There is little doubt that Tonnage Tax, as implemented by those governments which have accorded such a regime to their shipping industries, has been beneficial. At best it has been a commitment by government that the taxation regime will not fluctuate wildly over a reasonable period, enabling ship owners to plan in a more logical fashion, rather than be faced with all sorts of reactive strategies to a changing fiscal environment.
The Costa Allegra is currently being towed by a French tuna fishing ship towards the port of Mahe in the Seychelles after Costa deemed the smaller but closer island of Desroches would not be able to adequately handle the disembarkation of the some 1,000 people onboard.The Italian coastguard has been involved in organising the rescue operation along with Costa Cruises.
Shipping companies, especially the smaller ones, are finding it more difficult to get loans and bank financing as the market for such funding has virtually dried up.The global shipping industry is struggling with plunging freight rates amid a glut of ships ordered during good times. The prospect of slower trade adds to the gloomy outlook.
Troubled shipping companies face the threat of seizures of their vessels as banks lose patience with an industry struggling with overcapacity and falling demand, industry players say.Banks have been fairly supportive until now, providing extensions such as last week's lifeline to Danish shipping company Torm A/S which was given a deferral on $1.8 billion of debt until March 1.
Maersk Line, the container shipping arm of Danish group A.P. Moller-Maersk is raising rates on its key Asia to Europe routes by a further $400 per TEU (twenty-foot equivalent unit), the company said on Friday, sending its shares higher.The increase is the second Asia-Europe rise this year from the world's biggest container shipper, which has been struggling with market overcapacity and high fuel costs.
LNG ship owners are injecting more of their own capital into financing new LNG vessels as stricter financial regulations squeeze access to bank debt. However – even if cash-constrained – the inherently conservative project finance industry is adjusting funding to suit the realities of a more flexible, short-term LNG shipping market. “The main adjustment banks are making at the moment is the trend towards shorter charter contracts.
The International Maritime Organization (IMO) has declined to intervene in the diplomatic row that started because of the killing of two Indian fishermen by Italian marines, saying its guidance pertains only to private armed security on ships and not government naval personnel.The two marines, employed with the Italian government, were part of a security detachment assigned to protect the Italian merchant ship Enrica Lexie from pirate attacks in the Indian Ocean.
“Integrity, professionalism and transparency – the hallmarks of a good surveyor” is the headline in the latest International Human Element Bulletin Alert! an issue which is largely devoted to the qualities required by those whose job it is to supervise and audit the technology of the maritime industry.
BIMCO and the Norwegian Shipbrokers’ Association (NSA) are proud to announce the launch of the new edition of SALEFORM - the industry’s most widely used agreement for the sale and purchase of second hand ships. SALEFORM 2012 builds upon the international success of its predecessor, SALEFORM 93, while retaining the accepted general principles and familiar structure of the ’93 edition.
Tehran is considering extending an oil embargo on France and Britain to other European countries, a semiofficial Iranian news agency reported Monday.The head of Iran's state oil company Ahmad Qalehbani was quoted by Mehr as saying that the country would stop selling crude to nations who take action against Tehran."If the hostile acts of some other European countries continue, oil exports to these countries will be cut," he said.