Marine insurers call for car carrier re-design after Modern Express loss Marine insurers may well be on a collisions course with the maritime market after the Modern Express incident prompted further calls for action from underwriters. Insurers have expressed concern over the safety of car carriers following the accident earlier this week. It has seen the association that represents the world's marine insurers call...
Meyer Turku receives gantry crane as investment kicks in Meyer Turku, the Finnish subsidiary of Germany's Meyer Werft group, has said it will buy a new 1,200-tonne gantry crane at a cost of EUR30 million (USD32.7 million). The crane will be delivered in 2018. This is the...
Shipbuilder HHIC deteriorates into loss South Korean shipbuilder Hanjin Heavy Industries & Construction, which is being managed by its main creditor Korea Development Bank now, incurred a KRW228 billion (USD193.4 million) loss for 2015, reversing a KRW71.7 billion profit for 2014. HHIC attributed the loss to cancelled bulk carrier orders...
India's inland waterways authority promises assured depth dredging contracts Inland Waterways Authority of India (IWAI), the agency tasked with developing the country's vast network of unexploited waterways for moving cargo, will opt for assured depth dredging contracts. This is to assuage one of the main concerns of private investors looking to put money into inland water transport sector -...
Quiet VLCC market worries analysts Activity on the VLCC market is less than the beginning of last year and spot freight rates languish under USD 50,000 per day as a result, which is troubling shipping analysts at Pareto Securities in Oslo. "Despite decent activity last week rates...
Pacific Carriers asks to lower time-charter rates As the dry bulk freight market continues to worsen, Pacific Carriers Ltd, the holding company of Malaysian Bulk Carriers, has caused a stir among Japanese ship owners by unilaterally paying half the agreed rates on long-term chartered-in tonnage. Sources in Japan's shipping community told IHS...
Royal IHC building unique dredger for DEME The multifunctional 15,000 m3 trailing suction hopper dredger that Netherlands-based Royal IHC is building for Belgium dredging and offshore giant DEME Group will be able to work in shallow water, environmentally-vulnerable areas, and dredge hard soils. Named the Bonny River, it will be...
Dry bulk gloom hits China's shipbuilding industry The Baltic Dry Index's deterioration to a historic low in 2015, has battered China's ambitions to be the world's top shipbuilding nation. Figures compiled by Italian shipbroker Banchero Costa show that based on the mainstream deep sea ships (bulk carriers over 20,000 dwt, crude and product tankers...
Bolloré to build new Timor-Leste port Paris-listed Bolloré Group was selected to build and operate a new USD424 million port close to Dili, capital of Timor-Leste. The project involves construction of a container and general handling cargo port on the southwest side of Tibar Bay, around 10 km west of Dili. The...
Record 2015 throughput not enough to boost Westports profit Malaysia-listed port operator Westports Holdings (Westports) posted a 1% drop in net profit in 2015 despite recording all-time high container throughput of 9.05 million teu for the year. The company's net profit reached MYR504.9 million (USD119.8 million), slightly below the 2014 figure. Revenue rose 7% to MYR1.68 billion in the...
Indonesian port operator to upgrade seven eastern ports Indonesia's state-owned port operator Pelindo III has budgeted IDR1 trillion (USD72.4 million) to upgrade and develop seven ports in the eastern part of the huge Southeast Asian archipelago. The ports are Kalabahi Port, Lorens Say Maumere Port, and Waingapu Port that are located in East Nusa Tenggara, Sape Port in West...
Mitsui Engineering & Shipbuilding diversifies into FPSOs Japanese shipbuilder Mitsui Engineering & Shipbuilding which has specialised in bulk carriers, has diversified into FPSO chartering as new ship orders have declined. MES has 14 bulkers on order and it expects to complete the last of those orders in 2018. On 1 February, MES established an FPSO Business Section...
Songa Offshore SE closes offices, plans to cut 200 onshore jobs Songa Offshore SE has closed offices in South Korea and Aberdeen, Scotland, and plans to reduce 200 onshore jobs as part of its corporate restructuring programme. Bjornar Iversen, CEO of Songa Offshore SE, attributed the rationale of office closures and job cuts to the depressed offshore drilling market, owing to...
Lloyd's Register wins USD0.7 million Hambantota port inspection job Lloyd's Register (LR) has secured a contract worth GBP0.5 million (USD0.7 million) to handle key safety and quality checks at LAUGFS Gas' liquefied petroleum gas (LPG) terminal at Hambantota port, Sri Lanka. Under the contract signed with Sri Lanka-based LAUGFS Holdings, the LR team will cover...
US Coast Guard authorisation seeks Obama sign-off Moving LNG on US-flag vessels, bolstering security at foreign ports, and enhancing Arctic navigation were some of the provisions included in a US Coast Guard bill that now awaits White House approval. The Coast Guard Authorisation Act, which provides USD9.1 billion to the...
Non-US marine insurers can now quote Iran business, IUMI confirms But ongoing Washington restrictions could hold back return by P&I clubs
Hyundai claims it is owed another $178m in bitter dispute with Fred. Olsen Hyundai's claims hold no merit and will be vigorously refuted, declares Norwegian offshore company
Panamax hits new record low South American grains moving east the only flicker of hope for market now
Product tanker rates soften amid chartering lull Despite dips this week, market is strong by historical standards
Tidewater cuts loss with a quarter of fleet in lay-up Loss eased by lower impairments as 70 vessels are stacked at end of 2015
The fall and rise of Euronav Anatomy of a transformed crude tanker company
Idle box fleet falls in lead-up to Chinese New Year But numbers will soon rise with analysts anticipating a post-new year deluge
Marine insurance faces challenging 2016, warns Dieter Berg IUMI conference will highlight effective underwriting in a changing environment
Navios Partners axes remaining cash distributions 'Painful' but 'very viable' decision to redirect cash towards potential acquisitions, says Angeliki Frangou
Tianjin blast could cost marine insurers $3bn Assessment efforts hampered by attitude of Chinese authorities, IUMI warns
London Gateway reaps rewards of UK storms River Thames port has received 25 ad hoc calls diverted from Felixstowe in recent months due to high winds
Correction Photo error in tanker hijack story
Bourbon to keep up to a fifth of fleet stacked as 13 more ships are laid up Currency gains mask fall in full-year revenue in continued market slump
Iron ore exports from Port Hedland to China fall 12% Lower demand from China and cyclone port closure affect export volumes
Royal Caribbean sees 42% rise in 2015 adjusted net income Figure excludes $399.3m non-cash impairment charge incurred from Pullmantur brand refocus
Civmec completes purchase of Australian shipbuilder Acquisition to help strengthen company's presence on Australia's east coast
Hyundai Group unveils measures to help shipping line HMM Conglomerate to sell three financial subsidiaries via open bidding
Damen gets government approval to buy stake in Vietnam yard Partnership to gradually reduce Vietnamese authorities' share of the business
ABS inks pact with Cosco on trans-Arctic shipping Partners to expand Cosco's use of the Northeast Passage, explore navigational routes in the Northwest Passage and develop ice-class ships
Norway exempts annual fees for laid-up offshore support vessels Exemption expected to save the industry around $265,000
Maersk Line picks Hong Kong for Asia region HQ Carrier cuts number of regional offices to seven
Suezmax market sees mixed sentiment on week's fixtures Flurry of Middle Eastern inquiries contrasts with sluggish activity elsewhere
VLCC market propels DHT Q4 Tanker owner hits profit marks and says its shares are "attractive investment."
Capital Product charters out two boxships Tanker and boxship owner announces new charters for redelivered vessels.
Capital charters two boxships The diversified tanker and boxship firm announces new charters for redelivered vessels.
Ardmore share price plunges after miss New York-listed products tanker owner sees stock shed 13% as dividend declines.
Navios Partners drops after payout chopped MLP sees market value tumble after investor payout is iced but purchasing kitty well-stocked.
DNV and Russians signal detente Deal aims to push through rules for classing ships plying Arctic waters.
Petrobras exec faces 12 years in jail The $2.1bn "Lava Jato" case grinds on as TMT head remains out of reach.
Ship inspector lied to HK crash inquiry Wong Kam-ching convicted of perjury in trial relating to life-vests on board Lamma IV ferry.
Safe Bulkers pushes out debt again Greek owner wins deal from DNB to push back $145m loan by two years.
General strike to hit Greek ports Dockers to participate in industrial action against Syriza's new insurance and pension plans.
HMM creditors demand 30% charter cuts Korean owner needs to slash fleet costs if it wants to access fresh funds.
Navios Partners ends dividend as profit falls The bulker and boxship company said cash needed as dry powder for S&P deals.
Ardmore stays bullish despite earnings miss Anthony Gurnee-led owner falls short of forecasts in the final quarter of 2015.
Lyubov talks go on as crew wait 14 Russian and Ukrainian seafarers still in limbo in Spain as cargoship manager changes.
Tidewater reduces third quarter loss New York-listed owner sees cost reduction programme bear fruit hot on the heels of payout suspension.
Drifting cargoship anchored off UK RNLI says Aasvik lost power south-east of Tenby on Monday.
WEC Lines launches new run Dutch feedership operator linking Iberia to northern Europe.
Subsea 7 renews long-term North Sea deal Offshore vessel owner clinches strategic agreement with six oil companies as it buys back more bonds.
Mitsui Engineering lowers 2016 forecast Big losses from the construction of four ships hurt the Japanese shipbuilder in the first nine months to December.
Vietnamese bulker burns off Haiphong Firefighters tackled blaze in accommodation block of South Star in Tonkin Bay.
Arpeni Pratama delays bond payments Indonesian shipowner keeping hold of cash until restructuring is complete.
Daiichi seeks cash from creditors Bankrupt Japanese owner delays rehabilitation plan as it chases new investment.
Bourbon lays up another 13 PSVs French owner says demand decreasing and more stacking could be carried out as it combats downturn.
BP cancels Oceaneering charter Oil major scraps deal for Houston company's offshore support vessel.
Jungerhans orders up to eight feeders German owner heads to China for four firm 1,000-teu ships, with options.
Bourbon lays up another 13 offshore supply ships French owner says demand decreasing and more stacking could be carried out as it combats downturn.
Maersk Line consolidates Asia HQ in Hong Kong Danish liner giant downsizes Singapore operation as it combines two Asian regions into one.
Maersk Line shifts Asia regional HQ to Hong Kong Danish liner giant downsizes Singapore operation as it consolidates two Asian regions into one.
Songa Offshore to slash staff and close offices Arne Blystad-backed drilling rig operator latest offshore company to announce staff cuts.
HPH Trust ends the financial year in the black Hong Kong and China port operator says to focus on tariffs and cost improvements in 2016.
Resolve recruits Costa Concordia salvage master Industry veteran joins Florida-headquartered company as part of its global expansion.
Subsea 7 set to exit Singapore for KL Rising costs of doing business in Lion Republic said to be behind decision to switch cities.
GSL to buy up $28.4m in bonds New York-listed containership owner to use excess cash flow to cut debt.
180 CST fuel market shrinks on regulation, market economics Fuel becoming obsolete with just pockets of demand persisting.
US DATA: EIA says fuel oil stocks saw largest weekly build since November US residual fuel oil stocks rose nearly 1 million barrels in the week that ended Friday.
COSCO, ABS to work jointly on trans-Atlantic shipping developments Voyages between core Asian, European ports could be cut by 4,000 miles
Russian refineries cut January throughput on poor economics Attractiveness of Russian fuel oil exports deteriorated significantly due to weak fuel oil prices in NWE.
Egypt's EGPC opens $400 mil letter of credit for Q1 fuel imports: report 500,000 mt of fuel oil is required monthly in Egypt.
ExxonMobil to bring 6 upstream projects online in 2016, add 250,000 boe/d capacity Refineries investments to generate higher value product yields: bunker fuel oil to ULSD
Novorossiisk bunker prices rebound as product overhang clears Earlier weather delays now cleared.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
phone: +39.010.2462122, fax: +39.010.2516768, e-mail
VAT number: 03532950106
Press Reg.: nr 33/96 Genoa Court
Editor in chief: Bruno Bellio No part may be reproduced without the express permission of the publisher
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
