Recession as a necessary correction for offshore sector The current recession is nowhere near being another Great Depression and in fact was something the offshore industry needed, according to industry old hand Neil Baird.
Pirates free crew abducted from Malacca Straits THE first kidnapping in more than a year has hit the Straits of Malacca, with the master and chief engineer of a tug grabbed by pirates on Thursday last week and freed yesterday.
Cargoitalia buys Alitalia Cargo The Milan-based carrier Cargoitalia has acquired the cargo division of privatised Alitalia for EUR 14.5 million. The deal includes the purchase of five MD-11F freighter aircra...
German may offer Russia share in PCC The German railway Deutsche Bahn wants to offer the Russian railway RZD a 49% stake in the Polish railfreight company PCC Logistics. This was announced by the media, citing a sourc...
CD Cargo turnover down According to preliminary figures, the Czech freight railway CD Cargo's turnover for 2008 was CZK 17.6 billion (EUR 610 million), 1% less than the previous year. The opera...
First blocktrain to Poti The German rail operator Polzug Intermodal has launched a regular blocktrain service between Georgia's port city of Poti and Azerbaidjan's capital Baku. The con...
Shipowners ready to give UK tonnage tax a wide berth COMPANIES say uncertainty over rules have dented confidence in UK system.
UK rule changes 'stunting growth'
DVB predicts VLCC market is next to suffer significant downturn SECTOR in trouble as tonne-mile demand drops and "deluge" of 70 new tankers enter trades in 2009
Excel's chief Molaris quits STAMATIS Molaris has resigned from his leadership of drybulk operator Excel Maritime, effective immediately, the company revealed today
COSCO to defy newbuilding drop COSCO'S boss, Captain Wei Jiafu, has told Fairplay he expects that at least 30% of newbuildings to be cancelled or delayed this year
Pirates seize Greek vessel PIRATES have hijacked a Greek vessel with its 22 crew off the Somalian coast, the IMB's piracy reporting centre told Fairplay today
Tanker rescues two adrift 40 days A BRITISH couple is safe and unhurt today after drifting on their yacht for 40 days in the Atlantic
Silver Wind arrest sought A CLAIM has been filed seeking the arrest of Eastwind's product tanker Silver Wind, currently moored in Tampa, Florida
Grand Alliance carriers diverting Asia-Europe ships around Cape of Good Hope Hapag-Lloyd, MISC, NYK Line and OOCL re-routing eastbound vessels on EU3 service to avoid transiting Suez Canal
Molaris quits Stamatis Molaris resigns as CEO of Excel Maritime Carriers less than a year after takeover of Quintana.
Euroseas in red Impairment charge on Ionna P pushed US-listed bulker and containership owners into $22.6m loss, but growth opportunities are ahead.
Deadline ahoy! There's two days 'til the end of the show; Not yet done one? Then go, go and go! Five fun lines if you please; One, two, five rhyming with ease; And three and four too, as you know.
Silent capture? Crew of seized DryShips bulker may have failed to spot pirates boarding as alarm raised too late.
GulfMark to sell? US offshore player mulls vessel sales as it prepares for the impact of low oil prices.
Piracy's shadow Industrial Shipping Enterprises boss discusses pirate motives and what should be done.
DryShips lifted Oppenheimer analyst lifts rating on George Economou-led owner as equity offering reaches halfway point.
Cantor cuts Free Cantor Fitzgerald downgrades US-listed bulker owner FreeSeas after announcements of new charters.
After the seizure In WebTV interview, Industrial Shipping Enterprises CEO describes Biscaglia pirate ordeal.
Gulf two on block Perry Kennedy-led Gulf Offshore looking to sell standby rescue brace following market decline.
Diamantides deal Marmaras Navigation owner in out of court settlement of more than $40m claim over investment losses.
FreeSeas fixes Ion Varouxakis-led Greek bulker owner settles for much-reduced spot rates for handysize quartet.
Crew sentenced Nigerian court offers 13 Filipinos choice of jail or fine for handling stolen oil on board tanker owned by Panagis Zissimatos.
Polemis rebuffed Greek shipowner comprehensively denied leave to appeal key judgments in $700m battle over losses from high risk investments.
LaLa link New ro-pax service planned between Taiwan and China using Ocean La-La following opening up of direct sea routes.
Grindrod sells South African owner's domestic unit issues new shares worth 25% to two black empowerment companies.
'Worse to come' Markets will deteriorate further before any recovery is seen, Cosco Corp (Singapore) warns as $40m provision cuts its bottom line by a tenth.
Loan stretched Michael Ryan's ACL extends loan with US banks for two years but ammount on offer will be progressively cut.
Home comforts Racing income from the Americas fires US offshore owner GulfMark to huge increase in fourth quarter profit.
Italian rescue job Brits saved by crew of Italian tanker after drifting powerless in mid Atlantic for over a month.
Nenaco wants out Philippines ferry owner believes it is ready to emerge from court-monitored financial restructuring.
Grand detour Grand Alliance sending eastbound service around the Cape of Good Hope in protest against high Suez Canal fees.
Erria losing Danish chemical tanker player expecting 2008 deficit of DKK 8m on currency losses.
Pilot present Cement ship had pilot onboard when it grounded off the UK on Monday, coastguard says.
Tuzla toll rises 28-year-old worker electrocuted at Cicek shipyard as deaths continue to mount in Turkey.
Big black mark John Fredriksen's Seadrill to write down $810m in the fourth quarter as stake in rivals loses value.
SCI feeds east Indian state owner teams with Seaways to launch new east coast feedership service to Colombo.
Master blamed Captain of sunken New Star acted "extremely irresponsibly" and violated law, Russian ministry says.
BW Offshore sues Norwegian offshore player launches court action to recover Aussie FPSO development costs.
Yasa ship stuck Lightering effort to help refloat Turkish owned aframax tanker aground off the Texan coast.
Cotai chop Macau court halts ferry service from Hong Kong run by gambling tycoon Sheldon Adelson in tender dispute.
Passengers saved At least 149 people rescued from Philippines ferry that ran aground before dawn off Cebu.
Quay clash Cargoship damaged in collision in Wismar, Germany, after suffering bow thruster failure.
Trouble ahead? Fresh doubts surface over TUI's $5.85bn sale of boxship owner Hapag-Lloyd in tight credit market.
More rate rises APL and CMA CGM are the latest liner companies to set minimum rates for Asia-Europe cargoes.
Malacca hijack Piracy raises its ugly head in strategic waterway after two men kidnapped from tug and barge.
Massive deficit in Hurtigruten ' capital injection secured The Norwegian ferry/cruise owner/operator Hurtigruten ASA reports a NOK 686 million loss for 2008, a loss increase by NOK 458 million compared to 2007. The result is hit
Seadrill loses money Seadrill, controlled by John Fredriksen, lost USD 615 million on its investments in Pride International, Scorpion Offshore and SecureCrest in the fourth quarter, 2008. The share prices improved somewhat from
Russia opened fire at Chinese ship ' several are missing Russia and China have ended up in a sensitive political situation since Russian border guards opened fire at the Chinese owned cargo ship New Star last week. The vessel sank
Greek cargo vessel seized in the Gulf of Aden The Greek owned panamax Saldanha, 75,707 DWT, has been hijacked in the Gulf of Aden. The vessel, operated by DryShips, was seized on Sunday. A helicopter from the international navies
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