Ten Year Sentence for Company Boss

Ten Year Sentence for Company Boss

South Korea’s Gwangju District Court sentenced the head of the company that operated the sunken Sewol ferry, Kim Han-Sik, to 10 years of prison Thursday for involuntary manslaughter that resulted in the deaths of over 300 people. Kim Han-Sik, CEO…

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Mega Ship Trend Here to Stay

The trend towards megaships is not only inevitable, but ongoing and lower rates as a consequence of the big injection of capacity next year will incentivise container lines to chase down their costs in the lower rate environment, said Bank…

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Shipowners On the Hunt for Tonnage

While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore imports, another interesting byproduct of this development has been unfolding in the…

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Marine Losses Brought Into Focus

Damage encountered in marine losses came into sharp focus recently when Braemar (Incorporating The Salvage Association), referred to as Braemar SA, welcomed an invited group of marine insurance professionals onto its specialist port and shipyard familiarisation course in Falmouth. The…

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UN Pumps Cash into Horn of Africa

Leaders of global and regional institutions recently made an historic trip to the Horn of Africa to pledge political support and major new financial assistance for countries in the region, totaling more than $8 billion over the coming years. UN…

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Nigeria Bemoans Giant Oil Losses

Following the increased activities of pirates, Nigeria lost a total of $131Billion to the sea robberies in three years. Disclosing this at a maritime security and safety symposium in Lagos , Professor Charles Ukeje paper titled ‘Economic Implications of Piracy…

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Ship Operating Costs Set to Rise

Shipowners and managers expect that vessel operating costs, lead by crewing and repairs, will increase 2.9% in the next two years, according to a Moore Stephens survey. Respondents to the survey indicated that crew wages were expected to increase 2.4%…

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Banks Need to Act to Underpin Ship Finance

European banks need to increase their provisions for bad shipping loans by 25%, to EUR 7.3 billion (USD 9.25bn), according to the European Central Bank’s (ECB) year-long examination of the resilience and positions of the 130 largest banks in the…

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Big Projects Struggle at Low Oil Mark

High-cost energy projects globally will struggle to stay profitable if crude oil prices stay around $80 a barrel to $85 a barrel and some proposed developments may be shelved, according to Oil Search Ltd. “The bottom line is that much…

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Box Rates Set to Rocket

Container shipping company Maersk Line, a unit of Danish conglomerate A.P. Moller-Maersk, plans to raise freight rates sharply on main routes from ports in Asia to ports in northern Europe, with effect from Nov 1. Rates for twenty foot equivalent…

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