Latest news with #shipowners
Independent Singapore
a day ago
- General
- Independent Singapore
Singapore ship behind world's worst plastic spill faces US$1 billion price tag — but is it enough?
COLOMBO, SRI LANKA: In a landmark ruling, Sri Lanka's Supreme Court has ordered the owners of a Singapore-flagged container ship to pay US$1 billion (S$1.34 billion) in damages for what it declared the world's largest recorded marine plastic spill — a disaster that continues to ravage the country's coastline and marine ecosystems. According to the recent report of TheCoolDown, the court's verdict declared that the shipowner EOS Ro Pte. Limited and allied charterers were accountable for the environmental devastation instigated by the sinking of the MV X-Press Pearl in June 2021. The ruling cited the 'unprecedented devastation' inflicted on Sri Lanka's waters, wildlife, and coastal communities. A catastrophe at sea The MV X-Press Pearl caught fire and sank just off the coast of Colombo while transporting a cargo of chemicals and plastic pellets. The blaze and ensuing crash released tons of harmful materials, including billions of small elastic pellets used in the production industry — many of which splashed on Sri Lanka's shorelines or disseminated into the Indian Ocean. In its pronouncement, the court laid out the overwhelming environmental damage: 417 turtles, 48 dolphins, eight whales, and a myriad of fish died as a direct result of the spill. Many of their bodies washed ashore, painting a grim picture of the damage beneath the surface. 'The spill released toxic and hazardous substances into the ocean,' the court said, 'poisoning marine life, destroying phytoplankton, and disrupting the balance of our coastal ecosystems.' Ripple effects for people and planet Besides the instantaneous demise of wildlife, the court cited the lasting ecological and economic consequences. Coral reefs and fish stocks continue to face pollution, while microplastic smog from the leaked pellets could endure for many years. This contamination can enter the food chain and could damage human health. The communities that strongly rely on these waters for their maintenance and sources of income were specifically hit hard. The court's verdict made mention of their economic hardships and loss of potential revenue and actual income. The court held the parties accountable under the 'Polluter Pays Principle.' This legal principle signifies that those who trigger or cause ecological impairment must pay for the cost of rebuilding those that were damaged. What comes next? The significant US$1 billion recompense is projected to prop up and sustain extensive restoration initiatives and protection efforts, but no detailed strategies have been provided yet. Likely initiatives should include seaside cleanups, marine habitat rebuilding, and sterner guidelines for unsafe shipping near sensitive environmental zones. In the meantime, the case has elevated worldwide calls for restructuring and modification. Ecological groups and individual conservationists are demanding harsher global supervision of maritime freight, compulsory tracking of hazardous goods, and punitive penalties for contamination at sea. At the grassroots level, experts emphasise the need to reduce reliance on single-use plastics, the very material that contributed to this disaster. A wake-up call 'This judgment is not just a win for Sri Lanka,' said a local marine biologist after the ruling. 'It's a wake-up call to the world that the oceans are not dumping grounds. What we do at sea comes back to us, sometimes quite literally, on our shores.' See also Private militia seize Singapore-flagged ship near Cameroon As Sri Lanka activates the long journey to recovery, the MV X-Press Pearl tragedy serves as a strong reminder of the high ecological price of international transport and the pressing necessity for change.
Bloomberg
11-08-2025
- Business
- Bloomberg
India State-Run Shipper to Buy Local Vessels in $2 Billion Deal
State-owned Shipping Corp. of India, the country's largest shipping line, is working on a plan to purchase 26 India-made ships for 198.2 billion rupees ($2.3 billion) as part of a government initiative to boost the domestic shipbuilding industry, according to people familiar with the matter. The ships will have cumulative internal volume of 1.18 million gross tonnes, and delivery will be staggered over several years as they are completed, said the people, who weren't authorized to speak publicly.
Irish Times
01-08-2025
- Business
- Irish Times
How maritime fraudsters created a fake Irish Government agency
Criminals set up a fake Irish Government agency to sell counterfeit maritime certificates, allowing shipowners to skirt employment law and maritime safety standards. The operation is part of a sophisticated network of fraudulent registries providing owners of vessels with documents necessary to allow them operate at sea. These forged documents allow ships to pass port inspections and operate with poor working conditions and untrained crews. In some cases, they are used as cover by vessels operated by Russia to transport oil in contravention of international sanctions. READ MORE The Irish aspect of the operation was first discovered by the Department of Transport in 2018 and referred to gardaí for investigation. The fake Irish registry is currently offline but was active as recently as last September. Vessel owners could purchase fraudulent 'competency' documents showing their crews were trained to the requisite level. The forged documents were based on genuine templates issued by the Mercantile Marine Office of the Department of Transport. Copies of these documents are presented to port authorities during routine inspections in foreign ports. Inspectors are then directed towards a fraudulent website to 'verify' the documents' authenticity. Irish officials first became aware of the fraud in early 2018 when, during a routine inspection, they examined 'certificates of competency' for two crew members on a vessel. These documents were found to be forgeries. At the same time, officials discovered the fake website. The matter was reported to gardaí and the International Maritime Organisation (IMO), the United Nations agency responsible for the safety and security of shipping. [ Dramatic increase in number of Russian 'shadow ships' in Irish-controlled waters Opens in new window ] Increasing numbers of ships have been employing flying false flags and fraudulent documents. Photograph: Artur Widak/ NurPhoto via Getty Images The Department has also been in contact with the International Maritime Organization 'to issue a Circular on the issue of fraudulent certification of seafarers,' a spokesman said. The IMO has previously 'expressed great concern about the proliferation of fraudulent ... certificates of competency, or authentic certificates reportedly issued on the basis of forged foreign certificates, which had been found during port State control inspections and applications for recognition of certificates'. According to a recent investigation by Lloyd's List, a maritime journal, the fake Irish registry is part of a network of over 20 websites claiming to be legitimate maritime agencies of various governments. Other countries being impersonated include Bangladesh, Tonga and Fiji. In many cases, the websites allow shipowners to obtain documents showing their vessels have been registered in those countries, while not being subject to their laws or safety standards. Increasing numbers of ships have been employing flying false flags and fraudulent documents to allow them transport Russian oil in contravention of EU sanctions imposed following the 2022 invasion of Ukraine. According to the IMO, there are at least 306 fraudulently flagged ships in operation around the world which are falsely registered to 29 different countries. The Department of Transport said it was 'actively engaged on the issue' but was unaware of any ships using a false Irish flag The spokesman said the department was currently engaged in a 'focused inspection campaign' to check the certificates, including insurance certificates, or oil tankers passing through Irish waters.
Bloomberg
23-06-2025
- Business
- Bloomberg
Tanker Rates Soar to Highest Since 2023 After US Bombs Iran
Tanker rates extended gains as tensions in the Middle East ratchet higher, with shipowners demanding bigger fees to call at ports in the Persian Gulf after the US launched strikes on Iran over the weekend. The benchmark rate for a supertanker carrying 2 million barrels of crude from the Middle East to China climbed 12%, reaching the equivalent of about $76,000 a day, the highest since March 2023, according to data from the Baltic Exchange in London.
Zawya
17-06-2025
- Business
- Zawya
QatarEnergy LNG remains at 'forefront' of rising global vessel capacities: IGU
QatarEnergy LNG remains at the 'forefront' of rising vessel capacities (globally), ordering 24 new 271,000 cm (QC-max) vessels from China for delivery between 2028 and 2031, according to the International Gas Union (IGU). Globally, some 337 LNG vessels were under construction as of end-2024, IGU said in its '2025 LNG World Report'. Of the 64 newbuilds delivered in 2024, all have a capacity of between 174,000 and 200,000 cm. Vessels of this size remain within the upper limit of the Panama Canal's capacity following its expansion in 2016. They also benefit from economies of scale, particularly as additional LNG capacity is developed in the US Gulf Coast (USGC) for long-haul delivery to Asia, IGU noted. Moving forward, 200,000 cm vessels, or larger, could find favour due to their economies of scale for long-haul voyages, especially for long-term charters, if some flexibility is maintained (Panama Canal, terminal compatibility, etc). The current orderbook for such ships comprises 37 vessels, each with a capacity of either 200,000 cm or 271,000 cm, scheduled for delivery between 2025 and 2031. The global LNG orderbook had 337 newbuild vessels under construction at the end of 2024, equivalent to 45.4% of the current active fleet, with deliveries stretching into 2031. This illustrates shipowners' expectations that LNG trade will continue to grow in line with scheduled increases in liquefaction capacity, particularly from the US and Qatar, and fleet renewal demand from oncoming retirements of older, more inefficient vessels. An expected 97 carriers are scheduled to be delivered in 2025. The orderbook includes 21 icebreaker-class vessels for the Arctic LNG 2 project in Russia. These vessels are highly innovative and require high capital expenditure (CAPEX) which grant them the capability to traverse the Arctic region. Due to the Russia-Ukraine conflict, these vessels have faced a risk of delayed deliveries or cancellations due to international sanctions on Russia that have complicated equipment delivery and payments. IGU also noted the current global LNG fleet is relatively young, considering the oldest operational LNG carrier was constructed in 1977. As of end-2024, some 84.9% of the fleet is under 20 years of age, consistent with the rapid growth of liquefaction capacity since the turn of the century. Additionally, newer vessels are larger and more efficient, with superior project economics and emissions performance over their operational lifetime. In total, some 7,065 LNG trade voyages were undertaken in 2024, a 0.9% increase from the 7,004 seen in 2023, IGU said. This is in line with minimal growth in LNG production. While Asia remains the dominant demand centre with 4,609 trade voyages, European trade voyages declined by 13% to 1,929 in 2024 due to weak market fundamentals through most of 2024, with Europe importing just over 100mn tonnes. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (
