Merchant vessel listing in bad weather

Aberdeen, January 5, MRCC (Maritime Rescue Coordination Centre) received a call from a merchant vessel, the ‘Nordgard’, reporting that some of their cargo had shifted due to the severe weather and that the vessel was now suffering a 25 degree list.

The vessel was 90 miles North East of Aberdeen and altered course from initially being en route to Grangemouth, and is now heading in a Southeasterly direction to stabilise the vessel in the current weather. Wind speeds are 50 knots and the bad weather is preventing crew from going on deck to secure the cargo. A standby vessel, the ‘Ocean Sprite’, is on standby ready to give assistance if needed and is currently standing half a mile from the vessel. The ‘Nordgard’ is just under 3000 tonnes, 90 metres in length and has seven crew on board. It is carrying a cargo of timber wood and sails under the Netherlands flag. Aberdeen MRCC Watch Manager Fiona Hastie said that currently the situation is under control, however the vessel is still suffering a list and severe weather is preventing the crew from going on deck to attempt to secure the cargo.

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Shipping rates may sail smooth

Commodity shipping and tanker rates, which touched record highs last year, are expected to remain firm this year as well.

On the dry bulk side, which includes shipping coal, iron ore, cement and grains, London-based Baltic Exchange’s Baltic Dry Index (BDI), an indicator of commodity shipping rates, is at an all-time high and analysts remain bullish on the index for this year, too. Ole Slorer and Darren Gacicia, analysts with Morgan Stanley Research, in their December 2007 report said the extraordinary conditions of 2007 were not expected to be repeated, but the next two years would still be solid by historical standards. Imports by developing countries like China and India are expected to be the biggest driver for dry bulk rates. India’s coal requirements are set to increase with the ultra mega power plants planned. On the other hand, China’s growing steel industry now has to look beyond India for its iron ore imports and South America is the only next option.

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Gazprom comes knocking in Nigeria

Russia’s gas export monopoly Gazprom is in talks with Nigeria to spend up to $2.5 billion on developing the West African country’s vast natural gas reserves.

Gazprom has come twice to visit the federal government. They want to invest in Nigeria in gas exploitation, gathering and processing. Gazprom has offered to invest between $1 billion and $2.5 billion to begin with. Nigeria is the world’s eighth-biggest exporter of crude but even though it has the seventh-largest proven gas reserves in the world it has not developed its gas industry to anywhere near full potential. Investors say the lack of a stable fiscal framework and market pricing for gas means that most investment ideas in the sector are uneconomic. UK-based companies BG Group and Centrica have also proposed multi-billion dollar investments in Nigerian gas, the official added, asking not to be named because he is not allowed to talk publicly on behalf of the government. Nigeria exports about 18 million tonnes of liquefied natural gas every year through Nigeria LNG, jointly owned by the state energy company, Anglo-Dutch supermajor Shell, France’s Total and Italy’s Agip.

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