Online Nominations for 2017 SHIPPINGInsight Award Now Being Accepted

NORFOLK, Va. – May 3, 2017 – Nominations are now being accepted for the 2017 SHIPPINGInsight Award. The annual award will be presented at a luncheon on the opening day of the sixth SHIPPINGInsight Fleet Optimization Conference & Exhibition, Oct. 10, in Stamford, Conn.

“The SHIPPINGInsight Award is given annually to a shipping company and its technology partner(s) for the successful implementation of an innovative technology or initiative that advances the state of the art in ship and fleet automation,” said SHIPPINGInsight co-director Jim Rhodes. “This is an opportunity to recognize the innovators who are changing the face of the shipping industry with creative new technologies.”

The winners will receive a binnacled captain’s clock in a polished wooden case with an engraved plaque, along with a framed certificate.

Entry forms may be downloaded at www.shippinginsight.com/awards-2. Nominations should be in the form of a case study describing the project and quantifiable results. A panel of independent judges will review nominations and select the winner.

Winners of the 2016 SHIPPINGInsight Award were Eagle Bulk Shipping, and its technology partners Veson Nautical and Accuritas Global Solutions. For a high-resolution image, visit: https://www.dropbox.com/sh/n66h3tsjwfyomdj/AADKUKNQncV7Y9ybFnKPDWRLa?dl=0.

Nominations must be submitted no later than Sept. 16, 2017. The $250 entry fee will be waived for SHIPPINGInsight Platinum, Gold and Silver sponsors.

About SHIPPINGInsight

Now in its sixth year, SHIPPINGInsight is the premier North American technology conference and trade show for the international commercial maritime industry. It brings together shipowners, ship managers and technology companies to discuss solutions to improve ship and fleet efficiency. The event is co-produced by Soccoli Associates LLC, a maritime consultancy; Rhodes Communications, Inc., an international communications firm specializing in the maritime industry; and Morgan Events LLC, a conference and event planning firm.

Media Contact:
Jim Rhodes
+1.757.451.0602
jrhodes@shippinginsight.com

The Relentless Law of Supply and Demand

Even China’s go-go shipbuilding industry is feeling the effects of the slowdown in international trade and shipping overcapacity, which shows no signs of easing in the short term. Shipping fleets will need to trim operating costs to survive in this environment.

You may have seen the news item in MarineLink.com dated July 29 that China’s shipyards suffered a 49 percent plunge in orders during the first 6 months of 2012. This is clearly the result of a glut of shipbuilding capacity trying to sell into a marketplace already sufferening from overcapacity and low freight rates. The surge in shipbuilding in China was fueled by the country’s appetite for raw materials and low-cost government financing for new ships. Many of the ships ordered during the binge of 2007 are still trickling out of the shipyards to face an uncertain employment. The Baltic Dry Index, according to the article, has dropped 26 percent in the past year to 958. In May 2008 it was 11,793.

The global fleet of capesize vessels has doubled in the last five years according to Clarkson, and three-year charter rates are around $10,000 per day, down from $55,000 five years ago.

In this economic climate, it becomes even more imperative for ship operators to reduce operating costs and improve efficiencies in ship operation. Fuel is the most immediate target, since it represents a huge percentage of operating costs, but fleets will need to put all aspects of operating costs under scrutiny.

That’s the idea behind the ShippingInsight Fleet Optimization Conference, which is scheduled to take place October 9-10 in Stamford, Connecticut. More than 30 speakers have been lined up to address their areas of expertise, including ship design, hull performance, alternative fuels, bunker management, regulatory compliance, voyage management, weather routing and KPIs. Registration is now open at www.shippinginsight.com.

Note: This post was originally written for the Maritime Professional blog.