India, Nigeria in top five sea crime hotspots, says IMB 2015 report In the EMEA region and the Indian subcontinent, India and Nigeria are among the five countries in whose waters the lion's share of crimes at sea were reported in 2015, according to the latest International Maritime Bureau's...
HPH Trust books throughput decline and flat revenue in 2015 Singapore-listed Hutchison Port Holdings Trust (HPH Trust), which owns deep-water container terminals in Hong Kong and mainland China, announced a 1% decline in throughput and flat revenue growth for 2015. Throughput at Yantian International Container Terminals (YICT) expanded by 4% year-on-year driven by solid US transshipment business and empties, while at...
Balearia orders 'first' Mediterranean LNG ferry Balearic Islands ferry specialist Balearia has placed a EUR175 million order with Spain's La Naval shipyard for a "smart" LNG and solar-powered cruise ferry. The order for the vessel, which Balearia says will be one of the largest ferries in the world, and the first LNG-powered passenger ferry to be...
Slideshow: Modern Express rescue operation in pictures The towline is passed from the Modern Express to the Spanish tug Centaurus.
India to extend relief granted to vessel sharing pacts from anti-trust law India is set to extend an exemption granted to vessel sharing agreements (VSAs) among container carriers from the purview of the country's anti-trust law. The exemption given for a one-year period ends on 4 February. "We have recommended extension of the exemption granted to vessel sharing pacts from the provisions of India's...
MSC Cruises orders two 6,300-pax vessels from STX France MSC Cruises has added two enlarged 6,300-passenger cruise ships to its orderbook at the STX France shipyard via a new order worth a total of EUR1.6 billion. The two new vessels were already on option at the yard which is already building two 5,700-Meraviglia-class passenger vessels at the yard for...
Hanjin turns huge loss into USD6 million net profit in 2015 Hanjin Shipping edged into the black in 2015 with its USD6 million net profit representing a half-a-billion dollar turnaround from the huge 2014 loss as the carrier managed to offset declining revenue with lower costs and the rationalisation of service lanes. The vast bulk of Hanjin sales revenue is...
Insurers urge more help for bulker crews to avoid accidents A dearth of sufficiently detailed operational guidance for bulk carrier shipowners and operators is making crews more vulnerable to problems, and owners more susceptible to claims, insurance and surveyor representatives have told IHS Fairplay. In the 2015 casualty report from the European...
Suez posts fall in container and bulk throughput The Suez Canal has posted a year-on-year fall in throughput of containers and container ships in 2015. The number of containers shipped through the canal fell by 2.3% compared with 2014, to 41.2 million teu. The number of container ships that transited the canal fell 3% to 5,941,...
Hyundai Glovis to expand shipping operations Having maintained four consecutive years of profits, Hyundai Glovis, the logistics arm of Hyundai Motor Group, has set its sights on expanding its shipping business. The company wants to expand into LNG carriers and product tankers, and is unfazed even after losing a tender launched by Korea Gas Corporation...
HMM in talks with banks, to sell Hyundai Securities stake in open sale Amid growing talk that HMM could enter receivership, the company admitted today that it is in talks with its creditor banks, but stopped short of saying if it would come under the latter's management. In a filing to the Korea Exchange on 2 February 2016, HMM said, "In order to restructure...
VLGC rates firm as ships head West Even as more very large gas carrier (VLGC) newbuildings are being delivered this year, freight rates have remained firm, putting the ball firmly in the ship owners' market. Ship brokers told IHS Fairplay that the growth in US export capacity is helping to...
CH Offshore profit down 80.8% from low vessel utilisation Singapore-listed CH Offshore's second quarter of 2016 net profit plummeted 80.8% year on year to USD1.05 million amid challenging offshore supply vessels market. The lower profit was in tandem with the company's reduced revenue of USD5.6 million in the second quarter that ended on 31 December 2015, down 36.5% on a...
Maybulk issues profit warning for FY 2015 Malaysia-listed dry bulk player Malaysian Bulk Carriers (Maybulk) has issued a profit warning for the full-year 2015. The company warns investors and shareholders to exercise caution while trading stocks in Bursa Malaysia, as the company has projected losses for the fourth quarter of 2015 and full-year 2015, mainly due to a...
Floating storage is back in crude tanker spotlight Floating storage absorbed a huge amount of tanker capacity in 2008-10. An increasing number of shipping analysts and tanker executives believe a resurgence of this trade could be nigh. The economics of floating storage hinge on a 'contango' in oil pricing, a situation wherein...
Posidonia organisers project 'biggest ever' 2016 event in Greece Sectors providing new levels of demand include maritime hubs and travel services while some banks are back, too
Roy Hill plans third iron ore shipment First cargo was shipped in December
Tankers: Bulls and bears battle it out Tanker industry split as it struggles to reach agreement on prospects, though bulls may win the day
Biafran militants publish photo of seafarers they say are facing death Nigerian armed forces taking threat to blow up vessel seriously
Somalia records a year free of piracy But the threat is undiminished on global scale, IMB figures show
HPH Trust reports profitable year South China operator boosted by parent company's terminal divestment but like-for-like underlying profit still up despite slight drop in volumes
Modern Express en route to Bilbao Spanish authorities approve entry, arrival expected Wednesday morning
Falling demand continues to vex supramax rates Hopes fade for a market uptick after the Chinese New Year holidays as index hits yet more historic lows
Hanjin Shipping returns to profit in 2015 Carrier says difficulties in container shipping market to persist in 2016
Nasdaq warns TOP Ships over low market valuation Second breach of listing requirements for owner with growing tanker fleet
Samsung Heavy Industries posts $994m net loss for 2015 Losses attributed to cost increases from vessel building
Pacific Carriers renegotiates long-term charter rates amid dry bulk malaise Kuok-owned carrier cuts rates by half to some Japanese owners, with 70 ships involved
Star Bulk sells 2011-built capesize vessel for $23.3m Latest sale continues efforts to build liquidity in anticipation of difficult year ahead
Cosco and China Shipping shareholders approve restructuring plan Three Hong Kong listed entities received over 99% of the votes approving the reorganisation
Mitsui Engineering and Shipbuilding to enter FPSO chartering business Company looking to diversify business portfolio
Stena Bulk to set aside option for product tankers at CSSC Offshore Company satisfied with number of IMOIIMAX vessels in fleet at this stage
Former Ports America Outer Harbor files for bankruptcy Update: Oakland finalising plans for orderly exit of terminal operator as Ports America takes action to protect its brand
VLCC spot earnings average $65,000 per day in January Softening market expected in second half of year
Shandong swooping for Dorian VLGC newbuild Shipowner's board gives 'not more than $81m deal' the green light, filing shows.
ExxonMobil preps deeper cuts in spending Tanker and offshore vessel charterer to cut capital and exploration expenses by 25% in 2016.
Maersk linked to Glencore tankers Brokers suggest four vessels are heading to Copenhagen-based owner in $150m deal.
Shandong swooping for Dorian VLGC resale Shipowner's board gives "not more than $81m deal" the green light, filing shows.
Royal Caribbean shares tank on outlook New York-listed cruiseship owner sees shares slump 14% after profit predictions miss analyst expectations.
Fesco promotes Sakharov as CFO Operating efficiency director steps up to replace Victor Belyakov at Russian owner.
Nigerian separatists hijack vessel The attackers threaten to blow up the ship with its crew if authorities do not release a detained leader.
Anchor-handler rates tumble again New round of fixing reveals sharp drop in North Sea spot numbers.
RCCL posts strong net profit for 2015 Giant cruiseship owner keeps making more money; raises its earnings forecast for 2016.
Strike off as Eimskip inks wage deal Officers seal collective agreement with Icelandic owner, averting walk-out.
Meyer Turku yard considers lay-offs Finnish cruiseship specialist in talks with 100 workers over temporary redundancies in the summer.
HUBLine prices shares Malaysian owner gives a value to the first tranche of its newly introduced issue programme.
Royal IHC clinches another dredger order Dutch yard to build suction hopper unit for DEME of Belgium.
Korean orders drop to zero in January Shipbuilders failed to clinch a single new vessel contract last month as slump continued.
HMM seeks to cut high charter costs Hyundai Group chairwoman Hyun Jeong-Eun ploughing $25m of her own money into shipowner as it seeks to boost finances.
Avocet Arrow refloated in Argentina A Gearbulk-owned vessel is now continuing its voyage after grounding on the Parana river.
Lloyd's Register wins LPG terminal deal UK class society to carry out safety checks for Laugfs' new plant in Sri Lanka.
Cosco Corp in hopper dredger deal Singapore-listed shipbuilder wins new order from European buyer for a unit to be built at its Guangdong yard.
Hanjin Shipping returns to profit South Korean owner turns around loss of $396m in 2015 as bulkers reduce their deficit.
Dorian set to turn profit on VLGC resale New York-quoted owner lines up exit of final Hyundai Heavy newbuilding.
Putin in talks over SCF IPO Russian president summons company chiefs to discuss privatisation as country seeks to raise cash.
Cosco, ABS in Arctic alliance Chinese owner and US class society team up to cooperate on shipping at the top of the world.
Siem chases cancelled charter cash Norwegian owner to claim damages after five-year deal for Siem Marlin torn up by MEDS.
A&P Group seals double scrubber refit deal UK ship repair company set to use exhaust emissions expertise on two Condor ferries.
PACD sees top drillship charter expire Idan Ofer-backed outfit loses $240m in annual revenue as Pacific Khamsin ends Nigeria gig.
Charter rate slump downs CH Offshore Singapore-listed company sees net profit collapse by close to 80% due to market turmoil.
Star Bulk confirms sale of bulker Obelix New York-listed bulker owner says it pockets $23.3m in capesize sale.
Congress presses DOT on US-flag LNG carriers Coast Guard Authorization Act sets deadline for secretary of transportation to issue guidelines.
Top Ships announces MR tanker charter The New York-listed firm also reports reverse stock split and non-compliance notice from Nasdaq.
Rotterdam 2015 MGO sales increased below forecast Despite more than doubling, distillate sales did not make up for previous volumes of max 1.0% sulfur LSFO.
Weakening dry bulk market casts shadow over bunker demand Interest in lay up on the rise.
Fuel tester VPS announces two senior appointments Malcolm Cooper now Group Technical & Business Development Director, Steve Bee to join as Group Commercial Director in July.
ANALYSIS: Steering out of the red, South Korea oil demand hits record highs Demand for Bunker-C, or fuel oil, jumped 15.5% year on year in 2015 at 35.9 million barrels.
FACTBOX: China's new emission control plan for vessels Three ECA zones delineated -- the Pearl River Delta, the Yangtze River Delta, and the Bohai Rim.
Harley Marine Asia receives bunkering license in Singapore The total number of marine gasoil suppliers adds to 60.
Oil futures decline on signs of Chinese manufacturing slowdown Oil futures turned lower Monday on weaker-than-expected Chinese manufacturing data.
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