Tidewater: Red ink quarter, red ink year, but cash flow positive Offshore services giant Tidewater Inc. (NYSE:TDW) today reportedrevenue for the three-months ended December 31, 2018, of $110.2 million and a net loss for the same period of $90.5 million (or $2.83 per
USCG releases photos of fire aboard icebreaker Polar Star U.S. Coast Guard Pacific Area today released photos taken when an incinerator room fire broke out on the USCG's only operational heavy icebreaker, Polar Star, 650 miles north of Antarctica. According to
German Naval Yards Kiel floats out LNG fueled research vessel German Naval Yards Kiel, has floated out Atair, the world's first LNG fueled research vessel, after a building period of 16 months. The 75 m vessel is being built for Germany's Bundesamt
ABS updates naval ships guide ABS has updated its Guide for Building and Classing International Naval Ships (INS Guide), expanding its guidance to strengthen safety and protection against a range of threats. "ABS is a world leader
Wärtsilä signs five-year maintenance deal with Saudi operator Saudi tug operator Marine Service Company Ltd (MSCL) has signed an optimized maintenance with Wärtsilä. MSCL operates four terminal escort tugs operating in the port of Rabigh, and the comprehensive maintenance planning
Plug-in hybrid power train includes Twin Disc solution The plug-in hybrid excursion vessel Enhydra, delivered to San Francisco's Red and White Fleet last September by Bellingham, Wash, shipbuilder All American Marine, features a BAE Systems HybriDrive. Builders faced the challenge
Lindblad orders another polar vessel Lindblad Expeditions Holdings Inc. reports that it has signed an agreement with Norwegian shipbuilder and ship designer Ulstein to build a new polar vessel. The state-of-the-art vessel will mark the next phase
Nichols Brothers starts construction of four for Foss Construction of the first of four Tier IV ASD 90 Tractor Tugs being built for Foss Maritime has begun with a keel laying ceremony held February 25 at Nichols Brothers Boat Builders
Fuels and finances to dominate carrier concerns Over-leveraged lines face pressure to ensure IMO 2020 tab is picked up by customers
Grindrod Shipping says trade woes threaten market confidence Grindrod Shipping also sees a positive impact from the implementation of the IMO 2020 regulations on the overall market as...
Belships appoints Skarsgård as chief executive Quarter saw merger between Belships and the Lighthouse companies, by way of a reverse acquisition within IFRS meaning, making precise...
BW LPG feels impact of impairments The Singapore-based tanker owner expects freight rates to increase in the short term as the cold US winter comes to...
Port Tampa Bay expansion plans draw criticism The US Army Corps of Engineers is evaluating the project, which aims to construct new deepwater berths, deepen existing berths...
Cosco Shipping signs collaboration deal with SIPG Agreement became effective on February 27 and will end on December 31, 2019
Pacific Basin is upbeat but points to future market volatility Supply is expected to be kept in check as many shipowners in our segments refrain from ordering new ships, Pacific...
Cosco Shipping names Wang Haimin as vice-president Wang, a leading figure at the parent company's liner shipping business, has been promoted to the new role and is...
Capesizes continue to suffer earnings erosion Capesize vessels are earning less than other dry bulk ship types, but there are optimists who say the market is...
Capesizes continue to suffer earnings erosion Capesize vessels are earning less than other dry bulk ship types, but there are optimists who say the market is...
Panalpina's ocean freight business weakens Panalpina's ocean freight volumes of 1.48m teu in 2018 represented a 2% drop year-on-year
Greek shipping tax expected to yield $86m annually Greek owners and government negotiate new voluntary 10% taxation on dividend payments
Box sector weakness pulls down MPC Container Ships Boxship tonnage provider racked up losses in the fourth quarter as geopolitics and economic sentiment turned negative
Viewpoint: No place like home There are some astonishing designs today including a fashion for perching the accommodation block on the bow, where it will...
Daily Briefing Open-loop scrubbers raise concerns in Europe | Scrubberless tankers may face accelerated fleet exit | Industry leaders warn on no-deal...
Petronas eyes LNG bunkering facilities in China Aside from developing a regional LNG bunkering hub in Malaysia, the gas giant is looking at developing a market for the new marine fuel with local partners in China.
Grupo TMM reports big year-over-year improvement Mexican owner lets go of underperforming segment.
Frontline scouts for tanker deals with asset prices only going one way John Fredriksen's Frontline is scouting for tanker deals at a time it feels asset values are on the up. Frontline has not bought any ships from the market for more than two years and is set to take delivery of its final VLCC newbuilding in April. Frontline's tanker rate guidance shines amid fourth quarter profit miss Fredriksen's Ship Finance still gunning for growth after $1.2bn spree in 'jubi
Brightoil fleet faces mounting arrest fuel expenses Banks face hefty bill for detained tankers due to Hong Kong harbour's environmental rules
Petronas LNG floater heads to new home off Sabah Malaysia's pioneering floating LNG (FLNG) production unit is en route to a new location and is due to fire up again in May. Zamri Jusoh, the vice president of Malaysia Petroleum Management at state energy giant Petronas, said the company's PFLNG Satu stopped production at its original location in early January. Petronas reveals moves to break into regas sector Speaking to TradeWinds on the side
Lindblad returns to Ulstein for second cruiseship newbuilding New York-listed expedition cruise specialist closes in on making a profit, thanks to a 2017 tax break and higher revenue.
Preparing for an age of smart shipping Students across the world toasted their academic achievements this week, as the 2018 ICS examination results were announced for diplomas ranging from the basics of shipping to specialist knowledge for shore-based roles. Here are the latest exam results: Foundation diplomas Advanced diplomas PROFESSIONAL QUALIFYING EXAMINATIONS
LNG newbuilding orders for 2019 kick off on a high note Newbuilding orders for LNG carriers have started strongly in the first two months of the year. At least 13 vessels have been contracted at a time when shipyards are trying to push up newbuilding prices and charter rates have crashed back from the exceptionally strong levels seen in the fourth quarter of 2018. Bumper year for LNG carrier orders as 2018 tally passes 60 Seven of the vessels are n
Chinese buyer breathes life into VLEC newbuilding sextet Very large ethane orders at two yards live on but search for a shipowning partner continues
ExxonMobil makes formal approach to shipyards for eight-unit LNG carrier order ExxonMobil has made an approach to shipyards for a swathe of eight LNG carrier newbuildings. Industry sources following the LNG shipping sector said the US energy major is asking for delivery dates from the first quarter of 2022, which would mean orders would need to be placed this year. ExxonMobil makes early moves on LNG ship hunt They said the approach to shipyards has been made on a strict
UK seizure threat prompts tanker master to pay fine The captain and owner of a Russian tanker has paid a UK court fine after being threatened with a seizure of the vessel. Last June, master Vitaliy Trofimov was ordered to pay a total of £25,762 ($34,400) after pleading guilty to breaching the ISM Code at Hull Magistrates Court in a prosecution brought by the Maritime & Coastguard Agency (MCA). The case involved the 2,800-dwt Tecoil Polaris (built
Thoresen Thai turns red on OSV woes Offshore shipping struggles have pushed Thoresen Thai Agencies (TTA) to a loss in the fourth quarter. The bulker and OSV player said the net deficit to 31 December was THB 205.2m ($6.5m) against THB 253.9m in profit in the same period of 2017. Revenue amounted to THB 3.9bn, up 10%. The OSV division was hit by lower utilisation and a drydocking, it said. Over the whole year, bulkers logged thei
Skuld quits Lloyd's after losses Oslo-based insurer says it will put its hull, offshore and energy business fully into the corporate market.
Lindblad returns to Ulstein for second cruiseship newbuilding US owner Lindblad Expeditions Holdings has returned to Norwegian yard Ulstein for a second cruiseship. The company said the move would expand its National Geographic polar fleet to four ships. Ulstein is building the third of these for delivery in 2020. Lindblad Expedition returns to black The latest addition to the orderbook is scheduled for completion in the third quarter of 2021. It will b
Trump's wall looks shaky, but door open for China trade deal If the White House can declare 'victory' in its dispute with Beijing, liner operators can expect a boost in demand - and hopefully their results
Samudera fights to free bulker from arrest in Honduras Singapore's Samudera Shipping Line is fighting to release a bulker arrested in Honduras. The 57,400-dwt supramax Sinar Kapuas (built 2011) has been held since November due to a cargo claim by a local shipper, it revealed. "The effort to release the ship from arrest, involving the group, its lawyers and insurance company as well as the Honduran authority, is underway," it said. Samudera profit c
Awilco LNG cuts loss in record market Norway's Awilco LNG reduced its red ink as LNG carrier rates hit record levels in the fourth quarter. The company said vessel utilisation rose to 84%, compared to 70% in the preceding three months. Awilco LNG reveals sector consolidation talks Awilco cuts LNGC yard stay in booming market The net loss was $1.16m, against $4.52m in the same period of 2017. Finance expenses kept it in the red, b
Major owners: IMO turned shipping into a 'casino' and scrubbers now face their own 'Spanish Inquisition' The International Maritime Organisation (IMO) has bungled the introduction of low-sulfur fuels in a big way and carries much of the blame for shipping markets' downturn, shipowner Andreas Hadjiyiannis says. IMO calls for more studies on scrubber discharge "The IMO has done a terrible job -- it's a disgrace," said Hadjiyiannis, who is also the president of the Cyprus Shipowners' Union (CSU). It
Watch as Russian cargoship smashes into bridge A Russian cargoship has crashed into a Korean bridge head-on. Video footage shows a vessel named by local media as the 9,700-dwt Seagrand (built 1986) hitting the Gwangan span as it left Busan on Thursday. Cars can be seeing slowing down as it becomes apparent that the ship will hit the bridge. Some then cautiously drive on when it appears that the vessel has come off worse in the encou
Study commissioned into scrubbers' impact on marine life in Canadian waters Environmental group Clear Seas seeks to fill 'information gap' on IMO 2020 devices' effect on marine life
Berge Bulk set to scrap veteran VLOC amid dry bulk blues James Marshall's Berge Bulk is reportedly in the process of selling one of its ore carriers for scrap a time questions are being asked about the need to demolish large bulkers in a dire market. Fredriksen heads the field on newcastlemax bulker projects Diana Shipping inks Berge Bulk capesize charter Star Bulk Carriers sells oldest capesize vessel for scrap Sources say the world's fourth bigges
Subsea 7 lines up $200m buyback Oslo-listed OSV and subsea contracting group Subsea 7 has launched another $200m share buyback as the market outlook improves. The move to repurchase stock over the next two years also reflects the company's "strong financial and liquidity position," it said. Subsea 7 wins second BP contract worth up to $300m Subsea 7 completed a previous three-year $200m buyback earlier this month, It announc
Aframax contact closes bridge in US A US bridge was forced to close after being hit by the antenna of a tanker. The incident under the Huey P Long bridge in Elmwood, Louisiana, involved the 113,000-dwt aframax Clio (built 2008) on Wednesday, the New Orleans/Baton Rouge Steamship Pilots Association told WWL-TV. The span was closed for three hours, but only suffered superficial damage, according to the Causeway Police Department. T
Pacific Basin Shipping profit packs a punch Last year was the first time in almost half a decade Pacific Basinpaid dividends to its investors.
Pappadakis bulk carrier case put forward to Supreme Court Highest court in the US could judge whether $2.5m bond demand from the government was reasonable
Blast from the past as Vafias plots further growth with 'seasoned' partner Greek shipowner Harry Vafias has wound back the clock with a new joint venture targeting the LPG 'sector alongside a mystery investor. Vafias' StealthGas revealed this week that the partner had taken a 49.9% slice in two of its ships as a first step, with more purchases 'expected. StealthGas hatches new growth venture alongside mystery investor After the announcement, Vafias told TradeWinds the
Oil majors' LSFO patents raise fears over bunker supply Ship operators could be hurt by fallout of producers' rush to adapt to 2020 rules
Tallink turns red as revenue drops Estonian ro-pax group Tallink has posted a loss of EUR 1.8m ($2.05m) in the fourth quarter. This is down from a profit of EUR 1.1m in the same three months of 2017. It put the result down to falling revenue and a non-recurring cost from terminating a fuel tank rental agreement, plus the expense of listing on the Nasdaq Helsinki stock exchange. Revenue was down by EUR 6.3m to EUR 226.6m, drive
Impairments push Havila to $99m loss Norway's Havila Shipping has racked up a bigger loss in the fourth quarter after taking an impairment hit. The net deficit to 31 December was NOK 845.18m ($99m), from NOK 131.83m in the same period of 2017. Total hands back Havila PSV early The OSV owner took an impairment charge on fixed assets of NOK 708.7m, compared to zero last year, it said. Revenue grew to NOK 157.9m from NOK 139m year-o
American Shipping Company stays in black as Jones Act momentum continues Aker-backed American Shipping Company presented a positive picture for the Jones Act Market as it reported a stronger than forecast fourth quarter performance. American Shipping Company looks to amend $220m bond Jones Act players talk up market recovery as rates bounce back OSG extension of AMSC charters a "win-win" for both parties Oslo-listed American Shipping, which is looking to rejig a
Hanjin to relinquish control of yard group The Hanjin group looks set to lose control of shipbuilder Hanjin Heavy Industries & Construction through its debt restructuring. The yard company said in a filing on Thursday that it will cut its capital to KRW 72.7bn ($64.7m) from KRW 530.3bn as part of an effort to boost its finances. Exmar to move VLGC orders booked at Hanjin Heavy's Subic Hanjin strikes debt-swap deal for Philippines yard
New Performance Shipping makes fast swap of P&I club Renamed Diana Containerships switches club in an otherwise quiet renewal season, with Gard again emerging in pole position
Patjens scraps maxi-panamax as pressure builds on midsize boxship sector Ships head for beaches as idled 'classic' panamax fleet hits highest level in two years
Siem Offshore cuts loss and sees mixed fortunes for offshore market Vessel overcapacity is now the biggest obstacle to recovery, according to shipowner
Market waits on first dividend from ADS Crude Carriers Vintage VLCC scrubber play ADS Crude Carriers is expected to turn on the dividend tap in the first quarter after recording a modest profit in the closing quarter of 2018. Norway's ADS springs new VLCC venture with $58m placement Arctic Securities charts ADS Crude dividend potential The company, backed by John Fredriksen and Bjorn Tore Larsen, booked a profit of $2.1m for the final three months
Troim lines up $660m of Borr financing Tor Olav Troim-backed Borr Drilling is working on financing worth a total of $660m as its liquidity needs increase. The Oslo-listed rig company has so far this year secured additional cash consisting of a $100m revolving credit facility and a $60m credit line for issuance of guarantees with two international commercial banks. These mature in May 2020. Borr Drilling faces potential rig payment s
Frontline's tanker rate guidance shines amid fourth quarter profit miss Eye-catching rate guidance has overshadowed a weaker than forecast fourth quarter for John Fredriksen's Frontline. The tanker owner saw its profit lag market expectations during a resurgent fourth quarter for the freight market. While its VLCC performance lagged peers in the period analysts were encouraged by the strong bookings for the first quarter of 2019 and positive sector outlook. Fredrik
BW LPG books unexpected loss as spot VLGCs undershoot in weak fourth quarter Andreas Sohmen-Pao's BW LPG has fallen to a fourth quarter loss due to vessel impairments during a period its spot-trading vessels under-performed those of one-time takeover target Dorian LPG. The VLGC owner said the net deficit to 31 December was $34.1m, against a loss of $19m in 2017. An adjusted loss of $3m fell below the consensus forecast for an $12m profit during the quarter. Adjusted c
Maersk's zero carbon ambitions demand a revolution World's largest line has pledged to bold cuts in emissions, but it admits delivery remains clouded in uncertainty
Gazpromflot eyes business for newly arrived Kaliningrad FSRU Russia's Gazpromflot is looking for short-term charter business for its newly acquired first floating storage and regasification unit. Brokers have been reported as offering the 170,000-cbm Marshal Vasilevskiy (built 2018), which is stationed at the Russian exclave of Kaliningrad, out for charter. Gazpromflot FSRU berths in Kaliningrad with full cargo But the unit is expected to be only availab
Arkon Allied Container adds investors and boxships Chartering platform boosts growing commercial desk to about 100 feederships
Maran Gas makes LNG design switch as DSME decision looms Greek owner lifts fleet to 40 vessels and ditches second FSRU with what could be a last throw of the dice at DSME
Polaris Shipping recruits Pareto Securities and DNB as coordinators for Oslo listing South Korean bulker owner aims for an IPO in the Norwegian capital during the second half of this year
Global tensions widen loss at MPC Container Ships MPC Container Ships (MPCC) has blamed global tensions and tough shipping markets for a bigger loss in the fourth quarter. The Oslo-listed feedership player said its net deficit was $5.05m, against $2.19m in the same period of 2017. The expanded fleet of 69 ships brought in revenue of $52.5m, versus $13.18m the year before. MPC Capital takes $20m hit from rig write-down MPC Container Ships laun
Flex LNG fixes $250m of finance as profit jumps John Fredriksen's Flex LNG has revealed new financing of $250m as profit increased in the fourth quarter. Flex LNG to reap rewards of spot strategy The company said it had secured the debt from a syndicate of banks for two newbuildings delivering in 2019, Flex Constellation and Flex Courageous. The cash will partly cover the remaining $144m payable on the ships. The remaining balance is expecte
Jinhui Shipping ends 2018 in the red due to smaller fleet Disposal of four ships in first half of the year takes toll on fourth quarter performance.
Vitol and Grindrod disband tanker joint venture Duo to split Leopard fleet between them as shipowner also ends MR tie-up with Engen.
GTT: 2018 was "best year of the decade" for our core business LNG containment system maker bagged 50 new ship orders last year compared to 21 in 2017
IMO 2020 mandate looms large for container industry Consulting firm says requirement to use low-sulfur fuel could raise costs by $10 billion for industry.
Expected U.S.-China enforcement framework laid out U.S. Trade Representative Robert Lighthizer said he's "not foolish enough" to think one trade negotiation with China will change all allegedly unfair commercial practices.
Chao: Streamline approval of road, bridge projects The transportation secretary's speech to AASHTO Wednesday followed remarks by Senate and House committee chairmen and ranking members on the federal infrastructure plan.
Roadrunner raises $450 million to speed up 'recovery' Simplification and improvement of capital structure will support long-term business plans, says the logistics and transportation company.
Retailers search for certainties in uncertain times Panelists at the Retail Industry Leaders Association's annual conference addressed port congestion, tariffs, low-sulfur fuel and China's economic initiatives.
FDA turns up focus on imported food safety The Food and Drug Administration has unveiled a plan to further enhance its safety oversight of imported foods through the Food Safety Modernization Act.
Trade advisory group may become 'incubator for new ideas' CBP Commissioner McAleenan said the advisory committee's Northern Triangle Working Group will tackle trade barriers in Honduras, Guatemala and El Salvador.
Panalpina reports growth in profits, air freight volume
Crude seeks next direction as market weighs lower US GDP growth against surging production The oil complex was treading water around even in midmorning trading Thursday as the market weighed signs of slowing US economic growth against record high production levels.
REFINERY NEWS: Greek Hellenic to reduce HSFO output, tests US crude ahead of IMO 2020 Greek refiner Hellenic said Thursday that it "continues its preparation" for the marine fuel specification change in 2020 and has "successfully tested" new types of US crude at its Aspropyrgos refinery thus "further differentiating crude slate".
Anti-OPEC bill could drive up long-term oil prices: US Energy Secretary Perry US Energy Secretary Rick Perry said Thursday that anti-OPEC legislation getting renewed attention in Congress could have the unintended effect of spiking oil prices in the long term, the strongest comments against the measure on which the Trump administration has otherwise remained silent.
ARA diesel, gasoil stocks slip 0.8% on week on closed US arbitrage Diesel and gasoil inventories at the Amsterdam-Rotterdam-Antwerp trading hub were little changed over the past seven days, edging only 0.8% lower in the week that ended Wednesday to 2.406 million mt, according to data from PJK International released Thursday.
JAPAN DATA: US crude imports surge fourfold on year amid absence of Iranian oil in Jan Japan imported an average 131,146 b/d of crude oil from the US in January, up four times from 32,230 b/d a year ago as the East Asian oil consumer did not take any Iranian oil for the third consecutive month, according to data released Thursday by the Ministry of Economy, Trade and Industry.
ARA stocks fall 7% on week as fuel oil continues to flow out of region: PJK Fuel oil stocks in the Amsterdam-Rotterdam-Antwerp hub dropped by 7% on week to 911,000 mt in the week to Wednesday, according to data from PJK International, as fuel oil products continued to leave the region.
HSFO in 2020 could contain 4.2% sulfur prior to scrubber treatment: Concawe The level of sulfur in marine fuel, before it passes through an exhaust gas cleaning system, or scrubber, could rise from current levels to 4.2% in 2020, an industry expert said Thursday.
External: Marine Bunkering(Rotterdam)B.V.
INTERVIEW: Sulfur, ballast water norms to boost tanker freight rates The upward impact on freight rates will be more evident in H2 2019 when crude shipments spike to meet additional demand, Leszczynski said.
US' World Fuel Services raises bunker capacity in Gibraltar ahead of IMO 2020 WFS' new barges, dedicated to marine gasoil and ultra low sulfur diesel, offer the option for multiple product segregation, it said.
FUTURES: Crude mixed amid fall in US stocks, record production "This [draw in US crude stocks] was significantly larger than what the market was expecting," ANZ analysts said in a note Thursday.
S Korea, UAE sign preliminary deal for joint crude storage ADNOC also signed a formal contract with SK Engineering & Construction for a crude oil storage facility in the UAE.
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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