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Terminating Ocean Freight Carrier Agreements
US-listed overseas ocean freight carrier Overseas Shipholding Group (OSG) is heading to arbitration in an effort to try to recover a $2.3 million in prepaid funds it sent Samho Shipping to pay for a time-charter fixture it signed for the Samho Crown (built 1996) that it decided to terminate early.

Apparently, the charter agreement the two partners in this legal dance signed has a clause that requires Samho Shipping to not change the vessel's technical managers unless they first get approval of Overseas Shipholding Group. Sources around the ocean freight carrier industry indicate that the charter agreement was apparently going fine until last August, when Samho Shipping told OSG that it wanted to change the technical management of the Samho Crown to its newly formed shipmanagement company in South Korea, called SG SM.

OSG denied samho Shipping's request apparently, but Samho would continue to insist that they be allowed to switch the Samho Crown's management to SG SM. Things would begin to heat up in this affair according to sources around September 17, when Samho Shipping informed OSG that it had gone forward with its plans to terminate the Samho Crown's current management agreement and that it was still attempting to come to an agreement with any of the managers OSG had suggested for the job.

This appears to have been enough for this ocean freight carrier, as OSG immediately terminated the charter agreement, claiming of course that Samho Shipping's decision to terminate the current management of the Samho Crown, along with the breach of the ISM code, and that this gave them sufficient grounds to terminte the time-charter with Samho.

The veil around this business affair gone wrong between freight carrier industry professionals was recently drawn aside a little last month when OSG had the Samho Crown seized as a sort of security against the arbitration proceedings taking place. Samho Shipping countered this move acccording to sources by providing alternate security and the Samho Crown was allowed to go back to work the next day.

The latest reports indicate that the Samho Crown has found new work on a three-year charter to undisclosed interests in the ocean freight carrier industry.
Posted on 08 Nov 2010 by Momentum
Ocean Container Transport Increasing
Ocean transport of containers through the container terminals of the ocean freight carrier industry is setting records and surging according to the latest reports around the ocean container transport industry. The latest reports from 200 container ports in 58 countries has been compiled by the research professionals at Macquarie's Global Container Index and the results show that container volumes reached a record high in May 2010 1 percent higher than the previous record set in May 2008, and up 18 percent from the volumes experienced a year ago during the same time period. The peak container transport season is almost here as well and with the volume of containers expected to surge even more in the months ahead, we could be in for a chaotic, but profitable summer for ocean transporters of containers full of essential freight.

The research professionals at Macquarie's are predicting that if the current trend in container volumes continues through the month of June, the industry could set a new record for container transport in a single quarter. Macquarie's estimates that if this happens we could see year-on-year growth in container volumes of about 17 percent for the second quarter of 2010, and container transport volumes could continue to grow through the third and fourth quarters of 2010, to about 14-15 percent. They indicate that based on previous seasonal trends in the container transport industry and extrapolating forward, one would expect that if things continue as normal, we could see container volumes create new highs in the third and fourth quarter of 2010.

This is great news for container transport firms, if Macquarie's is correct about the future and the continued growth in container volumes, which considering the facts does seem plausible. Hopefully, they're right and we continue to see amazing growth in the transport of containers across the oceans of the world through the rest of 2010 and beyond. It does appear that there could be a red horizon and sunny skies ahead for the ocean container transport industry though and this has to be making the professionals feel a little better about the future?
Posted on 05 Nov 2010 by Momentum

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