Lending group plays hardball with Eagle Bulk After Eagle Bulk self-reported apparent sanctions violations by its previous management, its lenders used the admission to cut off credit access, putting the NASDAQ-listed bulker owner at heightened risk of default. Eagle Bulk confirmed on 19 January that it has signed a forbearance agreement...
New Transas CEO, Frank Coles, vocalises plan to shake up the market The new CEO of Transas, Frank Coles, has vocalised his vision for the future of the global maritime technology for the first time since his appointment in late 2015. The Transas CEO has his sights set on the company delivering the technology and solutions needed for the integrated maritime industry...
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Tanker owner files Chapter 11 after Nordea calls loan Ice-class tanker owner Primorsk International Shipping has filed for Chapter 11 bankruptcy protection in New York, seeking to push through a bondholder deal that is opposed by senior debt lenders. The filing underscores, yet again, the attractiveness of US bankruptcy law as a tool for...
Panama canal extension pushed back to second half of 2016 The opening of larger Panama Canal locks, already postponed several times by construction delays, has been pushed back again and now is expected early in the second half of this year, a canal official said. "We expect it to be open for commercial business sometime in the second half of...
China's slowing GDP has analysts in a spin News that China's GDP growth rate had slowed to 6.8% in the fourth quarter of 2015, with a full-year economic growth of 6.9%, set off the usual frenzy of analysis across financial media platforms, with little useful information to be gleaned from all the chatter. Some analysts...
Crowley receives LNG-ready product tankers Denoting a further stage in the re-invigoration and expansion of the US-built, US-flag 'Jones Act' tanker fleet, Crowley Maritime has commissioned the first two vessels of its new generation of 50,000 dwt product carriers. Constructed by Philly Shipyard, the...
Wallenius Wilhelmsen takes over South Africa vehicle facility Wallenius Wilhelmsen Logistics (WWL) has entered into an agreement with partner company Groupe CAT to acquire its 50% shares in CAT-WWL, a joint venture network of 10 vehicle processing facilities based in South Africa. With full ownership in CAT-WWL, which employs about 800 people and which started business...
KG heavyweights combine Leading shipping KG issuing house HCI Capital has agreed to buy a majority stake in fellow KG house and ship investment manager König & Cie. The group (HCI) whose largest shareholder is Hamburg shipowner and maritime service provider Peter Döhle will take over...
Antwerp denies box terminals discrimination charge The port of Antwerp has said that it expects the European Commission to clear it of a charge from logistics group Katoen Natie that it had been guilty of discrimination in its treatment of the port's leading container terminal operators. The commission announced on Friday that it had...
Australian port strikes over for now Rolling stoppages by tug engineers around the Australian coast over the past fortnight will end on 20 January at midnight. A separate nationwide 24-hour stoppage by dockworkers employed at Patrick container terminals ended on 18 January. Future stoppages notified for next week are now being...
Port inefficiencies plague east African supply chains Shore handling charges at the key east Africa gateway ports of Mombasa and Dar es Salaam increased in 2015, while port dwell times for cargo continued to languish well below global standards. The charge for handling a 40 ft import container at the port of Mombasa, Kenya, rose...
Rio Tinto met coal shipments jump 16% Rio Tinto's quarterly results released on 19 January reflect growth in metallurgical coal used in steel-making overtaking thermal coal in line with the latest International Energy Agency (IEA) forecasts. The miner's December 2015 quarterly results show semi-soft and thermal coal shipments were up 9% despite record-low...
Mercator Lines exits dry bulk market, Norden sells Capesizes Singapore-listed Mercator Lines has decided to exit the dry bulk market after sustaining many losses because of the shipping downturn. Likewise, due to the depressed market, Denmark-based shipowner Norden has exited the Capesize market after selling its last Capesize to focus on other vessel classes such as the Supramax and...
Callimanopulos firms up two more tanker newbuildings in China Programme at CIC Jiangsu yard lifted to $330m
Nasdaq notifies Diana Containerships on low share price Boxship owner joins growing club eyeing reverse stock splits
Hundreds of vessels and companies dropped from US sanctions lists Non-US persons granted increased freedom to deal with Iran since implementation day
Port workers in Greece to strike Two-day strike to hit several ports from Wednesday
Nigeria LNG hits back at $3.9bn tax dodge accusation African gas project says it is a good corporate citizen and claim is misleading
Contship Italia volumes down as Gioia Tauro throughput slips Fall in traffic at Medcenter Container terminal partly offset by rises at Cagliari, Ravenna, La Spezia and Salerno
P&I clubs confirm Tehran visits following end of Iran sanctions But remaining restrictions scupper immediate return to market
DP World invests in Rwanda as new report highlights African promise Dynamar singles out east and southern Africa as carriers hunt out underdeveloped trades with strong growth potential
Suezmax and aframax rates slide on tepid demand Suezmax and aframax rates dropped across the board, with rates softening for all the main benchmark routes due to fewer cargoes and ample vessel availability
Svitzer Australia polls workforce directly on union dispute Company email to employees addresses engineers' concerns
Doubt cast on Iran crude output A lack of investment in some ageing fields and the market glut will hold back output
Terminal operators call for clarification on box weighing More action at national level urged
Cosco Singapore picks new chairman Changes come as company mulls asset structure adjustments to sustain business operations
Carriers post record reliability levels for 2015 Lines improve on-time arrivals as alliances bed in
Japanese refiner books US crude shipment Asian traders bypass weak market and unfavourable arbitrage economics
Sainty Marine awaits restructuring approval from court Chinese shipbuilder still faces asset liquidation risk
Wallenius Wilhelmsen Logistics takes full control of South African venture Transaction subject to approval from competition authorities
Rio Tinto iron ore shipments up 11% in 2015 Mining giant continues to defend its market share through low cost production
Tianjin Port to buy container cranes from subsidiary Consideration of $9.7m likely financed by group's internal resources
Baltic Handysize Index continues to tumble Overcapacity continues to thwart the handysize segment as BHSI slumps to fresh low
Bahri reports surge in net profit Merger completion and vessel purchases help to boost net income
Mercator placed under judicial management Yit Chee Wah chosen as judicial manager of Mercator Singapore
Outages after Grieg ship hits power line Some 5,000 California electricity customers lose power after Star Luster incident.
VLCC owners back on offence; rates bounce Spot rates on TD3 from Middle East surge 24.8% in one day as February loadings take off.
Havila axes bondholder vote on debt plan Offshore vessel owner pulls summons due to insufficient support but sticks to timeline.
Carnival executives strike on options Carnival UK CEO Noyes and Costa's Thamm grab $393,000 worth of shares and sell some.
Eagle Bulk at table with banks to fix breach Shipowner has a couple of weeks to find a solution to financial situation.
HSH sell-off gathers pace Investment banks vie for roles in privatisation of restructuring German shipping lender.
UK offshore outlook bleak Broker Westshore says owners face drop of between 20% and 44% in number of rigs operating this year.
New Piraeus offer due Greece to consider improved bid from Cosco to take majority stake in key port.
Lotos Shipyard wins tankers Russian owners Volgotrans and Transpetrochart sign up for small vessels at domestic builder.
Ezra takes share action Singapore owner proposes stock split to comply with new minimum price on stock exchange.
Cosco Corp brings in Wang Group executive VP replacing Li Yun Peng as chairman at shipyard and bulker unit.
Primorsk International heads into Chapter 11 Tanker owner has sought court protection in New York as part of restructuring.
Pirate kingpin surrenders Somali Mohamed Osman Mohamud gives himself up to authorities, along with hundreds of his men.
Tankers to make hay while bulkers bleed Jefferies expects continued profit for tanker companies and widespread red ink in dry bulk.
Scenic makes cruiseship move Australian river specialist orders first ocean-going vessel in Croatia, with one option.
Le Boreal gets a lift Fire-damaged Ponant cruiseship loaded on to Cosco heavy-lift ahead of repairs.
Siem ups renewal effort with new pair Oslo-listed reefer owner takes twin Shikoku newbuildings on long-term charters.
Maltese yard worker dies 27-year-old Italian killed after being hit by machinery at Palumbo facility.
WWL takes full control Car carrier owner buys out partner Groupe CAT in South African logistics venture.
Mercator manager moves in Court-appointed Yit Chee Wah evaluating options to preserve owner's assets as Harish Mittal quits as chairman.
Navig8 deals out share incentives Four senior executives at OTC-listed tanker owner in line for payout by the end of the year.
Creditors circle as Mercator sells bulkers HSH succeeds in bid to have Singapore bulker owner run by judicial manager as Indian parent cuts its losses.
POSH could opt to go private Mergers and acquisitions seen accelerating in Singapore offshore sector, say analysts.
Chevron eyes China LNG deal Oil major could end up supplying 5mt over ten years to Zhoushan terminal from Australia.
2016 brings step change in EU sulfur inspections EU countries, even outside ECAs, now required to test fuels on 2-4% of ships, using MARPOL or in-use samples.
Bunkers International liquidation to be heard end-January Bunkers International had debts of $40 mil.
Japan's Nov bonded bunker fuel sales up 13% on month at 2.65 mil barrels Lower prices said to have driven buying interest.
Saudi Bahri's Q4 earnings jump on cost savings, low bunker prices More than triple Q4 2014 earnings.
Chinese firms, Algeria to develop port at Cherchell Algerian port to serve North African, European shipments.
More emphasis on dealing with solid players post-OW The fact Bunker Holding's finance model does not give banks security in its invoices 'makes us a safe partner' says Dan-Bunkering CEO.
Sweden sees higher ECA compliance than Norway in 2015 441 samples tested in Sweden and 204 in Norway, while only Norway has issued fines so far.
Tanker, carrier collide in Tokyo Bay Oil leak from tanker under control.
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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