Fatal Accident on Skandi Pacific

By MarEx 2015-07-14 18:33:43

DOF Management has confirmed that there was a fatal incident on board the AHTS Skandi Pacific on Tuesday, 175 Kilometers off the West Australian Coast.

The company has not provided details of the accident, but stated that operations were suspended immediately. The emergency response team was mobilized, and the vessel is now on its way back to port.

DOF issued a statement saying: “People’s safety and the welfare of their families is our priority. We are doing everything we can to support the families and other crew members. The Skandi Pacific will be met by DOF representatives and a team of professional counselors will be on-hand to offer support and care for the crew on board. An investigation will commence immediately.”

The Skandi Pacific is a high powered anchor handling vessel designed for field installation operations across a wide range of water depths and environmental conditions. It can accommodate 27 people.


China to Protect Maritime Territories and Resources

By MarEx 2015-07-14 18:22:31

The Chinese government intends to invest heavily in its surveillance systems to protect its sovereign interests. The network of radar stations, underwater observation, tsunami warning and satellite operations systems will be online by 2020.

Beijing has tasked the State Oceanic Administration and Disaster Prevention and Reduction Departments to enhance control over its polar, coastal exclusive economic zone and protect precious natural resources.

China intends to strengthen its oversight of its maritime interests in the East China Sea and South China Sea, which has had territorial issues with Japan, the Philippines and Vietnam who have challenged its sovereignty over islands and waters.

China says that it is building infrastructure not only to protect its coastal waters but to also to be ready for natural disasters such as typhoons or tsunamis. Offshore disasters have caused huge casualties and economic losses for the country along coastal provinces.

Global warming and land subsidence has caused China’s sea level to rise about 95 millimeters (3.74 inches) 1975 and 1993. Today, Beijing says millions of coastal residents are in danger and scientists warn that by 2050 the ocean will claim up to 87,000 square kilometers.


Maersk Seeks to Raise Asia-Europe Freight Rates

By Reuters 2015-07-14 18:03:15

Maersk Line told its clients on Tuesday it would raise the freight rate from Far East Asia to Europe by $1,000 per teu as of August 1.

The company declined to say what the current rate was or what the new rate would be as numbers vary from port to port but the average rate from Asia to Europe as cited by the Shanghai Containerized Freight Index was $699 per teu last week.

The announced increase does not necessarily mean it will go ahead. Due to chronic overcapacity, actual freight rates hit multi-year lows last month at $205 per teu on the Asia-Europe routes, the busiest in the world, according to the index.

Large shipping companies such as Maersk, a unit of A.P. Moller-Maersk, are sometimes forced to accept far lower rates because of there are simply too many vessels available to ship goods.

Rates on the route have remained on average just below $700 per teu so far this year, far lower than the $1,170 on average last year and below the $800-$1,000 that is generally deemed to be the level at which shipping companies make a profit.

Maersk Line was one of the few container shipping companies to make a profit last year. Top container shipping companies tend to be family or state owned.


Search Ends for Cruise Passenger

By MarEx 2015-07-14 11:54:59

The U.S. Coast Guard suspended its search for a cruise ship passenger believed to have fallen overboard in the Strait of Juan de Fuca in the Puget Sound.

The passenger was a 65-year old male traveling on Holland America’s M/V Statendam when disappeared after the ship passed near Protection Island in the Strait. The 1,258 passenger ship had departed Victoria, BC on July 12. The passenger, a U.S. citizen, was unaccounted for when the ship arrived in Seattle, completing its 14-day cruise on July 13th.

U.S. Coast Guard sent aircraft and the Cutter Blueshark to search to search for the man along the ship’s route, but were diverted to another area after cruise line personnel reviewed onboard security footage.

The USCG and Holland America are working together to locate the missing passenger. Meanwhile, the coast guard has asked mariners in the areas to be vigilant and report to them after transiting the search area.


Scorpio buys more tankers

NYSE-listed Scorpio Tankers has tacked on two more newbuilding resale purchases to its already prodigious product carrier fleet.
The Emanuele Lauro-led company is paying USD37 million for an MR product tanker newbuilding being built at South Korea’s Hyundai Mipo Dockyard for delivery in September

Dynagas prices preferred stock

NYSE-listed Dynagas LNG Partners has priced an offering of perpetual preferred equity to fund a vessel acquisition from its private sponsor.
The George Prokopiou-led partnership priced the USD75 million share sale at a dividend rate of 9%. If the underwriter option is fully exercised, gross

Somali pirate releases raise concerns

The release of a group of Somali pirates from Kenyan prisons has sparked concerns about where they are likely to go next.
Fourteen of the 164 Somali pirates currently serving time in Kenya prisons are to be released and repatriated next month.
They follow 64 others recently sent back to Somalia

Ningbo Marine president resigns

Shanghai-listed Ningbo Marine announced on 13 July that its president Chu Min has resigned because of a job change.
Chu has also quit as the director of strategic committee, and the board agreed that vice-president Yao Cheng will step up until a new president is selected.
Born in 1956, Chu is a