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Hyundai Heavy Secures Refund Guarantee for Tanker Duo

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  • As Maersk Reshuffles Executive Echelon Following the Operations Split

South Korean shipbuilder Hyundai Heavy Industries has secured a refund guarantee in connection to a recent order to construct two oil tankers for a Greek shipowner, Yonhap News Agency reported industry sources as saying.

The refund guarantee is provided by a group of banks led by KEB-Hana Bank. These guarantees allow shipowners to reclaim the money already paid as part of a contract in case shipbuilders default.

Yonhap did not reveal the name of the shipowner, however, according to data published by VesselsValue, Enterprises Shipping and Trading placed an order for two 158,000 dwt tankers with Hyundai Heavy in late August.

Although the price of the vessels was not disclosed, VesselsValue said that the market value of each of the ships stands at USD 58 million. The new ECO Suezmaxes are scheduled to join their owner in 2018.

It is becoming increasingly harder for South Korean shipbuilders to secure refund guarantees as banks are reluctant to expose themselves to the risks within the country’s struggling shipbuilding industry, which saw the lowest level of orders in the first half of 2016.

South Korea’s Big Three – Hyundai Heavy Industries, Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. – accumulated a combined operating loss of USD 7.4 billion last year alone, with DSME responsible for nearly two thirds of the total loss.

As a response to the global slowdown, South Korean government recently launched a corporate restructuring plan, targeting its financial troubled industries, including its shipping and shipbuilding sectors.

In the meantime,  A.P. Møller – Mærsk A/S has made several changes to the Group’s executive management following the decision to separate the businesses into two independent divisions, Transport & Logistics and Energy.

As reported earlier, the Group’s Transport & Logistics division will consist of Maersk Line, APM Terminals, Damco, Svitzer and Maersk Container Industry, based on a one company structure with multiple brands.

The Energy division will consist of Maersk Oil, Maersk Drilling, Maersk Supply Service and Maersk Tankers.

Søren Skou will continue as Group CEO of A.P. Møller – Mærsk A/S and CEO of the Transport & Logistics division.

Claus V. Hemmingsen will be appointed Group Vice CEO of A.P. Møller – Mærsk A/S effective on 1 October 2016 and CEO for the Energy division.

Jakob Stausholm will be appointed Group CFO of A.P. Møller – Mærsk A/S as of 1 December 2016. On the same date, Group CFO Trond Westlie will step down as member of the registered management and leave the Group.

The new CEO of APM Terminals will be Morten Engelstoft, currently CEO of APM Shipping Services and CEO of Maersk Tankers. Morten Engelstoft’s appointment is effective November 1, 2016.
Kim Fejfer, currently CEO of APM Terminals and Executive Board member in the Maersk Group will take up a new role related to A.P. Møller Holding A/S.

The new CEO of Maersk Oil will be Gretchen Watkins, current Chief Operating Officer in Maersk Oil. Grethen Watkins will take up the role as CEO of Maersk Oil effective October 1 2016.
Jakob Bo Thomasen has decided to leave Maersk Oil after 27 years with the Maersk Group, the last 7 of which as CEO of Maersk Oil.

Jørn Madsen has been appointed CEO of Maersk Drilling. Jørn Madsen is currently CEO of Maersk Supply Service a role he has held since 2015. He will assume his new position after a replacement is named as CEO of Maersk Supply Service.

Christian M. Ingerslev has been appointed CEO of Maersk Tankers taking effect as of November 1 2016. Christian has since 2014 been CCO of Maersk Tankers

World Maritime News 

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WAIVER CESSATION: Igbokwe urges NIMASA to evolve stronger collaboration with Ships owners

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…Stresses the need for timely disbursement of N44.6billion CVFF***

Highly revered Nigerian Maritime Lawyer, and Senior Advocate of Nigeria (SAN), Mike Igbokwe has urged the Nigeria Maritime Administration and safety Agency (NIMASA) to partner with ship owners and relevant association in the industry to evolving a more vibrant merchant shipping and cabotage trade regime.

Igbokwe gave the counsel during his paper presentation at the just concluded two-day stakeholders’ meeting on Cabotage waiver restrictions, organized by NIMASA.

“NIMASA and shipowners should develop merchant shipping including cabotage trade. A good start is to partner with the relevant associations in this field, such as the Nigeria Indigenous Shipowners Association (NISA), Shipowners Association of Nigeria (SOAN), Oil Trade Group & Maritime Trade Group of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).

“A cursory look at their vision, mission and objectives, show that they are willing to improve the maritime sector, not just for their members but for stakeholders in the maritime economy and the country”.

Adding that it is of utmost importance for NIMASA to have a through briefing and regular consultation with ships owners, in other to have insight on the challenges facing the ship owners.

“It is of utmost importance for NIMASA to have a thorough briefing and regular consultations with shipowners, to receive insight on the challenges they face, and how the Agency can assist in solving them and encouraging them to invest and participate in the maritime sector, for its development. 

“NIMASA should see them as partners in progress because, if they do not invest in buying ships and registering them in Nigeria, there would be no Nigerian-owned ships in its Register and NIMASA would be unable to discharge its main objective.

The Maritime lawyer also urged NIMASA  to disburse the Cabotage Vessel Financing Fund (CVFF)that currently stands at about N44.6 billion.

“Lest it be forgotten, what is on the lips of almost every shipowner, is the need to disburse the Cabotage Vessel Financing Fund (the CVFF’), which was established by the Coastal and Inland Shipping Act, 2003. It was established to promote the development of indigenous ship acquisition capacity, by providing financial assistance to Nigerian citizens and shipping companies wholly owned by Nigerian operating in the domestic coastal shipping, to purchase and maintain vessels and build shipping capacity. 

“Research shows that this fund has grown to about N44.6billion; and that due to its non-disbursement, financial institutions have repossessed some vessels, resulting in a 43% reduction of the number of operational indigenous shipping companies in Nigeria, in the past few years. 

“Without beating around the bush, to promote indigenous maritime development, prompt action must be taken by NIMASA to commence the disbursement of this Fund to qualified shipowners pursuant to the extant Cabotage Vessel Financing Fund (“CVFF”) Regulations.

Mike Igbokwe (SAN)

“Indeed, as part of its statutory functions, NIMASA is to enforce and administer the provisions of the Cabotage Act 2003 and develop and implement policies and programmes which will facilitate the growth of local capacity in ownership, manning and construction of ships and other maritime infrastructure. Disbursing the CVFF is one of the ways NIMASA can fulfill this mandate.

“To assist in this task, there must be collaboration between NIMASA, financial institutions, the Minister of Transportation, as contained in the CVFF Regulations that are yet to be implemented”, the legal guru highlighted further. 

He urged the agency to create the right environment for its stakeholders to build on and engender the needed capacities to fill the gaps; and ensure that steps are being taken to solve the challenges being faced by stakeholders.

“Lastly, which is the main reason why we are all here, cessation of ministerial waivers on some cabotage requirements, which I believe is worth applause in favour of NIMASA. 

“This is because it appears that the readiness to obtain/grant waivers had made some of the vessels and their owners engaged in cabotage trade, to become complacent and indifferent in quickly ensuring that they updated their capacities, so as not to require the waivers. 

“The cessation of waivers is a way of forcing the relevant stakeholders of the maritime sector, to find workable solutions within, for maritime development and fill the gaps in the local capacities in 100% Nigerian crewing, ship ownership, and ship building, that had necessitated the existence of the waivers since about 15 years ago, when the Cabotage Act came into being. 

“However, NIMASA must ensure that the right environment is provided for its stakeholders to build and possess the needed capacities to fill the gaps; and ensure that steps are being taken to solve the challenges being faced by stakeholders. Or better still, that they are solved within the next 5 years of its intention to stop granting waivers”, he further explained. 

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Breaking News: The Funeral Rites of Matriarch C. Ogbeifun is Live

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The Burial Ceremony of Engr. Greg Ogbeifun’s mother is live. Watch on the website: www.maritimefirstnewspaper.com and on Youtube: Maritimefirst Newspaper.

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Wind Farm Vessel Collision Leaves 15 Injured

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…As Valles Steamship Orders 112,000 dwt Tanker from South Korea***

A wind farm supply vessel and a cargo ship collided in the Baltic Sea on Tuesday leaving 15 injured.

The Cyprus-flagged 80-meter general cargo ship Raba collided with Denmark-flagged 31-meter wind farm supply vessel World Bora near Rügen Island, about three nautical miles off the coast of Hamburg. 

Many of those injured were service engineers on the wind farm vessel, and 10 were seriously hurt. 

They were headed to Iberdrola’s 350MW Wikinger wind farm. Nine of the people on board the World Bora were employees of Siemens Gamesa, two were employees of Iberdrola and four were crew.

The cause of the incident is not yet known, and no pollution has been reported.

After the collision, the two ships were able to proceed to Rügen under their own power, and the injured were then taken to hospital. 

Lifeboat crews from the German Maritime Search and Rescue Service tended to them prior to their transport to hospital via ambulance and helicopter.

“Iberdrola wishes to thank the rescue services for their diligence and professionalism,” the company said in a statement.

In the meantime, the Hong Kong-based shipowner Valles Steamship has ordered a new 112,000 dwt crude oil tanker from South Korea’s Sumitomo Heavy Industries Marine & Engineering.

Sumitomo is to deliver the Aframax to Valles Steamship by the end of 2020, according to data provided by Asiasis.

The newbuild Aframax will join seven other Aframaxes in Valles Steamship’s fleet. Other ships operated by the company include Panamax bulkers and medium and long range product tankers.

The company’s most-recently delivered unit is the 114,426 dwt Aframax tanker Seagalaxy. The naming and delivery of the tanker took place in February 2019, at Namura Shipbuilding’s yard in Japan.

Maritime Executive with additional report from World Maritime News

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