Word: vessels
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...paltry $500. Though the pace of the drop in rates has slowed, there are signs that charter prices have still not bottomed out, having dipped below the record lows of the 2002 stock-market crunch. According to London ship broker Clarkson, a 3,500-TEU gearless Panamax vessel - the largest vessel that can go through the Panama Canal - pulls in $6,500 a day, down 34% on the $9,500 it was charging in February...
...their west. Now, Japan is due to launch its largest ship since World War II, a "Hyuga" class helicopter carrier - Japan's pacifist constitution forbids the use of carriers with more offensive aircraft - that is designed chiefly for anti-submarine warfare. Seoul paraded a similar 14,000 ton vessel at Qingdao...
...long last, to a local bully? President Obama's decision last weekend to authorize force against the Somali pirates holding Captain Richard Phillips brought the end of a crisis, but it may be the beginning of a longer military effort. This year pirates have attacked dozens of vessels in the Indian Ocean and the Gulf of Aden, which leads into the Red Sea and the Suez Canal. Egged on by generous ransom payments, they're holding more than 300 sailors hostage. Phillips, captain of the Maersk Alabama, was the first one taken off a U.S. vessel...
...Gates' reasoning is unlikely to deter many companies, which simply cannot afford to lose hugely valuable vessels and cargo to seaborne bandits. Indeed, insurance premiums have risen along with the ransom amounts, according to Regester, who estimates that coverage for a single voyage through the Gulf of Aden costs about $20,000. With shipping companies hard-hit by the global downturn, some opt simply to take their chances running the gauntlet of pirates, rather than pay insurance premiums. "I reckon less than 10% of vessels are insured now," says Regester. "K&R policies are considered a luxury." Whether...
...shipping and insurance companies to "address gaps in their self-defense measures," in the hope that they can avoid being seized in the first place. Clinton's strategy announcement came days after U.S. Navy SEAL snipers killed three pirates who were holding Richard Phillips, the captain of the container vessel Maersk Alabama - the first U.S.-flagged ship to be seized off Somalia. The last-resort military rescue plan was put into action after ransom negotiations had broken down. (Read a brief history of the Navy SEALs...