Underwriters warn of marine broker takeover risks Broker M&As threaten choice, say underwriters. Credit: LRWith the announcement that insurance broker Lockton is set to acquire Italian marine broker PL Ferrari, it becomes just the latest in a line of insurance brokers bidding to acquire marine rivals. One senior London underwriter told IHS Fairplay: "In the past there were...
Indian class society supports COP21 in reducing carbon footprint Classification society Indian Register of Shipping (IRClass) has lent its support for the COP21 agreement in cutting down greenhouse gas emissions. Speaking at the India Pavilion during the recent United Nations Climate Conference in Paris, Arun Sharma, chairman and managing director for IRClass stressed the needs to utilise the most cost-efficient...
Finland's Rauma Marine Constructions receives capital injection A vessel in dry dock at Rauma, Finland. Credit: HasenpuschRauma Marine Constructions (RMC), the privately owned company that in 2014 took over the former STX Finland shipyard in Rauma, has received a capital injection from three investors, the company said in a statement. The investors, Finnish Industry Investment Ltd, (Finda) and...
Busan moves towards logistics hub goal An artist's impression of Busan New Port. Credit: Busan Port AuthorityThe South Korean port of Busan, already the biggest transhipment port in Northeast Asia, moved towards its goal of becoming a global logistics hub when it finally broke ground for the Phase 2-4 development of Busan New Port. The government made...
NYK sets up vehicle processing centre An NYK car carrier. Credit: HasenpuschJapan's Nippon Yusen Kaisha (NYK Group) said today that its subsidiary NYK Automotive Logistics (China) Co. Ltd. (NALC), has established a new vehicle processing center that will be managed by NYK Vehicle Processing Service (Shanghai) Co. Ltd. (NVPC). NVPC is a joint venture (NALC 75%, Tonglit...
South Korea officials and creditors debate SPP Shipbuilding's survival SPP's Tongyoung Yard, South Korea. Credit: PAGovernment officials met with creditors of South Korean shipbuilder SPP Shipbuilding in yet another attempt to keep it alive. On 15 December 2015, Yeo Sang Kyu, from the ruling Saenuri Party, officials from the Ministry of Trade, Industry & Energy, as well as executives from...
Mid-2016 could see bulker and tanker earnings changing places VLCC rates 'present upside potential'. Credit: HasenpuschStrong second-quarter earnings are expected for dry bulk carriers in 2016 and tankers are heading for profitability levels not seen since the global financial crisis. Those are the predictions of Maritime Strategies International (MSI), presented today in separate dry bulk and tanker freight forecasts....
Busan transhipment volumes grow while gateway business falls Busan port. Credit: PAThe port of Busan in South Korea saw a rise of more than 9% in its transhipment-related container throughput in the month of October as it continues to grow the segment against the backdrop of falling gateway volumes. The port handled 869,000 transhipment containers in October, accounting for...
Shipping lines to launch new Asia-Oceania routes Swire's new service includes port calls to Suva, Fiji. Credit: MackeyA new service named FOX is being launched by five Asia-based container carriers to expand their Far East-Australia services to meet increasing market demand on the route. Starting on 14 February 2016, FOX or Far East Asia Oceania Express, involves South...
Commentary: Boosting efficiency while reducing emissions A ship passes under the Golden Gate Bridge. Credit: PACOP 21, the United Nations conference on climate change, will not place shipping at the top of its list of leading polluters. There are more high-profile polluters and other sectors of industry that have further to go in tackling emissions. While shipping...
Boosting efficiency while reducing emissions COP 21, the United Nations conference on climate change, will not place shipping at the top of its list of leading polluters. There are more high-profile polluters and other sectors of industry that have further to go in tackling emissions. While shipping wouldn't want to be at the top of that...
CMES orders four VLCCs Shanghai-based China Merchants Energy Shipping (CMES) has ordered four very large crude carriers (VLCCs) from Chinese yards as part of its plan to build 10 eco-friendly VLCCs announced in a recent corporate statement. Two of the 308,000-dwt VLCCs will be constructed by Nantong Cosco KHI Ship Engineering's shipyard, while another two...
Yangzijiang lauds COSCO-China Shipping merger Yangzijiang chairman Ren Yuanlin. Credit: YangzijiangThe merger of China's COSCO and China Shipping will help to enhance shipping competitiveness globally, Singapore-listed shipbuilder Yangzijiang Shipbuilding Holdings has said. Ren Yuanlin, executive chairman of Yangzijiang, told IHS Fairplay that the merger of the two state-owned enterprises is expected to enhance the dominant position of...
Product tankers hit by slump in northwest Europe cargoes Daily tanker earnings drop to five and a half week low on the Europe to US gasoline trade
Los Angeles November box volumes show year-on-year rise Latest numbers mark first time in three months that the port has seen growth on year
Holders of OSG senior notes overwhelmingly accept repurchase offer Amid a rout in high-yield bonds, OSG made a $226m offer that could not be refused
Panamax index edges up from record low Optimism over increased grain and soyabean cargoes from Argentina
Commerzbank's Stefan Otto promoted out of shipping New Shanghai role for German banker, but rundown will continue
New Bill set on lifting US crude export restrictions US oil exports likely to extend the bull market for crude tankers even further
Consolidation ramps up... ...But more scrapping still needed to balance oversupply
Drewry plays down talk of further carrier consolidation Challenging market outlook will only subdue liner valuations and make them less appealing to potential sellers, say analysts
ACL's new ro-ro/containership to sail from Hamburg Latest addition to the ACL fleet joins the transatlantic trade
Höegh LNG Partners keeps cash distribution stable Net income for July-September amounted to $5.2m
Brussels puts formal plans in place for European Coast Guard Agency New agency and EMSA permitted to jointly patrol waters with aerial drones
Data Hub: Load Factors Carriers move to address transatlantic overcapacity
Debt payments on hold during Ultrapetrol lender talks Triple charter cancellation leads to debt restructuring talks and repayment halt
CSCL to complete asset swap in early 2016 Boxship unit of China Shipping Group to complete operational restructuring within a one-year transition period
DP World explores further expansion of Prince Rupert box terminal Feasibility study agreement signed for Fairview Container Terminal's Phase II South expansion
Swire Shipping upgrades North Asia to Pacific liner service Service will link Qingdao port in mainland China to South Pacific
China to hold maritime demarcation talks with South Korea Talks will take place in Seoul on December 22
Matrix launches new marine offshoot Greek Lloyd's broker lures experienced London market team to head Matrix Marine
ClassNK certifies two more ship recycling yards in India Both facilities met standards set out by the 2009 Hong Kong Convention
Rotterdam port large-scale LNG project to conclude by year end Closing celebrations for three-year LNG initiative held this week
Hanjin to expand Far East to Australia services New service to be operated with six 4,500 teu vessels for a 42-day rotation
Brodosplit Shipping Company orders four LNG containerships Brodosplit shipyard building vessels to DNV GL class specifications
Oil futures fall after EIA reports stocks build, Fed rate hike NYMEX January crude settled down $1.83 at $35.52/b. ICE January Brent settled down $1.26 at $37.19 on expiry. ICE February Brent settled $1.34 lower at $37.39/b.
US EIA says crude stocks rise 4.8 million barre Inventories have increased 11 of the last 12 reporting periods, refusing to budge lower despite the end of the autumn refinery maintenance season.
Bunker prices still weakening Crude oil benchmarks respond to reports that US inventories are at record levels.
US Fuel oil stocks slide as EIA says implied demand highest since April Stocks in the US totaled 42.757 million barrels, a draw of 1.348 million barrels compared with the previous reporting period.
Lessons can be learned from OW collapse, says new consultancy 'Uncontrolled oil price risk will, ultimately, be catastrophic.'
Market Manoeuvres Ian Taylor takes a snapshot view of recent developments in the US bunker market.
Fuel gain on newbuild VLCCs Ships ordered today 20% more fuel efficient than those built five years ago.
Paris accords could rebound on shipping Maersk sees failure to mention shipping in climate change agreement as opening the way to regional regulations.
Iran to focus on cutting fuel oil output as sanctions end Talks on refinery upgrades are already underway.
Singapore ship arrest Tanker owned by Vietnamese interests.
ExxonMobil starts MFM bunkering operations in Hong Kong Installs mass flow metering system on bunker tanker Anshing.
Indian port mulls LNG bunkering addition To raise profile for ship calls, including bunkering.
Ecoslops plans new residue processing plant at Constanta port Inks letter of intent with Romanian offshore oil, gas services company.
Brightoil receives $100 million investment fund Transaction completed Tuesday.
China ECA: MGO demand expected to increase significantly by 2019 Question remains whether location vessels will lift compliant fuels, says Fratelli Cosulich source.
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