Blogs

The previous week might have gone by in a jiffy, but it did have a huge impact on the shipping industry. The week witnessed many new developments (both good and bad) in the maritime world and a let us have a look at the sensational ones. Global Ship Lease Appoints Evercore as Financial Advisor: The containership charter owner, Global Ship Lease (based in London), decided that Evercore shall be appointed as its financial advisor to manage responsibilities such as reviewing strategies for promoting new business ventures, establishing partnerships or corporate acquisition. The chief executive officer, Ian Webber, is of the opinion that after the completion of the $360 million bond issue which is due in 2022, this extended the maturity of the company’s principal debt financing, along with the proper arrangement of the secured term loan, that had been previously achieved on favorable terms. Ian Webber thinks it is the optimum moment for the company to explore new ideas and techniques to serve as alternative strategies to increase the shareholder value. Indeed, now with its flexibility in refinancing, the Global Ship Lease company has established itself in a secured financial position globally and is one of the few publicly listed containership leasing organizations. With the establishment of its stronghold status, the company can focus on expanding its fleet, increasing the growth capital and searching for a suitable business partner. Steady Increase in Coastal Coal Transportation: According to a research analysis conducted by Crisil Research, the active coal transportation by the coastal shipping method is going to almost double its current amount, by increasing the current 32 million tonnes per year to an incredible 63 million tonnes per year by 2023. Supposedly, this massive increment will be brought about due to the easing of structural bottlenecks in coastal shipping. It is a universally known fact that the majority of the coal-related coastal action occurs around the length of the eastern coast of India, especially from the mines of the Mahanadi Coalfields, which is transported to numerous power plants via the Paradip and Dhamra ports located in Orissa. Tanzania Halts the Registration of Foreign Ships: As per the current reports, Tanzania has temporarily blocked the registration of foreign ships after the unfortunate incident of the arrest of some Tanzanian-flagged ships due to the presence of illegal cargo in them. Following this incident, a serious investigation is being carried out regarding 470 Tanzanian vessels that are carrying the country’s flag and are sailing on international waters. Tanzania is already under the scanner by the United Nations because of a violation case, relating to the arms embargo against North Korea. In the opinion of a VOA report, numerous foreign ships are often being registered by the Tanzania Zanzibar International Register of Shipping in the Zanzibar island, which carries a self-autonomous tag. Wan Hai Lines Introduces a New Japan Express Service The Wan Hai Lines company has recently introduced a Japan Express Service, called the New Super I (NS1) Service, extending to Malaysia and Singapore. The New Super I Service will probably start on a 28-day round trip on 16 th April this year, which includes the scheduled port calls at Osaka- Kobe- Nagoya- Kawasaki- Tokyo- Yokohama- Hong Kong- Nansha –Singapore -Port Klang - Cai Mep- Shekou-  Hong Kong- Yantian and lastly, back to Osaka. The NS1 consists of four ships – three vessels belonging to the Wan Hai Lines and one vessel belonging to the Interasia Lines, respectively. Along with the implementation of the NS1, the Wan Hai Lines will make its existing service coverage even more beneficial for the Japan-Malaysia-Singapore corridor, by ordering at least three scheduled sailings per week. The Ship Agents Association of India Organizes a Meeting The Ship Agents Association of India, commonly known as the SAAI, is registered under the Tamil Nadu Societies Registration Act (1975) reportedly. In recent, the Committee gathered at its Correspondence Office to plan the future course of action, involving the long-term investments and business ventures. The meeting was led by Dr Arul Anthony Joseph (the Founder of the Ship Agents Association) and was attended by other eminent people of the maritime industry. According to a press release, the members of the national fraternity will be apprised in a short period of time, following the meeting. K-Line Takes Charge of a Technologically Advanced Coal Carrier As we are all aware, the Kawasaki Kisen Kaisa Company or the “K” Line is one of the largest Japanese transportation companies with its headquarters in Tokyo. Last week, it has received the delivery of a coal carrier vessel (a 14,00 teu containership) at the Hiroshima Shipyard of Imabari Shipbuilding Co., Japan. The ‘Milano Bridge’ is a new ultra-large containership (ULCS) is the first ship belonging to the 2 nd generation. The coal carrier is to be deployed to the Asia-Mediterranean Service (MED2), as governed by The Alliance.