Boskalis-KWS EUR70 million contract for Texel Wadden Sea dyke A consortium consisting of Dutch dredging major Royal Boskalis Westminster and VolkerWessels' road construction company KWS has won a EUR70 million contract from the Hoogheemraadschap Hollands Noorderkwartier (Holland's northern quarter water board) to reinforce the Wadden Sea dyke on the Dutch island of Texel. Called 'Combinatie Tessel', the consortium's scope of...
GAC ships world's largest underwater restaurant Port Taranaki, New Zealand, 25 February 2016 - The acrylic and steel structure for the world's biggest underwater restaurant is on its way to the Maldives, thanks to GAC's project logistics expertise. The restaurant, complete with its 13m high stairwell, is heading for the brand new resort of...
Shipping bank DVB posts all-time high risk costs Spiralling loan loss provisions for ailing shipping and offshore commitments almost dragged Germany's DVB Bank into loss-making territory. However, the sale of its shareholding in British aviation technology group Wizz Air Holdings and a related surge in earnings from financial instruments to almost EUR71...
Slideshow: The future of south Asian shipbreaking Four Indian shipbreaking yards have now been certified by ClassNK as compliant with the international standard set by the Hong Kong International Convention on Safe and Environmentally Sound Ship Recycling. The yards are owned by Priya Blue Industries, Kalthia Ship Breaking, Shree Ram Group of Industries, and...
Port newcomer Bronka to be gateway to Moscow LLCA new purpose-built port on the Gulf of Finland has set its sights on becoming a new hub for Russian cargoes. The port of Bronka, which will be able to handle larger ships than other Baltic...
J. Lauritzen expects another tough year after deep 2015 losses J. Lauritzen, the privately owned Danish dry bulk and gas carrier group, expects another tough year after reporting deep losses for the final quarter and full year 2015. Group net loss narrowed to USD 152.8 million in 4Q15 from USD 182.0 million in the same period a year earlier. Revenues rose...
Two Bourbon Offshore seafarers abducted off Nigeria Two members of the crew of a Bourbon Offshore vessel are believed to have been kidnapped following an attack on their vessel off the Nigerian coast on Tuesday. Bourbon Offshore said that the two missing crew members were a Russian and Nigerian....
SPP Shipyard regains refund guarantees, resumes order negotiations Massively indebted South Korean shipbuilder SPP Shipbuilding, which is undergoing a sale, now has the green light to resume bidding for new orders. Its creditors have agreed to once again, provide the shipbuilder with refund guarantees, which are crucial to winning orders as customers are assured of...
Seadrill's final quarter strongest, but tough time expected Seadrill, the London based drill ship and rig company in John Fredriksen's business empire, said the final quarter of 2015 was the year's strongest in operational terms, but the company warns that 2016 would be a tough and said it...
Marine leads Bureau Veritas profit growth in 2015 The marine and offshore business of French certification and inspection group Bureau Veritas outpaced the group's other major businesses for profit and revenue growth in 2015. Its adjusted operating profit showed a 32.1% increase year on year to reach EUR107 million, the highest percentage growth rate achieved by any...
HMM to sell two VLOCs, 13 Capesizes in liquidity drive Hyundai Merchant Marine has confirmed more details of the ships it will sell to Hahn & Co as part of its plans to raise liquidity. HMM has confirmed to IHS Fairplay that in all, 15 ships will be sold. The ships are tied to dedicated shipping contracts and these will...
Tanker freight rates 'to remain strong' Crude oil tanker owners can expect the current freight rate strength to continue throughout 2016, according to speakers at the IHS Maritime & Trade Freight Rate Forum 2016, although rates will decline next year as prospects for...
Daelim Corporation exits VLGC sector South Korean industrial group Daelim Corporation has no plans to operate very large gas carriers after redelivering a chartered-in VLGC to Korea Line Corporation. In 2007, Daelim Corporation sold the DL Calla to KLC in a sale-and-leaseback arrangement. Daelim had committed to charter rates at over USD1 million a...
Incheon launches single window to reduce congestion and improve productivity Incheon Port Authority (IPA) launched a single window communication service to reduce congestion and emissions in the vicinity of the port and to increase productivity and supply chain efficiency. Accessible on mobile devices, the Incheon Port Container Terminal Single Window provides real-time stevedoring status and...
ICBC Leasing issues USD200 million shipping bonds ICBC Leasing, the financial leasing branch of China's state-run bank ICBC, has issued USD200 million shipping bonds in South Korea. The bonds are secured by two of the four LNG carriers from a project between ICBC Leasing and Golar LNG. The Export-Import Bank of Korea (Korea Eximbank) provided credit guarantee for...
Alleged 'hit-and-run' container ship detained off Malaysia A St Kitts & Nevis-flagged container ship was detained by Malaysian Maritime Enforcement Agency (MMEA) after allegedly being involved in a hit-and-run incident with two other vessels off Johor, Malaysia. The 39,232-dwt container ship Olf reportedly collided with tankers anchored off Tanjung Ayam, Johor, on 18 February 2016 at 1930 h local. After...
Brodosplit personality Tomislav Debeljak took over from his father as chief executive of DIV Group, Croatia's biggest private manufacturing enterprise. Passionate about his work and an eternal optimist, Debeljak expanded his business into one of Europe's leading makers of fasteners, then into railway rolling stock components. In 2013,...
Tanker buyers wait and watch While sheer desperation pervades the dry market and asset prices crash, the knock-on effects are being felt throughout the S&P market. The tanker sector is not immune from the anxiety of owners and financiers when they are losing so much money elsewhere.Despite rates remaining relatively firm for most sectors and...
US regulator signals progress on new ballast water regime US Coast Guard Commandant Paul Zukunft hinted that type-approval for ballast water management systems to be installed on vessels trading in the US could finally get underway in 2016. Speaking to reporters after giving the annual "State of the Coast Guard" speech on 23 February at...
Britannia and UK P&I Clubs confirm merger talks International Group mutuals consider joining forces
Hapag-Lloyd secures OW Bunker interpleader victory in US But uncertainty remains on extraterritoriality of Court of Appeals decision
StealthGas records 80% weaker net profits for 2015 Greek owner hurt by weak freight rates amid fleet expansion
US pushes IMO to accept Iridium as GMDSS provider, Inmarsat pushes back Long running proposal to allow a new GMDSS service provider under discussion next week at IMO
US LNG exports will take years to impact on rates, say experts New era for shipping will take time to establish
US Coast Guard details early stages of El Faro response No USCG assets or other vessels were near by due to Hurricane Joaquin
Two days of El Faro data lost by USCG software during rescue operation Software upgrade introduced problems with critical program
CSIC Ltd to dispose two engine units to parent company Disposal gains will help loss-making shipbuilder ease financial pressure
GasLog posts profit in line with expectations Owner sees vessel shortages ahead but has bolstered its position to withstand leaner times
ICBC Leasing explores basing bonds on shipping receivables Newly-issued $200m project bond that securitises charter hire from two LNG carriers could be the first of its kind in the debt capital market
J. Lauritzen reports wider losses in 2015 on dry bulk impairments Danish shipping outfit gets cash injection from sole shareholder
Seadrill cash cow dries up Fredriksen money-spinner fails to shore up shipping and energy empire amid oil price collapse
Pacific Radiance 2015 revenues down on lower vessel utilisation Seasonal weakness in the fourth quarter of the year led to a more pronounced fall in revenue
UK parliament considering Bill to raise sanction breach penalties Police and Crime Bill 2015-2016 would raise civil penalty cap to £1m
Swissco reports fourth quarter net loss on asset impairments Company made impairment provisions as it expects oil and gas industry conditions to remain weak
Singapore business delegation eyes shipping and port deals in Iran Delegation will also visit major shipping and regional transhipment hub Bandar Abbas
MISC to buy remaining stake in Petronas subsidiary for $445m Acquisition represents a low risk investment to MISC in comparison to investing in greenfield projects
POSH clinches $85m worth of long term charters Contracts signed with Saudi Arabian and Qatari clients
Hanjin Shipping issues hybrid bonds to repay Korean Air loan South Korean carrier plans to sell assets to boost liquidity
India to help Iran build Chabahar port Government to equip and operate two berths in first phase of development at port
MR tanker rates rebound on arbitrage to Europe, LRs under pressure Diesel inventory levels drawn down in ARA hub as River Rhine water levels return to navigable levels
Suezmax tanker rates ease from monthly highs as demand softens West African loadings may have slowed due to an oil spill at a subsea crude export pipeline
Two banks cut GasLog target; one hikes Cowen and Stifel reduce stock price bet but stay bullish; JP Morgan hikes but stays neutral.
GasLog in talks for more finance deals Finance chief Simon Crowe says company in talks to push back 2018-2020 maturities.
TSB blames bridge team for grounding 'Ineffective visual navigation' contributed to incident on CSL bulker Atlantic Erie.
Grimaldi's Finnlines posts record Q4 profit Finnish ro-ro company enjoys best-ever final three months as cargo and passenger numbers rise.
Vale iron ore shipping spend drops 27% Iron ore mining giant chops $280m from iron ore freight costs in fourth quarter.
NOCC scraps oldest car carrier Norwegian shipowner banks $2.7m for 1987-built NOCC Coral.
EAT gobbles up three-year tanker deal Malaysian owner scoops COA worth $9.3m through client of Petronas.
Seadrill increases Q4 earnings John Fredriksen's drillship company sees stronger end to a loss-making year.
Stealth sells older ship as it reports profit Exit of the Gas Arctic comes following a year in which it took delivery of 10 new ships.
Samudera Shipping's annual profit down 71% Diversified Indonesian owner sees its 2015 earnings chopped on the back of smaller revenue.
Hamburg: Between depression and recovery Owners, bankers and investors accept depth of crisis, and try to see a path through problems
Bahri buys five MRs from Scorpio Tankers Saudi Arabia-based shipowner splashes out $166.5m to snap up tanker quintet from US-listed owner.
GasLog set fair for prolonged downturn Peter Livanos-backed owner encouraged by level of tendering activity in LNG business.
Grindrod posts $88.1m net loss for 2015 Diversified shipowner sees red ink in annual report but CEO Alan Olivier says layups not in sight.
DFDS sells out first $59m buyback Danish ro-ro group splashes out on its own stock with help from shareholder Lauritzen Foundation.
Wilhelmsen and Hoegh yet to hear from Brazil Press release the only communication owners have had regarding price-fixing probe, exec says.
Bulker owner Wilson falls to Q4 loss Operations of Norwegian small-ship specialist hit by bad weather at the end of the year.
Tanker mini-boom to cool, says Stopford Froth to come off tanker market rates as overcapacity comes into play, forecasts veteran analyst.
Two Bourbon crew seized in Nigeria Pirates raid French anchor-handler and abduct Nigerian and Russian workers.
Greek bulker refloated in Argentina Alkimos Heracles underway again after grounding in Punta Indio Channel on Wednesday.
James Fisher wins $34.8m windfarm contract London-listed company set to provide marine support services to Galloper Winds Farm project off Suffolk coast.
Write-down pushes Rem into the red Oslo-listed offshore owner the latest to take an impairment hit in challenging spot markets.
DVB Bank provisions rise at 'testing time' Specialist lender's profit falls in a year which saw higher allowances against legacy loans.
ISH posts bigger loss but reduces debt Alabama-based company sees deeper red due to non-cash items but says strategic plan is on track.
Shreyas to acquire small containership Indian owner bring its tally to nine with latest purchase move for 1,700-teu vessel.
Foundation steps up to support Lauritzen Sole shareholder takes over assets to help shipowner secure $125m cash injection.
Cocaine found in container in US Customs officers recover $2m haul of drugs from vessel arriving from Ecuador.
Polarcus seals restructuring deal Middle East seismic survey ship company to issue new shares after agreeing refinancing with bondholders.
Siem Offshore plunges to $116m Q4 loss Norwegian owner agrees sale of laid-up supply ship as it takes big impairment hit in weak markets.
Nam Cheong sinks into the red in Q4 Malaysian shipbuilder anticipates pace of vessel sales and shipbuilding activities to remain slow.
Rickmers Maritime finance chief heads for pastures new Gerard Low said to be leaving company to pursue personal and other professional interests.
Pacific Radiance sees full-year numbers drop 95% Costs exceeded revenue in fourth quarter as company struggles to ride out offshore downturn.
Teague: US energy export picture strong US energy logistics firms sees demand for LPG and crude from US.
GLOBAL VLCC TRACKER: North Asian arrivals slip to four-week low Arrivals into India reach highest since early February.
Tri-Zen: Low oil prices holding back LNG bunker uptake to end abruptly Window of opportunity to secure yard space for LNG-fueled newbuilds could close quickly.
Around half Iran's Feb fuel oil exports seen set to end up in Singapore The other half will likely flow into the Fujairah bunker market.
New Orleans MGO rises, still trading at discount to Houston New Orleans MGO was in a discount to Houston MGO for the seventh consecutive day.
Buenos Aires HS bunker fuel at $200/mt as power sector claims fuel oil supplies Bunkerworld Latest News / 1d
All Mexican Gulf Coast oil, petchems ports closed by storms: ministry Ports are now closed due to high winds and waves.
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