In a quarterly trading update John Fredriksen’s Frontline has revealed it has managed to knock prices down by nearly $5m for two ships being built at hard-pressed Chinese yard Rongsheng Heavy Industries.
Frontline had two suezmax newbuilding contracts and was committed to making newbuilding installments of $87.9m.
Last month, however, Frontline revealed yesterday it agreed with Rongsheng to swap its two suezmax newbuildings on order with two similar suezmax vessels from the same shipyard at a lower contract price. The first vessel was delivered on May 19 following the payment of the final installment of $41.5m and the second vessel is expected to be delivered in September 2014.The International Association of Ports and Harbors (IAPH) has welcomed the IMO's Maritime Safety Committee's (MSC) adoption of amendments to SOLAS on mandatory weighing of containers.

Under the updated rules, containers without a verified gross weight will not be loaded onto a ship for export. Assuming the formality of adoption at MSC 94 in November, the new rules will come into effect on 1 July 2016.

"IAPH welcomes adoption of this Amendment as the regulation will enhance safety of maritime container transportation," said IAPH president Grant Gilfillan and ceo/director, Sydney Ports Corporation, Australia. "IAPH has been an outspoken advocate on this issue for several years now because mis-declared or incorrectly declared container weights are one of the major causes of maritime container accidents in ship navigation, road transportation and terminal operation.

The association has taken the position that containers' weight should be verified before they enter the port precinct to reduce the risk to staff and road users within the port.

"Expecting a terminal operator to verify the weight as part of its handling process is not a complete solution, and the IAPH will be encouraging regulators within governments or port jurisdictions to seek solutions which verify container weights as close to the point of packing as is practical," added Gilfillan.