Tag: dry bulk shipping

Increase in steaming coal imports Malaysian Bulker Carriers (MBC) is anticipating the dry bulk market to recover over the medium-term with an increase in steaming coal imports in place of Japan's decommissioned nuclear power plants.The reconstruction of Japan's devastated areas are also likely to spur demand in the dry bulk sector, it added. In the short-term, the dry bulk sector will be adversely affected by the Japanese disaster as cargo volumes are taken off the market due to plant shutdowns and logistical slowdowns, the company said in a statement.As with many other dry bulk owners, MBC has experienced weak charter rates that have affected its bottomline. The Kuala Lumpur-listed firm managed to post a marginal increase in net profit in the first quarter while revenue dipped due to a 28% fall in the hire rates. MBC recorded net profit RM52.7m in the quarter ended 31 March 2011, edging up from RM51.4m in the same quarter last year as operating expenses were reduced. Revenue declined by 25.8% to RM84.9m compared to RM114.4m in the previous year's quarter.The company raised concerns over an over-tonnage market as newbuildings continue to flood the market. Managing overcapacity will remain a challenge in coming years, it ...

Amendments to SOLAS Chapter VI The IMO's Maritime Safety Committee (MSC 89) this week considered the draft amendments to SOLAS Chapter VI regarding the prohibition of the blending of bulk liquid cargoes during the sea voyage.These amendments were developed by the Sub-committee on Bulk Liquids and Gases (BLG) to mandate the circular developed to prohibit the blending of bulk liquid cargoes onboard during the sea voyage.During its discussions, MSC also considered a proposal from the Netherlands to develop and approve an additional regulation specifically to prohibit production processes onboard ships that result in new products.The importance of this issue was acknowledged by the Committee. However, noting the technical aspects of developing such regulations, the Committee decided to refer this to the next session of BLG (BLG 16) for further consideration and subsequent advice to the next session of the Maritime Safety Committee (MSC 90).The draft amendment to SOLAS Chapter VI, which the Committee has approved, will be circulated in accordance with SOLAS article VIII with a view to adoption at MSC 90.The proposal by Netherlands can be accessed hereSource: Intertanko