Liquidation looms if Paragon bond exchange fails Paragon Shipping CEO Michael Bodouroglou has explicitly warned that if bondholders do not accept an offer to exchange notes for equity by the 18 March deadline, the next step may be liquidation and "zero recovery" for investors. The interest payment grace period on...
VLCC rates remain firm and outlook encourages, but shares languish Spot freight rates for VLCC tankers have remained firm after ending last week in the region of USD90,000 per day or double the level of the week before. However, share prices of many listed tanker...
Songa Offshore plans to restructure its finances Cyprus-based rig owner Songa Offshore plans to restructure its finances by offering a convertible bond, raising fresh equity and by changing the terms and conditions of existing bonds and loans, the company said in a statement. The plans call for the issue of a subordinated convertible bond of...
DNV GL plans a "tight ship" for a slow year DNV GL has warned that it must now "run a tight ship" to survive the multiple challenges facing the oil and gas and shipping industries. Speaking to the press in London recently, CEO Knut Ørbeck-Nilssen said that...
Containers - the wait is over Following the beaching of MSC Napoli in 2007 all the containers removed from the ship were weighed. About 660 containers had remained dry and, of these, 137 were found to be more than 3 tonnes different from the declared weight. The largest single difference was 20 tonnes, and the total weight...
Low bunkers, strong intra-Asia trade drive SITC profit up 19% Solid trade growth between China and Southeast Asia and low bunker fuel prices offset falling freight rates and revenue at Hong Kong-listed container line SITC, lifting the regional container line to a 19% net profit in 2015 compared to the...
Golar LNG delays FLNG work at Keppel Golar LNG, the LNG shipping entity in John Fredriksen's empire, is pushing back work to convert two of three LNG vessels into floating LNG vessels. In July 2014, December 2014 and July 2015, Golar LNG contracted with Singapore's Keppel Corporation to convert its existing...
Hanjin Shipping aims for USD420.7 million in savings to tap government fund Eyeing assistance from the South Korean government's shipping fund, Hanjin Shipping is planning more extensive debt restructuring to create KRW500 billion (USD420.7 million) in aggregate savings by 2021. This would be done through lay-offs and reducing other operating expenses. The company is also hoping...
'K' Line decides against early charterhire cancellations Japanese carrier 'K' Line has told IHS Fairplay that it has eschewed early cancellations of bulk carriers on long-term charters, opting to take a slightly different route from its compatriot peers Mitsui OSK Lines and NYK Line. 'K' Line, which...
China reports notice to restart USD1.4 billion Colombo port city China said the investors involved in the controversial USD1.4 billion port city project in Sri Lanka were informed in a letter by the Sri Lankan government that construction on the project could recommence immediately following its suspension in March of 2015 and again in February of this year. Chinese state-media said...
Qube-Brookfield bid for Australia's biggest container terminal gets the nod Qube Holdings and Brookfield Infrastructure won the approval of Asciano to jointly acquire Australia's largest container terminal business, Patrick, for AUD2.915 billion (USD2.17 billion) on 15 March 2016. Asciano announced the new deal to the Australian stock exchange as part of an AUD12 billion takeover and carve up of its port...
Singapore bunker sales down in February Singapore's bunker sales for February 2016 has fallen to 3.5 million tonnes, down 16% from January's sales volume of 4.2 million tonnes, based on the preliminary estimates from the Maritime and Port Authority of Singapore (MPA). However, the sales volume in February 2016 was a 3% year-on-year (y/y) increase from 3.4...
More shipping companies seek to drop public listings Greece's Dragnis family is seeking to buy the remaining ships of Goldenport Holdings, a company the family took public on the London Stock Exchange a decade ago. It is the third public shipping company to opt for privatisation in the past three months. In...
Maersk takes over Danish broker Lanic The pair will focus on synergies in dry bulk amid dire market
VLCC spot rates surge on discharge delays in Asia Delays in Asia tighten up the spot market for the big 2m barrel crude tankers, although charterers managed to shave a few dollars off vessel earning power on Tuesday
Charterers and owners must work together to resolve chemtanker age impasse Charterers demand young ships, but owners are not paid enough by charterers to invest significantly in modern chemical tankers
TEN posts sharp increase in profits Tanker market to stay 'in healthy territory' says Tsakos
Maritime industry joins push to curb illegal wildlife trade Buckingham Palace Declaration targets hotspot routes and ports used by traffickers
Little joy for owners in charter market Feeder sector the only bright spark in an otherwise gloomy affair
Liberia calls for ballast water treatment systems extension Proposal to change recently agreed IMO Assembly resolution amending compliance dates opposed by Japan
Supramax rates near two-month highs on rising cargo demand Market gains optimism on the back of increased steel and cement shipments
Bumi Armada takes legal action against Woodside for contract termination Malaysian company looking to claim damages from Woodside in Australian court
INTTRA calls for more preparedness ahead of box weighing rule Shippers seek clarity on cut-off dates for VGM submission, INTTRA says
IBIA joins Trident Alliance in raising concerns over global sulphur cap Both organisations to push jointly for full compliance with sulphur limits across industry
HMM swings to loss Carrier debt ratio hits 2,007%
MOL appoints chief country representatives for Asia and Oceania New positions allow MOL to tailor transportation services to meet respective countries' needs
Sinotrans Shipping losses widen to $81.5m Group to enter liquefied natural gas Arctic shipping business in order to diversify risk
China Cosco appoints Deng Huangjun as new chief financial officer Mr Deng is also deputy managing director at Cosco Pacific
Moody's downgrades Adani Abbot Point Terminal Pressure in coal sector could see more counterparty contracts not renewed or subject to early termination
Gener8 Maritime delivers in-line result New York-listed tanker owner reports $45.5m in net income, just as analysts predicted.
CLdN inks order for up to six ro-ros in Croatia European shortsea specialist books two firm ships at Uljanik and four options.
GulfMark settles PSV spat with BAE Systems Agreement ends arbitration over delayed vessels and frees offshore vessel owner from capital commitments.
Leadership change at Odfjell Terminals Tank storage arm of Norwegian chemical tanker owner appoints Vopak's Erkelens as CEO.
Anchor-handler scrapping fell in 2015 Figures from Banchero Costa reveal the need for more vessels to be sent to breakers to balance weak market.
Golar LNG Partners downgraded by DNB MLP sees rating cut after spike in market value since late January.
Detained boxship to be scrapped Veteran Greek vessel that lost power off France has reached the end of the road.
Seanergy eyes acquisition opportunities Bulker owner says quality tonnage is available at historically low prices as it swings to 2015 loss.
Lindblad adds $45m to Credit Suisse loan Nasdaq-listed cruiseship group extends credit facility as it falls to loss in fourth quarter.
GasLog adds an extra $100m to shelf New York-listed LNG owner takes shelf filing in line with MLP.
Tsakos Energy: best result this decade New York-listed tanker owner rides strong market to a fivefold increase in annual net income.
VLCC rates race to 'pretty exciting' levels No reason for this market not to remain tight, Paddy Rodgers says.
Global Ship Lease buys bonds worth $28.4m New York-listed boxship owners completes offer to repurchase notes in order to cut its debt.
Fatigue blamed for Canadian tanker grounding Master ordered port turn but helmsman continued to apply starboard rudder, accident report finds.
Celebrity snaps up Galapagos cruise duo Royal Caribbean brand buys vessels to expand operations to the famous islands.
HMM's 2015 loss hits $525m Restructuring Korean shipowner racked up large part of annual deficit in final quarter.
Post 2000 built boxship brace heading for scrap Containership pair sold for demolition in Bangladesh, sources say.
Uni-Tankers looks to grow after refinancing Chemical tanker owner strikes debt reduction deal with Danske Bank and gets $30m cash injection.
IHI pulls out of Brazilian yard Japanese group transfers all of its equity in shipbuilder to domestic shareholders.
Greek fleet growth continues at troubled time New high of of 4,092 vessels seen in 2015, Greek Shipping Co-operation Committee figures show.
Pacific Basin keeps eye on distressed deals Bulker owner says inflection point will come from unexpected factors as latest downturn drags beyond 1970s and 1980s depression.
Faulty piping caused Istra Ace spill US Coast Guard's investigation reveals reason behind leak of heavy fuel in Los Angeles.
Seaspan yard wins $49m newbuild finance Canadian shipbuilder receives state cash to construct research and supply ships.
Shetland Line loses $18m ferry case Scottish owner had sued government over award of £243m contract to Serco in 2012.
Marathon drops down inland marine business to MLP The fourth largest refiner in the US to receive $600m worth of stock for tug and barge fleet.
Singapore container volumes continue to slide Weak Asia-Europe trade and liner alliances shake-up take their toll on box throughput.
China seeks more crude oil imports from Nigeria Potential boost for suezmax tankers as China looks to increase imports from West Africa.
YZJ passed on 40% of orders over payment terms Chinese shipbuilder said to have adopted "unwavering stance" in face of weak shipping markets.
Ireland: Suppliers, ships liable to fines up to Eur12.7 million for breach of MARPOL Annex VI Offenses under EU sulfur regulations liable to fines up to Eur300,000.
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