Maritime Consultancy in the Digital

DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

Number 085 *** COLLECTION OF MARITIME PRESS CLIPPINGS *** Saturday 25-03-2017 News reports received from readers and Internet News articles copied from various news sites.

Plymouth police launch MILLENIUM, on the slipway for servicing at Mashford’s Cremyll boatyard ready to resume her normal duties escorting international warships from the open sea into Devonport dockyard. photo : Raymond Wergan ©

Make Time For Safety. It Is Better To Be 5 Minutes Late In This Life Than Many Years Early In The Next.

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 1 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

Your feedback is important to me so please drop me an email if you have any photos or articles that may be of interest to the maritime interested people at sea and ashore PLEASE SEND ALL PHOTOS / ARTICLES TO : [email protected]

If you don't like to receive this bulletin anymore : To unsubscribe click here (English version) or visit the subscription page on our website. http://www.maasmondmaritime.com/uitschrijven.aspx?lan=en-US EVENTS, INCIDENTS & OPERATIONS

IRClass Academy and Singapore Nautical Institute deliver Ballast Water Management Course in Singapore Indian Register of Shipping’s training arm, IRClass Academy, in association with the Singapore Nautical Institute, delivered a training course on Ballast Water Managementin Singapore earlier this month (March). Conducted by IRClass’ Joint Managing Director, Mr. Vijay Arora, the course was designed to equip attendees with a better understanding of the requirements of Ballast Water Management Convention set to enter into force on 8th September 2017. The Ballast Water Management Convention, adopted in 2004, aims to prevent the spread of harmful aquatic organisms from one region to another, by establishing standards and procedures for the management, and control of ships' ballast water and sediments. Under the Convention, ships trading in international waters will need to ensure they are fitted with an approved on-board ballast water treatment system. With the cost of installing a ballast water treatment system relatively significant for many owners, and in an effort to improve the state of the shipping industry,IRClass believesit is imperative that owners and managers have a clear and holistic understanding of the Convention along with its implications. IRClass aims to create awareness amongst all stakeholders in the implementation process. The course was well- attended by representatives from various prominent shipping and maritime organizations in Southeast Asia, and according to Mr. Arora, IRClass Academy will continue to be active in conducting cost-effective training programmes on the Ballast Water Management Convention. He added: “I was heartened by the turnout, and as we are getting closer to the implementation date of the Convention, owners and managers would benefit from having more than just a surface understanding of the convention – and I conduct the course with a simple and lucid delivery.” The training course took place at the Singapore Recreation Club on Friday, 10March 2017, from 9am to 4pm. Coast Guard medevacs man from boat off Sabine Pass

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 2 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

Seaman Martin Sissac and Petty Officer 3rd class Kaylee Harding tend to a man with a broken leg and arm during a medevac off Sabine Pass, Texas, Mar. 22, 2017. The man fell while underway on an offshore supply vessel, was taken to Coast Guard Station Sabine and transferred to EMS in stable condition. Photo : Coast Guard Station Sabine

Don’t miss this chance to own a unique piece of history! MV DOULOS was the world’s oldest ocean-going passenger ship during her service as a floating book fair for GBA Ships. She was built in 1914 as SS MEDINA In the September 1914 issue of International Marine Engineering, she was referred to as “One of the most modern and largest freight steamships operating on the Atlantic coast.” Left : editor of this newsletter Piet Sinke onboard the DOULOS during a visit to Singapore in 2009 with Capt Dirk Geuze of the vessel Photo : Elizabeth Sinke (c) CLICK at the photo ! When World War I broke out, she became a supply ship for the US Army, but was placed under the operational control of the US Navy. In 1918, MEDINA was the Commodore’s Flagship in a convoy of about twenty ships enroute to Europe. During that arduous voyage, two ships in her convoy were torpedoed, but MEDINA escaped without harm. During World War II she served once again as a military supply ship. During her second stint of wartime service MEDINA rammed a Canadian corvette class naval vessel almost cutting it in half while Medina apparently suffered little damage as the result of this mishap. In 1949 Genaviter converted MEDINA to a passenger vessel in La Spezia, Italy. Left ;The DOULOS moored at ASL Shipyard in Batam-Indonesia prior transfer to Bintan Photo : Piet Sinke (c) CLICK at the photo Upon completion she was given a new name, SS ROMA. In 1952, ROMA was sold at auction to the only bidder present; another Italian shipping company, Costa Lines. Costa Lines registered the vessel in Genoa and renamed her FRANCA C. In 1977, her ownership was transferred to GBA (which stands for Gute Bucher fur Alle, or Good Books for All), an affiliate of a Christian organisation whose primary mission is to distribute heavily discounted educational and religious books worldwide. GBA

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 3 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

renamed her M/V DOULOS. When the ship’s operational certificate ran out on December 31, 2009, her owners made the difficult decision to sell DOULOS. In 2010, DOULOS again escaped the breakers and had a new owner, Mr. Eric Saw, director and chief executive of BizNaz Resources International Pte Ltd in Singapore.

She was renamed DOULOS PHOS or Servant of Light with the intent of transforming her into a floating multi- use facility. In 2015, her current

owners formed a joint venture with two well-established Asian firms in the resort business and concluded that it was both economically and physically feasible to reposition DOULOS PHOS on land and turn her into a luxury hotel. That August the ship was towed out of Singapore to Batam, Indonesia, to be refurbished before moving to the Island of Bintan to become part of a US$25 million hotel resort. In October 2015 she went into drydock, where her hull was refurbished. Steel reinforcement bracing was added inside her hull to support her weight on dry land. She was then towed to a location adjacent to the Bandar Bentan Telani Ferry Terminal. Using a system of pulling cables and air bags, the ship was hoisted up a slope to a promontory point overlooking the harbor. This marked the end of her career as a floating ship. A port hole from this vessel is currently being auctioned through Facebook. Find out more about this special item and place your bid at: http://bit.ly/shipsauction1

China denies reports of building on disputed shoal China's Foreign Ministry on Wednesday denied reports that China will begin preparatory work this year for an environmental monitoring station on disputed Scarborough Shoal in the South China Sea. China seized the shoal, which is northeast of the Spratly islands, in 2012 and denied access to Philippine fishermen. But after President Rodrigo Duterte visited China last year, it allowed them to return to the traditional fishing area. Earlier this month, Xiao Jie, the mayor of what China calls Sansha City, said China planned to begin preparatory work this year to build environmental monitoring stations on a number of islands, including Scarborough Shoal Sansha City is the name China has given to an administrative base for the South China Sea islands and reefs it controls."China places great importance on the preservation of the South China Sea's ocean ecology, this is certain," Chinese Foreign Ministry spokeswoman Hua Chunying told a daily news briefing."According to the relevant bodies in China, the reports you mention that touch upon building environmental monitoring stations on Scarborough Shoal are mistaken, these things are not true," she added."With regards to Scarborough Shoal, China's position is consistent and clear. We place great importance on China- Philippines relations." Xiao Jie's comments about the plans as quoted by the state-backed Hainan Daily had been amended to remove mention of the shoal in the paper's online version when checked by Reuters on Wednesday.Earlier in the day, the

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 4 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

Philippines formally asked China's embassy in Manila to explain news reports about building plans for Scarborough Shoal."We have sought clarification from China on reported plans on Scarborough Shoal," Charles Jose, foreign ministry spokesman, said in a text message sent to news organisations.In a radio interview later, Jose said it is important for the Philippines to strengthen its defence and maritime domain awareness capabilities. He said the Philippines should also step up cooperation with its allies and regional partners who share the country's position in maintaining peace and stability in the South China Sea, resorting to peaceful settlement of disputes and adherence to rule of law."We should maintain the civilian nature so as not to escalate tensions," he said, reacting to some suggestions the Philippines deploy warships to Scarborough Shoal to assert Manila's claim on the rocky outcrop. source: Reuters (Reporting by Christian Shepherd; Additional reporting by Manny Mogato in Manila; Writing by Ben Blanchard; Editing by Simon Cameron-Moore) Maritime Consultancy in the Digital Age Britannia Maritime Consultants (www.britmaritime.com ), a boutique consultancy based in Singapore, has been launched to specialize in maritime casualty and expert witness/opinion. Its founder and Principal is Paul Martin, a class 1 master mariner (unlimited), who was previously a marine pilot at two districts in the UK before entering the consultancy field more than seven years ago. Paul’s experience as a pilot allows him to bring invaluable insight to bear when investigating collisions, allisions and port operational matters. The consultancy can draw on marine engineers, naval architects, and salvage masters to provide a full scope of works. It is also partnered with an international law firm and can seamlessly integrate legal support if required. Other strategic partners include a specialised media company which can manage the public image of an organization that suffers a casualty. Offering a fresh approach to maritime industry services at a time when market rates are depressed, the company’s ethos is to embrace both the digital age and cloud-based systems to enable smart working and reduced costs. Paul said today: “Traditional ways of working inevitably generate fixed overheads that burden a business. However with travel often required for cases, the marine consultancy industry is ideally placed to exploit current technology and re-define delivery of services to the market. “Britannia Maritime Consultants utilizes the paradigm shift offered by the cloud using it for all aspects of the business, from routine administration such as invoicing and data management, through the collaboration of a highly skilled pool of expertise, to delivery of findings. This allows us to roll back the cost of overheads, yet maintain the quality. These savings can be passed on to the client”. Paul added: “Elements of the digital age couldhowever work against an organization: mobile phones and wireless communications allow anyone to be an instant reporter! The negative image of, for example, an oil spill on a beach also needs to be managed, but is often overlooked. Working with our strategic partner, media management can be integrated with the technical aspects of an incident”. The portfolio of services Britannia is able to offer include: - Expert witness and opinion - Investigating unsafe ports and berths - Complete casualty management – o Incident investigation o Collection and preservation of data o Analyze ECDIS and VDR playbacks o Source and analyze AIS data if required o Crew interviews & statements in legal format o Assist the master and interact with the authorities o Oil pollution prevention o Determine liability o Estimate costs and monitor repairs o Personal injury claims o Company representative during salvage/wreck removal - Liquefaction. Container loss. Steel Coils. - Condition, suitability and pre port state control surveys - Project work

Britannia is actively seeking to partner with quality practitioners who are also interested in a smarter way of working and who can add value to clients in the maritime industry. For further information, please contact:

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 5 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

Paul Martin Founder and Principal of Britannia Maritime Consultants T: + 65 8498 2101 E: [email protected] W: www.britmaritime.com Brasserie en restaurant De IJmond ‘kwaliteit en gastvrijheid’ Na een grondige renovatie is afgelopen week De IJmond in IJmuiden wederom open gegaan. De gastvrijheid die decennia geleden nog gewoon was en zo gewaardeerd werd, is nog steeds terug te vinden in De IJmond brasserie en restaurant. Michael

Photo top & Right : Peter Maanders © Peralta en Judith Nieborg met hun team zorgen voor een warm welkom voor iedere gast. Persoonlijke aandacht, uitleg en begeleiding bij de menu keuze, aanbevelingen voor vis, vlees en wijn, bij De IJmond zijn zulke zaken gewoon. Die kwaliteit komt in alle facetten terug. Uiteraard in de producten en ingrediënten die voor de gerechten gebruikt worden, in de wijnen, maar ook in service en ambiance. Bij De IJmond gaan kwaliteit en gastvrijheid altijd hand in hand. Een kop koffie, een lunch of diner, in De IJmond betekent dat ook eten en drinken op een unieke locatie. Gelegen op een eenzaam duin tussen strand en pieren biedt het een fantastisch uitzicht over het water en de bedrijvigheid in de haven. Het terras en restaurant kijken uit op de cruiseterminal waar grote witte schepen vol gasten aanmeren, een blik naar rechts brengt het Noordzeekanaal en Forteiland in beeld. Ook het uitzicht en de sfeer die dat brengt bij De IJmond is uniek. De IJmond brasserie en restaurant heeft het ultieme uitzicht op de aankomst en vertrek van cruiseschepen die voor de deur aanmeren.

The AIDAVITA moored at the Felison Cruise terminal in IJmuiden Photo : Peter Herweijer – www.fotoserviceijmond.nl (c)

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 6 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

The HARMONY OF THE SEAS (left) and RHAPSODY OF THE SEAS moored in Cozumel – Photo : Ko Rusman (c)

Liberian Registry passes historic 150m gross tons landmark

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 7 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

The Liberian Registry has passed the historic milestone of 150 million gross tons, confirming its position as the second largest ship registry in the world, behind only Panama, in terms of numbers of ships and gross tonnage. Following registration of the 43,301 gt bulk carrier SBI Jive, owned by the Scorpio Group, the Liberian-flag fleet currently numbers 4,167 vessels aggregating 150m gross tons. This milestone was recognized today at the Connecticut Maritime Association’s annual Shipping Conference where Cameron Mackey, Chief Operating Officer of the Scorpio Group accepted a ceremonial Certificate of Registry from Liberian Registry CEO, Scott Bergeron. Scott Bergeron, CEO of the Liberian International Ship & Corporate Registry (LISCR), the US-based manager of the Liberian Registry, says, “There is currently intense competition for business in the ship registration sector. Liberia welcomes competition based on quality, safety and service, and we are excited about our immediate and long-term future. The Liberian Registry has long been considered the world’s most technologically advanced maritime administration. It has a long-established track record of combining the highest standards of safety for vessels and crews with the highest levels of responsive service to owners. Moreover, it has a well-deserved reputation for supporting international legislation designed to maintain and improve the safety and effectiveness of the shipping industry and protection of the marine environment. Port Bronka sees promising possibilities in containerization of dry bulk cargo MSCC Bronka (Multipurpose Sea Cargo Complex Bronka, Big Port St. Petersburg) sees promising possibilities in containerization of dry bulk cargo, IAA PortNews correspondent cites Aleksei Shukletsov, Executive Director of Fenix LLC (operator of MSCC Bronka), as saying at the conference “Port Infrastructure of Russia” being held in Moscow. According to him, cargo containerization is of special interest amid sanctions and geopolitical tension as it allows for prompt redirection of cargo flows to Russian terminals without construction of dedicated terminals from scratch. According to open sources, current level of cargo containerization in Russia is 5-7% while it it is as high as average 20% globally.In March 2017, MSCC Bronka started testing of an innovative dry bulk container. The container designed by YUNA LLC is being promoted by КОТТА Container under cooperation agreement with MSCC BronkaThe container and its application technology ensures high efficiency of dry bulk cargo transportation by railways, accumulation at ports and transshipment to vessels without construction of a dedicated terminal. The capacity of Bronka’s Phase 1 is 1.45 million TEUs and 260,000 units of Ro-Ro cargoes. In the future the MSCC Bronka expansion will help increase the facility's container throughput to 1.9 million TEUs. Upon completion of the port's construction and dredging MSCC Bronka will be able to accommodate Post-Panamax containerships and the ferries of Finnstar class. The Bronka Complex will comprise three specialized facilities: a container terminal encompassing 107 hectares, the Ro-Ro terminal of 57 ha and a logistics center of 42 ha. Container terminal will have a 1,220 m-long quay wall (including 5 berths). The length of Ro-Ro terminal's dock line will be 710 meters (3 berths). source: Portnews Virgin Voyages Announces Design Team for New Ship by Adam Leposa Virgin Voyages has named the design team for its new cruise ship, which just cut steel in a ceremony broadcast live from Fincantieri’s shipyard in Italy. Virgin Voyages President and CEO Tom McAlpin and the team from Fincantieri hosted the ceremony to kick off construction of the new ship, which is slated for a 2020 debut. While design details of the new ship are still under wraps, McAlpin did reiterate the brand’s promise to draw more Millennial and “young at heart” travelers to cruising with a fresh style. “When we first conceived of Virgin Voyages we felt the need for what we call a sea change in the industry,” McAlpin said. “We are not just building a ship here, we are building a whole new brand…and a whole new way to sail in the future.” Virgin founder Sir Richard Branson also chimed in with a video message, promising the “world’s most gorgeous ship,” and that the architects’ vision “will change cruising for good.” The new cruise line did announce, however, the 10 design teams that will comprise the “creative collective” that will design the new ship’s public and private spaces. They are:  Roman and Williams - Stephen Alesch, Co-Founder; Robin Standefer, Co-Founder  Concrete Amsterdam - Rob Wagemans, Architect / Creative Director / Founder; Kasia Hiejerman, Architect  Design Research Studio - Tom Dixon, Creative Director; Gareth Payne, Head of Interior Design; Helen Arvanitakis, Managing Director  Gem SRL - Giacomo Mortola, Architect / Founder  Softroom - Chris Bagot, Director & Co-Founder; Oliver Salway, Co-Founder  WORKac - Dan Wood, Co-Founder  Knibb - Sean Knibb, Founder  HL Studio - Patrick Hegarty, Owner; Emil Leon, Creative Director  HKS inc. - Olga Acosta, Associate Principal, Interior; Adele Cuartelon, Designer

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 8 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

 Pearson Lloyd - Luke Pearson, Co-Founder The new ship will homeport in PortMiami in 2020, offering a series of Caribbean itineraries. It will have a capacity of 2,700 guests. source : travel Agent Port Otago tug getting some TLC By Simon Hartley Port Otago's newest tug, ARIHI, has another week on the slipway as it undergoes its first maintenance programme, since its delivery from Turkey in August last year. The tug will be on a slipway in Dunedin's upper harbour for

about a fortnight in total for minor repairs and some painting touch-ups Port Otago general manager of marine and infrastructure Sean Bolt said slightly damaged paint, from Arihi's ship-board journey to Port Chalmers, would be repaired and also new anti-fouling applied, which would last for five years, as opposed to two and a-half years. ''We decided while she was out of the water we might as well anti-foul now,'' he said. The 18.7m long and 300 tonne ARIHI was still under warranty, but local contractors were doing the work, and if necessary, could talk to the Turkish builders, he said. Included in the work programme is the welding of additional bolts to the outer casing of the twin ''azimuth stern drive'' units, so as to be able to bolt on sacrificial anodes, which could in the future be unbolted and replaced by divers, as opposed to having to put the vessel on a slipway to grind off the welded anodes. Marine sacrificial anodes, usually in zinc or aluminium, are bolted or welded to metal hulls as the anodes attract corrosion, which would otherwise attack the boat hull, through an electrochemical reaction. Azimuth stern drive units have been common on tugs since the mid-1980s. The units allow the base of the propeller unit, inset in the hull, to swivel the propellers 360 degrees, giving the tugs a high degree of manoeuvrability. source: Otago Daily times Port of Rotterdam signs MoU related to the Brazilian port of Pecém Port of Rotterdam signs a ‘memorandum of understanding’ (MoU) with the State Government of Ceará with the purpose to jointly study a potential cooperation. This may lead to the joint venture Industrial Port Complex of Pecém The MoU is consistent with the Port of Rotterdam Authority’s foreign policy which is focused on creating opportunities in ports abroad that have perspective for growth. Port of Rotterdam has a successful joint venture with the Sultanate of Oman for the management and development of SOHAR Port & Freezone. Additionally PoR has two Joint Ventures for the development of Porto Central, Brazil and Kuala Tanjung, Indonesia. Further, it is active in multiple ports as an advisor.The Industrial Port Complex of Pecém is close to Fortaleza. It is a brownfield port with a throughput of 11 million tons in 2016, mainly coal, iron ore, containers and LNG.In addition to the Port of Pecém, Port of Rotterdam is developing another Brazilian port: Porto Central, near Vitória in the State of Espírito Santo. Currently the project focuses on obtaining all necessary licenses as well as client contracts. The two current PoR projects are independent and complimentary, as they serve distinct hinterlands (2.500 km apart) and will handle different commodities. Source: Port of Rotterdam

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 9 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

Svitzer purchases newbuild 80 tbp ASD escort tug

Svitzer tugs under construction at the Sanmar facilities in Tuzla/ Turkey Photo’s : Piet Sinke (c)

Svitzer has signed a contract for purchasing a new build 80 tbp ASD escort tug which will strengthen its fleet in Southampton. Svitzer has signed a contract with Sanmar to purchase a newbuild 80 tbp ASD escort tug for Southampton, strengthening its fleet to meet current and future customer requirements and reemphasising its commitment to the port of

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 10 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

Southampton. The new Sanmar - built Robert Allan - designed vessel – RAstar 2800 Class ASD Escort vessel – has been specifically chosen for her manoeuvrability and reliability. The tug will be named Svitzer Adira, a name with connotations of strength and power. She will join the fleet in Southampton in early May. The RAstar 2800 design is principally intended to provide significantly enhanced escort towing and is configured for demanding escort operations and maximum efficiency in handling large vessels in confined spaces. She is powered by two Caterpillar main engines producing 2525 kw and is FIFI 1 compliant. Southampton Svitzer currently operates a fleet of five modern tugs in Southampton with varied bollard pull ranging from 60 – 80 tbp, deploying a number of different propulsions including ASD, ATT and Voith. The SVITZER ADIRA will add extra flexibility and versatility to Svitzer’s operation and will replace Svitzer Sarah. Over the course of the last two years, Svitzer has shown a strong commitment to the port of Southampton: The newbuilds Svitzer Eston and Svitzer Bargate, each 65 tbp, joined the port in early 2015 . The fleet is specifically geared to the port of Southampton with short powerful tugs required to manoeuvre the large vessels within the tight layout of the port. Since 1833, Svitzer has provided safety and support at sea. With 4,000 employees, a fleet of more than 430 vessels and operations all over the world, Svitzer is the global market leader within towage and marine related services. source: Portnews

The 2009 built PAN flag general cargo vessel ABB VANESSA leaving Valletta, Malta on Wednesday 22nd March 2017 with Mainport Prize Offshore Ltd 24m offshore catamaran MO3 and Carlin Boat Charters Ltd 26 m offshore catamaran CHANNEL CHIEFTAIN IX as deck cargo. She’s the former BELUGA FREQUENCY till March 2011 and HR FREQUENCY till March 2015 Photo : Capt. Lawrence Dalli - www.maltashipphotos.com (c) Asia Dry Bulk-Capesize rates to remain firm on Australian cargo pick-up By Keith Wallis Freight rates for large capesize dry cargo vessels on key Asian routes, which are close to multi-month highs, are likely to remain firm next week as cargo activity picks up from Australia after bad weather disrupted operations at Dampier this week, brokers said. Left : the INTHIRA NAREE anchored off Singapore Photo : Piet Sinke (c) CLICK at the photo ! "The capesize market is steady. Rates are well above where people expected them to be," a Singapore capesize broker said on Thursday "The market might correct itself slightly, but there's no need to panic," the broker added. Average capesize earnings were around

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 11 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

$19,180 per day last Friday, compared with around $2,931 per day a year earlier, according to data from shipping services firm Clarkson. That came as charter rates from Brazil to China surged to $16.70 per tonne on Monday, the highest since Dec. 3, 2014. Rates on the route from Australia to China climbed to $6.93 per tonne last Friday, the highest since Nov. 22. Norwegian ship broker Fearnley said the capesize market is "taking a breather after rallying - but (the) outlook for weeks to come (is) not scary." There are "huge iron ore volumes committed on the Brazil/China trade," but only a limited number of vessels still available for charter to load cargo in April, Fearnley said in a note on Wednesday. The closure of Dampier port due to bad weather this week dampened chartering activity and freight rates, the Singapore capesize broker said. The port reopened on Thursday, a move which is likely to lead to a pick-up in chartering activity and possibly higher rates, the broker added. Charter rates from Western Australia to China slipped to $6.59 a tonne on Wednesday from $6.68 a tonne a week earlier. Freight rates for the route from Brazil to China climbed to $16.24 per tonne on Wednesday from $15.96 per tonne the same day last week Charter rates for smaller panamax vessels for a north Pacific round-trip voyage fell to $9,807 per day on Wednesday, down from $10,089 per day last Wednesday. Peter Sand, chief shipping analyst at industry lobby group BIMCO, said the rise in dry cargo freight rates this year "is certainly positive, but there is still work to be done on the supply side." "A significant level of demolition activity must be maintained," he added Rates in the Far East for supramax vessels rose to around $12,500 per day for trips from India and Indonesia to China and North Asia this week compared with $9,000-$11,000 per day last week, brokers said. The Baltic Exchange's main sea freight index climbed to 1190 on Wednesday from 1147 last week. Source : Reuters(Reporting by Keith Wallis; Editing by Sunil Nair)

Nakilat transitions LNG Mesaimeer to in-house management

Nakilat has assumed full ship management and operations of Q-Flex LNG carrier MESAIMEER from STASCo (Shell Trading and Shipping Company Ltd.) with effect from 23 March 2017, as part of the planned and phased transition announced on 19th October 2016. With a cargo carrying capacity of 216,312 cubic meters, MESAIMEER wholly- owned by Nakilat and chartered by Qatargas. The vessel built in South Korea by Hyundai Heavy Industries was delivered in March 2009 and has been in service ever since. MESAIMEER is the sixth wholly-owned LNG vessel that will come under the management of Nakilat Shipping Qatar Ltd. (NSQL), bringing the total number of vessels managed by NSQL to 14, comprising of 10 LNG and 4 LPG carriers.

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 12 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

Sovcomflot cites 'severely testing' market conditions for falling profits Russia’s largest shipping company PAO Sovcomflot saw profits fall in 2016, and admitted the year had "severely tested the industry". The organisation reported net profits of 206.8m, compared with $354.5m in 2015. Lower time charter equivalent revenue (TCE) fell to $1.14bn (2015: $1.24bn), while it reported EBITDA of $706.5m (2015: $780.1m). “Sovcomflot has delivered a solid set of results for 2016, despite market volatility in a year that has severely tested our industry,” said Sergey Frank, president and ceo.“As growth in oil refinery throughput and up-front demand ran ahead of end-consumption underpinning tanker rates in 2015, so 2016 witnessed a material softening in demand that impacted negatively spot tanker freight rates, albeit with some respite in the final quarter.”Frank added that Sovcomflot had strengthened its position as the world’s largest harsh environment tanker operator through the acquisition of nine well-maintained tankers that became available as part of the PRISCO bankruptcy proceedings.The company also launched three Arctic shuttle tankers to serve the Novy Port project.In addition, the Christophe de Margerie – a 172,600 m3, double-acting, Arc7 LNG carrier designed to serve Russia’s Yamal LNG project – was also introduced to its fleet. Despite a fall in profits, the company has signalled its intent to continue investing in its fleet. Sovcomflot has ordered four 114,000-dwt LNG-fuelled ice-class aframax tankers worth a total of $240m at Hyundai Samho Heavy Industries on the back of charter contracts from oil major Shell. The contracting parties said the orders will mark the world’s first LNG-fuelled aframax tankers and deliveries are scheduled from the third quarter of 2018. source : seatrade Maritime BIGROLL BEAUFORT BEING DELIVERED

The heavy marine transportation provider BigRoll Shipping has reached an important milestone. The fourth and final MC Class vessel for BigRoll shipping was handed over by Cosco Dalian Shipyard Co. Ltd to her new owner BigRoll Shipping in Leiden, the Netherlands. BIGROLL BEAUFORT completes this unique series of four identical deck carriers, offering reliability and flexibility to the market The Finnish Swedish 1A Ice Class MC-Class vessels are explicitly designed for the marine transportation of major modules and equipment for large energy projects both on and offshore and can deliver in the most remote and inaccessible areas on the planet. BIGROLL BEAUFORT will enter a short-term project with Yamgaz, the consortium of Technip, JGC Corporation and Chiyoda for module transportation as part of the Yamal LNG project. This contract with Yamal LNG shows our maritime expertise with a constant focus on safety, service and accountability. We will ensure a safe and effective transportation” says Commercial Manager at BigRoll, Bauke van Gent.

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 13 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

The JOHANN navigating the Bristol Channel – Photo : Jan van Vuuren (c)

The BBC ORINOCO arriving from Aratu Brasil inbound for the Merwehaven in Schiedam Photo : Jan van der Klooster http://scheepvaarthoek.blogspot.nl/ Latest Ramform vessel named in Japan PGS’ latest seismic acquisition vessel RAMFORM HYPERION has undergone a naming ceremony at the Mitsubishi Heavy Industries Shipbuilding yard in Japan. The Ramform design was first introduced in the early 1990s, the latest version being the Titan-class vessels. Others in this category are the RAMFORM TITAN RAMFORM ATLAS, , and RAMFORM THETHYS, delivered during 2013-16. The RAMFORM HYPERION will be the last, according to PGS. Per Arild Reksnes, executive vice president Operations, said: “The four Ramform Titan-class vessels and the two Ramform S-class vessels constitute our core fleet of ultra-

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 14 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

high-end Ramforms. “These vessels can tow more streamers than any other vessel as well as towing extremely wide streamer spreads. Hence, surveys can be tailor made to meet our customers’ needs, be it the highest possible data quality or the most efficient coverage of a large exploration area.” PGS claims the RAMFORM HYPERION and sister vesselAMFORM THETHYS are the two most powerful and efficient marine seismic acquisition vessels in the world. The Ramform Titan-class design combines what is described as advanced maritime technology with the imaging capabilities of the GeoStreamer seismic acquisition technology. The 70-m (229-ft) broad stern allows accommodation of 24 streamer reels: 16 aligned abreast and eight further forward, with capacity for 12-km (7.5-mi) streamers on each reel. In turn, increased work space and improved lead to safer operations, PGS adds, and the swift deployment and retrieval of equipment, and greater operational capacity, allows it complete surveys faster with higher uptime in marginal weather. The period between major yard stays is also said to be extended by around 50%, compared to earlier-generation vessels. Kraken in final preparations for start-up in the UK North Sea LONDON – EnQuest says the FPSO Armada Kraken for the heavy-oil Kraken development in the UK northern North Sea is securely moored at the field location, following hookup of the STP buoy mooring system and a full rotation test. The risers and umbilicals have since been pulled in. Work continues in the turret area and on topsides commissioning. Once turret activity has been completed, subsea commissioning will start. All drilling has finished on drill centers DC-1 and DC-2, with the rig set to transfer to DC-3. At start up (anticipated by mid-year), 13 wells will be available comprising seven producers and six injectors – these will be brought onstream in a phased manner. As for EnQuest’s already producing fields in the UK sector, at Thistle and Heather the partners are working on a program to abandon redundant well stock, the aim being to reduce risk and present opportunities in future for drilling further infill wells when circumstances allow. Partial well abandonments already lined up at Thistle will continue through 2017, with work on well A05/25 having started in January. The Brent pipeline system operator plans a further shutdown this year, which will likely lead to an enforced shutdown of Thistle in the summer and also at EnQuest’s Don fields complex. Following the Thistle well campaign, the drill crew will move to Heather in the second half of the year to start a similar program of well decommissioning. In this case, removing legacy wells should safeguard the field’s high water injection efficiency, EnQuest says. The Heather hub will likely be shut down for routine inspection and maintenance during 3Q. At the Greater Kittiwake Area (GKA) in the UK central North Sea, this year’s focus will be on optimizing production, concluding remaining work related to tie-in of production from the Scolty/Crathes fields, and replacement of the associated gas compressor (A-Gas). The Grouse field will also be offline during the gas system shutdown. No drilling is planned on GKA this year, although evaluation of the Eagle discovery continues. To coincide with this summer’s three-week shutdown, EnQuest plans a chemical treatment (scale squeeze) in the Mallard well. At Alma/Galia in the same sector, the final phase of power optimization and produced water/sea water injection projects will be completed on the FPSO EnQuest Producer. Discussions are under way with the supplier of the downhole electric submersible pumps on plans for addressing reliability issues.Offshore Peninsular Malaysia, the company plans further production enhancements at the PM8/Seligi facilities in the form of low-cost well interventions and upgrades to the gas compression control system in order to improve reliability Maintenance and integrity inspection campaigns will continue of platform structures, topsides, and subsea pipelines, with a full maintenance shutdown planned during 3Q. Over the longer term, EnQuest plans to extend field life through investment in idle well restoration, facility improvements and upgrades and studies supporting development drilling and secondary recovery projects. It expects to define the first new drilling projects later this year for execution in 2018, and to progress rebuilding of static and dynamic reservoir simulation models to support a more extensive field redevelopment. At Tanjong Baram, the company is reviewing three options for reviving the A1 well. Source: offshore mag

ALSO INTERESTED IN THIS FREE MARITIME NEWSCLIPPINGS ? CLICK HERE AND REGISTER FOR FREE !

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 15 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

ACQUISITION OF 11 VLCCs FROM BW GROUP BY DHT HOLDINGS, INC., AND EQUITY ISSUE AT $5.37 PER SHARE BY DHT HOLDINGS, INC. BW Group Limited and DHT Holdings, Inc. (NYSE:DHT) are pleased to jointly announce the acquisition of BW Group’s VLCC fleet by DHT. The fleet consists of 11 VLCCs, including two newbuildings due for delivery in 2018. BW Group's VLCC fleet has a value of approximately $538 million at prevailing broker valuations. DHT will finance the acquisition by issuing approximately $256 million of DHT capital stock, consisting of approximately 32 million shares of DHT common stock and 15,700 shares of preferred stock that are mandatorily convertible into 15.7 million shares of DHT common stock subject to DHT shareholder approval. The implied value of the DHT common stock issued to BW is $5.37 per share. DHT will also pay BW Group $177.36 million in cash and assume approximately $104.16 million in remaining obligations with respect to the two newbuildings. The cash requirements associated with the purchase are expected to be financed with bank debt Following BW Group’s delivery of all vessels and novation of newbuilding contracts to DHT, BW Group Limited and its affiliates will own approximately 33.5% of DHT’s outstanding share capital and will be granted customary rights, including the right to appoint two directors to DHT’s board. DHT expects that BW Group’s VLCC fleet will be delivered during the second quarter of 2017. A a result of the acquisition, DHT will have a fleet with an average age of 6.9 years, consisting of 30 VLCCs (including four newbuildings for delivery in 2018), and two Aframaxes. BW Group’s CEO Carsten Mortensen said: "DHT Holdings is a leading crude oil tanker company in the maritime industry. DHT already has a modern and high quality fleet, and the addition of BW’s 11 VLCCs including newbuildings will make the company one of the world’s largest independent VLCC owners. We look forward to being a shareholder in this strong tanker platform". DHT’s Co-CEOs Trygve P. Munthe and Svein Moxnes Harfjeld commented: “This is a great transaction for DHT and its shareholders. It is projected to be accretive to DHT’s earnings an will deliver cost synergies by lowering G&A expenses per ship. Importantly, it will further improve our already competitive cash break even levels. We have identified this as a time to expand again and this acquisition signifies our ability to execute on our plans. The BW Group has a long history and a strong track record in the VLCC market, and they are aligned with our business model and strategy. We are truly excited about our new shareholder and their support of our growth strategy. Cravath, Swaine & Moore LLP is serving as legal counsel to DHT. Sidley Austin LLP is servin as legal counsel to BW Group.

Sunken South Korean ferry slowly emerges three years after disaster By Ju-min Park A South Korean ferry that sank nearly three years ago, killing 304 people, most of them children on a school trip, slowly emerged from a grey sea on Thursday, a sombre reminder of a tragedy that traumatised the country. The ferry, the SEWOL, was structurally unsound, overloaded and travelling too fast on a turn when it capsized and sank during a routine voyage off the southwest coast on April 16, 2014. Bereaved families have been calling for the ship to be raised and for a more thorough investigation into the disaster. Officials also hope to find the last nine missing bodies. We can't help but feel stunned seeing the ship being raised," Lee Kum-hee, whose daughter Cho Eun-hwa was one of the nine, told reporters. "My Eun-hwa has been in that dirty place. My poor Eun-hwa. It's been heart-breaking, how cold she's been there," Lee said in tears Salvagers started to bring up the vessel, which has been lying on its side at a depth of 44 metres (144 feet), late on Wednesday, and worked through the night.

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 16 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

Television pictures taken from the air early on Thursday showed the white 140-metre (460-foot) long hull, coated in mud and sediment, breaking above the surface, flanked by winching barges. "The work needs to be done very cautiously," Lee Cheol-jo, an official at the Ministry of Ocean and Fisheries, which is in charge of the operation, told a briefing. A Chinese salvage company has fitted 33 beams beneath the hull with 66 hydraulic jacks inching the ship up. Salvage workers in orange overalls and white hard-hats clambers over the hull fixing cables. The name Sewol could just be made out through the grime. Lee said the ferry would be raised as high as 13 metres (42 feet) above the sea and then moved onto a semi- submersible vessel. That operation was expected to take until Friday and it would then be taken to a nearby port, but that could take up to 12 or 13 days, he said. Once the sunken ferry had been secured on the semi-submersible vessel, bereaved families would be allowed to observe from a closer distance, another official said Only when the ferry has been brought to port will it be inspected, media reported. Of those killed, 250 were teenagers from the same high-school, many of whom obeyed crew instructions to remain in their cabins even as crew members were escaping the sinking ship. The botched rescue and toll of children in one of Asia's most technically advanced economies shocked and angered the country, with former President Park Geun- hye and her administration the focus of much of the ire at the time. Park denied accusations that she failed to act decisively but for many South Korans, she has never fully explained what she was doing during the seven hours between the first news reports and her first television appearance that day.Her response to the disaster was again raised in recent months after she came under suspicion in the course of an investigation into a corruption scandal that led to her dismissal from office on March 10.The captain of the ferry was found guilty of homicide in 2015 and jailed for life. More than a dozen other crew members got shorter sentences. The salvage is costing about 85 billion won ($75 million), another ministry official said this week. Source : Reuters (Reporting by Ju-min Park; Editing by Robert Birsel and Michael Perry)

Onderzoek laat zien hoe Rotterdamse industrie kan voldoen aan klimaatakkoord Parijs Het Wuppertal Institut heeft inzichtelijk gemaakt langs welke transitiepaden de Rotterdamse industrie haar CO -uitstoot drastisch kan reduceren en tegelijkertijd de producten kan blijven maken waar de samenleving naar vraagt, zoals brandstoffen en chemische producten. De belangrijkste uitkomst van het onderzoek is dat CO -reductie tot wel 98% haalbaar lijkt door gebruik₂ te maken van een reeks verschillende technieken. Het onderzoek is gedaan in opdracht van het Havenbedrijf Rotterdam dat de ambitie heeft het havengebied tot koploper in de energietransitie te maken. Allard Castelein,₂ CEO Havenbedrijf Rotterdam: “Het onderzoek laat zien

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 17 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

dat drastische CO -reductie mogelijk is en dat verschillende projecten waar we op dit moment aan werken heel goed in de uitgewerkte transitiepaden passen, met name de benutting van restwarmte en afvang en opslag van CO . Maar het rapport laat ook zien dat bedrijven₂ in de komende decennia voor een groot deel op andere technologie moeten overstappen. De energietransitie is een proces van veel stappen, door veel partijen over een lange periode. Het onderzoek geeft aan dat het₂ kan en is vooral een oproep om projecten te gaan starten. Klein beginnen en dan opschalen. Dat kan in Rotterdam, maar vraagt wel om een robuust lange termijn beleid en ondersteuning vanuit het Rijk en Europa.” Het Duitse Wuppertal Institut für Klima, Umwelt, Energie heeft onderzocht welke mogelijkheden er zijn om de Rotterdamse industrie in lijn te brengen met het klimaatakkoord van Parijs. Sluiting van industrie is niet aan de orde, omdat de samenleving ook op lange termijn behoefte heeft aan allerlei chemische producten en brandstoffen. Transport kan deels geëlektrificeerd worden, maar voor de luchtvaart en de zeescheepvaart is dat vooralsnog lastig. Sluiting van industrie in Europa zou leiden tot import van dit soort producten. Per saldo leidt dat er alleen maar toe dat industrie naar elders verhuist en dat hier veel mensen hun baan verliezen. Transitie naar productie met een veel lagere CO -footprint is dus logische stap. Het Wuppertal Institut heeft daarvoor vier mogelijke transitiepaden uitgewerkt. Het eerste is het Business-as-Usual scenario. Zoals de naam al zegt kent dit scenario geen grote trendbreuken. Verbetering van de efficiency van de₂ industrie door toepassing van ‘best available technology’ zorgt voor minder uitstoot. Daarnaast is de verwachting dat de productie vermindert omdat de vraag naar brandstoffen afneemt. De uitkomst is 30% minder CO -uitstoot in 2050. Dat is te weinig om de klimaatdoelstellingen te realiseren. Het tweede scenario, Technological Progress, komt met 75% een stuk dichter in de buurt. Belangrijkste element hierin is grootschalige afvang en opslag van CO . In twee andere transitiepaden₂ lijkt op dit moment een CO -reductie van 98% haalbaar. Het ene is Biomass and CCS en leunt sterk op de toepassing van CCS gecombineerd met biomassa als grondstof voor chemie. Het laatste pad is Closed Carbon Cycle en₂ focust sterk op het sluiten van kringlopen. Er worden nog wel fossiele₂ grondstoffen gebruikt, maar deze worden bijna volledig gerecycled. Elk transitiepad kent zijn uitdagingen c.q. bottlenecks, zoals de beschikbaarheid van voldoende biomassa, 100% afvang van CO of een volledig hernieuwbare elektriciteitsopwekking. Bovendien kent elk transitiepad onzekerheden op technisch vlak. Dat maakt dat er niet één beschreven transitiepad zaligmakend is, maar dat uiteindelijk een combinatie van verschillende paden nodig zal zijn ₂om het beoogde doel te halen. Ook geldt dat in alle paden een aantal dezelfde technieken voorkomen, zoals waterstofproductie door elektrolyse met duurzame elektriciteit (bijvoorbeeld van wind op zee), elektrificatie van industriële processen en benutting van restwarmte. In het Rotterdamse havengebied wordt gewerkt aan een aantal projecten die in deze transitiepaden passen, zoals de ontwikkeling van een regionaal warmtenet, een demonstratieproject voor afvang en opslag van CO ,(CCS) omzetting van plastic afval in chemicaliën (waste-to-chemicals), biobased brandstoffen en chemie, aanlanding van windenergie vanaf de Noordzee, waterstofproductie door elektrolyse etc. Dit soort projecten kan de economische vernieuwing van het Rotterdamse₂ industriecomplex aanjagen.In de energietransitie volgt het Havenbedrijf Rotterdam een én-én strategie. Het Havenbedrijf zet sterk in op de ontwikkeling van duurzame industrie zoals hernieuwbare energie, biobased productie en circulaire initiatieven. Tegelijkertijd werkt het Havenbedrijf met de bestaande op fossiel gebaseerde industrie samen aan een steeds lagere CO -footprint door bijvoorbeeld projecten om restwarmte te benutten en CO af te vangen en op te slaan. ₂ DeepGreen Resources₂ Inc. Announces Partnership with Maersk Supply Service A/S in Deepsea Metals Industry DeepGreen Resources Inc. is pleased to announce its partnership with Maersk Supply Service A/S to recover polymetallic nodules from the Clarion Clipperton Zone of the Pacific Ocean. The deepsea metals industry is an opportunity for developing a more environmentally and societally attractive way to produce cleaner base and strategic metals. DeepGreen is advancing the NORI Area D Project ("NORI D Project") through its wholly owned subsidiary Nauru Ocean Resources Inc. The NORI D Project is conducted in cooperation with the Republic of Nauru and advancing the project involves completion of key environmental and engineering milestones. As part of the NORI D Project, Maersk Supply Service has committed one Anchor Handler Tug Supply ("AHTS") Vessel and one Subsea Support Vessel ("SSV") for a total of five marine campaigns (the "Campaigns") during the period 2017 through 2019. The AHTS vessel will support environmental studies of the seabed reaching a water depth of 4000+ meters and the SSV will be utilizing its deck capacity as well as crane capabilities for testing the nodule harvester prototype. Maersk Supply Service's service contribution of approximately US$25 million will convert to DeepGreen common shares. During the Campaigns, DeepGreen's offshore team will undertake baseline studies required to complete a comprehensive Environmental Impact Assessment. DeepGreen will also collect polymetallic nodules for metallurgical test work and undertake trials of its nodule harvesting technology. The environmental studies of the seabed will make use of Maersk Supply Service's specialized assets built for deep water operations and expertise for ultra-deep water subsea operations. Steen S. Karstensen, Chief Executive Officer of Maersk Supply Service, states, "Maersk Supply Service appreciates this unique opportunity to partner with DeepGreen Resources. We believe DeepGreen is well positioned in the seafloor minerals industry and I am confident that Maersk Supply Service's deep-water offshore expertise and Integrated Solutions services will enable us to significantly contribute to the success of this endeavour." "DeepGreen has secured a strong offshore partner that shares our vision for the recovery of cleaner base and strategic metals from polymetallic nodules in the Clarion Clipperton Zone," said Keith Calder, Chief Executive Officer, DeepGreen Resources Inc. DeepGreen Resources Inc. is a

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 18 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

private Canadian deepsea minerals company that is pursuing the commercial harvesting of high grade seafloor polymetallic nodules in the Pacific Ocean. DeepGreen is pursuing two projects in international waters through its wholly owned subsidiaries, Nauru Ocean Resources Inc. and DeepGreen Engineering Pte. Ltd. DeepGreen's patented processing technology maximizes metal recovery from polymetallic nodules while minimizing waste. DeepGreen believes that the seafloor minerals industry provides a more environmentally and societally attractive way to produce cleaner base and strategic metals. Learn more about DeepGreen at deepgreenresources.com Maersk Supply Service provides marine services and integrated solutions to the energy sector worldwide. Maersk Supply Service is the market leader in deep-water services such as anchor handling in ultra-deep water, mooring installations, rig moves and transport of equipment to drilling rigs and production units. Maersk Supply Service employs an international staff of around 1,100 offshore and 200 onshore people. Headquartered in Lyngby, Denmark, Maersk Supply Service is represented globally with offices in Aberdeen, St. John's, Rio de Janeiro, Lagos, Luanda, Singapore and Perth. Maersk Supply Service is a part of the stand-alone Energy division of A.P. Møller – Mærsk A/S. A.P. Møller – Maersk A/S employs roughly 88,000 employees across operations in 130 countries. SOURCE DeepGreen Resources Inc.

Valletta Cruise Port wins Best Terminal Operator Award for the second consecutive year Valletta Cruise Port, a subsidiary of Global Ports Holding has been awarded the Best Terminal Operator Award by Cruise Insight, for the second consecutive year. This award recognises the flawless service delivered by the port, and the continued development and investment in its facilities in the last years. The award was presented to Valletta Cruise Port in Ft. Lauderdale, Florida. Valletta Cruise Port representatives along with other stakeholders were attending Seatrade Cruise Global 2017, the cruise industry’s most authoritative professional showcase. The event brings together the senior executives of cruise companies, tour operators, port agents, destinations, travel agents, press, suppliers and companies in the cruise industry. ‘We are very excited to be receiving this award once again. We dedicate this award to all the personnel of Valletta Cruise Port, who together with local stakeholders, work relentlessly to ensure that Malta continues to excelas a destination.Excellent passenger satisfaction ratings and recognition for Valletta’s port services and the destination were repeatedly highlighted across all levels of senior management within the cruise lines during this year’s edition of Seatrade Cruise Global,” commented Stephen Xuereb, CEO of Valletta Cruise Port and COO of Global Ports Holding. “There is only one thing that is better than getting the ‘Best Terminal Operator Award’, and that is getting it for the second consecutive year. It shows commitment to high standards of service and operational excellence. These are things we value highly at Global Ports and we make it a point to identify good practices, turn them into standards and apply them in all of our ports. That is how we learn from each other. Valletta is one of the best in both setting standards but also learning from others and I congratulate everyone on the team for this prestigious award and also for a record breaking year in 2016,” said EmreSayin, CEO of Global Ports Holding. Minister for Tourism Edward Zammit Lewis commented, “During 2016, vessels entering our Grand Harbour carried nearly 683,000 passenger traffic, yet another record for the local cruise industry. This achievement was possible thanks to the synergy and effective co-operation between Government and Valletta Cruise Port. This determined effort led Valletta Cruise Port to attain the Best Terminal Operator Award. I take this occasion to congratulate Valletta Cruise Port for attaining this prestigious accolade in recognition of their firm commitment to consistently develop and expand Malta's cruise-line industry.” These results reflect the Distribution : daily to 36.800+ active addresses 25-03-2017 Page 19 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

coordinated and collaborated drive amongst all stakeholders, with the Malta Cruise Network Forum having been re-established to bring together all players to ensure that Malta delivers efficiently, reliably and flexibly to the cruise lines and their passengers, while ensuring alignment among all parties involved. This year Valletta Cruise Port shall also be operating its second regular homeporting operation, with the prestigious P&O Oceana. Furthermore 2017 is the run-up year to Valletta 2018, where Valletta will hold the title of the European Capital of Culture, with the calendar of events adding exciting layers to what the destination already offers.Additionally,Valletta Cruise Port, together with the Valletta Waterfront outlets is organising a number of events on the Valletta Waterfront including the third edition of Colour Fest (21st April – 23rd April, 2017), October Ahoy! upcoming in October, and the annual Christmas and New Year’s festivities,amongst other planned activities. US east coast ports feel benefit of expanded Panama Canal: ACP WITH the expanded Panama Canal nearing its first full year of operation, some ports are already benefiting as a result, particularly those along the US east coast, according to a Panama Canal Authority (ACP) report. January 2017 was also a record month for many US east coast ports, including the ports of Charleston up 28 per cent; Philadelphia up 34 per cent and Savannah, up 16 per cent. For the Port of Charleston, its monthly cargo record follows an annual cargo record set in 2016, after handling two million TEU. The ports in Virginia and Baltimore also saw record-breaking volumes in 2016. Virginia handled more than 2.7 million TEU, a 4.2 per cent increase compared to the prior year, while the Baltimore handled more than 10 million tonnes of general cargo and a record number of containers. "This growth can be attributed, in part to the canal, which has and will continue to draw additional cargo volumes to the region, as ports continue to expand. US east coast ports have not been the only ones to benefit from the expansion. "So far, the Panama Canal has welcomed 11 new services through the waterway as global shipping lines are redrawn to take advantage of the economies of scale the Canal provides. The ACP anticipates that, as this number continues to grow, so too will the expansion's impact across the world," extracts from the ACP said.source : Schednet Luxury cruise ship planned for Kyushu and Okinawa in 2020 Ryobi Holdings Co. is considering launching a luxury cruise ship service that operates in the Kyushu area and Okinawa as early as 2020, the company’s top official said Monday. The cruise ship would be designed by Eiji Mitooka, the industrial designer who also designed the luxury sleeper train Seven Stars, which also operates in the Kyushu area, said Mitsunobu Kojima, chief executive officer of Ryobi Holdings Co. The Okayama-based transportation and distribution company hopes to boost travel demand by linking the cruise ship service to Seven Stars operated by Kyushu Railway Co. “Both services will expand as a result of connecting land and sea,” Kojima said, adding that all 60 guest rooms on the 120-meter ship will be suites and live trees will grow on its decks. The cruise ship’s routes may changed in accordance with the seasons. New destinations around Japan, such as in the Seto Inland Sea, and routes to Busan and Jeju Island in South Korea are also under consideration, he said. Destinations around Japan could include the cities of Hiroshima, Okayama, Kobe, Yokohama and Tokyo, Kojima said. The ticket prices for the service has not been set at this point, he added. The order for the cruise ship ― with an estimated cost of about \8 billion ― will be placed with a Japanese ship builder. “We will make the best cruise ship in Japan, which will be top-level globally as well,” designer Mitooka said. “We hope we can help passengers rediscover the joy of sailing.” The Japanese government aims to increase the annual number of overseas visitors to 40 million by 2020 and to 60 million by 2030 as part of efforts to boost domestic economic growth. Source : The Japan Times

US declares it is not bound by World Trade Organisation rulings US PRESIDENT Donald Trump's administration claims that the US isn't bound by decisions made at the World Trade Organisation, Bloomberg News reports. The comments came as Mr Trump's officials outlined a new trade agenda that aims to block unfair practices by foreign countries, said the report. The US plans to defend its "national sovereignty over trade policy", the Office of the US Trade Representative said in an annual document laying out the president's trade agenda. Under the terms of its entry into the WTO, the US didn't abandon its trade rights, according to the document, obtained by Bloomberg News and titled "2017 Trade Policy Agenda". The Trump administration's hostility towards the WTO signals a US willingness to pursue its interests, even if it undermines the global order the US has led since World War II, said Bloomberg."It reflects their belief that the global system isn't serving US interests and they're going to do all they can to rewrite in favour of US interests," said ex-Canadian trade official Adam Taylor. "The biggest worry is that you can't have the rules that govern the global trading system being ignored by one party and

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 20 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

expect the system to keep functioning," said Mr Taylor. The overarching purpose of the US administration's trade policy will be to "expand trade in a way that is freer and fairer for all Americans," according to the report. "Every action we take with respect to trade will be designed to increase our economic growth, promote job creation in the United States, promote reciprocity with our trading partners, strengthen our manufacturing base and our ability to defend ourselves, and expand our agricultural and services industry exports," it said. Source : Schednet

NAVY NEWS LIMA 2017 to provide PN with view on modern naval technologies The ongoing Langkawi International Maritime and Aerospace (LIMA) in Malaysia will provide the Philippine Navy (PN) an opportunity to see first hand modern naval technologies. This was stressed by PN flag-officer-in-command Vice Admiral Ronald Joseph Mercado who was present in the opening ceremonies of LIMA 2017 held Tuesday, March 21. “[This is] an opportunity for us to widen our knowledge particularly on modern maritime technologies,” he said. Such assessments are needed as the PN is now undergoing modernization with various modern naval platforms undergoing bidding, construction, and delivery within the next three years. Aside from Mercado, also attending LIMA 17 was the BRP ANDRES BONIFACIO (FF-17), the country’s third Hamilton-class cutter in service and 206 naval personnel, who will participate in the LIMA Sea Exercise, a half-day multi-national naval exercise among participating countries. LIMA is one of the most influential exhibitions in Asia since this is a dedicated maritime and aerospace exhibition for defense, civil and commercial aviation, shipbuilding and ship repair LIMA 2017 started on March 21 and will end today the 25th. Source: update PH Malaysia selects Turkish 30 mm naval gun system for new OPVs By : Ridzwan Rahmat, Langkawi - IHS Jane's Navy International The Malaysian Maritime Enforcement Agency (MMEA) has selected the SMASH 30 mm remote controlled stabilised naval gun system from Turkish defence company Aselsan for the three new offshore patrol vessels (OPVs) it is acquiring from local shipbuilding joint venture THHE Destini. Speaking to Jane's at the Langkawi International Maritime and Aerospace (LIMA) exhibition on 22 March, an official from the service has also confirmed that the system will be positioned as the OPV's primary weapon, and will be complemented by a stern-facing 12.7 mm machine gun position. The same type of weapon has previously been selected by the service for another class of newbuildings that the service is anticipating from Destini Shipbuilding & Engineering: the 44 m New Generation Patrol Craft (NGPC). According to specifications provided by Aselsan, the SMASH system is fitted with a 30 mm Mk 44 Bushmaster-II cannon that fires 200 rds/min, and can be operated either via an operator console or in automatic tracking mode.The weapon features an independent electro-optic sensor, but can also be configured to accept target data assigned by a host ship's suite of sensors, including radar and fire-control directors. The MMEA is expected to receive the first of the three new OPVs by 2021. Source : Janes Eight Damen Interceptors for Panama

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 21 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

Ultra-fast vessels to be part of anti-drug trafficking operations in Caribbean The National Air and Naval Service of Panama (Servicio Nacional Aeronaval - SENAN) has taken delivery of four Interceptor 1102 vessels from Damen Shipyards Group. The President of Panama, Juan Carlos Varela, performed the christening ceremonies of all four vessels on 6 February 2017. Coinciding with the vessel handover, SENAN also signed a second contract with Damen for an additional batch of four Interceptors. Both contracts include a comprehensive after-sales package that consists of training, spare parts and maintenance. Talking about the inaugural contract with SENAN, Damen Sales Manager Americas Pieter Becker states: “We are

happy and very proud to welcome SENAN as a new client. This is a very professional organisation with whom we are looking forward to building a strong relationship.” SENAN will mobilise the four new vessels from its Fort Sherman Naval Base located at the Caribbean end of the Panama Canal. The vessels’ primary function will be to combat illegal drug-trafficking activities in the surrounding area. To this end, the Damen Interceptor 1102 is an extremely suitable choice of boat. Its low weight construction from fibre reinforced polymer composite materials combined with twin Volvo D6 engines deliver outstanding results. “This is an ultra-fast vessel,” highlights Mr Becker. “It can reach speeds of more than 55 knots.”Contributing to such high speeds is the vessel design: the single chine hull reduces the amount of impact in heavier seas and improves high speed manoeuvrability. Crew ergonomics and safety are also important aspects of the Interceptor 1102 design. Damen has carried out a substantial amount of R&D to optimise both these matters for the six persons on board (two crew plus four additional naval or security personnel). Such specifications make the 11-metre long Interceptor also ideal for other maritime security operations like anti-smuggling, anti-terrorist, rapid response, surveillance and Special Forces operations. Construction of all the Interceptor 1102 vessels is being handled by Damen Shipyards Antalya in Turkey. “We handed the first four vessels over to SENAN just 12 weeks after the contract became effective,” says Mr Becker, highlighting the benefits of Damen’s stock building strategy that can be seen in such short delivery times. “And now the after-sales phase begins – we will be providing SENAN with a broad service package comprising training, spare parts and our maintenance management system.” Iranian boats pointing weapons at US Navy ships, admiral says By JOEL GEHRKE Iranian vessels were manning weapons as they confronted a U.S. Navy flotilla that was passing through a crucial shipping lane in international waters on Tuesday, according to an American admiral. "[Iranian boats] were in the middle of international transit waters [while] we had a right to be there," Rear Adm. Kenneth Whitesell told reporters aboard the USS GEORGE H.W. BUSH, per Reuters. "They had some of the weapons manned. We also have aerial data that they were arming all of these weapons." Iran's fast-attack vessels can't match the firepower of a U.S. warship, but they still approached to within a thousand yards of the aircraft carrier Bush and four other ships, including a French destroyer. It was the first time a U.S. carrier had tried to pass through the Strait of Hormuz, one of the most important shipping lanes in the world for the oil industry, since President Trump took office. "[Iran has] every right to come out and see who we are and query what our intentions are," Capt. Will Pennington, Bush's commanding officer, told reporters. "It is the method with which they do that which is unprofessional and adds greater risk to miscalculation in our need to maneuver the ship, and often presents a risk to the merchant traffic that's around us." The incident continues a trend of Iranian vessels harassing U.S. and other ships in international waters. In February, Iranian-backed militants in Yemen used a fast-attack boat loaded with explosives to attack a Saudi Arabian ship. "While one U.S. defense official said the Iranian-backed Houthi suicide bombers appeared to know they were attacking a Saudi-flagged vessel, another Pentagon official says a video recorded by rebels seemed to give the impression the attackers might have thought the ship was a U.S. Navy vessel," the Washington Examiner reported at the time. Source: washingtonexaminer

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 22 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

Australian Navy Ships Get MAN Power MAN main and gen-set engines have been chosen for two new fleet support tanker ships being constructed for the Royal Australian Navy. Navantia, the major Spanish shipbuilder, has chosen MAN main and generator set engines to power two fleet- support-tanker newbuildings it is currently constructing for the Royal Australian Navy (RAN). Each vessel will feature two MAN 18V 32/40 main engines and four MAN 7L21/31 gen-sets with deliveries scheduled for December 2017 and June 2018, respectively. The 18V 32/40 engine has a power output range of 3000 to 9000 kW and is designed for small and medium applications, the company said. The 7L21/31 two-stroke engine offers between 1000 and 2000 kW. “We are currently receiving a lot of inquiries within the navy and governmental segment for MAN engines and, indeed, experiencing solid interest in the form of orders as evidenced here,” said Lex Nijsen, head of Four-Stroke Marine – MAN Diesel & Turbo. “As with the engines they replace, these Royal Australian Navy newbuildings are also powered by MAN units. We welcome the repeat business and feel it stands testament to the quality of our portfolio.” The order was made under the auspices of the RAN’s SEA 1654 program, Phase 3 of which includes the replacement of existing supply ship, HMAS Sirius, powered by MAN Diesel & Turbo two-stroke engines. Navantia offered the RAN a design proposal based on the Spanish Navy’s proven, auxiliary-oiler replenishment ship SPS CANTABRIA Fleet support tankers are part logistics/supply vessels. Known as replenishment oilers, they are naval auxiliary ships with fuel tanks and dry cargo holds, which can conduct underway replenishment on the high seas. Replenishment oilers are often one of the largest ships in a navy and designed to carry large amounts of fuel and dry stores for operational support far from port. Such ships have multiple refuelling gantries to refuel and resupply multiple ships simultaneously. The Royal Australian Navy is the naval branch of the Australian Defense Force. Currently, the RAN consists of 47 commissioned vessels, three non-commissioned vessels and over 16 000 personnel. The navy is one of the largest and most sophisticated naval forces in the South Pacific region, with a significant presence in the Indian Ocean and worldwide operations in support of military campaigns and peacekeeping missions. Navantia is a Spanish state-owned shipbuilding company that offers its services to both military and civil sectors. It is the fifth-largest shipbuilder in Europe, and the ninth largest in the world with shipyards all over Spain. Source : dieselgasturbine SHIPYARD NEWS

S.Korea's Daewoo Shipbuilding to get fresh $2.6 bln bailout By Joyce Lee South Korean state banks are preparing a fresh $2.6 billion bailout for floundering Daewoo Shipbuilding & Marine Engineering Co Ltd, which has built up huge losses from offshore projects and risks missing debt repayments. Without the infusion of funds, Daewoo is not expected to be able to redeem 940 billion won ($840.49 million) in corporate bonds maturing this year - starting with 440 billion won due in April, the country's financial regulator, the Financial Services Commission (FSC), said on Thursday. Bondholders and other creditors, however, will have to agree to painful debt-for-equity swaps for the 2.9 trillion won bailout to go through. In case of disagreement, Daewoo could enter a form of court receivership under an alternate plan."A liquidity crunch is expected in April, and without additional measures Daewoo Shipbuilding will not be able to meet its obligations and bankruptcy cannot be avoided," the FSC said. Daewoo, together with Hyundai Heavy Industries <009540.KS> and Samsung Heavy Industries, are South Korea's top shipbuilders - a massive economic force and a source of national pride. But they slipped into the red in 2015 amid a commodities downturn and bleak trade volumes, forcing all three to slash costs and sell assets Of the three, Daewoo's Distribution : daily to 36.800+ active addresses 25-03-2017 Page 23 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

situation is the most difficult. Already bailed out in the aftermath of the Asian financial crisis of the late 1990s, Daewoo's financials have deteriorated rapidly since 2015 due to delays and trouble building complex offshore facilities. It reported a record net loss of 3.3 trillion won in 2015. Additional delays in the payment for a drillship ordered by Angola's Sonangol EP, and fewer-than-expected orders in 2016, have reduced Daewoo's liquidity to critical levels, the FSC said. Sonangol could not be immediately reached for a comment. In the event of a bankruptcy, about 50,000 people would be expected to lose their jobs and about 1,300 sub-contractors could also go under. Daewoo's creditor banks would be liable for massive refund guarantees of pre-paid construction fees and would have to set aside bad-loan provisions of up to 14 trillion won, the FSC said. The South Korean economy could take a 48.4 trillion won hit if Daewoo goes bankrupt this year, it added. The FSC's plan to keep Daewoo afloat requires corporate bondholders, which hold about 1.5 trillion won of Daewoo debt, to agree to a 50 percent debt-to-equity swap and a three-year repayment grace period on the remaining. Daewoo's two largest state creditors, Korea Development Bank (KDB) and the Export-Import Bank of Korea, will accept a 100 percent debt-to-equity swap of 1.6 trillion won in unsecured loans. This is separate from the 2.9 trillion won the two will inject into Daewoo if all stakeholders agree to the plan. A Daewoo creditors' meeting will be called around April 14, KDB said. But non-state-owned creditor banks, which hold about 700 billion in unsecured loans, must agree to an 80 percent debt-to-equity swap and a 5-year grace period on the remaining.Trading in Daewoo shares is currently halted. After Daewoo overcomes this liquidity crunch, it will be put up for sale, KDB Chairman Lee Dong-geol told reporters. "Going forward, we will work with Daewoo so it can focus on its strengths in fuel-efficient ships, liquefied natural gas vessels and naval vessels," Lee said. The FSC outlined a Plan B, in case Daewoo stakeholders cannot agree, under which the firm will enter a form of court receivership, giving a Seoul court power to organise its debt restructuring while allowing creditor banks to infuse funds into Daewoo as needed. In this scenario, Daewoo will talk with key shipowners to prevent them from cancelling orders, FSC added. Daewoo's financial woes come at a time when the global shipping industry is stuck in its worst slump on record amid low freight rates and overcapacity.While orders could pick up given a recent recovery in the dry bulk market, Japanese and Chinese ship yards will be more competitive for this kind of business, said Ralph Leszczynski, head of research at ship broker Banchero Costa in Singapore. "A recovery in the tanker and containership sectors, not to even mention offshore, are unfortunately further away. Therefore, Korean yards will probably continue to face losses still for at least a few more years, and will most likely have to rationalise capacity," Leszczynski added. South Korea has fallen to third, behind China and Japan, in the amount of existing orders in its shipyards, according to Clarksons, one of the world's biggest shipbroking houses KDB has said it expects about 3 trillion won in 2016 net losses, after infusing about 5.6 trillion won to help struggling shipping sector firms, including Daewoo and Hanjin Shipping that has since gone bankrupt. Source : Reuters (Reporting by Joyce Lee, additional reporting by Keith Wallis in SINGAPORE; Editing by Clara Ferreira-Marques and Himani Sarkar)

Wallem Handles Dry dock Support for Pacific Dawn Refit Wallem Ship Agency was proud to handle drydock support for the cruise ship, PACIFIC DAWN in Singapore. This project was a particularly challenging one due to the sheer volume of crew changes and parts to clear through customs required for vessel’s huge renovation - including a complete top-to-bottom refurbishment and the installation of two new waterparks onboard! As Asia specialists with more than 25 years of experience in drydock support, the Wallem Ship Agency team in Singapore did not disappoint and were commended by P&O for their efficiency, calm professionalism and job well done.

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 24 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

ROUTE, PORTS & SERVICES

APL to launch new CS5 to boost intra-Asia service network SINGAPORE-BASED APL is to launch the China Southeast Asia Service 5 (CS5) ?a weekly service which links North and Central China, Korea and Taiwan directly to Manila in the Philippines. The company said in a statement that the new service is being introduced to enhance APL's network coverage between the Northeast and Southeast Asia trades. The new CS5 service's coverage of North and Central China complements APL's Japan Taiwan 6 (JT6) service that serves the South China-Manila trade network, offering a broader China-Philippines market coverage. With port calls to both North and South Manila, as well as competitive transit times from Manila to North China, the CS5 service will further enhance shippers' speed to market and accessibility between China and the Philippines. In addition, the CS5 service will also enable Asian shippers to access worldwide connectivity via APL's global network at Taiwan's transshipment hub of Kaohsiung. The new CS5 service will call the ports of Xingang, Qingdao, Busan (Pusan New-Port International Terminal and Hutchison Busan Container Terminal), Shanghai, Kaohsiung, and North and South Manila. The first sailing will commence from Xingang on April 9 2017. Source : Schednet

PLEASE MAINTAIN YOUR MAILBOX, DUE TO NEW POLICY OF THE PROVIDER, YOUR ADDRESS WILL BE “DEACTIVATED” AUTOMATICALLY IF THE MAIL IS BOUNCED BACK TO OUR SERVER If this happens to you please send me a mail at [email protected] to reactivate your address again You can also read the latest newsletter daily online via the link : http://newsletter.maasmondmaritime.com/ShippingNewsPdf/magazine.pdf Analysis: breathing is harder for box lines as they climb higher debt mountains By Alessandro Pasetti I have been looking for signs that the container shipping industry is getting used to much higher debt levels than at any other time in recent history, and the latest financials of some of the largest players worldwide – including France’s CMA CGM and Germany’s Hapag-Lloyd – confirmed my first impression: it is really bad out there.And 2017 will likely turn out to a pivotal year for many container lines and a major component of their supplier base, the non-operating shipowners. CMA CGM used debt, and lots of it, to snap up NOL and its troubled ocean carrier, APL, at the end of 2015, wrapping up the $2.4bn deal six months later. While revenues grew inorganically in 2016, ebit and operating cash flows took a hit, both falling about $1bn year-on-year, pushing the group into the red at operating level before taxes and interest payments were sorted out. Remarkably, gross cash balances remained stable at $1.2bn, but gross debts rose $2.2bn to $6.6bn, meaning that its implied trailing net leverage is a whopping 10x. When deals are done, certain financial metrics can be distorted in the following year or two, yet the situation is ugly, as interest expenses surged to $420m from $270m a year earlier. By comparison, group ebitda in the good years was only about $1.2bn, which clearly indicates that those costs, and associated cash outlays, are massive. Last year’s ebitda was just above half a billion

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 25 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

dollars. There was talk earlier this year that CMA CGM might take over OOCL, the Hong Kong-headquartered container line, but I seriously doubt the French company is in a position to pull the M&A trigger, offering convenient terms for its own shareholders, although some sort of equity capital injection continues to be the most likely outcome if the business cycle does not receive a short- term fillip (from God? The only one who knows where a boost in this debt-laden world is gonna come from!).

OOCL, Zim, and Hapag

OOCL is not faring particularly well: annual results pointed to a deteriorating financial position – although it is still safe, as I have argued. Yet with $4bn of gross debt and operating losses of $138m in 2016, its net leverage based on trailing ebitda hovers around 6x, which I think is well outside the comfort zone. An outlier also drawing my attention during this earnings season was Zim Integrated Shipping Services, which noted its “long-term loans and other liabilities (including current maturities) as of 31 December 2016 amounted to $1.32bn compared with $1.26bn as of 31 December, 2015, an increase of $59.6m”. If you think that is encouraging, it is because you have not paid attention to its operating cash flows, which fell to $33m from $173m a year earlier, pushing up net leverage significantly year-on-year. Zim’s new chief executive is faced with a big a challenge, as a change ownership, of course, remains a more likely option than an oft-rumoured public offering. Hapag-Lloyd, meanwhile, has so far reported only preliminary results. These contained some decent volume figures, but also confirmed that the rally in its share price had been boosted by confidence in its deal-making – as well as future cost synergy prospects – rather than by fundamentals. Its ebitda line dropped 27% to €607m as debt levels rose significantly, with net debt standing at almost €3.6bn in 2016, up from €3.3bn a year earlier. The merger with United Arab Shipping Company is broadly perceived as being a game-changer, but until it actually takes place it looks good mostly on paper. As my colleague Mike Wackett wrote earlier this year, “the number of container lines with an operating capacity of over 200,000 teu has reduced to 17 from 20 in the past year, and is set to shrink to 13 in the next 18 months as the industry experiences unprecedented consolidation”. After detailed analysis of market leader Maersk’s net indebtedness, I could not refrain from taking a deeper look at how the container supply chain could be shaken up It does not currently seem as if we are about to experience trading conditions more challenging than last year; but that does not mean that the ripple effects of 2016 have all faded – there could still be a devastating domino effect that would jeopardise the world’s largest non-operating containership owner, Seaspan Corporation, the most, in my view. Its stock, unsurprisingly, has fallen like a stone since we first covered it last August. As if a 40% drop in about four months was not enough, at the end of November I warned that its valuation was still very expensive, when gauged against liquidation value, and the stock has fallen by another one-third since, as doubts surround its ambitious business model as well as its aggressive funding strategy. Elsewhere, Rickmers Maritime Trust is on the brink; strains are apparent at Danaos Corporation, just as I expected; while Global Ship Lease – whose relationship with CMA CGM might soon be tested – reported widening net losses that did not pass unnoticed. As we reported this month, GSL chief executive Ian Webber talked up the “excellent working relationship” his company enjoys with CMA CGM, which means that there is no danger of the carrier not fulfilling the terms of the charter parties. Let’s hope it lasts, because then we can start to rule out a meltdown scenario. Source: The Loadstar Maarten Post appointed as Chief Operating Officer of Radio Holland Group Per 13th March 2017, Maarten Post has been appointed Chief Operating Officer (COO) and member of the General Management Team of the Radio Holland Group. With his extensive and versatile international management experience Maarten will be responsible for the management of the global operations of the Radio Holland Group and further building the global service network. Within RH Marine Group over the past years, Maarten Post has had several managerial positions, amongst others Managing Director of Elkon (Turkey) and Imtech Marine Canada. Before that he worked in several senior management positions in Public Transportation and at DHL. Maarten started his career as an officer in the Royal Netherlands Marine Corps, after completing Royal Netherland Naval College. Maarten holds a Master’s Degree in Business Administration from Rotterdam School of Management, Erasmus University.

Click HERE for the LIVE STREAM WEBCAM in Hoek van Holland

Berghaven …. PHOTO OF THE DAY …..

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 26 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2017 – 085

Atlantic Towing new vessel the Damen shipyards group built “ATLANTIC SHRIKE ” approaching the Irving Marine Terminal in Dartmouth, Nova Scotia to take on bunkers. After bunkering the she departed for Newfoundland and will be one of the Vessels supporting the Hebron platform off north east Newfoundland for Exxon Mobil. For more on the Hebron Project see, http://www.hebronproject.com Photo : John Attersley Quay Marine Associates Inc. ©

The compiler of the news clippings disclaim all liability for any loss, damage or expense however caused, arising from the sending, receipt, or use of this e-mail communication and on any reliance placed upon the information provided through this free service and does not guarantee the completeness or accuracy of the information UNSUBSCRIBE / UITSCHRIJF PROCEDURE To unsubscribe click here (English version) or visit the subscription page on our website. http://www.maasmondmaritime.com/en/unsubscribe/

Om uit te schrijven klik hier (Nederlands) of bezoek de inschrijvingspagina op onze website. http://www.maasmondmaritime.com/nl/uitschrijven/

Distribution : daily to 36.800+ active addresses 25-03-2017 Page 27