Fairfax closes second tranche of $1bn Seaspan investment Fairfax's aggregate shareholdings in Seaspan now total about 36% of shares outstanding
Geopolitical confrontation still a major concern for World Economic Forum While environmental issues have moved to the top of the risk agenda for the World Economic Forum, geopolitical risk remains...
Fuel testing promises positive 2020 fuel quality but compatibility issues remain Industry testing on ultra-low sulphur fuels about to enter the market suggests promising consistency when it comes to quality
Ocean Alliance shrinks to fit demand Ocean Alliance total capacity increases, but number of ships and services is cut
BPA calls on UK to clarify 'alternative' Brexit plan BPA wants UK to do 'whatever is necessary' to avoid a disorderly exit from the EU. Separately, Kuehne + Nagel...
World boxship fleet update: A cautious outlook Low-sulphur regulations will push up demolition ahead of 2020, but a large idle fleet will still put pressure on carriers
Dockers and crane drivers will be obsolete by 2040 Rise in global seaborne trade to protect highly-skilled seafarers' jobs
DSV makes bid for Panalpina Panalpina board considering $4bn cash and shares offer that could see formation of global logistics giant
IMB flags growing concern over piracy in the Gulf of Guinea There were 201 reported incidents of piracy and armed robbery against vessels in 2018 compared with 180 in the same...
Wheat trade promises bulk carrier tonne-mile boost As Australia suffers a significant hit to its wheat exports, Asian wheat importers have consolidated their dominance over Argentine and...
Daily Briefing Stena agrees car carrier venture with Hyundai Glovis | SDTR signs 10 kamsarmaxes at Dalian Shipbuilding | Better late than...
Maersk brings digital street turn service to US and Canada The platform already facilitates an average of 2,000 transactions a day in other countries and frees customers from the administrative...
Carnival brings on new board member Carnival Corp has appointed Katie Lahey, executive chairwoman, Australasia, for Korn Ferry, to the company's boards of directors, effective immediately. She is also chairwoman of the Tourism & Transport Forum Australia, and a non-executive director of Star Entertainment Group. She previously served as executive chair of Carnival Australia, a division of Carnival plc, from 2006 to 2013. She wi
Royce drops $2.4m in shipping stocks New York small-cap investor lessens positions in Seacor Holdings, spin-off Seacor Marine Holdings and Ardmore Shipping Company.
Court denies NuStar's bid to collect on OW bill A US federal appeals court has shut down NuStar's attempt to collect part of a $2.99m fuel bill owed in the aftermath of the OW Bunker collapse. The Fifth Circuit Court of 'Appeals reaffirmed that NuStar Energy Services did not hold liens against Cosco. It said the San Antonio company was relying on a "too speculative chain of possibilities" in arguing that it would 'receive any of the money. US
John Angelicoussis sits top of the crude tanker tree Banchero Costa places Greek tycoon as leading owner in the segment ahead of state-backed and stock listed giants.
Blystad trims Songa Bulk stake for second time Blystad has sold a stake equivalent to 2% of the company's share capital since 20 December
Swiss river cruise operator Scylla takes polar plunge Switzerland's Scylla is joining the growing ranks of cruise operators entering the polar expedition cruise market. The Baar-based company has purchased the 6,700-gt expedition cruiseship Bremen (built 1990) from TUI subsidiary Hapag-Lloyd Kreuzfahrten. Scylla will take delivery of the ice-classed, 155-passenger Bremen in May 2021. The price it is paying for the vessel remains undisclosed. Scyll
Ineos gears up for its first VLEC as keel laid on second Ineos Trading & Shipping is gearing up to take delivery of its first chartered-in very large ethane carrier newbuilding as work start on a second ship for the company. Ineos to take one Evergas VLEC newbuild The 85,000-cbm newbuilding Marlin is due for delivery from Dalian Industry Shipbuilding Co this quarter. The ship, which has been built by an affiliate of Jacques de Chateauvieux's Jaccar
Norwegian Car Carriers eyes growth after profitable year Norwegian Car Carriers has an eye on growth after a second successive profitable year in 2018, its chief executive says. NOCC newbuilding fixed for eight years NOCC reports profit in 2017 NOCC is owned by Klaveness Marine Holding and US-based JP Morgan and boasts six modern vessels and a 21-year-old ship. It has ambitions to grow the fleet, but any plans to order new ships have been put on hol
Seaspan frees up more ships as de-leveraging continues Owner now has more than 30 ships without debt.
Philippines could buy Hanjin's Subic yard The Philippines government is seriously considering buying the restructuring Hanjin Heavy Industries & Construction (HHIC) shipyard in Subic Bay. President Rodrigo Duterte is "very receptive" to the idea, according to defence secretary Delfin Lorenzana. "While we sympathise with the financial woes of Hanjin, we are excited by this development because we see the possibility of having our own ship
BW Group closes book on Hafnia Tankers takeover BW Group has closed the book on its takeover of Hafnia Tankers to create a future public company with more than 100 ships. Hafnia-BW merger set to kick off club changes Selective growth in store for super-sized Hafnia after BW Tankers deal Privately-owned BW has a long-held ambition to list its product tanker fleet, while Hafnia has explored joining a major stock exchange in the past to provide
Maersk and MSC vessels ditch Felixstowe for Liverpool The Port of Felixstowe is counting the cost of its TOS system failure, which caused huge disruption at the port in 2018
Ocean Alliance unveils new service with 330 ships The Ocean Alliance boxship partners have revealed their new service for 2019 involving 330 ships. CMA CGM will deploy 111 of these, with the others coming from Cosco, OOCL and Evergreen. Global Ship Lease inks two more charters with CMA CGM CMA CGM becomes first ocean carrier listed on Freightos Called Ocean Alliance Day 3, the new network will launch in April. It claims to be the world's lar
Contracts are key as Gunvor wins Yemen demurrage case A UK high court case involving Gunvor tanker shipments into Yemen has highlighted the importance of demurrage wording in charter contracts. The trader was claiming payments for delays from buyer CruGas Yemen, which entered into COAs for petrol to be shipped in 12 monthly consignments to Hodeidah on various ships sourced from owners by Gunvor's Clearlake. After several liftings the buyer was in d
Damaged Hadjiyiannis containership sold for scrap Victim of collision with Tunisian ferry is heading for demolition
Rosneft reveals orders for 19 more tankers, OSVs at Zvezda Russian energy giant Rosneft has revealed orders for 19 more tankers and offshore ships at its new domestic Zvezda shipyard. It said the yard's backlog grew 42% in the second half of 2018 to 37 vessels. Novatek reserves slots for 14 Arctic LNG carriers worth $4.45bn Sovcomflot signs first LNG-fuelled product tanker newbuildings order Rosneft has ordered 26 vessels itself, including 12 shuttle
Ocean Yield and Okeanis Eco Tankers strike suezmax sale and leaseback deal The transaction is the latest tie-up between the two companies.
Court orders liquidation of Bharati yard with debt of $1.6bn An Indian court has ordered the liquidation of bankrupt shipbuilder Bharati Defence and Infrastructure. The move means more than 850 people will lose their jobs and lenders can wave goodbye to much of the INR 111.37bn ($1.56bn) owed to them, the Hindu Business Line reported. The insolvency court in Mumbai rejected the resolution plan submitted by corporate restructuring firm Edelweiss Asset Reco
Southernpec Corp sends FSO for scrap Chinese bunker supplier Southernpec Corp is scrapping a floating storage and offloading unit. Demolition brokers say the 299,000-dwt Marine Star (built 1994) has been sold as is in Malaysia for $410 per ldt, or $16.8m. The ship is likely to be torched in Bangladesh, they say. Southernpec did not respond to requests for comments. It bought the tanker as La Madrina from Tsakos Energy Navigation
Open-loop ban hurts scrubber economics for shipowners and manufacturers China becomes latest country to restrict use of the most popular exhaust gas cleaning system
Aegean Shipping offloads young MR2 product tanker Melissanidis outfit nets $26m in sale to Chinese owners as it prepares aframax and kamsarmax expansion
Hedge your bets against IMO 2020 'once-in-a-generation disruption' It's too late for scrubbers, says Enerjen Capital, the start-up that aims to democratise bunker hedging for shipowners large and small
Saevik company tapping bond for $29m The Saevik family investment company Havilafjord is contemplating a bond tap of up to NOK 250m ($29.3m). It wants to add money from its five-year NOK 750m issue due in 2023. The maximum available under the note is NOK 1bn. Havilafjord owns shares in Saevik-backed Norwegian ferry giant Fjord1. The cash position of Havilafjord is NOK 78.4m, it said. Fearnley Securities and SpareBank1 Markets ha
Shipping stocks in calm waters despite Brexit plan defeat UK and Europe a side-show in terms of global trade, leading analyst says.
MOL homes in on charterers for fresh LNG newbuilding Japanese shipowner extends LNG newbuilding position at DSME to up to four vessels as it targets new business
INEOS pumping $3.4bn into Antwerp port chemicals plant Chemicals conglomerate INEOS is investing EUR 3bn ($3.4bn) in a new plant at the key Belgian tanker port of Antwerp. It is the largest sum to be pumped into the European chemical industry in 20 years, the port said. The cash will create 400 new jobs as UK group INEOS expands its chemical production facilities. It plans to build a brand-new propane dehydrogenisation (PDH) plant and an ethane cra
Sandvik overboard as power runs low at The Fjords Rolf Sandvik is quitting as CEO of Norwegian cruise company The Fjords. He has led the operation since its formation in January 2015 by Flam AS and Saevik-backed ferry group Fjord1. Vidar Haustaker, the CFO of The Fjords and Flam AS, will act as interim general manager until a permanent replacement is recruited. The Fjords has launched a new breed of environmentally friendly, passenger focused
Chelsea scraps $96m preferred share sale Philippines tanker owner Chelsea Logistics Corp (CLC) has scrapped a plan to raise up to PHP 5bn ($96m) in a stock sale. It had said in September it would issue up to 3m preferred shares. The company, controlled by Dennis Uy, said it would disclose another fundraising plan in the future. The cash was wanted to fund expansion and acquisitions. CLC also said that antitrust watchdog Philippine Co
Fairfax closes second round of $1bn Seaspan investment Fairfax Financial Holdings has closed the second tranche of its $1bn investment in Seaspan Corp. Seaspan says Fairfax bought $250m of senior notes and warrants which were immediately exercised to double the proceeds. Seaspan lines up new $150m revolver The additional capital is earmarked for growth and debt repayment, investors are told. Fairfax first linked up with Seaspan last March with the
VIDEO: Livestock carrier drags anchor off Turkey A Lebanese livestock carrier has run aground after dragging its anchor in a storm off Turkey. Video footage showed the 3,500-dwt Wardeh (built 1998) listing in the surf near Mersin on Tuesday. Two crew were on board and authorities intended to evacuate them. Local media said the ship had been anchored for months in the harbour. Operator Khalifeh Shipping Lines has been contacted fo
Gotland ice-class MR tankers secure long-term charters Brokers say Clearlake has taken four 53,100-dwt vessels for two years at more than $12,000 per day each plus profit share
China's Chengxi Shipyard makes debut in reefer sector State-owned yard bags Dole contract for two newbuildings with reefer-plug capacity for 910 units
Grounded cargoship to be lightered off Sweden No pollution reported from Rix Emerald outside Landskrona.
UCL: hydrogen and ammonia are the fuels of the future Expert says bulk of world's fleet will end up running on electricity-generated fuels.
Greek FSRU project delayed by six months Country's first floating LNG-import terminal won't now start until the second quarter of 2021.
Mexico's anti-fuel theft drive causes tanker traffic jam Government action has caused huge backlogs at ports as companies await vehicles to distribute imported fuel.
Scorpio Tankers announces reverse stock split Product tanker specialist says move will improve marketability and liquidity of its shares.
Kim Heng Offshore eyes move into bunker tanker sector Singapore-based offshore marine and engineering company says asset play involving vessel acquired at auction has sparked its interest in new sector
Chinese sights on Subic Bay could mean yet another spiky government intervention Speculation puts state-owned shipbuilders in the lead for control of Philippines facility but will China's involvement be at the expense of the free market
Sembcorp Marine nets first LNG carrier-to-FSRU job An LNG carrier has gone into Singapore's Sembcorp Marine shipyard for conversion into a floating storage and regasification unit for what could be the world's first floating gas-to-power project. Tracking data show that the MOL-controlled, 127,000-cbm LNG carrier Dwiputra (built 1994) arrived at the yard on 25 December, after exiting lay-up in the region. MOL and Karpowership set to team up on F
DSV makes acquisition bid for Panalpina Months after being rejected by CEVA, the Danish logistics company offered $4 billion for Panalpina.
Former Deputy USTR: USMCA passage open question this Congress Former Deputy U.S. Trade Representative John Veroneau said the passage of the trade agreement is very much an open question this Congress, as several variables are in play.
FedEx Express acquisition to expand Israel presence The express carrier reached a deal to acquire the international express business of Israel-based Flying Cargo Group.
GlobalTranz snaps up Our Freight Guy The purchase of Our Freight Guy marked GlobalTranz's eighth acquisition since January 2017.
Street turn interest continues to grow There is growing interest in "street turns" where equipment is interchanged between importers and exporters at locations other than marine terminals and container yards.
OCEAN Alliance to revise global network The new network, scheduled to launch in April, will involve the deployment of about 330 containerships with a carrying caapcity of around 3.8 million TEUs across 38 services.
China's Zhoushan port tops as biggest bonded bunker fuel supplier with sales up 97% in 2018 The port in the free trade zone in eastern Zhejiang province supplied a total 3.59 million mt of bonded fuel oil in 2018.
European refiners boost LSFO production in preparation for IMO 2020 European refiners are increasing low sulfur fuel oil production in preparation for the January 2020 implementation of a 0.5% global marine fuel sulfur cap, sources said.
Bunker supplier Aegean expects to emerge from Chapter 11 around end of Q1 2019 Aegean Marine Petroleum stated in a press release Wednesday that following approvals by the US Bankruptcy Court that they expect to emerge from Chapter 11 around the end of the first-quarter of 2019.
Bunker supplier Peninsula launches Canaries physical supply operation Gibraltar-based marine fuels supplier Peninsula Petroleum has launched a new physical supply operation this month at Las Palmas, Gran Canaria.
China to grant first crude import license to independent trader The license will enable Zhejiang Wuchan Zhongda Petroleum to deliver crudes into the International Energy Exchange run by the Shanghai Futures Exchange.
S Korea's SK Innovation to receive Iran condensate cargo from late Jan It will be the first arrival of Iranian oil into South Korea since it received a sanction waiver from the US to purchase Iranian oil in early November.
Pakistan, Saudi Arabia in talks to develop $10 billion oil refinery in Gwadar A 200,000 to 300,000 barrels a day oil refinery in Gwadar district is planned to help alleviate trade deficit.
EIA sees muted price impact from IMO 2020 marine sulfur cap Price effects will be most acute in 2020, but will diminish over time, EIA said in its Short-Term Energy Outlook.
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