Mitsubishi Shipbuilding christens next-gen LNG carrier Mitsubishi Shipbuilding's Nagasaki, Japan, Shipyard & Machinery Works yesterday held a christening ceremony for a next-generation LNG carrier that will serve the Freeport, Texas, LNG project. Named Bushu Maru, the vessel is
Helsinki Shipyard: New name, different Russian ownership Finland's Archtech Helsinki Shipyard is to get a new ownership and a new name. The yard's efforts to win new orders have been severely hampered by the fact that it is currently
MAN inks service deal covering 111 dry bulkers MAN Energy Solutions has signed a service agreement covering 111 bulkers owned by Hong Kong headquartered Pacific Basin Shipping. The contract will be managed by MAN PrimeServ from Hong Kong in close
NASSCO lays keel for T-AO 205 The keel for the future USNS John Lewis (T-AO 205), the Navy's first John Lewis-class fleet replenishment oiler, was ceremonially laid at General Dynamics-National Steel and Shipbuilding Company, San Diego, May 13.
New marine louvered panel has integrated damper Passive airflow through a louvered panel is a common way to maintain adequate airflow to an engine room or machinery space. But there are times, such as during heavy weather or a
Alfa Laval inaugurates PureSOx training center Alfa Laval has inaugurated a PureSOx training center in Shanghai, China, featuring a full-size PureSOx exhaust gas scrubber. Though it will be focused on the training of commissioning engineers, it will also
MAN Engines offers IMO Tier III compliant workboat engines MAN Engines - a business unit of MAN Truck & Bus - is now offering 12-cylinder workboat engines meeting IMO Tier III emission standards. Spanning a power range from 551 kW to
How to decarbonise shipping Sidestepping the political hurdles in favour of setting out a pragmatic roadmap, what does a decarbonisation plan look like for...
Epic Gas cuts net loss and announces board change With an expected market improvement going forward, the company has chartered-in two vessels following a letter of intent to buy...
IMO talks confront emissions measures challenge MEPC negotiations on GHG emissions measures showcase challenge in getting started
Time to step back from Tanker War Two Important details are missing from our account of the Saudi tanker attacks, but shipping should now be on guard against...
How to decarbonise shipping Sidestepping the political hurdles in favour of setting out a pragmatic roadmap, what does a decarbonisation plan look like for...
Higher rates push NAT to quarterly profit NAT expects to benefit from refinery adjustments taking place this year
West African ports slow on the low-sulphur uptake With a lack of low-sulphur bunkering available to carriers, they will be forced to bunker elsewhere, says consultant Dr Natalie...
Beazley launches marine cyber insurance product Physical damage and loss of hire insurance cover are being offered to the shipping industry by a new product produced...
Avance Gas refinances debt as losses mount Oslo-based company expects higher freight rates for the rest of the year due to stronger export volumes from the US...
Iran's crude production to tumble to 30-year low, says IEA For May, early tracking shows loadings plunging to around 475,000 barrels per day, but the final destinations are not yet...
Thoresen Shipping warns of downside risks amid the optimism However, exceptional factors such as the decline in the global grain trade affected by the continuing US-China trade dispute and...
Zhuhai Port Co targets $145m in shares sale ZPC's state-owned parent Zhuhai Port Group has subscribed to 51% of the new offering
UK Club hints at rate rise after $32m loss 'Premium rates are at historically low levels and the 114% combined ratio is above the club's acceptable range,' says statement...
Gard and Britannia in the red as surplus falls sharply at Skuld 'Our industry is typified by volatility and cyclical behaviour and it is not unexpected that there are years in which...
Consortia block exemption lobby sees little market concentration in liner shipping Container shipping lobbyists are hitting back at the argument that their industry lacks unique characteristics that justify an exemption from...
Enesel and Minerva place tanker orders with Daehan The latest deals bring Enesel's series of orders level with that of Angelicoussis tanker arm Maran Tankers that has also...
Yang Ming narrows first-quarter loss Yang Ming says its operating costs have been swollen by bunker prices in the period that jumped by 11% year...
Californians push back against Trump's plans to boost oil exports The trade war with China has done nothing to lower US exports of petroleum as rising demand comes from India...
MOL ups LNG carrier tally at DSME to three Japanese shipowner MOL has declared an option for an LNG carrier newbuilding at DSME in South Korea, bringing its total haul at the yard to three. DSME bags order for LNG carrier newbuilding This week, DSME announced it had secured an order for an LNG newbuilding for delivery in the second half of 2021, without disclosing the name of the contracting party. MOL's account Industry sources follow
Formosa Plastics Marine drawn to stainless-steel chemical tankers Taiwanese owner approaches shipyards in South Korea and Japan for newbuildings
Industry faces remember 'visionary' and 'innovator' Eisbrenner Shipping industry names who knew NextDecade founder and LNG regasification innovator Kathleen Eisbrenner have been remembering and detailing her contribution to the business following the news of her death last week. Eisbrenner's family said in an obituary that the 58-year-old had died on 9 May after suffering a "devastating head injury" from a fall in her home. Those in the industry who met Eis
Barges in tanker clash taken from Houston Ship Channel The waterway is now fully operating without restrictions, officials said.
Worker dies in accident at Port of Los Angeles The incident, which caused serious injury to another worker, happened at Fenix Marine Services.
After positive Q1, Nordic American Tankers shares soar Nordic American Tankers shares are up big after its first quarter results beat analyst expectations. The Herbjorn Hansson-led shipowner was trading up more than 16%, or $0.36, to $2.56 in midday trading Wednesday after it reported $5.6m in profit for the first tree months of 2019 after the close Tuesday. Nordic American Tankers posts best results in years The performance was good for $0.04 earn
Shipowners unfazed by Trump tariff hike China will send their factories to other countries if trade war continues, according to boxship player Global Ship Lease.
Pangaea stays in black despite tough quarter Rhode Island-based niche player says contracts-heavy approach helped it outperform general market despite headwinds.
Sovcomflot posts big first-quarter profit as tanker market recovers Sovcomflot is back in the black for the first quarter thanks to an upswing in the company's tanker business. The Russian state shipowner posted $70.1m in profit for the three months of 2019, a marked improvement over the $16.1m loss reported for the same period last year. Novatek advances Arctic LNG 2 project before taking FID Sovcomflot seals newbuilding financing with new loan Sovcomflot, a
DFDS plans unsecured offering to refinance maturing bonds DFDS is considering a new bond issue that would refinance its existing DKK bonds, which are set to mature in June. The company intends "in the near future" to issue new DKK- and/or NOK-denominated senior unsecured bonds with an expected maturity of five years. The issuance is part of the "continuous pursuit of improving the financing cost of DFDS", a release said on Wednesday. DFDS posts profit
Epic Gas plots purchase of larger vessels backed by BW Group 'halo' effect Epic Gas is eyeing up further growth opportunities in the larger pressurized LPG segment as it looks to extend expansion efforts under the 'halo' of the BW Group. Epic has boosted its fleet by 23% in capacity terms with the $106.5m addition of four vessels and time charters for two modern ships this year. Andreas Sohmen-Pao takes the chair at Epic Gas as loss cut Epic Gas opens book on $60m eq
All paths lead back to Norway for growth, says Horizon Maritime COO said growth in the North Sea only part of the reason why the Canadian firm opened Aalesund office
Portline bulker's oily water separator 'just for show' Portuguese owner Portline Bulk International has been fined in a US pollution case after crew admitted a bulker's oily water separator (OWS) was "just for show." Portline has agreed to pay $1.5m after it admitted in a plea deal that engineers on the 51,000-dwt Achilleus (built 2001) had falsified entries in a record book used to track the disposal of bilge water, the Post and Courier reported. d
Yang Ming Marine eyes $193m bond to repay debt Taiwanese container line plans bond sales for debt repayment as business environments remain volatile amid US-China trade tension.
Landbridge seals long-term charter with Trafigura Chinese industrial company Landbridge Group is extending its cooperation with Western partners by locking one of its VLCCs into a time charter with trader Trafigura for up to five years. European brokers said the Geneva-headquartered trader has fixed the 308,000-dwt Landbridge Glory (built 2019) for three years at $36,500 per day, with options to extend at undisclosed rates. The charter is in
Pipe-layer owner turns to US courts to free arrested vessel The owner of an arrested pipe-layer is taking legal action in the US to free the ship and recoup millions of dollars in damages before a Nigerian company can have it auctioned off in Ghana. Wartsila: crew may be to blame for tanker fire Second Gourdomichalis bulker seized in ship abandonment case Dallas-based WAG SPV I and New York lender Hark Capital allege Fortune Global Shipping & Logistics
Environmentalists call for scrubber moratorium Numerous groups, including Stand.earth and WWF, send letter to IMO in light of Carnival Corp scrubber violations
One dead and five injured in blast at breakers One worker has died and another five were injured in an explosion at a ship recycling yard in Bangladesh. Worker killed in Bangladesh yard blast The accident happened on Wednesday at Premier Trade Corporation and Mahinur Ship Recycling in Sitakunda, the UNB news agency said. Watch footage of the incident here Cutter Mohamamd Rubel was pronounced dead at hospital. A police official said the si
Transocean expands loan facility to $1.36bn New York-listed drillship owner Transocean has expanded a loan facility to $1.36bn. The Swiss-based company said it has built the revolver from $1bn when it was arranged last year. It can also add another $500m. The facility matures in July, 2023. An additional $140m remains available under its accordion provision. Transocean has a fleet of 48 mobile offshore drilling units.
HMM cuts loss to $89m and sees rates rising Korean boxship line HMM has reduced its first quarter loss as revenue rose. The operating deficit was KRW 105.7bn ($88.8m), down from KRW 170.1m a year ago. It blamed high bunker costs, the US-China trade conflict and a delay in the rate of regional recovery for the red ink. Revenue was up 18% at KRW 1.31 trillion, led by higher transport volumes and load factor. It carried 11% more containers
Heated US-China trade war threatens to squeeze car carrier market Operators will face more operational challenges and demand uncertainties, even though the absolute trade volume between China and the US is small
Indian owners busy in tanker charter market Shipping Corp of India (SCI) is finally set for decent rates on two LR2 tankers after chartering out the duo amid a flurry of new term fixtures for Indian shipowners. SCI gas carrier damaged in collision goes for repairs LNG carrier and VLCC in collision off Fujairah European brokers said the 104,900-dwt Swarna Jayanti (built 2010) is fixed by Petro Diamond for eight months at $20,500 per day,
Goulandris sells oldest ship to Chinese buyer Greece's Goulandris Bros is selling its oldest ship, an 18-year-old panamax. Oldendorff wins settlement but Bank of China fight goes on Beijing puts brakes on lucrative trade in ageing Greek bulkers The sale appears to be a renewal move for the bulker owner. European sources said the 74,000-dwt Rodon Amarandon (built 2001) has been sold to a Chinese buyer for $6.6m. Although bulker prices a
Gard reports first loss in 10 years, with $53m of red ink Gard, the world's largest dedicated marine insurer, has reported a surprise loss - its first in 10 years. Its post-tax loss for the 12 months to 20 February 2019 was $53m, compared with a $193m profit in the previous year. It earned premiums of $798m, up from $775m. Gard made an investment loss of $3m. It also recorded a technical underwriting loss, reporting a combined ratio of 110%, indicating
Mercuria signs EDF trio to launch London LNG desk Swiss-based commodities giant also eyes structured finance opportunities including funding US yards
Malta ratifies Hong Kong Convention Malta has become the 12th country to accede to the IMO's Hong Kong Convention for the Safe and Environmentally Sound Recycling of Ships (HKC) as the convention today marked the 10th anniversary of its adoption. The convention requires ratification by 15 states and 40% of the world's tonnage. Malta's inclusion lifts the total so far to around 28.8% in tonnage terms. Accession to the conventio
Beazley launches cyber cover Leading marine insurer Beazley has launched a cyber product to protect owners against physical damage and loss of hire resulting from cyber attack. Marine insurers had been reluctant to provide cyber cover but such products are now growing in number. Tim Turner takes Beazley's reins from Clive Washbourn Beazley said the cover, named Cyber Defence for Marine, would help owners meet the IMO's req
IMO ruling on toxic coatings could cost shipowners dearly Owners could be forced to recoat the hulls of thousands of ships if revisions to anti-fouling convention are approved
Shipping brings 'hope and healing' to Africa's poorest Geneva ball hears how shipping and trading communities have thrown their weight behind Cargo Day fundraising
Klaveness Combination Carriers raises $40m for new ships Norway's Klaveness Combination Carriers (KCC) has completed a new stock issue that will see it bank NOK 350m ($40m). Klaveness raising cash for more combination carriers It will issue 7.36m shares at a price of NOK 47.50 each. The company was targeting a figure of between NOK 200m and NOK 400m to pay for two optional Cleanbu combination carriers at China's Jiangsu New Yangzi Shipbuilding. It ha
Eidesvik Offshore sees seismic boost after smaller first-quarter loss The offshore support shipowner said its result exceeded the expectations of both the company and its lenders.
PSV recovery sees profit rolling in at Standard Drilling Platform supply vessel (PSV) investor SD Standard Drilling has been boosted by the North Sea sector recovery in the first quarter. The Norwegian company said net earnings to 31 March were $2.98m, against $0.14m in 2018. SD Standard Drilling buys PSV at bargain-basement price It attributed this to an unrealised gain of $2.9m on the revaluation of financial assets. Revenue and EBITDA from charte
Turkish owner Arkas lands $800m refinancing deal Turkish shipowner Arkas Holding has clinched an $800m refinancing package in a deal with banks. The company said the facility was arranged by lender Yapi Kredi. Arkas, Cosco team up for reefer service The loan matures over five years with a 12-month grace period. The company said it is taking measures to strengthen its balance sheet and reduce financial costs in a time of high interest rates.
PSV trio reactivated after combined 11 years A trio of platform supply vessels (PSVs) have re-entered the buoyant North Sea spot market after a combined 11 years - 4,178 days - in layup. The moves once again demonstrate the trend for bringing units back into play as rates rise. Anchor-handlers have been booked for supply work as the PSV supply ran low in recent weeks. Anchor handlers step in as PSVs sell out in Norway Broker Westshore sai
Angeliki Frangou eyes up VLCC options to renew Navios Acquisition fleet Angeliki Frangou's Navios Maritime Acquisition is looking to the optional newbuilding slots it holds in Japan for the next stage of its VLCC fleet renewal programme. Imabari confirms four VLCC newbuildings for Navios Frangou's Navios eyes rare VLCC order at Imabari Frangou merging VLCC vehicle into Navios Acquisition New York-listed Navios has sold two veteran VLCCs this year and took its orde
VLGC owner Avance Gas banks $515m refinancing package John Fredriksen-backed Avance Gas has refinanced debt of more than $500m in a reshaping of its balance sheet that overshadowed a weak first quarter performance. Culture clash forced Christian Andersen's exit from Avance Gas Andersen replaces Andersen at head of Avance Gas Avance Gas closing in on refinancing as scrubber decision nears Christian Andersen, then president of Avance Gas, told Trad
DSME profit down but beats estimates Korean shipbuilder DSME has topped analysts' profit estimates in the first quarter, despite weaker results year-on-year. Operating earnings were KRW 199.62bn ($167.8m), compared to KRW 298.6bn a year ago. The forecast range was between KRW 66.56bn and KRW 110bn, according to Bloomberg data. Net earnings came in at KRW 195.18bn, against a range of KRW 43.17bn to KRW 86.49bn. It made KRW 226.3bn
Mikelis fears plurality of standards for global shiprecycling Consultant and Hong Kong Convention architect concerned at consequence of Alang recyclers chasing European list 'carrot'
Jotun records sharp increase in results for first quarter Jotun, the a leading producer of marine paints, has delivered strong results in the first quarter of 2019. The privately owned company has said it also expects better results in the coming quarters than it achieved last year. Jotun paints a brighter picture over IMO changes Jotun's financial performance brightens The improved outlook comes after the Sandefjord-based outfit was hit by the colla
Saudi tanker attacks reveal dangerous geopolitical waters Holing of Saudi vessels, trade wars and the rise of nationalism spell trouble for shipping
Sea Stallion Pool sets sights on up to 40 bulkers Managers confident of growing Hamburg-based handysize operation, which is outperforming indices
Norway raises security level after Gulf attacks The Norwegian Maritime Authority (NMA) has raised the security level for its ships following the attack on tankers at Fujairah in the UAE. At least four vessels were targeted in what appeared to be a mine attack on Sunday, including two from Saudi Arabia and Norwegian manager Thome's 47,000-dwt Andrea Victory (built 2005). No one has yet admitted responsibility. Mystery deepens as tanker attack
Sabrina Chao in female line of succession at Bimco Sabrina Chao will follow Sadan Kaptanoglu as Bimco president as the organisation embraced change at its annual meeting. The world's largest shipping association elected the managing director of HI Kaptanoglu Shipping as its first female president last night in Athens. "It is a great privilege for me to chair the Bimco board of directors in this crucial time of change for shipping," Kaptanoglu sa
Andreas Sohmen-Pao takes the chair at Epic Gas as loss cut BW Group supremo Andreas Sohmen-Pao has been appointed chairman of Epic Gas following its takeover. LPG carrier owner Epic said Charles Maltby had stepped down from the role, but remains CEO and a director. Sohmen-Pao steps on M&A gas with Epic takeover in his sights New chapter unfolds in Epic saga Epic Gas confident fleet renewal efforts will fuel profit Sohmen-Pao is already chairman of BW
Diamond S product tanker targeted by robbers off India Incident follows similar boarding of Stena-Sonangol suezmax pool vessel last month.
Thoresen Shipping makes weaker start to 2019 Higher operating costs and lack of impairment gains dent results at Thai-backed bulker owner.
Horizon Maritime eyes Norwegian market with Aalesund office Canadian offshore vessel operator launches expansion drive as ex-Bourbon OSV joins the fold.
Bill could provide $10 billion a year for infrastructure work The National Multimodal and Sustainable Freight Infrastructure Act, introduced by Rep. Lowenthal, would establish the Freight Transportation Infrastructure Trust that would distribute the funds through a formula and competitive programs.
Ways and Means panel hearing on USMCA next week House Democrats are seeking beefed-up labor, environment, enforcement and pharmaceutical provisions in the trade agreement.
Corps funding would increase in FY2020 House bill The House Appropriations Committee's FY2020 Energy and Water Development and Related Agencies funding bill also would increase HMTF projects by $147 million.
HMM revenue up but volume uncertainty remains The Korean carrier has reduced its operating loss and prepared for IMO 2020 but is still concerned about a global economic slowdown, Brexit and the U.S.-China trade conflict.
CBP launching air cargo screening enforcement
More carriers join Digital Container Shipping Association
Deutsche Post DHL 'will take a big step forward' in 2019
Accident kills dockworker, injures another at Port of Los Angeles
Yang Ming reports higher revenue, smaller loss in Q1
OOIDA opposes lower age for CDL holders
Teamsters, YRC Worldwide contract takes effect
Executive Moves: Crowley, Deutsche Post AG
Port of Oakland looks at diversifying revenue
DSV offers intelligent supply chain design and execution
Greece Piraeus bunker premium to Singapore nears year high Piraeus, Greece, bunker fuel premiums to Singapore prices reached the highest in almost a year.
Shell offers VLSFO marine fuel trials, ready for sales Shell is offering trials of its 0.5% sulfur marine fuel oil to customers in key ports in readiness for IMO 2020.
TANKERS: India's MRPL taps Aframax tankers for crude supply due to SPM closure "So far six to seven Aframaxes have been taken by MRPL [for the May 20-30 loading window]," a shipbroker said.
Portugal's Galp to offer 0.5% marine fuels from November "All of Galp's 0.5% fuel [will] come directly from our own refineries," a company representative said.
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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