The ship industry briefing
The latest news, views and numbers you need to know this month
News in Numbers
$157m
American Shipping has agreed to acquire the offshore construction vessel Normand Maximus from Maximus for around $157m.
51%
Germany’s Hapag-Lloyd has reported an almost tenfold surge in its first half profits to $3.3bn, as freight rates increased ‘significantly’ due to scarce transport capacities. Revenues soared 51% year-on-year to $10.6bn.
52%
Dubai-based port operator DP World has reported a doubling of in first half-profit, driven by strong growth in India, Australia and the UK. DP World recorded cash from operating activities of $1.49bn during the first six months of this year.
$4.7bn
German shipping firm Hapag-Lloyd has reported a net profit of $4.7bn in 2022 Q1.
$234.3m
The US Department of Transportation’s Maritime Administration has allocated a further $234.3m for the Port Infrastructure Development Programme.
$718m
Despite announcing strong growth, AP Moller-Maersk reportedly took a $718m hit in 2022 Q1 due to the Russia-Ukraine conflict.
$39.5m
Associated British Ports has announced an investment of £32m ($39.5m) in port equipment for Humber ports, in order to better meet increasing customer demand.
$4.2bn
Tanker companies Frontline and Euronav have entered a stock-for-stock merger deal that values the combined business at over $4.2bn.
Business
NAT takes delivery of suezmax tanker from SHI
South Korean company Samsung Heavy Industries (SHI) has delivered a newbuild suezmax tanker to Bermuda-based Nordic American Tankers (NAT).
The vessel is nearly 150,000 tonnes in weight and will serve ASYAD Shipping Company of the Sultanate of Oman under a six-year contract.
Source: Ship Technology
MOL invests in new marine exhaust treatment system for car carriers
Mitsui OSK Lines (MOL) has signed a contract to finance a ship-auxiliary generator exhaust treatment company, Clean Air Engineering Maritime, for the development of a new marine exhaust treatment system.
The company will use the new system on its operating car carriers from 2025 to prevent air pollution in California, US.
Source: Ship Technology
Hapag-Lloyd JV to develop new terminal in Egyptian port
A joint venture (JV), named Damietta Alliance Container Terminal SAE, has been formed to develop and run a new terminal at the port of Damietta in Egypt.
Hapag-Lloyd Damietta has a 39% stake in the JV while Eurogate Damietta and Contship Damietta each hold a 29.5% interest.
Source: Ship Technology
LNG TO BREAK THE ICE
Wärtsilä Voyage has secured an order to supply radio and integrated navigation systems for ten icebreaking liquefied natural gas tankers, which are to be built for the Arctic LNG-2 project. The new contract, which was placed in January, will now be implemented in partnership with Samsung Heavy Industries shipyard.
Source: Ship Technology
Quotes
Following the UK Government announcing requirements for ferry operators who regularly call at UK ports to pay workers the equivalent of the UK Minimum Wage, transport Secretary Grant Schapps said:
“We will stop at nothing to make sure seafarers in UK ports are being paid fairly. P&O Ferries’ disgraceful actions do not represent the principles of our world-leading maritime sector, and changing the law on seafarer pay protection is a clear signal to everyone that we will not tolerate economic abuse of workers.
“We will protect all seafarers regularly sailing in and out of UK ports and ensure they are not priced out of a job. Ferry operators which regularly call at UK ports will face consequences if they do not pay their workers fairly.”
Mark Dickinson, vice chair of the International Transport Workers’ Federation’s Seafarers’ Section, comments on the ruling for the right to mandatory social connectivity for crews –including internet access:
“We’ve learned a lot during the Covid-19 period and that has been driving us to improve the maritime labour convention (MLC). Working for long periods at sea can be isolating and a lack of contact with the outside world can have profound implications for seafarers’ wellbeing — which we saw the worst effects of during Covid-19.”
“Being able to keep in touch with family and friends isn’t just a nice-to-have, it’s a basic human right. That’s why we fought so hard for seafarers to be given internet access and to have a mandatory provision in the MLC.”
