Cosco-China Shipping merger reportedly wins Beijing approval Photo: Danny CornelissenThe long-expected merger of Cosco and China Shipping has received the green light from the state council, China's media are reporting. No official statement has been made by Beijing, but according to Caixin news agency the merger of the mainland's two state-owned giants will be announced on 11...
LNG fuel tech needs more state aid, say German owners The German Shipowners' Association VDR has called for faster implementation of state aid for retrofitting and newbuilding contracting of vessels with dual-fuel engines. The initiative aims at supporting new business opportunities for LNG-burning tonnage for German owners in the North European sulphur emission control area that may counter-balance market share losses...
Hyundai-Vinashin wins MR tankers from Greek owner The Vietnamese subsidiary of South Korean mid-tier shipbuilder Hyundai Mipo Dockyard has won an order for two 50,000 dwt chemical/product tankers from Greek owner Latsis Group. Latsis subsidiary Consolidated Marine Management placed the orders, which will be built at HMD unit Hyundai-Vinashin Shipyard, HMD executives told IHS Fairplay. The latest pair are exercised...
Sungdong yard wins order for two Vitol Suezmaxes Shipbuilding activity. Credit: PASouth Korean mid-tier shipbuilder Sungdong Shipbuilding & Marine Engineering has won an order to build two 158,000 dwt Suezmax tankers for Swiss oil trading firm Vitol. Sungdong executives confirmed the order with IHS Fairplay, saying that its banks had issued refund guarantees for the order, but stopped short...
Bunker prices fall to 10-year low in Singapore Vessels bunkering off Singapore. Photo: Southern Cross MaritimeBunker prices have slumped to a 10-year low in Singapore as oil prices continue to decline amid a supply glut. Prices of CST380 fuel averaged USD183 per tonne as of 10 December in Singapore, the world's biggest bunkering port by sales volume. CST380 fuel prices...
Indian cabinet approves USD600 million aid package for struggling shipyards A shipyard in Kolkata, India. Credit: PAIndian prime minister Narendra Modi's cabinet has approved a policy package for the country's struggling shipyards that includes grants of state aid above the contracted price for building all types of ships except small boats and fishing vessels. It also approved tax breaks for...
Sharp rise in ship sizes has La Spezia port in expansion mode An aerial shot showing where the new cranes are situated. Photo: LSCTLa Spezia Container Terminal in Italy is investing heavily in infrastructure to increase its handling capacity and allow the terminal to cope with the growing size of ships coming through at the north Italy gateway. "The rate of change...
Kaohsiung sees sluggish growth while expansion stays on track A plan of Kaohsiung port. Photo: TIPCUp to four container terminal operators could be handed contracts to manage and operate terminals at the new Kaohsiung 7th Container Terminal currently under development in Taiwan. Several global terminal operators responded to the tender for the project and winners will be announced during or before...
No respite for the dry bulk market despite burst of demolition deals Continued poor earnings and deteriorating market conditions force ship owners to begin scrapping younger vessels A concealed cargo of arms and...
US adds shipping companies to North Korea sanctions list Latest move in cat and mouse game extends sanctions to further OMM companies Leading the team is the CSG...
Cosco and China Shipping merger plan receives Beijing approval New entity will be headquartered in Shanghai Inland Waterways Authority of...
India to declare 106 more national waterways Total number of national waterways will be 111
Long range product tanker rates lifted by robust naphtha flows to Asia LR2 charterers will likely see a tight position list for vessels in coming weeks Extended contracts for the...
Seadrill Partners wins contract extensions for two rigs One-year deal comes in exchange for lower day rates on current contracts Shipyards had to write down...
Cosco Singapore expects net loss for fourth quarter and full year Weakness in offshore, shipbuilding and dry cargo segments continues to weigh The Russian ports' biggest...
Russian seaports handled 3% more tonnes of cargo in January-November But containerised cargo transhipment volumes fell 15.2% for the period The Chinese company will also...
Chinese company to build $1.2bn deepwater terminal in Canada Port of Sydney, Nova Scotia, to be made ready for ultra large boxships
Eidesvik charters three The Oslo-listed offshore supply vessel operators announces charters for December.
ISH says divestment plan on track The US-based diversified ship owner says plans to exit dry bulk market continue.
Engh out as CIT shipping boss Veteran banker led New York bank's charge into 'counter cyclical' maritime play since 2013.
US container volume to be 'stable' in 2016 A report from Moody's Investor Service says year-on-year growth to moderate, but still show gain.
Fitch downgrades shipping Credit ratings agency says tough times for dry and container owners will continue into 2016.
CMA hat passes from captain to consolidator Euronav chief executive Paddy Rodgers to wear famous headgear for CMA 2016.
ICS supports extra CO2 reduction measures Global shipping body pledges to take part in shipping emission reductions regardless of Paris outcome.
North Sea investment drops Offshore spending falls $3bn this year in Norway, while UK figure also declining fast.
Vale sells four VLOCs Brazilian miner seals deal with China's ICBC and others to offload quartet of giant bulkers.
GSL on the lookout after scrap sale New York-listed owner confirms disposal of vintage vessel as it eyes up counter-cyclical buys.
Countdown to merger of Chinese titans Cosco and China Shipping could reveal plan to combine box operations this week, report says.
Supplier wins over OW A UAE court has ruled in favour of paying a physical bunker supplier - not OW Bunker
Maersk continues renewal with MR sale Danish owner set to secure firm price for the last of its 1990s built medium range tankers.
Lines combine at Tilbury CMA CGM-owned MacAndrews and OPDR join forces at London port to make it biggest European group hub.
Tebbe leaving Auerbach German MPP owner's founding partner leaving to travel the world as co-founder Lucius Bunk takes sole charge.
Braathen boosts Western Bulk stake Investment sees shipping family vehicle Ojada become second largest stakeholder in bulker owner.
Delays to hurt Austal Australian shipbuilder says slow progress on one project will result in smaller profit for 2016.
SW Shipping scraps bulker South Korean owner sells 1990-built ship into India for $2.8m.
Svitzer wins Ichthys work Tug group signs 10-year deal to serve multi-billion dollar Australian LNG project.
TUI takes Hapag hit German tourism group logs impairment charge from compatriot's IPO but still books strong results.
ISU warns Tsavliris Salvage over conduct Longstanding executive committee member Andreas Tsavliris resigns after trade body supports complaint by rival Five Oceans Salvage.
Venezuelan tanker queue eases PDVSA settles invoices to cut backlog of ships waiting to discharge in five ports.
Nyborg elected to Odfjell board Danish executive joins at a time of change for the Norwegian tanker owner.
"Minor damage" after clash Nordic Hamburg says cause of frigate's collision with its boxship not yet known.
Subsea 7 buys more bonds Oslo-listed offshore owner spends another $15m on redeeming $700m 2012 issue.
Piracy in Southeast Asia hits year low Only seven incidents reported in November, with marked improvement in the Straits of Malacca and Singapore.
US Navy extends Maersk deal Danish giants' long-term tanker charter deal with military is set to run a little longer.
Capital Product payout 'safe' amid recharters Deutsche Bank analyst not worried by end of containership contracts.
Chevron reveals deep cuts in 2016 spend California energy giant trims budget by 24% amid grim oil price outlook.
Indonesia offshore spending cut Protracted pressure on global oil prices is the main cause for the lower capital investment.
Teekay group parent adds to energy bench New York-listed tanker and offshore vessel owner names new members of board of directors.
European shipowners call for Paris agreement to reintroduce shipping Efforts at IMO and EU level 'can only be bolstered by a clear signal' from Paris outcome says ECSA.
Sulphur claims 'almost zero' since new 0.10% ECA limit Formal Notes of Protest by owners to flag state do not always translate into sulphur disputes, supplier says.
ICS: No mention in Paris deal won't stop GHG efforts Says it won't 'inhibit the aspirations of governments' for IMO to take further action.
Key objection remaining to liquidation plan of OW US entities US Trustee objects to element described as a lynchpin 'without which the cases would devolve into endless litigation'.
Crude futures weaken to multi-year lows despite US stock draw NYMEX January crude settled 35 cents lower at $37.16/b. ICE January Brent settled down 15 cents at $40.11/b.
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