DAILY COLLECTION OF MARITIME PRESS CLIPPINGS

DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2006 – 225

Number 225** COLLECTION OF MARITIME PRESS CLIPPINGS ***Thursday 09-11-2006 News reports received from readers and Internet News articles taken from various news sites.

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EVENTS, INCIDENTS & OPERATIONS

The SEA SAILOR is the former SIDDIS SAILOR seen arriving in Ijmuiden Photo : Joop Marechal ©

Filipino Abductions

Nineteen ship crewmen and fishermen were abducted by an armed syndicate allegedly involved in extortion in the Philippine province of Zamboanga del Sur, a belated report reaching ABS-CBN Regional Network Group said Monday (06 Nov).


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DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2006 – 225 Maj. Eugene Batara, spokesman of the Western Mindanao Command, said that the abductions took place after the vessel’s owner failed to give a monthly allowance of P15,000 to the kidnappers. The crewmen and the fishermen were released the same day after the ship owner sent an undisclosed amount to their captors.

Cache Leads To Questions

Indonesian troops found detonators and 63 tons of explosive powder on a Chinese ship anchored off Batam island after it broke down in the Malacca Strait, a local police chief said. "We are trying to find out if these explosives were legal and what they were intended for," said Brig. Gen. Sutarman, head of the Riau Islands police, adding that documents found on the ship indicated it was bound for Yemen. Police who boarded the "MV Rose", at the Cita Tubindo port in Batam, just south of neighboring Singapore, found one container filled with detonators and five others packed with 63 tons of explosive powder, he said. National and local police are investigating the cache, he said, refusing to say how many people have been questioned over the case.

ISLAMIC MILITIA RESCUES HIJACK SHIP

FORCES belonging to the Somali Islamic Militias have stormed the hijacked cargo ship Veesham 1 and freed its crew in a fire fight that left at least two of the hijackers severely injured. Andrew Mwangura, of the Kenya-based Seafarers' Assistance Program said: “All 14 crew members of the vessel are safe and in high spirits.” The UAE-owned, St Kitts and Nevis-flag ship was being held about 400 km north of Mogadishu. It is understood that Islamic Militia from Harardhere are now guarding the ship which is on passage to Mogadishu.

SINGAPORE-FLAG SHIP RESCUES YACHTSMAN WALLENIUS Lines’ Singaporeflag ro-ro MV Carmen, has rescued a single-handed yachtsman, Ross Hobson, following the capsize of his trimaran in mid-Atlantic. Photo : Mike Durning © The 50,681 gt ship found the yachtsman sitting on the hull of his upturned craft after being alerted by the UK’s Falmouth Coastguard which had received a distress signal via the cospas/sarsat satellite system from a 406 mhz EPIRB. Mr Hobson was taking part in the Route du Rhum single-handed yacht race from St Malo to Guadaloupe in the Caribbean. A statement said that Falmouth Coastguard liaised with their colleagues in the US Coast Guard to identify the nearest vessel that could assist. PSi-Daily Shipping News

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India's ship-breaking industry under scrutiny

The SS Norway, once one of America's premier cruise ships, stands on death's edge off the coast of rural India, a battleground in the international struggle over the controversial practice of ship breaking.

Permanently laid up by a 2003 boiler-room explosion that killed eight crew members in Miami, the ship was towed halfway around the world to India and run aground at Alang, a six-mile stretch of beach that's the world's largest ship-scrapping yard. Here, the Norway is to be picked apart by hundreds of workers, its pieces sold for scrap. But like a death row inmate, its fate remains in limbo. Environmentalists have sued to stop the ship from being broken apart, arguing that more than 1,300 tons of "asbestos-containing material," mostly wall and ceiling panels, should have been removed in Europe, where safety standards are higher, before the Norway was towed from Germany to Malaysia and then to Alang. That lawsuit has frightened India's ship-breaking industry. Business already is slow because of competition from Bangladesh and a slowdown in the global ship-scrapping market. If ship owners are forced to detoxify their ships in Europe, they may find it more cost-effective to junk them there too. Last February, environmentalists got the French government to recall the Clemenceau, an asbestos-laden 1960s-era aircraft carrier that was headed to Alang. Now they've asked the Indian Supreme Court to block the scrapping of the Norway, which has been renamed the Blue Lady. A hearing is scheduled for Dec. 4. Nikhil Gupta, the secretary of the Ship Recycling Industries Association (India), which represents the ship-breaking companies at Alang, begs environmentalists for a chance. "If we are able to successfully scrap the Blue Lady, they will have no answer to it, and maybe it will open the gates to more Blue Ladys or Clemenceaus," he said in an interview in Bhavnagar, the nearest major city to Alang. "And if we are unable to do it, maybe they are right, and we will need to improve." For many years, the ship-scrapping yards at Alang were the most notorious in the world. Before the slowdown, tens of thousands of workers toiled under the hot sun for $2 a day, cutting great ships apart with torches and salvaging whatever could be resold. Many lived in hovels. Little, if any, safety equipment was used. Two of every 1,000 workers died from 1995 to 2005, a death rate nearly six times higher than in the mining industry, which is considered one of the most dangerous in India. The most common causes were falling from great heights, fire and being hit by falling objects. The industry thrived on a simple economic principle: It was cheaper to use hundreds of workers to tear apart a ship on a beach in India than to hoist it out of the water at a dry dock in Europe and rely on machines - operated by fewer but much higher-paid workers - to do the job. Alang opened in 1983 and gradually grew to 173 yards. Solid fences block entry to the yards - a flood of bad press has turned the ship breakers publicity-shy - but the towering hulks of half-broken ships are visible above the closed gates. A bulk container ship tilts forward, lopped off in front of the tower where the captain once sat. Even an offshore oil derrick, standing tall on four bulbous legs, has made its way here. Each ship produces thousands of tons of metal, which are recycled into scrap steel. "The ship breaking industry . . . has reverted back to labor intensive technology, PSi-Daily Shipping News

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DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2006 – 225 since the high tech proposition has proved more costly," Priya Blue Industries, the ship breaker that has the rights to scrap the Norway, notes on its Web site. Environmentalists would like to reverse that trend. "The correct way to do this job is not as labor-intensive as it is done in India," said Seattle-based activist Jim Puckett, who acknowledges that changes could doom Alang. "Without the cheap labor advantage, India will no longer be seen as an economical choice." Another factor clouds the debate: jobs. Despite the safety risks, workers from impoverished regions of India travel 1,000 miles to find work at Alang. For worker advocates, that presents a conundrum. "Our stand is clear. We are not for unsafe work," said Arun Mehta, a trade union leader and Gujarat state secretary of the Communist Party of India. But, he added, "We are in favor of the ship-breaking industry. We want more employment generated in the shipbreaking yards." The number of ships broken down at Alang fell from a peak of 361 in 1998 to 101 last year. Employment has plunged to fewer than 5,000 workers from 35,000. A shipping boom is keeping older ships at sea, so fewer are being scrapped. And Alang, once the global leader in ship breaking, now trails Bangladesh, where wages are even lower and the price of scrap steel is higher. The ship breakers are scrambling to keep business in Alang. Safety training and equipment have been introduced. A new asbestos-disposal plant stands near the breaking yards. The industry group is negotiating with Indian hazardous-waste companies to take over removing the asbestos, which is thought to cause cancer and can produce a sometimes-fatal lung condition called asbestosis. "We cannot carry on with the Stone Age ways of doing it," said Bipin Aggarwal, the vice president of the ship-breakers association. "The world is changing. Everything is becoming global. All these rules and regulations have to be observed. We cannot ignore them indefinitely." Ship owners are working with the International Maritime Organization, a London-based United Nations agency, to develop international regulations for ship disposal. "They realized the time had come for the industry to change its ways and contribute a solution to the problem," said Nikos Mikelis, a former shipping consultant who's now at the International Maritime Organization. One proposal would create a system of approved ship-breaking yards for handling hazardous waste, he said. Puckett dismissed the industry efforts. "It's window dressing," he said. "India is so far away from the conditions to do the job correctly that these efforts are seen as futile." However the environmental questions are resolved, a mystery still surrounds how the Norway came to leave Europe. The European Union bans member countries from exporting hazardous waste to poor countries. Nonetheless, in May 2005, the Norway was able to leave the German port of Bremerhaven, where it had been towed after the Miami explosion. Environmentalists accuse Star Cruises Ltd., the Malaysia-based owner of the Norway, of concocting a cover story that it intended to reconstruct the ship in Malaysia as a hotel or training ship. A German state government minister said he believed that that was the reason the ship was being towed to Malaysia. Miami-based Norwegian Cruise Lines, a Star Cruises subsidiary that operated the Norway, denied that its parent had misrepresented the Norway's likely future to the German government. In a statement, Norwegian said Star Cruises hadn't decided to scrap the ship when it left Germany and had continued to look for a buyer until December. But a July 2005 letter from lawyers for Norwegian to the U.S. Securities and Exchange Commission seems to contradict that, saying Star Cruises decided in late 2004 that "the most likely scenario for disposal of the ship would be sale for salvage." In any case, five months after arriving in Malaysia, the ship was sold for scrapping. In a letter to shareholders, Star Cruises said the sale netted $14.1 million. The ship's saga was hardly over. Bangladesh refused to give permission to scrap the ship there because it contained asbestos. Last May, the ship was towed out of Malaysia's Port Klang to Alang, where it sits in the mud, awaiting word from the Indian Supreme Court. PSi-Daily Shipping News Page 5 11/8/2006


ACERGY FALCON COMMENCED WORKS IN WEST AFRICA

The ACERGY FALCON seen in the Okume Field working for Amerade Hess offshore Equatorial Guinea Photo : Jan Plug ©

Spanish vessel cited for misreporting catch in Atlantic loses fishing licence

A Spanish vessel cited by Canadian inspectors two weeks ago for misreporting its catch has had its fishing licence revoked. The Puente Pereiras Cuatro was boarded by officers with the Department of Fisheries and Oceans on Oct. 23 off the east coast of Newfoundland. The inspectors found the crew using an overstated shrimp catch to cover up an illegal amount of Greenland halibut. Spain ordered the vessel out of a fishing zone regulated by the Northwest Atlantic Fisheries Organization. In a statement, federal Fisheries Minister Loyola Hearn says the Spanish government has revoked the vessel's NAFO fishing licence, meaning it won't be allowed in the NAFO area for the rest of the year. Hearn says the vessel faces further prosecution in Spain. The vessel is reportedly owned by the same company that owned the Estai. The Estai was the centrepiece of the "turbot war" that took place in the mid-1990s after Canada, under the direction of then-fisheries minister Brian Tobin, arrested the ship for illegally catching turbot.

UNION IN EU FERRY JOBS CAMPAIGN THE European Transport Workers’ Federation (ETF) and the International Transport Workers’ Federation (ITF) have launched today a campaign to persuade the EU to protect jobs on intra EU ferries on the basis that they should be seen as working domestic rather than international routes. An ITF statement said: “The campaign announcement was at the heart of the European Ferry Conference, where trade unionists from 16 member states and Croatia, employers, members of the European Parliament, European Commission officials and Member States’ representatives gathered together this Tuesday to address the uncertain scenario of the Ferry sector’s future. ETUC Confederal Secretary, Joel Decaillon, MEPs Michael Cramer (GREENS), Willy Piecyk (PES), PSi-Daily Shipping News

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DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2006 – 225 Proinsias de Rossa (PES), Georgios Toussas (GUE) and other policy makers expressed their full support to the ETF initiative.” The ITF’s John Whitlow (ITF) claimed there was a need to fulfil “European minimum standards for European ferry trades”. He said: “There’s a public service obligation in this respect. Treating intra-EU maritime voyages as ‘domestic’ and not as ‘international’ - as road transport is already considered - would provide an extra tool to tackle the current situation”.

TWO NEWBUILDINGS FOR TK NAMED IN ULSAN

The Donegal Spirit and Galway Spirit preparing for their naming ceremony in Hyundai Offshore Yard in Ulsan, viewed from the FPSO Greater Plutonio. Photo : Jerry Whittaker ©

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Birdseye view of the DDG 80 USS ROOSEVELT seen arriving in the port of Rotterdam Photo : Jeroen Mooij ©

The DDG 72 USS MAHAN seen at Flushing pilot station – Photo : Alain Dooms © The DDG 72 MAHAN and the DDG 80 ROOSEVELT are both Guided Missile destroyers of the ARLEIGH BURKE Flight IIa class destroyers, The DDG 80 was named 22-10-1996 in honor of both former President Franklin Delano Roosevelt and his wife Eleanor Roosevelt.


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SUBSEA 7 PLAATST DE OPDRACHT VOOR EEN DIVING SUPPORT / OFFSHORE CONSTRUCTION SCHIP BIJ IHC HOLLAND MERWEDE IHC Holland Merwede BV is trots aan te kunnen kondigen dat haar dochter Merwede Shipyard het contract heeft gekregen voor het ontwerpen en bouwen van een nieuw Diving Support / Offshore Construction schip voor Subsea 7. Merwede Shipyard heeft het contract voor bouwnummer 713 gekregen als gevolg van de succesvolle en kosteffectieve samenwerking met Subsea 7 tijdens de twee eerdere opdrachten voor een Rigid Reeled Pipelayer en een Flexible Pipelayer. Tevens is zij in staat het schip te ontwerpen en te bouwen volledig in overeenstemming met de eisen en wensen van de rederij, inclusief de integratie van de duikinstallatie, well treatment system en kranen, binnen de gevraagde korte levertijd en budget beperkingen van de klant. De levering van het complete schip zal 1e kwartaal 2009 plaatsvinden. PSi-Daily Shipping News

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DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2006 – 225 De introductie van deze DSV op de markt zorgt ervoor dat Subsea 7 het meest veelzijdige en geavanceerde schip heeft, gebouwd volgens een hogere specificatie dan elk ander schip dat op dit moment werkzaam is. Het schip wordt gebouwd om de verplichtingen ten uitvoer te brengen ten gevolge van een contract dat Subsea 7 van Shell heeft ontvangen voor het uitvoeren van duikwerkzaamheden op de Noorzee. Subsea 7 heeft bekendgemaakt dat de totale projectkosten nabij de 200 miljoen US dollar bedragen. Hoofdkenmerken Lengte over alles 141,55 m Lengte tussen de loodlijnen op ontwerpdiepgang 128,96 m Breedte mld. 26,00 m Holte tot hoofddek mld. 12,00 m Diepgang ontwerp mld. 7,00 m Diepgang max. mld. 8,00 m Deadweight (incl. payload) op ontwerp diepgang 7.815 ton Deadweight (incl. payload) op max diepgang. 11.000 ton Bemanning 150 personen Het schip zal worden gebouwd in overeenstemming met de regels en eisen van Lloyd's Register om de volgende notatie te verkrijgen: Lloyd's Register of Shipping 100A1, Diving Support Vessel, UD strength for load of 10t/m2, Helicopter Landing Area, LMC, UMS, DP(AAA), CAC(2), EP, ICC En verder volgens de regels van de Isle of Man Authorities. Het schip is ontworden door Merwede Shipyard in nauwe samenwerking met Subsea 7 en de duikinstallatieleverancier. Het schip zal volledig dynamisch gepositioneerd worden, geschikt voor wereldwijde operatie. Het schip is ontworpen voor saturation en air diving support werkzaamheden. De geïntegreerde saturated duikinstallatie is gepositioneerd in het midden van het schip en heeft een capaciteit voor 24 personen; 8 duikteams, elk bestaande uit 3 personen. De totale duikcapaciteit bestaat uit 6 personen verdeeld over 2 duikklokken. Het duiksysteem is ontworden voor operaties tot een maximale waterdiepte van maar liefst 350 meter. Twee air duikstations, twee observatie class ROV inzetsystemen en een well treatment systeem zullen worden geïntegreerd in het schip. Daarnaast zal het schip een 3000 ton carrousel mee kunnen nemen en een 12 meter lange air diving daughter craft op het achterdeck. Ook zal een open dek ruimte van 1200 m2 worden voorzien. Verder heeft het schip een volledig geïntegreerde 6,6 kV elektrische installatie en zal worden voortgestuwd door drie elektrisch aangedreven roerpropellers met vaste schroeven in straalbuizen achter. In het voorschip worden twee elektrisch aangedreven roerpropellers met vaste schroeven in straalbuizen geplaatst en bovendien nog een boegschroef.

Ordeportefeuille Merwede Shipyard Met dit contract loopt de ordeportefeuille van Merwede Shipyard tot ver in 2009, in 2008 is de capaciteit volledig gevuld. Er zijn bij Merwede Shipyard meer dan 500.000 uren mee gemoeid om het schip te ontwerpen en te bouwen, met ruim het tweevoudige hiervan bij leveranciers en onderaannemers.

Boustead Naval Shipyard Gets Contract

Tanjung Offshore Bhd's unit Tanjung Kapal Services Sdn Bhd has awarded a shipbuilding contract to Boustead Naval Shipyard Sdn Bhd for an anchor-handling tug and supply vessel. It said on that the construction of the vessel would be financed by internal funds and borrowings. Completion of the vessel is expected to be the third quarter of 2008. The company said the 60-metre vessel would be able to perform as a safety vessel for offshore drilling and workover rigs on 24 hours a day basis. Tanjung said the vessel could also be used for fire fighting, provision of supply and transportation of equipment and cargo between offshore facilities and platforms.


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Dung Quat Shipbuilding Wins $200m Contract

Dung Quat Shipbuilding Co. signed a US$200-million contract to build ten 54,000-ton cargo ships for Vinashin Oil and Gas Investment and Transport Joint-stock Co. The 190-m long and 32.26-m wide ships, estimated to cost some $20 million each, will be designed by the Vinashin Shipbuilding Scientific and Technological Institute and registered by DNV, a registering agency of Norway. According to the contract, the first cargo ship will be handed over in June 2008 while the remainders will be transferred with an interval of four months. Vinashin Oil and Gas Investment and Transport Co. signed a contract for ten 22,500-ton cargo ships with Bach Dang Shipbuilding Co.

Korean Shipbuilders Clinch 44.1% of Global Orders this Year

Korean shipbuilders received 44.1% of the orders placed around the world in the first three quarters of the year, reports Korean.net referring to a London-based market researcher. Korea, home to seven of the world's top 10 shipyards, saw local companies clinch a record amount of orders this year from strong demand for crude carriers and offshore exploration equipment amid lofty oil prices. Between January and September, orders won by local shipyards amounted to 17.4 million compensated gross tons (CGTs) out of orders worth 39.5 million CGT placed in the global industry, Clarkson Plc. said. The runners-up were China with 10.5 million CGTs, Japan with 4.8 million CGTs and the European Union (EU) with 3.9 million CGTs, the researcher said.

Naming Ceremony at Damen The naming ceremony of the Damen Stan Tug 2608, "DMS Hawk" took place in Gorinchem on the 25th of October.

Photo : Jan Verhoog © "DMS Hawk" will soon depart for the Arabian Gulf where she will be towing rock barges for the next years, supporting many projects under construction in the region, reports the press-service of Damen. PSi-Daily Shipping News

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Vijf gewonden bij brand op Italiaans schip Scheldepoort door Maurits Sep

Bij een scheepsbrand op Scheldepoort in Ritthem zijn gisteren vijf werknemers van de reparatiewerf gewond geraakt. Zij hadden moeite met ademen door de rook die ze hadden binnengekregen. Foto : Gilles Bronke © Met twee van hen ging het al heel snel beter nadat ze zuurstof hadden gekregen. De drie anderen zijn langer behandeld, eerst ter plaatse door ambulancepersoneel en later in het ziekenhuis. Aan het einde van de middag mochten ze volgens directeur D.J. Nederlof van Scheldepoort weer naar huis. De brand ontstond in de buik van het schip Pertinacia. Daar waren werknemers van Scheldepoort aan het lassen. Een vonk sprong over naar vettig materiaal, zoals lappen en kabels. Op het schip werd meteen alarm geslagen. Alle tweehonderd mensen die aan boord waren, stonden volgens Nederlof binnen enkele minuten op de kade. Hij schatte dat de ontruiming drie tot vijf minuten duurde. Omdat er toen niemand meer aan boord was, werd met het blussen van het vuur gewacht tot de brandweer van het stadsgewest aanwezig was. „Het schip was bovendien leeg. Er kon geen grote materiële schade ontstaan“, verklaarde Nederlof. „Er is alleen sprake van roetschade op enkele wanden.“ Het vuur bleef beperkt tot de ruimte waarin de brand was ontstaan. De brand zorgde vooral voor dikke rook in het schip. De werknemers die in de buurt aan het werk waren, hebben die binnengekregen. Zij hadden daarna last met ademen. Reparatiewerf Scheldepoort is onderdeel van de Koninklijke Schelde Groep (KSG). De werf bouwt vooral schepen om en verricht kleine reparaties. Ook knapt het schepen op die een botsing hebben gehad. Scheldepoort beschikt over drie dokken. Een is overkapt en wordt ook door Marinebouw gebruikt. De Pertinacia ligt in het drijvende dok dat 240 meter lang is. Bij Scheldepoort werken 150 mensen in vaste dienst

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TOTAL VESSEL MANAGEMENT K.P. van der Mandelelaan 34 - 3062 MB Rotterdam (Brainpark) - The Netherlands Telephone : (31) 10 - 453 03 77 Fax : (31) 10 - 453 05 24 E-mail : [email protected] Website : www.workships.nl

The ISLE OF LEWIS services the route Ullapool <> Stornoway (Scotland) , The Isle of Lewis was built by Ferguson Shipbuilders Ltd, Port Glasgow in 1995. Her length is 101m and breadth is 18.0m. She has a top speed of 18 Knots, carries 123 cars and 680 passengers. Photo : Hans Breeman ©

CH Offshore orders AHTS duo in Japan

Singapore's CH Offshore Ltd , a subsidiary of Chuan Hup Holdings, reports that it has awarded contracts to Japan's Universal Shipbuilding Corporation for the building of two 68 meter, 12,240 bhp,150 MT bollard pull DP2 anchor handling, tug/supply vessels. The combined contractual value of the two vessels is US$ 51.2 million. Thee vessels are capable of operating in deep water. One vessel is to be delivered in November 2009; the other is to be delivered in February 2010. CH Offshore will pay for the vessels through a combination of internal funds and bank borrowings. The consideration for each of the vessels is payable in stages through five installments. CH Offshore Ltd has five vessels currently under construction in Japan, the addition of the latest two vessels will bring its total fleet of vessels to 29 (including two operated through joint ventures in which CH Offshore has a 49% shareholding). PSi-Daily Shipping News

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Ferry crossings cancelled after ship fails sea trial

Marine Atlantic cancelled three crossings on Monday after the MV Caribou failed a sea trial. "We still have a backlog of traffic," Tara Laing, a spokeswoman for the federal ferry service, said Monday evening. The ship had undergone regularly scheduled maintenance and was being tested at sea when "another issue was identified," she said. The ferry service is now down two ships. The Leif Ericsson was pulled out of service on Oct. 27 after hitting a concrete wharf in Port aux Basques. Four days of high winds then slowed the service, creating another backlog. Some passengers were delayed more than 12 hours as 115-kilometre-per- hour winds blew across the waters between Nova Scotia and Newfoundland. "We traditionally have three vessels in service at this time of year," Ms. Laing said. Only the MV Joseph and Clara Smallwood with a capacity of 350 vehicles and the MV Atlantic Freighter, which can carry 70 trucks, are plying the Cabot Strait. There were about 150 tractor-trailers waiting for service in North Sydney on Monday night, Ms. Laing said.

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Eagle Bulk Orders Two

Eagle Bulk Shipping Inc. a global marine transportation company specializing in the Supramax segment of the dry bulk shipping industry, today announced that it has signed contracts with IHI Marine United Inc., one of Japan's preeminent shipyards, for the construction of two 'Future-56' class Supramax vessels. These 56,000 deadweight ton vessels have a contract price of approximately $33.5 million each and are expected to be delivered in January and February of 2010, respectively. Upon delivery of these vessels, Eagle Bulk's fleet will include 18 vessels, 14 of which will be Supramax-class. The Company also announced that it has amended its existing revolving credit facility from its sole lender, Royal Bank of Scotland plc, to increase the borrowing capacity from $450 million to $500 million. The financing of the new vessels will not affect the Company's quarterly cash dividend payout. Sophocles Zoullas, Eagle Bulk's Chairman and Chief Executive Officer, commented, "We are very excited to have secured these world-class assets at what we believe to be very favourable values. Moreover, we are pleased that IHI Marine United negotiated directly with the Company for the construction of the new vessels, and we look forward to working closely with IHI Marine United throughout the construction process. We believe these assets will help solidify Eagle Bulk's leadership position into the future." The contract price for each vessel is 3.655 billion Japanese Yen or approximately $33.5 million after giving effect to currency hedges. The Company has placed deposits of 1.462 billion Japanese Yen or $12.4 million for each of the vessels which were funded through borrowings from its credit facility, and will pay an additional 10% of the contract price in November 2009, and the remainder upon delivery which is expected in January and February 2010, respectively. The Company has hedged its Japanese Yen exposures into U.S. Dollars in order to effectively eliminate currency risk. The $500 million amended credit facility contains the same terms as the Company's previous facility with a maturity in 2016. The structure of our financing will enable us to capitalize pre-delivery payments under the shipbuilding contracts and costs associated with supervision and financing the new vessels. As a result, our earnings available for quarterly cash dividends to our shareholders will not be impacted. Furthermore, the amended credit facility increases the Company's undrawn commitment to over $260 million, providing availability to fund future growth. PSi-Daily Shipping News Page 14 11/8/2006


NDM completes winch deliverance onboard shiphandling tug

NDM have finished our deliverance of winches onboard the tug vessel REDWOLF. This is Norwegian Deck Machinery (NDM) 3. deliverance to the shipowner Remolques de Puerto Puerto y Altura, Repasa, based in the port of Tarragona, Spain. NDM have delivered winches onboard all three vessels named ROMULO, REMO and REDWOLF. The first two was delivered from the shipyard in 2005. REDWOLF was delivered late October 2006. All three vessels is built at the yard Astilleros Balenciaga, Spain. All three vessels are equipped forward with a winch, which act both as a windlass and a active towing winch for escort duty. A towing winch for ocean going operation, are installed back. The first two vessels was delivered with a 30 tons Towing winch placed back. The vessel “REDWOLF” is delivered with a 41 tons towing winch instead. The winches’ beaving and braking controls are located in the wheelhouse and alongside the winches themselves. The hydraulic pumps are driven by means of PTO’s on each of the gearboxes, coupled to the engine. The winch drums are clutched and braked hydraulically. The bow winch, in addition to the cable lifter for hoisting the anchor, has a towing drum of a capacity of 200 m of syntetic towrope, of 60 mm dia. This winch meets the requirements of an escort tug. NDM have delivered the following winches onboard REDWOLF: Forward: 115 tons Towing winch with 200 tons failsafe brake. Aft. : 41 tons Towing winch with two drums and with 200 tons failsafe brake, with spooling device. 6 tons Tugger winch For NDM this is a contract that has proven their competence in manufacturing of advanced winches. These winches is developed for TUG vessels for active escort TUG in offshore operations.

K LINE IN CAPESIZE DEALS WITH BAOSTEEL JAPANESE owner K Line has secured two long-term contracts from China’s Baosteel to carry Brazilian and Australian iron ore to China. The company will use a 185,000 dwt newbuilding to fulfil a three-year contract to transport of iron ore from Brazil to China, starting in the fourth quarter of FY2006. The contract allows for the carriage of about 0.5m tons a year. A 200,000 dwt newbuilding is to be used to transport about 2.4m tons of iron ore a year from Western Australia to China under a 10-year contract commencing in 2008. PSi-Daily Shipping News

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11/8/2006


Frontline Orders Suezmax Vessels

Ship Finance International has assumed two suezmax tanker newbuilding contracts from Frontline. The Suezmax vessels, of 153,000 dwt each, will be built at the Jiangsu Rongsheng Heavy Industries Group Co. Ltd. in China for delivery in the first and third quarter 2009. According to Scandinavian Shipping Gazette, the vessels are a part of a series of vessels ordered by Frontline at the shipyard, and the Company considers the price and payment terms to be attractive. Frontline will perform building supervision and shipyard follow-up on Ship Finance's behalf.

PAIGE RENAMED GENCO COMMANDER

The bulker Paige was renamed Genco Commander in Halifax, Nova Scotia on November 3 on delivery to new owners Genco Maritime. She has been chartered to Klaveness for eleven to thirteen months. Photo : Mac Mackay ©

Eind aan wilde staking bij ECT

Het personeel van containeroverslagbedrijf ECT in Rotterdam is dinsdag om middernacht na een staking van twee dagen weer aan het werk gegaan. Dat meldt FNV Bondgenoten weten. Het personeel van ECT legde maandag het werk neer uit onvrede over een aanpassing in het werkrooster. Ook dinsdag duurde de staking voort. Volgens vakbondsbestuurder Leen van der List wil FNV Bondgenoten opnieuw met de directie van het bedrijf overleggen. Volgens hem heeft de directie nog niet laten weten akkoord te gaan met de onderhandelingen. De directie van het Havenbedrijf Rotterdam en verladersorganisatie EVO deden eerder een oproep aan het personeel van het containeroverslagbedrijf te stoppen met de wilde staking. ECT-directeur Jan Westerhoud noemde de wilde actie ,,bizar en onacceptabel''. Dinsdag ging er een brief naar het personeel uit met de oproep aan het werk te gaan. Wie niet bereid is te werken, is niet welkom op het bedrijfsterrein en krijgt geen salaris doorbetaald, stelde Westerhout. PSi-Daily Shipping News

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DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2006 – 225 Hij wees erop dat het bedrijf vorige week met de bonden in principe overeenstemming heeft bereikt over een nieuwe cao. Onderdeel daarvan is een flexibeler rooster. Het bedrijf wilde voorlichtingsbijeenkomsten houden. Het akkoord moest nog worden voorgelegd aan de vakbondsleden. Omdat FNV Bondgenoten nog in afwachting was van deze procedure steunde de bond de actie niet.

MOVEMENTS THIS SECTION IS BROUGHT TO YOU BY :

MULTRASHIP Towage & Salvage Scheldekade 48 4531 EH Terneuzen The Netherlands Tel : + 31 – 115 645 000 Fax : + 31 – 115 645 001 Internet [email protected] http://www.multraship.com

The MAKO is the former SMIT-LLOYD 26 seen here from the Fairmount Fjell in the port of Douala (Cameroun) Photo : Ger Leepel © PSi-Daily Shipping News

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11/8/2006


The FOTIY KRYLOV dropped anchor off Cape Town – Photo : Aad Noorland ©

MARINE WEATHER THIS SECTION IS BROUGHT TO YOU BY :

Internet: www.spos.nl Tel : +31 317 399800 E-mail : [email protected]

Today’s wind (+6Bft) and wave (+3m) chart. Created with SPOS, the onboard weather information & voyage optimisation system, used on over 500 vessels today.


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…. PHOTO OF THE DAY …..

The tug CHAVIN is working in the port of Callao Photo : Piet Sinke ©

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DAILY COLLECTION OF MARITIME PRESS CLIPPINGS

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