Positive shift in Mediterranean SAR to relieve industry A marked increase in state and NGO search and rescue provision in the central Mediterranean is taking the pressure off commercial vessels in the region, IHS Maritime has been informed. Speaking to IHS Maritime after participating this weekend in a rescue of more than 6,000 migrants, Brigadier
MoU for equipment manufacturers and port operator body Global port equipment body PEMA has signed an MoU with the European private terminal operators group FEPORT to mark the strengthening of their co-operation. The MoU will create a co-operation framework that will enable PEMA and FEPORT to benefit from common activities in their respective
DNV GL releases 2015-2018 IMO/ILO requirements summary DNV GL has released a useful summary table of the new and retroactive requirements coming from the International Maritime Organisation (IMO) as well as the International Labour Organisation (ILO). DNV GL has compiled a summary of important IMO/ILO regulations and requirements that will come into
Absence of prosecution contributes to chronic under-reporting of GoG attacks Authorities in the Gulf of Guinea have made a significant effort to prioritise the development of maritime security infrastructure, but consistent lack of prosecution is feeding a rise in under- reporting. "Shipowners and operators in the region have reached saturation point whereby they feel that
Euronav VLCC deal near NYSE-listed Euronav has confirmed that it is in advanced discussions to buy four VLCCs from Greece's Metrostar. Euronav, which is led by CEO Paddy Rogers, disclosed on 11 June that the acquisitions "would be funded from debt and existing liquidity available under revolving facilities". The deal
New IACS Unified Requirement (UR) for Large Container Ships The International Association of Classifications Societies (IACS) has announced the adoption of new Unified Requirements to further improve the safety of Large Container Ships. The requirements will enhance consistency between pre-existing Class Society provisions in this area. There are three new
Another Malaysia-flagged vessel goes missing A Malaysia-flagged vessel has reportedly gone missing off Pulau Aur, Malaysia, the Singapore-headquartered anti-piracy agency, ReCAAP Information Sharing Centre confimed. According to ReCAAP ISC's report, 7,301 deadweight, Orkim Harmony ceased its hourly position update to its operator, Orkim Ship
SASAC disciplines senior executives from China Shipping, COSCO Three senior executives from China Shipping and one from COSCO were disciplined by China's State-owned Assets Supervision and Administration Commission of the State Council (SASAC), Central Commission for Discipline Inspection (CCDI) announced on 10 June. CCDI is the highest internal-control
U-Ming Marine profit down 82% in 1Q15 Taiwanese bulk carrier U-Ming Marine posted its profit of TWD64.28 million (USD2.07 million) for the first quarter of 2015, slumping 82% from TWD316.17 million year on year (y/y). The carrier's revenue also dropped 10% y/y from TWD2.11 billion in the first quarter in 2014 to TWD1.89 billion in the
Navy vessel rescues 65 people in Makassar Strait United States Navy vessel, USS Rushmore rescued 65 people from a sunken wooden passenger vessel in the Makassar Strait, between Indonesian islands Kalimantan and Sulawesi. Initially, the 7 gt Titian Muhibah was en route from Bontang, Kalimantan to Mamuju, Sulawesi; carrying 65 passengers and 32
Sainty Marine's parent company comes to its rescue Shenzhen-listed Sainty Marine's parent company plans to provide about CNY200 million (USD32.3 million) to establish a united pool of funds to mitigate pressures on the company's cash flows. The CNY200 million provided by Jiangsu Sainty International Group will be used to pay back bank loans due
South Korea strives to overcome MERS As Middle East Respiratory Syndrome (MERS) spreads rapidly in South Korea, ports in the country are taking measures to prevent the spread of MERS. The Ministry of Health and Welfare noted through a press statement on 12 June that 126 people have been diagnosed with MERS since the country's first
LPG tanker missing in South China Sea A Malaysia-flagged LPG tanker disappeared in the South China Sea after issuing a distress signal. Initially, 4,999 dwt Teknogas owned by Uni-Fleet, was en route from Haiphong, Vietnam, to Palembang, Indonesia, when it disappeared from radar. On 10 June, the crew of Teknogas issued a distress
Alam Maritim Resources wins $13.1m subcontract Malaysia-listed offshore services provider Alam Maritim Resources has been awarded a contract worth MYR49 million (USD13.1 million) by Petronas Floating LNG 1 (PFLL). The contract is for the engineering, procurement, installation, and related activities for the floating liquefied
Chinese vessel exports up 31.2% y/y China's vessel exports rose 31.2% year on year (y/y) to USD10.4 billion during the first four months of 2015, according to Chinese customs statistics. Exports are forecast to decrease y/y later this year as new orders placed in Chinese shipyards have been decreasing since late 2014, China
How Nipplegate exposed the shipping chauvinists The shipping industry is as modern as you can get, but you still encounter outdated attitudes on gender and the treatment of seafarers
'Nothing signed' yet in Euronav quest for Metrostar VLCCs But analysts have positive take on reported deal fundamentals
Strong results for Denholm Interests in shipping, logistics, industrial services, seafoods and oilfield services yield profit up 7.7% on previous year
Asia-north Europe box rates plunge below zero SCFI shows record lows for Asia-Mediterranean and Asia-north Europe freight rates, some in negative territory after stripping out bafs
Scrapping scrapped Why would you scrap tankers when you can earn so well?
APM Terminals in $1.5bn Ghana port project Greenfield development outside Tema will have capacity for 3.5m teu annually
Trade & Transport orders suezmaxes and aframaxes at CIC Jiangsu Callimanopulos company has options to double number of tankers to eight
'Green shoots' for capes ahead of second half Scrapping, steel production and a sense things can't get worse spur a little optimism
Ørbeck-Nilssen replaces Svensen as head of maritime in DNV GL management reshuffle Tor Svensen moves to group executive to support new chief executive
IMO and IACS agree on new safety standards for large containerships Potential clash between regulators and industry avoided after class societies present details of Unified Requirements that will take effect in a year's time
Roadrunner expands LTL trucking network in Western US Roadrunner Transportation Systems is expanding its western U.S. palletized freight network, enhancing less-than-truckload service from Southern California to the the Southeast. The truckload and LTL carrier is opening LTL facilities in Phoenix and Salt Lake City, Utah. Outbound service will start June 15 from Phoenix, and from Salt Lake City July...
Global piracy declines but hot spots remain Shippers have plenty to worry about - including volatile pricing and cargo delays - but piracy should be less of a concern, as the number of incidents has been falling since 2010. The general decline can be attributed to renewed international efforts to combat piracy. Pirate attacks targeting container vessels fell...
US Senate derails Obama's attempt to finalize Pacific trade deal WASHINGTON - The U.S. Congress stymied President Obama's sweeping trade agenda Friday, after the House of Representatives failed to approve a key portion of a package that would have given Obama the ability to fast-track trade deals, including a high-profile treaty with Pacific Rim nations. In a landslide 302-126 vote, the House voted...
Mitsubishi launches container shipping fund Mitsubishi Corp. has launched a $300 million fund to acquire, manage and lease container vessels to major shipping firms, but the fund's size apparently fell well short of the Japanese giant's expectations. After years of preparation, the Tokyo-based firm announced the final close of the investment period for the container shipping...
Despite regulations, industrial real estate growth continues apace From New Jersey to California, developers of industrial real estate face a slew of environmental regulations and oftentimes community pushback when they announce plans for a new warehouse or distribution center. While the odds seem stacked against the developers, more often than not they are able to deliver a project. One...
APMT to build Ghana terminal as volume, vessel sizes grow In its most aggressive move in the African market in years, APM Terminals has begun construction on a new container terminal at Ghana's largest container gateway and plans to invest heavily on inland connections to allow growing volume to move more efficiently to and from the hinterland. The new terminal will...
FedEx Ground to pay $228 million to settle worker misclassification suit This story was updated Saturday, June 13, at 4 p.m. EDT FedEx Ground will pay $228 million to settle an independent contractor lawsuit in California, one of several lawsuits challenging a business model FedEx says it has already abandoned. The settlement agreement, which must be approved by the federal court, would cover...
Capital CEO steps down Capital Products Partners announced that its chief executive is departing, to be replaced by chief operating officer Jerry Kalogiratos.
Supramax finds buyer Japan's Kyowa Sansho is reported to have sold a seven-year-old supramax.
Supramax finds buyer Kyowa Sansho is said to have sold a seven-year-old supramax, according to Greek and Norwegian shipbroker reports.
Court rejects Arctic challenge A US Appeals court shot down a lawsuit by environmental groups challenging the approval of Shell's oil spill response plan (OSRP) for its Arctic drilling campaign.
HMM clinches asset sale South Korea's Hyundai Merchant Marine (HMM) has sealed a deal to sell a major chunk of sister stock brokerage Huyundai Securities.
Skagen builds GOGL stake Shipping investor gets nearly 4.3m shares as dividend from Fredriksen's Frontline 2012.
Diana fixes lower Diana Shipping has extended a contract for one of its panamaxes at a lower rate.
SeaFuels seals charter SeaFuels of New Zealand has won a new long-term charter for a modern bunker tanker.
Nordea downs Maersk Nordea Securities has downgraded AP Moller-Maersk from "buy" to "hold" in a tough environment for the group's liner division.
Owners vie for ferry deal CalMac and Serco go head to head for $1.55bn Scottish west coast services.
Frontline lines up sales Frontline has outlined a new stock offering proposal that could see it sell shares worth $251.25m.
MOL re-starts car carriers Mitsui OSK Lines (MOL) has rebranded its car carrier operation to reflect its new generation of vessels.
Rokke adds OCY Norwegian tycoon Kjell Inge Rokke has spent $1.28m on more stock in Ocean Yield (OCY), the shipowner controlled by his Aker ASA group.
Second Orkim ship raided A second Orkim Ship Management-controlled vessel is believed to have been attacked by pirates in the space of eight days.
Pan Ocean plan approved Korean owner Pan Ocean's revised rehabilitation plan has been approved by creditors at a meeting on Friday.
Denholm: 'A new beginning' A planned listing of its oilfield services business and a return to shipowning are part of J & J Denholm getting back to its roots, its chief executive says.
FLNG still the driver A new gas alliance between Stolt-Nielsen and Golar LNG is not expected to act as a meaningful valuation driver any time soon, according to a leading analyst.
Svensen gets VP role DNV GL has moved its current chief executive of maritime Tor Svensen to the executive vice president position.
ADM buying into ABG Abu Dhabi Mar (ADM) is taking a reported 49% stake in loss-making Indian shipbuilder ABG Shipyard.
ZPMC adds dredger Shanghai Zhenhu Heavy Industries (ZPMC) has won a contract to build a new high-spec dredger.
Varun in the clear India's Varun Shipping has resolved all investor complaints, the country's financial watchdog said.
The customer is always right We take a look at what was said in the markets over the past week.
Ship managers boost Cyprus Industry contributed almost 5% of Mediterranean island's GDP in the second half of 2014.
Austal boss sells shares Austal managing director Andrew Bellamy has sold AUD 378,921 ($293,622) worth of shares in the company to pay a tax bill.
Port trio form alliance Ports in the US, China and New Zealand are increasing their co-operation in a bid to boost trade and jobs growth.
Exxon beefs up security Exxon Mobil is reportedly bolstering its shipboard security as a result of more and increasingly intensive attacks in South East Asia.
No change for shipping after Bonn climate talks Draft text for crucial Paris meeting still calls for shipping to cap CO2 emissions and develop levy scheme.
Arbitrage volumes to slacken in July Singapore bunker players reporting below average demand.
European hub sees fuel oil stocks 60% up year-on-year Rotterdam has seen demand for fuel oil as a bunker product slip as ECA rules take hold.
OW: London to hear payment dispute case Greek product tanker first of many that may end up in court.
New Maritime CEO for DNV GL Knut Orbeck-Nilssen takes over from Tor Svensen.
Monjasa's CEO: 'Nothing to accusation' Rebuts charge that company was operating 'without permission' in Nigerian waters.
Firm to upgrade remaining steam ship Shipowner enters final phase of a $100 million fleet upgrading programme.
Russian port sees growth in bunker demand In tandem with a rising number of ship calls.
New Zealand firm continues charter for bunker tanker The Awanuiaon is the largest bunkering vessel operating at New Zealand, says Z Energy.
Study: Switch from HFO to diesel not enough to reduce PM emissions Researchers suggest the use of particle filter technology and improved emission regulations.
Bunker module to be integrated in system VPS and DNV GL signs agreement to upgrade fleet performance management solution.
Study finds 'no single answer' to best ECA options Scrubbers vs MGO assessments vary but LNG price must be lower than HFO to make it attractive.
Study: More action needed to reduce PM emissions from ships Researchers suggest the use of particle filter technology and improved emission regulations.
Global Risk's Middelfart office adds oil risk manager Frank Lausen's new role will focus on 'advising and selling customised fuel trading and risk management solutions'.
IMO regulation for low-flash point fuels to take effect in 2017 MSC 95 adopts IGF Code and associated SOLAS amendments to make it mandatory.
Orient Overseas (International) Limited (OOIL), the subsidiary of the Chinese shipping group COSCO Shipping Holdings that operates containerized maritime transport services with ...
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