DSME faces further losses Daewoo Shipbuilding & Marine Engineering (DSME) could face in excess of KRW1 trillion (USD872 million) in additional losses. DSME, South Korea's third largest shipbuilder, posted a KRW2.3971 trillion loss in the second half of 2015: a loss that had been expected after it admitted to omitting up to
Indonesian pair to give BLT a cash injection Struggling Indonesian chemical tanker outfit PT Berlian Laju Tanker (BLT) said on 9 October that two Indonesian businessmen are expected to make a USD10 million investment in the company. BLT, which sought court protection in 2012 after chemical freight rates dived following the global financial
Clues sought from El Faro sister ship Safety officials are questioning the master of the ro-ro vessel El Yunque for clues that may help the investigation into the sinking of its sister ship, El Faro. El Faro is presumed to have been lost, along with its 33 crew members, in the Bahamas during Hurricane Joaquin. The crew comprised 28
Bahamas Maritime Authority praises 'calm' Comfort crew The Bahamas Maritime Authority (BMA) has praised what it called the "professional and calm response" of the crew on board the ill-fated MOL Comfort. The 8,000 teu post-Panamax container ship broke up and sank about 200 nm off the coast of Yemen following an incident on 17 June 2013 after departing
Chemical tanker market still 'oversupplied' Chemical freight rates are not likely to return to pre-financial crisis levels anytime soon as there are still too many chemical tankers in the market, according to Italian broker Banchero Costa. "Earnings for owners remain poor," Banchero Costa said in a recent report. "One-year time charter rates
Egypt pressed for details on Suez Canal plans The Egyptian government has been asked to clarify its plans for the development of the Suez Canal Economic Zone (SCZone) as it seeks foreign investment to meet its ambitious investment goals for the area around the canal. Several countries have already expressed interest in investing in the project
Container rates plummet Container freight rates fell in August after two months of gains and came close to their 20-month low, according to figures released by UK-based Container Trade Statistics (CTS). The company's freight rate index, which covers both spot and contract rates, dropped by two points to 77 in August,
Coastal Contract seeks USD5.65 million over delays, breach of rig contract Malaysia-listed shipbuilder Coastal Contract is seeking damages of USD5.65 million from China's Yantai CIMC Raffles Offshore and Dynamic Driller over delays in construction of a jack-up drilling rig. The claim is made by Thaumas Marine, a subsidiary of Coastal Contracts, which filed a notice of
APL introduces Guam, Saipan service Singapore-headquartered container carrier APL on 12 October launched a new fortnightly US-flagged service to Guam and Saipan. The new shipping service, Guam Saipan Express (GSX), will connect with APL's existing weekly US-flagged Eagle Express service (EX1) in Yokohama, Japan, providing shippers in
Petrofac cancels newbuilding contract with ZPMC London-listed oil and gas service provider Petrofac has cancelled its construction contract of a deepwater multipurpose offshore vessel with China-based shipyard Shanghai Zhenhua Heavy Industry (ZPMC). According to Petrofac, the contract is cancelled because of "performance issues". Initially, the
Malaysia, China co-operate to triple trade volume by 2017 Malaysia and China are working closely to boost the countries' bilateral trade and triple their trade volume target of USD160 billion by 2017. The two countries' two-way trade volume was approximately USD57 billion in 2014, and it the figure is expected to rise to USD70 billion by end of 2015.
Thailand rejects Kra Canal idea Senior officials have underscored the Thai government's clear rejection of plans to build a canal crossing the Kra Isthmus in southern Thailand. "It won't happen because it's not feasible," Chula Sukmanop, then-director general of the Marine Department told IHS Maritime. The second problem is the
China's bank loans too expensive versus Japan's and Korea's, says Gerry Wang Seaspan chief executive says $1bn Cexim deal done more out of courtesy than requirement
West Africa loadings offset dip in Middle East Gulf VLCC chartering Earnings hold above $100,000 per day
Deutsche Bank expects VLCC cooldown from 2016 Supply growth and easing demand expected to affect tanker rates
Who must weigh in? A look at the responsibilities of the various parties in the container supply chain
Expansion of Manila container yard nears completion ICTSI on schedule to have yard capacity enhanced in time for the peak season
Höegh LNG mulls speeding up FSRU fleet growth Plans to double fleet by end of the decade may be fast-tracked with shipyard rates becoming competitive
APMT equips Italian terminal with view to 2018 launch Four STS cranes and 14 ARMGs ordered for new 800,000 teu Ligurian facility
Seven-year Finnlines dividend spat ends with Grimaldi upping stake to 91% Argument between Ilmarinen and Grimaldi draws to close with Finnish pension fund controlling one remaining Finnlines share
Coastal Contracts seeks arbitration to settle CIMC Raffles dispute The company is looking to claim approximately $5.7m plus interest from CIMC Raffles
Salvage market grows tougher as LOF usage ebbs With increasing competition and a fixation on cheap solutions, salvors complain that they are not getting the returns required to re-invest in the business
China warns US over Spratly Islands Beijing urges Washington to behave 'responsibly' in maintaining regional peace
Berlian Laju Tanker to issue new shares Company has now met all its requirements under the restructuring plan
US Coast Guard repatriates migrants to Cuba Of the 14 migrants, 12 were repatriated while two were sent to Key West, Florida for medical attention
Opec looks poised for market share victory Costly patience may be rewarded as worst of the oil price slump seems to be over
A day to remember World Maritime Day this year made a constructive contribution to the debate on education and training
The butterfly effect Shipyards are where the fortunes of the industry change on a dime
Is the party over for US LPG exports? Signs of production cuts amid weak oil price, though owners and analysts remain bullish for near term
Villains, victims and the blame game Oversimplifying of the Costa Concordia tragedy threatens to obscure valuable lessons that can be learned from the casualty
Container shipping braces for new wave of consolidation Speculation mounts over who is eyeing whom as more mergers and takeovers anticipated
Suppose you are as good as Fredriksen, what will you do? With second sight into the orderbook, you could make some money
Fresh push to garner support for boxship salvage solution Ardent will renew effort to win industry-wide investment in containerised mobile crane system
Bulker owners could see profits stream from El Niño Supramax and handysize sectors in line for an increase in agricultural and mineral shipments
Consolidation with Chinese characteristics Beijing may strive for 'stronger, better and also bigger' but can it really build economies of scale and improve efficiency within the bloated state carriers?
Shipmanagement has come of age, but where next? Accounting for about 10% of the world fleet, shipmanagement has a lot of room for growth and is an attractive proposition for private equity investment
When fundraising is matter of preference Preferred shares are becoming increasingly popular for shipping companies wanting to raise equity capital without diluting common shareholders
Long Beach volume up in September Long Beach had one its best Septembers ever, continuing a recent trend in which West Coast ports are regaining some of the market share they lost this past year due to congestion and work slowdowns that accompanied the coastwide dockworker negotiations. Container volumes released by the port show an overall 4.1...
El Faro owners establish relief fund for families The owners of the cargo ship El Faro, which sank off the coast of the Bahamas after it was trapped in the path of Hurricane Joaquin earlier this month, have established a relief fund for the families of the lost ship's crew. "Over the last few days we have had hundreds...
Oakland imports up for seventh straight month Containerized imports at the Port of Oakland in September increased for the seventh straight month, demonstrating that the Northern California port has recaptured some of the market share it lost earlier this year during the congestion that plagued all West Coast ports during the longshore contract negotiations. Numbers released by the...
OECD unit proposes carbon tax on ships' emissions An arm of the Organization for Economic Cooperation and Development said stronger action is needed to reduce greenhouse gas emissions from ships, and that a carbon tax on shipping would be a way to achieve it. "This approach has the advantage of administrative simplicity. It would be easier to implement than...
Japanese container trade outlook deteriorates sharply A Tokyo-based research firm has significantly downgraded its outlook for the Japanese container trade in fiscal 2015, predicting a 1.3 percent contraction compared to its previous forecast of 2 percent growth. Nittsu Research Institute and Consulting Inc. a subsidiary of Nippon Express Co., Japan's largest international freight forwarder, cited much weaker...
Brazil extends, expands program to lower port equipment costs Brazilian port and trade associations have won an extension to 2020 of a policy allowing terminal operators to import equipment with little to no tax. The Reporto, as the program is known, was also expanded to include dredging, vocational training, and inland bonded container areas, all of which will boost productivity...
Use extra time wisely to prepare for Customs' ACE Greg MaddaleniU.S. Customs and Border Protection's comprehensive new Automated Commercial Environment is a historic step toward modernizing inefficient customs procedures. But it also puts a greater burden on shippers and their customers to keep their data orderly and up to date. The ACE launch date has been pushed back to Feb....
Potential investors want more details on Suez Canal logistics hub The Egyptian government is being asked to provide more clarity into plans for the development of the Suez Canal Economic Zone (SCZone) as it seeks foreign investment to meet its ambitious goals for the area around the canal. Several countries have already expressed interest in investing but have raised concerns over...
PSA breaks ground on new terminal at Jawaharlal Nehru PSA International this weekend broke ground on a fourth container terminal at Jawaharlal Nehru Port Trust, which will provide a future avenue to ease congestion at India's largest container gateway by doubling the port's capacity. "This terminal will provide world-class facilities for international trade and ease the burden on the existing...
Singapore sees driverless trucks as improving port productivity Reclamation work at Singapore's Pasir Panjang terminal.HONG KONG - Singapore's Ministry of Transport and terminal operator PSA Corporation are planning to develop a driverless container truck system that will boost port productivity by increasing the flow of boxes within the port and across the streets of the city-state.The ministry and...
APL adds Guam link to new Asia-US service The Port of Guam.HONG KONG - Singapore-based APL has added a new connection to its recently announced Eagle Express service between Asia and the U.S. that will link the islands of Guam and Saipan to Yokohama from Nov. 24.The new fortnightly U.S.-flagged service to Guam and Saipan - the Guam...
Hapag-Lloyd to press on with IPO despite volatile market LONDON - Hapag-Lloyd is pressing ahead with its initial public offering despite market volatility that has prompted some other German firms to re-think their share listing plans, the chief executive of the world's fifth largest ocean carrier said. "There will never be a perfect time ... one should not be too...
APM Terminals inks 18-crane contract for Italy terminal The Vado Reefer TerminalLONDON - APM Terminals has signed a contract for four ship-to-shore gantry cranes and 14 automated rail-mounted gantry cranes for its Vado container terminal under construction on Italy's north-west Ligurian coast.The new terminal, the first major new port construction in Italy in several decades, is due to...
Poste Italiane valued at $11 billion ahead of IPO LONDON - The Italian government has announced the price of shares for Poste Italiane's imminent initial public offering, valuing the state-owned mail, logistics and financial services company at up to 9.8 billion euros ($11 billion).The finance ministry said it will be selling up to 38.2 percent of the company at...
APM Terminals inks 18-crane contract for Italy terminal LONDON - APM Terminals has signed a contract for four ship-to-shore gantry cranes and 14 automated rail-mounted gantry cranes for its Vado container terminal under construction on Italy's north-west Ligurian coast.The new terminal, the first major new port construction in Italy in several decades, is due to open in January...
Manila's main terminal to add 18 percent yard capacity by year end Construction progress on Phase 1 of MICT's Yard 7.HONG KONG - The first stage expansion of Yard 7 at Manila International Container Terminal Services (MICT) will be completed by the end of the year, increasing the terminal's import capacity by 18 percent.Boosting the landslide storage area is a key part...
TPP deal is bad for China, good for container shipping, analysts say HONG KONG - Analysis of the giant Trans-Pacific Partnership free trade agreement continues to pour in, with a top China economist predicting it will slash 2.2 percent off the mainland GDP while maritime analyst Drewry said the deal would lead to increasing container volumes.The Washington-led TPP was reached last week...
APL adds Guam link to new Asia-US service The Port of Guam.HONG KONG - Singapore-based APL has added a new connection to its recently announced Eagle Express service between Asia and the U.S. that will link the islands of Guam and Saipan to Yokohama from Nov. 24.The new fortnightly U.S.-flagged service to Guam and Saipan - the Guam...
TEN tunes up dividend A hot tanker market has led Tsakos Energy Navigation to jack-up its dividend payment.
Danish discipline Vessels sailing in Danish waters have been largely compliant with new sulphur regulation introduced in January, as vessel emissions have more than halved.
Beware the bergs A new study has claimed icebergs produced by the Columbia Glacier near Valdez, Alaska, will be more numerous but smaller over the next 20 years.
Owners lock in panamaxes John Fredriksen, Simeon Palios and Aristides Pittas have secured period contracts for panamax bulkers on Monday.
Sealion lays up another Sealion Shipping has reportedly laid up its sixth North Sea offshore vessel against a background of poor rates.
Wet mergers in waiting Clarksons Platou and Jefferies expecting tanker consolidation; split on dry deals.
Cammell wins $307m order UK shipbuilder Cammell Laird has scooped a contract for a new polar research ship worth £200m ($307.4m).
Bulker blueprint for gas Deltamarin and Brevik Technology have teamed up in order to launch what they claim to be a "revolutionary design" for gas carriers.
Icon ditches contract Icon Offshore has entered into a mutual agreement with Danish Yachts for the cancellation of a newbuilding contract.
Thailand: no Kra canal Thai prime minister Prayuth Chan-o-cha has dismissed rumours that the government is planning to construct a canal across the Kra isthmus.
Consolidation gains Low demand means more consolidation is needed in the boxship market, Maersk Line says. However, don't expect chief executive Soren Skou to be heading out with his cheque book in the short term.
Latvian tanker refloated A Latvian tanker has been pulled off a sandbank after grounding near Riga.
Coastal claims $5.65m Coastal Contracts of Malaysia is claiming $5.65m from Yantai CIMC Raffles Offshore over a newbuilding contract.
CMES expects profit boom Chinese VLCC owner says net earnings will rise at least 400% over first three quarters.
K Line bulker sold K Line of Japan is said to have sold off one of its panamax bulkers.
MISC to bank $60m Investors welcome market rumour that the tanker owner is looking to offload its haulage business.
NCL heading to China Norwegian Cruise Line (NCL) is targeting the Chinese market with what it says is the first custom-built vessel for the country.
DSME faces more losses Korean shipbuilder DSME will reportedly book more big losses in the second half of 2015.
Island set to scrap capes Island Navigation is in the process of clearing out two capesize bulkers as part of a fleet renewal effort.
Buy while the iron is hot Expectations are growing ahead of Euronav's third quarter report and a strong run for its share price.
Pipe leak floods ferry A pipe leak has flooded 90 cabins on a Viking Line ferry off Finland.
Swire adds Hobart Swire Shipping is launching a new multipurpose liner service to Tasmania.
Panama reaches record The Panama Canal Authority (ACP) has announced its highest ever tonnage figures for the year to 30 September.
Greek supramax arrested Greek shipowner Soloi Inc has seen one of its modern supramax bulkers arrested in Singapore, latest court documents show.
HFO removal on track Work to remove up to 130-cbm of heavy fuel oil from the general cargo vessel Flinterstar is said to be making good progress.
Somalia HRA to shrink The size of the piracy High Risk Area (HRA) in the Indian Ocean is set to shrink by over 50% following a decline in reported attacks.
Denmark pleased with its ECA compliance monitoring 'Monitoring and enforcement are important to avoid harmful pollution from ships,' says minister.
Denmark pleased with ECA compliance monitoring 'Monitoring and enforcement are important to avoid harmful pollution from ships,' says minister.
Quadrise stays in the red But overall balance sheet in good shape.
OW claims to focus on 'IPO banks, Altor and auditors' Lars Moller 'has never been question about the collapse of the OW Group.'
Decoding the Black Box: Will Technology Deliver? OW's demise should have led to a paradigm shift in the industry as every link in the chain assessed its weak points, but it was not to be.
Bunkers removal from wreck makes good progress Fuel tank intact and accessible.
UN body should 'impose' carbon reduction targets for shipping 'It would be odd if countries are expected to adhere to emission targets but not the shipping sector,' says transport research body.
Kochi: Biggest stem part of wider picture As bunkering sales at port climb.
ECA penalties need clarification 'It is unclear whether a port state can issue a fine for non-compliance committed outside its territorial waters.'
Ship detained at Singapore Vessel linked to Greek interests.
Chevron lube given 'no objection letter' 'This development will help broaden the appeal of our new lubricant.'
LNG bunkering a necessity, says Wartsila As Chinese ports that provide LNG to shipping commercially.
Denmark observes high ECA compliance rating Sulphur level in Danish air down by up to 60%, says report.
Chevron lube gains engine manufacturer approval Approval issued after a 4,000-hour shipboard testing programme.
Wartsila: LNG bunkering no longer 'nice to have' 'When the ships change, they will need fuel,' says Director of Merchant Solutions.
Traders eye tanker storage for diesel off Atlantic coasts Land tank capacity levels 'are above 70%' in some cases.
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