INADEQUATE enforcement of international conventions by flag states is an intractable problem for the shipping industry, delegates at the Cadwallader memorial lecture heard.

THIS week?s Marine Environment Protection Committee meeting at the International Maritime Organization can deliver progress on managing shipping?s contribution to carbon dixoide emissions and must also adopt the controversial changes to Marpol Annex VI agreed at its last meeting.

THE UK Royal Navy does have the power to hold pirates under the UN Convention on the Law of the Sea but must work with local law enforcement and the UK Foreign and Commonwealth Office for their subsequent prosecution, defence sources have said.

TANKER owners have been urged to ditch a ?sheep like? mentality to chartering vessels and embrace their emerging freight derivatives market.

PLANS for a $30 per teu fee to be levied on containers moving through major Californian ports have been vetoed by Arnold Schwarzenegger, who expressed concern that the additional costs could exacerbate the economic downturn, writes Janet Porter.

THIS week?s meeting of the International Maritime Organization?s Marine Environmental Protection Committee must rank as one of the most important for years. With an agenda which will take in air emissions, climate change, water ballast and ship recycling, it would be wrong to suggest that one item is more important than any other.

LLOYD?S LIST today introduces a number of changes to strengthen its unrivalled coverage and analysis of key industry sectors.

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INADEQUATE enforcement of international conventions by flag states is an intractable problem for the shipping industry, delegates at the Cadwallader memorial lecture heard.

THIS week?s Marine Environment Protection Committee meeting at the International Maritime Organization can deliver progress on managing shipping?s contribution to carbon dixoide emissions and must also adopt the controversial changes to Marpol Annex VI agreed at its last meeting.

THE UK Royal Navy does have the power to hold pirates under the UN Convention on the Law of the Sea but must work with local law enforcement and the UK Foreign and Commonwealth Office for their subsequent prosecution, defence sources have said.

TANKER owners have been urged to ditch a ?sheep like? mentality to chartering vessels and embrace their emerging freight derivatives market.

PLANS for a $30 per teu fee to be levied on containers moving through major Californian ports have been vetoed by Arnold Schwarzenegger, who expressed concern that the additional costs could exacerbate the economic downturn, writes Janet Porter.

THIS week?s meeting of the International Maritime Organization?s Marine Environmental Protection Committee must rank as one of the most important for years. With an agenda which will take in air emissions, climate change, water ballast and ship recycling, it would be wrong to suggest that one item is more important than any other.

LLOYD?S LIST today introduces a number of changes to strengthen its unrivalled coverage and analysis of key industry sectors.

GERMAN KG financing house MPC Capital has again cut its profit outlook for 2008 and announced that it will not pay a dividend to shareholders this year, writes Patrick Hagen in Cologne.

THE BOARD of Norwegian ferry operator Nye Kystlink has given itself one month to find additional investment or close operations.

NORWEGIAN shortsea shipper Wilson has strengthened its position with the purchase of three vessels and a new joint venture, despite the pressures facing coastal fleets with rising fuel and operational costs, writes Craig Eason.

SSY Futures is poised to offer a dollar-per-day tanker derivatives contract, joining rival derivatives broker Imarex, which conducted its first trade outside the traditional Worldscale assessment this week, writes Michelle Wiese Bockman in Geneva.

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SHIPPING needs to brace itself for a downturn in world trade and demand for maritime services as a likely consequence of the global economic crisis, London?s leading marine insurers have warned in Lime Street.

A REPORT published by South Korea?s Ministry of Knowledge Economy and the National Intelligence Service has warned that security at the nation?s shipyards has a great deal of room for improvement.

CONVOYS, coastguards, more warships and a curb on ransom inflation are all options in the fight against Somali piracy, according to a new Chatham House report.

FIVE executives from the Jones Act liner industry have pleaded guilty to price fixing, as the US government drew first blood in an investigation launched in April.

NORWEGIAN ferry operator Nye Kystlink held a crisis board meeting yesterday to discuss the its future, writes Craig Eason.

WRTSIL and Hyundai Heavy Industries remain confident about the long-term prospects for the market for liquefied natural gas carriers, despite the dearth of orders for new vessels, ongoing delays in developing LNG terminals and the global financial crisis, writes Keith Wallis.

FRENCH energy group GDF Suez has indicated that its new LNG terminal at the port of Marseilles will come into service a further 12 months behind schedule, writes Andrew Spurrier.

GENOA-based Bravo Futures has been renamed Imarex Italia after Norwegian derivatives broker Imarex exercised its option to purchase a majority stake, writes Jamie Dale.

TSAKOS Energy Navigation has boosted its continuing share repurchase programme with an authorisation to buy back up to an additional $40m in the company?s stock, writes Nigel Lowry in Athens.

YANG Ming Marine Transport, has completed the sale of its bulk service to 100%-owned subsidiary Kuang Ming Shipping, writes Sandra Tsui in Hong Kong.

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VERY large gas carrier owners face their most serious threat to date from a widening mismatch between VLGC newbuildings entering the fleet and the projected trade growth.

AUSTRALIAN miners are expected to win a 10% price rise in negotiations for 2009-2010 iron ore contracts with Asian steel mills, rather than the 15% they had originally been seeking.

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TRANSATLANTIC product tanker trade has been riding on a positive mix of continuing demand for gasoline imports and the recent temporary disruption to supply by the US windstorm season, writes Jerry Frank.

CLEAN

SMALLER bulk carriers? freight rates are unlikely to recover until China starts importing larger volumes of iron ore and the world?s financial banks resume lending to each other, writes Jamie Dale.

NORTH Sea offshore support markets are coming back strongly from a brief lull and charter rates have doubled to boost vessel owners? revenues in the fourth quarter, writes Martyn Wingrove.

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IMAREX TANKER FUTURES ?25 Jan 2008
All prices shown in Worldscale

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OIL PHYSICAL
Source: ICIS Pricing

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FIS DRY BULK FFA PRICES 24 Jan 2008
For more information on routes or calculations please visit www.balticexchange.com

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