SAFE Boats signs licensing agreement to build Stormer Marine workboats Bremerton, Wash., based SAFE Boats International has signed an agreement with Dutch shipyard Stormer Marine BV licensing it to build Stormer's workboat designs in the United States. Stormer Marine's portfolio of designs
Scripps adds Volvo Penta powered research vessel to fleet The Scripps Institution of Oceanography at the University of California San Diego is adding a fourth research vessel, the 42 ft Bob and Betty Beyster to its fleet for use in San
Chiller optimization yields big savings for Italian ferry operator Italian operator GNV (Grandi Navi Veloci) is looking to gain savings of EUR 77,000 (about $87,000) a year as a result of using a new chiller optimization solution from ABB on board
Pasha Hawaii LNG-fueled newbuild main engine passes key tests Honolulu, Hawaii, based Pasha Hawaii reports that factory acceptance testing of the dual-fueled, MAN Energy Solutions ME-GI (-Gas Injection) main engine has been completed for the M/V George III, the first of
MAN to convert 15,000 TEU box ship to LNG dual fuel operation MAN Energy Solutions has signed a contract for the conversion of the 15,000 TEU Hapag-Lloyd container vessel MV Sajir to dual-fuel operation (see earlier story). The Sajir is one of 17 LNG-ready
New Zealand detains Taiwanese owned bulker for failure to pay crew Maritime New Zealand reports that it detained the Panama-flagged bulk carrier Daiwan Justice on Saturday, March 2, 2019, at Lyttelton after a complaint the crew's\ wages had not been paid for almost
Seaspan reports record results Company credits higher utilisation rates and acquisition of Greater China Intermodal's 18-vessel fleet
Eagle Bulk braced for changing trade patterns in 2020 The supramax and ultramax leader reversed 2017's losses to generate a $12.6m profit
War risk insurers evaluating India-Pakistan tensions 'We are following the geopolitical situation in the region, but we do not yet see a threat to shipping. We...
Unloading fire-stricken Yantian Express to take several more weeks, says Hapag Nearly 200 containers have been identified as a total loss as a result of a fire on board the Hapag-Lloyd...
FFA trading giant slams Baltic's IMO 2020 plan The Paralos Fund, a leading FFA trader, argues that the Baltic Exchange is pushing an IMO 2020 response plan that...
China leasing giants linked to CMA CGM megaship orders The leverage ratio that CMA CGM gets from the lessors is said to be close to 90%, which is part...
Swedish ports strike averted after labour deal The SDU, representing half of Sweden's port labour force, has been at loggerheads with port employers for decades over acquiring...
Daily Briefing Fuel price rises are unavoidable, says Hapag-Lloyd chief | Carriers face testing time in pushing through fuel charges | IMO...
Bad weather threatens coal shipments out of Indonesia Freight rates for supramax vessels trading from Indonesia to China have started to fade as owners are now staying away...
US tariffs hit containers and agriculture The tariffs have also created an imbalance in the positioning of containers, raising costs as a result
China remains dominant in transpacific supply chains Higher labour and compliance costs as well as incentives offered by other countries are causing some companies to re-assess their...
US Calcasieu Pass project secures LNG export approval for Asia Federal regulators granted export approvals for the $4.5 bn LNG project, which can export up to 1.7bn cubic feet per...
China's economic agenda sends mixed signals for dry bulk shipping China's economy and commodity demand has drawn much attention during the recent Marine Money Conference in Shanghai
Maersk navigates global challenges Søren Skou charts a course between global tensions, slowing growth and volatile fuel prices
Consolidation: Carrier customers had it coming Consolidation has led to fewer options for cargo owners, but the outcome was forseeable
Port of Oakland expands to retain balanced throughput Port officials acknowledge occasional glitches but are generally upbeat about their strategy for the future
Maersk chief warns low-sulphur rules could force more consolidation The spread between low-sulphur and high-sulphur bunkers is expected to decrease after supply rises to meet demand
Transparency essential for shipper-carrier agreement over fuel surcharges Price is the chief issue, but availability and compatibility of the new low-sulphur fuels are also causes of concern. The...
Star Bulk linked to quick resale of newly acquired ultramax Former Zoullas bulker in fleet less than four months said to be on sales block despite 2015 vintage
Trump's military-to-mariner plan gets industry thumbs up Still, the government needs to get more cargo on US-flagged ships, the industry says
Ugland moves to arrest Petrakis ship after Gulf of Mexico crash JJ Ugland wasted no time in moving to arrest an Andreas Petrakis-backed ship after two bulkers crashed in the Gulf of Mexico last week. Two of the Norwegian shipowners' companies, Ugland Marine Services and Ugland Shipping, filed a $3m lawsuit in New Orleans federal court after the 74,475-dwt Iolcos Unity (built 2006) was in a collision with Ugland's 63,532-dwt Livita (built 2017) three days befo
Uni-Tankers sees challenges and opportunities from IMO 2020 USTC small tankers subsidiary sees opportunities to carry more compliant fuels but faces higher bunker expenses
Eagle Bulk waits on penning 2020 COAs IMO 2020 creates an 'uncertainty around fuel pricing' that discourages signing contracts of affraightment beyond next year, chief executive Gary Vogel said
Drewry: only 2% of chemical tankers opt for scrubbers Only 2% of the global chemical tanker fleet has opted to install scrubbers to meet the IMO 2020 regulatory requirement, according to Drewry associate Hugo Finlay. Limited onboard space and lackluster scrubber economics for the vessels are restricting their uptake, he explains. Based on figures provided by the consultant, 21 of the world's 4,485 chemical tankers are already fitted with exhaust g
Container lines axe transpacific sailing as rates crash The OCEAN Alliance is axing 10 sailings on its transpacific service in response to expected low seasonal demand. CMA-CGM-APL, Cosco-OOCL and Evergreen will void the sailings scheduled for the vessels of between 9,000 teu and 13,900-teu The measures indicate a fall in volumes that are sending freight rates on the trade into a tailspin. Container shipping rates from Shanghai to Los Angeles plumme
Trond Mohn connected to product tanker investment Norwegian tycoon Trond Mohn is being linked with an investment in the recovering product tanker market. Mohn, who has a range of shipping interests, is being mentioned as the buyer of a tanker which is widely reported to have changed hands this week. Jo Odfjell to stay in chemicals shipping Shipbrokers say the 51,600-dwt Gan Trust (built 2013) has been sold for a price of $26.25m or more. Some
Capital Product targets reverse split for merger Combined company will have 64 tankers.
Telford adds seven Sea Trucks OSVs Dubai-based owner Telford Offshore has almost trebled its fleet in a deal to acquire seven vessels from liquidated Sea Trucks Group (STG), as well as West African Ventures. The company was launched last year as part of bondholders' efforts to recover value from STG. It has now added the laid-up 7,100-dwt DP3 pipe-layer and accommodation unit Jascon 30 (built 2007), to be renamed Telford 30, to i
Kassian returns to Mitsui for post-panamax Pappadakis-family company Kassian Maritime has turned to its favourite yard, Japan's Mitsui Engineering & Shipbuilding, to order yet another bulker. According to brokers based in Athens, London and the US, Kassian ordered a single 87,000-dwt unit. The vessel, which is to be built to IMO Tier III standards, is said to be due for delivery in 2021. Managers at Antonis and Virginia-led Kassian did n
Resolve Marine to attempt salvage of Solomon Trader The Korea P&I Club has appointed Florida-based Resolve Marine to salvage the 73,000-dwt bulker Solomon Trader (built 1994), which has been aground for a month and leaking fuel oil off Rennell Island in the Solomon Islands. The appointment comes as pressure mounts on the owner's insurer to speed up the salvage and oil-spill containment operation, with around 75 tonnes of fuel oil already having le
Hooking the next generation (with a stool) Japanese owner NYK has deployed its full range of fancy simulation technology to entice the next generation of seafarers into the industry. NYK orders Oshima bulker backed by Mitsubishi charter But the most important piece of kit used at its weekend parents-and-children day might have been the stool used to make sure one future officer could reach the controls of a mocked-up car carrier. The yo
Zvezda construction to cost $3bn Russia has revealed the final figure involved in building its big new far eastern shipyard Zvezda. More than RUB 202bn ($3.06bn) will be spent on the construction, according to documents seen by the Interfax news agency. Zvezda Arctic LNG 2 newbuild subsidies could hit $875m "Overall capital expenditures on the construction of the Zvezda shipbuilding complex, according to the capital investment
UK court auctions Murmansk bulker detained after grounding The UK Admiralty court is to auction a Russian bulker that was detained after grounding in December. CW Kellock has been appointed as the exclusive broker to handle the sale of Murmansk Shipping's 19,900-dwt Kuzma Minin (built 1980). Another Murmansk Shipping bulker to be auctioned The ice-class 1A ship has about 129 tonnes of heavy fuel oil on board that are included in the sale. The vessel i
Fairfax becomes Seaspan's largest shareholder New leadership and shareholding changes cap "year of transformation," says CEO Bing Chen.
Hornbeck refinances $84m of notes US OSV owner Hornbeck Offshore Services (HOS) has refinanced another $84m of its notes through a debt for loans scheme. It previously had $100m in bonds maturing in October and another $367m in April 2020. Hornbeck loss grows with 40 OSVs laid-up The company said on Wednesday it had borrowed another $50m through a first-lien term loan. This comprised $30.1m in cash of new financing and $19.9m o
Safe Bulkers inaugurates Cyprus office with reception for guests and colleagues US-listed Safe Bulkers moved into new wholly owned offices in Cyprus, inviting dozens of friends and colleagues to a reception and dinner party late last month to celebrate the event. The modern glass-and-steel construction offers impressive views over Limassol, the Mediterranean island's shipping capital and one of the biggest maritime hubs in Europe. Safe Bulkers chief executive Polys Hajioann
ONEX Technologies tackles Greek shipyard revival A Greek-US joint venture says it is regenerating a traditional shipyard on the Aegean island of Syros infamous for labour troubles and delays in recent years. Neorion Shipyard had shrunk to a mere scrapping facility but is crawling back to its previous shiprepair capacity, according to Panos Xenokostas, founder and chief executive of New York-based ONEX Technologies Group. The company has been ma
Brookes Bell adds more science to marine skill set Boosted by Thomas Miller takeover, Liverpool marine technology company targets IMO 2020 and casualty work
Solstad faces comprehensive restructuring The world's biggest owner of high-end offshore support vessels faces a comprehensive financial restructuring this year as losses mount. Norway's Solstad Offshore said its net loss in the fourth quarter was NOK 3.09bn ($355.45m), against NOK 1.29bn in 2017. Some of this was due to a NOK 2.04bn impairment of vessel values due to significantly adjusted assumptions in its long-term forecast. Solsta
Alexander Hansson back for more Nordic American Tankers stock Alexander Hansson continues to snap up shares in the newly refinanced Nordic American Tankers. Monaco-based investor Hansson, the son of NAT chief executive Herbjorn, yesterday revealed he had bought a third bundle of stock in the suezmax specialist since a key $306m loan was revealed. Landmarks and cookies explain why scrubbers don't cut it for Herbjorn Hansson Alexander Hansson buys more Nord
Teekay joins transparent ship recycling initiative Canadian shipowner becomes the eighth to join the Ship Recycling Transparency Initiative as the organisation celebrates its first anniversary
Creditors to own 80% of Hanjin Heavy in debt swap A debt swap will see creditors own more than 80% of Korean shipbuilder Hanjin Heavy Industries & Construction. The company will issue new shares worth KRW 687.4bn ($609m) as part of its refinancing, according to a filing from main creditor Korea Development Bank (KDB). University professor to run Hanjin Heavy Both domestic and overseas creditors are involved. Hanjin said last week that parent
Aurora LPG chiefs head shareholder group in legal action around BW LPG takeover Former Aurora LNG executives Borge Johansen and Nicolai Jebsen are heading a group of minority shareholders pursuing a lawsuit against BW LPG linked to a 2016 takeover. The plaintiffs, who include former Aurora chief executive Johansen and chief financial officer Jebsen, allege BW LPG had inside information when it bought up shares in the VLGC specialist. Aurora backing BW LPG offer after loss
Samsung finds buyer for cancelled ships Korea's Samsung Heavy Industries has found a new buyer for three "specialised" vessels it cancelled in January. Chinese buyer breathes life into VLEC newbuilding sextet An unnamed Asian company is paying KRW 409.6bn ($363m) for the trio. They will be delivered by February, 2021. The yard had terminated a contract with the previous North American owner of the vessels after it failed to make a p
Euronav adds to buyback as stock continues upward curve Crude tanker giant Euronav has dipped into its vast cash reserves to invest in its own stock. New York and Brussels-listed Euronav has been a regular buyer of its own shares in the past few months. Euronav buys fuel oil cargoes for 2020 ULCC storage play Its latest purchases were worth €2.5m ($2.8m) and were completed in the last week of February. It has left Euronav holding 3,144,172 of its o
LNG carrier rates slide below break-even but market sentiment holds strong Prospects for the second quarter remain blurry, but market players appear universally bullish for the second half of this year
Paris Dragnis honoured with shipping leadership award Captain Paris Dragnis, founder of Greece's Goldenport shipping group, made a rare public appearance at the Capital Link conference in Athens late last month to receive a lifetime achievement award. "He had no network or mentors," Diana Shipping principal Simeon Palios said in praise. "He neither comes from a shipping family nor does he hail from one of the traditional cradles of Greek ship
LR2 sector buoyed as Neda secures time charter above $20,000 per day Fixture reflects firm market sentiment as scrubber fitting for IMO 2020 continues to support rates rally
One dead as rig crane hits PSV One person has been killed after a rig crane collapsed off Italy. Energy company Eni said the incident occurred on the Barbara F platform on Tuesday, 60km off Ancona. The crane hit an unnamed platform supply vessel (PSV). Two people were injured on the ship, while the Italian navy said the crane operator was trapped in the cabin of the machine, which had been loading a 7-tonne canister. The It
Ro-pax's lighthouse smash blamed on water in fuel pipe A Tallink ro-pax demolished a lighthouse because sea water had entered its fuel pipes, an accident report has found. The 15,400-gt Regal Star (built 1999) allided with the Remmargrund structure on 30 October off Kapellskar, Sweden, on 30 October. Ro-pax demolishes Swedish lighthouse The Estonian Safety Investigation Bureau (ESIB) said in a report that the ship had left Kapellskar on time, accor
Ex-Viking staffer in insider-trading probe Christen Sveaas' Viking Supply Ships (VSS) has said a former employee is being investigated over insider trading. Viking Supply to be debt-free as it cuts loss The Swedish Economic Crime Authority is looking into possible offences by "several persons" regarding its stock. None of the suspects is a current employee, but one former staffer is on the list. "VSS is in contact with the Swedish Ec
Torm signs up for Glencore-backed bunker app Danish owner looks to benefit from tech that promises optimal bunker pricing and port selection.
Hapag hunts for terminal to offload undamaged Yantian boxes German liner group says it will still take another five weeks to discharge damaged containers.
Key countries set to put pen to paper on Hong Kong Convention Top maritime officials from Japan and India expect to accede to the ship recycling this year, moves described as pivotal to its unlocking.
Solomon Trader: "crew not absent or drunk" The owner and insurer of the leaking bulker Solomon Trader have denied crew were absent or drunk when it grounded on a Solomon Islands reef last month. Korea Protection and Indemnity Club and Hong Kong owner King Trader issued a statement expressing "deep remorse" for the incident involving the 74,000-dwt ship (built 1994). Even though matters of liability are yet to be determined, they added th
Malaysian bauxite return unlikely to hurt bulker market China's slowing economy might make it difficult for Southeast Asian nation to regain market share.
Precious boss Hashim calls for wider 'anti-pollution' approach to IMO 2020 sulphur rules Politics may have kept the guest of honour away, but delegates at Bimco's conference in Shanghai found plenty to keep them engaged
Scrubber debacle proves that going it alone is not the answer The low-sulphur debate demonstrates that the shipping industry needs to take collective, coordinated action to avoid making the same mistakes tackling decarbonisation
China leads growth in global demand for LNG Russia produced 27 million tonnes of LNG in 2018, according to Rosneft executive Otabek Karimov. The vice president for commerce and logistics told IP Week in London that the global market reached 320 million tonnes per annum last year - a 10% increase on 2017. Australia, the US and Russia accounted for 30 mtpa of the increase. LNG tonne-mile balance set to rise on demand pull from Asia Japan w
Maersk and Hapag-Lloyd will reject 'all-in contracts' While the companies agree on how to tackle the low-sulfur fuel mandate, they are pursuing very different corporate strategies.
Ministers: U.S. welcome to rejoin CPTPP Ministers from three member states of the Comprehensive and Progressive Trans-Pacific Partnership on Tuesday expressed support for the possibility of the U.S. rejoining the agreement at some point in the future.
U.S. manufacturers remain optimistic A quarterly survey by the National Association of Manufacturers, which coincided with a speech by Vice President Mike Pence, found the streak of optimism continued but concerns remain about infrastructure and attracting workers.
Senate Commerce Committee backs Jones Act
MSC to introduce new call to Liverpool
Five weeks to unload damaged Yantian Express cargo
Colorado legislature holds first hearing on oil, gas sector overhaul bill
Larger-than-expected US crude build weighs on WTI, leaves markets mixed
PDVSA sells 3.9 million barrels of spot crude to CNPC, Rosneft, Essar
US refinery feedstock imports fall to one-year low, high- and low-sulfur spread inverted
Gibraltar bunker operations affected by bad weather
Trading activity picks up on ICE for new 0.5% marine fuels futures contract
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FUJAIRAH DATA: Refined oil product inventories slip on fall in heavy residues The Fujairah bunker market saw a slight uptick in demand in recent days compared with the first half of February, sources said.
Rotterdam HSFO barge volumes in Feb MOC plummet on strong backwardation "There is tight supply given the strength of fuel and the climate in Venezuela," a source said Tuesday.
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