ESL Shipping orders the world's first large LNG-fuelled bulk carriers Helsinki-based ESL Shipping has contracted two Chinese shipyards to construct the world's first LNG-fuelled bulk carriers. The two vessels will be built by Chinese shipbuilders Sinotrans and CSC, at its Qingshan shipyard, and are to begin operations in the Baltic Sea by early 2018. ESL's total investment for the Ice-class 1-A pair...
Mixed maritime reaction to imminent ballast water management convention ratification A Wärtsilä Aquarius EC Ballast Water Management System. Credit: W'rtsil'Indonesia's ratification of the Ballast Water Convention this week is expected to meet the tonnage requirement of the convention, which would enter into force in November next year. While the IMO is yet to confirm the imminent entry into force, IHS Fairplay...
Senate blocks government move to open Australian coast to international shipping The Australian Senate. Credit: PAA government bill to deregulate the Australian coast and allow international shipping greater access to domestic trade has been blocked in the Senate today (26 November). The Shipping Legislation Amendment Bill would have all but eliminated restrictions on international shipping carrying Australia's domestic cargo by allowing foreign...
Taiwan carriers' rate decline mirrors industry trend The sharp decline in net income of Taiwan's top three carriers through the course of the last three quarters gives a clear picture of the container shipping industry's rapidly deteriorating operating environment.Revenues of Evergreen Marine, Yang Ming and Wan Hai are steady in the first and second quarters then drop...
Sembcorp Marine strikes back in contractual dispute Singapore-listed offshore services provider Sembcorp Marine has defended its PPL Shipyard subsidiary over allegations of a contractual breach by Marco Polo Marine (MPM). And it counter-claims that MPM is trying to avoid payment. The issue relates to a rig that PPL is building for MPM subsidiary Marco Polo Drilling. After finding cracks...
Taiwan carriers' rate decline mirrors industry trend A Yang Ming container ship arrives at the US port of Boston. Credit: MassportThe sharp decline in net income of Taiwan's top three carriers through the course of the last three quarters gives a clear picture of the container shipping industry's rapidly deteriorating operating environment. Revenues of Evergreen Marine, Yang...
Global container handling picks up Container trade had been 'exceptionally weak'. Credit: PAGlobal container throughput appears to have increased during October after two months of extreme weakness, according to the latest container handling index by German research institutes RWI and ISL. In this week's flash estimate based on handling data from 47 container ports around...
Shipbuilder ShinaSB heads for liquidation ShinaSB was based in Tongyeong, pictured. Credit: PADebt-laden South Korean mid-tier shipbuilder ShinaSB is heading for liquidation, after attempts to sell itself fell through. The shipbuilder submitted a winding-up application to Changwon District Court on 23 November, having been under receivership since April 2014. Three subsequent attempts at a sale, including the...
Seoul seeks study on impact of giant box ships Credit: Michael HollmannSouth Korea's Ministry of Oceans and Fisheries is calling for tenders to provide research on ultra-large container ships. The announcement on 26 November comes a week after minister Kim Young-suk said the government would help Hanjin and HMM to acquire such vessels to compete more effectively in the market. The...
KSS Line seals LPG shipping contract with JX Ocean A KSS Line LPG carrier. Credit: Southern Cross Maritime_679971South Korean chemical and LPG shipping company KSS Line said on 26 November that it has won an LPG shipping contract with JX Ocean, the shipping arm of Japanese refining group JX Nippon Oil & Energy Corporation. The contract, worth KRW60.6 billion (USD52.5...
CMA CGM's NOL acquisition 'will set container capacity consolidation record' Credit: HasenpuschThe potential acquisition of Neptune Orient Lines (NOL) by CMA CGM would mark the biggest consolidation in container shipping based on the capacity of the targeted carrier, according to Alphaliner. NOL's APL unit operates a fleet of 541,000 teu compared with the 460,000 teu capacity of P&O Nedlloyd in 2005 when the Anglo-Dutch carrier was acquired by Maersk,...
Baku port builds for opportunities in China-Europe overland links Baku, Azerbaijan. Credit: PAThe Port of Baku, the oldest and largest port on the Caspian Sea, will complete phase 1 of its new international sea and trade port by 2017, increasing capacity to 11.5 million tonnes of cargo per year and up to 50,000 containers, many of which could be...
Aussie shipping gives tepid response to liner block exemption Australia's government is considering a block exemption to the competition law for liner shipping in a move that has been cautiously welcomed by Shipping Australia, the industry's national association.The Harper Review of the competition policy recommended a block exemption for liner shipping to replace the current Part X of the...
MC-Seamax buys boxship duo from Monarch and Capital Sale for more than $190m marks profitable check-out for US private equity investor
Soyuz withdraws Rotterdam OW Bunker unjust enrichment case against Wilson But Dutch court ruling could pave way for future legal action across the Continent
Evergreen and Yang Ming take a hit in third quarter while Wan Hai sails through with a gain Yang Ming Marine Transport suffers deeper loss at about $129m as rates rout takes its toll
Zim stays in the black as US focus pays off Update: Carrier posts $11m profit for third quarter after hefty losses a year earlier
SeaEnergy issues results warning Company to exit ship management and focus on core business
Rotterdam faces strike action Unions threaten stoppages over redundancies
Multiple OW Bunker interpleader applications filed in the Netherlands Ruling likely to echo London decision, but for different reasons, says AKD
MMC Corp ports business profits rise Group in the process of acquiring Port Klang container terminal operator
Product Tanker earnings remain subdued India and China cut fuel exports amid rising domestic consumption
Marco Polo Marine proceeds with legal action against Sembcorp Marine unit But rig contract still in force, says Sembcorp Marine
Evergreen confirms $390m order for 10 containerships Update: New vessels allocated to Taiwan line's Greencompass Marine subsidiary
ESL orders world's first gas-powered bulk vessels Newbuilding pair on back of long-term contract with Swedish steel maker SSAB, while ESL also signs contract to ship dry bulk biofuel into Sweden for Fortum
Singapore extends liner shipping competition exemptions for five more years Order exempts liner shipping agreements from rules prohibiting anti-competitive agreements
Zodiac Maritime scoops up six Scorpio Bulkers capes Update: S&P activity picks up as valuations fall, following dismal freight rates
Peninsula Petroleum extends syndicated credit facility Bunker supplier secures total working capital of $350m
Caspian Sea Port of Baku builds for opportunities in China-Europe overland links The Port of Baku, the oldest and largest port on the Caspian Sea, will complete phase 1 of its new international sea and trade port by 2017, increasing capacity to 11.5 million tons of cargo per year and up to 50,000 containers, many of which could be transshipped between China,...
Rotterdam faces dockworker strikes Maasvlakte 2LONDON - Rotterdam dock workers are planning a series of 24-hour strikes over the next two months to protest possible lay-offs at the port's newest container terminals. The FNV union has called for job guarantees for nine years, a demand rejected by the three leading terminal operators, Europe Container Terminals,...
Zim remains profitable in tough quarter Zim Integrated Shipping Services' financial recovery is gathering pace as the Israel-based ocean carrier posted its fourth consecutive quarterly operating profit in challenging market conditions. Adjusted earnings before interest and tax dipped to $12 million in the July to September period from $14 million in the third quarter of 2014 and...
Seoul to study mega-ships after pledging financing aid to Hanjin, HMM South Korea's government plans to conduct research on ultra-large container ships, including the return on investment of the vessels, their impact on ports and the investment needed at terminals to handle them. The Ministry of Oceans and Fisheries Thursday call for tenders comes a week after its minister, Kim Young-suk, said...
CMA CGM adds port calls to service connecting Europe to South Asia CMA CGM said it is upgrading its New Europe Mascarene Oceania service by adding new port calls, starting in early December. The France-based ocean carrier operates the weekly loop, linking Northern/Southern Europe, India, Singapore and Australia, via a vessel-sharing agreement with Hapag-Lloyd. The changes on the joint service include additional weekly calls...
Singapore renews liner block exemption for five years HONG KONG - Singapore will extend its block exemption order for liner shipping agreements for another five years until December 2020, the Ministry of Trade and Industry has announced.The decision was widely expected and comes after a public consultation by the Competition Commission of Singapore and its recommendation to renew...
Liner block exemption not the right move, Aussie shipping lobby says Australia's parliament.Australia's government is considering a block exemption to the competition law for liner shipping in a move that has been cautiously welcomed by Shipping Australia, the industry's national association.The Harper Review of the competition policy recommended a block exemption for liner shipping to replace the current Part X of...
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