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Friday 28 March 2014

Shipping confidence hits highest level since 2008


Overall confidence levels in the shipping industry rose to their highest level for almost six years in the three-month period to February 2014, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. Freight rates look set to improve or maintain existing levels over the next twelve months, while an increase in private equity funding is expected to have a major impact on the industry.

In February 2014, the average confidence level expressed by respondents in the markets in which they operate was 6.5 on a scale of 1 (low) to 10 (high), compared to the 6.1 recorded in the previous survey in November 2013. This is the highest figure since the 6.8 recorded when the survey was launched in May 2008.

All categories of respondent to the survey reported improved levels of confidence compared to the previous survey. Confidence on the part of owners was up from 6.2 to 6.6, while the rating for charterers (up from 5.7 to 6.5) was the highest in the life of the survey. The rating for managers was up from 6.1 to 6.4, while that for brokers was up to 6.4 from the previous level of 5.6. Geographically, confidence was up in Asia (from 5.9 to 6.4), in Europe (from 6.1 to 6.4), and in North America (from 6.6 to 7.1).

The mood of improving confidence evident in many of the responses to the survey was tempered by an awareness of the difficulties which the industry still faces. One respondent said, “There are signs that we have passed the deepest point of the recession. The only question now is how long it will take for the markets to improve to the point where we have sustainable rates again. It may be that some shipowners will still not make it because time – or cash and the patience of the banks – will run out.” Elsewhere it was noted, “2014 will see us bounce along, with small upward flurries followed by a return to barely profitable rates for all but debt-free vessels.”

“The markets have been in the low-end band for the past five years, affected by both supply-side and demand-side crises,” said one respondent. “But the supply side is now showing some stability, and the demand forecasts are positive in the light of various recovery measures under way in certain major economies. We expect to see the supply/demand imbalance corrected in fourth-quarter 2014. Then rates will rise, and it will be payback time!” In similar vein, it was noted elsewhere that, “The supply/demand imbalance should start to improve over the next twelve months, and we will see more ‘dirty’ and inefficient ships scrapped.” Extending that line of thinking still further, another respondent emphasised, “We are confident because we invested heavily in eco-ships, which will be the best performers in the coming years.”

The general mood of cautious optimism displayed by many respondents was typified by such comments as, “The markets have been too low for too long, and we are certain they will start to pick up,” and, “The trick is getting the timing of the cyclical swings right.” But there were others who were less confident. One said, “The continuing uncertain political and economic situation worldwide will keep shipping a very marginal business, affected by overcapacity.” Another, meanwhile, insisted, “There is no doubt that we are living on borrowed money and borrowed time, and the hot-air bubble is about to give. We are enjoying a false sense of security.”

It was evident from the survey that the threat posed by over-tonnaging has now assumed a lower level of criticality. One respondent noted, “We are convinced that the market will steadily improve over the coming year, mainly due to the limited ordering of newbuildings.” But a number of respondents still referenced the effect which a surfeit of ships could have on the fortunes of the market. One said, “It is to be hoped that owners start thinking properly, and only order newbuildings on the basis of genuine need.” Another emphasised, “Despite increased scrapping, there is still a brimming over-supply of tonnage coming into the market,” and another still insisted, “The market is still suffering from an excess of tonnage availability.”

One respondent said, “Protracted over-supply remains a risk arising from the socio-economic ordering of newbuildings and a surplus of new money seeking to invest in shipping.” On a similar theme, another pointed out, “While there are a number of positive indicators, there has to be some concern at the level of ordering. This new money may get burned in a similar manner to the KG money.” And it was the influx of ‘new’ money – specifically private equity funds – which a number of respondents picked up on.

One respondent observed, “There appear to be a lot of private equity funds, or vulture funds, willing and able to invest in shipping, which helps to increase confidence levels because the investors in such funds normally expect a significant rate of return.” Another pointed out, “Equity funds are cash-rich and keen to invest. Shipping is gaining favour as an investment, witness the number of IPOs that we are seeing.” Yet another said, “Hedge-funds have excess cash in abundance to purchase cheap assets for asset play over the next four years.”

Not everybody, however, saw the growth of equity funding in shipping as a good thing. One respondent said, “The over-supply of tonnage, together with private equity investment, will continue to depress rates and delay recovery.” Another noted, “The flood of private equity funding, which must be spent before it reaches its sell-by date, persuades previously sensible operators to ignore basic economic principles. It’s happened before.” In similar vein it was noted elsewhere, “Private equity investment is ruining any hope the markets had of better days. The shipping markets are changing structurally, with far too many new ‘finance experts’ who think they know shipping better than the shipping experts do. Stand by for a race to the bottom, followed by a long period of below-average returns.”

The likelihood of respondents making a major investment or significant development over the next twelve months was unchanged on the previous survey, on a scale of 1 to 10, at 5.8, which remains the highest figure since the rating of 6.0 recorded in August 2010. The figure for owners was slightly down on last time, from 6.0 to 5.9, as was the case with managers (from 6.1 to 6.0) and charterers (6.4 to 6.3). But the figure for brokers was up from 4.6 to 5.4.

Fifty per cent of charterers (up from 45 per cent last time) rated the likelihood of making a new investment over the next twelve months at 7.0 out of 10.0 or higher. The numbers of owners and managers of like mind were 47 per cent and 43 per cent respectively, down on the corresponding figures of 48 per cent and 51 per cent last time. Geographically, expectation levels of major investments were unchanged in both Asia and Europe, at 5.7 and 5.8 respectively, but down in North America from 5.8 to 5.1.

A number of respondents referred to ‘niche’ opportunities which they had identified as areas for possible expansion. But one complained, “Although there is certainly a lot of tonnage up for grabs in the ship management sector, the competition in Asia is unbelievable, with operating costs quoted which are impossible to maintain and which can only lead to poor and unsafe operation.”

Demand trends, competition and finance costs once again featured as the top three factors cited by respondents overall as those likely to influence performance most significantly over the coming twelve months. The overall number for demand trends was down by two percentage points to 21 per cent while, for the third quarter in succession, competition was unchanged at 19 per cent. Meanwhile, the number of respondents citing finance costs rose from 15 per cent to 16 per cent. Tonnage supply (unchanged at 13 per cent) featured in fourth place, while operating costs (up from 9 per cent to 11 per cent) supplanted fuel costs (down one percentage point to 9 per cent) in fifth place.

Demand trends remained the number one performance-affecting factor for owners, albeit down by 3 percentage points to 22 per cent. Finance costs, up one percentage point to 18 per cent, displaced tonnage supply (unchanged at 17 per cent) in second place. For managers, meanwhile, competition remained in first place, although down 3 percentage points to 19 per cent. Operating costs, at 16 per cent, assumed second place from demand trends and finance costs (15 per cent), unchanged and up one percentage point respectively on last time. For charterers, demand trends, while down by 4 percentage points to 22 per cent, featured in first place, ahead of tonnage supply (up from 16 per cent to 19 per cent) and fuel costs (18 per cent).

Geographically, demand trends were the most significant factor for respondents in Asia (although down from 24 per cent to 20 per cent), Europe (unchanged at 22 per cent) and North America (down 11 percentage points to 24 per cent). Competition was the second most significant performance-affecting factor in Asia (up one percentage point to 20 per cent), Europe (unchanged at 18 per cent) and North America (down from 24 per cent to 23 per cent). Operating, finance and fuel costs featured in third place in Asia, Europe and North America respectively.

A number of respondents referred to the rising cost of fuel as a significant performance-affecting factor. “Fuel prices are a deterrent, said one. “Freight rates have increased, but fuel prices eat into time-charter equivalents.”

There was a one percentage-point increase (from 40 per cent to 41 per cent) in the number of respondents overall who expected finance costs to increase over the next twelve months. The number of respondents expecting finance costs to come down, meanwhile, fell by 3 percentage points to 6 per cent, equal to the lowest figure recorded in this regard in the life of the survey. Owners were the only main category to record a fall in the numbers of respondents expecting higher finance costs (down from 41 per cent to 38 per cent). The figure for brokers was up from 36 per cent to 39 per cent, for managers from 40 per cent to 42 per cent, and for charterers from 28 per cent to 35 per cent.

The number of respondents in Asia anticipating an increase in the cost of finance fell by one percentage point to 48 per cent, while in Europe the numbers were up from 35 per cent to 37 per cent. In North America, meanwhile, the numbers anticipating higher finance costs fell from 33 per cent to 29 per cent.

A number of respondents voiced concerns about the cost and availability of finance. “The banks must deal with their bad loans,” said one, “which will lead to an increase in foreclosures.” Another pointed out, “The banks have to realise their losses and accept write-offs, with tonnage of between 20 and 23 years of age scrapped and not sold on the secondhand market.” Elsewhere it was noted, “The banks are supporting owners who are in trouble rather than letting them go.”

Turning to the freight markets, there was an unchanged expectation of higher rates in the tanker trades, but a higher level of optimism with regard to rate increases in the dry bulk and container ship sectors.

The number of respondents overall who expressed an expectation of higher rates in the tanker sector over the next twelve months was static at 43 per cent, which remains the highest figure since May 2011. Charterers led the way, with 50 per cent anticipating higher rates, as opposed to 36 per cent last time. Managers’ expectations in this regard were up by 6 percentage point to 43 per cent, while owners’ expectations were unchanged from last time at 43 per cent. Meanwhile, 36 per cent of brokers (as opposed to 40 per cent last time) thought that tanker rates were likely to go up over the coming year.

Geographically, the prospects for increased tanker rates were deemed higher this time by respondents in Europe (up from 40 per cent to 43 per cent). But they were lower in Asia (down from 46 per cent to 43 per cent) and in North America, where there was a 62 percentage-point fall to 21 per cent.

One respondent maintained, “The tanker market is still suffering from over-tonnaging,” while another said, “Demand for newbuild tankers will be maintained as the effect of the phase-out of older, single-hull vessels is felt.” Elsewhere it was noted, “We are confident that consolidation in the tanker market will positively influence the dirty and clean petroleum products trades.”

In the dry bulk sector, meanwhile, there was a 2 percentage-point increase, to 58 per cent, in the overall numbers of those anticipating rate increases. This is the highest figure recorded in the life of the survey to date. Charterers, up by 29 percentage points to a survey high of 76 per cent, led the way, followed by owners, up one percentage points to 59 per cent, another all-time high. The expectations of managers, however, suffered a 3 percentage-point fall to 57 per cent.

Expectations of higher dry bulk rates over the next twelve months were down in Asia (from 63 per cent to 49 per cent) and in North America (from 64 per cent to 47 per cent). But they were up in Europe by 9 percentage points to 64 per cent.

One respondent said, “After a long period of imbalance between supply and demand in the dry bulk trades, the number of new deliveries for 2014 is rather small, and demand should show healthy, positive signs. 2015 also looks good.” Another remarked, “Although rates are reasonable at the moment, this is mainly due to the lack of tonnage caused by wave after wave of bad weather disrupting shipping. Charterers may believe that owners are doing well, but there are a good number of owners whose fleets suffered during December and January, and finances are going to be strained.”

In the container ship market, meanwhile, the numbers expecting rates to increase over the coming twelve months was up by 4 percentage points to 34 per cent. Charterers, up from 30 per cent to 50 per cent, led the way in this regard. Owners’ expectations were also up, by 4 percentage points on last time to 34 per cent, while optimism in this regard on the part of brokers rose from 29 per cent to 36 per cent, and that of managers from 30 per cent to 33 per cent. Geographically, expectations of improved container ship rates were up by 2 percentage points in Asia to 38 per cent, and by 4 percentage points in Europe to 31 per cent. But they were down in North America, from 44 per cent to 27 per cent.

Moore Stephens shipping partner, Richard Greiner, says, “Six years is a long time in shipping. Indeed, based on empirical evidence, it is long enough to qualify as a cycle in what is an historically cyclical industry. It is perhaps too soon to say that we have reached the end of the most recent downward cycle, but it seems that the worst may be over. This latest survey finds confidence in shipping at its highest level since 2008, with genuine prospects for further improvement over the next twelve-to-eighteen months.

“The outlook in all the major freight markets is brighter than at any time in recent memory, not least because some of the fears about over-tonnaging have been eased by increased scrapping and by a more pragmatic approach, albeit one dictated by necessity, to business expansion. Despite continuing difficulties in certain part of the world, some of the volatility has been taken out of the global economic and political crises which have characterised the passage of the past few years. That is good for trade and good for shipping.

“The survey also provided compelling evidence that a sea-change is set to take place in connection with shipping finance, with the industry currently attracting a significant level of interest and investment from the private equity sector. This is helping to fill the gap created by a comparative paucity of more traditional bank finance. Some of our respondents welcomed this development as a means to improve further the level of confidence in the shipping industry. Others, however, saw it as a recipe for depressing rates and delaying recovery, and even as a spur to reckless expansion plans.

“The truth is that shipping cannot at present fund itself through traditional bank finance alone. It has been clear for some time that shipping is heading for a multi-billion-dollar funding gap, and it is that gap which private equity is now beginning to fill, at least in part.

“The interest of private equity investors in shipping has partly been fuelled by the distressed nature of the industry after a protracted downturn. There is also a reasonable expectation that, as rates rise and values recover, the returns in the next few years will be above the long-term average. This will be attractive to private equity investors, whose involvement in shipping is nevertheless expected to be comparatively short-term by shipping industry standards. But that involvement is already under way, and there is a clear opportunity for shipping to gain access to a type of funding with which it may be unfamiliar, but which could be used to help develop business in a sustainable way.

“One issue which was largely noticeable by its absence from the comments of the respondents to the survey was the cost of impending regulation. This may be because the cost of complying with the likes of the Ballast Water Management (BWM) Convention and the proposed new regulations governing emissions control are as yet unquantifiable. This, however, has not stopped people from quantifying them, with one leading shipowner recently estimating that it will cost the industry US$80 billion to achieve BWM compliance.

“There are two main issues here. Firstly, where will shipowners find the money? Secondly, how will this expenditure be accounted for? Watch this space.”


The Moore Stephens Shipping Confidence Survey includes responses from key players worldwide in the international shipping industry to a targeted, web-based survey by the Moore Stephens Shipping Industry Group. Responses were received from owners, charterers, brokers, advisers, managers and others. Editors can apply for a copy of the survey by emailing chris@merlinco.com

Moore Stephens LLP is noted for a number of industry specialisations and is widely acknowledged as a leading shipping and insurance adviser. Moore Stephens LLP is a member firm of Moore Stephens International Limited, one of the world's leading accounting and consulting associations, with 667 offices of independent member firms in 105 countries, employing 27,081 people and generating revenues in 2013 of $2.7 billion. www.moorestephens.co.uk

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Tuesday 25 March 2014

Liberia authorises Croatian Registry of Shipping as Recognised Organisation

The Liberian Registry has authorised the Croatian Registry of Shipping (CRS) to act on its behalf in connection with the survey, audit, certification, and plan-review of Liberian-flag ships and the companies which operate them.

The Liberian Registry adopts a proactive approach to the service which it provides to the record numbers of ships which fly the Liberian flag. It is the only ship registry to provide harmonised audit and Maritime Labour Convention verification services, using its exclusive global network of highly trained nautical inspectors. Where appropriate, it also delegates authority to perform audits, inspections and certification to Recognised Organisations which it knows and trusts.

Part of Liberia’s mandatory criteria for authorisation of a classification society is full membership in the International Association of Classification Societies. CRS is now authorised to provide services to Liberian-flag ships to the same extent as the other eleven class societies accorded Recognised Organisation status by Liberia.

Scott Bergeron, chief executive officer of the Liberian International Ship & Corporate Registry (LISCR), the US-based manager of the Liberian Registry, says, “As is the case with other classification societies authorised by Liberia, the Croatian Registry of Shipping is a member of the International Association of Classification Societies. We have conducted our own audit of CRS’s systems and procedures and are satisfied with its competence and capability to provide statutory services in accordance with Liberia’s robust standards. As we continue to increase our market share, we have great confidence in the ability of CRS to work alongside Liberia to help maintain the quality of our fleet to the highest standards and beyond.”

The Liberian Registry is one of the world’s largest and most active shipping registers, and has long been considered the world’s most technologically advanced maritime administration. It has a long-established track record of combining the highest standards of safety for vessels and crews with the highest levels of responsive service to owners. www.liscr.com

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Friday 21 March 2014

RINA strengthens cooperation with the Hellenic Shortsea Shipowners Association

RINA Services and the Hellenic Shortsea Shipowners Association (HSSA) have signed a cooperation agreement to strengthen their relationships in the fields of ship classification, safety, environmental protection awareness and training of personnel.

Charalampos Simantonis, Chairman of the HSSA, says, “The Hellenic Shortsea Shipowners Association is aiming to increase the quality of services provided and the awareness of its members in a very competitive European and international environment. We need to be more prepared for the challenges of the future regarding new environmental regulations, Port State Control, alternative fuels and other new technologies. We share many common views and values with RINA and this agreement will help our members by giving them better access to RINA’s expertise.”

Spyros Zolotas, Area Manager of RINA for Greece and Cyprus, says, “RINA is committed to help its clients protect their assets as well as the environment. The HSSA is a very active association that wants to further develop and we are ready to support their efforts with our specialist knowledge and services.”

RINA Services S.p.A. is the RINA company active in classification, certification, inspection and testing services. RINA is a multinational group that provides services for verification, certification, conformity assessment, marine classification, environmental development, product testing, supervision and qualification of suppliers, engineering consultancy and training across a broad range of industries and services. RINA operates through a network of companies dedicated to different sectors: Shipping, Energy, Infrastructure and Construction, Logistics and Transport, Environment and Quality, Agribusiness and Health, Finance and Public Institutions, Business Governance. With approximately 280 million euros of turnover in 2012, over 2,200 staff and150 offices in 53 countries around the world, the Group is now able to meet the needs of its clients and at the same time is recognized as an authoritative body in international regulation. www.rina.org

For a photo of the signing go to http://bit.ly/1boc8nG   or email john@merlinco.com

 
For more information:
 
Spyridon Zolotas
RINA Hellas
Greece@rina.org

 

Wednesday 19 March 2014

Moore Stephens says Budget 2014 continues stable tax regime for UK shipping

International accountant and shipping adviser Moore Stephens say the UK government’s Budget 2014, issued on 19 March 2014, is good news for UK shipping as it ensures the continuation of a stable UK tax regime for shipping, as has been the case for the past few years.

Moore Stephens tax partner Sue Bill says, “Overall, Budget 2014 is fairly neutral for shipping. The main surprise is the restriction of the proposed rules on capping the amount of tax relief for intra-group leasing payments for large offshore oil and gas assets under bareboat charters to certain assets only, reducing the impact on the shipping sector. The scope of the measure will be limited to drilling rigs and offshore accommodation vessels. All other vessels, including FPSOs, seismic vessels and heavy lift vessels, will be excluded.

“Following consultation with industry, a number of other changes have also been made to the proposed rules; the government will review the impact of the measure a year after implementation; the cap on the bareboat deduction will be increased from 6.5 percent to 7.5 percent; and the pro-rata calculation will be based on worldwide use of the vessel. Draft legislation will be published on 1 April 2014, when the measure will come into effect.”

A number of other announcements were made in the Budget which will affect the UK’s oil and gas tax sector. Sue Bill explains, “The Treasury will review the oil and gas fiscal regime to ensure that it continues to incentivise economic recovery, the government will be consulting on a new allowance to support investment in ultra-high-pressure, high-temperature projects, and it will work with industry to ensure that the UK has the right skills to benefit from the country’s oil and gas resources.

“Other measures which may be of interest to UK shipping groups include the government’s decision to extend the UK tax rules applying to high-value UK residential property held by non-natural persons, so that they will also apply to properties worth between £500,000 and £2 million. Stamp Duty Land Tax (SDLT) will apply at 15 percent on acquisition of a residential property, and there will be an annual tax on enveloped dwellings (ATED), and capital gains tax at 28 percent on any gain on disposal.

“Finally, the government has continued to emphasise its commitment to tackling tax avoidance and aggressive tax planning on the part of large businesses exploiting international tax rules in order to avoid paying tax, for example, by manipulating the UK transfer pricing rules or exploiting double tax treaties. Additional anti-avoidance rules have been announced. For example, where companies transfer profits within a group in order to obtain a corporation tax advantage, the position will be as though the transfer had not taken place. Further rules will be introduced to prevent the artificial use of dual contracts by non-domiciled individuals."

Moore Stephens LLP is noted for a number of industry specialisations and is widely acknowledged as a leading shipping and insurance adviser. Moore Stephens LLP is a member firm of Moore Stephens International Limited, one of the world's leading accounting and consulting associations, with 667 offices of independent member firms in 105 countries, employing 27,081 people and generating revenues in 2013 of $2.7 billion. www.moorestephens.co.uk


For more information:
Sue Bill
Moore Stephens LLP
Tel: +44 (0)20 7334 9191
sue.bill@moorestephens.com

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Monday 10 March 2014

Moore Stephens urges changes to UK tonnage tax vessel written-down values

International accountant and shipping adviser Moore Stephens has made representations to Her Majesty’s Revenue & Customs (HMRC) about changing the way in which the written-down values of vessels are calculated under the UK tonnage tax rules, which it considers are not realistic in terms of their interaction with the capital allowances regime.

Moore Stephens tax partner Sue Bill says, “Where a company exits tonnage tax other than on the expiry of an election, and still owns ships, unless a ship falls within the definition of a ‘long-life asset’, its cost for capital allowances purposes is written down broadly as if the company had claimed capital allowances at 25 per cent on a reducing balance basis for each year that it owned the ship.

“The company’s ships are therefore likely to have relatively low tax written-down values which will bear no relation to the capital allowances that would have been claimed if the company had not been in tonnage tax for the relevant period. As a result, the company is likely to exit tonnage tax with large deferred tax liabilities. This will apply to companies that cease to satisfy such requirements for the tonnage tax regime as the strategic and commercial management tests.”

Moore Stephens considers that the tax written-down value should be calculated in a different way. Sue Bill explains, “Other possible methods are to write down the cost of the vessel to market value, or for the cost of the vessel to be depreciated on a time-apportionment basis, bearing in mind its expected economic life when new. Another possible but less beneficial option, although one which is likely to be more acceptable to HMRC, is to adjust the existing rules so that the cost is written down in line with the normal rates for plant and machinery capital allowances, which have reduced from 25 per cent to 18 per cent.”

Moore Stephens LLP is noted for a number of industry specialisations and is widely acknowledged as a leading shipping and insurance adviser. Moore Stephens LLP is a member firm of Moore Stephens International Limited, one of the world's leading accounting and consulting associations, with 667 offices of independent member firms in 105 countries, employing 27,081 people and generating revenues in 2013 of $2.7 billion. www.moorestephens.co.uk


For more information:
Sue Bill
Moore Stephens LLP
Tel: +44 (0)20 7334 9191
sue.bill@moorestephens.com

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Bureau Veritas and LM Wind Power join forces on certification of wind turbine blades

Neuilly-sur-Seine, France, March 10, 2014 – Bureau Veritas, a global leader in testing, inspection and certification, has announced the signing of a framework agreement with LM Wind Power, the world’s leading supplier of components and services to the wind industry. The framework agreement covers the certification of wind turbine blades to international standards.

The contract follows a successful collaboration between both companies, sharing knowledge and working together to fully understand the requirements and needs. This engagement and shared commitment are now cemented with the framework agreement and the first certification assignments are being undertaken.

LM Wind Power’s VP Business Development & Strategic Alliances, Frank V. Nielsen, is confident that the new agreement will benefit LM Wind Power’s customers and the industry in general.

Says Nielsen, “We already have a successful working relationship with Bureau Veritas on our ISO 9001/14001 and OHSAS 18001 certifications. It was only natural for us to include the rotor blade certification as well, thereby effectively expanding the qualified certification offer in the industry. Based on its large competence base, customer focus and global footprint, Bureau Veritas lives up to our requirements for a value-adding certification, which allows us to deliver a documented and highly reliable product to our customers.”

“Bureau Veritas Certification is proud and delighted to be working with a leader in its field like LM Wind Power,” says John MacAskill, Head of Renewables for Europe. “Almost one in four blades worldwide is an LM Wind Power blade. The confidence shown in Bureau Veritas is significant and we look forward to supporting it in this exciting and growing market.”


Bureau Veritas is attending the EWEA trade show (Stand 6-C13) in Barcelona (Spain) from 10 to 13 March 2014.

About Bureau Veritas
Created in 1828, Bureau Veritas is a global leader in Testing, Inspection and Certification (TIC), delivering high-quality services to help clients meet the growing challenges of quality, safety, environmental protection, and social responsibility. As a trusted partner, Bureau Veritas offers innovative solutions that go beyond simple compliance with regulations and standards, reducing risk, improving performance and promoting sustainable development. Bureau Veritas is recognized and accredited by major national and international organizations and works across a wide range of industries worldwide. In 2012, the group posted revenues of €3.9 billion; the company has 62,000 employees worldwide, with 1,340 offices and laboratories, in 140 countries. Bureau Veritas is listed on the Euronext Paris Stock Exchange (stock symbol: BVI). www.bureauveritas.com

About LM Wind Power

LM Wind Power is the leading provider of rotor solutions and service to the wind industry, operating from or close to all major markets for wind. LM Wind Power has produced more than 160,000 blades in the course of more than 35 years corresponding to approximately 63 GW installed wind power capacity. www.lmwindpower.com



Contacts

Bureau Veritas
John Macaskill
Head of Renewables (Europe)
e: john.macaskill@uk.bureauveritas.com
m: +44 (0) 7891 127 847 I central: 0845 600 1828

LM Wind Power
Lene Mi Ran Kristiansen
Global Communications
lmrc@lmwindpower.com
mobile: +45 51388236
Press Agency:

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RINA launches cruise ship hotel energy management tool

International classification society RINA has launched InfoSHIP EM, a real time tool for monitoring and optimising the hotel power demand on cruise ships. It is expected to produce hotel load energy savings in the order of over 10 per cent, thus generating significant annual cash savings in fuel costs for a typical large modern cruise ship.

Paolo Moretti, head of the marine business line, RINA Services, says, “Around half the energy used by a modern cruise ship is for the hotel services. So if we can bear down on that we can produce substantial cost savings for cruise operators. InfoSHIP Energy Management is a tool which continuously monitors all the energy users in the hotel services and compares actual use with target values. A simple traffic-light graphic display alerts the ship’s staff to higher than target energy use, allowing them to take remedial measures such as load shedding or load shifting.”

InfoSHIP EM is part of the InfoSHIP Energy Governance suite developed by RINA and software house IB Software & Consulting. It collects live power consumption data from the hotel services, AC systems, accommodation and lighting systems and galley and laundry services. Target values are set by calculation at the design or installation stage and then continuously updated by operational feedback and trend analysis. Target values are optimised according to the season and area of operation, the operational mode, either in port or at sea and the time of day.

Says Moretti, “This system will pay for itself in under a year and is simple to install. What it does is focus the engineers and technical department on the actual electrical power demand of hotel services. It allows them to make adjustments to operations or pre-set temperatures for the air con, for example. InfoSHIP EM gives the cruise ship operators the information they need to make sensible energy saving decisions, such as getting laundry done outside peak time, or changing air-conditioning patterns. It also provides real data to inform decisions on retrofit or updates to on-board equipment.”

Maurizio Ricci, IB Chairman and CEO, says, “This addition to the InfoSHIP Energy Governance suite is an example of how well targeted and researched software can make a real difference to operators. Ease of use and reliability in operation are two factors we design into our software so that users get real results as their crews and staff enjoy using the systems.”

For a graphic to illustrate InfoSHIP EM click on http://bit.ly/1boc8nG or email john@merlinco.com


VISIT RINA at Cruise Shipping Miami Stand No: 1760-6 Italian Pavillion

RINA Services S.p.A. is the RINA company active in classification, certification, inspection and testing services. RINA is a multinational group that provides services for verification, certification, conformity assessment, marine classification, environmental development, product testing, supervision and qualification of suppliers, engineering consultancy and training across a broad range of industries and services. Rina operates through a network of companies dedicated to different sectors: Shipping, Energy, Infrastructure and Construction, Logistics and Transport, Environment and Quality, Agribusiness and Health, Finance and Public Institutions, Business Governance. With approximately 280 million euros of assets in 2012, over 2200 resources, 150 offices in 53 countries around the world, the Group is now able to meet the needs of its clients and at the same time is recognized as authoritative interlocutor. www.rina.org

IB is a software-house based in Rapallo, Italy. The company has been highly committed to the world of Asset Management since 1983 and is today a market leader in the supply of software systems for this specific market. In addition to InfoSHIP, IB designs, deploys and implements its systems for facilities, maintenance, health and environmental management under the titles of InfoPMS, InfoGREEN, InfoHEALTH and InfoFACILITY. IB provides its systems and services for improving maintenance and operations with a special focus on technologies, methodologies, re-engineering of processes and human resources expertise. www.gruppo-ib.com


For more information:

Susanna Gorni
Media Relations RINA Group
+39 010 5385555
susanna.gorni@rina.org

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Bureau Veritas to class largest gas-fuelled ro-pax fleet

Leading international classification society Bureau Veritas is to class a gas-fuelled major ro-ro passenger ferry newbuilding and oversee the conversion of three existing ro-pax ferries to LNG power for Brittany Ferries. A major risk analysis carried out by Bureau Veritas together with Tecnitas was integral to the decision process for Brittany Ferries to switch part of its fleet to gas fuel.

Jean Jacques Juenet, passenger ship manager, Bureau Veritas, says, “We are proud to be deeply involved in this major project, not only by performing the required risk analysis for the ships but also together with Brittany Ferries working with the ports they serve on the logistics and bunkering. With a clear picture of the economics and safety issues and certainty about the fuel supply Brittany Ferries was able to take the crucial decision to adapt to new emission rules by making a full switch to gas power.”

A new LNG-powered ferry has been ordered to be built under BV class at STX France. The 24.5 knot ship will be one of the largest LNG-powered ro-paxes yet with a passenger capacity of 2,475 and space for 800 cars. It will utilise GTT membrane tank technology for the gas containment, allowing a larger capacity and extended period between bunkering operations.

Three existing ferries in the Brittany Ferries fleet will also be converted to gas propulsion in the future under Bureau Veritas supervision.


To download a graphic of the new vessel go to: http://bit.ly/pYqIVs
or e mail john@merlinco.com


VISIT Bureau Veritas at Cruise Shipping Miami 10 -1 3 March. Stand No 2017

Bureau Veritas is a world leader in conformity assessment and certification services. Created in 1828, the Group has 61,000 employees in around 1,330 offices and laboratories located in 140 countries. Bureau Veritas helps its clients to improve their performance by offering services and innovative solutions in order to ensure that their assets, products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility.

www.bureauveritas.com for corporate information

www.veristar.com for marine informationFor more information:


Philippe Boisson
Bureau Veritas
+33 1 55 24 71 98
philippe.boisson@bureauveritas.com

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Wednesday 5 March 2014

Liberia launches innovative app for shipping industry

The Liberian Registry has launched a powerful state-of-the-art mobile application (app) to enable owners, managers, operators and others to communicate and interact with the registry on a round-the-clock basis. The FlagState App builds on Liberia’s commitment to provide innovative technology and services to its clients, who own, manage and operate more than 4,000 vessels worldwide.

From an iPhone, iPad or an android device, users can read up-to-the-minute news and developments; access a comprehensive Global Maritime Events Calendar and, with the click of a button, add events to their calendar and share upcoming events; verify the authenticity of certificates and documents for Liberian-flagged ships; search Liberia’s global network of inspectors and ISM/ISPS/MLC auditors; validate seafarer credentials; submit an MLC Complaint Resolution Form; track the daily vessel positions on an interactive world map of all Liberian-flagged ships; browse photos of Liberia’s quality fleet; and quickly access the registry’s Facebook, Twitter and LinkedIn profiles.

Allison Williams, Communications & Research Manager at the Liberian International Ship & Corporate Registry, the US-based manager of the Liberian Registry, says, “The demand for instant access to important information in the shipping industry has never been greater than it is today. New technology means that there is no longer any need to be out of touch with developing news and events, wherever you are in the world. Liberia is dedicated to harnessing that technology for the benefit of its clients, and the FlagState App is a perfect demonstration of its commitment in that regard.”

Liberia’s FlagState App is now available for download in both the Google Play (http://bit.ly/NQnwgV) and Apple’s iTunes App Stores (http://bit.ly/1q0gKnS). To download the App, simply scan the QR Code with your smartphone or search for ‘LISCR’ in either App Store and select the FlagState App.

The Liberian Registry is one of the world’s largest and most active shipping registers, and has long been considered the world’s most technologically advanced maritime administration. It has a long-established track record of combining the highest standards of safety for vessels and crews with the highest levels of responsive service to owners. www.liscr.com

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Monday 3 March 2014

RINA granted Danish LNG fuel authority

International classification society RINA has been authorised by the Danish Maritime Authority to act on its behalf to carry out plan approval and surveillance during construction on board ships using LNG as marine fuel. The authorisation is valid for ships flying the Danish Flag.

Andrea Cogliolo, head of innovation, RINA Services, says, “This authorisation recognises RINA’s expertise with gas and will allow us to assist owners in Denmark who are actively considering conversions to and newbuildings with LNG fuel. We believe there will be a rapid and accelerating switch to LNG as a fuel in north European waters, but the move to gas must be done safely and with good management of all the risks involved. That is where we can make a real difference, by helping owners and yards to adopt new fuel solutions in a safe and timely manner.”

RINA has rules and requirements for the use of liquefied or compressed natural gas (LNG or CNG) on board ship as an alternative to traditional fuels. These rules give the industry a regulatory tool to ensure that the arrangement and installation on board of machinery using this type of fuel are such as to provide a level of integrity, from the point of view of safety and reliability, equivalent to that of a conventional installation.

 Cogliolo says that until the new IMO Code for Gas Fuelled Ships is completed owners and yards must work to class requirements. “We are helping owners move to gas, and we are making sure they avoid the pitfalls as well gaining the benefits,” he says. RINA is actively involved in a number of projects to convert existing tonnage or build new vessels with gas fuel and is also facilitating studies for the diffusion of LNG as a fuel in the Mediterranean area.

RINA Services S.p.A. is the RINA Group’s company active in classification, certification, inspection and testing services. RINA Group is a multi-national group which delivers verification, certification, conformity assessment, ship classification, environmental enhancement, product testing, site and vendor supervision, training and engineering consultancy across a wide range of industries and services. RINA Group operates through a network of companies covering Marine, Energy, Infrastructures & Real Estate, Transport & Logistics, Food & Agriculture, Environment & Sustainability, Finance & Public Institutions and Business Governance. With a turnover of around 280 million Euros in 2012, over 2,200 employees, and 150 offices in 53 countries worldwide, RINA Group is recognized as an authoritative member of key international organizations and an important contributor to the development of new legislative standards. www.rina.org  

 
For more information:

 Susanna Gorni
Media Relations
RINA Group
+39 010 5385555

 

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