the world - including pirate attacks, unwarranted detention and abandonment - coupled with the predicted looming shortage of ships' officers, make it ever more incumbent to take immediate and effective action to forestall a situation from developing in which ships are not manned with sufficient skilled personnel".

The theme complements IMO's ongoing "Go to Sea!" campaign to attract new entrants to the shipping industry, which was launched in November 2008 in association with the International Labour Organization, the "Round Table" of shipping industry organizations and the International Transport Workers' Federation. It is also in line with the comprehensive review, initiated in 2006, of the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW) 1978 and its associated Code, updated texts of which are due to be considered by a Diplomatic Conference scheduled to be held in Manila, Philippines, in mid-2010. Once adopted, the proposed amendments to the STCW Convention and Code will provide the necessary global standards for the training and certification of seafarers to man technologically advanced ships, today and for some time to come.



Tony Gray - Friday 7 November 2008

MOMENTUM is building for private equity firms to expand their presence in the shipping industry and mop up cheap assets in the wake of weaker freight markets, particularly in dry bulk. Fortis head of transportation Gust Biesbroeck said the timing was “perfect” for private equity. AMA Capital Partners’ managing director Peter Shaerf said private equity was “still viable but comes with a lot of caveats”, especially the demand for higher returns. And PCP Capital Partners has disclosed it is working with Middle East investors who are eyeing opportunities in shipping. A strengthening of private equity interest in shipping comes at a time when the industry needs to exploit non-traditional sources of capital as bank debt finance is becoming scarcer as aresult of the turmoil in financial markets. PCP Capital Partners senior director Amanda Stavely told the Financial Times that the shipping market presented an opportunity for investors. “The dry bulk market has just fallen away massively,” she said. “For PCP, we feel there is a real opportunity. In that area, there will be a few key survivors who will do extremely well and that will add immense strategic benefit.” PCP Capital Partners arranged Sheikh Mansour Bin Zayed Al Nahyan’s recent acquisition of a 16% stake in Barclays, the UK bank. Mr Shaerf said shipping was “quite attractive” to private equity but firms have raised the return hurdles. Funds, which had been seeking returns of 15-20%, were now expecting a base return of 25%-30%, he told the Lloyd’s Shipping Economist Ship Finance & Investment Conference in London. Mr Shaerf also said the funds would require greater control, probably with a majority shareholding and major presence on the board, with an ability to influence strategy. “People who are used to running their own private companies are suddenly going to find a whole diffrent game once they engage private equity.” Barry Wingate, a director of HSBC Bank in the UK, said the reduction in ship prices meant that private equity would “focus on asset play rather than leveraging up cash-flows.” Fortis Nederland runs its own equity fund, which Mr Biesbroeck said not only broadened the bank’s product offering to clients but also represented an opportunity to benefit from the downturn in the shipping market. “Its high on our wish list to go into mezzanine positions and pure equity to increase yields,” he said. “The timing is perfect and it makes sense.”

As adapted from Lloyds List

Sale and Purchase Market Report for the Week Ending 13.11.2009



Sale and Purchase Market Report for the Week Ending 13.11.2009


As the dry bulk market continues its upward movement prices are also being

affected. Demand for older tonnage has risen and handymaxes like 'Ulcas'(42,244

dwt/Blt 85), 'World Trader I'(41,796 Dwt/Blt 86) and 'Marybelle'(42,569 dwt/Blt

87) have achieved very firm prices. In the wet market the modern MR's

'Gan-Venture'(46,600 Dwt/Blt 06) and 'Gan-Voyager'(Blt 07) have been sold for

Usd 53 M en bloc.


In the newbuilding sector according to reports three 36,000 dwt bulkers ex

South Korean shipyard Hyundai Mipo have been sold for Usd 30 Mill each. It came

also to light that an order for six 80,000 dwt bulkers has been placed at the

Chinese shipyard Yangfan for a total cost of Usd 240 M.


Demolition prices in the Indian sub-continent have improved with bulkers being

now sold at around Usd 300 per LDT and tankers between Usd 330 and Usd 345.


Name               Type   Dwt   Blt Price      Buyer


Iguana             Pmax   70,349 96 USD 23.75 M Undisclosed

Paschalis          Pmax   69,171 84 USD  7.40 M China

Sun Harvest        Pmax   64,714 82 USD  3.90 M China

Cape Courage       Pmax   63,770 82 USD  4.50 M Undisclosed

Marybelle          Hmax   42,569 87 USD 10.80 M Turkey

Sanko Rejoice      Bulk   42,529 94 USD 14.50 M Undisclosed

Sanko Rose         Bulk   42,529 95 USD 14.50 M Undisclosed

Sanko Reliance     Bulk   42,529 95 USD 14.50 M Undisclosed

Ulcas              Hmax   42,244 85 USD  8.50 M Undisclosed

World Trader I     Hmax   41,796 86 USD  8.90 M China

Seaboxer II        Hmax   41,525 83 USD  5.50 M Greece

Silver Sen         Hmax   41,454 82 USD  5.10 M HK

Scanda             Hmax   40,187 90 USD  8.90 M Undisclosed

Moon Sea           Hndy   38,313 84 USD  6.50 M Undisclosed

Broadgate          Hndy   35,287 84 USD  6.00 M Undisclosed

Nord Sincere       Hndy   28,050 08 USD 25.00 M China

Borkum             Bulk   18,355 94 USD  9.00 M Undisclosed


Marcatania      1687teu   23,150 94 USD  4.50 M Auction


Spring Canary     Roro     8,125 95 USD  5.00 M Undisclosed


Cape Balboa       Tank   164,000 02 USD 51.50 M USA

Maersk Privilege  Tank   105,483 03 USD 44.00 M Undisclosed

Gan-Voyager       Tank    46,600 07 USD 53.00 M Undisclosed en bloc

Gan-Venture       Tank    46,616 06 USD  ''         ''        ''

Sunny Falcon      Tank     6,174 90 USD  3.00 M Vietnam


Cape Conway       Twee    22,312 85 USD  4.45 M China




Madre              Bulk  7923/LDT   83   -             India

Al Waaliyu         Bulk  8250/LDT   77  USD 300.00/ton Pakistan

Minoan Hope        Bulk 10749/LDT   82  USD 310.00/ton Pakistan

Graceful Zhejiang  Bulk 17370/LDT   86  USD 298.00/ton Bangladesh

Islas Uno          Bulk             72  USD 175.00/ton Turkey

Lys                Cont             80  USD 280.00/ton India

Oel Excellence     Cont             85   -

Oel Enterprise     Cont             85   -

Pyrihios           Tank  6194/LDT   91  USD 345.00/ton Bangladesh

Keystone Texas     Tank 10532/LDT   81  USD 375.00/ton India (1000t fuel ROB)

Captain Gurbachan-

Singh Salari       Tank 13124/LDT   84   -             Bangladesh

                                                       'as is' Kakinada

Company Havildar-

Major Piru Singh   Tank             84  USD 292.20/ton Bangladesh

Halden             Tank             89  USD 332.00/ton Bangladesh



(All details given in good faith but without guarantee)


Vogt and Maguire Shipbroking Ltd/Varenco Pty Ltd







Version: 8.5.425 / Virus Database: 270.14.62/2499 - Release Date: 11/12/09 14:33:00

Wednesday, November 11, 2009


Surprised by the number of vessels at the Loyang Supply Base- including this exciting siesmic vessel

Tuesday, November 10, 2009


Name Type Dwt Blt Price Buyer
Kater Wave Pmax 70,359 89 Usd 11.50 M Greece
Mahakam Pmax 70,002 96 Usd 17.50 M Undisclosed
Bulk Navigator Hmax 53,000 06 Usd 27.00 M Undisclosed
Medi Trader Hmax 48,225 99 Usd 22.00 M China
Progress II Hmax 46,641 95 Usd 17.50 M Undisclosed
K. Gold Hmax 43,797 96 Usd 18.00 M Far East
Searider Hmax 41,503 84 Usd 5.50 M Undisclosed
Sur Hmax 28,234 85 Usd 6.00 M Turkey
New Success Hndy 21,990 84 Usd 4.50 M Undisclosed

Scio Star 1597teu 23,465 87 Usd 2.70 M China
Leo One 1129teu 16,500 96 Usd 6.00 M Far East
Dubai World 1048teu 15,165 90 Usd 3.10 M Philippines
Marcommander 1033teu 14,271 83 Usd 2.70 M Turkey
Cma Cgm North Afri 856teu 12,816 85 Usd 1.50 M Undisclosed
Believer 510teu 6,560 92 Usd 1.50 M Undisclosed
K-Wind 518teu 5,538 99 Usd 4.00 M Undisclosed

Pacific Aquarius Afra 106,681 98 Usd 19.90 M Greece
Chemtrans Lyra Afra 97,047 93 Usd 12.00 M China
Frontier Express Pmax 68,520 93 Usd 5.00 M Undisclosed
Pacific Turquoise Tank 45,018 89 Usd 4.80 M Indonesia
Rainbow Tank 44,720 96 Usd 12.00 M Undisclosed
Chemstar Angel Tank 19,000 99 Usd 15.10 M China

Thor Sofia Tween 4,281 84 Usd 2.30 M Greece


Chang Le Bulk 3998/LDT 75 USD 265.00/ton China
Pine Trader Bulk 7777/LDT 79 USD 270.00/ton India (under tow)
Mert E Bulk 5700/LDT 78 USD 328.00/ton Bangladesh
Asean Mariner Bulk 4313/LDT 76 USD 280.00/ton India
Msc Ilaria Cont 10700/LDT 77 USD 280.00/ton India
California Luna Cont 14787/LDT 87 USD 285.00/ton India
Ever Goods Cont 18197/LDT 86 USD 281.00/ton China
Ever Guest Cont 18197/LDT 86 USD 281.00/ton China
Ever Gaining Cont 18197/LDT 87 USD 281.00/ton China
Howrah Bridge Cont 12665/LDT 85 USD 285.00/ton India
Frost Delphi Reef 3205/LDT 82 USD 285.00/ton India
Conti Progress Roro 6016/LDT 81 USD 315.00/ton India
Berjaya Blessin Tank 2198/LDT 83 USD 310.00/ton India
Rovena I Tank 5307/LDT 80 USD 307.00/ton Pakistan
Jo Loenn Tank 10777/LDT 82 USD 600.00/ton India
(incl 1508 stainless steel on board)
Lovell Sky Tank 8691/LDT 84 USD 327.00/ton Pakistan
Masan Tween4680/LDT 77 USD 265.00/ton China

(All details given in good faith but without guarantee)
Vogt and Maguire Shipbroking Ltd / VARENCO PTY LTD

Thursday, November 5, 2009


Alternative Energy

At present, vessels are propelled by diesel engines that burn fossil fuel. But to develop a sustainable society we must not only save energy but also use clean energy NYK are focusing on fuel cells as a promising clean-energy option. We are targeting the achievement of " zero emissions " by 2050 and have designed the concept ship NYK Super Eco Ship 2030 as a milestone for 2030 with MTI (our subsidiary technology institute), Elomatic (a marine consulting company in Finland)



It is a unique tool for fast 3D hull model inspection with fly trough, orbit and spinning visualization. The user can query the model for structural details like material, thickness, weights, size, logistics etc. One-click "filter" buttons can be used to detect anomalies in hull structural thickness, material and orientation. Advanced color and lighting features are available to create photo realistic images of the ship, which can be stored in postscript, bmp or pdf format for publication purposes.

Downloads the free Hull Viewer V5.3 here! the free Hull Viewer V5.2 here!



Wednesday, November 4, 2009

Rotterdam Rules Gain Momentum as 20th State Signs


- The United Nations Convention on Contracts for the International Carriage of Goods Wholly or Partly by Sea, known as the Rotterdam Rules, has received its 20th signature just one month after it first opened for signature. Niger became the 20th signatory to the Rotterdam Rules.

The signing ceremony for the Convention was held in Rotterdam, the Netherlands, on 23 September 2009. Sixteen States signed the Convention on the opening day, making it the most successful of the conventions developed by the United Nations Commission on International Trade Law (UNCITRAL) so far in terms of signatures obtained on opening day.

The States signing the Convention upon its opening for signature in Rotterdam were: Congo, Denmark, France, Gabon, Ghana, Greece, Guinea, the Netherlands, Nigeria, Norway, Poland, Senegal, Spain, Switzerland, Togo and the United States of America. Joining the initial 16 States in signing the Convention since were: Armenia, Cameroon, Madagascar and Niger. The 20 signatories represent a mix of developing and developed countries, including several major trading and maritime nations. Together, the 20 represent over 25 per cent of current world trade volume according to the United Nations 2008 International Merchandise Trade Statistics Yearbook. The Convention needs 20 ratifications to enter into force.


Tuesday, November 3, 2009

Saturday, October 31, 2009

FW: Sale and Purchase Market Report Vogt and Maguire Shipbroking Ltd

A relatively active week in the sale and purchase market with Buyers
mainly in handymaxes and supramaxes. Price levels have slightly reduced
compared to the prices achieved in July and August for similar tonnage. In
tanker sector no activity has been reported this week except four single
units commited for demolition and heading to the sub continent.

Although in the newbuilding sector prices have fallen considerably the
remains depressed.

The demolition market has been quieter and prices have droped compared to
weeks ago which has also generated a number of renegotiations. Overall,
for wet tonnage are ranging between USD 320 and 340 for Bangladesh and
for dry tonnage are approximately 280 to 300 for Pakistan and/or India.

Name Type Dwt Blt Price Buyer
Mineral Azalea Cape 170,000 99 USD 42.50 M Korea
Anna-Elisabeth Smax 55,518 08 - Undisclosed
Anna-Barbara Smax 55,100 08 - Undisclosed
Anna-Dorothea Smax 55,000 08 - Undisclosed
E. Duckling Hmax 53,587 06 USD 29.50 M Undisclosed
PL Star Hmax 53,074 03 USD 25.75 M Greece
Coral Globe Hmax 43,246 94 USD 35.00 M Russia en bloc
Sea Globe Hmax 43,246 85 '' '' '' ''
Yick Wing Hmax 42,943 83 USD 4.75 M China
Broadgate Hndy 35,287 84 USD 6.00 M Undisclosed
Imandra Hndy 32,813 85 - Undisclosed
Global Alliance Hndy 28,436 04 USD 20.75 M Russia
Clipper Lancelot Hndy 28,426 97 USD 14.25 M Undisclosed
Delta Salus Hndy 26,598 85 USD 5.30 M China
Gui Shun Bulk 18,380 79 USD 1.60 M Taiwan
Queen Stella Bulk 6,914 97 USD 5.20 M Undisclosed
Aslar Bulk 6,251 82 - Undisclosed

Freemantle Bridge 1064teu 16,567 98 USD M Undisclosed

Logan Reef 7,934 93 USD 10.00 M China (Auction Gib)
EW Snowdon Reef 6,386 84 USD 2.80 M China (Auction UK)

Thor Sailor Twee 16,248 86 USD 2.60 M Singpore

Pine Trader Bulk 7777/LDT 79 USD 270.00/ton India
EEC America Bulk 77 USD 295.00/ton Bangladesh
Gardenia Cont 80 USD 284.00/ton India
Msc Selin Roro 81 USD 282.00/ton India
Samaria Tank 11501/LDT 85 USD 330.00/ton Bangladesh
Trust Friendship Tank 17112/LDT 86 USD 330.00/ton Pakistan
Pedoulas Tank 14250/LDT 90 USD 340.00/ton Bangladesh
Produce Tank 7500/LDT 84 USD 323.00/ton Bangladesh
Front Sabang Tank 90 USD 325.00/ton Bangladesh
Thousand Sunny Twee 78 USD 250.00/ton China

(All details given in good faith but without guarantee)

Best regards
Vogt and Maguire Shipbroking Ltd / VARENCO PTY LTD

Sale and Purchase Market Report for the Week Ending 23.10.2009 FROM VOGT AND MAGUIRE

A relatively active week in the sale and purchase market with a considerable
number of sales to report. Chinese owners returning to a buying mood after
sometime and are targeting 90's built panamaxes. Vietnamese Buyers are also
becoming more active in the second hand market after concerns that local
shipyard Vinashin might delay some of their newbuilding orders.

At the same time there have been reports that Vinashin has won an order from
local Shipowner for 16 bulkers between 34,000 dwt and 56,000 dwt worthing
450 m.

Prices in the Indian sub-continent have come down and China is becoming more
competitive again with demolition prices ranging between Usd 260/270 per
Bangladesh remains the leader in the wet tonnage continuing to offer the
highest prices. After the demolition of the VLCC 'Front Vanadis' there are
90 non double hull VLCCs still trading in the world fleet. It is expected
number will be further reduced by the end of the year.

Name Type Dwt Blt Price Buyer
Dyna Auk Cape 151,220 90 USD 17.30 M China
Seawind Pmax 74,012 96 USD 23.00 M Vietnam
Global Challenger Pmax 73,000 96 USD 22.00 M China
Bintang Biru Pmax 71,927 83 USD 7.00 M Undisclosed
Ym Equality Pmax 70,252 96 USD 22.00 M China
Sejahtera Pmax 69,073 94 USD 18.50 M China
Fair Wind Pmax 69,058 95 USD 22.00 M China
Rosetta Hndy 29,099 84 USD 5.50 M Undisclosed
Rosella Hndy 28,900 05 USD 22.60 M Demark
Virginia Hndy 26,523 85 USD 4.50 M Undisclosed
Clipper Stamford Hndy 20,731 98 USD 12.50 M Undisclosed

Alder 797teu 9,865 00 USD 2.50 M Europe
Barbara 336teu 4,850 96 - Undisclosed

Ew Cook Reef 6,916 86 USD 1.07 M Auction Durban

Asian Chorus Roro 21,505 97 - Undisclosed en bloc
Asian Legend Roro 21,421 96 - '' ''

Stena Comfort Vlcc 258,096 92 USD 13.30 M Undisclosed
Northway Tank 151,910 89 USD 8.20 M China (conversion)
Sanko Quality Tank 95,628 93 USD 14.50 M Undisclosed
Bright Express Tank 42,235 93 USD 8.50 M Undisclosed
Baltic Serenity Tank 37,250 09 USD 27.20 M Greece
Baltic Solar Tank 37,250 10 USD 27.20 M Greece
Arabian Wind Tank 17,442 87 USD 2.13 M Singapore (Auction)

St. Georgios Bulk 7574/LDT 81 USD 285.00/ton India
Manila Star Bulk 8334/LDT 78 USD 270.00/ton China
Jurupema Comb 25066/LDT 77 - India
Manila Star Cont 4914/LDT 79 USD 270.00/ton China
Liguria Cont 78 USD 289.00/ton India
Astakos Tank 11427/LDT 86 USD 326.00/ton Bangladesh
Front Vanadis Tank 32664/LDT 91 USD 325.00/ton Bangladesh

(All details given in good faith but without guarantee)

Best regards
VARENCO PTY LTD / Vogt and Maguire Shipbroking Ltd

Tuesday, October 13, 2009

Rotterdam Rules - Following in the wake of Hamburg Rules

Why are important seafaring nations such as the United States, Norway, Denmark, Greece, France and the Netherlands are among the signatories of the new UN Convention 'Rotterdam Rules'. The Rotterdam Rules according to the nations in favour - will give world trade a boost considering that 80% of world trade is conducted by sea.

There is of course the argument that ....if the same law applies all over the world, this will facilitate international trade by making its underlying contracts and documentation more efficient and clearer.

Of course the more ground regulation tries to cover the more verbose it gets leaving the door open for misinterpretation and misunderstanding. The set of rules that cover Sea Carriage today Hague ( and As Amended Hague Visby) run through to 16 articles ( 17 for Visby) Whilst Rotterdam rules is almost thrice as voluminous ( (^ Articles ) as the Hamburg Rules.

The Rotterdam Rules aim bring more clarity regarding who is responsible and liable for what, when, where and to what extent when it comes to transport by sea.

For a very illuminating commentary on why countries should not ratify the Rotterdam rules see what the EMINENT EIGHT have to say about it

Francesco Berlingieri, Philippe Delebecque, Tomotaka Fujita, Rafael Illescas, Michael Sturley, Gertjan Van Der Ziel, Alexander Von Ziegler, Stefano Zunarelli, The Rotterdam Rules an Attempt to Clarify Certain Concerns that Have Emerged [.pdf], 5 August, 2009.

The international trading community is enormously resistant to change – so this attempt to get “ALL ABOARD” may not have a better chance than the jinxed Hamburg Rules. The Australian position is not clear yet – the debate continues.

Prof Nick Gaskell will be in Brisbane 28th October – addressing the issue from an Australian perspective.

Thursday, October 8, 2009



The Shipping industry's supposed transparency and very competitive market structure depends almost entirely on the broking houses both large and small publishing reports and data from a whole range of fixtures concluded or reported on the market. The quantity of data available is enormous whilst the quality is not as easy to assess.

Typically shipbrokers report that a vessel was fixed for a certain period for a certain rate on a spot basis . Other factors that ought to be assessed by the market in evaluating the fixture are

· Commissions including address commission

· Repositioning or ballast included to point of delivery into service

· Idle time between fixtures

· Special terms and conditions negotiated as part of the charter arrangement.

The net result of insufficient information is that the reported levels typically overstate the time charter value of a particular vessel.

If the typical values generated by market reports are used it is likely that the earnings potential of vessels is overstated and consequently preparedness to pay for second hand prompt tonnage.

More recently a few researchers have published studies that do some multivariate analysis to understand the nature of the market better – however at this stage the use of more sophisticated tools than time series analysis remains academic than normal business practice.

Newbuilding and financing projects too use static variables and a basic assumptions level not in our opinion reflective of the level of risk and volatility in the industry.

Consequently shippers at large have no option but to deal with a unpredictable and volatile freight solution. Industrial shipper reluctance to take a longer view results in opportunistic rather than planned investment in shipping – perpetuating the lead and lag of capacity and demand in the market.

There is a definte need for Shippers and Shipping Comapnies to work in collaboration to ensure that their longer term aspriations are met - Varenco works with shippers and shipping companies to produce robust long term outcomes which take advantage of the current state of the market.

Friday, October 2, 2009


Contribute to and participate in the growing Atlas community by becoming an active Member of the UN Atlas today


Visit the UN Atlas of the Oceans Web site

Natural disasters have hit the Asia-Pacific region this week: the tsunami near Samoa Islands; Typhoon Ketsana striking The Philippines, then Viet Nam, Cambodia and Laos; and earthquakes in Indonesia. Recent lessons learned by international agencies, NGOs and local authorities are being put to practice in coordinated relief efforts. This year World Food Day (October 16) will focus on how to ensure food security in times of crisis. The global situation has worsened: the number of people suffering from hunger has been growing relentlessly in recent years, aggravated by rising food prices, climate change impacts and the economic crisis. FAO estimates that the number of hungry people could increase by a further 100 million in 2009 and pass the one billion mark. The fisheries sector alone is a source of livelihood, either directly or indirectly, for some 500 million people, most of them living in developing countries. While it is crucial to promote sustainable fisheries, people must also have adequate access to them in order to ensure food security -- see a special report The Missing Element to learn more. The World Summit on Food Security (November 2009) will gather leaders from around the globe to discuss and agree on key actions on tackling and facing the challenges of the current situation.

From the Editors of ATLAS OF THE SEA.


Thursday, September 24, 2009


For some time now we have held a conviction that like lawyers and doctors success in the marine field also requires a professional approach to a maritime career. Today we see that investment in training and development of marine professionals has lagged demand enormously and there is now consensus that there will be a worldwide shortage of qualified sea going personnel and downstream shortage of suitably experienced candidates for related industry jobs from pilotage through to surveying . Ultimately an attractive and rewarding sea career should see individuals who want to make their career at sea prepared to fund ( to some extent) their own training,

We have moved to use the maritime network to set-up a self-supporting system for young professionals .

The key in supporting young professionals from all over the world is setting-up new training concepts in cooperation with training facilities on shore and berths for practical training on board commercial ships.

We believe in the empowerment of young talents to take responsibility for their own training . Essentially the Student Empowerment Facility is a financial back-up system for young professionals. The young professional is able to choose and finance his personalized education program.

From an educators point of view you know too well that increasing enrolment at the shore based end is only half the solution- obtaining end to end training and sea time for professional is critical to a the individuals success in the industry.

The facts are that the following factors exist:

· Global shortage in qualified personal.

· A pool of young people who would like to work in the maritime

· Existing high quality shore-based training-facilities for
theoretical and practical training ( Such as AMU)

>From an Australian perspective with 35 vessels flying the Australian
flag and very little representation in Ship Ownership Australian students access to sea going berths is drastically reduced , At the same time internationally the bottlenecks to satisfying the demand are :-

· Funding system for young students without collateral.

· Preselecting process standard for students ( Reducing Wastage
Rate )

· Lack of training berth for practical training on board ships (
Access to timely training berths)

· Trainer access for students during their practical training on
board ships ( Ensuring Training Standards and reducing lead time to

We look to Industry , institutions and individuals who share a common interest in the development of personnel for the Marine Industry .

IMSBC CODE expected to enter into force on 1 January 2011.

The aim of the mandatory IMSBC Code is to facilitate the safe stowage and shipment of solid bulk cargoes by providing information on the dangers associated with the shipment of certain types of cargo and instructions on the appropriate procedures to be adopted.

The IMSBC Code may be applied now on a voluntary basis, and the new edition is recommended reading for all concerned with the standards to be applied in the safe stowage and shipment of solid bulk cargoes, excluding grain.

The IMSBC Code includes:

  • Fully updated individual schedules for solid bulk cargoes
  • New individual schedules for such cargoes as direct reduced iron fines, spent cathodes and granulated tyre rubber
  • New provisions about sulphur
  • References to the most recent SOLAS amendments
  • Relevant updated information from the 2008 edition of the International Maritime Dangerous Goods (IMDG) Code

This publication presents additional information that supplements the IMSBC Code, including the Code of Practice for the Safe Loading and Unloading of Bulk Carriers (BLU Code) and Recommendations on the safe use of pesticides in ships applicable to the fumigation of cargo holds.




Wednesday, September 23, 2009

FAIRPLAY : Long Term Asset Value

22 Sep 2009

GERMAN shipping banks and shipowners may be able to avoid crippling asset writedowns following approval of the new Hamburg Ship Evaluation Standard by PricewaterhouseCoopers. The formula for the calculation of a ship’s long-term asset value (LTAV), which takes into account charter employment, market prospects and historical asset prices, represents an alternative approach to value assessments. As a discounted cash flow method, it arrives at more conservative values than the extreme highs and lows recorded in the sale & purchase markets during booms and slumps. The deviation from traditional spot value assessments tends to be within a 15% corridor, the Hamburg Shipbrokers Association said. Banks and owners can use the scheme to back up higher ship value estimates than seen in recent ‘fire sales’ concluded under abnormal market conditions. Loan-to-value ratios on well-performing vessels can be kept under control under, averting covenant breaches. A survey by PricewaterhouseCoopers presented in Hamburg today found that the LTAV formula is a plausible and appropriate tool. Details of the standard, including forward interest rate curves and forecast periods, have been revised since its first introduction in February, to comply with German accounting standards. Both HSH Nordbank and Deutsche Schiffsbank have declared their intent to apply the formula for fleet valuations.



Tuesday, September 22, 2009


THE KG model has long looked to be the weakest link in the newbuilding financing fiasco. Up until recently, bankers have been afraid to add pressure, for fear of making the situation worse.

That may be changing. Klaus Stoltenberg, head of shipping and aviation at German bank NordLB, speaking at a conference in Hamburg last week, enunciated the banks' dilemma in stark terms: "Basically, we want to keep projects alive but we need adequate rewards," he said.

The KG financing scheme now seems like the kind of daft idea that could only be invented in the easy money atmosphere of a market bubble. KG houses collect money from small investors to finance a newbuilding via equity, covering about a third of the cost of construction, with the remainder financed via a mortgage underwritten by a bank. But because of a mismatch in timing common in financing new ships, the vessels are usually ordered before the KG houses collect the money. Banks make up for the gap by offering bridge loans.

Those loans are becoming very hard to justify, as the value of ships has declined in the crisis. Mr Stoltenberg offered an example of a loan for a fictional 5,300 teu container ship ordered in 2006 to be delivered in 2009. Capital required to be regulated under the Basel II regime would amount to about €481,000 ($710,000) in 2006. But if the vessel is delivered this year and cannot find employment, the capital required on a bank's books would be 25 times that much.

The reckoning due is not unlike the collapse last year in derivatives contracts based on underlying mortgage values, although the overall value, of course, of the KG market is much smaller. But similar to the situation with banks and CDOs, unsupported leverage was extracted out of an underlying deal involving private investors. And the ultimate outcome, when the dam breaks, may require a political solution.

Banks are as guilty in this cycle of virtue-less finance as the KG houses, and arguably, the small investors themselves. Yet, they are not villains for stating the reality that the business has become untenable. It's a relief that, via Mr Stoltenberg's comments, they are asserting common sense.

Certainly, drawing the line will be painful, but without the pain, a solution can never emerge. A zombie KG market is more damaging to the industry than one in which the parties begin to address their wounds


Wednesday, September 16, 2009


Business | Latest Business News | The Australian

Business | Latest Business News | The Australian: "ALL ORDS
S&P/ASX 200
4638.1097.80+2.15%S&P 500

Tuesday, September 15, 2009


Today , on the one year anniversary of the Lehman Brothers collapse in 2008 - and as a result of the tunmultuous roller coaster that is world liner shipping - Swire Group announced that the head offices of Swire Shipping at Sydney as well as the Parent CNCo in Hong Kong would move to Singapore- preserving in Singapore a core of 120 shipping professionals - better prepared for tommorrows tune- while for the 100 + individulas who will not make the cut -theres a very long silence.

Shipping - without the protection of regulation and capacity control and with no ability to attract govenment or other subsidies - has had to bear the burden of volatilty and risk ridden investments

If ,it doesnt kill you they said- It would make you stronger-

We wish all our colleagues well

Saturday, September 12, 2009

Ice. Navigation

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Japan's Mitsui O.S.K. Lines, Ltd.(MOL) says it has formed the concept for its next-generation vessels, which will be technically practical in the near future, by building on and refining technologies it has already developed and adopted.

The first is a next-generation, environment-friendly car carrier. MOL continues to work on concepts for other next-generation vessels such as ferries, bulkships, tankers, and containerships. MOL has named the concept car carrier "ISHIN-I (ishin one)," which stands for "Innovations in Sustainability backed by Historically proven, INtegrated technologies."

Main features are:

While in port, and during loading and unloading: Achieve zero CO2 emissions

Further develops the use of renewable energy for conventional car carriers. Realizes zero emission goal by adopting large-capacity solar-power panels and rechargeable batteries.

Under way: Reduce CO2 emissions by 50%

Adopts multiple new technologies to greatly reduce the vessel's burden on the environment. The ship achieves a 41% reduction in comparison (per unit) to conventional vessels with a capacity of 6,400 cars. CO2 emissions can be reduced by 50% on the larger capacity vessels envisaged for the future.

MOL has a special dedicated site explaining the concept in more detail. It's in Japanese only, but there's neat animation that's worth a look.


Thursday, September 10, 2009



The BSI has been pushing upwards since last week amid continued firm conditions in the Atl. The Supra/Handy markets should remain stable and firm. Pacific Basin was reported to have taken the MV EFFY N, 55,800 dwt, at USD 32,500 dely 10/15 Sep Morocco to New Zealand. Handymaxes open in USG are achieving in the low 30's for trips to the Med and the market there is volatile with more enquiry. Bl.Sea...
With still lack of tonnage in the N.Cont, rates climbed usd 4000 from last week with TA’s fixing arnd usd 25,000, even with less activity in the Atlantic this week. Fronthauls fixed usd 32,000 via St.Lawrence, and usd 31,000 via S.America, up USD 2000 from last week. Little activity in the period market though, 7/9 months fixed usd 26,500 end last week. Steady improvement of rates in the Pacific. ...
As the market was developing, it seems the big question being raised was when the freight rate for an Australia to China round would break USD ten. That was done earlier this week, at USD 9.75 on an overaged vessel. For Baltic type vessels, market has however stabilized at low tens. In the Atlantic tonnage has been tighter, and yesterday charters had to pay higher than last done for a transatlantic round, with Puerto Drummond to Rotterdam at USD 15.25 pmt. Last week and beginning of this week th...


Wednesday, September 9, 2009

Timor Sea Oil Rig Leak : PTT Exploration & Production Pcl said it may take 50 days to stop an oil and gas leak off northwest Australia as marine authorities fight to prevent the slick harming migratory whales and breeding turtles. (News)•
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Wednesday, September 2, 2009


· The Shipping Markets experience continued volatility
· A system to reduce coal ship queues off Newcastle has been thrown into disarray with approval for an interim agreement between coal companies being revoked by Australia's competition watchdog ACCC
· Global steel production was down 19.9% to 652.9 million tons for the first 7 months of 2009 compared with the same period a year ago. North America posted a 41.6% fall in year-to-date steel production while European production reduced of 42.1% during the same period
· The time charter rates for cape size ships, are expected to reduce about 50 per cent from the current price of $38K USD a day to low 20K. OECD predicts a 16 per cent drop in world trade for all of 2009.