JULY 6, 2016 — Schnaittenbach, Germany, headquartered Mineralien Schiffahrt Spedition und Transport GmbH (MST), operator of the M/V Cornelia, will pay penalties totaling $1 million after yesterday pleaded guilty in U.S. District
MARCH 24, 2016 — The 54,881 dwt Panamanian flagged bulk carrier Sparna is now awaiting repairs pierside in North Kalama, WA, after briefly grounding near river marker 36 in Oregon on Monday
MARCH 11, 2016 — U.S. Attorney Annette L. Hayes reports that a Seattle, WA, grand jury in Seattle has indicted two shipping companies and two engineers for crimes related to the illegal
JANUARY 11, 2016 — Handysize dry bulker operator Pioneer Marine Inc. (OSLO-OTC: PNRM) reports that it has accepted delivery of a 38,419 DWT Green Dolphin eco-design handysize vessel, the M.V. Kite Bay.
DECEMBER 4, 2015 — The Coast Guard says it “continues investigating” a 24,516 dwt, 2001-built bulk carrier that has been at anchor in Duluth, MN, since November 5, for alleged violations of
Before a tax benefit of approximately $0.22, net income per share increased to $0.36 on a fully diluted basis or 12.5% over the prior year period.
“The 2015 sailing season has remained consistent with our initial outlook,” commented Ed Levy, President and CEO of Rand. “We continue to focus our efforts on the factors of our business that we can control. We have experienced continued improvement in the key operating and financial metrics that drive our business, including lower vessel delays and days out of service, combined with improvements in tons hauled, freight and related revenue, and vessel margin per day. The year to date financial impact of these improvements has been masked by a 14% decline in the value of the Canadian dollar versus the U.S. dollar compared to last sailing season.”
Through its subsidiaries, Rand Logistics operates a fleet of four conventional bulk carriers and twelve self-unloading bulk carriers including three tug/barge units. The company is the only carrier able to offer significant domestic port-to-port services in both Canada and the U.S. on the Great Lakes. Its vessels operate under the U.S. Jones Act – which reserves domestic waterborne commerce to vessels that are U.S. owned, built and crewed, – and the Canada Coasting Trade Act – which reserves domestic waterborne commerce to Canadian registered and crewed vessels that operate between Canadian ports.
Freight and other related revenue from company operated vessels (which excludes fuel and other surcharges) decreased $2.3 million, or 4.9%, to $43.8 million during the three-month period compared to $46.1 million in the year ago period. On a constant currency basis, freight and other related revenue increased 4.0%, or $1.9 million.
Total Sailing Days were 1,278 compared to 1,351 in the prior year. The 73-day decline in sailing days was due to 92 lost days attributable to the company’s time chartered bulk carriers. Although these vessels did not operate for the entire quarter, Rand continued to receive daily charter payments at a reduced rate. These lost days were partially offset by a 19 day reduction in days out of service.
Delay Days decreased to 68 from 72. Delay Days as a percentage of total Sailing Days remained relatively constant year over year.
Freight and related revenue per Sailing Day increased $176, or 0.5%, to $34,300 compared to $34,124 per Sailing Day in the year ago period. On a constant currency basis, freight and related revenue per Sailing Day increased 10.0%, or $3,409.Vessel operating expenses decreased $3.6 million, or 10.7%, to $30.0 million compared to $33.6 million during the year ago period. Vessel operating expenses per Sailing Day decreased $1,381, or 5.6%, to $23,498 from $24,879 during the year ago period. On a constant currency basis, vessel operating expenses per Sailing Day decreased 0.9%, or $0.3 million.
Adjusted EBITDA decreased $1.3 million, or 7.3%, to $16.1 million from $17.4 million during the year ago period. On a constant currency basis, Adjusted EBITDA increased 2.0%, or $0.3 million.
The ships — the Elsabeth C and Mirela — feature single MAN B&W 5S60ME-C8.2 engines delivering 8,050 kW SMCR @ 89 rpm. They are owned by Frontmarine, an associate company of Lemissoler Navigation of Cyprus, and were
Lemissoler reports that the Kappel propeller offers significant fuel savings compared to conventional propellers and, together with the new vessels’ design and lines as well as the silyl acrylate antifouling paint, contributed to favorable results from the first two vessels’ sea trials. It reports that both vessels consumed an average 23 mtns per day at a speed of about 14.2 knots in ballast conditions during the trials. The Elsabeth C also performed a successful crash-stop test that was notable for its lack of noise and vibration.
Thomas Leander, Head of Propulsion – PrimeServ Four-Stroke – Denmark, said: “A key point during the design stage was to address the problem experienced by similar vessels that experience an overly-small light running margin (LRM). Therefore, MAN Diesel & Turbo recently introduced new light running margins for all FP propellers and two-stroke engines of 4-10%. Furthermore, the propeller layout for these 58,500-dwt vessels is 3-4% higher than normally applied to these vessel types. In doing so, MAN Diesel & Turbo has managed to ensure safe and reliable operation, while improving the vessel’s efficiency and maneuverability during its entire lifetime.”
The MAN Alpha Kappel propeller was optimized out based on the stern and wake field for the newly designed 58,500-dwt vessel, with a 58,500-dwt stock propeller.
The Elsabeth C and Mirela were constructed by New Times Shipbuilding Co’s Jiangsu, China, shipyard . The remaining sisters are scheduled for delivery over the next 12 months.
In a stock exchange filing today, however, Mercator said that on September 10 creditor HSH Nordbank AG Singapore Branch filed an application with the Singapore High Court to have the company be placed under the judicial management of a judicial manager and that the hearing on that application is fixed for September 29.
Mercator says its board and management believe that the appointment of a judicial manager is not in the interests of the company, its creditors and its shareholders and that it intends to oppose application.
It has filed an application with the court for leave “to convene meetings of creditors no later than 4 months from the date of the application for the purposes of considering and, if thought fit, approving with or without modification a scheme of arrangement under section 210 of the Companies Act (Chapter 50) and for a stay of proceedings against the Company.”
The MV Apellis is operated by Piraeus, Greece, headquartered Pyrsos Shipping Co Ltd and chartered by Hudson Shipping Lines.
All Australian registered and foreign flagged vessels within Australian waters must comply with the standards set out in the Maritime Labor Convention (MLC) of 2006. Any vessel which is found to be in breach of the MLC or other Australian standards will be detained by AMSA and repeat offenders risk being banned from Australian waters.
AMSA inspected the vessel at Esperance grain jetty after receiving a complaint from the International Transport Workers Federation raising concerns about the welfare of the crew. Once on board, the AMSA surveyor discovered a number of deficiencies including:
The vessel has been detained on the matter of non-payment of wages.
The MV Apellis will remain under detention by AMSA until this deficiency is rectified.
AMSA’s General Manager of Ship Safety, Allan Schwartz, said that the proper treatment of seafarers is just as important as the proper maintenance of ships’ equipment – a failure in either system can lead to serious accidents.
“All ships in Australian waters need to comply with Australian standards,” Mr. Schwartz said. “Seafarers live difficult lives often spending many months at sea away from their families and friends.”
AUGUST 12, 2015—Carisbrooke Shipping’s commercially managed fleet has now grown to more than 60 vessels, following the addition of eight modern, high quality 8,000-dwt general cargo vessels. Thirty one of the ships