GasLog Partners increases distribution Owner of 11 LNG carriers reports record revenue for second quarter
Navios Partners buys two more bulkers Latest brace continues fleet renewal spree as revenues increase
European Commission demands end to port tax perks in France and Belgium Countries are in breach of EU state aid rules
Moscow clears NCSP of monopoly allegations Russian port operator wins out in case concerning inflated transhipment tariffs
Finnlines extends record profit run Ro-ro operator's half-year results rise by 16%
Teekay Offshore gets a new majority partner and orders two shuttle tankers Strategic partnership with Brookfield Business emphasises business growth at the expense of increasing cash distribution
SHI posts $25.7m second-quarter profits South Korean shipbuilding giant emerges from heavy losses in the year-ago period as market conditions improve
Korea must study politics as well as economics Discussion of Busan port's strategies must not be deaf to the suggestion that foreign investment can be to Korea's benefit.
SIPG to issue $1bn bonds Company's largest ever overseas issuance is no surprise as it has been active with business development, SIPG official says
French-Chinese consortium inks deal for Cameroon port CMA CGM, Bolloré and CHEC sign 25-year Kribi Container Terminal concession
The easy way out Suicide has become the most common cause of seafarers' deaths. Now the ITF Seafarers' Trust hopes to throw more light...
China's CSIC to launch debt-to-equity swap Investors include China's largest manager of non-performing assets
Noble Group warns of $1.8bn losses and announces workforce cull Commodities trader is also selling North America Gas & Power unit and looking for buyer for global oil trading business
Scrubbers a good option for bulkers to comply with sulphur cap, MOL says Availability of low sulphur fuel at distant ports remains a major concern
Daily Briefing
Improving Safe Bulkers declares option to repurchase two kamsarmaxes Move will save $4.8m per year in bareboat hire to Chinese bank
Safe, eschewing newbuilds, mulls S&P market entry But New York-listed bulker owner needs better spot rates before it will bite.
GasLog sees US LNG pushing new charters Chief executive says wave of new US liquefaction will be key for customers to enter long-term contracts.
Distributions outlook bleak for Teekay Offshore Teekay executives explain near-term focus and why investor Brookfield is poised for even bigger stake.
Kirby looks for bottom-of-cycle acquisitions Chief executive says sellers still remain resistant, but pressure is building as downturn continues.
DryShips expands board with two directors Athens-based shipowner boosts board with appointment of CFO and an Ocean Rig employee.
Grounded Diana bulker suffers damage to hull A Diana Shipping panamax bulker has been damaged after grounding in Indonesia. New York-listed Diana says the 76,400-dwt Melite (built 2004), which is on charter to Unipec Global Commodities, has been "temporarily disrupted" following the incident in Pulau Laut. The owner says the crew is safe and no pollution has occurred. "It appears that the vessel has suffered damage to her hull resulting f
Tanker buy continues Salmar's expansion Greece's Salmar Shipping is continuing its slow but steady expansion drive, returning its fleet to the size it was about 10 years ago. Director Steve Salonitis confirms the purchase of the 20,000-dwt chemical tanker Pine Galaxy (built 2004), which changed hands ear'lier this month. Salonitis declines to comment on the price, citing confidentiality agreements, but Japanese interests are said to h
Klaveness forges Knutsen alliance for LNG newbuild Klaveness Marine of Norway has entered into a joint venture with a 180,000-cbm LNG newbuilding ordered by Haugesund-based Knutsen OAS earlier this year. The Tom Erik Klaveness-controlled company is taking a 46% stake in the vessel that is fixed long term from Spanish utility firm Endesa from delivery in 2020. Klaveness Marine managing director Jon Chr Syvertsen will have a 4% stake in the shi
Ultrabulk Singapore wins soft newbuild funding Government-backed Japan Bank for International Cooperation (JBIC) is teaming up with France's BNP Paribas to offer joint funding for an Ultrabulk handysize order at Imabari Shipbuilding. The $28.3m funding is being provided to Ultrabulk Singapore to cover two 38,000-dwt bulkers. Government-backed export funding is generally regarded as financially advantageous compared with commercial terms. Ul
Third VLCC purchase in a year for Nathalin Thai tanker owner Nathalin has bought its third VLCC in the past 12 months, acquiring the 301,000-dwt Tsurusaki (built 2002) from NYK Line for an undisclosed sum. VesselsValue puts a market value of $22.75m on the ship. Sources at Nathalin confirm the purchase but are unable to shed light on any employment the company has lined up for the vessel. Nathalin is Thailand's largest tanker owner, wit
Budget plan takes swipe at Jones Act Influential group of conservative Republicans seeks to roll back US cabotage law in budget proposal, though success is not expected to be likely
Bergshav posts $1.8m pre-tax deficit as red sums continue Grimstad-based shipowner Bergshav ran up another year of red figures, according to the company's annual report. Privately owned Bergshav Holding logged a pre-tax loss of NOK 14m ($1.8m) compared with a NOK 7m loss in 2015. The company typically fixes out its tankers on time charters. In February, the 107,000-dwt Bergina (built 2007) was reported fixed to Penfield for two years at $16,500 per da
SteelShips sells 20-year-old handymax SteelShips, which maintains offices in Piraeus and New York, has shed a 20-year-old bulker. Market sources say the 48,200-dwt Steel Integrity (built 1997) was sold for further trading for $4m - around $300,000 more than VesselsValue estimates the Oshima-built ship to be worth. SteelShips purchased the vessel in 2013 as the Juergen Schulte. TradeWinds reported that the vessel changed hands fo
Experts warn tanker earnings face a long road to recovery Spate of new orders and Opec's moves add to lower spot rate forecasts
Jebsen sinks to hefty loss of $44m in 2016 Bergen-based owner Kristian Gerhard Jebsen Skipsrederi recorded a hefty loss last year, according to figures now publicly available. The privately owned and diversified company logged a $44m loss in 2016, compared with a $32.3m profit one year earlier. Operating revenues fell from $384.2m to $317.4m year on year. Jebsen has a largely modern fleet of 22 tankers and bulkers from 110,000 dwt to 1
Torm back in buying mode with MR resale purchases Four-ship deal fits company's strategy of counter-cyclical growth but identity of latest additions is less clear cut
Fredriksen sells last tanker built before 2000 Norwegian shipowner John Fredriksen has sold his last tanker built before 2000. The Hyundai Heavy Industries-built 153,000-dwt Front Ardenne (built 1997) has been sold for slightly less than $9m for further trading to a Chinese buyer, which is $500,000 more than its scrap value. The ship is owned by Fredriksen's ship investment vehicle Ship Finance International (SFI), which had the ship on ch
AM Nomikos carries out asset play on handysize unit Greek owner AM Nomikos appears to be conducting an asset play deal on a 13-year-old handysize bulker it bought in July last year. The Hakodate Shipyard-built, 31,000-dwt Ephesos III (built 2004) has been sold to Manta Denizcilik of Turkey for $6.75m, sources say. AM Nomikos declined to comment and Manta did not respond to a request for comment by the time TradeWinds went to press. VesselsValue
Pioneering XDF engine-fitted LNG carrier set for delivery from SHI today Another piece of LNG history is being made this week with the delivery of the first LNG carrier newbuilding to be fitted with a low-pressure gas-injection XDF propulsion system. The 180,000-cbm SK Audace, which is jointly owned by South Korean owner SK Shipping and Japanese trader Marubeni, was named last week at Samsung Heavy Industries and is scheduled to be delivered today. The SK Audace is f
Shell nears deal on sale of G-class LNG carriers Steam-driven duo secured by a buyer as market waits to hear pricing details that could set tone for future deals
Giant Prelude FLNG readies for hook-up off Australian coast Shell's huge $12bn-plus Prelude FLNG has arrived at its hook-up location off northwest Australia, with the energy major indicating it will be in production by next year. According to data from Oslo's Eikland Energy and iGIS/LNG, the floating LNG (FLNG) production unit arrived at its designated site 475 kilometres (295 miles) northeast of Broome on Tuesday. The 600,000-tonne unit - the largest f
Supply driver to prolong boxship market cascade More bigger ships set to be ordered due to industry commoditisation, forecasts MSI
Arc7 owners debate ice trials with DSME Shipowners building the remaining 14 specialised Arc7 ice-breaking LNG carriers for Russia's commissioning Yamal LNG project are engaged in fresh talks with South Korean yard DSME over the ice trials planned for their vessels. Sources say the second Arc7 unit, Dynagas and partner Sinotrans' 172,600-cbm Boris Vilkitsky, is due to leave DSME's shipyard at the end of August if the owner requires the
Asian buyers go on hunt for more bargain mid-size deals Seemingly unwanted since the introduction of larger tonnage on mainline routes, mid-sized panamax boxships are piquing the interest of players in Asia who are looking for a cost-effective way to scale up their regional tonnage capacity.
Shell LNGBV poised for European debut An LNG bunker vessel (LNGBV) newbuilding contracted by Shell arrived in Europe early this week. As TradeWinds went to press, ship tracking data showed the 6,500-cbm Cardissa heading for its new home port of Rotterdam in the Netherlands, where it will be based at the Gate LNG terminal. The Cardissa left STX Offshore & Shipbuilding's yard in South Korea in early June, slightly later than planned.
Log-In might spend cancellation payout on more vessels Brazilian owner studies further acquisitions after axing newbuilding orders
Maersk snares newbuilding pair on long-term charter Liner giant has purchase option on Chinese-built sub-panamaxes
Mehrotra resumes war of words with Scorpio Deutsche Bank analyst criticises 'ridiculous' decision to end repayment holiday
US equity's irrational investments delay oil recovery US private-equity investors are pushing shale growth and this has "spooked the oil markets" into thinking incorrectly that oil inventories will remain high, says Schlumberger chief executive Paal Kibsgaard. This perception, created by US investors chasing short-term gains, is actually preventing the markets recovering and the oil price from rising, he says. Kibsgaard expects "clear reductions" i
More jack-ups back to work but on shorter contracts New work for offshore jack-ups appears to be picking up steam, although negotiations are taking longer and contract durations are getting shorter, according to analyst Rystad Energy. Contracting activity jumped by 35% in the first two quarters of 2017 above the first half of last year. Rystad says 58 contracts in the first six months of this year compares with 43 for the corresponding period in
Saipem faces slump in offshore work Italian subsea contractor Saipem has trimmed its revenue guidance by 5% for the year because of limited new contracts in the offshore sector. The Milan-listed company says it won €2.08bn ($2.42bn) of contracts in the first half, compared with '3.3bn in the same 'period last year. This is partly 'related to reduced work for its 'offshore drilling fleet and falling volumes in offshore 'engineering
C Star owner denies ship will block rescue of migrants UK-based shipowner attempts to justify chartering out a vessel to right-wing activists determined to stop refugee flow from Africa to Europe
Cash-rich Hydra set to return funds as P&I clubs' claims fall Windfall distribution to avert risk that cash held in captive reinsurer will not qualify under Solvency II
Analysts underwhelmed by ballast water deadline delay Equity analysts are reacting largely with yawns to the International Maritime Organization's two-year delay to the timetable to fit ballast water treatment systems. Analysts consulted by TradeWinds generally said they had not expected the ballast 'requirements to be much of a game-changer to begin with, so the delay should have minimal impact. Some observers have suggested that the relaxed time
Mega containerships sail into Steamship Mutual Club Steamship Mutual seems to be developing a new speciality - mega-containerships - to add to an established position as a club of choice for many cruiseship owners. The club added the 21,413-teu OOCL Hong Kong (built 2017) to the portfolio of insured vessels earlier this year as the biggest boxship yet afloat was delivered from a South Korean shipyard. Leviathans from Mediterranean Shipping Co and
Suezmaxes gain favour in eastbound fuel oil market Traditional VLCC voyages being snapped up by smaller tankers due to Middle East demand
ACX Crystal repairs complete as accident probe continues The containership that hit the US guided-missile destroyer USS Fitzgerald off Japan last month killing seven navy sailors is sailing again after repairs were completed this week. A statement from the vessel's owner, Daiichi Invest, said: "Repairs to the containership ACX Crystal, that was in collision with the USS Fitzgerald, have been completed and safety inspection undertaken by the vessel's cl
Steamship owners set to benefit from success dividend Return of premium in prospect as good times continue for the protection-and-indemnity club
Big cruiseships in danger of becoming white elephants The Australian port of Sydney is facing a problem: it cannot cope with the increasing number of ever larger cruiseships that want to visit or make it a home port. Several years ago, the authorities overseeing Sydney Harbour thought they had a solution to the congestion when they built a new cruise terminal at White Bay. But many of the ships are too big to sail under Sydney Harbour Bridge. The
Lomar confident of Kea Trader refloat in Pacific Greek owner Lomar Shipping believes it will be able to refloat the 2,194-teu containership Kea Trader (built 2017) despite what looks like a protracted salvage operation. The boxship, which was delivered this year, has already run aground on Durand Reef in the Pacific for more than two weeks as salvage company Ardent begins the job of removing fuel and lube oils. Although the Kea Trader grounded
Rerun for Varun tanker after buyer defaults August auction date planned for aframax Amba Bhavanee.
Costamare expected to stay on boxship acquisition path Analysts expect New York-listed containership owner to chase down 'opportunistic acquisitions'
Seadrill in serious talks with investors over restructuring John Fredriksen's Seadrill remains likely to restructure under Chapter 11 having pushed forward a key deadline to get a deal in place. Seadrill nudged the restructuring date forward to 12 September which analysts believe will be the last extension given a looming bond deadline. The driller says it is in advanced discussions with third party and related party investors plus its lenders over a com
Cargill linked to order for up to six bulker newbuilds Commodities giant remains quiet on talk it has teamed up with Japanese partner to dabble in asset play again
Broker Winmar delivers strong annual results The small sale-and-purchase broker Winmar continues to deliver strong results. Winmar's annual report for 2016, which just has been made publicly available, shows that the Oslo-based firm last year logged a pre-tax profit of NOK 7m ($870,000), albeit lower than the NOK 17m profit in 2015. Galbraith's opens doors in Oslo with Winje and ABG Sundal Collier on board Revenues totalled NOK 16m, dow
Eurotankers sends aframax to Bangladesh for $6.2m Eurotankers of Greece is selling a 24-year-old tanker for demolition. Sources say the 93,000-dwt Genie (built 1993) has gone to Bangladesh for $380 per ldt, or $6.2m. The Greek owner bought the ship as Pink Sands for $11.75m in October 2010. In March, Eurotankers sold the 72,000-dwt bulker Mar (built 1997) for demolition to Bangladesh for $356 per ldt. The company is listed with a fleet of 16 s
First Yamal LNG ship lines up for NSR spot voyage The Christophe de Margerie is due to load a cargo at Norway's Snohvit LNG plant in the next few days for shipment through the Arctic sea route to Asia
Fednav and Oldendorff tied to Japan newbuilding talks Operators said to be sounding out trading houses and shipyards on bulker projects
Tanker trade may face US ban on Venezuela oil imports Trade flows may be upset if US bans Venezuelan oil. But increased volatility may be boost to seaborne trade.
Boxship deal could be seventh heaven for Tufton Seven ships bought from Hartmann for $50m could be worth more than double that figure by 2020
DSD renews fleet with order for up to four MR tankers Deal for two firm ships and two options at Vietnam yard could be worth $128m
Shinyo tied to Sinokor capesize as it expands fleet Fred Cheng-led Shinyo International continues to target the capesize market as it rebuilds its fleet. The company is now being linked to the Namura-built, 176,000-dwt North Trader (built 2006). It is understood to be tied up on subjects for $17.2m from Sinokor Merchant Marine (SMM), which purchased the ship less than a year ago for $14.5m. The price is close to expectations. Some brokers contin
Navig8 hit by value breach on leasebacks Owner working with CSSC to resolve shortfall on eight LR2 tankers, but it is not expected to affect the pending combination with Scorpio
German owners optimistic due to improved vessel utilisation Hopes that maritime economy has hit rock bottom are a good sign for the industry
US investor facing end game in DryShips lawsuit Plaintiff fails to meet judge's threshold for blocking future sales to Kalani.
Victory Cruise doubles fleet with sistership purchase US-based cruise operator Victory Cruise Lines has revealed that it has acquired the 5,000-gross-ton (gt) cruiseship Sea Discoverer (built 2004) from Denmark's Clipper Group. The deal is structured so that ownership of the vessel will be transferred to Victory II Partners, an entity owned by three European private investors, including Copenhagen-based adventure-travel specialist Albatros Travel. N
Cido to trim bulker fleet by offloading panamax duo Cido Shipping, which appears to be cutting its bulker fleet, is seeking to sell two 'Oshima-built panamaxes that have been in its fleet since new. The 82,300-dwt Fortune Iris (built 2009) has left Hamburg, Germany, for Ust-Luga in western Russia, where it is expected to arrive late this week. Sources suggest it could fetch $15m. The vessel was reportedly 'ordered in 2004 for $40m, so it does not
Diana lands better rate from Glencore Greek bulker owner secures another pay rise as it charters out 2009-built kamsarmax.
Teekay stocks fly as Brookfield deal branded 'a major win' Arrival of new investor sends Teekay Offshore and Teekay Corp equities into orbit before reality brought them back to Earth.
GasLog Partners sees small miss in profit LNG shipping partnership sees costs eat into earnings, but it continues to hike dividends.
Navios companies continue 2017 cross-sector growth spurt Newly-listed Navios Container eyes "unique opportunity," while Navios Partners adds two extra bulkers.
Wison delivers Exmar's FLNG unit Chinese financing enables final completion of unfixed LNG floater
Europe opposes French and Belgian port perks Commissioner Margrethe Vestager says tax exemptions for key European hubs "must be removed".
Sembcorp Marine sees profit slump SGX-quoted rig builder points to upturn in activity but offshore recovery still some way off.
Kirby Corp confident despite drop in earnings US tug owner says it will emerge larger from "one of the most sever downturns in the past three decades".
Finnlines books 'strong' second quarter profit Chief executive Emanuele Grimaldi content with 10% rise in bottom line.
Samsung Heavy net profit beats estimates Korean shipyard delivers positive result in the second quarter despite smaller-than-expected operating figures.
Fearnley Securities downgrades AP Moller-Maersk Revised rating comes amid optimistic full-year consensus forecasts for Maersk Line.
Brookfield buys into Teekay Offshore amid $640m facelift New investor to take a major slice in MLP which reshapes its financial position.
Alam Maritim secures breathing room Malaysian offshore player granted extension on time needed to submit debt restructuring proposal.
Noble wields the axe amid asset sales Commodity trader to ditch non-core businesses and shed 500 staff as more losses are predicted.
UPS increases Q2 income, revenues amid e-commerce boom UPS recorded a net income of $1.38 billion for the second quarter of 2017, a 9.1 percent boost from last year's second quarter as revenues ...
Panama Canal to close east lane of Miraflores Locks for 10 days The east lane of the Panama Canal's Miraflores Locks will be out of service for ten days, according to a statement from the Panama Canal Au...
Old Dominion posts strong Q2 earnings growth Less-than-truckload (LTL) carrier Old Dominion Freight Line (ODFL) posted a net income of 98.4 million for the first quarter of 2017, a 20....
WTO amends Trade Policy Reviews, member call for multilateral trade protection The World Trade Organization (WTO) has issued a joint call for "safeguarding the WTO-based multilateral trading system," according to a rec...
DHL: Digitization could lead to supply chain talent shortage 'crisis' The supply chain talent pool is not keeping up with changing technology requirements, leaving a poorly-developed workforce for future logis...
European Commission forces Belgium, France to abolish tax exemptions for ports The European Commission is requiring Belgium and France to abolish corporate tax exemptions granted to their ports, thus aligning their tax...
FMC reviews 6 OTI license applications The U.S. Federal Maritime Commission (FMC) has received six ocean transportation intermediary (OTI) license applications and changes for re...
SeaIntel: 18,000-TEU vessels could double Asia-North Europe market share Containerships with capacity for 18,000 TEUs and above will double their market share on the Asia-North Europe trade lane by the end of nex...
Matson to launch new loop between Hawaii and Marshall Islands Honolulu-based cargo carrier Matson, Inc. is introducing a new direct U.S. flag service between Honolulu and the Marshall Islands that's ex...
US CFTC nominees promise to advance position limits rule The regulations, with potentially significant impacts on energy derivatives, have stalled for years amid debate over how to craft exemptions for bona fide hedging activity that would not choke off traditional or common hedging practices
US lawmakers reach deal on Russia sanctions, Senate vote soon The Senate could pass the bill as soon as Thursday.
FEATURE: Midstream oil, gas players head towards consolidation US midstream oil and gas players are mulling options of either a consolidation or refocusing capital on "high yield" areas
Crude oil futures settle higher again as contango structure narrows NYMEX September light sweet crude settled 29 cents higher at $49.04/b and ICE September Brent rose 52 cents to settle at $51.49/b.
Backwardation in NWE HSFO rises, cracks supported on tight Russian supply The Northwest European high sulfur fuel oil market, driven to record highs this summer after a reduction in Russian exports in June, was being kept strong by a continued shortfall in July and August, traders said.
External: Praxis Energy Agents S.A
External: Wired Bunkering
SHELL Q2 RESULTS PROVE IT IS 'RESILIENT' AT UNDER $50/B OIL: CEO The company unveiled an eightfold rise in second-quarter earnings and a reduction in its debt ratio.
Growing trend of cargo owners, refiners offering scrubbers to shipowners While the scrubbers are offered at no cost, the shipowner will likely be fully tied to the refiner's prices.
Vietnam's Phu Quoc Island oil terminal should complete by Q3 2018 Bunker fuels, diesel, motor gasoil, jet and bunker fuels will be stored at the bonded terminal under phase one.
Crude slips from 8-week highs on profit-taking US refinery throughput rose 166,000 b/d to 17.285 million b/d, the second highest mark on record.
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