Navios Acquisition posts loss despite tanker market improvement Merger with VLCC affiliate 'timely' in light of higher rates, says Angeliki Frangou
Ardmore sells tankers amid rising losses The US-listed company expects a sustained upturn as a result of low fleet growth and a projected higher demand for...
McQuilling predicts marginal growth in crude tanker sector McQuilling predicts 1.0% crude and residual fuel demand growth in 2019
EEX delays Asian LNG contract launch The launch has been delayed while clients are busy preparing for Brexit which takes place at the end of March
Eastern Pacific tanker released by militia in Cameroon The tanker had been captured by a local charterer and an armed militia at the Sonara refinery in Cameroon
UN Security Council turns spotlight on maritime crime The UN security council hears that piracy has become more sophisticated and threatens life on land
Scorpio investigates stabbing on product tanker The vessel was en route to Singapore from Russia when the incident occurred, the company says
'AI, Captain!' Maersk adds virtual assistant to reefer platform Maersk says it wants RCM to look and feel like a 'favourite smartphone app'
IUMI's Turner prepares to 'confront the chaos' President hails considerable considerable progress in last decade, with three employees in Hamburg, Asia hub in Hong Kong, reinvigorated presence...
Dry bulk finds positive in US soyabean sales The US has announced 2.6m tonnes of new soyabean export sales to China in the marketing year that ends in...
Europe's standalone operators face ominous future Maersk Line, MSC, CMA CGM and Hapag-Lloyd have increased their combined market share from 34% to 56% in the last...
Isle of Man Ship Registry's Mitchell gets top job Dick Welsh is to retire after 13 years at the helm of fast-growing ship registry
Calais bans 'disrespectful' Grayling over Brexit ports plan Calais has spent the money for traffic to flow regularly under a WTO terms Brexit and so is mystified at...
DP World global container volumes rise in 2018 DP World handled 71.4m teu in 2018, but volumes in the UAE dropped by nearly 3%
Britannia secures Singapore underwriting licence The seven-strong Singapore branch will be managed by Tindall Riley (Britannia) Singapore and headed by industry veteran chief executive John...
World boxship fleet outlook: Maintaining the balance Order slippages set to maintain deliveries at a manageable level throughout 2019
Trade agreements boost Canadian exports Investment in infrastructure needed to gain full benefits of growing trade
French ports sign deal for multimodal north-south axis French Mediterranean port is looking to become a southern gateway to France's hinterland through partnership with the River Rhine port...
Daily Briefing Tankers stalling amid uncertainty over US sanctions on PDVSA
BW LPG pushes back over talk of exit from large gas carriers Speculation grows as outfit strengthens VLGC position with second large gas carrier said to be on market
Bulker owners in no mood to celebrate Chinese New Year Dry bulk rates hit near record lows on economic woes and lower Brazilian iron ore exports
DHT Holdings back to profitability in fourth quarter DHT Holdings returned to the black in the fourth quarter, but still fell short of analyst's expectations. The New York-listed tanker owner posted a $12m profit in the last three months of 2018 after reporting losses for each of the last four quarters and an improvement over the $7.5m loss for the same period last year. But earnings per share came out at $0.08, lower than the $0.13 consensus figu
Seadrill teams with Sonangol for drillship venture John Fredriksen-backed Seadrill has formed a new joint venture with Angolan oil company Sonangol to operate drillships. The 50/50 partnership with Sonangol affiliate Empresa de Servicos e Sondagens de Angola will run four vessels, restructured Seadrill said. They will focus on "opportunities" in Angolan waters. Each company will bareboat charter two vessels to Sonadrill. Seadrill's post-Chapte
Troubled 3 Maj reveals new contract and Algoma interest Troubled Croatian shipbuilder 3 Maj has claimed to have lined up new business following a series of vessel cancellations last year. The Rijeka commercial court postponed on Wednesday a decision on whether to start bankruptcy proceedings against the yard to 26 February. Director Maksimilijan Percan was quoted by the SeeNews agency as saying in a report sent to the court that the company can easil
HHI could seal DSME deal in March Korea's Hyundai Heavy Industries (HHI) could finalise a deal to take over rival DSME as early as next month. This is according to a company insider cited by the Nikkei Asian Review. KDB pressing ahead with mega-merger of world's two largest shipbuilders But an agreement depends on seller Korea Development Bank (KDB) confirming that compatriot Samsung Heavy Industries has no interest in a deal.
Koch relets Safe Bulkers cape Koch Shipping is reportedly releting a capesize bulker it has on a 10-year time charter from Greek owner Safe Bulkers. The 184,000-dwt Lake Despina (built 2014) has been fixed for 11 to 14 months by SwissMarine at $14,500 per day, European brokers said. Koch is paying Safe Bulkers $24,376 per day. The company is expanding its presence in the capesize sector and now controls 11 units.
ING loan provisions rise to $276m in fourth quarter Dutch bank ING has posted a rise in loan loss provisions for the fourth quarter, but profit increased. The shipping lender said additions to provisions were EUR 242m ($276m) to 31 December, up from EUR 190m in 2017. Top shipowners enjoying cheapest debt in a decade For the full year, the total was down to EUR 656m against EUR 676m. The figures include write-offs and recoveries on loans and rec
Probunkers to release scope to yards on LNG bunker septet Company plans for first vessel to be operational by end-2022 in customer-focused approach to LNG bunkering
Pacific Gas signs five-year VLGC charter Pacific Gas has sealed a five-year time charter with Wanhua Chemicals. The 84,000-cbm Pacific Shanghai (built 2017) is fixed for five years at an undisclosed rate, European gas tanker brokers say. Pacific Gas takes over five smaller LPG carriers Attempts to reach Pacific Gas were unsuccessful. The vessel was ordered at DSME in 2015 for $75m. In December, it came off a charter to Dutch energy
Noble takes small shipowners down the roads less travelled Bank says investor meetings outside the traditional hotbeds of north-eastern US cities can pay dividends for an industry in need of support wherever it can be found
Norwegian Shipbrokers' Association turns 100 It has been 100 years since the Norwegian Shipbrokers' Association (NSA) was formed, and 300 guests including Crown Prince Haakon celebrated the occasion at Gamle Logen in downtown Oslo. NSA director Hans Nicolai Edbo says its members are different, but a common factor is that they offer added value to the customers, which often are shipowners. The organisation has 113 member companies with arou
Armed militia releases Eastern Pacific tanker in Cameroon The aframax's 26 crew are safe and unharmed, and the vessel is underway again
Frontline deepens cooperation with Phillips 66 John Fredriksen's tanker company Frontline is strengthening its cooperation with charterer Phillips 66. This time the venture includes Frontline's 157,000-dwt Front Clipper (built 2017). This is not a time-charter contract, however, TradeWinds is told. Frontline declined to comment. In August last year, Frontline struck a deal with Phillips 66 involving the 157,000-dwt Front Cosmos (built 201
IRISL loses court bid to overturn EU sanctions rulings Iranian shipowner IRISL has lost a bid to annul sanctions rulings made against it by the European Union in 2013. It and 10 other linked companies had asked the Court of Justice of the European Communities to overturn a rejection of its plea to the General Court of the European Union in February 2017. IRISL back in court? IRISL funds freed The EU had alleged in 2010 that IRISL has been involved
Chappell: LNG carrier rates will stay high The next two years are shaping up to be good ones for LNG carrier owners before newbuildings catch up with the market, Evercore's Jonathan Chappell said on a conference call Wednesday. Golden Pass decision seen as next spur for LNG market Qatar's $11bn newbuild plans show scale of LNG ambitions With more LNG projects coming on line in the next few years, spot rates for 2019 and 2020 will be bet
2020 Bulkers raises another $3m in equity Tor Olav Troim's 2020 Bulkers is raising another $3m in equity. This is the eleventh time the company has gone to the market for capital to pay instalments for its order of eight newcastlemax bulkers at the Chinese New Times Shipyard. The latest shares have a price tag of $10. The three previous issues have been conducted at $9.50. 2020 Bulkers has so far raised $73m in equity for the newbuildi
Tamai Steamship ups its earnings The bulk carrier owner is on track to distribute a dividend for the first time since 2016
RSA boss voices concern over hull market 'pain' Low premiums and the spectre of Brexit cast dark shadow over London marine insurers, says IUMI head.
Fire on APL Vancouver brought under control A blaze onboard an APL vessel off Vietnam has been brought under control. APL said the situation on the 9,200-teu APL Vancouver (built 2013) was "progressing favourably". The company reported the fire in cargo holds on 1 February as the ship transited from Shekou to Singapore. "Shore support and firefighting tugs have been deployed under the oversight and assistance of a Vietnamese coast guard
Awilhelmsen offloads $567m of RCCL as it rejigs family holdings Arne Wilhelmsen family becomes sole owner of cruiseship giant's biggest shareholder after transaction.
Exmar's Tango FLNG finally offloads in Argentina Belgian shipowner Exmar's first floating LNG (FLNG) production unit Tango FLNG has arrived at its new home base in Bahia Blanca, Argentina, after hitching a ride from China on a heavylift ship. Exmar set for rebirth after fixing out floating LNG unit Exmar said Tango FLNG, which is fixed to energy company YPF for a 10-year tolling agreement, will now undergo hook-up and commissioning. The 0.5-m
Ardmore sells two, refinances seven and looks toward first quarter Anthony Gurnee-led company misses fourth-quarter profit estimates by two cents, but analysts remain upbeat.
Diana Shipping takes panamax pay cut Greece's Diana Shipping has agreed a reduced rate for one of its panamax bulkers with Switzerland's Phaethon International. The 75,000-dwt Danae (built 2001) will earn $8,100 per day, minus a 5% commission paid to third parties, for between 11 and 14 months, starting now. It was previously chartered by Phaethon from December 2017 at $10,000 per day. The employment is anticipated to generate $2.
Shearwater wins Equinor and Aker BP survey deals Norway's Shearwater GeoServices has clinched survey contracts from Aker BP and Equinor for the summer season. The company said the four ocean-bottom seismic (OBS) surveys will involve the 3,800-dwt WG Tasman and WG Cook (both built 2010), owned by WesternGeco. Shearwater wins eight months of survey work "We are excited to be chosen by two major petroleum exploration and production companies to
Users of scrubber technology likely to remain in the minority A relatively small number of scrubber installations is a vote of confidence in refiners and oil majors to produce adequate low-sulphur fuel, argues Professor Constantine Arcoumanis
Burnt-out Sincerity Ace set for repair in South Korea Car carrier may be saved after massive fire in the Pacific, but cargo loss claim could still top $100m and shared under a general average declaration
Vinalines plots more stake sell-offs Vietnamese state owner Vinalines is looking to sell off more shares in its subsidiaries to cut debt. Acting general director Nguyen Canh Tinh said in a statement cited by the Sai Gon Times that after converting to a joint stock company it will cut its holdings in companies like Vietnam Ocean Shipping (Vosco) and Vinaship, in which it has 51%. It wants to streamline operations and increase its fo
Nordea reverses shipping loan losses in fourth quarter Finnish-headquartered banking group Nordea has turned around shipping loan losses in the fourth quarter. It said shipping, offshore and oil services logged a reversal of 20 basis points (bps) to 31 December, against losses of 13 bps in the same period of 2017. Net loan losses were EUR 30m ($34m) for the bank as a whole, down from EUR 71m a year ago. Eagle Bulk eyes scrubber bill with $208m loan
Britannia gains licence to underwrite business in Singapore Latest move follows receipt of similar approvals from Hong Kong's insurance regulator in January.
Heavy rains impact Queensland coal terminals Abbot Point suspends berthing, while other ports face cargo shortages due to train disruptions.
Brexit prompts EEX to delay Asian LNG contract launch German energy exchange says threat of UK's disorderly exit from the EU prompted decision.
'Small uplift' expected in contract freight rates Drewry says carriers will focus on making sure they can recover higher fuel costs.
China has 'long record' of unambitious WTO pursuits In its report to Congress, the Office of the U.S. Trade Representative expressed concern about China's support for World Trade Organization Appellate Body proposals.
Trump calls for 'great rebuilding' of infrastructure In his State of the Union address Tuesday night, the president says investing in the nation's roads and bridges "is a necessity."
Seattle terminal $300 million upgrade recommended Northwest Seaport Alliance may lease to Stevedoring Services of America and MSC's Terminal International Ltd.
EU prohibits Siemens-Alstom merger The European Commission cites competition concerns for blocking the proposed deal on Wednesday.
Maersk to add virtual assistant to RCM platform
Greece's fleet remains world's most valuable
Freight tracker FourKites nets $50 million in funding
Buzzard share of Forties Blend crude down to 30% in latest week: Ineos The Buzzard oil field's contribution to key North Sea's Forties Blend crude was marginally lower in the week to Sunday, Forties pipeline operator Ineos said Wednesday.
Plains keeps open possibility of further Permian oil pipeline consolidation As concerns loom about a Permian oil pipeline overbuild, Plains All American did not rule out the possibility Tuesday of teaming up with another competing project for its recently confirmed 1 million b/d pipeline to the Texas Gulf Coast.
ExxonMobil, Hess unveil two more discoveries offshore Guyana An ExxonMobil led consortium announced Wednesday it has made two more discoveries offshore Guyana Haimara and Tilapia bringing the number of finds on the prolific Stabroek block to an even dozen.
Colombia December hydrocarbon exports rise 1.4% on year Colombia exported 3.642 million mt of hydrocarbons in December, up about 1.4% from the 3.592 million mt of crude and products shipped in December 2017 and 0.6% above the 3.619 million mt exported in November.
EIA says US fuel oil stocks rise, still lag behind 2018 levels US fuel oil stocks for the week ended February 1 showed a slight build from the previous week, US Energy Information Administration data showed Wednesday.
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