DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

Number 001 *** COLLECTION OF MARITIME PRESS CLIPPINGS *** Thursday 01-01-2015 News reports received from readers and Internet News articles copied from various news sites.

Beautiful shot of the only seagoing tug registered in my home town, 'Wijk Bij Duurstede' It is MT ISA, IMO 9394028, owned by captain Jan-Willem Mastenbroek. Home for Christmas in a winterly Netherlands. Picture was taken, using a drone by an unknown photographer photo received via Ruud Muis

Distribution : daily to 31800+ active addresses 01-01-2015 Page 1 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

IN MEMORIAM

mij bereikte het trieste bericht dat is overleden

HENK MOERMAN

Henk was werkzaam in het verleden bij de Koninklijke Marine waar hij de bijnaam had “Wammes” Henk was kwartiermeester aan boord van duikondersteuningsvaartuig "Hr. Ms. Leersum". en naderhand bootsman. Henk kwam na zijn pensioenering bij de Marine terecht bij SMIT TAK alwaar hij samen met Jaap v.d. Meer de duikopleiding runde, hard maar fair en waar uitstekende duikers uit voortkwamen.

Morgen, vrijdag 2 januari om 11:30 uur word met woorden en muziek afscheid genomen van Henk in de aula van het crematorium, Westelijk Oude Havendijk 3 te Middelburg

Na afloop is er gelegenheid to samenzijn in de koffiekamer van het crematorium.

***** HENK, RUST ZACHT *****

Correspondentie adres : Poortugaalstraat 49 4388 AW OOST SOUBURG

Distribution : daily to 31800+ active addresses 01-01-2015 Page 2 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

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

The 2008 built 183 mtr long 50.070 DWT LICHTENSTEIN arriving at Dunedin, upon completion of cargo handling the tanker departed from Dunedin bound for Yoso (South Korea) Photo : Ross Walker (c)

South China Sea: Vietnam Files Stance at the Tribunal Tensions over the South China Sea were reignited after Vietnam said it had submitted its stance on the dispute to the international arbitration tribunal reviewing the Philippines’ challenge against China’s claims.Vietnam has asked the arbitration court to take into account its legal rights and interests in the disputed sea region, spokesman Le Hai Binh, said in a foreign ministry statement posted on its website Thursday. The country also refuted China’s claims to the Paracel and Spratly islands in the statement, which provoked a Chinese response Thursday that its neighbor’s claims were unlawful.

The renewed tensions are being sparked as the United Nations tribunal in the Hague considers Philippine’s challenge to China’s claim to much of the South China Sea as the island nation seeks to check Beijing’s bid for control of waters rich in oil, gas and fish. Vietnamese and Philippine leaders say they are determined to oppose China’s move to control the sea region after China placed an oil rig, HYSY-981, in May off Vietnam’s coast.

Distribution : daily to 31800+ active addresses 01-01-2015 Page 3 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

“Beijing will be irritated that Vietnam has submitted its views to the Arbitral Tribunal, which in China’s view has no jurisdiction over this issue,” said Ian Storey, senior fellow at the Institute of Southeast Asian Studies in Singapore. “Despite efforts by both sides to repair the damage caused by HYSY-981, it demonstrates yet again that the South China Sea dispute continues to bedevil bilateral relations.”

China said it rejects international arbitration of the territorial dispute and will not join in the proceedings, according to a position paper released December 7. China has “indisputable” sovereignty over the Spratly Islands, according to a foreign ministry statement. Vietnam reiterates it has “sufficient historical evidence and legal ground to affirm its sovereignty” over the Paracel and Spratly islands, according to the statement. The foreign ministry didn’t say when the submission to the arbitration court was made. The South China Morning Post reported it was submitted Dec. 5.

Prime Minister Nguyen Tan Dung said in May the country has prepared evidence for a legal suit challenging China’s claims to the waters and is considering the best time to file it.

Vietnam’s submission “raises the stature of the case in the eyes of the arbitrational tribunal,” Carlyle Thayer, an emeritus professor at the Australian Defence Force Academy in Canberra, said by phone. “It pushes management of the dispute slightly down the legal path. Vietnam may have concluded that if it does not look out for its own interests, it will be left behind.”For now, Vietnam is most likely content to let the Philippines bear the brunt of China’s anger for taking the case to the tribunal, Storey said.

China claims much of the island chains and waters in the South China Sea that extends hundreds of miles south from Hainan Island outlined in its nine-dash line map, first published in 1940s Source : themaritimehub More Heavy Lifting Ahead - Outlook 2015 By Justin Archard Managing Director, Asia Pacific & Oceania at SAL Heavy Lift Singapore Pte Ltd

SAL’s TRINA enroute Antwerp – Photo : Walter de Groot (c)

Owners are due a break – but I don’t think it will come in 2015.

Cargo volume increases seen in 2014 are seen by most owners as the start of trend growth and 2015 for some time has pointed to better utilisation factors across MPV/Project carrier fleets. That said, it is hard to say whether or not the oil price shock will have a sting in its tail. The oil and gas industry is laying off people across the board – staff and contractors alike. Project deferments have started.

Downgrading of global growth by the various financial agencies of the world has in most of 2014 been a regular feature of their commentary. Today they are saying that the oil price correction may be the fillip that has been needed to ignite growth. Whatever the truth, uncertainty remains as the only constant and will in my view continue to dampen investment in capital projects and ships in the MPV/Project carrier segment.

Oversupply has been a considerable factor in this segment for some time. Year 2015 with its uncertainties is unlikely to be a catalyst year for significant newbuild orders which is a good thing.

A further difficulty that shipowners face will be in freight rates. As cargo volumes have trended upwards, the fall in the oil price has meant lower bunker costs for owners. This has brought a welcome margin against current market freight rates. However, unwelcome is the pressure to return this to charterers in the form of lower freight rates and those in the chase for volume are ready to negotiate with it. So it is entirely possible that if the bunker rates stay in

Distribution : daily to 31800+ active addresses 01-01-2015 Page 4 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

the same general area for a sustained period, freight rates will certainly flat-line, possibly even fall even as cargo volumes increase.

Year 2015 will as well I think see further M+A activity, particularly with owners who are generally trampers in nature and with smaller fleets. Recent years have seen a marked increase in fleet size among the project carriers. When price and position are the key attributes to working spot markets, smaller fleets are particularly disadvantaged. Continuing low freight rates will eventually persuade some – either of their own volition or coerced by the banks - to find pooling partners to maximise the potential of their vessels.

At the very top end of heavy lift, three new ships will be present in the market. Even as few in numbers as this presents a measureable shift in the supply and demand principal. Few pure play heavy lifts are forecast for 2015 and owners will find themselves having to take work for these vessels that they were not necessarily designed for.

This said it isn’t all bad news. Sentiment is lifting and this forms a driver in its own right. Technical project work will continue as pure play heavy lift vessels extend their range of abilities utilising their capacities and operating structures onshore to develop techniques in diversified markets. I think in 2015, the fleets that remain focused on their core business, manage costs yet remain flexible will ride out what I believe will be the last of the difficult years.

SUPERSTAR AQUARIUS VISITS PUERTO PRINCESA CITY Compiled by : Piet Sinke

Monday afternoon did see the arrival of the SUPERSTAR AQUARIUS in the port of Puerto Princesa City at the Philippine Island Palawan. Known as the city in a forest, Puerto Princesa City lives up to its reputation as one of the most environmentally-conscious cities in the Philippines. Located at the mid-section of the long strip of the Palawan Island province, Puerto Princesa City is a top tourist destination, known mostly to locals and well-travelled foreigners.

Distribution : daily to 31800+ active addresses 01-01-2015 Page 5 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

It is home to many beautiful sights and natural wonders – pristine beaches, coral reefs and lush greeneries that are unique to the place. The climate-friendly city offers some of Philippines’ best kept heritage, culture and natural attractions.

Among some of the must-see places include the Puerto Princesa Subterranean River National Park, which is a UNESCO World Heritage Site and one of the new 7 Wonders of Nature. As one of the most distinguished protected areas in the Philippines, the park features unspoiled natural beauties such as old reserved forests, clear white-sandy beaches, diverse endangered wildlife species and one of the world’s most impressive caves systems, with a series of spectacular limestone formations. The park also contains an 8.2 km underground river, which is said to be the longest navigable underground river in the world that flows directly to the South China Sea. The Puerto Princesa Subterranean River National Park is truly a remarkable place like no other and is on many travellers’ bucket list. Make a date with Star Cruises to Puerto Princesa City as SUPERSTAR AQUARIUS is homeported in Kota Kinabalu till 1st March 2015, offering itineraries that include the much anticipated 4D/3N Kota Kinabalu/Puerto Princesa City destination cruise, 2 Night high seas cruise (available alternate week) and the regular 1 Night high seas cruise. The SUPERSTAR AQUARIUS stayed overnight in Puerto Princesa and departed Tuesday afternoon again during monsoon rains bound for Kota Kinabalu

MS SUPERSTAR AQUARIUS is a 190 mtr long 39.127 GRT cruise ship owned and operated by Star Cruises. She was built in 1993 by the Chantiers de l'Atlantique shipyard in St. Nazaire, France for Kloster Cruise (Norwegian Cruise Line) as WINDWARD. In 1998 she was lengthened at Lloyd Werft in Bremerhaven, Germany and renamed NORWEGIAN WIND. In 2007 she was transferred to the fleet of Star Cruises

Entering service in 1993 as WINDWARD , she was the second of two sister vessels built by Chantiers de l'Atlantique for Kloster Cruise for use under their Norwegian Cruise Line brand. In 1998 both vessels were lengthened by insertion of a 130 foot midsection and emerged with new names. WINDWARD became NORWEGIAN WIND, and DREAMWARD became NORWEGIAN DREAM. This work was

Distribution : daily to 31800+ active addresses 01-01-2015 Page 6 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

completed by Lloyd Werft shipyard in Bremerhaven, Germany. As with the rest of NCL's fleet, NORWEGIAN WIND operated with the "Freestyle" cruising concept, which allows guests to dine in any number of restaurants, in casual attire, at times of their own choosing.

One of her early cruises was a Private Charter for Prudential Assurance of the UK. In January 1995 a 5 day cruise of the Caribbean was undertaken for the top 350 sales people in the UK Direct Sales Force and their partners. For the booking the cruise liner had additional wording placed below her name on hull and funnel - 'Salute to the Stars' (The Prudential Sales force competition).

In 2004 ownership of the NORWEGIAN WIND was transferred to NCL's parent company Star Cruises, in anticipation of transference of the ship to the Star Cruises' fleet. The transfer was realised in April 2007, when the ship joined the Star Cruises fleet under the name SUPERSTAR AQUARIUS. After refitting and refurbishment of the public areas to cater to the Asia-Pacific market, as well as a new livery to match the rest of the Star Cruises fleet with a capacity of 1,750 passengers (lower berths) / 2,156 passengers (all berths) and 700 crew. At departure due to some strong winds from the south the SUPERSTAR AQUARIUS was assisted by the Harbourstar tug ALPHARD pulling her off from the jetty and turning the vessel into the channel before the pilot disembarked via the pilot tender based in Puerto Princesa City as seen at the photo below

All photo’s : Piet Sinke (c) – CLICK at the photos to view / download the high resolution version !

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

Distribution : daily to 31800+ active addresses 01-01-2015 Page 7 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

Click HERE to see Pronomar latest newsletter

The Bonn-Mees Sheerlegs MATADOR 3 installed the superstructure onboard the SEVEN SUN Photo : Jan van Heteren www.janvanheteren.nl ©

From Breskens HENK DE WINDE wish you Happy New year and the 24/7 pilot RIK VAN MARLE in the port of Sohar wish all readers a prosperous 2015

CLICK on the cards!

4 fishermen released in Damietta following navy patrol attack investigations

Distribution : daily to 31800+ active addresses 01-01-2015 Page 8 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

Security authorities in Damietta released four fishermen Sunday, after completing investigations regarding the November attack on a navy patrol, Hossam Khalil president of a cooperative society for fishermen in Damietta confirmed Wednesday.

The group of fishermen is the last of 32 who were arrested following the incident, all of whom were from Ezbet El- Borg city in Damietta. They were on board four boats during the exchange of fire, an informed fisherman previously told Daily News Egypt.The release occurred over four phases: the first was a group of 15, followed by 10, then three, followed by the final group of four. The fishermen’s association has been making efforts to provide assistance for the detained fishermen.

“The authorities’ response was effective and the fishermen have been promised compensation for the losses during the attack,” Khalil said.

Khalil said that the fishermen’s presence at the time of the incident was a coincidence, as the military mistakenly targeted them, destroying four of their boats. “One boat sank, one burnt down and the two others were severely destroyed and fishing equipment damaged,” Khalil said.

The attack took place on 12 November, 40 miles north of the port of Damietta, when gunmen opened fire on the navy vessel. Eight navy personnel went missing as a result of the attack, according to the military spokesperson.

Security expert Hossam Sweilam had told Daily News Egypt that 13 army personnel were confronted by more than 60 militants from other boats.

Meanwhile, Brigadier General Khaled Okasha, head of the Center for Security Studies, maintained that any news regarding the attack was only premises without evidence, including possible sea penetration by outside militants.

Lebanese news website Al-Modon published a story two days after the attack, suggesting that the patrol commander Ahmed Amer had conspired with the Islamic State in Iraq and the Sham (ISIS). It claimed he had helped five of their members hide on board vessel in order to seize the boat on the day of the attack.

Al-Modon attributed the information to unnamed sources allegedly in the Port Said navy, anonymous alleged jihadists’ online accounts. It also based its story on a supposed video release by a man named Abou Amina Al-Ansary, believed to be a media spokesperson for ISIS.The military has not officially announced any updates on the incident. The fate of the eight missing sailors also remains unknown. Source : dailynewsegypt

Jakarta accepts S’pore’s offer of submarine support vessel, tools

Top : the SWIFT RESCUE - Photo : Piet Sinke (c) – CLICK on the photo !

Indonesia has accepted a Singapore Armed Forces’ offer of a submarine support-and-rescue vessel in the search for the missing AirAsia plane. Apart from the vessel, SWIFT RESCUE , Singapore offered personnel from the Maritime and Port Authority of Singapore (MPA) and additional equipment, including a sidescan sonar system and a robotic remotely-operated vehicle. The MPA equipment will support the operation by Singapore Ministry of Transport’s Air Accident Investigation Bureau, whose offer of two teams of specialists and two sets of underwater locator beacon (ULB) detectors — to assist in locating the plane’s flight data recorder — has been accepted by Indonesia.

Distribution : daily to 31800+ active addresses 01-01-2015 Page 9 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

The detectors come with hydrophones, akin to underwater microphones, which can detect acoustic signals that are emitted from the ULB attached to the missing plane’s flight data recorder. “An operator will submerge the hydrophone underwater and rotate it 360°. Another operator will use headsets to listen for the signal. The theory is that, as the hydrophone rotates towards the black box directly, the sound will get louder. If it starts to get softer, we know we have passed it,” Mr Steven Teo, senior investigator at the Air Accident Investigation Bureau, told a media briefing at Changi Airport Monday

The operator will then try to determine the probable location of the plane’s ULB and the information will be forwarded to the Indonesian authorities, he added. Earlier in the day, two Republic of Singapore Navy ships — RSS SUPREME, a Formidable-class frigate, and missile corvette RSS VALOUR — arrived in the search area and began a search-and- locate operation.A landing ship tank, RSS PERSISTENCE, also sailed from Singapore Monday evening to join the efforts. The vessels joined two C-130 aircraft from the Republic of Singapore Air Force, which were sent to comb the Java Sea for objects linked to the missing plane, which had 162 people on board when it went missing on Sunday morning. Second Minister for Defence Chan Chun Sing, who sent off the RSS SUPREME and RSS VALOUR from the Changi Naval Base at 11.55pm on Sunday, said the close relationship shared between Singapore and Indonesia would facilitate the operation. “I believe with the strong relationship Indonesia and Singapore have built over many years, which transcends all levels — from the highest political level to the military commanders — we will be able to work closely and execute the search-and-locate operation effectively.” Source : todayonline CLICK on Hyperlink in text !

The HYUNDAI HOPE moored in Rotterdam- Photo : Henk Spanjer ©

Distribution : daily to 31800+ active addresses 01-01-2015 Page 10 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

Ship prices keep on falling, sales come early for ship owners Ship prices keep on falling on the back of low freight rates. According to the latest report from shipbroker Allied Shipbroking, January sales seem to have come early this year, though there seems to be further dis-counts to be offered in the market once the New Year kicks off. “With such corrections being noted it’s worth taking a round-up of the price trends we have seen over the past 8 months since the market started its downward spiral. In particular, it’s interesting to go through the Capes and Panamaxes which have also been the ones noting the sharp-est corrections, while reaching very interesting levels of late”.Allied’s Head of Market Research and Asset Valuations, Mr. George Lazaridis, “since April we have seen a radical decline in prices for secondhand vessels in both these size segments. 5 and 10 year old Capes have shown a whopping 25% and 26% decline in prices during this period, reaching levels of around US$ 39.0 and US$ 27.5 million respectively. These figures become all the more noteworthy, as a newbuilding order could still set you back US$ 54.0m, meaning that you can snatch up a 5 year old vessel at 72% of the price of a new order, while a 10 year old vessel is at just under 51%”. Lazaridis added that “things get even more enticing when you look at the Panamaxes, with prices for new or-ders set at US$ 30.0m for a Kamsarmax and US$ 29.0m for a Panamax (although the latter is hardly offered by shipbuilders any more), while prices for 5 year old Panamax-es are in the region of about US$ 20.0m and 10 year old vessels are going for around US$ 14.5m. Therefore, in the case of Panamaxes, 5 year old and 10 year old secondhand assets are currently going for a discount 39% and 50% respectively when compared to the price of a new order, while the difference becomes even bigger when compared to the cost of ordering a Kamsarmax. This has largely been due to the faster pace correction in secondhand Panamax prices during these past 8 months, as we not-ed a 29% decline in 5 year old assets and an impressive 37% decline in 10 year old as-sets”. The shipbroker’s analyst raised the question of what does this all mean and where should buying focus be centred on next? According to Mr. Lazaridis, “the truth is at the moment and as things stand it makes more sense to go for secondhand assets when looking purely on the price being paid. There are however many out there that will say that these newbuildings are not comparable in design features to the older tonnage, while their payment terms are more favourable during the current poor per-forming freight market. That may well be beyond the underlying point though, as both asset classes are still well above where they stood in late 2012 when the market had reached its most recent bottom”.Meanwhile, “at the same time further discounts could easily be seen in secondhand tonnage, as there is no real barrier preventing further price drops and with things becoming more difficult in terms of earnings, we are surely to see fur-ther discounts down the line. In the case of newbuildings though things are a bit tricki-er. Despite the intense competition amongst shipbuilders to secure the interest of any perspective buyers, they have barriers preventing them from offering discounts which are “too low”. The main ones are construction costs and ease of finance. With steel pric-es having declined considerably and looking to remain under pressure in the near-term, the first barrier shouldn’t be too difficult to overcome. The latter however is a bit more problematic. Shipbuilding finance has already faced significant problems during the first half of the year, and it looks as though it will be even harder for shipbuilders to assist in finance and guarantee letters for their offered ships if their margins are lack-ing. As such, it seems that we are primed for perfect conditions to promote secondhand tonnage in the New Year and with all this interest mounting, one becomes curious to see at which point the starting pistol will be fired to spark off another secondhand buy-ing spree rally”, the shipbroker concluded. Source : Nikos Roussanoglou, Hellenic Shipping News Worldwide

30-12-2014 HEBE IMO 9334375, 2008/35824gt Ex CSAV Itajai till APR 2013, out from Melbourne off Portsea, Photo : Andrew Mackinnon – www.aquamanships.com ©

Distribution : daily to 31800+ active addresses 01-01-2015 Page 11 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

Concordia Maritime renews agreement with oil and gas company for charter of two P-MAX product tankers in the Asia- Pacific region

The STENA PROVENCE anchored off Singapore Photo : Piet Sinke (c) – CLICK on the photo !

Concordia Maritime has just renewed its contract with a major oil and gas company for a consecutive voyage charter arrangement for the P-MAX tankers STENA PROVENCE and STENA POLARIS. The agreement will run until the summer of 2015.

“This is a testament to the fact that our P-MAX tankers make a major difference when properly utilized. We are very pleased to be able to extend this charter, which, alongside our business partner, we have long and successfully cultivated in this region of the world,” says Kim Ullman, CEO of Concordia Maritime.

“We have been working hard throughout the year to implement a more assertive charter strategy to maximize the strong earnings capacity of the vessels, which is also the case within the framework of this agreement,” adds Kim Ullman.The P-MAX tankers are particularly well suited for this trade with their extremely shallow draft design. Their LOA is 183 meters, the same as conventional MR tankers, but they have a beam of 40 meters enabling them to lift approx. 50,000 mt on 11 meters. They also have a fully redundant propulsion system with two separate engines, steering machinery, rudders and propellers. Technical data for STENA PROVENCE and STENA POLARIS: Length: 183 m, beam 40 m, draft (design) 11.3 m, deadweight: 65,200 tons Concordia Maritime owns a fleet of ten P-MAX and one Suezmax tanker and has two IMO2MAX MR product tankers on order for delivery in 2015.

Cargotec'sMacGregor secures large subsea crane order from ZPMC

Distribution : daily to 31800+ active addresses 01-01-2015 Page 12 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

MacGregor, part of Cargotec, has received a large order from Shanghai Zhenhua Heavy Industry Co Ltd (ZPMC). The contract is for four offshore cranes, including a 400-tonne SWL active heave-compensated crane capable of deploying 3,000m of wire rope, the company said in its press release. All four cranes will be fitted to a new 145m dive support vessel (DSV) under construction at the yard for UK-based operator Sealion Shipping. Delivery of the cranes to the Chinese shipyard is scheduled during third quarter of 2016. Sealion is an offshore support company that manages and operates offshore support vessels for Toisa. The DP3 vessel is equipped for worldwide operations in the oil and gas sector and on ultra-deepwater projects. Delivery is planned for early 2017. Source : PortNews ARNE RØED TO RETIRE

With the loading in Singapore of the OHT’s FALCON with dredging materials of DEME with destination Suez canal Arne Røed, after many years loading and unloading of heavy loads at semi submersible heavy load vessels , completed his last loading as load-master / superintendent before his well deserved retirement I like to thank Arne for the nice cooperation whilst onboard with him for loading in Singapore and on behalf of all the readers I wish Arne : mange flere år med god helse takk for alt og farvel

The PERSEAS in Cape Town – Photo : Ian Shiffman © MOL books third LNG carrier with JMU Mitsui OSK Lines, Japan's biggest ship owner, has ordered another LNG carrier with compatriot shipbuilder Japan Marine United, the company said in its press release. Upon delivery in 2018, the 165,000m3 ship, labelled JMU No. 5073, will be used on a timecharter contract with Tokyo Gas subsidiary Tokyo LNG. The timecharter contract would last up to 20 years.This is the third such ship that MOL has ordered this year, under similar arrangements. The other two ships, JMU No. 5070 and JMU No. 5072, were ordered on 28 February and 28 November respectively and are due to be delivered in 2017. All three ships are to be used to deliver LNG from the Cove Point LNG project in the US.

MOL operates 11 of Tokyo LNG's 14 owned LNG carriers and directly manages eight of these 11 ships. Source : PortNews

Distribution : daily to 31800+ active addresses 01-01-2015 Page 13 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

The 14.000 TEU MOL QUEST arriving in Rotterdam – Amazoneharbour assisted by the SMIT PANTHER and SMIT SCHELDE Photo : Gerrit Jan Postma www.aerolin.nl ©

LOGOS HOPE LEFT DRYDOCK IN SINGAPORE

At the KEPPEL shipyard in Singapore the LOGOS HOPE left the drydock and was moored alongside at the shipyard to complete the works – Photo : GBA ships MV LOGOS HOPE is operated by the German Christian charitable organization GBA Ships e.V (Gute Bücher für Alle, English: Good Books for All). Built in 1973 as the ferry MV Gustav Vasa for service between Malmö (Sweden) and Travemünde (Germany), she later operated as the MV Norröna providing a ferry service to the Faroe Islands.

As the fourth ship operated by the organisation, The MV LOGOS HOPE follows in the line of MV Logos, the wrecked hulk of which now sits on a rock shelf on the Chilean coast, MV LOGOS II which was retired in the fall of 2008 and which LOGOS HOPE was designed to replace, and MV DOULOS which was sold to a Singaporean interest in 2009.

Twice as big as any previous ship operated by the organisation, the ship was completely refitted over a period of 5 years. LOGOS HOPE provides a better quality of life for crew as well as a wider range of activities for visitors and guests. The newly created Logos Hope Experience (which is situated on a deck that was installed into the original ferry’s car area) holds up to 800 visitors at any time, with capacity to host an additional 700 in the Hope Theatre and Logos Lounge. This publicly accessible deck offers visitors an introduction to the vessel and the organisation, a book fair featuring over 5,000 different titles of educational and Christian books, a visual presentation called the Journey of Life, which is based on the story of the "Prodigal Son", and the International Cafe. The all volunteer crew and staff of

Distribution : daily to 31800+ active addresses 01-01-2015 Page 14 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

400 people, represent over 45 different countries. Unlike the crew during her original use as a car ferry, crew and staff normally join the organisation to live on board for two years as volunteers.

The general cargo vessel ABIS DUNKERQUE unloading the 395gt motor yacht VANTAGE at Brisbane. Photo : John Wilson (c) Iran's navy foils pirate attack on Iranian oil tanker The 32nd naval fleet of Iran has repelled pirate attack against an Iranian oil tank on Dec. 29, the Islamic Republic’s

Fars news agency reported. The attack was carried out by eight pirate boats in Bab-el-Mandeb strait which links the Red Sea to the Gulf of Aden.

It should be noted that at the time of the attack, Iran was carrying out a massive military drill in the area. The large- scale drill dubbed ‘Mohammad Rasulullah’ started Dec. 25 and covers an area of 2.2 million square kilometers from the country’s south east territory, east of the Strait of Hormuz to the southern parts of the Gulf of Aden.The Islamic Republic’s 32nd fleet including the Jamaran destroyer and Bushehr helicopter-carrier warship participated in the army’s ongoing drill.The Iranian Navy's 32nd flotilla of warships was dispatched to the Gulf of Aden early in November to protect the country's commercial ships and oil tanks against pirates. The naval group has been given orders to protect the shipping lanes where the Iranian ships would travel and also to assist the foreign ships requiring emergency

Distribution : daily to 31800+ active addresses 01-01-2015 Page 15 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

assistance in the Gulf of Aden. In recent years, Iran's Navy has been increasing its presence in international waters to protect naval routes and provide security for merchant vessels and tankers. Source : Trend AZ

The MSC ORNELLA inbound for Rotterdam-Europoort – Photo : Krijn Hamelink ©

US oil rig count near 9-month low as plunging crude prices squeeze industry The number of rigs drilling for oil in the United States fell to near nine-month lows in the latest week, data from oil services firm Baker Hughes Inc showed on Monday, as low crude prices continue to squeeze the industry. The US oil rig count fell by 37 to 1,499 in the week to Dec 29, the lowest level since the first week of April. Last year, at around this time, rig counts rose by 117. Energy traders have been watching the data closely to determine if steep price drops in crude oil and natural gas over the past six months are prompting oil drillers to cut back on the number of rigs. Oil rigs have declined in eight of the last 11 weeks from an October record high of 1,609, according to the Baker Hughes data. The declines seemed to correlate with the disinterest shown by drillers toward new oil exploration projects after crude prices hit 5-1/2-year lows. Source : straitstimes

The COALMAX anchored off Cape Town – Photo : Ian Shiffman (c)

Tanjung Offshore terminates Bourbon deal Tanjung Offshore Bhd has terminated a proposed asset injection exercise that would have seen it return to the offshore support vessel market citing its inabilty to agree on economic and financial conditions satisfying both parties, in view of declining oil prices. The price of Brent crude oil has fallen some 48% since hitting US$115 in June this year.

Tanjung Offshore and the vendor group comprising Farid Khan Bin Kaim Khan and his business partners, Mower Tunggal Jaya PT, Megagold Indonesia PT and Zona Maju Mapan PT and their business partners and Bourbon Far East

Distribution : daily to 31800+ active addresses 01-01-2015 Page 16 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

Pte Ltd have, via an exchange of letter, mutually agreed to the termination letter with immediate effect without any legal and financial recourse against each other.

Under the proposed exercise, a slew of marine assets, including controlling interests in six entities, would be pumped into Tanjung Offshore through an issurance of new shares of 70.8 sen each, which would result in an RTO of the company by Bourbon SA. "The mutual termination is not expected to have any material impact on the net assets and profitability of Tanjung for the financial year ending Dec 31, 2014," Tanjung Offshore said in a filing with Bursa Malaysia yesterday.

Tanjung Offshore's bid had come under the limelight earlier this year when the deal required the group to secure a non-compete clause waiver from Ekuiti Nasional Bhd (Ekuinas), after disposing of its OSVs to Ekuinas for RM220 million.

A business daily yesterday reported that the plunge in Tanjung Offshore share price, from a peak of 65 sen in June to 32 sen last Friday prompted the company's executives to have second thoughts about the proposed RTO exercise.

The report said the market value of Tanjung Offshore has halved in the past six months and this would not augur well for the company as its assets are being valued substantially lower. The stock closed up 1 sen to 33 sen yesterday, with some 268,000 shares traded. Source : The Sundaily

The FUGRO SYNERGY spotted off Haifa – Photo : Peter Szamosi (c)

Ports, carriers face slump in once-booming Russian traffic Western ocean carriers, port operators and freight forwarders are bracing for a slump in Russia’s freight traffic as the nation heads for recession and double-digit inflation in 2015. Russia’s finance minister, Anton Siluanov, last week said the economy could shrink by 4 percent next year, its first contraction since 2009, if the price of oil, Russia’s biggest export earner along with gas, averages its current five-year low of around $60 a barrel.

The economy shrunk by 0.5 percent in November, the first decline since October 2009, as manufacturing and investment fell amid the collapse of the ruble, which has lost more than 40 percent of its value against the dollar this year.

The slump will hit Western companies involved in shipping most of the 55 percent of consumer goods in Russia that are imported.Foreign companies were among the main beneficiaries of the surge in imports from $45 billion in 2000 to $341 billion in 2013.

Maersk Group is one of the leading foreign players in Russia with four subsidiaries active in the country — Maersk Line, APM Terminals, logistics company Damco, and Svitzer, the world’s biggest tug operator. The Danish company has said the four firms will continue to operate in Russia as planned despite the worsening economic situation, and noted the country accounts for only 2 to 3 percent of its total revenue.

Distribution : daily to 31800+ active addresses 01-01-2015 Page 17 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

Maersk became the biggest foreign investor in Russia’s transport sector in September 2012 when it paid $860 million for APM Terminals to acquire a co-controlling 37.5 percent stake in Global Ports, the country’s largest port operator.

APM Terminals was attracted by a Russian container market that had posted an average annual growth rate of more than 15 percent in the previous five years and was set for further rapid growth as an expanding middle class and Russia’s integration into the global economy boost exports and imports.

The slowdown in traffic since has resulted in Global Ports’ London-listed shares declining by more than 70 percent since the transaction. Dominating the feeder trade to and from container terminals in St. Petersburg, the port of Hamburg is among the biggest casualties of Russia’s economic woes and the Western sanctions against the Kremlin for its role in the Ukraine crisis.

Russia is still the German port’s second-largest trading partner after China, growing 4 percent year-over-year in the first quarter of 2014 even as the economy was slowing. But traffic in the first nine months of the year was down 5.7 percent at 504,000 TEUs and is expected to decline even more sharply in the final quarter and through 2015.

HHLA, Hamburg’s largest container handler, has not only suffered a drop in Russian trade, but also saw traffic at its terminal in Odessa decline nearly 30 percent in the first three quarters because of the Ukraine crisis.

Russian transport firms have also taken a hit from the deteriorating economic situation, though the surge in the dollar against ruble has benefitted companies with significant international operations.

The Russian authorities are providing capital injections of up to 250 billion rubles to VTB, the country’s second-largest bank, and 70 billion rubles to another state lender, Gazprombank, to help fund investment projects, including those planned by Russian Railways. Fesco, one of Russia’s largest intermodal operators, has weathered the economic downturn so far, with revenue and earnings rising in the third quarter as double-digit growth in rail, port and deep-sea container traffic offset the negative impact of a weaker ruble.

Russia’s deepening economic woes have had minimal impact on its largest freight airline, AirBridgeCargo Airlines, which is set to post another year of record growth in 2014 after traffic on its Europe, North America and Asia-Pacific network surged 14 percent in the first nine months to more than 290,000 tons. Source : Journal of commerce

China Shipping’s Firms Get CNY319M Subsidy for Scrapping Old Ships The two listed units of China Shipping (Group) Co., the nation’s second largest shipping group, have received combined subsidies of 319 million yuan (US$52 million) from the government for scrapping old vessels. China Shipping Development Co. (1138.HK), which operates oil tankers and dry-bulk ships, said in a statement Monday it has received subsidies worth 241 million yuan for scrapping old vessels. Affiliate China Shipping Container Lines Co. (2866.HK) said in a separate statement that it received CNY77.7 million in subsidies for scrapping seven old vessels.The cash incentive comes after the Chinese government in late 2013 unveiled details of a new subsidy program to encourage the nation’s ship operators to replace older cargo ships and tankers with new ones. Source: Wall Street Journal EPF cuts stake in SKPetro and Bumi Armada The Employees Provident Fund (EPF) reduced its shareholdings in SapuraKencana Petroleum Bhd (SKPetro) and Bumi Armada Bhd in recent days. A filing with Bursa Malaysia showed the EPF disposed of 5.43 million shares of SKPetro and 4.80 million shares of Bumi Armada on Dec 23.After the disposal, its stake in SKPetro was reduced to 790.21mil shares or 13.19%.

As for Bumi Armada, its shareholding was reduced to 474.88 million shares or 8.1%. However it raised its stake in Dialog Group Bhd with the purchase of three million shares on Dec 23.The latest purchase of Dialog shares saw its interest in Dialog increase to 580.29 million shares or 11.71%. Source : The Star

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

Distribution : daily to 31800+ active addresses 01-01-2015 Page 18 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

CASUALTY REPORTING

One dead, 4 missing in fishing boat fire off Dokdo One fisherman died and four others went missing Tuesday after a fishing vessel carrying 10 sailors caught fire off South Korea's easternmost islets of Dokdo, the safety ministry said.

The fire on the Munseong 103 occurred around 5:13 a.m. some 5 nautical miles northeast of the Dokdo islets, the Ministry of Public Safety and Security said. As of 8:30 a.m., six sailors were rescued, though one of them later died and another remained unconscious, said Munseong Fisheries Co., the owner of the ship, citing the Korean Coast Guard. The remaining four -- two Koreans and as many Vietnamese -- were listed as missing. Seven South Koreans and three foreign nationals were aboard the 29-ton ship.A Korean Coast Guard vessel was rushed to the site to put out the fire, while naval vessels were also dispatched for the rescue operation, the ministry said. Source : Korean times

Albanian seamen die in Norman Atlantic ferry recovery Two Albanian seamen have been killed on a tugboat while towing the fire-stricken Norman Atlantic ferry. Both men died after being hit by a connecting cable between the vessels on Tuesday, Albanian officials say. At least 11 others were killed and more than 400 were rescued, after fire broke out on the ferry in stormy seas. An Albanian port authority official in Vlore told Reuters news agency that the two seamen had been hit by the broken cable.

"One man died on the spot when one cable broke after it got stuck in the propeller," the official said. "The other died on board a few minutes ago when being assisted by a helicopter medical team." The BBC's James Reynolds in the Italian port of Brindisi says that Tuesday's tugboat accident underlines the many difficulties faced in this recovery operation.

It is unclear how many passengers are still missing. Rescue helicopters have been diverted after another ship sent a distress signal nearby.Italian authorities said they were continuing to search the ferry Norman Atlantic. An 11th body was found on Tuesday.They have been unable to verify the precise number of people originally on board. The operator

Distribution : daily to 31800+ active addresses 01-01-2015 Page 19 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

said 478 people had been on the ferry when it left the Greek port of Patras for Ancona in Italy, but Italy's final tally following the rescue comes to only 437, including those who died. Source : BBC NAVY NEWS

The Wasp-class amphibious assault ship LHD 7 USS IWO JIMA passing the Gibraltar Straits photo : Capt. Alex Castle © The Wasp class is a class of Landing Helicopter Dock (LHD) amphibious assault ships operated by the United States Navy. Based on the Tarawa class, with modifications to operate more advanced aircraft and landing craft, the Wasp class is capable of transporting almost the full strength of a United States Marine Corps Marine Expeditionary Unit (MEU), and landing them in hostile territory via landing craft or helicopters. All Wasp-class ships were built by Ingalls Shipbuilding, at Pascagoula, Mississippi, with the lead ship, USS Wasp, commissioned on 29 July 1989. Eight Wasp-class ships were built, and as of 2014, all eight are active.

Taiwan kicks off plan to build its own submarines Deputy Defence Minister Chiu Kuo-cheng told parliament the ministry has approved guidelines for the design contract for an Indigenous Defence Submarine.

Taiwan said on Monday (Dec 29) it was launching a project to build a fleet of its own submarines, after years spent waiting in vain for US models. Deputy Defence Minister Chiu Kuo-cheng told parliament the ministry has approved guidelines for the design contract for an Indigenous Defence Submarine."This means the military has officially kicked off the self-built submarine project," legislator Lin Yu-fang, who sits on parliament's defence committee, said in a statement. Under a four-year contract, work on the design is slated to begin in 2016 and cost an estimated T$3 billion (US$94.46 million). Preparatory work will begin in 2015 with an approved budget of T$10 million. It was unclear when work would start on building the submarines.

Vice Admiral Hsiao Wei-min, also speaking in parliament, ruled out a recent suggestion from a US think tank that Taiwan could build a fleet of 42 120-ton mini-submarines. Hsiao said that "at present the navy's demand is submarines ranging from 1,200-3,000 tons".

Left : Taiwanese navy staffs salute from a US-made Guppy class submarine at the Tsoying navy base in southern Kaohsiung on September 30, 2014. (Photo: AFP/Sam Yeh)

Chiu did not specify who was in line for the design contract. But military sources said it should be given to a team composed of Taipei-based Ship and Ocean Industries R&D Center, the CSBC Corporation Taiwan and foreign technology advisers. In April 2001 then-US president George W Bush approved the sale of eight conventional submarines as part of Washington's most comprehensive arms package to the island since 1992.

Since then, however, there has been little progress. The United States has not built conventional submarines for more than 40 years and Germany and Spain have reportedly declined to offer their designs for fear of offending Taiwan's

Distribution : daily to 31800+ active addresses 01-01-2015 Page 20 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

rival, China. Taiwan is running out of patience over the long-stalled US offer to supply eight submarines, since China has been fast expanding its own military. The Taiwanese navy currently operates a fleet of four submarines, but only two of them can be deployed in the event of war. The other two were built by the United States in the 1940s and are too old for combat.

Tensions between Taiwan and China have eased markedly since President Ma Ying-jeou came to power on a platform of strengthening trade links and allowing more Chinese tourists to visit. Ma was re-elected in January 2012.But Taiwan, which has governed itself since 1949, still sees a need to modernise its armed forces because China regards the island as part of its territory awaiting reunification - by force if necessary. Source : Channelnews Asia New Borei class submarine arrives at Russian Northern Fleet base It is the third Project 955 submarine commissioned with Russia’s Northern Fleet and second series sub of the project

Russia’s new Borei class strategic nuclear- powered submarine Vladimir Monomakh (of Project 955) completed the first voyage on Monday from Severodvinsk to the main base of the Northern Fleet’s submarine forces at Gadzhiyevo in Northwest Russia in the Murmansk region. Spokesman for the Northern Fleet Vadim Serga told TASS that the voyage passed normally.“At Gadzhiyevo the vessel was berthed at a newly built quay for the Borei class nuclear-powered submarines,” Serga said.The Vladimir Monomakh strategic ballistic missile submarine left the Sevmash shipyard in Severodvinsk on December 26. It is the third Project 955 submarine commissioned with Russia’s Northern Fleet and second series sub of the project. During the sea trials in the White Sea the Vladimir Monomakh submarine confirmed the designed performance and modern stealth vibroacoustic characteristics. Within the framework of contractors’ trials the submarine crew successfully test-fired on September 10, 2014 the Bulava intercontinental ballistic missile. The Vladimir Monomakh fourth generation ballistic missile submarine is named after Vladimir Monomakh (1053- 1125), the Grand Duke of Kievan Rus'. The project was developed by the Rubin Design Bureau, and the chief designer was Sergei Kovalev. The keel was laid down on 19 March 2006 at the Sevmash shipyard in Severodvinsk. The hull of the Akula-class submarine K-480 Ak Bars was used in the construction of Monomakh. The submarine is armed with 16 of the newest submarine-launched ballistic missile Bulava (NATO designation SS-N-32). Vladimir Monomakh and its sister ships will replace the Delta III and IV classes in the Russian Navy. The submarine was launched on 30 December 2012 and had begun moored tests in January 2013. The submarine finished its first sea trials on 8 October 2013 when returning from a 25-day trial at sea. The Project 955 head submarine - Yuri Dolgoruky and the first series strategic nuclear ballistic missile submarine of the fourth generation Aleksandr Nevsky have earlier been delivered to the Northern Fleet. They successfully passed all the sea trials under the combat training program and test-fired the Bulava sub-launched intercontinental ballistic missiles that with high precision hit targets at the Kura range on the Kamchatka Peninsula in the Russian Far East. Source : ITAR-TASS SHIPYARD NEWS Daewoo Shipbuilding's 2014 orders reach US$14.9 bln Daewoo Shipbuilding & Marine Engineering Co., the world's second-biggest shipyard, has won contracts worth US$14.9 billion this year, surpassing the 2014 target on the back of robust demand for gas carriers, the company said

Distribution : daily to 31800+ active addresses 01-01-2015 Page 21 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

Tuesday. The South Korean shipbuilder added orders for four more liquefied natural gas (LNG) vessels from its long- time client, Angelicoussis Group of Greece, the company said in a statement.The 173,000-cubic-meter transport ships - - 294.9 meters long by 46.4 meters wide -- will be built at a dockyard located in the southern region of South Korea and are set be completed by 2017.Daewoo Shipbuilding has won orders for 69 ships this year, of which 37 accounted for LNG vessels. The ME-GI propelled LNG ship, built with a more energy-efficient engine, helped fuel contract demand despite the sagging global maritime industry, the company noted.The amount of the 2014 contracts marks the highest value for Daewoo Shipbuilding on an annual basis, after the $21.5 billion worth of orders won in 2007, according to company data. Source : Yonhap

MarineCo orders newly designed Damen Multi Cat 2712 MarineCo UK has contracted Damen Shipyards Group for a Multi Cat 2712. The vessel will be delivered in April 2015. Mr. Mike Conafray, Managing Director at MarineCo stated that, after a long evaluation, with alternative builders, Damen came through with the right vessel at the right cost, the new vessel will comfortably sit alongside our existing all-Damen Fleet. Marineco UK is one of the few UK operators with an all-Damen fleet. The new vessel is to be named Marineco Havanah, after the arrival of Mike and Kaye’s twin granddaughters Ava and Hannah.

The Multi Cat 2712 is the second contract for this new type in the Damen Multi Cat Series, It measures 27 metres in length and 12 metres in width. The vessel is equipped with two engines and has a maximum bollard pull of 35 tonnes. Because of its measurements, the Multi Cat 2712 is a vessel that can be used for many purposes. A decision about the working area of the Multi Cat will be made later.

The vessel is very flexible and developed according to the Damen Standard, with attention for a logical, functional and maintenance friendly design of wheelhouse and deck layout. Distribution : daily to 31800+ active addresses 01-01-2015 Page 22 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

Damen has a long standing relationship with MarineCo, previously delivering high speed support vessels, Multiple FCS 2610 Twin Axes, a Damen Stan Tug 2608, Multi Cats and Damen Shoalbusters to the flourishing company. As MarineCo Managing Director Conafray says himself: “We have an entire Damen fleet”. MarineCo is an offshore industrial company, currently, their Stan Tug 2608 is operating in Abu Dhabi, towing rock barges 24 hours a day.

The Multi Cat, another Damen invention dating four decades back, is a highly successful all-round workhorse. Today, Multi Cats around the world with Bureau Veritas Unrestricted Navigation and IVW/MCA service notation steadily perform the duties they are designed for in a variety of markets, such as dredging, towing and offshore wind. From anchor, pipeline or cutter-head handling and repair, to transporting fuel, supplies, spare parts and crew transport to wind turbines. Multi Cats have a large working deck, one or two cranes and both a stern and blow roller.

The larger Multi Cats can be equipped with Dynamic Positioning e.g. DP2. From shifting dredgers from one location to another, to assisting cable-laying barges – a Multi Cat can be deployed for many river, inshore and offshore tasks.

CSSC Chengxi Shipyard sues Sinovel Wind Group CSSC Chengxi Shipyard, a subsidiary of Shanghai-listed China CSSC Holdings, has filed a lawsuit against compatriot Sinovel Wind Group over CNY152M ($25M) worth of unpaid wind towers.On 26 December, CSSC Chengxi Shipyard sued Sinovel, a manufacturer of wind-power equipment, over five separate contracts of supplies of wind towers, a stock filing of the yard said today.

CSSC Chengxi Shipyard's business includes shipbuilding , ship repairing and making wind towers - a kind of steel structures.CSSC Chengxi Shipyard claimed that Sinovel had failed to take delivery of, or make full payment for the wind towers that it had ordered since 2012.

Shanghai-listed Sinovel has been in the red since 2012 due to mismanagement of the company and downturn in the wind power market. The company has forecast that it would post its third consecutive losses for 2014 since 2012, which will prompt trading in its shares to be suspended in 2015. China CSSC Holdings plans to take provisions for the credit rights involved in the lawsuit, it added. The company currently is not able to accurately evaluate the ultimate impacts of the lawsuit on its earnings, it said. Source : ihsmaritime360

Arctech Helsinki Shipyard to Russian Ownership Arctech Helsinki Shipyard is now 100 percent Russian-owned as United Shipbuilding Corporation bought the remaining half of the company's shares from STX Finland Oy. Arctech Helsinki Shipyard Inc. was founded in December 2010 as United Shipbuilding Corporation bought the first 50 percent of the shipyard shares from STX Finland, a subsidiary of the Korean-owned STX Europe. The joint venture was established to respond to the need of growing market of Arctic shipbuilding and to unite the Finnish and Russian maritime clusters. The new ownership arrangement is expected to further strengthen the Finnish-Russian shipbuilding cooperation. "I am convinced that USC is committed to developing Arctech in long-term. We have a good order book and skilled staff. This is a good basis for future actions. We also believe that the owner commitment will now be stronger compared to the joint venture arrangement," said Esko Mustamäki, the Managing Director of Arctech Helsinki Shipyard."We have closed the transaction on acquisition of the remaining 50% of Arctech Helsinki Shipyard Inc. Now this company is 100% owned by USC. Arctech Helsinki Shipyard has wide experience in building ice-class supply vessels and different civil ships. So we have obtained not only full access to technical documentation and the know- how but also to the people who can share this knowledge. The company has efficient assets, but the advantage of the asset is in its human potential," said Aleksei Rakhmanov, the Managing Director of USC. Arctech is presently building six icebreaking vessels. The first vessel, a Baltic icebreaker for the Russian Ministry of Transport, is due to be delivered in autumn 2015. The second vessel, the world's first LNG-powered icebreaker for the Finnish Transport Agency, will be delivered by the beginning of 2016. In spring 2014 Arctech was awarded a contract to build an icebreaking supply vessel for the Russia´s largest shipping company Sovcomflot. Early summer, Arctech received an additional order of three icebreaking stand-by vessels. Arctech´s order book now extends until summer 2017.United Shipbuilding Corporation (USC) was founded in 2007 to unite and operate the shipbuilding industry in Russia. The company owns majority of the industry in Russia including both navy and civil shipbuilding sectors.

Distribution : daily to 31800+ active addresses 01-01-2015 Page 23 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

Arctech Helsinki Shipyard Inc. specializes in arctic shipbuilding technology, e.g. building icebreakers and other arctic offshore and special vessels. The shipyard is a forerunner in developing and applying technological innovations and has 150 years' experience in shipbuilding. Arctech employs approximately 500 shipbuilders. Source : maritimeglobalnews

Nam Cheong sells two vessels worth RM157m Malaysia's largest offshore support vessel (OSV) builder Nam Cheong Limited, which is listed on the Main Board of the Singapore Exchange Securities Trading Limited, has sold two vessels worth US$45 million (RM157 million).

An anchor handling towing supply vessel (AHTS) was sold to a Netherlands-based repeat customer, Vroon BV, an international shipping company while a platform supply vessel (PSV) was sold to a repeat customer, EA Temile Development Company of Nigeria Limited based in West Africa.

"Nam Cheong has evolved from a regional player into an established global leader in the offshore and marine sector. We have consistently received good responses from customers around the world including Europe and West Africa. This has helped broadened our customer base which lowers our geographical concentration risks, placing us in good stead to weather the fluctuations in oil prices. With the securing of the two orders, our order book remains at a healthy level of RM1.7 billion, comprising a total of 26 vessels," Nam Cheong CEO Leong Seng Keat said in a statement yesterday. Nam Cheong last sold an AHTS to Vroon BV in September 2014. A PSV which has similar specifications to the new PSV order, was also sold to Temile in March 2014, marking the third such PSV unit sold to the customer.

Shallow water projects require oil prices to be at US$25 to US$50 per barrel in order to be profitable while deepwater and ultra-deepwater projects are likely to need prices to be as high as US$70 a barrel in order to breakeven.

Commenting on the outlook, Leong said despite the tougher external environment, particularly for its deepwater counterparts, the shallow water segment remains highly resilient. "There is a reasonable margin of safety before oil prices fall to unprofitable levels of below US$25 to US$50 per barrel to adversely affect our shallow water segment customers."He said its leading position in the OSV builder market, backed by its strong balance sheet, provides a buffer against further impact and allows Nam Cheong to capitalise on attractive opportunities that may arise amid uncertainties."With the sustained interest in the shallow water vessels across the globe, these factors will likely mitigate Nam Cheong's overall operational risks."The two vessels are being constructed as part of Nam Cheong's built- to-stock series in the group's subcontracted yards in China. Source : Thesundaily ROUTE, PORTS & SERVICES

Larger tankers could be the way forward for ship owners looking to reinvest their earnings

Distribution : daily to 31800+ active addresses 01-01-2015 Page 24 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

The improved conditions in the tanker freight market has sparked investor appetite in this shipping segment. As such, prices have risen and ship owners looking for returns in the tanker markets can invest their available capital in a variety of ways. In any case there are many questions to be answered prior to a decision. “Should an owner invest in a VLCC or an Aframax? How about an LR2 or an MR2? What is the historical rate of return for these tankers? Which tanker class is the riskiest? These questions face owners and investors in each investment decision”, are some of the questions. In a recent report, Mcquilling Services noted that “in order to compare the different tanker classes on a total-return basis, we developed a return-on-shipping index that calculates a monthly return by assessing the earnings for a given month (TCE less OPEX) and the gain/loss on the asset value of the specific tanker for that month. This is analogous to the total return of a stock or fund calculated by the opening and closing price plus any dividends earned in the corresponding period. A total return-on-shipping methodology looks at returns on a continuous basis unlike a project analysis where the return is calculated by a specific set of assumptions tailored to a unique vessel over a defined period. In the case of project analysis, a net present value calculation determines the attractiveness of a project. While both methodologies are useful, a comparison of tankers on a total-return basis using an index-based approach provides a decision maker with a valuable perspective on the long-term viability of an investment”. According to the company’s findings, the net asset value for the 5-year Aframax Tanker reached its high of 220.8 in August, 2008 and a low of 78.5 in October 2012. “The current NAV for this tanker index is 125.2. Based on today’s NAV, this index would have returned 59.4% from its low point, but would have lost an investor 43.3% if entered into at the high. From inception point (January 2005), we calculate a cumulative return of 25.2% which is annualized to just under 2.3%. The 2.3% annualized return since inception (January 2005) was the second lowest among all the five-year old tankers we evaluated. The worst performing, as measured by an annualized return, was the MR2 tanker which returned just 0.03%, essentially flat. The best performing five-year old tanker index was the VLCC which returned 7.04% in the period”, said Mcquilling Services. It added that “this analysis indicates that the larger tankers on both the dirty and clean side may provide investors with the highest returns over a long-term period. Intuition would also suggest that they would also carry the highest risk profile of the tankers analyzed. However, this is not necessarily the rule. The Suezmax tanker index has returned 5.28% on an annualized basis since inception with a standard deviation of 22.02%, which is well below the variations for the Aframax (~27%). Therefore, in order to identify the tanker index with the best risk-adjusted return, we used the Sharpe Ratio as the measuring stick. The Sharpe Ratio describes how much excess return an investor is receiving for each incremental unit of risk incurred and is calculated by the following formula: Sharpe Ratio = (Return of X – Risk-Free Rate)/Standard Deviation of X with X being the specific tanker index. By using the formula above, we note that the higher the ratio, the more attractive the investment is on a risk-adjusted basis”, said Mcquilling.“On the crude tanker side, VLCC and Suezmaxes demonstrated the ability to produce risk-adjusted returns greater than those of the Aframaxes and Panamaxes. On the clean side, LR1 and LR2 tanker indices outperformed the MR2 index confirming the advantage of the larger vessels. The analysis was performed on the 10-year old tanker classes with generally similar results. However, we did observe a more favorable Sharpe Ratio for the Panamax and LR1 tankers as compared to their five-year old counterparts. In conclusion, we believe our analysis shows that bigger tankers may offer investors a more attractive risk-adjusted return over the long-run”, Mcquilling concluded. Source : Nikos Roussanoglou, Hellenic Shipping News Worldwide

The BBC STEINWALL in Rio Grande – Photo : Marcelo Vieira ©

Distribution : daily to 31800+ active addresses 01-01-2015 Page 25 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

Mandatory implementation of the amendments to the IMSBC Code

Circular 2014 008 comments on amendments to the IMSBC Code that will come into effect on 1 January 2015. This Circular provides an update and reminder to Assureds of the requirements of the International Maritime Solid Bulk Cargoes Code (IMSBC) – “the Code”; specifically, the amendments to the Code, which become mandatory from 1 January 2015. We aregrateful to Brookes Bell who have provided the following guidance in relation to the application of the Code. CLICK HERE to read the whole circular !

The MAERSK BRISTOL enroute Amsterdam – Photo : Simon Wolf ©

Port of Antwerp sets another freight record in 2014 The port of Antwerp is expected to handle a total of 198.8 million tonnes of freight by the end of this year. That’s an increase of 4.2% in comparison with 2013 and a new record for the port. The previous record dates from 2013, when the freight volume came to 190.8 million tonnes. The record growth was driven by container handling (up 5.6%) and liquid bulk (up 5.4%). The other side of the coin is the contracting volume of labour-intensive breakbulk (down 3.3%) and dry bulk (down 4.9%). Containers and breakbulk The container trade shows impressive growth, both in tonnes and in number of boxes. The number of standard containers (twenty-foot equivalent units) rose by 4.5% to 8.96 TEU. This means that Antwerp should pass the 9 million TEU mark next year. In terms of tonnage also, the growth was more than respectable, up 5.6% to 108.1 million tonnes. The ro/ro volume, however, was down by 1.2% to 4.51 million tonnes. The figures are mainly due to a decrease in the number of cars handled. By the end of this year its is expected that 1.2 million cars will have been shipped in and out of the port of Antwerp, 7.8% fewer than in 2013. The lower volume is due among other things to the Ebola outbreak in West Africa, the unrest in the Middle East and the poor economic situation in Argentina and Brazil, all of which are important markets for second-hand cars.Conventional breakbulk for its part was down by 3.3% and is expected to total 9.75 million tonnes for the year as a whole. But despite this decrease, breakbulk is still very important for employment in the port, accounting for some 40% of dock labour. Liquid bulk The liquid bulk volume expanded over the past 12 months by 5.4% to 62.7 million tonnes. After the record year of 2013 in which the total growth of liquid bulk surged by 31.4%, this year’s figures are still very significant. Exports of

Distribution : daily to 31800+ active addresses 01-01-2015 Page 26 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

liquid bulk in particular rose strongly by 17.8% because of the greater trading activities of some players. Imports for their part remained more or less stable. The petrochemical cluster in the port of Antwerp made positive news several times over the past year. There was the investment by ExxonMobil, the American oil giant which announced a commitment of 1 billion dollars to its refinery in the port of Antwerp. The new facility will convert heavy, high-sulphur oil residue into cleaner oil products and transport fuels such as diesel and gasoil for shipping. The French group Total for its part is similarly investing 1 billion euros in its Antwerp site. Further developing this petrochemical platform is one of the major ambitions of Antwerp Port Authority for the near future. For this purpose it has set up an Oil & Chemical taskforce which will collaborate with FISCH and Essencia to create ideal conditions for attracting international investors to Antwerp. Dry bulk The dry bulk volume contracted by 4.9% to 13.67 million tonnes. This continued downward trend is caused by the decline in coal imports, due mainly to the closure of various coal-fired power stations in the immediate hinterland of the port. This trend is not expected to reverse anytime soon. Seagoing ships During the past 12 months 13,978 seagoing ships called at the port of Antwerp, 1.7% fewer than in the previous year. On the other hand the gross tonnage was up by 1.5% to 334.68 million GT. The number of ULCS (ultra-large container ships of 10,000 TEU or more) is expected to reach 265 this year, 67 more than in 2013. The growth is particularly marked in the category of 13,000 TEU and more, with no fewer than 80 of these giant container carriers calling at Antwerp this year. At the beginning of January (ETA 7 January) the Morten Maersk is expected in Antwerp, which at 18,000 TEU is still the largest container ship in service anywhere in the world.Source: Port of Antwerp OLDIE – FROM THE SHOEBOX CORRECTION ON THE MAASDAM PHOTO ! In the edition 364 of last Tuesday in the OLDIE – FROM THE SHOEBOX a photo could be seen of the MAASDAM as received from Harry Stott, it appeared that the vessel on the photo is the RYNDAM , the (very near) sister-vessel of the MAASDAM as reported by Piet van Dijk from Hoek van Holland, the difference between the two vessels can be seen at the 2 photos, left is seen the MAASDAM which had 3 windows + 3 windows at the Promenade Deck and right is seen the RYNDAM which was equipped with 2 + 4 windows at the Promenade deck ,

So looking at the photo above which was used in edition 364 this must be the RYNDAM Thank you Piet ! for the information

Distribution : daily to 31800+ active addresses 01-01-2015 Page 27 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2015 – 001

…. PHOTO OF THE DAY …..

The Boskalis TSHD WILLEM VAN ORANJE passing the Maeslantkeering in a winterly Netherlands Photo : FLYING FOCUS luchtfotografie www.flyingfocus.nl (c)

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 31800+ active addresses 01-01-2015 Page 28