Anthem for cruise shipping It's interesting to read online opinions about whether cruise ship Anthem of the Seas, which encountered severe weather in the Atlantic last month, was an accident waiting to happen or a professionally-controlled escape from tragedy. Clearly the range of views is diverse. One report confirmed that the Super Bowl enthusiasts were...
Comment: Bulker scrapping spike highlights sector woes January 2016 has seen a remarkable increase in dry bulk vessels being recycled in comparison to January 2015's figures. The bulk shipping sector is in trouble. After the steady rise in freight rates through 2004 to the 2008 peak, the industry has been in...
Fourteen crew missing after cargo ship sinks off Indonesia Fourteen seafarers are missing after an Indonesia-flagged cargoship sank in the Arafura Sea off Asmat, Indonesia. The 577 dwt Azula, built in 1992, is managed by Indonesia-based Berlian Samudra Pacific and was underway from Surabaya heading to Asmat in the Papua Province of Indonesia carrying...
Captain of 'death ship' takes stand in Australia The former captain of Sage Sagittarius, dubbed the 'death ship' by Australian media, took the stand at the Sydney inquest into the death of two crewmen on the NYK coal carrier in 2012. In today's hearing at the Glebe Coroner's...
Mitsui Engineering & Shipbuilding takes over OSV orders Japanese shipbuilder Mitsui Engineering & Shipbuilding has taken over the construction of four offshore support vessels from its subsidiary which has been struggling to complete the work. MES, whose yards are in Tamano and Chiba, said it would be taking over the work from Niigata Shipbuilding & Repair,...
Hyundai HI considers IPO for Hyundai Oilbank Hyundai Heavy Industries, the world's biggest shipbuilder, has today reported to Korea Exchange that it is considering an IPO for its oil refining arm, Hyundai Oilbank, in response to rumours that it was going to sell the business to reduce its debts. At 31 December 2015...
How Nigeria can fulfil its maritime potential Nigeria's maritime sector has received a lot of bad press: allegations of corruption, piracy, oil theft, last year's tanker ban, as well as failing to deliver on key maritime legislation, including the amendments needed to the nation's cabotage laws. Despite this, Nigeria's president, Muhammadu Buhari, says he is committed to realising...
Sixty million dwt of dry bulk capacity scrap sales in sight for 2016 The pace of demolition sales of dry bulk carriers has accelerated in recent weeks so that if the current pace would be maintained throughout the year, close to 60 million dwt would leave the fleet compared to an estimate of 55.2 million dwt...
Market conditions and vessel future earnings force Farstad to book new impairment charge Prevailing market prospects as well as the uncertainty related to the vessels future earnings have led to offshore service vessel owner Farstad Shipping booking a NOK1.094 billion (USD127 million) impairment charge against the value of its fleet in its 4Q15 accounts, which...
Singapore launches technical reference for bunker mass flow meters Singapore on 16 February launched the technical reference (TR48) for bunker mass flow metering, aiming to prepare the bunker industry for the mandatory use of mass flow meter system (MFMS) in Singapore port beginning 1 January 2017. The TR48 is a technical document covering a set of core requirements for metering...
Havila to stop finance payments and continue operations during creditor negotiations Fourth-quarter impairments of $161m revealed as 2015 financial results delayed
Dry bulk pundits call on owners to show discipline Industry needs to keep up scrapping rate in 2016 just to remain at par, says Allied Shipbroking
Teichert predicts spate of KG insolvencies in next few weeks Some tankers doing well, but do not presage widespread return to health, Lloyd Fonds chief executive warns
It's a myth that Greek shipowners are not taxed, says maritime lawyer Attorney Christos Timagenis argues special treatment for shipping is not unique to Greece and government must forcefully defend the existing regime
Shippers' group to attend FMC meeting AgTC to have its say on Solas container weighing rules
American Shipping Co profit fall fuels merger speculation Could this be the year AMSC merges with OSG?
Moody's cuts Teekay Corp ratings amid reduced financial flexibility Company faces near term refinancing risks
Havila Shipping's revised restructuring proposal falls through Company did not receive required two-thirds majority approval from bondholders
Shandong Shipping embarks on management reshuffle Company adopts contract administration for senior management
Farstad Shipping to incur $127m impairment charge for fourth quarter of 2015 Company in drive to cut administrative expenses at Aalesund office
Tanker Investments launches offer to buy back 1.1m shares Offer represents 5.2% premium to Tuesday's closing share price
Viking Offshore & Marine swings to a loss on impairment charge But revenue rises on contributions from asset chartering segment
New mega alliance may be looming to challenge 2M lead CMA CGM and China Cosco in talks to form "CCEO" alliance with Evergreen and OOCL
TEN increases quarterly dividend by 33% to $0.08 Dividend rise supported by major oil companies' demand for long-term time charters
Carnival aims to raise $551m in bond drive Euro-denominated bonds to bolster coffers of world's largest cruiseship owner.
Ocean Yield sees jump in quarterly profit Lars Solbakken-led company declares ninth dividend increase since July 2013.
Is Scorpio Bulkers looking to go private? Annalisa Lolli-Ghetti's revised holding could suggest a new path awaits New York-listed owner.
Suezmax spot rates pull back after surge Spot rates retreating this week as VLCCs muscle into West Africa market.
Hornbeck sued over chemical exposure HOS Renaissance crewman alleges in $10m complaint that hydrogen sulfide emanated from drilling fluids.
IRISL signs MoU with German agent PWL With the first Iranian vessel port calls expected shortly, national carrier finds representative in three countries.
Havila vows to fight on as it takes $161m hit Norwegian owner decides to maintain operations as it seeks new deal with creditors in "very challenging" market.
Crewman's body found off Malaysia 31-year-old seafarer fell from Fast Offshore Supply ship on Sunday.
Diana sends oldest boxship to breakers Nasdaq-listed company picks up over $5m from demolition sale.
Guggenheim and Bank of America take a NAP Investment heavyweights emerge as stakeholders in Navios Maritime Midstream Partners.
Norstar joins forces with ex-Sokana team Singaporean owner and manager sets up new US venture with Lars Ebbesen and Olav Ekeberg.
WFP ship diverted from Yemen Mainport vessel taken to Saudi Arabia in mix-up over paperwork for humanitarian cargo.
Bharati Shipyard racks up $133m loss Indian shipbuilder posts bigger deficit in third quarter as revenue remains tiny.
Sveaas offers route into WB Chartering Investors in remaining public company given chance to buy back into newly private business.
Boa gets full refund from Nantong Mingde Norwegian offshore vessel owner banks remaining 50% of cash owned from cancelled newbuildings.
Knutsen aframax grounds off Brazil Norwegian tanker gets stuck on sandbar in bad weather off Sao Sebastiao.
Royal Caribbean in $25m buyback move Cruise giant takes latest step in share repurchasing effort.
Tanker 'sailed over UK group's wrecked car' Captain of Sirius Shipping's Tellus mistook Viola Beach's vehicle for mass of snow following fatal plunge from Swedish bridge.
Wartsila wins dive support vessel contract Finnish company to design "most sophisticated ship" for China's Shanghai Salvage Bureau.
CMA CGM, Cosco 'exploring partnership' Alphaliner says Evergreen and OOCL could also be involved in mega-alliance to challenge 2M.
'Death ship' master gives first evidence Sage Sagittarius captain questioned over whereabouts at time of cook's death on bulker.
American Shipping Company hikes payout Jones Act tanker owner pledges to continue paying dividends in 2016 despite smaller earnings in Q4.
'Death ship' master gives first evidence at inquest Sage Sagittarius captain questioned over whereabouts at time of cook's death on bulker.
Teekay upgrades LNG newbuild into FSU DSME says one of its multiple gas carriers for giant owner will be converted for floating storage.
Bonheur hit by $159m impairment Fred Olsen holding company driven to net loss in Q4 despite revenue rise; operating earnings grow.
Algoma wins Nantong newbuild fight London panel rules in favour of Canadian owner over trio of contracts signed with bankrupt yard.
Danaos returns to profit in Q4 thanks to lower impairments John Coustas-controlled shipowner ends the year in the black despite terrible market conditions.
Moody's downgrades Teekay rating and cuts outlook to negative Rating agency says MLP dividend cuts have diminished stand-alone financial flexibility at parent.
CMA CGM ramps up NOL share buying French liner giant buying stock in takeover target on an almost daily basis, regulatory filings show.
Dynagas aims for more cover as profit dips Fourth-quarter result comes in slightly below expectations as company touts term charter backlog.
Tufton Oceanic looking at tanker buys Paulo Almeida explains where the fund manager is looking to deploy its capital.
Oil futures rise after Iran calls output freeze a 'first step' The oil complex surged Wednesday after Iran called a proposal by Saudi Arabia and Russia to freeze output at January levels a "first step."
Platts Preview of U.S. EIA Data: Crude stocks expected to build 3.3 million barrels US refining slowdown may prompt product stocks decline.
Hamburg 380 CST bunker fuel below Rotterdam on more prompt availability Bunker traders in Hamburg said their port's competitive position may last another day.
Tanker Norstar partners to start joint venture at Westport, Connecticut Operations will commence around March.
DNV GL, Veritas Petroleum Services launch bunker fuel testing tool for ships Aimed at helping shipowners identify the best locations and suppliers of fuel.
Fujairah market may benefit from Singapore's MFM regulation 'We expect mandatory use of mass flow meters will provoke a price increase in Singapore,' says director of bunkers at Cepsa.
Poseidon Med II LNG bunkering project advances The Eur53.28 mil project lays out detailed plans to develop LNG bunkering market.
N-KOM delivers first liftboat in Qatar The Al Safliya is chartered to Dolphin Energy
TANKERS: LR rates on Med-Japan route hit 20-week low: sources Northwest Europe arbitrage window for naphtha has shut.
Oil complex weakens despite Saudi Arabia, Russia output agreement Oil futures fell Tuesday as traders shrugged aside news that Saudi Arabia, Qatar, Russia and Venezuela had agreed to freeze production at January levels.
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