DOCSLIB.ORG

Q3 FY2010 Results Presentation

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Q3 FY2010 Results Presentation A Structured Ship Finance Provider Q3 FY2010 Results Presentation g l o b a l p a r t n e r f o r p r e m i u m o p e r a t o r s | 1 Important Notice This presentation has been prepared by PST Management (“PSTM”) as Trustee-Manager of Pacific Shipping Trust (“PST”) for the exclusive use of the party to whom PSTM delivers this presentation to, comparing of results three months ended 30 September 2010. This shall be read in conjunction with PST’s financial results for the third quarter ended 30 September 2010 in the SGXNet announcement. This presentation is for information purposes only and does not constitute or form part of an offer, solicitation or invitation of any offer, to buy or subscribe for any securities, nor should it or any part of it form the basis of, or be relied in any connection with, any contract or commitment whatsoever. The value of the units in PST (the “Units”) and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by PSTM. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the Trustee-Manager redeem their Units while the Units are listed. Unitholders may only deal in their Units through trading on the Singapore Exchange Securities Trading Limited (the “SGX-ST”). The information contained in this presentation has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Neither PSTM or any of its respective affiliates, advisers or representative shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation. This presentation may contain forward-looking statements and illustrations that involve risks, uncertainties and other factors. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements and illustrations as a result of a number of risks, uncertainties and assumptions. Such forward-looking statements are based on numerous assumptions regarding PST’s present and future business strategies and the environment in which PST will operate in the future, and must be read together with such assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition, shifts in levels of expected income and expenses, changes in operating expenses and governmental and public policy changes. Predictions, projections or forecasts of the economy or economic trends of the markets are not necessarily indicative of the future or likely performance of PST. Past performance is not necessarily indicative of future performance. The future financial performance of PST is not guaranteed. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the Trustee-Manager's current view of future events. PSTM specifically prohibits redistribution of this material and accepts no liability whatsoever for the actions of third parties in this respect. This material must not be copied, reproduced, distributed or passed to others at any time, in whole or in part, without the prior written consent of PSTM. | 2 1 overview 2 financial highlights 3 recent developments 4 appendices | 3 Pacific Shipping Trust. Description: Listed on the Singapore Exchange since 26 May 2006 Sponsor: Pacific International Lines (PIL) Trustee-Manager: PST Management Pte Ltd Key Unitholders: PIL, DBS Group, PSA Corporation, Khoo Teck Puat Foundation Board of Directors: Business Model: A structured ship finance company and a value investment vehicle offering investors stable DPU growth through income from long-term charters, sale & leaseback of vessels Fleet: 16 Vessels (12 Containerships, 2 Bulk Carriers and 2 Multi-Purpose Vessels) (1) Charterers (2) : PIL, CSAV, Shagang and Cosco Xiamen Average age of 16 vessels: Approximately 4.6 years Contracted charter income: Up to US$570 Million from Oct 2010 – 2022 Distribution Policy: The distribution policy of PST is subject to review by the Board and may be adjusted from time to time depending on prevailing market conditions. Notes: (1) 12 Containerships in operation, two 180,000 DWT Capesize Bulk Carriers on order and expected to be completed and delivered in September 2011, two 24,000 DWT Multi- Purpose Vessels on order and expected to be completed and delivered in September and December 2012. (2) Pacific International Lines (Private) Limited (“PIL”), Compania Sud Americana de Vapores S.A. (“CSAV”), Jiangsu Shagang Group Co., Ltd. (“Shagang”) or its nominee, and Xiamen Ocean Shipping Company (“Cosco Xiamen”) | 4 financial highlights | 5 Financial Highlights Q3 FY2010. Q3 FY2010 Q3 FY200939% YoY Chg (USD Million) (USD Million) % Revenue 15.6 15.6 NM Distributable Income 7.0 6.9 2 Income Distributed 4.9 4.8 2 DPU (US Cent) (1) 0.832 0.818 2 (1) The distribution policy of PST is subject to review by the Board and may be adjusted from time to time depending on commercial considerations and prevailing market conditions. PST continues to deliver a healthy and stable performance | 6 Improved Unitprice. PST Relative Performance to STI (%) 220% 200% 174% 150% 100% %(rebased2Jan'10=100%) to PST STI 02 Jan’09 USD 0.15 1,829.71 20 Oct’10 USD 0.33 3,179.15 50% Jan 2009 Apr 2009 Jul 2009 Oct 2009 Jan 2010 Apr 2010 Jul 2010 Oct 2010 Source: Bloomberg, 20 October 2010 | 7 Prudent Long-Term Liability and Risk Management. Liability Management Debt Profile Illustration (1) Retained income 100% 14% Expenses 27% 75% NAV Preservation Income to be distributed 46% 31% Principal 31% repayment 28% 2010 2011 2012 2013 2014 2015 2016 Source: As at Q3 FY2010 Results (1) From start 2010 till end 2016, when existing charters expire. Based on current operating fleet excluding the 2 new 180K DWT Capesize Bulk Carriers or the 2 new MPPs PST addresses asset erosion by paying down debt against the asset depreciation, reducing the trust’s liabilities and preserving Net Asset Value. | 8 recent developments | 9 PST’s Continued Growth Story. ACQUIRED 25Jun ACQUIRED 2 x CAPESIZE 8Oct 2 x MPPs BULK CARRIERS Jan’10 21Apr 21Jul 20Oct Q1 PST Q2 PST maintains Q3 PST delivers stable continues to stable results & results & gathers growth perform well diversifies momentum | 10 PST’s Continued Growth Story – The Acquisitions. 1 25 June 2010 2 8 October 2010 PST acquired 2 x CAPESIZE BULK PST acquired 2 x MPPs to be chartered CARRIERS to be chartered to to COSCO XIAMEN , part of China’s SHAGANG , China’s largest private largest shipping group, COSCO enterprise Vessels 2 x 180K DWT Vessels 2 x 24K DWT Multi- Capesize Bulk Carriers Purpose Vessels PST gathers growth Yard HHI Yard DSIC momentum! Expected Sep 2011 Expected Sep & Dec 2012 Delivery Delivery Contract Price US$61.6 Million per Contract Price US$30.0 Million per vessel vessel Charterer Jiangsu Shagang Charterer Cosco Xiamen Time Charter US$27,000 per day per Time Charter US$14,900 per day per Rate vessel Rate vessel Charter Tenor 10 Yrs TC Charter Tenor 10 Yrs TC Notes: Illustration based on respective date of signings of the Time Charter Agreements and Ship Building Contracts. Please refer to appendices for summary of acquisitions | 11 PST’s Continued Growth Story – Effects & Benefits. 1 25 June 2010 2 8 October 2010 PST acquired 2 x CAPESIZE BULK PST acquired 2 x MPPs to be chartered CARRIERS to be chartered to to COSCO XIAMEN , part of China’s SHAGANG , China’s largest private largest shipping group, COSCO enterprise Results of PST’s Continued Growth. Results of PST’s Continued Growth. PST continues to Vessels 12 to 14 vessels Vessels 14 to 16 vessels pursue this growth 12 Containerships, 2 12 Containerships Asset Types Asset Types Bulk Carriers and 2 and 2 Bulk Carriers Multi-Purpose Vessels and further explore PIL (10), CSAV (2), PIL (10), CSAV (2) opportunities for Charterers Charterers SHAGANG (2) and and SHAGANG (2) COSCO XIAMEN (2) meaningful Total Contracted 65% to close to Total Contracted 23% to up to Revenue USD 500 Million Revenue USD 570 Million acquisitions Long-term Long-term Up to FY2021 Up to FY2022 Charters Charters Notes: Illustration based on respective date of signings of the Time Charter Agreements and Ship Building Contracts. Please refer to appendices for summary of acquisitions | 12 Charterer Base Diversification. 1 June 2010 2 October 2010 2 x CAPESIZE BULK CARRIERS 2 x MPPs to be chartered to to be chartered to SHAGANG COSCO XIAMEN Cosco CSAV Shagan Xiamen 23% Shagang g 19% PIL 41% 35% PIL 44% PIL CSAV Shagang CSAV 77% 15% 34% PIL 12% 100% 8 container ships 10 container ships 10 container ships 10 container ships bareboat bareboat bareboat chartered bareboat chartered to chartered to PIL + 2 container chartered to PIL to PIL + 2 container PIL + 2 container ships ships time-chartered to CSAV ships time-chartered time-chartered to CSAV + 2 capesize bulk carriers to to CSAV + 2 capesize bulk be time-chartered to carriers to be time- SHAGANG + 2 multi-purpose chartered to SHAGANG vessels to be time-chartered to COSCO XIAMEN Note: Based on Total Contracted Revenue as at respective contractual signings | 13 Asset Class Diversification. 1 June 2010 2 October 2010 2 x CAPESIZE BULK CARRIERS 2 x MPPs to be chartered to to be chartered to SHAGANG COSCO XIAMEN No.
Load more

Recommended publications
  • International Convention on Tonnage Measurement of Ships, 1969
    No. 21264 MULTILATERAL International Convention on tonnage measurement of ships, 1969 (with annexes, official translations of the Convention in the Russian and Spanish languages and Final Act of the Conference). Concluded at London on 23 June 1969 Authentic texts: English and French. Authentic texts of the Final Act: English, French, Russian and Spanish. Registered by the International Maritime Organization on 28 September 1982. MULTILAT RAL Convention internationale de 1969 sur le jaugeage des navires (avec annexes, traductions officielles de la Convention en russe et en espagnol et Acte final de la Conf rence). Conclue Londres le 23 juin 1969 Textes authentiques : anglais et fran ais. Textes authentiques de l©Acte final: anglais, fran ais, russe et espagnol. Enregistr e par l©Organisation maritime internationale le 28 septembre 1982. Vol. 1291, 1-21264 4_____ United Nations — Treaty Series Nations Unies — Recueil des TVait s 1982 INTERNATIONAL CONVENTION © ON TONNAGE MEASURE MENT OF SHIPS, 1969 The Contracting Governments, Desiring to establish uniform principles and rules with respect to the determination of tonnage of ships engaged on international voyages; Considering that this end may best be achieved by the conclusion of a Convention; Have agreed as follows: Article 1. GENERAL OBLIGATION UNDER THE CONVENTION The Contracting Governments undertake to give effect to the provisions of the present Convention and the annexes hereto which shall constitute an integral part of the present Convention. Every reference to the present Convention constitutes at the same time a reference to the annexes. Article 2. DEFINITIONS For the purpose of the present Convention, unless expressly provided otherwise: (1) "Regulations" means the Regulations annexed to the present Convention; (2) "Administration" means the Government of the State whose flag the ship is flying; (3) "International voyage" means a sea voyage from a country to which the present Convention applies to a port outside such country, or conversely.
    [Show full text]
  • International Convention on Tonnage Measurement of Ships, 1969
    Page 1 of 47 Lloyd’s Register Rulefinder 2005 – Version 9.4 Tonnage - International Convention on Tonnage Measurement of Ships, 1969 Tonnage - International Convention on Tonnage Measurement of Ships, 1969 Copyright 2005 Lloyd's Register or International Maritime Organization. All rights reserved. Lloyd's Register, its affiliates and subsidiaries and their respective officers, employees or agents are, individually and collectively, referred to in this clause as the 'Lloyd's Register Group'. The Lloyd's Register Group assumes no responsibility and shall not be liable to any person for any loss, damage or expense caused by reliance on the information or advice in this document or howsoever provided, unless that person has signed a contract with the relevant Lloyd's Register Group entity for the provision of this information or advice and in that case any responsibility or liability is exclusively on the terms and conditions set out in that contract. file://C:\Documents and Settings\M.Ventura\Local Settings\Temp\~hh4CFD.htm 2009-09-22 Page 2 of 47 Lloyd’s Register Rulefinder 2005 – Version 9.4 Tonnage - International Convention on Tonnage Measurement of Ships, 1969 - Articles of the International Convention on Tonnage Measurement of Ships Articles of the International Convention on Tonnage Measurement of Ships Copyright 2005 Lloyd's Register or International Maritime Organization. All rights reserved. Lloyd's Register, its affiliates and subsidiaries and their respective officers, employees or agents are, individually and collectively, referred to in this clause as the 'Lloyd's Register Group'. The Lloyd's Register Group assumes no responsibility and shall not be liable to any person for any loss, damage or expense caused by reliance on the information or advice in this document or howsoever provided, unless that person has signed a contract with the relevant Lloyd's Register Group entity for the provision of this information or advice and in that case any responsibility or liability is exclusively on the terms and conditions set out in that contract.
    [Show full text]
  • SIMPLIFIED MEASUREMENT TONNAGE FORMULAS (46 CFR SUBPART E) Prepared by U.S
    SIMPLIFIED MEASUREMENT TONNAGE FORMULAS (46 CFR SUBPART E) Prepared by U.S. Coast Guard Marine Safety Center, Washington, DC Phone (202) 366-6441 GROSS TONNAGE NET TONNAGE SAILING HULLS D GROSS = 0.5 LBD SAILING HULLS 100 (PROPELLING MACHINERY IN HULL) NET = 0.9 GROSS SAILING HULLS (KEEL INCLUDED IN D) D GROSS = 0.375 LBD SAILING HULLS 100 (NO PROPELLING MACHINERY IN HULL) NET = GROSS SHIP-SHAPED AND SHIP-SHAPED, PONTOON AND CYLINDRICAL HULLS D D BARGE HULLS GROSS = 0.67 LBD (PROPELLING MACHINERY IN 100 HULL) NET = 0.8 GROSS BARGE-SHAPED HULLS SHIP-SHAPED, PONTOON AND D GROSS = 0.84 LBD BARGE HULLS 100 (NO PROPELLING MACHINERY IN HULL) NET = GROSS 1. DIMENSIONS. The dimensions, L, B and D, are the length, breadth and depth, respectively, of the hull measured in feet to the nearest tenth of a foot. See the conversion table on the back of this form for converting inches to tenths of a foot. LENGTH (L) is the horizontal distance between the outboard side of the foremost part of the stem and the outboard side of the aftermost part of the stern, excluding rudders, outboard motor brackets, and other similar fittings and attachments. BREADTH (B) is the horizontal distance taken at the widest part of the hull, excluding rub rails and deck caps, from the outboard side of the skin (outside planking or plating) on one side of the hull, to the outboard side of the skin on the other side of the hull. DEPTH (D) is the vertical distance taken at or near amidships from a line drawn horizontally through the uppermost edges of the skin (outside planking or plating) at the sides of the hull (excluding the cap rail, trunks, cabins, deck caps, and deckhouses) to the outboard face of the bottom skin of the hull, excluding the keel.
    [Show full text]
  • Measurement of Fishing
    35 Rapp. P.-v. Réun. Cons. int. Explor. Mer, 168: 35-38. Janvier 1975. TONNAGE CERTIFICATE DATA AS FISHING POWER PARAMETERS F. d e B e e r Netherlands Institute for Fishery Investigations, IJmuiden, Netherlands INTRODUCTION London, June 1969 — An entirely new system of The international exchange of information about measuring the gross and net fishing vessels and the increasing scientific approach tonnage was set up called the to fisheries in general requires the use of a number of “International Convention on parameters of which there is a great variety especially Tonnage Measurement of in the field of main dimensions, coefficients, propulsion Ships, 1969” .1 data (horse power, propeller, etc.) and other partic­ ulars of fishing vessels. This variety is very often caused Every ship which has been measured and marked by different historical developments in different in accordance with the Convention concluded in Oslo, countries. 1947, is issued with a tonnage certificate called the The tonnage certificate is often used as an easy and “International Tonnage Certificate”. The tonnage of official source for parameters. However, though this a vessel consists of its gross tonnage and net tonnage. certificate is an official one and is based on Inter­ In this paper only the gross tonnage is discussed national Conventions its value for scientific purposes because net tonnage is not often used as a parameter. is questionable. The gross tonnage of a vessel, expressed in cubic meters and register tons (of 2-83 m3), is defined as the sum of all the enclosed spaces. INTERNATIONAL REGULATIONS ON TONNAGE These are: MEASUREMENT space below tonnage deck trunks International procedures for measuring the tonnage tweendeck space round houses of ships were laid down as follows : enclosed forecastle excess of hatchways bridge spaces spaces above the upper- Geneva, June 1939 - International regulations for break(s) deck included as part of tonnage measurement of ships poop the propelling machinery were issued through the League space.
    [Show full text]
  • Tolls Calculation Guide for Panamax Tanker Vessels Panamax Tanker Toll Structure Remains in PC/UMS Bands
    Tolls Calculation Guide for Panamax Tanker Vessels Panamax Tanker toll structure remains in PC/UMS bands: Tariff for Panama Canal Net Tonnage PC/UMS Total Toll Example #1: Laden Panamax Tanker – 40,000 DWT = 18,490 PC/UMS * laden tariff 10,000 PC/UMS x $5.50 = $55,000.00 8,490 PC/UMS x $5.39 = $45,761.10 $100,761.10 $100,761.10 Multiplying by $5.50 the first 10K PC/UMS tons + Total Toll multiplying by $5.39 the rest PC/UMS tons, results in Total Toll Example #2: Ballast Panamax Tanker 40,000 DWT = 18,490 PC/UMS * ballast tariff 10,000 PC/UMS x $4.55 = $45,500.00 8,490 PC/UMS x $4.39 = $37,271.10 $82,771.10 $82,771.10 Multiplying by $4.55 the first 10K PC/UMS tons + Total Toll Multiplying by $4.39 the rest PC/UMS tons, results in Total Toll For further details about toll structure please refer to: • The Panama Canal Tolls Structure Source: http://www.pancanal.com/peajes/pdf/tolls-proposal-2015.pdf • Tolls tables Source: http://www.pancanal.com/peajes/ApprovedTollsTables-v2.pdf • Toll Calculator Source: https://peajes.panama-canal.com/ppal.aspx Tolls Calculation Guide for Neopanamax Tanker Vessels Neopanamax Tanker toll structure is composed of: Fixed tariff for Panama Canal Net Tonnage Variable tariff for metric tons of (PC/UMS) cargo transported Total tolls Metric Tons (MT) of cargo= Example #1: Laden Aframax Tanker – 100,000 DWT = 46,136 PC/UMS + 60,000 cargo tons * laden tariff 10,000 PC/UMS x $5.58 = $55,800.00 20,000 MT x $0.34 = $6,800.00 10,000 PC/UMS x $5.40 = $54,000.00 20,000 MT x $0.22 = $4,400.00 15,000 PC/UMS x $5.51 = $82,650.00
    [Show full text]
  • The Potential Impacts of the Panama Canal Expansion on Texas Ports Final Report
    The Potential Impacts of the Panama Canal Expansion on Texas Ports Final report PRC 17-78 The Potential Impacts of the Panama Canal Expansion on Texas Ports Texas A&M Transportation Institute PRC 17-78 January 2018 Authors Jolanda Prozzi Sarah Overmyer Copies of this publication have been deposited with the Texas State Library in compliance with the State Depository Law, Texas Government Code §441.101-106. 2 Potential Impacts of Panama Canal Expansion on Texas Ports The 2016 expansion of the Panama Canal allows significantly larger cargo ships traveling from East Asia to access the U.S. Gulf and East Coasts via an all-water route, which is typically the least costly way to transport goods. This study sought to examine the potential impacts specifically on Texas sea ports. • The Port of Houston has predicted an increase in traffic in the long-term due to the Panama Canal expansion, expecting that the newly deepened Port will attract heavier or larger vessels to unload there. Other Gulf Coast ports also expect an increase. Expanded channels have been approved for the Ports of Brownsville, Corpus Christi, Freeport, and the Sabine-Neches Waterway, but no funding has been appropriated to these projects. • To date, the greatest impact of the expansion appears to be associated with tankers, especially for liquefied petroleum gas (LPG) and liquefied natural gas (LNG). Some 86 percent of the world’s LNG fleet can now pass through the Canal, compared to only 8 percent before the expansion. • Prior to the expansion, about 40 ships passed through the Canal each day.
    [Show full text]
  • Explanatory Memorandum
    EXPLANATORY MEMORANDUM 1. The “International Convention on Tonnage Measurement of Ships 1969”, in short “The Convention”, was the first successful attempt to introduce a universally accepted tonnage measurement system. Prior to this, every flag State had its own tonnage measurement system used to calculate the tonnage of merchant ships. The most popular tonnage measurement systems prior to the Convention were, the Norwegian Tonnage System (NIS) also referred to as the OSLO Convention, the British Tonnage Rules which included the Thames River Measurement system1 for small vessels, the Panama Canal Universal Measurement system PC/UMS2 and Swiss Canal Tonnage Measurement system. Although, all these systems were based on the method devised by George Moorsom of the British Board of Trade in 1854, there were considerable differences and it was recognized that there was a great need for one single international system.3 This lead States whose desire it was to establish uniform principles and rules with respect to the determination of tonnage of ships engaged in international voyages to adopt the Convention. 2. The Convention was adopted on the 23rd of June 1969, by the International Maritime Organization (IMO) and entered into force on the 18th of July 1982. The rules apply to all ships built (keel laying) on or after 18 July 1982, while ships built before that date are allowed to retain their existing tonnage calculation for 12 years after entry into force, or until 18 July 1994. A total of 141 States are parties to this Convention representing 98.61% of the world tonnage.4 The Convention meant a transition from the traditionally used terms, gross register tons (GRT) and net register tons (NRT) to gross tons (GT) and net tons (NT).
    [Show full text]
  • TM.5/Circ.6 19 May 2014 UNIFIED INTERPRETATIONS RELATING TO
    E 4 ALBERT EMBANKMENT LONDON SE1 7SR Telephone: +44 (0)20 7735 7611 Fax: +44 (0)20 7587 3210 TM.5/Circ.6 19 May 2014 UNIFIED INTERPRETATIONS RELATING TO THE INTERNATIONAL CONVENTION ON TONNAGE MEASUREMENT OF SHIPS, 1969 1 The Maritime Safety Committee, at its sixty-third session (16 to 25 May 1994), agreed to a consolidated set of interpretations of the provisions of the International Convention on Tonnage Measurement of Ships, 1969 (TM.5/Circ.5). 2 The Maritime Safety Committee, at its ninety-third session (14 to 23 May 2014), having considered a proposal by the Sub-Committee on Ship Design and Construction, at its first session, approved the Unified interpretations relating to the International Convention on Tonnage Measurement of Ships, 1969 (the 1969 Tonnage Convention), as set out in the annex. 3 Member Governments are invited to use these Unified interpretations when applying the provisions of the 1969 Tonnage Convention. 4 This circular supersedes circular TM.5/Circ.5. *** I:\CIRC\TM\05\6.doc TM.5/Circ.6 Annex, page 1 ANNEX UNIFIED INTERPRETATIONS RELATING TO THE INTERNATIONAL CONVENTION ON TONNAGE MEASUREMENT OF SHIPS, 1969 Articles Article 2 Definitions Article 2(8) Length A.2(8)-1 When a ship does not have a rudder stock, the length should be taken as 96% of the total length on a waterline at 85% of the least moulded depth measured as defined in regulation 2(2). A.2(8)-2 The 96% overall length should be used for ships that do not have a clearly defined stem or stern, such as column-stabilized units, submersibles, floating docks, and similar ships.
    [Show full text]
  • 146 Subpart B—PC/UMS Net Tonnage Measurement
    § 135.4 35 CFR Ch. I (7±1±97 Edition) documentation may result in the Com- line of the flat of the bottom continued mission's developing a figure that ac- inwards cuts the side of the keel. curately reflects the vessel's volume. (2) In ships having rounded gunwales, the moulded depth shall be measured (Approved by Office of Management and Budget (OMB) under control number 3207± to the point of intersection of the 0001) moulded lines of the deck and side shell plating, the lines extending as [59 FR 43255, Aug. 22, 1994, as amended at 61 though the gunwales were of angular FR 60612, Nov. 29, 1996] design. § 135.4 Administration and interpreta- (3) Where the upper deck is stepped tion of rules. and the raised part of the deck extends over the point at which the moulded The rules of measurement provided depth is to be determined, the moulded in this part shall be administered and depth shall be measured to a line of ref- interpreted by the Administrator of erence extending from the lower part of the Panama Canal Commission. the deck along a line parallel with the raised part. Subpart BÐPC/UMS Net Tonnage (c) Breadth or moulded breadth means Measurement the maximum breadth of the ship, measured amidships to the moulded § 135.11 Tonnage. line of the frame in a ship with a metal (a) The tonnage of a ship shall con- shell and to the outer surface of the sist of PC/UMS Net Tonnage. hull in a ship with a shell of any other (b) The net tonnage shall be deter- material.
    [Show full text]
  • Stability Aspects of Bulk Carriers
    PORT SAID UNIVERSITY RESEARCH JOURNAL Faculty of Engineering- Port Said University Volume (20) No. 2 September 2016 pp: 96 - 109 Stability Aspects of Bulk Carriers Nourhan Ibrahim Ghoneim1, El-Sayed Hegazy2, Mohamed A. Kotb3 and Adel A. Tawfik4 ABSTRACT Bulk carriers are one of the three dominating merchant ship types together with grain and container vessels. Today, bulk carriers comprise about one third of the world fleet in tonnage terms. The demand for raw materials like coal, iron, copper, …etc., has increased considerably since the turn of the millennium. Moreover, the bulk carrier has specific nature due to the loaded bulk cargo’s parameters which may slosh, liquefy, shift...etc. The intact stability of bulk carriers is investigated, with respect to the latest regulations developed by IMO. The effect of loading conditions and types of cargoes on ship stability and cargo earning capacity are studied. It is found that in some cases of loading conditions with certain types of cargo we have to use ballast water to satisfy the new grain regulations. This will lead to a reduction in the cargo earning capacity of the ship. The study under consideration is very important from the economic point of view of the vessel’s operation. Ship’s owners and charters must know which type of bulk cargoes is more profitable in case they have a choice to carry different types of bulk cargoes. A computer program is developed to carry out the stability calculations. Firstly we should get the vessel’s lines plans drawings, then using these drawings to prepare the vessel’s tables of offsets.
    [Show full text]
  • International Convention on Tonnage Measurement of Ships, 1969
    International Convention on Tonnage Measurement of Ships, 1969 (London, 23 June 1969) THE CONTRACTING GOVERNMENTS, DESIRING to establish uniform principles and rules with respect to the determination of tonnage of ships engaged on international voyages; CONSIDERING that this end may best be achieved by the conclusion of a Convention; HAVE AGREED as follows: Article 1 General obligation under the Convention The Contracting Governments undertake to give effect to the provisions of the present Convention and the Annexes hereto which shall constitute an integral part of the present Convention. Every reference to the present Convention constitutes at the same time a reference to the Annexes. Article 2 Definitions For the purpose of the present Convention, unless expressly provided otherwise: (1) "Regulations" means the Regulations annexed to the present Convention; (2) "Administration" means the Government of the State whose flag the ship is flying; (3) "international voyage" means a sea voyage from a country to which the present Convention applies to a port outside such country, or conversely. For this purpose, every territory for the international relations of which a Contracting Government is responsible or for which the United Nations are the administering authority is regarded as a separate country; (4) "gross tonnage" means the measure of the overall size of a ship determined in accordance with the provisions of the present Convention; (5) "net tonnage" means the measure of the useful capacity of a ship determined in accordance with the provisions of the present Convention; (6) "new ship" means a ship the keel of which is laid, or which is at a similar stage of construction, on or after the date of coming into force of the present Convention; (7) "existing ship" means a ship which is not a new ship; (8) "length" means 96 per cent of the total length on a waterline at 85 per cent of the least moulded depth measured from the top of the keel, or the length from the fore side of the stem to the axis of the rudder stock on that waterline, if that be greater.
    [Show full text]
  • Shipping (Tonnage) Regulations General
    LAWS OF TRINIDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt Shipping Chap. 50:10 303 [Subaidiar y] SHIPPING (TONNAGE) REGULATIONS ARRANGEMENT OF REGULATIONS REGULATION 1. CItation. I'ARI' I GENERAL 2. Definitions, PART II APPLICATION, ASCERTAINMENT OF TONNAGE AND CFRTIFICATION FOR Nl<~W """''' ANn C~~RTAIN EXISTING SHIPS OF TWENTY-FOUR METRES IN LENGTH AND OVER 3. Applicauon of r an II. 4. Method of measurement. 5. Calculation of volumes. 6. Gross tonnage. 7. Net tonnage. 8. Miscellaneous tonnages. 9. Issue of certificates. 10. Cancellation of certificates. 11. Change of net tonnage necessitating issue of certificate. I'ART III APPLICATION. ASCERTAINMENT OF TONNAGE AND CERTIFICATION FOR ALL SHIPS OF LESS THAN TWENTY·FOUR METRES IN LENGTH INCLUDING PLEASURE CRAFT 12. Application of Pan III. L.RD. UPDATED TO DECEMBER 31ST 2009 LAWS OF TRINIDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www.legalaHairs.gov.tt 304 Chap. 50:10 Shipping [Subaidiar y] Shipping (Tonnage) Regulations ARRANGEMENT OF REGULATI ONS -Continued RE GULATION I'AIIT IV APPLICATION, ASCERTAINMENT OF TONNAGE AND CERTIFICATION OJ;' EXISTING SHH'S OF TWENTY·FOUR METRES IN LENGTH AND OVER UNTIL 17TH .WLY, 1994. 13. Application of Part IV PART V FOREIGN SHH'S WIIILST WITIIIN TRINIDAD AND TOBAGO OR THE TERRITORIAL WATERS THEREOF 14. Acceptance of foreign 't onnage Certificates, 15 Ascertainment of Tonnage and Certification. •"AltT VI INTERIM SCHEME FOR TONNAGE MEASUREMENT FOR CERTAIN SHIPS 16. Application of Part VI. I'ART VB PENALTffiS 17. Penalties. FIRST SCHEDULE. SECOND SCHEDULE. THffiD SCHEDULE. FOURTH SCHEDULE. APPENDIX A. APPF,NnTX II. APPENDIX C. UPDATED TO DECEMBER 31ST 2009 LAWS OF TRINIDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt Shipping Chap.
    [Show full text]