Grimaldi takeover of Finnlines nears completion Grimaldi Group's Baltic subsidiary, Finnlines, will become wholly owned as soon as the Grimaldi Group and its subsidiaries, Grimaldi Deep Sea and Grimaldi Euromed, have informed the Helsinki Stock Exchange (HSE) of its intention to exercise its right of redemption under the...
Two more Scandinavian banks report higher impairment charges in shipping Two major Scandinavian lenders to shipping have reported an increase in their impairment charges related to the shipping sector. DNB, the Norwegian financial services group, said that the net amount of impaired loans in its transportation and communications business area, that includes shipping, increased to NOK1.10 billion (USD129.2 million)...
North P&I Club Highlights Risks Of Explosions During Cargo Fumigation North P&I Club has published a new free-to-download loss prevention briefing warning its members of the hazards associated with routine fumigation of agricultural products on ships. The warning follows an explosion of pesticide gases on a panamax vessel, loading corn at Paranagua, Brazil, at the end of December 2015. This resulted...
USCG upgrades Zika advice amid maritime concerns The US Coast Guard (USCG) has updated its safety information on the risks associated with the Zika virus to include the potential transmission of the virus via sexual contact or via blood transfusion. In response to concerns aired by the maritime industry, the USCG bulletin (at...
Court rules against Australian crew mutiny Australian seafarers are again staging a sit-in on board a vessel after learning that their jobs in the domestic trade would go to foreign crew on 'third-world' wage rates. Maritime Union crew on board bulk carrier CSL Melbourne in the port of Newcastle refused to sail the...
Bulk carrier goes aground off Singapore's port limits A Hong Kong-flagged bulk carrier is stranded on a reef off the port limits of Singapore, after trying to avoid vessel traffic at a fairway. The 56,853 dwt vessel Ocean Carrier, is managed by China-based Hongda Ship Management. Initially, the 2012-built vessel had embarked on a voyage, transporting iron ore from...
Political risks may hinder Myanmar's port development, analyst says Political risks may hamper the growth of port development in Myanmar, according to UK-based consulting firm Drewry Maritime Advisors, following the country's recent change from military rule to a democratic government. Aden Wong, senior consultant at UK-based Drewry Maritime Advisors, told IHS Fairplay that there is a lack of proper institutions...
Analysis: How South Korean economic stimulus could help shipping The South Korean government is implementing an extended stimulus package in the hope of turning the country's recent disappointing economic performance around. Demand shifts in Asia have hit South Korean industries in recent years. The additional KRW6 trillion (USD4.94 billion) stimulus package is designed to...
Hyundai Heavy Industries cuts loss while HMD returns to profit South Korea's biggest shipbuilder, Hyundai Heavy Industries, narrowed its annual loss for 2015 to KRW1.36 trillion (USD 1.14 billion) from the record loss of KRW2.2 trillion it incurred for 2014. Its subsidiary, Hyundai Mipo Dockyard (HMD), managed to restore profitability by winning more orders, although the main shipyard was hampered by a...
Shandong Shipping may buy Dorian VLGC Chinese state-owned Shandong Shipping Corporation is likely to acquire a very large gas carrier that Dorian LPG is currently building at Hyundai Samho Heavy Industries. Shandong Shipping said in a filing to China's National Equities Exchange and Quotations that its LPG shipping subsidiary Pacific Gas...
Daiichi Chuo Kisen Kaisha receives funding offers, postpones rehabilitation plan submission A glimmer of hope has appeared for Japanese bulker operator Daiichi Chuo Kisen Kaisha, which applied to its country's courts for civil rehabilitation in September 2015. The company was supposed to submit a plan for rehabilitation on 3 February. The deadline has been extended to 1 March as a 'white knight'...
BV classes world's largest specially-built asphalt carrier Classification society Bureau Veritas has classed the 37,000 dwt asphalt carrier Asphalt Splendor, which has recently been delivered to international shippers Sargeant Marine. Built by AVIC Dingheng Shipbuilding (ADS) on the Yangtze River in Jiangsu Province, China, the vessel is the first of two designed by the...
Taiwan implements environmental management system at all major ports Taiwan International Ports Corporation (TIPC) expects to have an independently audited environmental management system in place for all ports under its jurisdiction by the end of 2017. TIPC secured EcoPorts certification for the ports of Keelung and Taichung at the end of last year and has targeted...
Tumbling profits put credit ratings of Japan carriers under pressure Two of Japan's big three shipping lines sailed into the crosshairs of Moody's ratings agency, with the outlook of Mitsui O.S.K. Lines being reviewed to negative and K Line heading for a downgrade as weaker than...
China Cosco Shipping to kick off operation in Shanghai China Cosco Shipping Corporation, the newly formed entity through the merging of Cosco Group and China Shipping Group (CSG), will begin operation in Shanghai on 18 February, according to local media. The combined entity will be led by Xu Lirong, the current chairman of CSG, while Wang Haimin, the current...
Australia detains coal carrier for MLC breaches Australian port state control on 3 February detained Panama-flagged 85,959 gt coal carrier Hope 1 in the port of Newcastle for breaches of the Maritime Labour Convention (MLC). The Newcastle Mission to Seafarers tipped off the Australian Maritime Safety Authority (AMSA) this week after receiving a complaint from its counterpart in...
Choppy waters ahead for LNG shipping Accelerating fleet growth and changing trade patterns cast shadow on LNG shipping this year
Diana Shipping acquires three panamaxes from chief executive's daughters En-bloc transaction marks first time Diana has acquired vessels from related entities
Prudence is wise, says DHT's Munthe Leading crude tanker owner says its actions are sensible business, rather than a battening down of the hatches
BDI falls below 300 points for first time Index weighed down mainly by supramax and handysize
NAO keeps PSVs on the water as revenue slides Owner views lay-up as a risk to vessels' systems
DNB profits rise to $795m for 2015 but shipping impairments surge Industry's biggest lender performs in line with analyst expectations
Great Eastern Shipping profits boosted by crude carriers Time charter yield of GES's crude carriers increased significantly by 60% in 2015
Moody's downbeat on MOL and K Line Rating agency downgrades MOL and puts K Line under review for downgrade in wake of revised results for expected full-year earnings
XL Catlin bottom line hit by nat cat and takeover costs Operating income at Lloyd's insurer down 30% to $706m
Lines' schedule reliability remains high in December Wan Hai scores highest on-time performance in the final month of the year as carriers continue to outperform 2014 levels
Grimaldi to redeem remaining shares in Finnlines Arbitration proceedings opened to buy up last 2% of Finnlines shares
UN's Ban Ki-moon calls on IMO to 'translate' Paris Agreement into tangible results UN secretary-general pays visit to newly appointed IMO secretary-general Kitack Lim in London
Georgia Ports director steps down Griff Lynch to succeed Curtis J Foltz as the new executive director
Russia and China weigh on HHLA results Revenues down as throughput at key terminals falls
Beazley sees full-year profits up 8% to $284m Dublin-based Lloyd's insurer mulls return to London
MHI's shipbuilding and transport division reports rise in commercial ship orders Division's operating income is up 31% in first nine months
HHI reports $1.1bn loss Pain continues from offshore collapse, but shortfall was less than the $1.8bn posted for the previous year
Offshore weakness weighs on Malaysia Marine and Heavy Engineering results Tough operating environment in upstream segment projected to persist well into 2017
MES results weighed by losses in offshore vessel building segment Subsidiary incurred $32m losses in second quarter due to repeat vessel design changes
Ardmore Shipping reports $5.4m profit for fourth quarter 2015 Despite positive outlook, results snap four-quarter streak of higher earnings leading to 10.3% share price drop
Capital Product Partners secures new employment for two container carriers Both charters to commence in April 2016
Safe Bulkers clinches amended $145m credit facility with DNB Offer from owner's major lender will ensure 'comfortable' repayments to 2022, says company
Westports sees 12% rise in 2015 profit before tax Strong container throughput, lower fuel costs and reduced administrative expenses boosted results
Navios Maritime Partners makes rare dividend suspension for an MLP Wall Street surprised, though analysts pragmatic about company's decision
No truth to Dorian LPG newbuild sale rumour Company would not sell a new VLGC at that price, says gas shipping source
DHT Holdings posts 14% increase in fourth-quarter net income Tanker company benefited from strong market, vessel additions and lower bunker costs
Storage window opens, but not for long Wells Fargo's Webber says floating storage economics work for two to three months.
Shell: China LNG demand growth to slow Oil executives see challenges for China and other LNG importers to keep up pace.
Clipper ship arrested in charter dispute Haimark Line claims cruiseship incident helped drive it into bankruptcy.
New life for storied US cruise ship? The SS United States, which has not sailed in 47 years, may ply the oceans again.
Shells delays FID on LNG, offshore plans Capex cuts continue as energy markets remain weak.
'DHT not battening down the hatches' Executives say actions have been prudent as they look to build a company with long legs.
Diana bags bulker trio in distressed deal Simeon Palios-led owner buys three panamaxes from his daughters.
Quick fix: guess Friday's BDI number here TradeWinds challenges its well-informed readers to predict the latest lurch in key bulker index.
Krasnoye closes on Azeri tanker order Russian yard in talks over two crude and products carriers for growing Caspian Sea trade.
Frangou: We could buy dry and layup Greek tycoon says option open to purchase bulkers and make money while they sit idle.
Golden Flame to torch second panamax bulker Greek owner scrapping second vintage vessel in quick succession.
NAO turns red in 2015 but keeps paying New York-listed owner reports loss for the fourth quarter and the full year but maintains payout of $0.12 per share.
Maintenance failings blamed for deck collapse UK report says neglect contributed to fall of mezzanine level on Wightlink ferry.
Crude carriers offset dry slump at GES Indian shipowner makes more money in the third quarter thanks to a good performance from its tankers.
CSL faces Aussie crew protest More domestic seafarers refuse to leave their ship in row over cheaper foreign seafarers.
Hyundai Mipo Dockyard falls to net loss Korean shipbuilder slips into the red for Q4, but posts operating profit.
A2Sea jack-up capsizes off Denmark Barge overturns following grounding last week after tow line broke.
Hyundai Heavy reports "shocking" results World's largest shipbuilder posts ninth consecutive quarterly operating loss due to offshore business slump.
Western Bulk Shipholding seeks speedy solution Arm of Oslo-listed company writes to shipowners to request rate cuts.
Damen clear to buy Asian yard Dutch shipbuilder wins state approval to buy 70% of Song Cam Shipbuilding in Vietnam.
Giant CSCL boxship runs aground One of the world's biggest vessels stuck in Elbe river en route to Hamburg.
Annual loan impairments increase to $265m at DNB Norwegian bank pushes up 2015 profit, but the shipping book continues to be under pressure.
Hanjin Heavy Industries cuts net loss by 24% in 2015 Restructuring Korean shipbuilder reduces red ink as revenue rises by nearly a quarter.
Capital charters out two boxships Tanker and boxship owner announces new charters for redelivered vessels.
Norbulk equips 70 vessels with onboard cat fines test kit Helps detect abrasive catalytic components in the fuel oil before it enters the system.
GLOBAL VLCC TRACKER: Landings into Asian demand centers rise Freight rates continued to fall last week continuing January's trend.
Aqualis Offshore wins LNG bunker barge study Says the LNG bunkering/transport barge will operate offshore in the US.
Greek port workers' unions plan 24-hour strike Thursday This is the second strike in two weeks.
UAE's Topaz adds 100th offshore support vessel AHTS vessels make up one-third of fleet.
Nigeria seeks EU help in fight against oil theft, corruption Theft cost the West African country some 250,000 b/d and billions of dollars in lost revenues.
The Suez Canal Authority has announced that it will introduce surcharges on transit tariffs through the Egyptian canal for most major cargo vessels, effective July 15.
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