BIMCO warns of another tough year for shipping he year 2015 was a tough one for shipping and the outlook for this year threatens further challenges, with weak global economic growth and oversupply of capacity plaguing many sectors of the industry, according to one leading Danish analyst. The negative indicators seen at the end of...
Boskalis to acquire German dredging market leader Strabag Wasserbau Dutch dredging and maritime services group Boskalis has agreed with Austrian construction group Strabag SE to acquire the dredging activities and assets of its German subsidiary Strabag Wasserbau for EUR70 million (USD76 million). Strabag Wasserbau, known until 2013 as Josef Möbius Bau-GmbH, is the German dredging market...
Ocean Signal Appoints Marinplus as Exclusive Distributor in Sweden Ocean Signal has appointed Marinplus AB as its exclusive distributor in Sweden. Marinplus will now supply a comprehensive range of Ocean Signal products, including its rescueME devices and SafeSea portfolio of GMDSS products. A leading provider of user-friendly and innovative solutions to the boating industry in northern Europe, Marinplus is well placed...
First ever dual-fuel cement carrier delivered Greenland has extended the reach of LNG as a marine fuel. Credit: Andrew MarrinkDutch shipyard Ferus Smit has put down a new marker for the industry with the delivery of a dedicated cement carrier powered by dual-fuel machinery. The 7,300 dwt Greenland is the world's first-ever dry bulk cargo vessel...
Bulker operator Hayne Shipping taps into government fund Richard Yang Jin-ho. Credit: Hayne ShippingSouth Korean bulker operator Hayne Shipping has turned to the Korea Credit Guarantee Fund (KODIT) to raise KRW2.5 billion (USD2.1 million) for working capital. The company, led by Richard Yang Jin-ho, will issue bonds that will be underwritten by KODIT, set up in 1976 to offer financial...
Korean shipbuilder HHI could slash more jobs in 2016, warns chairman An HHI shipyard. Credit: HasenpuschSouth Korea's Hyundai Heavy Industries (HHI), the world's biggest shipbuilder, could shed more jobs as it fights to restore profitability in 2016. Its chairman Choi Gil-seon, said in his New Year's address that more consolidation is needed to overcome a slowing world economy and a tough shipping...
No rebound in 2016, says 'K' Line chief Credit: Southern Cross MaritimeThere will be no sustained recovery in the dry bulk or container shipping sectors this year amid overcapacity in the industry and slowing demand for raw materials from China, said 'K' Line president and CEO Eizo Murakami.In his New Year's address, Murakami said that while falling bunker...
Alan Tung drops 'acting' label at OOIL to become permanent CFO Two years after being appointed acting chief financial officer of Orient Overseas International Ltd (OOIL), the parent company of box ship and terminal operator OOCL, executive director Alan Tung can finally hang the CFO nameplate on the door to his office.Tung replaced Ken Cambie as acting CFO after the ship finance...
Supply growth, financing in focus as tanker market enters new year A crude tanker. Credit: Southern Cross MaritimeAs the crude oil market remains well supplied with production and prices consequently low, the demand side remains encouraging, but increasing supply of tonnage raises questions about the sustainability of the current strong cycle in the tanker business. At the same time, investors are...
Cambodia's largest port plans 2016 listing on CSX Sihanoukville Autonomous Port (SAP), the operator of Cambodia's largest port, plans to list on the Cambodia Securities Exchange (CSX) in the first half of 2016. The listing, which will allow SAP to take advantage of tax incentives offered to companies that list on the CSX before 2017,...
Tanker revival will not last forever, says MOL executive It is unrealistic to expect the robust tanker shipping segment, driven by the contango market that has traders buying cheap crude oil to store and wait for higher prices, to last forever, said Junichiro Ikeda, CEO of Japan shipping company, MOL.In his New Year's message, Ikeda acknowledged that although the...
Haifa and Ashdod to handle 3.5 million teu by 2021 Israel is forecasting throughput growth of 40% at the Mediterranean container ports of Haifa and Ashdod over the coming five years. According to Israel Ports, Co., (IPC), the body that oversees the development of the country's three commercial seaports at Haifa, Ashdod, and Eilat, the ports will handle around...
Ship runs aground off Dos Bocas, Mexico A vessel belonging to Singapore-listed offshore services provider Swiber Holdings ran aground off Dos Bocas, Mexico, on 2 January. According to local media, strong winds and waves with the height of up to 2 m slammed into the coastline of the Gulf of Mexico during that time, while 2008-built, 1,475 dwt...
Show me the money: Doom and gloom...ex and then more gloom Container lines braced for profit erosion after terrible third quarter
New Year VLCC rate jumps in Worldscale terms, but earnings soften 2016 Worldscale flat rates are based on much lower bunker prices
Handies open 2016 near all-time low Limited coal and minor bulk cargoes keep rates at depressed levels
DHT sells suezmax tanker to pay debt Fourth-quarter financial report to record $800,000 loss on sale of DHT Trader
Europe and Japan might yield surprising uplift for shipping, says BIMCO Industry group expects tanker earnings to hold firm but container and bulker rates to remain pressured
NTSB mulls further El Faro black box search Images show VDR missing from navigation bridge
Maritime associations launch cyber security guidelines Document promotes risk-based development of cyber security defences
Beijing formally unveils China Cosco Shipping Group Xu Lirong is appointed new entity's chairman
Bauxite mines pollution threatens Malaysian exports to China NGOs threaten to halt transport of ore to east coast ports
Carriers will have to idle more capacity than in 2009 for rates to recover Potential revenue gain of $13bn seen if carriers repeat 2010 rate rebound
Genting Hong Kong completes purchase of Lloyd Werft Subsidiary of Malaysian conglomerate exercises call option to buy a 30% stake worth $18m
Shalabh Mittal quits Mercator parent's board Chief executive's son will continue to serve as boss of Singapore-listed subsidiary Mercator Lines Singapore
Hyundai Heavy sets 2016 order and sales targets lower than 2015 HHI chief executive sets sights on returning to profit this year
China Ocean Shipbuilding Industry's $13m convertible bond cancelled Bond offering was to partly finance LNG business in China
US court rejects Cosco Busan pilot's bid to reinstate maritime licence Capt John Cota had appealed a decision by the US Coast Guard
RasGas cuts price of LNG sold to Petronet by almost half Revised agreement requires Petronet to buy an additional 1m tonnes of LNG per year up to 2028
Going forward in apprehension If you are looking for an illustration of real confidence in the coming year, look no further than the shippers...
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