Oman Shipping orders two VLCCs from DSME The state-owned company plans further investments in the oil and product tanker sectors as well as in the bulk and...
Kerch Strait blast investigation shifts to sanctioned vessel operations UPDATE: The blaze reportedly spread following an explosion as a gas tanker was refuelling another ship, but reports suggest at...
Star Bulk unveils ambitious performance incentive for employees If the scrubber-equipped fleet outperforms market by $120m-$300m, key executives could earn a 4m share bonanza, but the bulker owner...
Win or lose in the bunker shake-up The focus will eventually shift to who will best adapt to changes, rather than who is falling through the cracks
Supply overhang lingers over charter market With market ascendancy firmly with the charterers, a tendency for flexible and short-term fixtures remains a feature
Samskip adds pre-Brexit peak surcharge Surcharge will be levied on UK shipments that exceed a customer's average weekly volumes put through Samskip's UK-bound services in...
Nieswandt out as HSH combines operations Christian Nieswandt is credited with playing a poor hand well during his stint as shipping chief at the bank
Strong rally expected in product tankers Analysts are bullish on the sector due to increased demand and a slowing orderbook
Eagle Bulk secures $208m facility Gary Vogel-led dry bulk owner will use money to pay off subsidiary debt and help cover scrubber installations
Jury out on benefits from Hong Kong port alliance The elephant in the room is the effect the arrangements will have on the lines
BHP targets 250m tonnes iron ore output Average daily capesize earnings in the $13,000 to $15,000 range
P&O reflags cross-Channel ferries in Cyprus ahead of Brexit P&O Ferries reflags six vessels from UK to Cyprus to maintain favourable tonnage tax arrangements post-Brexit
Box carriers facing old challenges in new year Fuel costs, trade tensions and the ongoing debate over how much capacity is enough will dominate container shipping this year
Daily Briefing Brightoil leaves investors in the dark | Brightoil grappling with $250m creditor claims | Maersk sells Hamburg Süd's bulk unit...
CMES net profits expected to double for 2018 Net profits were forecast to increase 84%-104% from the year before to Yuan1.1bn ($162m)-Yuan1.2bn
Kerch Strait blast: at least 10 dead, 10 missing Some reports claim the two tankers were engaged in a ship-to-ship transfer at the time of the explosion which has...
Nordic American Offshore's board gets closer with Scorpio One of Nordic American Offshore's directors has stepped down, and his replacement is Scorpio-connected. Clarksons Platou: more OSV mergers on the horizon According to Securities and Exchange Commission filings made after the close Tuesday, James Kelly, a class B director, will be replaced by Marianne Okland. Okland has sat on the board at Scorpio Tankers since 2013. She will chair the New York-
BNY Mellon makes Scorpio Tankers share swoop just before New Year Bank of New York Mellon bought more than 9 million shares of Scorpio Tankers just before the New Year. According to Securities and Exchange Commission filings, the bank upped its stake in the company from 16.2 million shares to 25.4 million on 31 December. Scorpio Tankers, Scorpio Bulkers take back $48m in stock The bank's ownership in the New York-listed tanker owner dropped from 5.23% to 4.97
Wells Fargo buying up Tidewater shares OSV owner is 'company to watch', according to Clarksons.
Port of Fujairah joins open-loop scrubber ban UAE bunker port will require vessels to use 'compliant fuel' once IMO 2020 takes effect, according to notice from harbour master.
Borup-led Norvic rejigs top jobs ahead of New York move Shift of management functions to the US aimed at being closer to business activities and commercial environment
Ernst Russ chief executive and director step down Jens Mahnke and board member Ingo Kuhlmann are leaving the company
OSG orders second tank barge at Gunderson Overseas Shipholding Group (OSG) is exercising its option to build a second 240,000-bbl tank barge for oil and chemicals at Gunderson Marine in Portland, Oregon. The Jones Act barge will be designed to be paired with one of OSG's existing modern tugs and will be delivered in the second half of 2020. Overseas Shipholding Group inks order at Gunderson Overseas Shipholding Group looks to long-ter
Middle East-Japan VLGC earnings halve in January Weak cargo supply amid Opec product cut has plagued the VLGC market in the east-of-Suez trade, but the US sector remains firm.
Standard Drilling fixes final PSV on term deal Norwegian owner SD Standard Drilling has fixed the last of its five large platform supply vessels (PSVs) on a period contract. It said the 4,100-dwt Standard Supporter (built 2009) has been booked by Repsol to work on one well for 100 days at rate levels "well above operating cost." All five ships are now fixed on term deals. SD expects these to bring in positive EBITDA after management costs.
Stowaways 'threatened to kill' Grimaldi ro-ro crew Four stowaways have appeared in court on charges of attempting to hijack a Grimaldi ro-ro in the UK. The iron bar-wielding men from Nigeria smeared faeces on the walls of the bridge and threatened to kill the crew as they tried to take control of the vessel, previously named as the 5,720-lane-metre Grande Tema (built 2014), a court heard. The Thurrock Gazette reported the hearing as being told t
Greece's Contships raids KG market for bargains Nikolas D Pateras firm buys pair of H Schepers feeder vessels
Eagle Bulk eyes scrubber bill with $208m loan Nasdaq-listed owner Eagle Bulk Shipping has clinched new financing worth $208m. The loan commitment from a consortium of banks matures over five years, with interest at Libor plus 2.5%. Eagle Bulk Shipping linked to Lomar ultramax It includes a term loan equating to $153m and a revolving credit facility of $55m. The cash will refinance the existing debt of subsidiaries Eagle Bulk Ultraco and E
Top Ships closes Chinese lease financing for tanker brace Top Ships has taken another stride in the financing of its newbuilding programme and closed a leaseback deal for two of its medium range tankers. Evangelos Pistiolis inks product tanker quartet at Hyundai Mipo Dockyard Nasdaq-listed Top Ships says a $45.8m transaction involving the 50,000-dwt Eco California (built 2019) and the 50,000-dwt Nord Valiant (built 2016) has been finalized with a Chine
Oman Shipping eyes bulker, boxship orders after DSME deal Oman Shipping Company (OSC) has said it will launch an ambitious fleet expansion into boxships after placing an order for two VLCCs at DSME in Korea. The shipowner is also considering increasing its bulker exposure with new yard contracts. CFO and acting CEO Michael Jorgensen said the new tankers are expected to be deployed in the spot market. The DSME ships will add to the expanding $2bn fleet
Charterer moves to seize wheat aboard Vigorous The charterer of the detained Gourdomichalis brothers ship is moving to seize the more than 51 metric tonnes wheat on board, accusing its owners of breach of contract. Greek shipbroker Medmar filed suit last week in Oregon federal court, alleging subcharterers of the 52,500-dwt Vigorous' (built 2005) owe them $3.4m for breach of contract and want the cargo held until they pay up. The lawsuit targ
Jefferies predicts multi-year upturn in product tankers The largest addition of refining capacity in four decades is generating excitement around the product tanker market. Jefferies says the IEA forecast for 2.6 million barrels per day of new capacity in 2019 is the most since the 1970s. Product tanker scrapping at highest level since 2012, says Scorpio "We believe a multi-year cyclical recovery in the refined products shipping market is on the hor
Time running out for wheat on seized Gourdomichalis bulker The ship needs to get moving or load its $16m cargo onto another vessel - and that could take weeks
CDB Leasing and China Navigation ink leaseback deal for two bulkers China Navigation (CNCo) has signed a sale and leaseback deal with CDB Leasing for two modern handysize bulkers. Shenzhen-based CDB Leasing is paying $19.5m each for the ships with a three-year bareboat charter back to CNCo, brokers said. Hamburg Sud sells bulker arm to China Navigation China Navigation flips modern bulker in asset-play transaction The two China-built ships are the 38,907-dwt
Ammonia swings into frame as a potential future marine fuel MAN Energy Solutions is pressing ahead with developing an engine as a new grouping seeks funding - but the industry will need to be convinced
New Singapore war risk contract wins support of region's major shipowners War risks clause devised by shipowners for shipowners provides wider cover than the Nordic plan and is being called a 'thoughtful modernisation of this type of insurance'
Clarksons Platou: demand growing for OSVs Clarksons Platou Securities is backing the OSV and rig sectors to pick up in 2019 as demand rises. "2019 should mark the third straight year of rising project sanctions and commitments of capital, which should contribute to rising demand for rigs and offshore vessels, we argue," it said. VesselsValue lowers OSV prices as it rejigs team "With demand heading up and supply growth moving negative f
Holland Maas pays $3.5m for illegal scrap deal Second Dutch owner fined for demolishing vessel at beaching yard.
JP Morgan flips third ultramax to continue bulker profit taking JP Morgan looks to have executed another successful asset play on the $1bn plus bulker fleet built up during the market trough. JP Morgan charts dry cargo market peak in 12 to 18 months Primed investors, exit strategies and open kimonos JP Morgan cashes in as GoodBulk redraws deal The company was an aggressive buyer of dry cargo tonnage through 2017, including a five ship ultramax deal with Gr
Crewman dies as cargoship sinks off China A crewman has died in a reported cargoship sinking in the Taiwan Strait. The 98-metre ZhongXing689 sent out a distress signal early on Monday off Zhangzhou City in China. China's Fujian Maritime Safety Administration launched a rescue operation with ships and helicopters. Chinese media said 11 of 12 crew were saved, but one man was missing presumed dead.
BHP ends Australian iron-ore bulker crewing The ITF union has criticised a decision by miner BHP to end Australian crewing on bulkers shipping iron ore from Port Hedland to China. A total of 80 domesitc seafarers will lose their jobs, ending more than 100 years of domestic seafarers servicing BHP and BlueScope steelworks. Overseas crews will be brought in. The two vessels involved are the 180,000-dwt Mariloula (built 2008) and the 170,00
Hornbeck lowers debt-for-new-loans offer Hornbeck Offshore is lowering the cap on its debt swap offer. The New York-listed, Louisiana-based offshore player announced Tuesday that the tender cap has been dropped from $200m to $185m on its offer to trade its 5.875% bonds coming due next year for term loans expiring in 2025 with a 9.5% interest rate. Clarksons Platou: more OSV mergers on the horizon The company has said in the early peri
UK flag blow as P&O reflags fleet ahead of Brexit The UK register took a hit from Brexit on Tuesday as P&O Ferries said it was reflagging the rest of its cross-Channel fleet to Cyprus. A company spokesman told Cypriot state-run news agency CNA the ships involved are the 30,600-gt Pride of Canterbury (built 1991) and Pride of Kent (built 1992), the 28,100-gt Pride of Burgundy (built 1993) and the 23,000-gt European Seaway (built 1991). It initia
Alfa Laval defends its scrubbers as hybrid-ready UBS says Swedish manufacturer could take a hit as more countries restrict the use of open-loop systems
Songa Container boosts fleet with under-the-radar deals Arne Blystad's asset-play project Songa Container has acquired a number of vessels in under-the-radar deals and retains an appetite for further expansion. The Oslo-based outfit, which has built a fleet with capacity of 4,957 teu, was set up in 2017. In February last year, its fleet had grown from four to nine units, TradeWinds reported. Atlantica and Songa plump for asset plays Songa quietly li
Star Bulk lines up $42m incentives for bosses Star Bulk Carrier's shares have taken a tumble after the Petros Pappas-led company reveals a stock incentive plan for company executives. The Nasdaq-listed owner said up to 4 million shares will be on offer depending on performance. Following the morning announcement, the company's shares have fallen 12.4% to $9.15, taking $5.1m off a deal that hours before was worth $41.7m. "The underperforman
Iran to rival Fujairah with new bunker terminal Iran is to start bunkering operations on Qeshm island in February in a bid to rival the UAE's Fujairah as a supply hub. Container line IRISL's managing director Mohammad Saeedi told the Tasnim news agency that the 52,000-tonne capacity terminal will give Iran access to traffic on one of the world's biggest shipping lanes in the Strait of Hormuz. Iran woes may be tankers' gain Iranian ships will
Palumbos sentenced to six years in jail over waste dumping Palumbo Group boss Antonio Palumbo and his son Raffaele have been sentenced to six years in prison in a waste dumping case. The verdict was handed down by a court in Messina and relates to offences in Sicily, the Time of Malta reported. The shipbuilders and five other men were found guilty of facilitating illegal dumping between 2011 and 2013, which they deny. Palumbo takes control of Viktor Le
BSC plots orders for 26 more tankers and bulkers Tender for first six vessels already approved as government plans big fleet expansion for national owner.
BHP quarterly iron ore output hit by train derailment But Aussie mining giant confirms that its production guidance for 2018-2019 remains on track.
Indonesian government coal policies cloud export outlook But Klaveness executives forecast "healthy volumes" over the short to medium term.
Thailand's PTT eyes Singapore LNG trading desk Move said to be part of plan to increase imports due to falling domestic production levels.
New auction scheduled for EMAS anchor-handler High Court of Singapore makes second attempt to offload arrested Lewek Penguin
Formosa Plastics continues vessel selling spree in fleet renewal plan Taiwanese owner is seeking buyers for two LR1 product tankers after selling three LR1s, two MRs and three feeder boxships
Maritime transport exclusion among U.S.-U.K. FTA requests Commenters recently submitted their requests for provisions in a potential U.S.-United Kingdom free trade agreement.
CMA CGM and OOCL reportedly ordering containerships More than 1 million TEUs will be delivered in 2019 and 2020, according to forecasts.
Commentary: Electric trucks still aren't catching on Many in the industry remain devoted to improving output of quality returns found in diesel.
Commentary: Germany's GDP growth slows down BlueWater Reporting monitors the country's trade trends with North America and Asia.
CBP puts brake on in-bond changes enforcement
Port Canaveral takes delivery of mobile harbor crane
Oakland reports more ships than ever plugging into grid
Wilmington marks first export shipment of Ford vehicles
Fuel oil's strength over naphtha set to persist until 2020
Crude finishes lower as market digests weaker economic growth data
EU parliament panel signs off 37.5% CO2 cut from new cars by 2030
External: Global Risk Management
Singapore Feb 180CST/380CST HSFO swap drops to near 10-year low on ample 180CST supply Sluggish demand for 180 CST HSFO coupled with ample of supply of low viscosity and low density material have led to narrowing spreads, sources said.
US middle distillate deliveries to Europe below 1 million mt in Jan: cFlow Diesel shipments to the Mediterranean from the US were relatively low, keeping supply in the West Mediterranean tight.
IMF cuts 2019, 2020 oil price forecasts on global demand concerns Further out, the IMF predicted oil prices would also average just below $60/b in 2020, down from $66/ b in its previous report.
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