Genting acquires three Nordic yards in Germany Leisure and hospitality group Genting Hong Kong has acquired three Nordic Yards' shipbuilding facilities in Germany for a consideration of EUR230.6 million (USD250.4 million). The purchase of the three yards - Wismar, Warnemunde and Stralsund - comes on the heels of the purchase of Lloyd Werft...
Rotterdam and Singapore ports strengthen collaboration Port of Rotterdam (PoR) is seeking closer ties with the Maritime and Port Authority of Singapore (MPA) for future joint development of port solutions and project collaboration. A roundtable discussion held by PoR in Singapore on 2 March discussed...
ZIM restructuring will allow carrier to focus on trades where it enjoys a competitive advantage ZIM Integrated Shipping Services' restructuring programme, which eliminates its four areas structure, will make it a more flexible, lean and agile enterprise, allowing it to focus on trade where its enjoys a competitive advantage. According to Rafael Ben Ari,...
US yard lands expedition cruise vessel deal Giving wider dimension to the US shipyard industry's workload in a higher added-value sector of the market, Lindblad Expeditions Holdings has awarded construction of two small cruise vessels to Nichols Brothers Boat Builders. Representing a combined contract value of USD94.8 million, the duo will be operated by Lindblad...
COSCOCS, CMA CGM looking to IRISL as alliance partner China COSCO Shipping Corp (COSCOCS) and CMA CGM intend to involve Evergreen and Orient Overseas Container Line (OOCL) as well as Islamic Republic of Iran Shipping Lines (IRISL) in their new alliance, CCEO, Chinese shipping sources have told IHS Fairplay. According...
Kimbe Queen owner and master arrested and charged Police in Papua New Guinea (PNG) on Monday arrested and charged the shipowner and captain of the Kimbe Queen, which ran aground on Elizabeth Reef west of Rabaul in December. Both men have since been granted bail. The arrests...
New takeover 'imminent' as rivals for Australia's top terminal team up A decision on a new joint AUD9.05 billion (USD6.5million) takeover bid between former rival suitors Australia's Qube Logistics and Canada's Brookfield Infrastructure for Asciano ports and rail business is expected this month. "A decision is imminent," a Qube spokesperson told IHS Fairplay. "But with all these documents...
Three injured in crane accident at Sembcorp Marine yard A shore crane has collapsed in Sembcorp Marine's Tanjong Kling yard in Singapore, damaging a jackup rig newbuilding and injuring three workers. The damaged rig is identified as Noble Lloyd Noble, owned by Noble Corporation of Switzerland. On the afternoon of 28 February, the shore crane was hauling a bundle of...
PETRONAS delays Rotan FLNG project Malaysian national oil and gas company PETRONAS has confirmed to IHS Fairplay that the Rotan floating LNG project will be delayed by two years. PETRONAS, which posted a 4Q15 loss of MYR4.69 billion (USD1.09 billion), saw full-year profit fall 56% year-on-year to MYR20.8 billion amid plunging oil prices. The company said that...
Shutdown of Japan plants raises tonne-mile ethylene shipments Asia could source ethylene and propylene from farther afield as Japan continues to shut petrochemical production capacity. Japan exported 800,000 tonnes of ethylene and 1.3 million tonnes of propylene, a 10% decline from 2014. During 2015, Japan also saw another petrochemical plant closing down, namely Sumitomo Chemicals' plant...
Seoul and Tehran ink shipping and port MoU The governments of South Korea and Iran have signed a memorandum of understanding (MoU) pertaining to mutual co-operation in the areas of shipping and port development. South Korea's Ministry of Oceans and Fisheries (MOF) issued a statement...
Surging Indian demand good news for tankers In what is good news for tanker markets India's burgeoning oil demand is estimated to hit 9.8 million barrels per day (bpd) by 2040 from the current 3.8 million bpd. More than 60% (or 2 million bpd) have to be imported (approximately 7...
COSCON and CSCL integration gets underway COSCO Container Lines (COSCON) and China Shipping Container Lines (CSCL) have inked a series of leasing contracts of containers and container ships today. From 1 March, COSCON entered an integration transition period, in which COSCON will...
Otto Marine wins long-term contract worth USD67.8 million. Singapore-listed Otto Marine has secured a long-term contract worth AUD94.8 million (USD67.8 million) in supplying offshore supply vessels (OSVs) to operate in Australia. The contract duration is for five years with an option for an additional five. This is considered a lengthy term by industry standards, as the latest OSV charter...
Infrastructure issues main barrier to growth in US ocean exports Weak export growth is a serious impediment to economic growth and prosperity in the US and is hampered more by inadequate infrastructure than by the strong US dollar, delegates were told at the TPM 2016 conference in Long Beach. "If we don't get this to work it's not going to...
OSG poised to split Jones Act and international tanker fleets A plan to spin off the international tanker fleet of Overseas Shipholding Group (OSG) has been languishing on the table since 2014, when OSG was in bankruptcy, but the company's chief executive Ian Blackley now confirms that this strategy is a top priority. "We have engaged...
Star Bulk continues its frenetic back-peddling Star Bulk, which is majority owned by private equity group Oaktree, has further reduced its exposure to the dry cargo depression as it rapidly backtracks from its myriad ill-timed investments. On 29 February, the NASDAQ-listed bulker owner confirmed that it had negotiated the deferral of...
'We're okay for now' says Star Bulk Latest sales and cancellations further extend bulker owner's runway
Improved ocean and air freight margins lift K+N to record profits Kuehne + Nagel reports double-digit increases in full-year forwarding earnings despite flat markets
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Clay Maitland to receive this year's prestigious North American lifetime achievement award Panel of independent judges to select other awards winners at CMA after category nominations finally close
Genmar VLCC sale highlights tough choice for owners Owners faced with the option of struggling to get older tankers fixed or sell them
North Korean shipping targeted in UN sanction vote Cargo inspections set to be mandatory, as 31 vessels designated
Maersk returns to Liverpool Group's intra-European shortsea subsidiary to launch new service linking UK port with the Mediterranean and North Africa next month
Stolt-Nielsen launches $30m share buyback Chemical tanker company will purchase its own shares through the open market and private offerings
Euroseas starts time charter for newly delivered bulker Charter runs until January 2020 with option to extend for another year
You don't travel to the future, you create it ABS' Kirsi Tikka addressed an industry audience at Immediasea on some of the innovation and sustainability challenges facing our industry and how we might respond
Pirates targeting ship cargoes via online hacking Criminals identify valuable goods by downloading bills of lading
Troy Container Line launches expanded service to Ireland Emerald Isle Express commenced fixed-day sailing services from all US container freight stations
Otto Marine unit wins chartering contract worth $68.4m Contract for period of five years with option to extend by another five
Impairment charges drag Swiber to 2015 net loss But revenue receives boost from Latin America and South Asia business
US Coast Guard 'U-turn' on box weights shocks safety campaigners Ocean carriers and shippers told by top Coast Guard officer to change their business practices to comply with Solas amendment
US-Asia LNG trade could take five years No major cargo movement in a world of huge oversupply, says Holmwood Consulting boss
Data will drive disruption in the maritime sector, say experts Short-term outlooks based on market fundamentals hinder maritime innovation
AGCS appoints Andrew Whitehouse as London head of marine Head of cargo switches role in internal promotion
Pyxis mulls tanker sales; flips to profit New York-listed products tanker owner also considers acquisitions after first quarter as listed company.
VLCCs may Gener8 interest from buyers New York owner dangling two older units on sales block as it continues to grow through huge newbuilding programme.
Hellenic Carriers plans to go private Greek bulker reports loss amid 'squeezed freight margins' as it prepares to delist.
Finland's Containerships slips to loss Container line hit by falling Russian demand as Q4 result turns red.
Japan utility signs US LNG offtake deal Largest gas utility in Japan will look to US for more supply
Laskaridis vessel causes spill in France Navy aircraft spots long slick behind Liberia-flagged bulker off Brest.
Genting splashes $250m on Nordic Yards Malaysian owner of Star Cruises takes over three more German shipyards in a bid to further its vessel-building ambitions.
World Wide Supply considers vessel sales Bondholder-controlled owner logs heavy annual loss and looks to relieve debt through disposals.
Diana Shipping sees loss more than treble New York-listed bulker owner hit by falling rates and revenues in fourth quarter.
Latvian Shipping slashes 2015 loss Riga tanker owner edges up revenue, but takes $23m hit from property write-down.
Norden logs $285m loss in 2015 after writedown Danish owner's reduced deficit in accordance with guidance as record tanker result not enough to offset dry misery.
Island writes down fleet as it turns red Norwegian shipowner logs full year loss of more than $42.1m, with further lay-ups considered.
Eimskip charters in Gebr Winter boxship Icelandic line adds 2010-built feeder vessel to beef up operations in Europe.
Van Oord snaps up hopper dredger Dutch owner buys 1998-built vessel from compatriot Abeko Marine.
Fredriksen raises $510m through Marine Harvest sale Tycoon cashes in on valuable chunk of fish farm business as he adds to cash war chest.
Norden logs $285m loss in 2015 after big write-down Danish owner's reduced deficit in accordance with guidance as record tanker result not enough to offset dry misery.
James Fisher sees tanker profit jump Products fleet benefits from lower costs and renegotiated charters during 2015.
Zim starts new South American run Israeli container line sending two feederships into Guyana and Suriname.
Solstad wins long-term contract extension Oslo-listed offshore vessel owner secures further employment for one of its vessels until late 2019.
Crewman killed by fall on supramax Seafarer plunges into hold of Chinese bulker in rough seas off Vietnam.
Subsea 7 forced into $657m in write-downs Shipowner has also disclosed that job redundancies announced in 2015 have been increased by 45% to 3,600.
Stolt-Nielsen launches $30m buyback Oslo-listed tanker owner splashing cash on its shares for the second time in little over a year.
Euroseas goes for cashflow with latest fixture Aristides Pittas-led shipowner ties up boxship at reduced rate as new kamsarmax starts earning.
Otto Marine ties-up potential ten year charter Singapore-listed offshore support vessel operator wins FPSO support deal in Australia.
Pirates hacking ships to target cargoes Verizon report says global shipping company suffered data breach, then targeted boardings.
Crane boom collapses at Semcorp Marine yard At least one jack-up newbuilding damaged in latest incident at Singapore rig-building yard.
CMA-CGM stake in NOL edges past 4% French liner giant's acquisition of Singapore rival still on track for 2016 close, say analysts.
Caribbean VLCCs fall to 5-month low on slight inquiry: sources 'The Persian Gulf is dead right now and there are too many ships,' says shipbroker.
Low bunker prices exacerbating dry bulk ship oversupply as ships speed up Handysize owner says it has taken precautions to survive 'dire market' in 2016.
US Gulf Coast fuel oil MOC has most active month ever: data All of the 108 USGC 3%S fuel oil trades in February involved Glencore, Valero, or Vitol.
Novorossiisk bunker fuel shortage to last weeks: sources Resupply next week but outlook still tight.
Rotterdam's LNG bunkering volume soars to 2 mil mt end 2015: port president Twice of Antwerp's, three times more than Hamburg
Crude futures settle higher in choppy trading, WTI tests $35/b Tuesday marked the second time in less than a week that prompt NYMEX crude has flirted with $35/b.
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