The Ministry of Oceans and Fisheries of Korea announced on May 14 that it had decided to make it mandatory to build eco-friendly vessel to reduce the emission of carbon dioxide. The ministry reformed ’Marine Environment Management Act’ and ‘The Rule for prevention of Marine Pollution from Ships’ to set a limitation of carbon dioxide emission generated from construction of vessels for international voyage, weighing more than 400 gross tons. Accordingly, every vessel over 400 tons must be ve...

May 9, 2013: Jotun is proud to announce the launch of Jotachar JF750, the next-generation passive fire protection (PFP) coating system that significantly reduces installation time and cuts material costs. Following an extensive development and testing programme, the launch of Jotun’s new mesh free PFP helps owners, fabricators and applicators save time, lower costs and reduce risks compared to systems that require mesh reinforcement. According to Andy Czainski, Jotun’s Global PFP Sales Dir...

Danish shipowner Maersk Line is said to have rearranged a bill by minus $100m for construction of 20 18,000 teu ultra large containerships ordered at Daewoo Shipbuilding & Marine Engineering of Korea. According to market players, the “Triple-E” newbuildings were ordered previously at around $190m apiece, however, the bill has been rearranged at $185m apiece after a negotiation for reduction with Daewoo. An official from Maersk’s parent group, A.P. Moller-Maersk said the price cut tha...

The Worldscale rate on VLCCs hauling crude from the Persian Gulf to North Asia, which had stayed in the low w30s for some time, hit the w40 mark Thursday for the first time in three months. After languishing in the w30-w37.75 levels since January 25, rates hit the key w40 level after GS Caltex was widely reported to have taken either the Asian Progress IV for a Persian Gulf to Yeosu, South Korea, voyage, loading May 26, at this level for carrying a 270,000 mt crude cargo. Neither the ship's ...