One of the best homes in Hervey Bay right now. MORE: Hot spots for investors revealed A dreamy walk-in robe.More from newsParks and wildlife the new lust-haves post coronavirus11 hours agoNoosa’s best beachfront penthouse is about to hit the market11 hours ago A butler’s pantry for meal prep and stashing the dishes when guests come over. A built in bar overlooks the waterfront and is next to the gourmet kitchen.The eventual successful offer came from Queensland buyers who had been looking “for some time”, he said.“I had buyers from New Zealand in this week kicking themselves. The property attracted a high price because it is modern and well-constructed, to commercial standards in some aspects. It was marketed as a luxury property.” FOLLOW SOPHIE FOSTER ON FACEBOOK Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 The property has stunning water views, separated from the beach by a strip of parkland. Luxurious use of multiple types of material inside and out. Glass wall separating the garage from the entryway.He said the target audience for such a property was mainly non-local.“Being part of a global network across 110 countries we spread the word far and wide in multiple languages, we had overseas interest as well as interest from further North in Queensland and interstate.” “We had plenty of interest and enquiries in this home as it was modern and on the Esplanade,” he said.“We only had inspections by appointment with pre-qualified buyers,” he said. “Most (interested buyers) simply didn’t have the budget. (There were) quite a few around the $1m mark though and others not quite ready to buy.” Tax cuts, not rate cuts, necessary This little piggy went to market 513 Esplanade, Urangan, sold for $1.45m on Monday.A Hervey Bay home has broken a price record in the area, with buyers attracted to its modern finish and views of the water.The deal saw 513 Esplanade, Urangan, sell for $1.45 million on Monday, RE/MAX Partners Hervey Bay-Torquay agent Stephen Wright confirmed. He marketed the property with daughter Laura Wright.
Governor Scott Walker announced recently that the National Oceanic and Atmospheric Administration has awarded Wisconsin a three-year $840,000 Coastal Resilience Grant to help Lake Michigan communities and property owners in Southeastern Wisconsin reduce damages from coastal hazards and sustain the operation of their coastal economic assets. The grant entitled “Improving Economic Security in Coastal Wisconsin” will be awarded to the Wisconsin Department of Administration’s Wisconsin Coastal Management Program.“This grant is crucial to Wisconsin’s coastal communities,” Governor Walker said. “We’re grateful the National Oceanic and Atmospheric Administration recognizes the challenges our Lake Michigan communities are facing and this is an excellent step as we work towards repairing damage and preserving our coasts for years to come.”Southeastern Wisconsin’s Lake Michigan bluffs, beaches and harbor infrastructure are currently being impacted by a combination of high water levels, erosion and coastal storms.Partners on the project include the University of Wisconsin Sea Grant Institute, the University of Wisconsin-Madison Department of Civil and Environmental Engineering, and the Southeastern Wisconsin Regional Planning Commission (SEWRPC).
London-listed oil and gas company Soco International is discussing a possible merger with MENA-focused oil and gas company Kuwait Energy. Responding to press speculations regarding a possible transaction with Kuwait Energy, Soco on Monday confirmed that, in the context of its stated objective to strategically reshape its business and grow its portfolio, it is evaluating a potential merger of equals with Kuwait Energy.Discussions with Kuwait Energy’s newly-constituted board of directors are preliminary and no transaction terms have been agreed, Soco stated.The company underlined that there can be no certainty that any agreement will be reached between SOCO and Kuwait Energy or its shareholders.Soco concluded that it team evaluates M&A opportunities with reference to strict strategic, financial and operational criteria. Any transaction will be pursued only if it is determined by Soco’s board to be in the best interest of shareholders.Soco International has assets in Vietnam, Congo, and Angola. Kuwait Energy’s assets are located in Egypt, Iraq, Yemen, Oman, and Kuwait.
The product tanker Marine Express and its twenty-two crew members, who have been attacked by pirates on February 1 while anchored off Benin, Gulf of Guinea, have reassumed control of their ship, the ship’s manager Anglo-Eastern said.Details regarding the terms of the ship’s rescue operation have not been released.The 45,989 dwt oil products tanker Marine Express was at the Cotonou Anchorage, Benin, when all communication with the vessel was lost.“Full control of the vessel was resumed at approximately 04:00 Singapore time today. All crew members are reported to be safe and well, and the cargo of 13,5000 tons of gasoline remains on board,” Anglo-Eastern added.“We wish to express our gratitude to the captain and crew of the vessel and their families for their courage and fortitude in dealing with this difficult situation, as well as the authorities and agencies involved.”The families of the crew members have been informed of the situation, and now a comprehensive investigation into the hijacking will be carried out.The region is notorious for piracy groups that target commercial ships and often kidnap seafarers for ransom.Marine Express is the second tanker to be taken by pirates in the region since the beginning of this year.The Marshall Islands-flagged tanker MT Barrett and its 22 crew members were hijacked at the beginning of January. However, they were released from captivity after a six-day ordeal.Details on the terms of their release have not been disclosed either.
Japanese shipping majors K Line, NYK Line and MOL reported losses for the first quarter of 2018 fiscal year covering the period from April 1 to June 30.K Line’s net loss came at JPY 19.2 billion (USD 172 million) for the period spiraling down from the profit of JPY 8.5 billion in the same quarter in 2017. Operating revenues for the period stood at JPY 212.1 billion, also lower when compared to revenues for the three-month period in 2017, which stood at JPY 287.4 billion.NYK Line booked a net loss of JPY 4.59 billion for the period reversing from a profit of JPY 5.39 billion in the same period in 2017. The company’s consolidated revenues amounted to JPY 464.8 billion, down from JPY 521.7 billion in the same period of the previous fiscal year.MOL shares a similar fate, posting a net loss of JPY 1.6 billion against a net income of JPY 5.2 billion a year earlier.Recorded revenue of JPY 304.4 billion was also lower when compared to corresponding JPY 403 billion revenue from last year.All three companies ascribed their losses to the launching of Ocean Network Express (ONE) in April as well as the rise in oil prices. As disclosed, the costs related to ONE’s launching were higher than expected and signaled the termination of the trio’s container businesses.On the other hand, dry bulk businesses of the trio fared much better, reporting black ink amid strenuous cost cutting efforts and overall improvement of the market.World Maritime News Staff
Swedish shipping company Thun Tankers BV has placed an order for a 4,250 dwt product tanker at Dutch Ferus Smit shipyard. Scheduled for delivery in October 2020, the ship will enter into a long term agreement with the UK-based Geos Group.As informed, the vessel will feature a “Not Always Afloat But Safely Aground” (NAABSA) design, being able to call tidally restricted niche ports.With a capacity of 4,800 cbm, the newbuild will have a length of 79.9 meters and a width of 15 meters.Specifically, the focus has been to maximize the vessel’s cargo intake and increase in-port performance, with the scope to allow further increased cargo lot sizes going into restricted niche ports. Resource efficiency, new regulations and environmental care have been key in the development of the new vessel, according to Thun Tankers.“We have identified the demand for improved niche size tankers with increased performance and cargo capacity. This NAABSA-Max tanker will be built to the absolutely latest design, enabling Geos Group Ltd. and their clients’ access to the most efficient transport solution available in this size of shipments,” Joakim Lund, CCO of Thun Tankers BV, commented.“The NAABSA vessel being built by Thun Tankers for our own requirements will help strengthen our N.W.E physical market position. The new vessel will allow us to focus on enhancing our position … in our market by bringing in additional ship to ship capability as well as the option of supplying more niche ports,” Barry Newton, Managing Director of Geos Group, said.Being a Gothia Tanker Alliance member and part of the Erik Thun Group, Thun Tankers commercially operates sixteen tankers with a deadweight tonnage of 6,500 to 8,000 dwt and has eleven newbuilds.Image Courtesy: Thun Tankers
The oil market has recently been shaken up by geopolitical events, but market uncertainty led to more volatility in the price difference between low and high sulphur fuel, according to the shipping association BIMCO.The uncertainty of the upcoming IMO 2020 sulphur cap regulation is having a big impact on the bunker market. Whereas, the price for marine gas oil low sulphur (MGO LS) has largely remained stable, the price for high sulphur fuel oil (HSFO) has been become increasingly more volatile in recent months. The HSFO-MGO LS price spread has, in some ports, widened to levels exceeding the actual price for HSFO.“The oil market has remained on edge in recent months with plenty of market volatility to go around. The bunker fuel oil market is normally directly correlated to the developments in the crude oil market, but recently, IMO2020 has added a seemingly disruptive interference with the pricing of bunker fuel on top of it.”In less than two months, shipowners will no longer be allowed to burn fuel oil with sulphur emissions above 0.5%, unless a scrubber is working on board. This presents a massive challenge for the industry, where the vast majority of ships are operating on 3.5% HSFO.The implementation deadline has been well-known in the industry for several years, yet, uncertainty is increasingly characterising the market as 2020 creeps closer. Heightened bunker price volatility has become a new normal in the second half of 2019 with the HSFO price in Singapore plummeting 45% in less than a month.“The bunker price spread illustrates the tumultuous ride that the bunker market has endured in the last couple of months and similarly, the spread illuminates why the market is filled with uncertainty about the future,” Peter Sand, BIMCO’s Chief Shipping Analyst, said, adding that from October 1 to November 1, the spread for HSFO-MGO LS in Rotterdam widened 21%, from USD 229 to USD 277 per metric tonne.Lightning struck the market repeatedlySeemingly, a lightning struck the HSFO market towards the end of June. Over the course of 14 days, the price for HSFO rose USD 132 per metric tonne from USD 370 to USD 502 in Singapore. A massive price change, considering the stability of the market in the preceding 6 months, BIMCO noted. In the weeks to follow, prices cooled off and dipped to a mere USD 330 per metric tonne, which was, at the time, the lowest point since 2017.The HSFO price went on the recover and rose above its previous levels during August and early September. Then, on September 14, 2019, lightning struck the market again, although this time in the shape of a drone strike on the Saudi Arabian Abqaiq oil facilities.Brent crude spiked 20% initially with the bunker market following suit. The HSFO price in Singapore spiked to a whopping USD 590 per metric tonne on September 17, 2019. However, the peak was short lived and dipped back to lower levels, bottoming out at a new yearly low of USD 323 per metric tonne on October 10, 2019.“Geopolitical events, such as the attack in Saudi Arabia, certainly impose shocks on the bunker oil market, but recent movements in the HSFO-MGO LS spread cannot solely be laid at the feet of geopolitics. Seemingly, the uncertainty of the IMO 2020 regulation is disrupting the normal market conditions to a certain extent. Anecdotal evidence suggests that, in some ports, greater efforts have been made to store MGO LS on bunker barges, tightening the market for HSFO,” Sand said.Varying availabilityAvailability of fuels will vary greatly in between ports and greatly influence bunker prices, BIMCO explained. Some ports, such as Singapore, are increasingly focused on storing MGO LS. The consequence is decreasing supplies of HSFO, which potentially contributes to fluctuations in price. This effect may have caused the price difference for HSFO between Singapore and Rotterdam to go on the roller coaster ride in the second half of 2019.The price difference between the two ports peaked on September 17, 2019 at USD 162 per metric tonne. Shortly thereafter, the price difference plummeted, bottoming out at USD 13 per metric tonne on October 10, 2019.Bunkering in the western hemisphereAt the Panama Canal, one of the main bunkering hubs in Central America, a similar development has taken place. MGO LS prices have remained relatively stable through 2019, whereas the price for HSFO, in the second half of 2019, has fluctuated considerably in the USD 300-500 per metric tonne range with the spread widening to a level on par with price of HSFO.Knowing about the different price levels between ports enables shipowners to save massive amounts on their fuel oil bill if bunkering operations are scheduled optimally, BIMCO informed. However, the recent volatility of prices and the chance of fuel non-availability in ports will certainly challenge optimal bunkering operations in the coming year.BIMCO explained that it is no longer fundamentals driving the market, but rather a market dictated by uncertainty, speculation and general fear of where the bunker market is heading.“A market no longer operating by fundamentals will be hard to forecast. Instead, we can construct potential scenarios, but even then, reality rarely conform to our assumptions.”Shipowners are ready, are bunker suppliers?Conflicting narratives are circulating in the market, as IMO 2020 draws close. BIMCO recently reported, that while shipowners are ready for the upcoming sulphur regulation, the bunker market is not.“Availability will vary significantly between ports and adequate supply in main bunkering hubs may not be enough to cushion the blow from IMO 2020. Conversely, others are expecting less disruption from the new regulation and expects to continue onward with business unhindered.”Many owners seeking to pass on their added fuel costs might be faced with a rude awakening if the markets are not in the best possible balance, BIMCO said, underlining that owners can only pass on their added costs, if the market fundamentals are balanced accordingly.“No matter the outcome, IMO 2020 will surely mark a period of change, both on the regulatory and operational side.”
The two 208,000 dwt Newcastlemaxes are being built at New Times Shipyard in China and form part of a batch of a total of eight units built at the same yard over the past two years. Norwegian shipowner 2020 Bulkers has pushed the delivery dates for the last two of its scrubber-fitted newbuilding bulkers for the first half of June 2020. During the second quarter, the company has also entered into interest swap arrangements for a total of $177 million, securing an all-in interest rate of 3% for the fully drawn amount under the term loan facility. Upon departing New Times Shipyard in January, the Bulk Shenzhen commenced a 11-13 month time charter with ST Shipping, a 100% owned subsidiary of Glencore. The ships were supposed to be delivered by June, however, due to the secondary effects of the coronavirus pandemic and disruption to the supply chain at shipyards their delivery has been somewhat delayed. The bulker owner reported a net profit of $0.3 million and EBITDA of $4.4 million for the first quarter of 2020. Shortly after Bulk Sydney commenced a 36-month index-linked time charter with Koch Industries. Since the beginning of this year, 2020 Bulkers took delivery of two newbuildings, Bulk Shenzhen and Bulk Sydney. Achieved average time charter equivalent earnings reached approximately $15,600, per day, gross in Q1, while for the second quarter the earnings were higher reaching $18,200. The value of the each vessel is around $50 million, based on the estimates from VesselsValues. The two newbuildings remain open for hiring, according to the company’s website. Glencore has hired two of the company’s ships, while Koch Industries hired a total of four bulkers from 2020 Bulkers. In February 2020, the company converted the index-linked charter hire for the two ships into fixed rate charter hire at $21,919 per day, gross and $22,673 per day, gross, respectively, for the remainder of 2020.
The interested parties looking to secure regasification, storage and other services such as bunkering and reloading should submit their bids via the project’s website. Subject to a final investment decision, Elengy Terminal Pakistan plans to launch commercial operations from what would be Pakistan’s first onshore LNG terminal in 2023. Elengy Terminal Pakistan, owned by Vopak and Engro, has invited expression of interest on a non-binding basis from international and local LNG suppliers. The country’s first terminal started operations back in 2015 utilizing Exclerate’s FSRU Exquisite and has handled over 300 LNG cargoes to date. The country imported 8.10 million tonnes of the fuel last year, a rise of 18.1 per cent on year, GIIGNL data shows. The venture aims to build a multi-functional terminal with a send out capacity of up to 1,200 million standard cubic feet per day. Pakistan LNG import growth The Dutch-Paksitan venture already operates a floating LNG import terminal at Port Qasim. Pakistan has been steadily increasing its LNG imports over the years and the country plans to build several more terminals to cope with gas shortages for power generation. Pakistan’s Port Qasim also hosts another floating LNG import facility which is using FSRU BW integrity, owned by Singapore’s gas shipping giant BW and Japan’s Mitsui. The US company will replace the existing FSRU with a larger newbuild as part of a deal signed in January in order to cater to the facility’s expansion activities. A Dutch-Pakistan venture is inviting companies willing to secure capacities at a planned onshore LNG import terminal in Port Qasim to submit their bids. Image: Pakistan Onshore LNG The facility would have storage capacity of up to 480,000 cubic meters. Qatar is the largest supplier of LNG to Pakistan but the country also receives chilled fuel from other Middle East producers and suppliers from other regions.
3 News 24 June 2012A 3 News investigation has uncovered that the Government backed off making lifejacket wearing compulsory on all small water craft, just a week before it was to be signed off. The reversal was made despite official advice saying the change could help prevent 10 deaths a year. Now one maritime expert says the Government must take some responsibility for unnecessary deaths. On the country’s busiest waterway, the Waitemata Harbour, boaties continue to head out without wearing a lifejacket. But they don’t have to wear them – it’s only compulsory to carry them. “If we keep allowing people to drown themselves, unless we make a rule change and start affecting some compliance on it, we’re going to continue to see more deaths,” says editor of Professional Skipper Magazine Keith Ingram.http://www.3news.co.nz/Governments-last-minute-reversal-on-life-jackets/tabid/1607/articleID/258909/Default.aspx