Capesize rates hit 2015 high

Capesize rates have reached its highest in 2015 as Brazilian iron ore cargo volume scored a year-to-date record.
From 15-19 June, 12 Brazilian iron ore cargoes came to the market, six more than the previous week, and up from the trailing four-week average.
The Baltic Capesize Index assessed
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Vard buys IT company

Singapore-listed shipbuilder Vard Holdings has acquired automation company ICD Software in a move to strengthen its equipment and solutions portfolio.
The acquisition was completed by Vard’s subsidiary Seaonics, which supplies winches, cranes, and handling equipment to offshore and maritime
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Indonesian Pirates Sentences to 10 Years’ Jail

By Wendy Laursen 2015-06-25 00:58:27

Nine Indonesian pirates have received jail terms of 10 years each for the armed robbery of the chemical tanker Sun Birdie earlier this year.

The pirates, aged between 26 and 48, pleaded guilty in a court case that concluded this week at the Kota Tinggi Sessions Court in Malaysia.

Judge Salawati Djambari found the men guilty under Section 395 of the Penal Code for armed gang robbery which carries a maximum penalty of 20 years in jail and whipping.

The men were unrepresented in court.

The Malaysian-registered tanker went missing around 10pm on January 28 about a mile south of Tanjung Ayam in Johor, Malaysia, and was recovered the next day off Tanjung Penawar, Malaysia. At the time of the attack Sun Birdie was carrying 700 tons of marine fuel oil and had 11 crew members on board.

Two of the nine pirates reportedly jumped overboard but were picked up by a passing tanker, Challenger Premier, and arrested.

After the recovery of the tanker, ReCAAP ISC commended the Malaysian Maritime Enforcement Agency (MMEA) for displaying utmost agility and efficiency in recovering the tanker and arresting the perpetrators on board. From the time the incident was reported to MMEA till the vessel was found and perpetrators arrested, all within 12 hours, the MMEA demonstrated the determination and commitment of the enforcement agency to clamping down illegal maritime activities in the region.

Timely reporting of the incident by the owner, coupled with MMEA’s immediate response, contributed to the arrests and the safety of the crew.

Details

Indonesian Pirates Sentenced to 10 Years’ Jail

By Wendy Laursen 2015-06-25 00:58:27

Nine Indonesian pirates have received jail terms of 10 years each for the armed robbery of the chemical tanker Sun Birdie earlier this year.

The pirates, aged between 26 and 48, pleaded guilty in a court case that concluded this week at the Kota Tinggi Sessions Court in Malaysia.

Judge Salawati Djambari found the men guilty under Section 395 of the Penal Code for armed gang robbery which carries a maximum penalty of 20 years in jail and whipping.

The men were unrepresented in court.

The Malaysian-registered tanker went missing around 10pm on January 28 about a mile south of Tanjung Ayam in Johor, Malaysia, and was recovered the next day off Tanjung Penawar, Malaysia. At the time of the attack Sun Birdie was carrying 700 tons of marine fuel oil and had 11 crew members on board.

Two of the nine pirates reportedly jumped overboard but were picked up by a passing tanker, Challenger Premier, and arrested.

After the recovery of the tanker, ReCAAP ISC commended the Malaysian Maritime Enforcement Agency (MMEA) for displaying utmost agility and efficiency in recovering the tanker and arresting the perpetrators on board. From the time the incident was reported to MMEA till the vessel was found and perpetrators arrested, all within 12 hours, the MMEA demonstrated the determination and commitment of the enforcement agency to clamping down illegal maritime activities in the region.

Timely reporting of the incident by the owner, coupled with MMEA’s immediate response, contributed to the arrests and the safety of the crew.

Details

CITIC Investing $113 Billion in Silk Road

By Reuters 2015-06-24 19:10:38

China’s CITIC Ltd., the state-owned conglomerate, said on Wednesday that its banking, securities, trust and construction divisions will jointly invest more than 700 billion yuan ($112.79 billion) to support China’s “One Belt, One Road” initiative.

The investments will involve about 300 projects extending from Singapore to Turkmenistan.

Under its so-called “One Belt, One Road” initiative, China aims to create a modern trade route known as the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

Projects under the plan include a network of railways, highways, oil and gas pipelines, power grids, Internet networks, maritime and other infrastructure links across central, west and south Asia to as far as Greece, Russia and Oman, increasing China’s connections to Europe and Africa.

China’s President Xi Jinping said in March that he hoped China’s annual trade with the countries involved in the “One Belt, One Road” initiative would surpass $2.5 trillion in a decade.

China CITIC Bank Corp., with more than four trillion yuan in assets, will provide more than 400 billion yuan in financing to more than 200 projects in areas such as infrastructure, energy, agriculture and culture through its local branches, the bank said.

The bank will also establish and manage a “One Belt, One Road” fund, with 20 billion yuan in its first phase, to participate in mergers and acquisitions, public-private partnerships and financing Chinese companies to expand overseas.

CITIC Bank expects to increase the fund to 100 billion yuan within five years to finance projects in the region, CITIC Bank Vice Governor Sun Deshun told reporters at a press conference.

CITIC’s other subsidiaries, including CITIC Securities Co., CITIC Trust Co., CITIC Construction Co., CITIC Heavy Industries Co. and CITIC Resources Holdings Ltd, will invest nearly 300 billion yuan in about 100 projects in more than 10 countries along the “One Belt, One Road” route, which also includes Laos, Mongolia and Kazakhstan.

CITIC subsidiaries will provide 110 billion yuan in equity financing and debt financing to more than 30 companies with businesses related to China’s global initiative.

CITIC Group earned 50.8 billion yuan in revenues overseas last year, accounting for 15 percent of the group’s total revenues.

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