Tim Smith warned the improvement in the business environment for container lines would be a gradual process and there were significant concerns such as rising levels of trade protectionism and the falling ratio of world trade to GDP growth.
South Korean LPG and chemical shipping specialist KSS Line plans to contract more chemical tanker newbuildings as prospects are starting to look positive.
At its recent Marine Environment Protection Committee meeting the IMO has decided to look at the possibilities of banning the use of the algaecide Cybutryne from Anti-Foul Coatings.
Better prospects of increased project cargo liftings for multipurpose operators and other types of carrier.
The two-year extension could reduce the pace of demolition sales of ageing vessels, such as tankers, and thereby sustain tonnage imbalance.
Shell buys the Turritella FPSO vessel from SBM Offshore joint-venture. The vessel is contracted for the Stones deepwater development in the Gulf of Mexico, which began production last year.
Singapore-listed Rickmers Maritime Trust has approved the sale of its entire fleet and unsecured creditors can expect recovery of about USD27 million.
The Korea Shipowners’ Association has urged its members to support Korea P&I Club by insuring their vessels with it, following its slow growth as it is not part of the International Group of P&I Clubs.