Competition from box lines continues to depress reefer rates Competition from container shipping companies continues to depress earnings of reefer operators, according to Oslo-listed Siem Shipping. The reefer and car carrier, which has returned to profit last year on lower financing costs. The group posted a net profit of USD2.3 million in the fourth quarter compared with a loss of...
Vard secures stern trawler newbuilding contract Vard Holdings Limited has secured a newbuilding contact for the design and construction of one stern trawler. The shipyard will build the Vard 8 02 designed trawler hull at its premises in Braila, Romania with fiinal outfitting performed at it's Vard Sovkines premises. The 80m loa vessel is to be built for...
Demand rising for bigger box ships While charter rates for container ships remain fairly static at depressed levels of about USD6,000-7,000/day for most size classes, tonnage demand from operators has been increasing. This rise in demand is especially for post-Panamax, Panamax, and feeder vessels. Following...
Brisbane to build AUD100 million mega-ship cruise facility The Australian port of Brisbane has received first stage approval from the Queensland state government to build a AUD100 million (USD71.5 million) mega-ship cruise facility at Luggage Point, at the mouth of the Brisbane River. The facility is...
El Faro inquiry hears crew emergency call to shore Attorneys for Tote Services and Tote Maritime have mounted a strong and effective defence of the company but produced "optics" - a US political buzzword that may be summed up as 'public perception' - so negative for the company that broad public opinion could begin to affect national shipping policy. El...
California-based tanker series makes debut As the latest entrant to the US-flag, home trade fleet, the 50,000 dwt Lone Star State has given first form to the ECO Class tanker concept based on a South Korean design and built by General Dynamics NASSCO. Five vessels of the 337,000 barrel-capacity...
Seoul to aid local companies exploring overseas port developments opportunities South Korean companies seeking overseas port developments opportunities are to receive state help, it was announced. The country's Ministry of Oceans and Fisheries (MOF) said that it plans to embark on this plan by supporting local construction companies, engineering companies, South Korean...
South Korea's HMM plans to cut charterhire rates Hyundai Merchant Marine, which has been working to raise liquidity to avert possible bankruptcy, told IHS Fairplay today that it will begin talks with owners of its chartered-in fleet to reduce charterhires. A statement issued by HMM said, "The talks around the charter...
Diminishing returns the new normal for ports, says analyst The attractive profit margins of the past may not be in the future for container terminal operators as global volume growth rates fall to their lowest level since 2009 while capex and operating expenditure rises. Double digit average throughput growth...
Cargo ship sinks in heavy weather off Vietnam Vietnam-flagged cargo ship, Ha Tien 1, has sunk off the coast of Hue, Vietnam, in unfavourable weather conditions on 20 February. All 20 crew members were picked by Vietnamese rescue vessel SAR 412 and taken to the nearby...
CMA CGM in preliminary talks for boxship orders South Korea's Big Three ship builders have confirmed to IHS Fairplay that they are in preliminary talks with French liner operator CMA CGM, which is looking to order another set of ultra-large container ships. Sources from Hyundai Heavy...
Port productivity prioritised by ASEAN The member countries of the Association of Southeast Asian Nations (ASEAN) are to implement processes to measure and improve productivity at their major ports. The action to continuously monitor and review key performance indicators related to port and berth productivity is top of the list of maritime-related goals and actions...
Handysize rates show first on-week gains in three months Trade sees renewed optimism post Chinese New year holidays
Container terminal operator profitability under threat Lower volume growth and surging capex is making it increasingly hard to make money from a once buoyant sector, says Drewry
IG in talks with US on interim insurance measure amid Iran sanctions Solution will take some time to put together
Oil price drop could lead to increased waste disposal costs A continuing build-up of unwanted oil waste in European ports could lead to port clearance delays or cost increases for waste disposal
Iran's efforts to boost oil production face hurdles Experts estimate Iran needs roughly $150bn to $200bn of capital investment to modernise its oil sector
Diana Shipping clinches time charter from Transgrain Charter expected to bring in $1.5m gross revenue for minimum 12-month period
Impairments weigh on POSH 2015 results But revenue lifted by stronger contributions from offshore accommodation segment
G6 Alliance to skip sailings between Asia and Europe G6 alliance's capacity cut in Asia-Europe in response to market demand
Otto Marine secures $23m contracts to build tanker, two ferries New deals to aid Otto Marine's diversification bid
A sense of entitlement There are port authority chief executives who work their fingers to the bone trying to attract cruise companies, but these people will always want more
Golden Ocean vote completes share sale Shareholders approve increase in share capital, allowing Fredriksen to take last chunk of shares.
Iran to push up Opec's market share Energy trade flows from the Middle East and Asia tipped as most robust in coming years.
'Still gaps' in US-flag inspection scheme In El Faro hearing, US Coast Guard officials say agency is improving Alternate Compliance Program.
SAAM makes first 2016 move with Damen tugs Luksic Group company agrees to acquire a pair of towage vessels from Dutch shipbuilder.
Supramax bulker fetches low price Low-profile owner MJHR reportedly sells Vietnamese-built bulker Anne Kjersti to Chinese interests.
Crew abandon sinking ship off Vietnam Seafarers safe after Ha Tien 1 took on water north of Da Nang in South China Sea.
Oil supply and demand align next year Forecast sees Asia demand and Middle East supply as drivers of global trade.
Swedish and UK P&I Clubs post positive results Two major insurance players see satisfactory growth following the 20 February renewal deadline.
Police raids probe Keppel's Brazil deals Yard deals among subject of latest round of Operation Carwash investigation.
DVB poaches HSH shipping chief Ingmar Loges HSH's global maritime boss leaving for rival after a four-year stint; Christian Nieswandt stepping up to take top job.
Genting linked to Nordic Yards buy German reports suggest Malaysian group following up Lloyd Werft deal with another yard takeover.
Sinotrans Shipping projects a 'red' 2015 Hong Kong-listed owner says it expects a "considerable loss" due to the slowdown of the dry market.
LNG carrier berths at Sabine Pass Cheniere Energy gears up to launch first of a new wave of US LNG exports.
Hijacked tanker freed by Nigerian navy Two crew still held hostage by pirates after attack off Ivory Coast.
Denmark's Fayard posts record profit Shipyard boosted by conversion of two Scandlines ferries in 2015.
Ex-Maersk man steps up at Monjasa Danish tanker and bunker group promotes Svend Stenberg Molholt to COO role.
MMA Offshore ends payout after weak result Australian offshore vessel owner axes its dividend as its six-month profit drops by 83%.
Algoma retiring five bulkers and a tanker Canadian owner removing vessels from tough markets after Q4 profit slashed.
Maersk in LNG fuel deal with Qatargas and Shell Danish giant teams up with high-profile partners to explore alternative fuel option.
HMM begins talks to cut charter fees Korean owner meeting foreign counterparties to reduce payments as it confirms $450m sale of bulkers.
Will bulker buyers party like its 1999? Is now the time for bulker owners to replicate some of the best deals ever seen in the industry, Clarksons Research asks.
Deutsche: Ship has sailed for order cull Striking off newbuildings not a realistic solution to dry woe, bank says.
Russia lines up cash for 92 new ships PM Dmitry Medvedev earmarks subsidies for 18 owners to boost fleets up to 2030.
Pemex tanker hit by fire at TNG yard No injuries reported as smoke billows from Neuvo Pemex IV in Veracruz.
ABG Shipyard's Privinvest sale still on Loss-making Indian yard says it could still offload controlling stake to Abu Dhabi Mar company.
Siem Shipping returns to profit for 2015 Higher revenue, reduced costs and no impairments help reefer company end the year in black.
New orders see Otto Marine diversify away from offshore Depressed oil and gas market forcing shipyards to look elsewhere for newbuildings.
Nakilat sees full year profit rise by 10% Lower finance costs and additional tonnage help to boost bottom line at LNGC shipowner.
Board hears final call from El Faro captain Audio of phone communications from Davidson reveal last recorded words of doomed master.
EIA: Distillate stocks tying up tankers EIA says floating storage and long transits for tankers stemming from Europe's high distillate stocks
Djibouti bunker supplier reports increased sales volumes Says tankers, bulk carriers and containerships now call regularly for refueling.
Amendment to BDN text on sulfur ready for formal IMO approval New text for supplier's declaration to allow supply of high sulfur fuel to ships that use scrubbers.
Bunker shift to MGO from fuel oil to strain refiners, product markets: IEA Global cap in 2020 will see 2 million b/d of marine fuel demand switch from residual fuel oil to MGO, says forecast.
India's Vishakhapatnam bunker market to grow with tax cuts: market sources But the game-changer for the Indian bunkering market will be government investment to upgrade the country's ports.
NWE fuel oil hi-lo spread at five-week high on utility demand Low sulfur material unlikely to be sold into the high sulfur pool in the foreseeable future.
Shipbuilder Otto Marine seals Indonesian oil product tanker contract Subsidiary Batamec will build a 6,500 dwt ABS-class tanker.
Panama Canal expansion to transit Suezmaxes from Q2: source Liquid tankers can carry cargoes of up to 130,000 mt or up to Suezmax size in the Third Set of Locks expansion project.
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