364 29-12-2016 Ship Clippings

DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2016 364
Number 364 *** COLLECTION OF MARITIME PRESS CLIPPINGS *** Thursday 29-12-2016
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EVENTS, INCIDENTS & OPERATIONS
Anthony Veders CORAL STICHO navigating the Dutch coastal waters

Photo : Flying Focus Aerial Photography www.flyingfocus.nl
Technical risks involved with upcoming regulations

of the new NOx standard
With the implementation of the Marpol 73/17, Annex VI, the shipping industry must reduce its emissions which include sulphur
oxides (SOx), nitrogen oxides (NOx) and particulates. The emissions resulting from the use of marine gas oil and heavy fuels are
known to be harmful to human health and the environment, contributing to acid rain, smog and eutrophication. Furthermore, NOx
in the atmosphere adds to global warming which is enough of a reason to endeavour to reduce these emissions. The Annex is
applicable to all diesel engines with a rated output of 130 Kw and over, installed on ships constructed on or after 1 January 2000.
Therefore, once the Annex is fully ratified, practically all engines installed on ships, with the exception of emergency generators,
have to meet these requirements. NOx is formed during the combustion process within the burning of fuel spray. It was found that
the higher the temperature and the longer the residence time at high temperature, the more NOx forms. The source of nitrogen
(N) is primarily the combustion air and secondarily the N present in the fuel itself.It seems obvious that the NOx emissions can be
reduced by lowering the peak combustion temperatures. Unfortunately lowering the combustion temperature will increase the
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formation of other pollutants such as particulates. Furthermore, engine efficiency is reduced, which will result in extra fuel
consumption and thus extra emissions. Therefore, the most suitable measures are about balancing combustion efficiency and
finding an acceptable level of all pollutants combined. More information here
www.verweij-hoebee.nl/technical-risks-involved-with-upcoming-regulations-of-the-new-nox-standard/
The reduction of NOx emissions can be found in three different methods and combinations thereof:
Pre-treatment
Primary treatment
Post treatment external measures
The pre-treatment focuses on the fuel quality and treatment before the fuel is fired. The most basic method is
using a fuel with a low N content.
Source: IUMI (By R.M. (Ruurd) Simonides, Marine Senior Surveyor, Verweij Hoebee Group, IUMI Professional
Partner)
SAINT NEKTARIS of Cabo Finisterre Photo : Capt. Maarten C Spruit - Master MV FJORD
Dry Bulkers in demand once again, as market

optimism strengthens
Demand for second hand dry bulk carriers and in higher prices is back on the cards once again, as shipowners optimism seems to
be picking up, on the back of a stronger than expected seasonal demand, noted during the autumn months. Additionally, ship
owners seem to have adopted a positive view of things moving forward, especially when it comes to the lull which plagues the dry
bulk market around the Chinese New Year Festivities, as well as the control which seems to be put in place in terms of net fleet
growth. In a recent weekly note, Allied Shipbroking said that 2016 has been a tough market for dry bulkers and through these
difficult earnings, we have seen some of the lowest prices being noted historically for assets across all size segments. Things have
changed considerably since May when the market started to recover from its loss making freight levels and created a fair rally in
the secondhand market as buyers flocked to take advantage of the low prices, confident that no matter how long it would take for
market fortunes to turn and bring back the bullish freight rates of the past, they would have taken on assets at price levels they
viewed as highly competitive and would have little to risk. This rally being fast paced and being mainly driven by the low price while
facing limited support yet from the freight markets, seemed to have run their course in early September, with both SnP volume and
asset prices taking a temporary pause. As Allieds George Lazaridis Head of Market Research & Asset Valuations noted, buyers, it
seemed, were still concerned at what they could possibly face in the final quarter of the year, being still spooked by the trend they
had witnessed in the final part of 2015 and first quarter of 2016. Things seemed to have taken a different route this time around,
bringing back the seasonal strength typically seen during the autumn months of the year. At the same time there is now slightly
more optimism around as to how well the market will tackle the slack in demand usually noted in and around the Chinese New Year
Festivities, while many see a better market balance moving forward, feeling that demand now shows better prospects while the
supply of tonnage has been limited fairly well while the orderbook from the second quarter of 2017 and onwards is comparably
limited in number. This optimistic view is slowly translating into actual transactions, with recent sales showing a slowly gaining
momentum both in terms of volume and prices being seen. There has also been a considerable pick up in the number of interested
parties shopping around and increased interest for inspecting vessels that are circulated in the market, said Mr. Lazaridis.
According to Allieds analyst, the freight market may well be showing signs of heading for its downward corrective phase, with
increased possibility that rates may well drop significantly over the next 2 months, but this is unlikely to deter buyers, given that
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their keen interest is not generated from a belief that freight rates are going to be at extraordinarily high levels within the final
weeks of the year nor during the first months of 2017. There is surely no delusion as to where we stand and no one expects that
we are in the clear and its all smooth sailing from here on out. What most seem to feel is that for the time being we have seen the
worst and that given that freight levels should improve somewhat compared to the levels noted during the course of the past 12
months, prices should therefore start to better reflect this improvement. Buyers, as such, are more likely to offer more for each
vessel and feel more confident to outbid their competition even if it drives up prices compared to the levels we are seeing now. The
main thing still holding things back for the moment seems to be the difficulties being faced on the financing front, though given
that there are still a number of buyers with deep pockets, they are likely to play more aggressively now in order to secure assets
before prices increase by too much, while leaving to deal with financing options at a later stage, something which would in any
case allow them to find better terms of financing once both freight rates and asset values have improved further, Lazaridis
concluded. Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
The DOLE ASIA outbound from Antwerp navigating the Westerschelde Photo : Willem Kruit (C)
Lloyds List Companies: Premature to say dry bulk

woes are over?
by Max Tingyao Lin

IS IT too early to declare the dry bulk woes are formally over?
Shaking off the weakness at the beginning of this year, bulker earnings have been on a slow but firm upwards trend since the
second quarter on surprisingly strong grain exports from the Americas and coal imports into China. But oversupply continues to cap
freight gains. The Baltic Dry Index climbed to 1,257 points on November 18, a two-year high then, only to fall back to close the
year at 961.
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The bulker firms monitored by Lloyds List Companies, our one-stop shop for news, analysis and data of major US-listed shipping
firms, were still mired in the red on a net basis for the third quarter even as their operating results improved. This quarter indeed
looks better, with earnings of all sizes of bulkers increasing further. But it could be some time before any of the bulker firms can
regain profitability. Below are their recent performance updates, ordered by their earnings before interest, tax, depreciation and
amortisation per ownership day:
1. Safe Bulkers
Safe Bulkers slumped into another net loss in the third quarter, and the depth of the deficit was worse than the quarter-ago and
year-ago levels. However, the results might be deceiving as they included $17.2m impairment losses on vessel sales.
The company was still the best in controlling costs among its peers. Its fleet recorded average daily operating expenses of $3,617
per day, even lower than the second-quarter level of $3,814. This was a major reason why its ebitda per ownership day continued
to improve since the first-quarter trough.
And the good times may come soon as dry bulk shipping rates improve. Its fleet achieved average earnings of $7,658 per day, and
the fourth quarter will likely be even better, based on recent spot market performances.
In the five months from end-October, eight panamax, five kamsarmax and 10 post-panamax vessels in Safe Bulkers fleet are
seeing their charters expire. There will be good opportunities to fix them at higher rates.
As sentiment turns optimistic, the company is busy improving liquidity via debt restructuring and public offerings. With firming
freight rates and low asset prices, Safe Bulkers might pick up some secondhand tonnage soon.
2. Star Bulk
Star Bulk recorded another net loss in the third quarter. However, that bottom line included $20.2m in vessel impairments and
losses on ship sales, and its operating performance was actually improving in line with spot market recovery.
With rising earnings and low operating costs per vessel, the company generated ebitda of $9.4m based on Lloyds List assessments,
ending a streak of negative ebitda for the first two quarters of 2016.
More importantly, Star Bulk completed its debt restructuring by deferring a total of $224m in debt repayments until after June 30,
2018. The company also raised $51.5m during the third quarter with strong support from its strategic shareholders, who provided
approximately 65% of total funds raised.
The debt repayment holiday will temporarily lower the cash breakeven rate on a free cash flow basis to approximately $8,000 per
day, one of the lowest breakeven points in the industry. This means Star Bulk will have a better chance to make a profit soon.
3. Golden Ocean
Golden Ocean posted its seventh straight quarterly loss during July-September. But there are signs that the company could be
returning to profitability.
With a large exposure to improving spot markets, its fleet recorded average daily earnings of $7,946, outperforming its peers.
Arctic Securities said Golden Oceans time charter revenues beat its estimate, while the fourth quarter is looking even better.
In terms of ebitda, the companys loss has been narrowing since the beginning of 2016. Ebitda per ownership day was minus $57,
the best quarterly performance since the fourth quarter of 2014.
Also, it has shored up its balance sheet in time for the market upturn. Without near-term debt repayments after recent financial
restructuring, Golden Ocean is poised to have an easier time in 2017.
4. Diana Shipping
In the third quarter, Diana Shipping tumbled into a deep net loss of $78.3m. While the bottom line was bloated by a $50m
impairment on the company's investment in Diana Containerships, which is mired in the box shipping downturn, Diana Shippings
core business in dry bulk also seemed to underperform.
Its fleets daily earnings continued to fall despite a general market improvement. In fact, Diana Shipping was the worst performer in
this aspect among its peers, likely because many of its vessels came off charters when the Baltic Dry Index was in the doldrums in
early 2016.
The company has 20 vessels that could have expiring charters by year-end at the earliest, though their charterers will likely keep
them longer amid firming rates lately. If some are returned, Diana Shipping will have some chances to inch out higher earnings for
them
The company will need to improve profitability soon. Diana Containers, of which it is largest equity investor and unsecured lender,
will be a drag for some time. And Diana Shippings debt restructuring talks with lenders failed to bear fruitful results. Its liquidity
situation will be carefully studied by equity investors next year.
5. Scorpio Bulkers
Scorpio Bulkers bottom line continued to improve in the third quarter, as previously expected.
The companys fleet recorded average earnings of $6,791 per day, nearly doubled from the first-quarter level of $3,404. As for the
fourth quarter, its kamsarmaxes averaged $7,064 per day with 77% of the days fixed as of end-October while ultramaxes averaged
$7,016 per day with 58% fixed. As spot rates pick up in November-December, Scorpios vessel earnings will likely improve further.
Whether they will exceed the cash breakeven level of $8,000 per day is another question, but sentiment is turning optimistic. As for
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the balance sheet, Scorpio has continued to delay newbuilding deliveries into next year and to amend loan arrangements. The next
point to watch for will be the first quarter, when a larger number of newbuildings and a seasonal demand downturn could create
some business risks. Source: lloydslist
The PILSUM inbound for Rotterdam Photo : Jan Steehouwer

Kees Helder www.helderline.nl ships of Shell tankers wish all readers
a healthy 2017
Petrobras axes Golar FSRU
Brazils Petrobras has terminated its contract for the Golar Spirit floating storage and regasification unit (FSRU) one year early,
according to Golar LNG. Golar LNG confirmed it received a notice for early termination for the FSRU, which is now scheduled to
end on 21 June 2017. The original end date of the charter was August 2018. According to the terms of the charter agreement,
Petrobras will pay Golar LNG a compensation fee as a result of the early termination representing approximately 62% of the
EBITDA remaining under the contract from 21 June 2017 to the original contract end date, according to Golar LNG. Golar LNG said
it will immediately start re-marketing the vessel for FSRU employment post June 2017. There is currently significant interest and
bidding activity in the FSRU market and also a limited number of FSRUs available for the next two years. Golar Spirit, as a relatively
small capacity FSRU could be well suited for a number of emerging smaller scale FSRU projects as well as a potential bridging
solution for larger projects, the company said in a statement. Source : OEdigital
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Lowestoft is unscheduled stop for cruise ship the

P&O Arcadia on Christmas Day
By: Mark Boggis
There was more than one unusual visitor to a coastal town on Christmas Day.
While Santa had visited homes in Lowestoft, a 900ft cruise liner made an unscheduled stop in the town. The P&O Arcadia dropped
anchor off the South Beach at 7.30am on Sunday morning and remained there all day leaving again at 6pm. The vessel had been
on a nine nights and 10 days, round-trip Baltic Cruise, which had left Southampton on Monday, December 19 and was due to visit
Gothenburg,
Copenhagen,
Oslo,
Amsterdam,
Zeebrugge before returning to Southampton
Wednesday, December 28). The crew of the RNLI
Lowestoft Lifeboat, Patsy Knight, after completing
their usual role assisting with safety at the Christmas
Day swim visited the Arcadia and reported a warm
welcome from the 1,900 passengers and 880 crew on
board. Lifeboat coxswain John Fox said: We decided
to make a courtesy visit to the cruiser as it is unusual
for such a large vessel to come so close inshore and
also to stay for the whole day. I had spoken to the
captain by radio and advised him of our intentions,
and he had announced our arrival to the passengers
many of whom came out on deck to greet us. One of
the crew had dressed in a Santa suit and he was
given an especially warm welcome from the ship with
passengers returning his cheery waves. Mr Fox
added: The captain told us that they had spent a
couple of days in rough weather off Norway when
Storm Barbara was at its worst so they decided to spend Christmas Day in calmer waters off Lowestoft before continuing the
cruise. They invited one of the crew on board Arcadia and he was made to feel really welcome as he brought seasons greetings
from Lowestoft to the passengers. It certainly was a Christmas Day trip that the crew will remember for a long while.
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Eni awarded two exploration blocks offshore Cyprus
Eni has been awarded two exploration blocks offshore Cyprus, following a competitive international bid round. Eni will be the
operator of Block 6 with a 50% stake (Total will hold the remaining 50%), and it will also acquire a 100% stake in Block 8.
According to Eni, these areas have geological affinities with those successfully explored by Eni in the neighboring areas in the
Egyptian offshore. With these new assignments, Eni strengthens its strategic positioning in an area where, in addition to Blocks 9, 3
and 2, which were assigned following the 2nd international bid round in 2012, the company also holds three exploration blocks on
the Egyptian side: Shorouk (where Zohr field is located), Karawan (where Eni has a 50% stake) and North Leil (Eni 100%). The
company will leverage synergies with assets already in its portfolio, facilitating time to market and reducing costs.Eni CEO Claudio
Descalzi said, "These assignments confirm the effectiveness of Enis exploration strategy, which keeps acquiring significant shares
and uses the knowledge base resulting from the intense activity related to Zohr field. It is another step towards a possible future
definition of a powerful hub for natural gas in the Eastern Mediterranean, which could play an important role in the future energy
security of the area, as well as potentially in Europes energy security." Source : Worldoil
Tanker HARBOUR FEATURE is in the Noordzee Canal outbound for the Amsterdam
anchorage Photo's: Patrick Deenik (C)
The Korean Register wish you Happy
new year 2017
Season greetings from NAKILAT
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Bay of Biscay LNG Tanker MV Coral Pearl

Photo : Capt. Maarten C Spruit Master MV FJORD
Japanese Government Outlines Development Plan

for Yokohama LNG Bunkering Hub
Japan's MLIT Monday released the results of a feasibility study for LNG bunkering at the Port of Yokohama.
Japan's Ministry of Land, Infrastructure, Transport and Tourism (MLIT) Monday released the results of a feasibility study for
liquefied natural gas (LNG) bunkering at the Port of Yokohama, which highlighted the advantages of utilising the port as a regional
LNG bunkering hub and a roadmap for its development.v"Because the decision has been made by IMO (International Maritime
Organization) that the international regulations on ship emissions will start strengthening in 2020, it is expected that the number of
LNG fuelled ships with clean exhaust gas will rise. In order to respond to the spread of LNG fuelled ships, it is important to establish
LNG bunkering Hubs at the ports in Japan and enhance their competitiveness," explained the ministry.vYokohama's location on the
Pacific side of the country enables it to serve as the first or last bunkering base in the Asian side of the Trance Pacific route, notes
MLIT, adding that the launch of an LNG-fuelled tugboat Sakigake in August 2015 has provided local related business operators and
administrative agencies with LNG bunkering experience.Further, MLIT says Yokahama's numerous LNG bases next to the port will
enable LNG bunkering supply costs to be reduced through the use of these existing facilities.vThe study outlines a road map for the
development of LNG bunkering at Yokohama, which includes three phases.vPhase I sets out the optimisations of existing truck to
ship LNG bunkering operations at the port, a milestone that is noted to have been realised in November 2016.vPhase II will see the
introduction of ship to ship LNG bunkering, utilising the Sodegaura LNG terminal in Tokyo Bay to supply bunkering shipsUnder
Phase III, bunkering operations at the port will be strengthened through the introduction of a new LNG supply system and second
bunkering ship at the port. "It is necessary to increase the volume of demand around 100,000 tonne to 150,000 tonne per year to
secure the business profitability in Phase II. It requires many efforts towards the realisation of LNG Bunkering Hub due to the
limitation of the demand at the beginning of Phase II," said MLIT. MILT notes that the study was completed through a steering
committee that it appointed in June, which includes government agencies, NYK Line, and Tokyo Gas Co., Ltd. (Tokyo Gas), among
others."MLIT continue to work together with related government agencies and related private enterprises to promote LNG as a
marine fuel," the ministry confirmed in its release on Monday. Source: Ship & Bunker News Team
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A British Ministry of Defence PAC 24 RIB is lifted off its

delivery trailer for servicing at Mashfords boat yard in
Cremyll,Cornwall. Mashfords has been looking after small
ships and harbour craft in Devonport for more than 200
years,with six slipways coming up from the River Tamar.
One of the handicaps of being a long established firm is
that their building is listed as of significant historical value
and they are not permitted to change the entrance way so
that modern craft can be taken straight into the workshops.
They have to be taken round through am enlarged side
door. Mashfords began in 1774 when a Cremyll shipwright
built revenue cutters,armed privateers, and smugglers
vessels. Now they handle repairs on all craft, traditional to
GRP ,up to 300 tons. They build their own series of sailing
keelboats,including the 1951 double ender Felicity Ann in
which Ann Davidson became the first woman to sail the
Atlantic single handed. Photos : Raymond Wergan
Gov't to push restructuring next year

By Park Hyong-ki
Finance Minister Yoo Il-ho said Monday that the government will continue to actively pursue corporate restructuring next year. We
will keep this momentum in restructuring going next year as we look to the future, Yoo said in an economic-related ministerial
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Page 10

meeting in Seoul, Monday. The minister added that the government will further map out the corporate restructuring plan for four
industries most sensitive to the current economic slowdown shipbuilding, shipping, steel and petrochemicals in 2017. The
government will also remain vigilant over possible fallout in other related industries such as construction, and be ready to
preemptively counter risks with a set of measures. We will implement a system that can regularly monitor and restructure related
industries after assessing their credit risks, Yoo said. The government will aggressively pursue this with a plan enforcing an
effective debt workout and self-rehabilitation measures as it did when it was dealing with Daewoo Shipbuilding & Marine
Engineering and Hyundai Merchant Marine. Korea announced the so-called three-track system of corporate restructuring earlier
this year. Under the scheme, financial authorities in collaboration with other state agencies and creditor banks have been
identifying companies suffering from the industry slowdown; companies showing signs of default on their debt; and those with
overcapacity.A slew of companies ranging from shipping, shipbuilding to petrochemicals and steel once Koreas growth engines
exposed to financial risks stemming from downturns and bad debts face rigorous restructuring spearheaded by financial
regulators.Yoo told the press after the meeting that the government will decide whether to execute extra spending after evaluating
the countrys growth and other key economic data in the first quarter of next year. This does not mean that we will absolutely
consider devising a supplementary budget in February next year, Yoo told reporters.Last week, the government and ruling Saenuri
Party indicated in a National Assembly meeting that it could devise the extra budget as early as February next year, should the
countrys growth be projected at lower than 2.5 percent.They also noted that the government could seek to frontload nearly 70
percent of its budget in the first half of 2017 to spur jobs and the economy. The Bank of Korea (BOK) recently called on the
Finance Ministry to spend more next year, as the central bank has used all of its available resources, including rate cuts and bank
recapitalization, for the economy. Source: koreatimes
The former CPO MIAMI, renamed last month, ANL WARRAGUL has joined the A3N (formerly AANA) service in place of the
short-term deployment JULES VERNE which itself had replaced the long-term ANL WARRAIN, since handed back to Rickmers
Photo : Dale E.Crisp
DryShips Inc. Enters Into $200 Million Common Stock

Purchase Agreement With Kalani Investments Limited
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DryShips Inc., an international owner of drybulk carriers and offshore support vessels, announced today that it has entered into an
agreement with Kalani Investments Limited, an entity organized in the British Virgin Islands (Kalani) and that is not affiliated with
the Company. Under the agreement the Company may sell up to $200.0 million of its common stock to Kalani over a period of 24
months, subject to certain limitations. Proceeds from any sales of common stock will be used for general corporate purposes. Kalani
has no right to require any sales and is obligated to purchase the common stock as directed by the Company, subject to certain
limitations set forth in the agreement. In consideration for entering into the agreement, the Company has agreed to issue up to
$1.5 million of its common stock to Kalani as a commitment fee. No warrants, derivatives, or other share classes are associated
with this agreement. Mr. George Economou, Chairman and CEO commented:
We are very excited to now have the ability to raise up to $200 million of equity having full control of the timing. Together with
available liquidity in excess of $120 million we are now in a position to commence the process of re-building the Companys fleet
and earnings capacity and pursuing investments in various shipping segments as they arise. We are already evaluating a number of
opportunities that we hope will materialize in the very near future. Source: DryShips Inc.
FSUE Rosmorport Takes Delivery of New Hybrid

Icebreaker
The hybrid Novorossiysk can last 40 days between refuelling operations.

A delivery and acceptance certificate for a diesel-electric powered icebreaker
Novorossiysk, which was built by Vyborg Shipyard, was signed on Monday in SaintPetersburg, IAA PortNews reports. The vessel is noted to have been built with cuttingedge technologies that enable it to break through ice of up to 1.5 metres, and
features a fuel capacity that enables it to last 40 days between refuelling
operations."Having completed the series Vyborg Shipyard has obtained unique
competence allowing it to become a leader in this field of domestic shipbuilding. New
icebreakers laid down at the shipyard is a bright confirmation," said Yevgeny
Zagorodny, Vice President for Civil Shipbuilding
at the United Shipbuilding
Corporation.The icebreaker, operated by the North-Western Basin Branch of FSUE
Rosmorport, will be employed in the Baltic Sea region during the winter period and in
the Arctic sea during the summer to autumn period."This will be the fortieth icebreaker of our company. There is an extensive plan
for their deployment, such vessels are of enormous demand," said Andrei Tarasenko, Director General of FSUE Rosmorport.
Source: Ship & Bunker News Team
Baltic Dry Index Winding Up 2017 on a Positive Note
While there was no Baltic Dry Index pricing update on Monday with the markets closed in observation of Christmas, the BDI closed
at 961 points on Friday, with the index is up significantly from 478 points it was at one year ago. There is cautious optimism
heading into 2017 with the BDIs price up significantly from a year ago due to increased demand to transport goods. Through the
first part of 2017, the BDI should remain supported by Chinas continued infrastructure development, which will increase demand to
ship raw materials. There is also some optimism over economic growth in other regions of the country.When it comes to shipping
demand, there could be a slowdown in the second half of the year, but shippers are not expecting the BDI to see a drop-off in
demand like it did late last year. That demand collapse resulted in the BDI hitting a record-low price in February 2016. While
demand expectations are optimistic, the major downside risk for the BDI is the oversupply of ships. There are currently too many
ships available to hire and that is depressing rates. The oversupply situation was created when a large amount of ships were built
during the last economic growth cycle. While these ships were built when economic growth was expected to continue to accelerate,
by the time they came in service the economy had collapsed. Economic growth has now returned, but the rate of growth has not
been enough to require all the ships put into service. Shipping companies have been good at accelerating their ship scrapping rates
and keeping some boats out of service, but if they see demand continue to grow they may add more boats into service. This is a
big risk that the BDI faces in 2017. Source: Economic Calendar
Shale Specter Haunts OPEC as Oil Seen Rallying Into

2017
After pulling off the biggest oil-market deal in a decade, OPEC faces a new balancing act in 2017: boosting prices without igniting
shale. The first shale boom spurred a global supply glut that started prices sliding in mid-2014, and was amplified that November
by a pump-at-will OPEC strategy aimed at market dominance. During the ensuing rout, prices in New York fell from more than $100
a barrel to $26.05 in February, straining the budgets of companies and countries alike. Now, the Organization of Petroleum
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Exporting Countries has a new plan for 2017: Trim output, boost prices and better exploit the worlds most significant natural
resource. With the cuts, prices could average $58 a barrel, according to the median of 24 analyst estimates compiled by
Bloomberg. While that 29 percent gain on this years average will aid OPEC members, it could also spur U.S. drillers to add rigs.
OPEC is aiming for a much-needed lift to the oil price, given the stretched fiscal balance sheets of every producing nation, said Ed
Morse, head of commodities research at Citigroup. The question really should be what happens afterwards how fast is U.S.
shale going to come back? At 8.8 million barrels a day, the U.S. is already pumping almost as much crude as two years ago, with
just a third of the rigs it operated at the peak, data from Baker Hughes Inc. and the Energy Information Administration show. Since
May, drillers have added about 200 rigs, taking advantage of rising prices as talk of an OPEC supply cut circulated. With OPECs oil
revenues slumping to $518 billion last year from $956 billion in 2014, the group may have had little choice on the cutbacks. Even
Saudi Arabia, the groups biggest producer, has found itself burning through billions in cash reserves, slashing public-sector wages
and tapping bond markets to plug a budget deficit. The analysts predicting that Brent will average $58 a barrel next year expect
$53 in the first quarter and $56 in the second. West Texas Intermediate will be about $1.40 cheaper than Brent in 2017, the
estimates show. WTI traded at $53.12 at 12:08 p.m. Singapore time.Even $58 oil wouldnt eliminate budget deficits for eight OPEC
members assessed recently by the International Monetary Fund. To erase their shortfalls, crude would need to average at least $62
in 2017, according to the IMF. With the cuts, OPEC stands to gain a great deal, in terms of revenue enhancement, said Jan
Stuart, global energy economist at Credit Suisse Securities LLC in New York. Challenges remain. For one thing, compliance with the
output agreement. The groups members tend to cheat, former Saudi oil minister Ali Al-Naimi said in a Dec. 2 speech, before the
agreement between OPEC and non-members was finalized. He also expressed skepticism that Russia, considered a wildcard during
talks, would follow through on its promise to reduce its output by 300,000 barrels a day. Will Russia cut? Al-Naimi asked. I dont
know. In the past, they didnt.The biggest threat to OPECs plan could come from within. Nigeria and Libya got exemptions
because conflicts in both countries damaged their output. If each nation reached its potential next year, then their additional
barrels would almost wipe out the producer groups supply cuts. Iran too didnt have to make cuts from the same starting point as
other OPEC countries. Several years of sanctions lowered its production and revenues from exports and the country argued that it
needed the right to make up for that period. Another challenge could come from the dozens of U.S. drillers who survived the rout
by becoming leaner and more efficient. After three years of turmoil, there are already signs of a rebirth in Americas shale fields as
prices have risen and stabilized at around $50. If they jump by another $10, shale output thats now at 4.5 million barrels a day
could quickly rise by 500,000 barrels, Citigroups Morse wrote in a Dec. 22 research note. A bigger boost in prices could mean a
million-barrel shale surge from the U.S., Macquarie Research analysts Vikas Dwivedi and Walt Chancellor noted in a Dec. 12 report
to clients. That would all but obliterate the cuts OPEC agreed to in November. Companies such as Continental Resources Inc. and
Whiting Petroleum Corp. have already been rewarded by investors, with Continentals shares more than doubling this year and
Whitings shares climbing by about 30 percent. U.S. producers are already buying hedging contracts locking in higher prices for
next year, according to the Macquarie note, giving them the financial flexibility to grow. Still, OPEC could have some time to adjust,
according to Mike Wittner, head of commodities research at Societe Generale SA in New York. As prices rise, costs may rebound as
oilfield service companies seek to rebuild in better times. The result: OPECs biggest rivals could struggle to revive output quickly
enough to disrupt the re-balancing of the oil market, according to Wittner. Its going to take them a while to gear up, Wittner
said. The investments got to gather pace, the drillers and the fracking contractors also need time. Its a gradual process. Which
suggests 2017 may not be the crunch time many expect. That could come in 2018, according to estimates from Oslo-based
consultant Rystad Energy. While output including crude, condensate and natural gas liquids will increase by 93,000 barrels a day
next year despite the promised cuts, it could jump by almost 10 times that in 2018, and then register similar rates growth through
the end of the decade, Rystad estimates show. Source: Bloomberg
HMM sets itself an unrealistic target
Hyundai Merchant Marine (HMM) has declared that it intends to secure 5% of the global liner market by 2021, more than double its
current 2.2% capacity share. While this ambitious target was outlined in HMMs announcement of 12 December, the company failed
to back up these growth plans with any coherent strategies. In order to achieve a 5% market share, HMM would need to expand
vessel capacity from its currently-operated 455,000 teu, to more than 1.1 Mteu over the next four years. This number is based on
Alphaliners capacity estimate of about 22 Mteu, that the global liner fleet that is expected to reach by 2021. In order to achieve its
targeted market share, HMM would need to add over 650,000 teu of additional capacity by 2021 a tall order, given that the
carrier is currently not engaged in any newbuilding program. HMMs plan calls for a focus on the Asia US route and for the
acquisition of further container terminals, even though neither of these efforts has any potential to help the carrier reach its self-set
market growth target. This is especially true in the light of the new strategic cooperation agreement between the 2M and HMM,
under the terms of which the Korean carrier would cease vessel operations on the Far East Europe and Far East US East Coast
routes Instead, HMM said that it will not be engaged in overly-active fleet expansion, which renders its capacity target even more
far-fetched. To put HMMs target in perspective, the additional capacity required to reach a 5% market share is equivalent to
acquiring the entire operated fleet of Hanjin Shipping prior to the carriers collapse in late August. Source: Alphaliner
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The FJORDPRINSESSEN in Bod Norway Photo : Henk de Winde (c)
Dear friend shiplover, I wish you a very happy festive season and my best wishes for the new year 2017, that is
coming soon. Keep looking at the horizon!
Cheers.
Philippe Lauga Bayonne - France
http://www.philippe-ships.com
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With deeper port, enormous cargo vessel docks at

Chennai
Following the shipping ministry's move to increase revenue at all major ports in the country, the Centre has deepened Chennai port
to accommodate larger vessels. The crew of the massive French container vessel CMA CGM Rossini, with a tonnage of 5,782 TEU
(20-foot equivalent units) has berthed the ship at Chennai port since December 11. Cargo crews use TEUs to measure a ship's
cargo carrying capacity. One TEU is equivalent to that of a standard 20' shipping container that is 20ft long and eight ft tall.
Between nine and 11 pallets fit in one TEU. The fully-loaded CMA CGM Rossini had an arrival draft (vertical distance between the
waterline and bottom of the hull) of 14.3m when it berthed at the Chennai Container Terminal Port (CCTPL). The CCTPL terminal
could earlier only accommodate vessels with an arrival draft of less than 13.4m. "The depth at CCTPL has been increased to
accommodate vessels with draft requirements of up to 14.5m, in a phased manner," a Chennai port official said. The Chennai port
authorities partnered with CCTPL on the draft-deepening exercise to cater to dynamic shipping and export/import trade. Former
Chennai port trustee and businessman M N Raja welcomed the move, hailing it as a step that will boost the Chennai port revenues.
CMA CGM is the third largest shipping company worldwide with a fleet of 428 ships. "As the port deepens, it will improve the
chances of mother vessels berthing here," Raja said. "Large vessels mean greater tonnage and higher revenues." The total tonnage
the Chennai port handled over the total number of berth days improved from 15,001 tonnes in 2013-14 to 16,023 tonnes in 201617 (up to November) at the Chennai port. The shipping ministry planned to deepen all major ports across the country to at least
16m. The proposed Enayam port, near Colachel in Kanyakumari district, is set to have a permissible draft of 20m.Deepening has
also been carried out at the newer terminal in Chennai port, Chennai International Terminal Pvt Ltd (CITPL), which was dredged to
15.5m to accommodate vessels with draft requirements of up to 15m. The modernisation of the port facilities aligns with the
expansion plans of various shipping lines at Chennai port, upgrading of their respective vessels (to larger parcel sizes) to achieve
improved scales of economy. To reduce pollution and halve costs, the shipping ministry's Inland Waterways Authority of India is
also in plans to pave waterways for transportation. Estimates suggest water transport costs less than half compared to road and rail
transport. Source: timesofindia.
Gard Alert: Chinese ECA reminder
From 1 January 2017 ships calling at all eleven key ports in China must use fuel with a sulphur content not exceeding 0.50 per cent
whilst berthed. We refer to our previous Gard Alert on the Chinese regulation which designates the Pearl River and Yangtze River
Deltas, and Bohai-rim Waters as domestic emission control areas (ECAs) and places a cap on the sulphur content of fuel oil in these
ECAs at 0.50 per cent. As the mandatory implementation date for the stricter air emission limit in all key Chinese ports is
approaching, Members and clients are reminded that:
the following eleven ports within the Chinese ECAs are designated key ports:
Shenzhen, Guangzhou and Zhuhai in the Pearl River Delta
Shanghai, Ningbo-Zhoushan, Suzhou and Nantong in the Yangtze River Delta
Tianjin, Qinhuangdao, Tangshan and Huanghua in the Bohai-rim Waters;
from 1 January 2017 ships calling at these eleven key ports must use fuel with a sulphur content not exceeding 0.50 per cent whilst
berthed; and the above mentioned regulation applies to all ships navigating, anchoring and operating within the Chinese ECAs with
the exception of military ships, fishing boats and ships/boats used for sporting purposes. To avoid any delay or penalty being
incurred by the ship, bunkering strategies and fuel change-over procedures should be revisited to ensure compliance with the
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Chinese requirements. Ships calling at Chinese ports must be instructed accordingly. For additional information about the Chinese
regulation and its enforcement by the China Maritime Safety Administration, reference is made to our Gard Alert Chinese ECAs
sulphur requirements for marine fuels updated 2 September 2016. Source: Gard
(http://www.gard.no/web/updates/content/22445412/gard-alert-chinese-eca-reminder )
Crescent Towing adds horsepower, maneuverability

to trio of new tugs
By : Ken Hocke
New Orleans-based Crescent Towing added the new 923817, 5,500-hp, Z-drive ship escort/ship assist tug MARDI GRAS to its
New Orleans fleet back in March. Two sisterships ARKANSAS and SOUTH CAROLINA are scheduled to be delivered by the
end of 2016. The boats, designed
by Jensen Maritime, Seattle,
are being built at Steiner
Shipyard, Bayou La Batre, Ala.
The new Z-drives are the same
size as the J.K. McLean, Lisa
Cooper and David J. Cooper built
in 2010-2011 at C&G Boat Works
Inc. The difference between the
tugs is the horsepower. The C&Gbuilt Z-drives are 5,225 hp and
the new tugs are 5,500 hp. After
the SOUTH CAROLINA is
delivered in December, Crescent
will have nine Z-drives out of a
fleet of 28 tugs, according to its
website. Our customers drive
this process. They are asking for
more
power,
more
maneuverability and for the tug
to be in class (A-1 Towing), said
Crescents
executive
vice
president, Keith Kettenring. Two
of these tugs (MARDI GRAS and SOUTH CAROLINA) will operate in the northern harbor area of the Mississippi River between
mile 106 (New Orleans) and mile 235 (Baton Rouge, La.) and the [Arkansas] will operate in Savannah, Georgia. Crescent Towing
Z-drive tug spec box With a draft of 17, the Mardi Gras has been in operation for several months, and Kettenring said Crescent is
very satisfied with the tugs performance so far. The first to be delivered has been operating in the (New Orleans) area since
March with great reviews from the captains and river pilots, he said. The widening of the Panama Canal and an expected increase
in grain exports played a part in the design of the MARDI GRAS, ARKANSAS and SOUTH CAROLINA. Crescent Towing is
betting that not only will grain exports stay strong, but that the expansion of the canal will mean more and larger containerships
calling at East Coast ports. Yes, the post-Panamax tonnage into Savannah helps with that decision to build the new tugs, said
Kettenring. In addition to New Orleans, Crescent has operations in Savannah, Ga., and Mobile, Ala. We have several new terminals
under construction, the refiners continue to expand and the world is eating more proteins, he said. So in the long run yes, we
expect to see more ship calls, he said.
MACHINERY MATTERS
Though Steiner Shipyard has built few tugs in its more than 50 years of operation, Russell Steiner, the yards owner said he didnt
hesitate to go after the job. We had only done four or five tugs before this, but we really wanted to build these Z-drive tugs, he
said. We knew what we were doing. We embarked on our latest newbuilding program two years ago with a yard that was
unknown to us, said Kettenring. This project was a first for Steiner Shipyard and a leap of faith into the unknown for Crescent.
However, we were all placed at ease after our kick-off meeting when it became apparent that Steiner shared the same customercentric philosophy which we hold dear. Steiner said he wanted to build the tugs because he knew Z-drives would give Crescent the
flexibility it needed in the new tugs. The maneuverability you get with Z-drives makes a huge difference, Steiner said. He speaks
from experience, having built a series of 12034 Z-drive towboats for Southern Towing Co. over the past decade. At the time, no
one else was putting Z-drives on towboats. Southern officials said the Z-drives provide a lot more thrust for the same horsepower
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Page 16

as conventional power. We had fewer problems building those boats than we did building shrimp boats, said Steiner.Bill
Stegbauer, Southern Towings president told WorkBoat back in 2008 that with Z-drives, there are no big rudders, no struts, he
said. And the Z-drive is always going forward, even when the boat is going in reverse.The new Crescent tugs are fitted with pairs
of steerable Rolls-Royce US255FP Z-drive units connected to twin Tier 3 GE 8L250 diesel engines, producing 2,748 hp each. The
engines turn P-30 2,800-mm fixed pitch propellers in nozzles. The units have hydraulic clutches and weld-in mountings, Vulkan
carbon fiber straight shafting, Vulkan bulkhead mounted shaft bearings and Vulkan flywheel mounted flexible couplings. In the
wheelhouse are mounted engine and thruster controls.One of the challenges of working on the Mississippi River is operating during
high-water events. The maneuverability of the new tugs makes fighting high water more manageable, said Kettenring. In the
spring the river swells with rain and snow melt and the increased velocity can cause ships to breakout, and they often require tugs
to hold them in berth or anchorage.
HEAVY-DUTY WINCHES
Another piece of equipment that is vital to the proper operation of these tugs are their winches. JonRie InterTech, Manahawkin,
N.J., introduced its new Container Master winch series on the Mardi Gras. The Container Master series was designed with increased
braking capability and rope capacity to deal with larger containerships, such as the 8,000-TEU containerships that call at the Port of
New Orleans. The new winch series is a heavy-duty design to deal with increased loading due to the increased sail area of todays
containerships, according to JonRie. The tugs winch holds 550 of 9 plasma line. Brandon Durar, JonRies president, told WorkBoat
that this is a new line of heavy-duty winches so future winches may hold more or less. The winch features JonRies new Gen-X
controls with its hall effect foot pedal that has no moving parts that make contact with each other, thus reducing breakdowns.
There is also a message screen showing the parameters of the winch and the cause of any malfunctions that occur. If you need to
quickly back off your tow, the proportional render block lets you do that with a controlled freewheeling of the drum that feathers
line out at a rapid pace. The auto abort feature takes away any guesswork on the part of the operator. You dont have to think,
said Durar. It starts the system, releases the brake, shuts down the motor, and if you lost power, a 24 VDC backup system comes
into play. Some of JonRies standard features also come with the winch including a tension readout system with dimming controls
for better night vision.Steiner said the project has been a team effort. Working for Crescent and its team was easy. Theyre
knowledgeable and were able to give us help if we needed it, he said. Kettenring agreed. When the rare problem did surface, it
was always handled openly with honest communication and a willingness to work together in finding a solution, he said.
the 1982 built BHS flag cruise liner OCEAN GALA formerly SCANDINAVIA 1985; STARDANCER 1990; VIKING SERENADE
2002 and ISLAND ESCAPE - 2016 offshore Malta on Thursday 22nd December, 2016.
Photo: Capt. Lawrence Dalli - www.maltashipphotos.com
Imdex sells oil and gas business
By: Peter Williams

Drilling products supplier Imdex has finalised the sale of its loss-making oil and gas business, and secured a $30 million banking
facility. The company said it struck two deals to sell separate parts of AMC Oil & Gas. Brisbane-based Wildcat Chemicals Australia
will be sold to Vautron Holdings for $3.5 million. AMC Oil & Gas - Germany and Romania goes to National Oilwell Varco for an
undisclosed sum.
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Imdex in August flagged the sales to concentrate solely on mining. The oil and gas division contributed about $50 million of the
companys $56 million net loss for fiscal 2016. The company said costs associated with the sales were accounted for in fiscal 2016
and there would be no material impact this year. The sale of the oil and gas entities is in line with our revised strategy of focusing
on sustainable earnings growth via our minerals business where we have a competitive advantage, managing director Bernie
Ridgeway said. The company is in a stronger position to capitalise on continuing signs of improvement within the minerals
industry. The facility with Bankwest replaces one Imdex held with Bain Capital. The interest had been reduced from an effective
10.75 per cent to less than 5 per cent, Imdex said. It had been partially drawn down to pay out Bain Capital. The companys
renewed capital structure, together with this new debt facility with a traditional bank, has de-risked its balance sheet and lowered
the cost of capital, Imdex chairman Anthony Wooles said. The companys shares were up 1.5 cents, or 2.61 per cent to 59 cents at
the close. Source : the west
NAVY NEWS
Iran plans to build aircraft carrier, boost naval warfare

capabilities
Iran is planning to build an aircraft carrier, a senior Iranian navy commander has said as he announced that the country is pursuing
greater maritime warfare capabilities. At present, the Defense Ministry and the Navy are both after building military equipment for
naval warfare but the Defense Ministry is producing different types of missiles indigenously and the Navy's needs to missiles are
met using this capacity, Deputy Navy Commander for Coordination Admiral Peiman Jafari Tehrani said on Monday, as cited by
semi-official Fars news agency. It is not the first time that Tehran has voiced plans to build an aircraft carrier. In 2011, Iran's
Deputy Navy Commander Captain Mansour Maqsoudlou told IRNA news agency that initial designs for building the carriers had
been approved The idea was then mentioned in 2014 when Iranian Navy Commander Rear Admiral Habibollah Sayyari claimed the
country was capable of building aircraft carriers, as well as heavy submarines. "As we have managed to produce warships and
submarines, we also have the capability to build aircraft carriers and heavy submarines," Sayyari said at the time. Earlier in
December, Iranian President Hassan Rouhani ordered the national nuclear agency to start developing nuclear propulsion capability
for marine transportation. Source: Russia today
Chinese Naval Drill Near Taiwan Draws No US

Protest
The United States says China has the right to sail in international waters after a Chinese aircraft carrier cruised past Taiwan and
into the contested South China Sea. Taiwan's Defense Ministry reported Monday that the aircraft carrier and five warships sailed 90
nautical miles south of Taiwan, a self-governing island claimed by China. Beijing said it was conducting a routine training
exercise.China has previously accused U.S. warships of making provocative passes through the South China Sea State Department
spokesman Mark Toner said Tuesday that the U.S. recognizes lawful uses of the sea, and that the same rights apply to the U.S.,
China and other nations. He said, "As we often make the case with our own naval vessels sailing ... in those same waters, it's
freedom of navigation.''Earlier this month, a Chinese naval vessel seized an U.S. Navy underwater glider that the U.S. said was
conducting oceanic research in international waters off the Philippines. The U.S. called the seizure illegal and made a diplomatic
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Page 18

protest. China returned the glider five days later. Beijing claims most of the South China Sea. Five other Asian governments also
claim ownership of islands and reefs there. Source : voanews
SHIPYARD NEWS
Single bidder for Korean shipbuilder STX French unit
A South Korean court handling the bankruptcy case of STX Offshore and Shipbuilding Co, said Tuesday that only a single bidder
had submitted a binding proposal to buy the shipyard's profitable French unit. Italian shipbuilding giant Fincantieri SpA,
Netherlands-based Damen Shipyards Group and French state-controlled naval shipbuilder DCNS had initially expressed interest in
acquiring STX France, which specialises in building cruise ships. "But only one bidder has met the deadline for making a binding
offer," judge Choi Ung Young, who acts as a spokesman for the court in Seoul, told AFP. He declined to identify who the bidder
was, but said the proposal was being studied by Samil PricewaterhouseCoopers, which is handling the proposed sale. An STX
Offshore spokesman said the court would announce whether the proposal had been accepted on January 3. "If the offered price is
too low, the proposal would be turned down and a fresh round of bidding would open", the spokesman said. In 2008, STX bought a
two-thirds stake in a huge naval shipyard in the western French port of Saint-Nazaire, later named STX France. It is currently the
company's only profitable unit. The French state holds the remaining share and is extremely concerned about the future of the
shipyard, which is a big local employer with a healthy order book for large cruise liners. STX Offshore's creditors last month
narrowly approved a debt restructuring plan, avoiding the imminent liquidation of what was once South Korea's fourth largest
shipbuilder. Source: businesstimes
Sales of STX unit Goseong Offshore & Shipbuilding

fall through
Goseong Offshore & Shipbuilding Co., a midsize manufacturer of container ships and ship components in South Korea that has been
under a court-led reorganization program, has failed to attract bidders in its latest auction that would have found a new owner for
the unit of bankrupt STX Offshore & Shipbuilding Co. The bankruptcy court that is handling the insolvency proceedings of Goseong
Offshore & Shipbuilding will rearrange another auction early next year at the earliest. According to multiple sources from the
investment bank industry on Tuesday, the Seoul Central District Court has notified that the auction to sell Goseong Offshore &
Shipbuilding fell through because only one contestant with questionable fundraising ability entered a bid. In the preliminary auction
last month, three bidders showed interest by each submitting a letter of intent. In the main bidding last week, however, only one
bidder took part in the auction, which the court has rejected as it was not able to prove its ability to finance acquisition funds. An
unnamed court official said that it isnt considering breaking up the company as the value Goseong Offshore & Shipbuilding can
generate when it remains in operation is higher than the value of its liquidation based on its study. It is most likely that the
company will be up for sale again early next year at the earliest, and there is low possibility that the sale will be offered in a
package deal with its parent company STX Offshore & Shipbuilding, the official said. Industry sources noted that the sales price
could slightly go down from earlier 100 billion won ($82.8 million). Goseong Offshore & Shipbuilding was founded in 1985 as a
manufacturer and supplier of ship components. Its core business includes manufacturing blocks for major shipyards - a major
component of liquid cargo ships or tankers, container ships, and vessels. It became a unit under STX Offshore & Shipbuilding in
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Page 19

2011. Last year, Goseong Offshore & Shipbuilding posted an operating loss of 13.8 billion won on sales of 254.2 billion won with
448.5 billion won asset and 322.5 billion won debt. Source: Pulsenews
Deloitte Anjin indicted over false reports on Daewoo

Shipbuilding
Prosecutors said Tuesday they have indicted a local accounting firm and its employees on charges of writing false reports for cashstrapped Daewoo Shipbuilding & Marine Engineering Co. The prosecution said three employees at Deloitte Anjin LLC are suspected
of providing favorable reports for the ailing shipyard in 2013 and 2014 while being aware that it was cooking the books. Another
former employee at the firm was indicted last month over similar allegations. Prosecutors said the firm should also be held liable for
failing to properly manage its employees. Later in the day, Deloitte Anjin issued a statement, saying the indictment is
groundless.Daewoo Shipbuilding is one of the country's big three shipyards that has been implementing drastic self-rescue
programs, including asset sales and workforce reduction, in order to cope with the protracted, industry-wide slump.Earlier this year,
the shipyard said it had much larger losses in 2013 and 2014 than earlier reported, citing accounting mishaps. Source: Yonhap
Government accused of plotting to privatise ASC after

public servants try to stymie release of documents
THE Federal Government has been accused of plotting to privatise the Australian Submarine Corporation after public servants
attempted to stymie the release of documents about the future of the Adelaide-based shipbuilder. Finance Department bureaucrats
argue there would be only minimal public benefit from the release of documents requested by Labor MP Nick Champion because
ASC staff only make up a small percentage of the overall Australian workforce. The Government insists it has no plans to sell the
ASC, which is in the process of being split up into three smaller companies. Mr Champion sought access under Freedom of
Information laws to correspondence and briefing materials about the possible restructure or privatisation of the ASC. He argued
that application fees should be waived on public interest grounds but in correspondence, the Department wanted to charge him at
least $2490 to spend a minimum of 132 hours searching for documents and decision-making. Mr Champion appealed the fee
decision but was told the information he requested would not comply with a requirement that it be of general public interest, or of
interest to a substantial section of the public. ASC workers represent only a small portion of the general Australian public rather
than a substantial section of the public, Department of Finance Assistant Secretary Carly Makin said in a letter to Mr Champion.
As such I consider there would be minimal benefit flowing from release of the documents. However, the department did offer
to reduce the application fee to $1867.43. Mr Champion, who is considering what steps to take next, said it was obvious the
Government wanted to sell off the ASC. The FOI application has revealed the sheer volume of advice going to the government,
he said The Turnbull Government can deny their intentions but the reality is that they will at some point privatise all or part of
ASC. Privatisation will reduce jobs, flat line skills formation and drastically effect sovereign capability. Finance Minister Mathias
Cormann said the ASC would be split into separate shipbuilding, submarine sustainment and infrastructure companies which would
all remain in government ownership. As we have consistently said for a very long time, the Government has no plans to privatise
ASC. Nothing has changed, Senator Cormann said. The structural separation of ASC into three individual Government-owned
companies will ensure that it is best placed to support the future needs of Australias future shipbuilding capability. The preChristmas budget update included $3.5 million in funding for the restructure.The ASC was brought into full government ownership
under former prime minister John Howard but there has been frequent speculation that the company could eventually be sold.
Source: dailytelegraph.
Italy's Fincantieri only bidder for STX France
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Italy's Fincantieri is the only bidder for shipping group STX France, a source close to the matter said on Tuesday. Earlier on
Tuesday a Korean court said only one bid for STX France had been received so far. A spokesman for the Seoul court overseeing
STX Offshore's receivership had said earlier in November that four parties had expressed interest in buying one or both of South
Korea's STX Offshore & Shipbuilding Co Ltd and a controlling stake in STX France SA. Source: Reuters (Reporting by Elisa
Anzolin, writing by Agnieszka Flak, editing by Luca Trogni)
ROUTE, PORTS & SERVICES
The SEAROAD MERSEY II arriving in Devonport-Australia Photo : Dale E.Crisp
Petronas Eyes New Island for $27 Billion Canada

LNG Plan
by Natalie Obiko Pearson and Josh Wingrove

Malaysias Petroliam Nasional Bhd. is seeking to move ahead with a proposed $27 billion liquefied natural gas plant in western
Canada after identifying a new site for shipping the fuel, a shift that may help reduce costs and quell local opposition. Petronass
Pacific NorthWest LNG project would continue as planned with the liquefaction plant on Lelu Island in British Columbia. The
company would move the docking facilities to neighboring Ridley Island, where ships would berth to take deliveries of the fuel for
export, according to two people familiar with the negotiationsSuch a re-design would eliminate the need for a costly suspension
bridge that was part of the original plan and also circumvent an environmentally sensitive marine area thats been a flash point of
controversy. Petronas and its partners -- China Petrochemical Corp., Japan Petroleum Exploration Co., Indian Oil Corp. and Brunei
National Petroleum Co. -- are expected to decide whether or not to proceed with the project in early 2017. The facility would
produce as much as 19.2 million metric tons a year of LNG and open up a new trade route for Canadian gas to be shipped to
Asia.Pacific NorthWest LNG is conducting a total project review over the coming months," spokesman Spencer Sproule said in an
e-mail. During this time, the project is continuing to work with area First Nations, stakeholders and regulators to manage any
potential impacts through mitigation measures and design optimization." Its unclear how changing the design might impact the
construction timeline -- the Kuala Lumpur-based company is in talks with the government and stakeholders to see if the
modification could be carried out without sparking fresh regulatory delays, according to the people. Canadas Environmental
Assessment Agency hasnt received any information yet about potential changes , the agency said in an e -mail. If we receive any
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Page 21

new information from Petronas, we will review it and determine the appropriate next steps, including any potential environmental
assessment requirements," it said. The project won Canadian government approval in September following more than three years
of regulatory review. In that time, the global LNG market tanked with spot prices for the fuel falling by more than two-thirds amid a
supply glut. Petronas is reassessing the projects costs before it goes to the partners to make a final investment decision, a process
it expects to complete by about April, Rich Coleman, British Columbias minister of natural gas development, said in a Nov. 15
interview. It would be the first major onshore LNG project to be built from scratch since 2013, according to Wood Mackenzie
Ltd.Petronas chose a highly contentious site for its proposed terminal near an ecologically sensitive islet called Flora Bank -- a
breeding ground for salmon and considered sacred by local indigenous groups, who have joined with environmental activists to
block the project. The company modified the project in 2014 to minimize the impact on Flora Bank by agreeing to build a 1.6kilometer (1 mile) long suspension bridge linking the LNG plant to marine berths further out at sea. The new proposal would save
as much as $1 billion by eliminating the need for that suspension bridge, according to one of the people. Instead, the LNG could be
transported by pipeline across a less contentious route to Ridley Island to be shipped from there, according to both people.
Petronas has identified an available spot on Ridley Island that was formerly held by Canpotex Ltd., according to both people.
Canpotex relinquished its lease for a potash export terminal on Ridley earlier this year, according to the Prince Rupert Port
Authority, which oversees the area.
Rescue units moored in the port of Peniche Portugal Photo : Jan de Bokx
Suurhoffbrug niet meer open
Vanaf 1 januari 2017 is het beweegbare deel van de Suurhoffbrug buiten gebruik gesteld en wordt niet meer bediend. De
maatregel is het geplande gevolg van de opening van het verbrede Breeddiep begin deze maand. Deze verbinding tussen de
Nieuwe Waterweg en het Calandkanaal biedt nu containerschepen een alternatieve route als ze niet onder de Suurhoffbrug kunnen.
De Suurhoffbrug overspant het Hartelkanaal en is de laatste brug van de A15 voordat men de Maasvlakte bereikt. De brug werd
geopend in 1972. In 2006 maakten dagelijks circa 18.000 voertuigen van de Suurhoffbrug gebruik. In 2014 was dit gestegen naar
26.700 voertuigen per dag De Suurhoffbrug ging nog maar sporadisch open. Inmiddels is de passage door het verbrede Breeddiep
aanzienlijk drukker geworden. Jacobus Gerardus (Ko) Suurhoff (Amsterdam, 23 juli 1905 aldaar, 14 maart 1967) was een
Nederlands socialistisch politicus. Na de oorlog raakte hij betrokken bij de oprichting van de PvdA. Vanaf maart 1961 tot april 1965
was hij partijvoorzitter van de PvdA. Suurhoff was minister van Sociale Zaken 1952 - 1958) en minister Verkeer en Waterstaat
(1965 - 1966). Als minister van Sociale Zaken bracht hij in 1956 de Algemene Ouderdomswet (AOW) tot stand. Als minister van
Verkeer en Waterstaat voerde hij onder andere de vangrail langs snelwegen.
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PLEASE MAINTAIN YOUR MAILBOX, DUE TO NEW POLICY OF THE PROVIDER, YOUR ADDRESS
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B.C. looks forward to decision on Pacific NorthWest

LNG terminal
B.C. Deputy Premier Rich Coleman believes in the long-term prospects for exporting liquefied natural gas from British Columbia,
saying patience is a virtue during an industry slump.Pacific NorthWest LNG, led by Malaysias state-owned Petronas, is a highprofile consortium that will be closely watched in 2017.Mr. Coleman, who is also Natural Gas Development Minister, said based on
his discussions with Petronas management, a final investment decision will be made in the summer of 2017. Assuming Pacific
NorthWest LNG sticks to its timetable, the co-owners could potentially make an announcement roughly three months after the B.C.
election is held on May 9, 2017. Source : The Globe and Mail
Hingham's new $7 million ferry terminal to open

next month
By Lane Lambert
HINGHAM - The lobby is gleaming and the ticket window is ready. With a final inspection sign-off, the MBTA's new ferry terminal
will be open for its first commuters in January. After three years of construction - and a couple of surprises that delayed completion
- Hingham will be home to a terminal that's the first of its kind around Boston Harbor, with a T bus connection and offices for the
Hingham harbormaster, state Department of Conservation and Recreation, state Environmental Police and Boston Harbor Cruises.
"It's a really unusual facility," project manager Ellen DeNooyer of Milton said on a recent day, as she surveyed the $7 million
building with Jamie Jackson of Weymouth, the T Commuter Rail's capital delivery project director.DeNooyer said the terminal's
multiple uses are the product of cooperation by the T, state legislators and Hingham, along with the support of the thousands of
commuters who take the ferry to and from Rowes Wharf in Boston each day. "There's nothing else quite like it around the harbor,"
she said. The terminal is located at Hewitts Cove, close to the Hingham Shipyard retail development on the site of the World War II
shipyard. It will replace a ticket window and ferry office in a metal building next door. That building and the new terminal property
are owned by the state Department of Conservation. DeNooyer said the T has a 99-year lease for the terminal site.
The terminal's official opening date hasn't been scheduled yet. Until then, commuters will continue to take an open-air walkway to
the ferry boats. "It will be very nice for passengers to have a heated space," DeNooyer said of the new building. "And
bathrooms."The terminal's opening will come a year and three months after the Hingham-Boston ferry celebrated its 40th
anniversary. The ferry started service in 1975 with a single daily round trip, and now has 12 daily round trips to and from Boston,
with an average of 4,000 daily riders. There are also one-way trips each way. DeNooyer said the T began discussing the facility's
construction in 2009. She said former Sen. Robert Hedlund - now Weymouth's mayor - was a strong advocate for the project.
Funding was set by 2013, and bidding was done that year. Work was delayed early on when excavation crews unearthed two
forgotten World War II water tanks at the site. The tanks never held fuel, so no environmental cleanup was required. But it did
29-12-2016
Page 23

take time to remove the tanks.The second delays came in 2016. Communications testing showed that the metal coating in the
terminal's energy-efficient glass windows interfered with radio frequencies that T personnel and the harbormaster would use. And
the machine room's ventilation system wasn't strong enough to handle high-temperature smoke from possible electrical
fires.DeNooyer said contractors have added an amplifier for the radio system, and special equipment to strengthen the ventilation.
She said the terminal's final cost has risen from $6.4 million to close to $7 million. Along with heat, air conditioning and restrooms,
the terminal will also feature vending machines and an alcove to honor Navy seaman Herbert L. Foss, a longtime Hingham resident
who was awarded the Medal of Honor for bravery in Cuba during the Spanish-American War. Source: The Patriot Ledger
The PRIDE OF KENT services the route CALAIS-DOVER Photo : Luc Verley
MARITIME ARTIST CORNER
Oilpainting of the TELCO RUNNER, a commission from Telco/Vroon Offshore, Den Helder. 50 x 70 cm. For more information
about oilpaintings: www.nicompeeters.nl .
Click HERE for the LIVE STREAM WEBCAM in Hoek van Holland
Berghaven
29-12-2016
Page 24
OLDIE FROM THE SHOEBOX
Drydocking Beaudril Icebreakers in the Canadian Arctic mid 1980's". Photo Collection Gerard van Hilten
. PHOTO OF THE DAY ..
"The APL MERLION is navigating the western Scheldt River on its way to Antwerp." Photo : Chris Rombouts.
29-12-2016
Page 25
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The SEAROAD MERSEY II arriving in Devonport-Australia Photo : Dale E.Crisp

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