Report finds US flag can benefit from regulation changes Money paid by shipowners to register under the US flag could be reduced by streamlining regulations without compromising safety, an independent research group has revealed. A report published 25 February by the Transportation Research Board (TRB), a unit of the American private non-profit group National Academies of Sciences,...
Public owners continue to sell off ships Scorpio Tankers' sale of five 2014-built product tankers is just the latest example of a pronounced strategy by US-listed shipping companies to sell off vessels and raise cash regardless of weak, second-hand pricing. According to a data analysis by IHS Fairplay, US-listed companies have sold 57 ships...
Shipbreaking unions warn on workers' health rights As shipping giant Maersk officially prepares to invest in Indian recycling yards, the company will simultaneously add the employment and human rights of breaking yard workers, as well as anti-corruption measures, into its corporate...
DEME profits up 18% after 'particularly active' 2015 Belgian dredging major DEME increased its net profit by 18% to EUR199.2 million (USD218.7 million) in 2015. It is a year that it described as "particularly active", given its work on a large number of major international...
Eimskip has 'best year' since 2009 Icelandic regular line and logistics operator Eimskip labelled 2015 as its best year for revenue and operating profit performance since 2009. The Reykjavik-based company, which operates five shipping services in the North Atlantic, reported a 10.6% year on year increase in revenues to EUR 499.6...
BW LPG reports profit leap, warns of higher volatility VLGC carrier owner BW LPG has reported a strong increase in both final quarter and full year 2015 results, but the company warns of higher volatility in freight rates this year. Group net profit rose to USD 82.0 million in 4Q15 rom USD65.0...
Singapore Exchange mulls bid for Baltic Exchange The Singapore Exchange (SGX) has confirmed that it is in preliminary talks to buy The Baltic Exchange, which publishes freight indices for bulk carriers and oil tankers. The Baltic Exchange is looking for a buyer and has...
China releases standard ship recycling contract The China National Shiprecycling Association (CNSA) and China Maritime Arbitration Commission (CMAM) released the Standard Contract for the Scrapping and Recycling of Vessels on 25 February. This is the first Chinese standard ship recycling contract, said CNSA chairman Xie Dehua. The contract not only regulates China's ship recycling sector, but it...
Incheon port to integrate terminal operations Terminal operations in Incheon's Inner Harbour are to be integrated to improve efficiency. The CEOs of the ten terminal operating companies that have operations in Incheon port's Inner Harbour signed a merger agreement on 25 February. Along with the agreement, the companies...
KOGAS teams with S Korea's Big 3 shipbuilders to promote KC-1 system South Korea's national gas importer Korea Gas Corporation has teamed up with the country's three biggest shipbuilders to take its patented KC-1 cargo containment tank system to new heights. KOGAS, Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering, have established a joint venture company,...
MOL reorganises business units ahead of huge anticipated loss Japan's Mitsui OSK Lines (MOL) will consolidate its bulk and energy shipping services into two business units from 1 April. It will be the end of a bleak financial year when the carrier expects to report a USD1.5 billion loss. MOL will restructure...
Finnlines chalks up record in 2015 Despite Finland's dire economy and poor prospects generally, not to mention the introduction of the 0.1% sulphur bunker limit, Finnlines has been able to release sparkling figures for 2015 with an upbeat outlook. The 98%-owned Grimaldi Baltic...
SSA adopts all-rounder focus for 2016 Singapore Shipping Association (SSA) adopts a holistic approach to focus on insurance, ship finance, security, training, and technology for 2016. "We are focusing on all aspects of shipping this year to share value-added information with our members," said SSA president Esben Poulsson. He told IHS Fairplay that information sharing is for the...
India clears credit for Iranian port India will extend credit amounting to USD150 million to upgrade and expand Chabahar Port in Iran that is expected to go some way in ensuring energy security for India, apart from facilitating maritime commerce. "India is negotiating this project to facilitate the growing trade and investment with Iran and other countries...
Capesize plunges to new record low of 177 points Rates dragged down by demand-supply imbalance
Skuld clocks up 10% year-on-year tonnage gain Performance exceeded own expectations, admits Hansen
VLGC spot rate lowest since 2010 Where is the bottom of the market?
How low can they go? Asia-Europe freight rates approaching all-time lows as spot market prices fall for seventh consecutive week
US LPG is not in decline, says BW's Ackermann New US cargoes are hitting the market, generating demand for ships, says World's largest VLGC owner
DP World merges UK commercial operations Chris Lewis appointed managing director of DP World United Kingdom as operator looks to 'harness the synergies' of its UK facilities
Samudera Shipping profit drops 71% Company's results for 2015 show $13.7m impairment charge on five of its Indonesia-flagged boxships and two dry bulk carriers
Team Tankers net profits fall on quarter Chemical tanker player embarks on a series of vessel transactions
Baltic Exchange wooed by 'number' of suitors London-based exchange says it is in confidential talks with third parties over its future
MOL restructures dry bulk division Japanese operator to set up two new business units from April 1
India proposes River Information System launch System to optimise traffic and transport processes during inland navigation
Jinhui Holdings warns of significant loss for 2015 Impairment charges and market downturn to weigh on results
Noble Group reports $1.7bn loss for 2015 Weaker performance attributed to lower demand from China and slow pace of recovery in global economy
Yard Talk | The fine print in China Before the next ordering cycle begins, it is best to study the nuance of Chinese shipbuilding contracts
Nam Cheong posts 91% plunge in profits for 2015 Fewer vessels completed and lower ship utilisation rates weigh on results
Lack of bunker fuel at St Petersburg boosts prices Shortage seen likely to last for another week.
New twist in post-OW legal battles US court to assess if shipowner's interpleader protection applies outside the country.
Shanghai bunker market sees minimal impact ahead of April 0.5% sulfur limit Other ports expected to follow suit soon; vessel enforcement measures announced.
Singapore ex-wharf 380 CST bunker fuel contracts for Mar fall on ample supply A pick-up in Western arbitrage fuel oil arrivals into Singapore for March has dampened sentiment for fuel oil and end-user bunker sector
Shanghai bunker market sees minimal impact ahead of tighter sulfur limit Tighter sulfur limits are part of China's Ministry of Transport to cap the maximum sulfur content of bunker fuel used in ECA zones
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